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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-06569
Exact name of registrant as specified in charter:	Ivy Funds
Address of principal executive offices:	610 Market Street Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq. 610 Market Street Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	September 30, 2023

Item 1. Reports to Stockholders

Semiannual report

Equity funds

Delaware Ivy Core Equity Fund
Delaware Ivy Large Cap Growth Fund
Delaware Ivy Mid Cap Growth Fund
Delaware Ivy Mid Cap Income Opportunities Fund
Delaware Ivy Small Cap Growth Fund
Delaware Ivy Smid Cap Core Fund
Delaware Ivy Value Fund

Fixed income funds

Delaware Ivy Core Bond Fund
Delaware Ivy Global Bond Fund
Delaware Ivy High Income Fund

September 30, 2023

Global / international equity funds

Delaware Global Equity Fund II
(formerly, Delaware Global Value Equity Fund)

Delaware International Equity Fund II

(formerly, Delaware Ivy International Value Fund)

Delaware Ivy Global Growth Fund
Delaware Ivy International Core Equity Fund
Delaware Ivy Systematic Emerging Markets Equity Fund

Multi-asset fund

Delaware Ivy Managed International Opportunities Fund

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

Disclosure of Fund expenses	1
Security type / sector / country allocations and top 10 equity holdings	7
Schedules of investments	24
Statements of assets and liabilities	71
Statements of operations	79
Statements of changes in net assets	87
Financial highlights	103
Notes to financial statements	199
Other Fund information	239

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 Global Equity Fund II, Delaware International Equity Fund II, Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, and Delaware Ivy Value Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Unless otherwise noted, views expressed herein are current as of September 30, 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.

© 2023 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses

For the six-month period from April 1, 2023 to September 30, 2023 (Unaudited)

The investment objective of Delaware Global Equity Fund II is to seek to provide total return through a combination of current income and capital appreciation.

The investment objective of Delaware International Equity Fund II is to seek to provide capital appreciation.

The investment objective of Delaware Ivy Core Bond Fund is to seek to provide current income consistent with preservation of capital.

The investment objective of Delaware Ivy Core Equity Fund is to seek to provide capital growth and appreciation.

The investment objective of Delaware Ivy Global Bond Fund is to seek to provide a combination of current income and capital appreciation.

The investment objective of Delaware Ivy Global Growth Fund is to seek to provide growth of capital.

The investment objective of Delaware Ivy High Income Fund is to seek to provide total return through a combination of high current income and capital appreciation.

The investment objective of Delaware Ivy International Core Equity Fund is to seek to provide capital growth and appreciation.

The investment objective of Delaware Ivy Large Cap Growth Fund is to seek to provide growth of capital.

The investment objective of Delaware Ivy Managed International Opportunities Fund is to seek to provide capital growth and appreciation.

The investment objective of Delaware Ivy Mid Cap Growth Fund is to seek to provide growth of capital.

The investment objective of Delaware Ivy Mid Cap Income Opportunities Fund is to seek to provide total return through a combination of current income and capital appreciation.

The investment objective of Delaware Ivy Small Cap Growth Fund is to seek to provide growth of capital.

The investment objective of Delaware Ivy Smid Cap Core Fund is to seek to provide capital appreciation.

The investment objective of Delaware Ivy Systematic Emerging Markets Equity Fund is to seek to provide growth of capital.

The investment objective of Delaware Ivy Value Fund is to seek to provide capital appreciation.

As a shareholder of a Fund, you incur two types of costs:

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2023 to September 30, 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 the Funds’ 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.

 1

Disclosure of Fund expenses

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	947.60	1.17%	$	5.70
Class C		1,000.00		944.00	1.92%		9.33
Class I		1,000.00		948.90	0.92%		4.48
Class R		1,000.00		946.40	1.42%		6.91
Class R6		1,000.00		948.50	0.86%		4.19
Class Y		1,000.00		947.50	1.17%		5.70
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.15	1.17%	$	5.91
Class C		1,000.00		1,015.40	1.92%		9.67
Class I		1,000.00		1,020.40	0.92%		4.65
Class R		1,000.00		1,017.90	1.42%		7.16
Class R6		1,000.00		1,020.70	0.86%		4.34
Class Y		1,000.00		1,019.15	1.17%		5.91

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	953.00	1.15%	$	5.61
Class C		1,000.00		949.00	1.90%		9.26
Class I		1,000.00		954.60	0.90%		4.40
Class R		1,000.00		951.50	1.40%		6.83
Class R6		1,000.00		954.80	0.85%		4.15
Class Y		1,000.00		952.70	1.15%		5.61
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.25	1.15%	$	5.81
Class C		1,000.00		1,015.50	1.90%		9.57
Class I		1,000.00		1,020.50	0.90%		4.55
Class R		1,000.00		1,018.00	1.40%		7.06
Class R6		1,000.00		1,020.75	0.85%		4.29
Class Y		1,000.00		1,019.25	1.15%		5.81

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	959.10	0.70%	$	3.43
Class C		1,000.00		955.50	1.45%		7.09
Class I		1,000.00		960.30	0.45%		2.21
Class R		1,000.00		959.00	0.95%		4.65
Class R6		1,000.00		960.50	0.41%		2.01
Class Y		1,000.00		959.10	0.70%		3.43
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,021.50	0.70%	$	3.54
Class C		1,000.00		1,017.75	1.45%		7.31
Class I		1,000.00		1,022.75	0.45%		2.28
Class R		1,000.00		1,020.25	0.95%		4.80
Class R6		1,000.00		1,022.95	0.41%		2.07
Class Y		1,000.00		1,021.50	0.70%		3.54

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,034.70	1.00%	$	5.09
Class C		1,000.00		1,030.70	1.75%		8.88
Class I		1,000.00		1,035.70	0.75%		3.82
Class R		1,000.00		1,033.20	1.25%		6.35
Class R6		1,000.00		1,036.10	0.72%		3.66
Class Y		1,000.00		1,034.50	1.00%		5.09
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.00	1.00%	$	5.05
Class C		1,000.00		1,016.25	1.75%		8.82
Class I		1,000.00		1,021.25	0.75%		3.79
Class R		1,000.00		1,018.75	1.25%		6.31
Class R6		1,000.00		1,021.40	0.72%		3.64
Class Y		1,000.00		1,020.00	1.00%		5.05

2

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	979.00	0.96%	$	4.75
Class C		1,000.00		974.10	1.71%		8.44
Class I		1,000.00		980.30	0.71%		3.52
Class R		1,000.00		977.70	1.21%		5.98
Class R6		1,000.00		980.40	0.67%		3.32
Class Y		1,000.00		979.20	0.96%		4.75
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.20	0.96%	$	4.85
Class C		1,000.00		1,016.45	1.71%		8.62
Class I		1,000.00		1,021.45	0.71%		3.59
Class R		1,000.00		1,018.95	1.21%		6.11
Class R6		1,000.00		1,021.65	0.67%		3.39
Class Y		1,000.00		1,020.20	0.96%		4.85

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,024.90	1.19%	$	6.02
Class C		1,000.00		1,020.70	1.95%		9.85
Class I		1,000.00		1,025.90	0.95%		4.81
Class R		1,000.00		1,023.20	1.45%		7.33
Class R6		1,000.00		1,026.10	0.90%		4.56
Class Y		1,000.00		1,024.60	1.20%		6.07
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.05	1.19%	$	6.01
Class C		1,000.00		1,015.25	1.95%		9.82
Class I		1,000.00		1,020.25	0.95%		4.80
Class R		1,000.00		1,017.75	1.45%		7.31
Class R6		1,000.00		1,020.50	0.90%		4.55
Class Y		1,000.00		1,019.00	1.20%		6.06

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,020.90	0.98%	$	4.95
Class C		1,000.00		1,017.10	1.73%		8.72
Class I		1,000.00		1,022.20	0.73%		3.69
Class R		1,000.00		1,019.60	1.23%		6.21
Class R6		1,000.00		1,022.30	0.69%		3.49
Class Y		1,000.00		1,020.90	0.98%		4.95
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.10	0.98%	$	4.95
Class C		1,000.00		1,016.35	1.73%		8.72
Class I		1,000.00		1,021.35	0.73%		3.69
Class R		1,000.00		1,018.85	1.23%		6.21
Class R6		1,000.00		1,021.55	0.69%		3.49
Class Y		1,000.00		1,020.10	0.98%		4.95

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,005.30	1.04%	$	5.21
Class C		1,000.00		1,001.20	1.79%		8.96
Class I		1,000.00		1,006.30	0.79%		3.96
Class R		1,000.00		1,004.30	1.29%		6.46
Class R6		1,000.00		1,006.80	0.75%		3.76
Class Y		1,000.00		1,005.30	1.04%		5.21
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.80	1.04%	$	5.25
Class C		1,000.00		1,016.05	1.79%		9.02
Class I		1,000.00		1,021.05	0.79%		3.99
Class R		1,000.00		1,018.55	1.29%		6.51
Class R6		1,000.00		1,021.25	0.75%		3.79
Class Y		1,000.00		1,019.80	1.04%		5.25

 3

Disclosure of Fund expenses

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,079.40	0.89%	$	4.63
Class C		1,000.00		1,075.00	1.64%		8.51
Class I		1,000.00		1,081.00	0.64%		3.33
Class R		1,000.00		1,078.20	1.14%		5.92
Class R6		1,000.00		1,081.00	0.61%		3.17
Class Y		1,000.00		1,079.30	0.89%		4.63
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.55	0.89%	$	4.50
Class C		1,000.00		1,016.80	1.64%		8.27
Class I		1,000.00		1,021.80	0.64%		3.23
Class R		1,000.00		1,019.30	1.14%		5.76
Class R6		1,000.00		1,021.95	0.61%		3.08
Class Y		1,000.00		1,020.55	0.89%		4.50

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	981.80	1.51%	$	7.48
Class C		1,000.00		978.80	2.26%		11.18
Class I		1,000.00		983.10	1.26%		6.25
Class R		1,000.00		981.70	1.76%		8.72
Class R6		1,000.00		983.10	1.21%		6.00
Class Y		1,000.00		981.90	1.51%		7.48
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.45	1.51%	$	7.62
Class C		1,000.00		1,013.70	2.26%		11.38
Class I		1,000.00		1,018.70	1.26%		6.36
Class R		1,000.00		1,016.20	1.76%		8.87
Class R6		1,000.00		1,018.95	1.21%		6.11
Class Y		1,000.00		1,017.45	1.51%		7.62

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	944.90	1.04%	$	5.06
Class C		1,000.00		941.50	1.79%		8.69
Class I		1,000.00		946.00	0.79%		3.84
Class R		1,000.00		943.70	1.29%		6.27
Class R6		1,000.00		946.10	0.76%		3.70
Class Y		1,000.00		945.10	1.04%		5.06
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.80	1.04%	$	5.25
Class C		1,000.00		1,016.05	1.79%		9.02
Class I		1,000.00		1,021.05	0.79%		3.99
Class R		1,000.00		1,018.55	1.29%		6.51
Class R6		1,000.00		1,021.20	0.76%		3.84
Class Y		1,000.00		1,019.80	1.04%		5.25

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	984.20	1.08%	$	5.36
Class C		1,000.00		980.30	1.83%		9.06
Class I		1,000.00		985.40	0.83%		4.12
Class R		1,000.00		983.20	1.33%		6.59
Class R6		1,000.00		985.20	0.79%		3.92
Class Y		1,000.00		983.90	1.08%		5.36
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.60	1.08%	$	5.45
Class C		1,000.00		1,015.85	1.83%		9.22
Class I		1,000.00		1,020.85	0.83%		4.19
Class R		1,000.00		1,018.35	1.33%		6.71
Class R6		1,000.00		1,021.05	0.79%		3.99
Class Y		1,000.00		1,019.60	1.08%		5.45

4

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	975.10	1.14%	$	5.63
Class C		1,000.00		971.50	1.89%		9.32
Class I		1,000.00		976.80	0.89%		4.40
Class R		1,000.00		974.60	1.39%		6.86
Class R6		1,000.00		977.00	0.85%		4.20
Class Y		1,000.00		975.20	1.14%		5.63
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.30	1.14%	$	5.76
Class C		1,000.00		1,015.55	1.89%		9.52
Class I		1,000.00		1,020.55	0.89%		4.50
Class R		1,000.00		1,018.05	1.39%		7.01
Class R6		1,000.00		1,020.75	0.85%		4.29
Class Y		1,000.00		1,019.30	1.14%		5.76

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	999.20	1.14%	$	5.70
Class C		1,000.00		995.10	1.89%		9.43
Class I		1,000.00		1,000.40	0.89%		4.45
Class R		1,000.00		997.40	1.39%		6.94
Class R6		1,000.00		1,000.70	0.85%		4.25
Class Y		1,000.00		999.50	1.14%		5.70
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.30	1.14%	$	5.76
Class C		1,000.00		1,015.55	1.89%		9.52
Class I		1,000.00		1,020.55	0.89%		4.50
Class R		1,000.00		1,018.05	1.39%		7.01
Class R6		1,000.00		1,020.75	0.85%		4.29
Class Y		1,000.00		1,019.30	1.14%		5.76

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	980.40	1.12%	$	5.55
Class C		1,000.00		976.90	1.80%		8.90
Class I		1,000.00		981.80	0.80%		3.96
Class R		1,000.00		979.00	1.30%		6.43
Class R6		1,000.00		981.90	0.72%		3.57
Class Y		1,000.00		980.30	1.12%		5.54
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.40	1.12%	$	5.65
Class C		1,000.00		1,016.00	1.80%		9.07
Class I		1,000.00		1,021.00	0.80%		4.04
Class R		1,000.00		1,018.50	1.30%		6.56
Class R6		1,000.00		1,021.40	0.72%		3.64
Class Y		1,000.00		1,019.40	1.12%		5.65

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	971.90	1.08%	$	5.32
Class C		1,000.00		968.50	1.83%		9.01
Class I		1,000.00		972.80	0.83%		4.09
Class R		1,000.00		970.80	1.33%		6.55
Class R6		1,000.00		973.10	0.81%		4.00
Class Y		1,000.00		971.50	1.08%		5.32
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.60	1.08%	$	5.45
Class C		1,000.00		1,015.85	1.83%		9.22
Class I		1,000.00		1,020.85	0.83%		4.19
Class R		1,000.00		1,018.35	1.33%		6.71
Class R6		1,000.00		1,020.95	0.81%		4.09
Class Y		1,000.00		1,019.60	1.08%		5.45

 5

Disclosure of Fund expenses

*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

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

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

6

Security type / country and sector allocations

Delaware Global Equity Fund II As of September 30, 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 / country	Percentage of net assets
Common Stocks by Country		98.54	%
Austria		0.86	%
Brazil		2.27	%
Canada		4.87	%
China		5.49	%
Denmark		1.81	%
France		7.59	%
Germany		1.90	%
Hong Kong		1.22	%
India		2.41	%
Japan		6.78	%
Netherlands		0.93	%
Switzerland		2.58	%
Taiwan		1.86	%
United Kingdom		4.44	%
United States		53.53	%
Short-Term Investments		1.29	%
Total Value of Securities		99.83	%
Receivables and Other Assets Net of Liabilities		0.17	%
Total Net Assets		100.00	%

Common stocks by sector	Percentage of net assets
Communication Services		9.12	%
Consumer Discretionary		6.19	%
Consumer Staples*		25.78	%
Energy		7.72	%
Financials		10.80	%
Healthcare		14.03	%
Industrials		5.04	%
Information Technology		19.00	%
Materials		0.86	%
Total		98.54	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food, Household Products/Wares, and Retail. As of September 30, 2023, such amounts, as a percentage of total net assets were 4.98%, 5.00%, 5.29%, 2.66%, and 7.85%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

 7

Security type / sector and country allocations

Delaware International Equity Fund II As of September 30, 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 / country	Percentage of net assets
Common Stocks by Country		96.66	%
Australia		1.67	%
Austria		1.52	%
Brazil		2.72	%
Canada		5.58	%
China		5.41	%
Denmark		3.13	%
Finland		0.01	%
France		15.46	%
Germany		8.64	%
Hong Kong		1.53	%
India		2.54	%
Italy		1.99	%
Japan		14.54	%
Netherlands		6.09	%
Spain		1.98	%
Switzerland		5.36	%
Taiwan		2.18	%
United Kingdom		10.49	%
United States		5.82	%
Preferred Stock		0.52	%
Total Value of Securities		97.18	%
Receivables and Other Assets Net of Liabilities		2.82	%
Total Net Assets		100.00	%

Common stocks and preferred stock by sector	Percentage of net assets
Communication Services		4.02	%
Consumer Discretionary		10.49	%
Consumer Staples*		25.47	%
Energy		8.11	%
Financials		17.18	%
Healthcare		7.83	%
Industrials		6.67	%
Information Technology		11.39	%
Materials		6.02	%
Total		97.18	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food, and Household Products/Wares. As of September 30, 2023, such amounts, as a percentage of total net assets were 4.84%, 6.29%, 10.77%, and 3.57%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

8

Security type / sector allocations

Delaware Ivy Core Bond Fund As of September 30, 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
Agency Collateralized Mortgage Obligations		0.17	%
Agency Mortgage-Backed Securities		28.91	%
Collateralized Debt Obligations		2.41	%
Corporate Bonds		34.90	%
Banking		7.46	%
Basic Industry		1.30	%
Basic Materials		0.24	%
Brokerage		0.43	%
Capital Goods		1.11	%
Communications		3.47	%
Consumer Cyclical		1.44	%
Consumer Non-Cyclical		3.45	%
Electric		3.81	%
Energy		5.15	%
Finance Companies		2.05	%
Industrials		0.12	%
Insurance		2.12	%
Natural Gas		0.17	%
Real Estate Investment Trusts		0.29	%
Technology		1.47	%
Transportation		0.82	%
Municipal Bonds		1.08	%
Non-Agency Asset-Backed Securities		4.74	%
Non-Agency Collateralized Mortgage Obligations		4.02	%
Non-Agency Commercial Mortgage-Backed Securities		8.75	%
Sovereign Bonds		2.01	%
US Treasury Obligations		11.10	%
Preferred Stock		0.84	%
Total Value of Securities		98.93	%
Receivables and Other Assets Net of Liabilities		1.07	%
Total Net Assets		100.00	%

 9

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Core Equity Fund As of September 30, 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
Common Stocks		99.50	%
Communication Services		6.87	%
Consumer Discretionary		8.25	%
Consumer Staples		4.22	%
Energy		2.87	%
Financials		19.12	%
Healthcare		12.71	%
Industrials		6.77	%
Information Technology*		30.88	%
Materials		5.63	%
Utilities		2.18	%
Short-Term Investments		0.66	%
Total Value of Securities		100.16	%
Liabilities Net of Receivables and Other Assets		(0.16	%)
Total Net Assets		100.00	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Electronics, Internet, Office/ Business Equipment, Semiconductors, and Software. As of September 30, 2023, such amounts, as a percentage of total net assets were 5.14%, 2.89%, 1.96%, 1.07%, 7.25%, and 12.57%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage of net assets
Microsoft		8.67	%
UnitedHealth Group		5.17	%
Alphabet Class A		5.02	%
Amazon.com		4.08	%
Apple		3.88	%
TE Connectivity		2.89	%
HCA Healthcare		2.81	%
Costco Wholesale		2.77	%
Airbus ADR		2.63	%
Linde		2.62	%

10

Security type / country and sector allocations

Delaware Ivy Global Bond Fund As of September 30, 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 / country	Percentage of net assets
Agency Mortgage-Backed Securities		14.80	%
Corporate Bonds		38.20	%
Australia		3.03	%
Brazil		0.18	%
China		0.21	%
Colombia		0.34	%
France		2.05	%
Georgia		0.32	%
Germany		1.39	%
Guatemala		0.32	%
Hong Kong		0.21	%
India		0.29	%
Indonesia		1.11	%
Ireland		0.10	%
Italy		0.42	%
Kazakhstan		1.01	%
Kuwait		0.19	%
Malaysia		0.14	%
Mexico		1.30	%
Netherlands		0.31	%
Peru		0.95	%
Republic of Korea		0.14	%
South Africa		0.08	%
Spain		0.44	%
Switzerland		1.43	%
Thailand		0.16	%
Ukraine		0.22	%
United Arab Emirates		0.49	%
United Kingdom		0.99	%
United States		20.19	%
Uzbekistan		0.19	%
Sovereign Bonds		26.87	%
Albania		0.19	%
Angola		0.13	%
Belgium		1.83	%
Bermuda		0.33	%
Chile		0.46	%
Denmark		2.51	%
Dominican Republic		0.70	%
Finland		1.15	%
France		0.59	%
Georgia		0.18	%
Germany		2.71	%
Italy		2.60	%
Ivory Coast		0.73	%
Japan		1.90	%
Morocco		0.65	%
Netherlands		2.19	%
Nigeria		0.15	%
Paraguay		1.11	%
Philippines		0.15	%
Poland		0.38	%
Republic of Korea		0.19	%
Republic of North Macedonia		0.36	%
Serbia		0.31	%
South Africa		0.15	%
Spain		0.62	%
United Kingdom		4.42	%
Uzbekistan		0.18	%
Supranational Banks		1.13	%
US Treasury Obligations		13.59	%
Options Purchased		0.08	%
Short-Term Investments		1.82	%
Total Value of Securities		96.49	%
Receivables and Other Assets Net of Liabilities		3.51	%
Total Net Assets		100.00	%

 11

Security type / country and sector allocations

Delaware Ivy Global Bond Fund

Corporate bonds by sector	Percentage of net assets
Banking		13.14	%
Basic Industry		0.67	%
Brokerage		0.05	%
Capital Goods		1.53	%
Communications		0.89	%
Consumer Cyclical		1.74	%
Consumer Non-Cyclical		2.45	%
Electric		2.98	%
Energy		3.84	%
Finance Companies		0.90	%
Financial Services		0.51	%
Financials		0.66	%
Industrials		0.95	%
Insurance		2.53	%
Natural Gas		0.74	%
Real Estate Investment Trusts		0.43	%
Technology		1.31	%
Transportation		1.09	%
Utilities		1.79	%
Total		38.20	%

12

Security type / sector and country allocations

Delaware Ivy Global Growth Fund As of September 30, 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 / country	Percentage of net assets
Common Stocks by Country		98.40	%
Austria		1.05	%
Brazil		1.04	%
Canada		4.11	%
China		4.24	%
Denmark		1.75	%
France		9.30	%
Germany		2.99	%
Hong Kong		1.18	%
India		3.81	%
Italy		1.56	%
Japan		5.41	%
Netherlands		0.91	%
Taiwan		1.83	%
United Kingdom		3.52	%
United States		55.70	%
Preferred Stock		1.21	%
Short-Term Investments		0.35	%
Total Value of Securities		99.96	%
Receivables and Other Assets Net of Liabilities		0.04	%
Total Net Assets		100.00	%

Common stocks and preferred stock by sector	Percentage of net assets
Communication Services		9.32	%
Consumer Discretionary		10.83	%
Consumer Staples		7.82	%
Energy		8.02	%
Financials		14.51	%
Healthcare		13.89	%
Industrials		10.82	%
Information Technology		20.73	%
Materials		1.05	%
Utilities		2.62	%
Total		99.61	%

 13

Security type / sector allocations

Delaware Ivy High Income Fund As of September 30, 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		1.84	%
Corporate Bonds		79.99	%
Automotive		1.54	%
Basic Industry		6.15	%
Capital Goods		4.31	%
Consumer Goods		1.76	%
Electric		2.63	%
Energy		13.52	%
Financial Services		2.60	%
Healthcare		7.02	%
Insurance		2.95	%
Leisure		5.98	%
Media		10.11	%
Retail		3.56	%
Services		3.53	%
Technology & Electronics		4.14	%
Telecommunications		7.58	%
Transportation		2.61	%
Loan Agreements		12.79	%
Common Stocks		3.71	%
Basic Industry		1.42	%
Consumer Goods		0.00	%
Energy		0.03	%
Financial Services		0.65	%
Leisure		1.21	%
Retail		0.39	%
Utilities		0.01	%
Preferred Stock		0.09	%
Warrants		0.03	%
Total Value of Securities		98.45	%
Receivables and Other Assets Net of Liabilities		1.55	%
Total Net Assets		100.00	%

14

Security type / sector and country allocations

Delaware Ivy International Core Equity Fund As of September 30, 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 / country	Percentage of net assets
Common Stocks by Country		95.92	%
Australia		1.66	%
Austria		1.55	%
Brazil		5.38	%
Canada		6.42	%
China		9.29	%
Denmark		3.90	%
France		12.66	%
Germany		8.17	%
Hong Kong		1.50	%
India		6.94	%
Ireland		0.49	%
Japan		12.36	%
Netherlands		5.27	%
Republic of Korea		3.61	%
Spain		1.96	%
Switzerland		1.98	%
Taiwan		2.12	%
United Kingdom		6.41	%
United States		4.25	%
Preferred Stocks		1.66	%
Short-Term Investments		1.42	%
Total Value of Securities		99.00	%
Receivables and Other Assets Net of Liabilities		1.00	%
Total Net Assets		100.00	%

Common stocks and preferred stocks by sector	Percentage of net assets
Communication Services		5.06	%
Consumer Discretionary		14.09	%
Consumer Staples		11.38	%
Energy		8.83	%
Financials		18.72	%
Healthcare		8.57	%
Industrials		10.77	%
Information Technology		10.34	%
Materials		5.65	%
Utilities		4.17	%
Total		97.58	%

 15

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Large Cap Growth Fund As of September 30, 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
Common Stocks		99.19	%
Communication Services		8.91	%
Consumer Discretionary		12.21	%
Consumer Staples		2.44	%
Financials		10.89	%
Healthcare		12.18	%
Industrials		9.49	%
Information Technology*		39.66	%
Real Estate		3.41	%
Total Value of Securities		99.19	%
Receivables and Other Assets Net of Liabilities		0.81	%
Total Net Assets		100.00	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Internet, Semiconductors, Software, and Telecommunications. As of September 30, 2023, such amounts, as a percentage of total net assets were 7.27%, 4.01%, 4.84%, 20.30%, and 3.24%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage of net assets
Microsoft		13.18	%
Apple		7.27	%
Visa Class A		5.92	%
Amazon.com		5.88	%
Alphabet Class A		5.84	%
NVIDIA		4.84	%
UnitedHealth Group		4.09	%
VeriSign		4.01	%
CoStar Group		3.41	%
Motorola Solutions		3.24	%

16

Security type

Delaware Ivy Managed International Opportunities Fund As of September 30, 2023 (Unaudited)

Security type / sector	Percentage of net assets
Affiliated Mutual Funds		100.05	%
Short-Term Investments		0.50	%
Total Value of Securities		100.55	%
Liabilities Net of Receivables and Other Assets		(0.55	%)
Total Net Assets		100.00	%

 17

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Mid Cap Growth Fund As of September 30, 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
Common Stocks		99.11	%
Communication Services		5.43	%
Consumer Discretionary		14.03	%
Consumer Staples		1.55	%
Financials		4.75	%
Healthcare		23.34	%
Industrials		16.83	%
Information Technology*		27.35	%
Materials		1.35	%
Real Estate		4.48	%
Short-Term Investments		0.89	%
Total Value of Securities		100.00	%
Receivables and Other Assets Net of Liabilities		0.00	%
Total Net Assets		100.00	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Electrical Components & Equipment, Electronics, Office/Business Equipment, Semiconductors, Software, and Telecommunications. As of September 30, 2023, such amounts, as a percentage of total net assets were 1.95%, 4.38%, 4.04%, 0.97%, 7.51%, 8.00%, and 0.50%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage of net assets
CoStar Group		4.48	%
Pinterest Class A		3.00	%
Dexcom		2.78	%
Trade Desk Class A		2.43	%
BorgWarner		2.34	%
MarketAxess Holdings		2.33	%
Monolithic Power Systems		2.32	%
Pool		2.21	%
HEICO Class A		2.09	%
Tyler Technologies		2.08	%

18

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Mid Cap Income Opportunities Fund As of September 30, 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
Common Stocks		98.48	%
Consumer Discretionary		19.28	%
Consumer Staples		8.05	%
Financials		16.92	%
Healthcare		2.80	%
Industrials*		25.57	%
Information Technology		11.52	%
Materials		14.34	%
Short-Term Investments		1.08	%
Total Value of Securities		99.56	%
Receivables and Other Assets Net of Liabilities		0.44	%
Total Net Assets		100.00	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Industrials sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Industrials sector consisted of Aerospace/Defense, Commercial Services, Distribution/Wholesale, Electronics, Hand/Machine Tools, and Software. As of September 30, 2023, such amounts, as a percentage of total net assets were 2.85%, 2.92%, 5.74%, 2.77%, 5.60%, and 5.69%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Industrials sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage of net assets
Seagate Technology Holdings		2.95	%
Rollins		2.92	%
Microchip Technology		2.92	%
Packaging Corp. of America		2.90	%
RPM International		2.90	%
Paychex		2.88	%
Avery Dennison		2.88	%
Garmin		2.88	%
Arthur J. Gallagher & Co.		2.87	%
Glacier Bancorp		2.87	%

 19

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Small Cap Growth Fund As of September 30, 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
Common Stocks		99.50	%
Communication Services		2.92	%
Consumer Discretionary		12.15	%
Consumer Staples		3.69	%
Energy		5.15	%
Financials		8.52	%
Healthcare		20.75	%
Industrials		21.04	%
Information Technology		23.24	%
Materials		2.04	%
Short-Term Investments		0.49	%
Total Value of Securities		99.99	%
Receivables and Other Assets Net of Liabilities		0.01	%
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
CyberArk Software		2.84	%
Kinsale Capital Group		2.70	%
Weatherford International		2.69	%
Parsons		2.68	%
DoubleVerify Holdings		2.62	%
Clean Harbors		2.44	%
CBIZ		2.43	%
Progyny		2.40	%
Flywire		2.15	%
SiteOne Landscape Supply		2.10	%

20

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Smid Cap Core Fund As of September 30, 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
Common Stocks		98.47	%
Basic Materials		8.13	%
Business Services		4.88	%
Capital Goods		11.62	%
Consumer Discretionary		4.74	%
Consumer Services		2.15	%
Consumer Staples		3.54	%
Credit Cyclicals		3.77	%
Energy		5.31	%
Financials		12.62	%
Healthcare		13.46	%
Media		1.86	%
Real Estate Investment Trusts		6.07	%
Technology		14.97	%
Transportation		3.84	%
Utilities		1.51	%
Short-Term Investments		1.42	%
Total Value of Securities		99.89	%
Receivables and Other Assets Net of Liabilities		0.11	%
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
Liberty Energy		2.52	%
Chesapeake Energy		1.65	%
Quanta Services		1.63	%
PTC		1.47	%
Primerica		1.40	%
Huntsman		1.34	%
Reliance Steel & Aluminum		1.33	%
Boise Cascade		1.28	%
Casey’s General Stores		1.28	%
Beacon Roofing Supply		1.26	%

 21

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Systematic Emerging Markets Equity Fund As of September 30, 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
Common Stocks		99.48	%
Communication Services		11.72	%
Consumer Discretionary		14.31	%
Consumer Staples		8.40	%
Energy		6.53	%
Financials		22.05	%
Healthcare		1.42	%
Industrials		6.29	%
Information Technology		24.59	%
Materials		2.97	%
Real Estate		0.94	%
Utilities		0.26	%
Preferred Stock		0.92	%
Short-Term Investments		0.19	%
Total Value of Securities		100.59	%
Liabilities Net of Receivables and Other Assets		(0.59	%)
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
Taiwan Semiconductor Manufacturing		6.68	%
Samsung Electronics		5.53	%
Tencent Holdings		4.90	%
Larsen & Toubro		3.40	%
ICICI Bank		3.26	%
NetEase		2.24	%
Infosys		2.20	%
Tata Consultancy Services		2.12	%
Kia		2.11	%
Bank Rakyat Indonesia Persero		2.07	%

22

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Value Fund As of September 30, 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
Common Stocks		98.88	%
Communication Services		9.16	%
Consumer Discretionary		6.35	%
Consumer Staples		10.24	%
Energy		3.19	%
Financials		14.91	%
Healthcare		18.16	%
Industrials		11.99	%
Information Technology		15.58	%
Materials		3.20	%
Real Estate		3.00	%
Utilities		3.10	%
Short-Term Investments		0.72	%
Total Value of Securities		99.60	%
Receivables and Other Assets Net of Liabilities		0.40	%
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
Cigna Group		3.41	%
Allstate		3.33	%
American International Group		3.30	%
TJX		3.27	%
Motorola Solutions		3.23	%
Northrop Grumman		3.23	%
Cisco Systems		3.21	%
DuPont de Nemours		3.20	%
ConocoPhillips		3.19	%
Comcast Class A		3.18	%

 23

Schedules of investments

Delaware Global Equity Fund II September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 98.54%∆
Austria - 0.86%
Mondi		134,088	$	2,245,420
				2,245,420
Brazil – 2.27%
Banco do Brasil		290,013		2,726,147
Petroleo Brasileiro ADR		214,819		3,220,137
				5,946,284
Canada – 4.87%
Alimentation Couche-Tard		124,318		6,313,606
Canadian Natural Resources		99,577		6,439,789
				12,753,395
China – 5.49%
China Mengniu Dairy †		2,117,000		7,096,361
H World Group ADR †		89,650		3,534,900
Tencent Holdings		96,300		3,765,451
				14,396,712
Denmark – 1.81%
Genmab †		13,338		4,741,929
				4,741,929
France – 7.59%
Airbus		44,317		5,949,540
BNP Paribas		76,102		4,862,128
L’Oreal		16,267		6,762,366
TotalEnergies		35,369		2,330,012
				19,904,046
Germany – 1.90%
Deutsche Telekom		236,579		4,969,447
				4,969,447
Hong Kong – 1.22%
Prudential		295,697		3,206,612
				3,206,612
India – 2.41%
ICICI Bank ADR		130,756		3,023,079
State Bank of India GDR		45,692		3,298,962
				6,322,041
Japan – 6.78%
Asahi Group Holdings		179,800		6,725,656
ITOCHU		88,900		3,215,962
Mitsubishi UFJ Financial Group		587,400		4,986,060
ORIX		152,700		2,853,929
				17,781,607
Netherlands – 0.93%
Shell		75,552		2,436,659
				2,436,659
Switzerland – 2.58%
Nestle		59,724		6,768,742
				6,768,742
Taiwan – 1.86%
Taiwan Semiconductor Manufacturing ADR		56,146		4,879,087
				4,879,087
United Kingdom – 4.44%
AstraZeneca		34,398		4,659,399
Reckitt Benckiser Group		98,862		6,988,811
				11,648,210
United States – 53.53%
Abbott Laboratories		26,083		2,526,139
Alphabet Class A †		54,809		7,172,306
Amazon.com †		69,526		8,838,145
Apple		45,459		7,783,035
Aptiv †		39,050		3,849,940
Biogen †		9,811		2,521,525
Casey’s General Stores		26,826		7,283,796
Coca-Cola		113,480		6,352,610
ConocoPhillips		48,428		5,801,674
Costco Wholesale		12,341		6,972,171
Danaher		12,654		3,139,457
Eli Lilly & Co.		9,598		5,155,374
Ingersoll Rand		63,175		4,025,511
Intuit		11,686		5,970,845
KLA		7,879		3,613,782
Microchip Technology		46,055		3,594,593
Microsoft		34,358		10,848,538
Morgan Stanley		41,395		3,380,730
Netflix †		6,892		2,602,419
NVIDIA		10,159		4,419,063
Pinterest Class A †		199,859		5,402,189
Procter & Gamble		43,573		6,355,558
Salesforce †		22,293		4,520,575
Seagate Technology Holdings		63,251		4,171,403
Thermo Fisher Scientific		6,178		3,127,118
UnitedHealth Group		11,062		5,577,350
Vertex Pharmaceuticals †		15,270		5,309,990
				140,315,836
Total Common Stocks (cost $266,589,167)				258,316,027
Short-Term Investments – 1.29%
Money Market Mutual Funds – 1.29%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		845,097		845,097
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		845,097		845,097

24

	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 5.37%)		845,096	$	845,096
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		845,096		845,096
Total Short-Term Investments (cost $3,380,386)				3,380,386
Total Value of Securities–99.83% (cost $269,969,553)			$	261,696,413

∆	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 6 in “Security type / country and sector allocations.”
†	Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

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

 25

Schedules of investments

Delaware International Equity Fund II September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 96.66%Δ
Australia – 1.67%
Newcrest Mining		103,897	$	1,637,950
				1,637,950
Austria – 1.52%
Mondi		88,622		1,484,053
				1,484,053
Brazil – 2.72%
Banco do Brasil ADR		159,009		1,481,964
MercadoLibre †		935		1,185,468
				2,667,432
Canada – 5.58%
Canadian Pacific Kansas City		17,031		1,265,930
Dollarama		38,927		2,681,972
Suncor Energy		43,994		1,512,947
				5,460,849
China – 5.41%
Budweiser Brewing APAC 144A #		939,900		1,855,567
China Mengniu Dairy †		600,000		2,011,251
Tencent Holdings		36,600		1,431,106
				5,297,924
Denmark – 3.13%
Genmab †		5,824		2,070,550
Novo Nordisk Class B		10,893		994,266
				3,064,816
Finland – 0.01%
Nokia		3,219		12,143
				12,143
France – 15.46%
Airbus		16,871		2,264,925
BNP Paribas		25,608		1,636,085
Euroapi †		9		114
L’Oreal		8,151		3,388,458
LVMH Moet Hennessy Louis Vuitton		3,705		2,806,218
Rexel		561		12,633
Sanofi		92		9,871
Schneider Electric		92		15,269
Technip Energies ADR		920		22,794
Thales		13,856		1,949,816
TotalEnergies		30,680		2,021,114
Vinci		9,200		1,021,498
				15,148,795
Germany – 8.64%
Deutsche Telekom		119,020		2,500,068
Heidelberg Materials		17,876		1,389,484
HelloFresh †		72,601		2,170,699
SAP		18,544		2,407,965
				8,468,216
Hong Kong – 1.53%
Prudential		138,548		1,502,449
				1,502,449
India – 2.54%
Axis Bank GDR		20,457		1,282,654
ICICI Bank ADR		51,917		1,200,321
				2,482,975
Italy – 1.99%
Moncler		33,408		1,945,459
				1,945,459
Japan – 14.54%
Asahi Group Holdings		77,100		2,884,027
Inpex		44,900		677,827
Mitsubishi UFJ Financial Group		294,100		2,496,426
Mitsui Chemicals		53,200		1,380,195
Panasonic Holdings		1,000		11,255
Renesas Electronics †		132,300		2,023,365
Seven & i Holdings		74,400		2,914,963
Tokio Marine Holdings		80,200		1,859,562
				14,247,620
Netherlands – 6.09%
ASML Holding		3,887		2,297,639
ING Groep		131,479		1,744,527
Shell		59,748		1,926,957
				5,969,123
Spain – 1.98%
Banco Bilbao Vizcaya Argentaria		238,233		1,941,932
				1,941,932
Switzerland – 5.36%
Alcon		23,506		1,811,372
Nestle		30,155		3,417,578
Novartis		184		18,869
				5,247,819
Taiwan – 2.18%
Taiwan Semiconductor Manufacturing ADR		24,515		2,130,354
				2,130,354
United Kingdom – 10.49%
AstraZeneca		16,670		2,258,043
Haleon		667,534		2,776,081
HSBC Holdings		214,547		1,688,147
J Sainsbury		5,324		16,421
John Wood Group †		7,604		14,408
Reckitt Benckiser Group		49,411		3,492,992

26

	Number of shares		Value (US $)
Common StocksΔ (continued)
United Kingdom (continued)
Tesco		5,177	$	16,688
Travis Perkins		937		9,654
Vodafone Group		8,046		7,541
				10,279,975
United States – 5.82%
Schlumberger		30,470		1,776,401
Seagate Technology Holdings		34,704		2,288,729
Stellantis		84,900		1,634,539
				5,699,669
Total Common Stocks (cost $96,614,182)				94,689,553
Preferred Stock – 0.52%
Germany – 0.52%
Sartorius 0.45% ω		1,505		512,036
Total Preferred Stock (cost $508,736)				512,036
Total Value of Securities–97.18% (cost $97,122,918)			$	95,201,589

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 8 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $1,855,567, which represents 1.89% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

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

 27

Schedules of investments

Delaware Ivy Core Bond Fund September 30, 2023 (Unaudited)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations — 0.17%
Freddie Mac REMICs
Series 2557 HL 5.30% 1/15/33		19,048	$	18,732
Freddie Mac Whole Loan Securities Trust
Series 2015-SC01 1A 3.50% 5/25/45		553,325		478,605
Series 2016-SC02 1A 3.00% 10/25/46		173,666		147,883
GNMA
Series 2005-23 IO 1.00% 6/17/45 Σ, •		58,403		2
Total Agency Collateralized Mortgage Obligations (cost $762,155)				645,222
Agency Mortgage-Backed Securities — 28.91%
Fannie Mae
2.50% 11/1/27		152,841		141,455
Fannie Mae S.F. 15 yr
2.00% 3/1/37		2,014,000		1,737,950
2.50% 8/1/36		1,681,156		1,481,586
3.50% 11/1/25		25,729		25,159
3.50% 6/1/26		61,310		59,730
4.50% 4/1/25		7,533		7,277
5.50% 10/1/38		1,343,000		1,328,793
Fannie Mae S.F. 20 yr
4.00% 8/1/42		548,249		496,179
4.00% 9/1/42		2,607,778		2,355,374
5.50% 2/1/24		368		367
Fannie Mae S.F. 30 yr
2.00% 3/1/51		8,510,318		6,504,165
2.50% 4/1/51		750,573		597,617
2.50% 11/1/51		1,720,257		1,368,428
2.50% 2/1/52		5,130,278		4,094,169
3.00% 9/1/42		679,988		581,304
3.00% 5/1/43		957,800		818,753
3.00% 1/1/46		465,441		390,047
3.00% 12/1/51		1,572,865		1,312,376
3.00% 2/1/52		1,059,169		880,449
3.50% 8/1/50		4,038,343		3,535,532
3.50% 6/1/52		12,845,562		11,055,503
4.00% 12/1/40		187,299		170,896
4.00% 4/1/41		366,377		335,457
4.00% 8/1/41		178,825		163,739
4.00% 9/1/41		208,705		191,094
4.00% 10/1/41		339,278		310,641
4.00% 1/1/44		386,930		354,976
4.00% 4/1/44		762,613		697,643
4.00% 2/1/47		178,835		162,308
4.50% 1/1/50		948,986		896,478
Fannie Mae S.F. 30 yr
4.50% 10/1/52		4,605,161		4,230,159
4.50% 2/1/53		4,006,616		3,680,523
5.00% 7/1/47		5,479,983		5,362,352
5.00% 9/1/52		1,771,257		1,672,630
5.50% 8/1/52		4,756,441		4,598,364
6.00% 1/1/42		545,166		554,313
6.00% 6/1/53		1,131,642		1,117,177
6.50% 12/1/31		1,863		1,892
6.50% 2/1/32		31,079		31,962
6.50% 4/1/32		4,141		4,220
6.50% 5/1/32		6,849		6,890
6.50% 7/1/32		2,310		2,350
6.50% 8/1/32		4,873		4,950
6.50% 9/1/32		11,728		11,850
6.50% 10/1/32		9,372		9,502
6.50% 8/1/33		6,281		6,319
6.50% 9/1/34		20,601		20,705
6.50% 11/1/34		2,001		2,052
6.50% 3/1/35		42,167		42,974
7.00% 9/1/31		1,700		1,693
7.00% 11/1/31		23,485		23,507
7.00% 2/1/32		16,238		16,515
7.00% 3/1/32		20,520		21,069
7.50% 5/1/31		4,224		4,210
Freddie Mac S.F. 15 yr
2.50% 4/1/28		91,671		87,023
3.50% 8/1/26		49,564		48,286
Freddie Mac S.F. 20 yr
2.00% 5/1/42		1,800,000		1,436,847
2.50% 2/1/42		2,190,041		1,803,296
3.00% 3/1/37		1,801,750		1,607,410
5.00% 5/1/29		9,191		8,949
Freddie Mac S.F. 30 yr
2.50% 11/1/51		3,019,269		2,428,607
2.50% 2/1/52		4,111,188		3,276,762
3.00% 8/1/42		426,197		364,348
3.00% 1/1/43		560,245		478,918
3.00% 2/1/43		696,928		595,768
3.00% 12/1/46		233,406		197,043
3.00% 1/1/47		625,233		527,828
3.00% 7/1/50		1,114,453		936,114
3.00% 8/1/52		5,227,770		4,365,610
4.00% 10/1/40		99,645		91,021
4.00% 11/1/40		187,032		171,405
4.00% 2/1/41		412,189		377,410
4.00% 3/1/41		130,120		119,142
4.00% 6/1/41		156,616		143,400
4.00% 8/1/41		70,141		64,220
4.00% 11/1/41		872,266		798,640
4.00% 8/1/52		1,333,140		1,190,748

28

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr
4.00% 9/1/52		2,410,063	$	2,155,864
4.50% 9/1/52		6,941,578		6,378,484
4.50% 10/1/52		1,921,735		1,765,196
5.00% 9/1/34		188		180
5.50% 9/1/52		3,724,900		3,658,398
5.50% 10/1/52		681,279		658,637
5.50% 3/1/53		1,041,829		1,011,686
5.50% 9/1/53		1,663,551		1,612,176
6.00% 12/1/52		2,001,880		1,976,354
6.50% 9/1/32		8,308		8,537
6.50% 5/1/34		48,619		50,226
6.50% 7/1/36		5,142		5,167
7.00% 12/1/37		12,066		11,892
GNMA I
6.25% 7/15/24		4,254		4,210
GNMA I S.F. 30 yr
3.00% 3/15/45		883,386		755,857
4.00% 1/15/41		162,079		150,184
4.00% 10/15/41		97,913		90,115
4.50% 6/15/40		129,000		123,076
5.00% 7/15/33		32,864		31,854
5.00% 7/15/34		21,246		20,585
5.00% 1/15/35		39,517		38,502
5.00% 12/15/35		68,346		65,290
5.00% 12/15/39		41,635		40,678
5.00% 1/15/40		206,595		201,757
5.00% 7/15/40		39,875		38,197
5.50% 10/15/42		820,323		817,957
GNMA II
3.25% 11/20/35		306,259		269,250
4.00% 8/20/31		232,365		217,588
4.00% 6/20/36		368,027		336,398
GNMA II S.F. 30 yr
3.00% 12/20/51		1,411,810		1,198,646
4.00% 12/20/40		176,294		162,169
4.00% 12/20/44		122,656		112,928
5.50% 6/20/49		1,520,706		1,496,884
Vendee Mortgage Trust
5.51% 2/15/25 •		4,314		4,301
7.792% 2/15/25		460		460
Total Agency Mortgage-Backed Securities (cost $118,396,995)				110,072,101
Collateralized Debt Obligations — 2.41%
Ares LXIV CLO
Series 2022-64A A1 144A 6.748%
(TSFR03M + 1.44%, Floor 1.44%) 4/15/35 #, •		3,000,000		2,962,809
BlueMountain CLO XXX
Series 2020-30A AR 144A 6.678%
(TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, •		3,300,000		3,258,331
CIFC Funding
Series 2022-3A A 144A 6.744%
(TSFR03M + 1.41%, Floor 1.41%) 4/21/35 #, •		3,000,000		2,960,397
Total Collateralized Debt Obligations (cost $9,073,867)				9,181,537
Corporate Bonds — 34.90%
Banking — 7.46%
Banco Santander 5.588% 8/8/28		600,000		587,249
Bank of America
2.482% 9/21/36 µ		1,130,000		823,038
2.972% 2/4/33 µ		615,000		485,193
5.819% 9/15/29 µ		225,000		222,332
5.872% 9/15/34 µ		240,000		233,689
6.204% 11/10/28 µ		970,000		974,742
Bank of New York Mellon
4.70% 9/20/25 µ, ψ		1,430,000		1,380,036
Barclays
5.501% 8/9/28 µ		250,000		240,358
6.224% 5/9/34 µ		520,000		492,950
7.325% 11/2/26 µ		535,000		543,265
BBVA Bancomer 144A 5.875% 9/13/34 #, µ		1,000,000		876,050
Citigroup 6.174% 5/25/34 µ		296,000		283,068
Citizens Bank 6.064% 10/24/25 µ		900,000		868,729
Credit Agricole 144A 5.514% 7/5/33 #		915,000		881,695
Credit Suisse 7.95% 1/9/25		255,000		259,606
Deutsche Bank
3.729% 1/14/32 µ		612,000		455,905
3.742% 1/7/33 µ		301,000		216,173
6.72% 1/18/29 µ		1,034,000		1,028,410
7.146% 7/13/27 µ		345,000		347,466
Fifth Third Bank 5.852% 10/27/25 µ		665,000		654,448
Goldman Sachs Group 3.102% 2/24/33 µ		400,000		320,012
HSBC Holdings 5.887% 8/14/27 µ		215,000		212,462
Huntington Bancshares 6.208% 8/21/29 µ		1,000,000		978,808
ING Groep 6.083% 9/11/27 µ		245,000		244,038

 29

Schedules of investments

Delaware Ivy Core Bond Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
JPMorgan Chase & Co.
1.764% 11/19/31 µ		2,540,000	$	1,911,958
5.35% 6/1/34 µ		340,000		322,613
KeyBank 5.00% 1/26/33		930,000		783,573
Morgan Stanley
5.25% 4/21/34 µ		164,000		152,374
5.424% 7/21/34 µ		600,000		566,234
6.138% 10/16/26 µ		980,000		981,198
6.296% 10/18/28 µ		450,000		453,614
6.342% 10/18/33 µ		305,000		306,900
PNC Financial Services
Group 5.671% 10/28/25 µ		525,000		521,124
Popular 7.25% 3/13/28		325,000		324,394
SVB Financial Group 4.57%
4/29/33 µ, ‡		1,127,000		712,834
Truist Financial
4.95% 9/1/25 µ, ψ		1,505,000		1,387,733
6.123% 10/28/33 µ		445,000		428,271
8.773% 12/15/24 ψ, •		2,165,000		2,137,942
US Bancorp
2.491% 11/3/36 µ		1,415,000		997,838
3.00% 7/30/29		2,700,000		2,263,876
4.653% 2/1/29 µ		416,000		389,460
5.727% 10/21/26 µ		146,000		144,822
				28,396,480
Basic Industry — 1.30%
BHP Billiton Finance USA 5.25% 9/8/30		470,000		459,370
Braskem Netherlands Finance 144A 4.50% 1/31/30 #		500,000		407,992
First Quantum Minerals 144A 8.625% 6/1/31 #		1,055,000		1,051,235
Methanex 5.25% 12/15/29		1,645,000		1,468,836
Novelis 144A 4.75% 1/30/30 #		745,000		645,758
Sherwin-Williams 3.30% 5/15/50		1,450,000		924,465
				4,957,656
Basic Materials — 0.24%
Freeport Indonesia 144A 5.315% 4/14/32 #		1,000,000		908,930
				908,930
Brokerage — 0.43%
Jefferies Financial Group
5.875% 7/21/28		529,000		518,017
6.50% 1/20/43		1,150,000		1,111,288
				1,629,305
Capital Goods — 1.11%
Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 #		1,330,000		1,110,453
Mauser Packaging Solutions Holding 144A 7.875% 8/15/26 #		700,000		676,117
Standard Industries 144A 3.375% 1/15/31 #		1,150,000		890,371
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 #		1,000,000		976,200
United Rentals North America 3.875% 2/15/31		705,000		587,349
				4,240,490
Communications — 3.47%
AT&T 3.55% 9/15/55		1,818,000		1,114,046
CCO Holdings 144A 4.25% 1/15/34 #		2,000,000		1,474,656
Cellnex Finance 144A 3.875% 7/7/41 #		350,000		242,809
Charter Communications Operating 3.85% 4/1/61		3,175,000		1,776,506
Connect Finco 144A 6.75% 10/1/26 #		638,000		595,858
Crown Castle
1.05% 7/15/26		595,000		522,475
2.10% 4/1/31		1,890,000		1,443,354
Directv Financing 144A 5.875% 8/15/27 #		800,000		708,360
Discovery Communications 4.00% 9/15/55		2,205,000		1,324,633
Frontier Communications Holdings 144A 5.00% 5/1/28 #		800,000		684,054
Sprint Capital 6.875% 11/15/28		1,505,000		1,555,224
Summit Digitel Infrastructure 144A 2.875% 8/12/31 #		750,000		572,485
T-Mobile USA 5.75% 1/15/34		220,000		214,697
Vmed O2 UK Financing I 144A 4.25% 1/31/31 #		1,215,000		968,695
				13,197,852
Consumer Cyclical — 1.44%
Alsea 144A 7.75% 12/14/26 #		500,000		501,096
Amazon.com 2.50% 6/3/50		2,555,000		1,498,444
Aptiv 3.10% 12/1/51		1,950,000		1,116,324
Carnival 144A 4.00% 8/1/28 #		665,000		577,151
Ford Motor Credit 6.95% 6/10/26		375,000		374,948

30

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Mercedes-Benz Finance North America
144A 5.05% 8/3/33 #		220,000	$	208,658
144A 5.10% 8/3/28 #		1,210,000		1,185,895
				5,462,516
Consumer Non-Cyclical — 3.45%
Amgen
5.15% 3/2/28		300,000		295,158
5.25% 3/2/30		270,000		263,893
5.25% 3/2/33		741,000		708,693
Bunge Limited Finance
1.63% 8/17/25		1,192,000		1,102,510
2.75% 5/14/31		1,750,000		1,418,782
Central American Bottling
144A 5.25% 4/27/29 #		500,000		451,598
DaVita
144A 3.75% 2/15/31 #		315,000		239,732
144A 4.625% 6/1/30 #		570,000		468,746
Gilead Sciences 5.55% 10/15/53		340,000		327,141
HCA
3.50% 7/15/51		1,049,000		655,973
5.20% 6/1/28		177,000		171,156
New York and Presbyterian Hospital
2.256% 8/1/40		2,445,000		1,505,251
2.606% 8/1/60		1,600,000		826,479
NYU Langone Hospitals 3.38% 7/1/55		1,455,000		926,767
Royalty Pharma 3.35% 9/2/51		3,531,000		2,046,576
Tenet Healthcare 4.25% 6/1/29		2,015,000		1,736,291
				13,144,746
Electric — 3.81%
Alfa Desarrollo 144A 4.55% 9/27/51 #		993,761		680,227
Appalachian Power 4.50% 8/1/32		1,450,000		1,299,036
Berkshire Hathaway Energy 2.85% 5/15/51		1,820,000		1,051,384
Duke Energy Carolinas 4.95% 1/15/33		415,000		394,719
Entergy Mississippi 3.25% 12/1/27		2,400,000		2,167,936
Entergy Texas 3.45% 12/1/27		3,130,000		2,848,511
Exelon 4.05% 4/15/30		2,500,000		2,251,901
JSW Hydro Energy 144A 4.125% 5/18/31 #		630,000		524,746
Oglethorpe Power 4.50% 4/1/47		1,725,000		1,291,069
Vistra 144A 7.00% 12/15/26 #, µ, Ψ		535,000		488,730
Vistra Operations
144A 5.125% 5/13/25 #		1,375,000		1,341,048
144A 6.95% 10/15/33 #		165,000		162,028
				14,501,335
Energy — 5.15%
BP Capital Markets 4.875% 3/22/30 µ, Ψ		1,575,000		1,412,064
Cheniere Energy Partners 4.50% 10/1/29		560,000		507,692
Diamondback Energy 3.125% 3/24/31		465,000		387,655
El Paso Natural Gas 8.375% 6/15/32		1,440,000		1,581,180
Energean Israel Finance 144A 4.875% 3/30/26 #		1,000,000		931,500
Energy Transfer 6.85% 2/15/40		1,265,000		1,214,430
Enterprise Products Operating
3.30% 2/15/53		3,270,000		2,130,850
8.449% 6/1/67 •		2,875,000		2,637,735
Geopark 144A 5.50% 1/17/27 #		500,000		429,189
Guara Norte 144A 5.198% 6/15/34 #		884,260		753,455
NuStar Logistics 6.375% 10/1/30		1,530,000		1,450,945
Occidental Petroleum 6.125% 1/1/31		516,000		509,101
ONEOK
5.65% 11/1/28		1,415,000		1,397,193
5.80% 11/1/30		215,000		210,604
6.05% 9/1/33		385,000		378,462
Saudi Arabian Oil 144A 4.25% 4/16/39 #		500,000		407,878
Targa Resources Partners 5.00% 1/15/28		1,355,000		1,290,082
Tennessee Gas Pipeline 8.375% 6/15/32		1,795,000		1,985,071
				19,615,086
Finance Companies — 2.05%
AerCap Ireland Capital DAC
3.00% 10/29/28		2,415,000		2,071,850
3.40% 10/29/33		200,000		154,806
Air Lease 2.875% 1/15/32		1,430,000		1,115,579

 31

Schedules of investments

Delaware Ivy Core Bond Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
Air Lease 4.625% 10/1/28		1,805,000	$	1,673,342
Aviation Capital Group
144A 3.50% 11/1/27 #		1,330,000		1,175,514
144A 6.25% 4/15/28 #		155,000		151,721
Gaci First Investment 4.875% 2/14/35		486,000		442,221
MAF Global Securities 7.875% 6/30/27 µ, Ψ		1,000,000		1,007,255
				7,792,288
Industrials — 0.12%
Bidvest Group UK 144A 3.625% 9/23/26 #		500,000		444,915
				444,915
Insurance — 2.12%
American International Group 5.125% 3/27/33		850,000		791,635
Aon 2.90% 8/23/51		2,155,000		1,273,247
Athene Global Funding 144A 1.985% 8/19/28 #		1,955,000		1,596,420
Athene Holding		1,040,000		619,576
3.45% 5/15/52
3.95% 5/25/51		460,000		302,338
Brighthouse Financial 3.85% 12/22/51		1,793,000		1,058,545
Marsh & McLennan 5.70% 9/15/53		915,000		885,087
UnitedHealth Group
4.20% 5/15/32		653,000		596,217
4.50% 4/15/33		517,000		478,625
5.05% 4/15/53		537,000		480,886
				8,082,576
Natural Gas — 0.17%
Atmos Energy 2.85% 2/15/52		405,000		243,225
ENN Energy Holdings 144A 2.625% 9/17/30 #		500,000		401,719
				644,944
Real Estate Investment Trusts — 0.29%
American Homes 4 Rent 3.625% 4/15/32		1,310,000		1,084,865
				1,084,865
Technology — 1.47%
Broadcom 144A 3.469% 4/15/34 #		1,190,000		935,122
CDW 3.276% 12/1/28		1,640,000		1,416,430
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #		1,660,000		1,366,367
NCR
144A 5.00% 10/1/28 #		135,000		120,964
144A 5.125% 4/15/29 #		190,000		167,598
Oracle
3.60% 4/1/50		694,000		449,319
4.65% 5/6/30		1,230,000		1,150,911
				5,606,711
Transportation — 0.82%
American Airlines 144A 5.50% 4/20/26 #		149,426		146,072
British Airways 2020-1 Class A Pass Through Trust 144A 4.25% 5/15/34 #, t		853,349		764,817
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 #		888,086		773,747
United Airlines 144A 4.625% 4/15/29 #		1,680,000		1,445,767
				3,130,403
Total Corporate Bonds (cost $142,620,348)				132,841,098
Municipal Bonds — 1.08%
GDB Debt Recovery Authority of Puerto Rico Revenue
(Taxable) 7.50% 8/20/40		1,840,071		1,490,458
Municipal Electric Authority of Georgia
(Build America Bonds Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57		2,470,000		2,633,143
Total Municipal Bonds (cost $4,480,369)				4,123,601
Non-Agency Asset-Backed Securities — 4.74%
FirstKey Homes Trust
Series 2021-SFR1 B 144A 1.788% 8/17/38 #		4,800,000		4,216,690
Series 2021-SFR2 D 144A 2.058% 9/17/38 #		4,400,000		3,800,160
Home Partners of America Trust
Series 2021-1 A 144A 1.698% 9/17/41 #		3,851,362		3,243,533
Series 2021-3 B 144A 2.649% 1/17/41 #		4,741,164		4,002,024

32

	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Progress Residential Trust
Series 2021-SFR7 D 144A 2.341% 8/17/40 #	��	3,450,000	$	2,789,460
Total Non-Agency Asset-Backed Securities (cost $21,242,009)				18,051,867
Non-Agency Collateralized Mortgage Obligations — 4.02%
Agate Bay Mortgage Trust
Series 2013-1 B4 144A 3.555% 7/25/43 #, •		1,482,562		1,016,794
Bear Stearns Mortgage Securities 1996-6 B2 8.00% 11/25/30		14,366		6,225
CHL Mortgage Pass Through Trust 2004-J4 3B1 5.25% 5/25/34 t		15,266		13,531
Citigroup Global Markets Mortgage Securities VII
Series 1997-HUD1 B2 3.011% 12/25/30 •		571,837		98,595
CSMC Trust
Series 2013-7 B4 144A 3.542% 8/25/43 #, •		1,246,329		965,455
Series 2017-HL1 A12 144A 3.50% 6/25/47 #, •		1,641,409		1,382,684
JP Morgan Mortgage Trust
Series 2004-A3 4A2 5.633% 7/25/34 •		2,801		2,687
Series 2017-4 A13 144A 3.50% 11/25/48 #, •		5,987,460		5,028,299
Series 2021-4 A5 144A 2.50% 8/25/51 #, •		6,000,000		3,637,466
MRFC Mortgage Pass Through Trust
Series 1998-2 B1 6.75% 6/25/28 t		394		377
PMT Credit Risk Transfer Trust
2021-1R A 144A 8.332%
(TSFR01M + 3.01%, Floor 2.90%) 2/27/24 #, •		3,153,275		3,137,616
Prudential Home Mortgage Securities
Series 1994-A 5B 144A 6.731% 4/28/24 #, •		4		4
Structured Asset Mortgage Investments
Series 1998-2 B 6.75% 5/2/30 •		3,251		100
Structured Asset Mortgage Investments
Series 1998-2 C 6.75% 5/2/30 •		1,476		37
Total Non-Agency Collateralized Mortgage Obligations (cost $20,053,938)				15,289,870
Non-Agency Commercial Mortgage-Backed Securities — 8.75%
BAMLL Commercial Mortgage
Securities Trust
Series 2014-520M A 144A
4.325% 8/15/46 #, •		4,130,000		2,971,000
BBCMS Mortgage Trust
Series 2020-C7 A5 2.037% 4/15/53		1,000,000		791,628
Benchmark Mortgage Trust
Series 2020-B18 A5 1.925% 7/15/53		3,000,000		2,289,588
Series 2021-B25 A5 2.577% 4/15/54		5,000,000		3,807,447
Citigroup Commercial Mortgage Trust
Series 2018-TBR A 144A 6.402% (TSFR01M + 1.07%, Floor 0.83%) 12/15/36 #, •		10,000,000		9,848,219
GS Mortgage Securities Trust
Series 2012-BWTR C 144A 3.439% 11/5/34 #, •		1,000,000		392,781
Series 2020-GC47 A5 2.377% 5/12/53		3,128,000		2,511,190
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5 A5 3.723% 3/15/50		1,500,000		1,372,894
One Market Plaza Trust
Series 2017-1MKT A 144A 3.614% 2/10/32 #		4,000,000		3,692,216
UBS Commercial Mortgage Trust
Series 2017-C1 AS 3.724% 6/15/50		4,000,000		3,564,811
Series 2017-C7 AS 4.061% 12/15/50 •		2,300,000		2,056,988
Total Non-Agency Commercial Mortgage- Backed Securities (cost $37,558,722)				33,298,762

 33

Schedules of investments

Delaware Ivy Core Bond Fund

		Principal amount°		Value (US $)
Sovereign Bonds — 2.01%Δ
Colombia — 0.11%
Colombia Government International Bond 3.25% 4/22/32			550,000	$	396,491
					396,491
Dominican Republic — 0.17%
Dominican Republic International Bond 144A 4.875% 9/23/32 #			789,000		642,904
					642,904
Ivory Coast — 0.12%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #			550,000		457,793
					457,793
Mexico — 0.15%
Mexico Government International Bond 3.50% 2/12/34			700,000		549,085
					549,085
Oman — 0.17%
Oman Government International Bond 144A 6.75% 1/17/48 #			710,000		654,724
					654,724
Paraguay — 0.06%
Paraguay Government International Bond 144A 5.40% 3/30/50 #			300,000		237,487
					237,487
United Kingdom — 1.16%
United Kingdom Gilt 4.50% 6/7/28		GBP	3,630,000		4,431,097
					4,431,097
Uzbekistan — 0.07%
Republic of Uzbekistan International Bond 144A 5.375% 2/20/29 #			300,000		269,320
					269,320
Total Sovereign Bonds (cost $7,816,711)					7,638,901
US Treasury Obligations — 11.10%
US Treasury Bonds
3.625% 5/15/53			3,485,000		2,886,288
3.875% 2/15/43			3,740,000		3,255,553
3.875% 5/15/43			6,490,000		5,643,258
4.125% 8/15/53			6,995,000		6,351,242
4.375% 8/15/43			1,080,000		1,007,775
US Treasury Notes
3.375% 5/15/33			8,135,000		7,378,700
3.875% 7/31/30			5,235,000		5,043,595
3.875% 8/15/33			8,260,000		7,805,700
4.125% 8/31/30			2,970,000		2,883,220
Total US Treasury Obligations (cost $44,843,985)					42,255,331
	Number of shares
Preferred Stock — 0.84%
Brookfield Infrastructure Partners 5.00% ω			192,000		3,196,800
Total Preferred Stock (cost $4,800,000)					3,196,800
Total Value of Securities—98.93% (cost $411,649,099)				$	376,595,090

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
∑	Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $94,082,304, which represents 24.71% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 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.

34

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.
Δ	Securities have been classified by country of risk.
ω	Perpetual security with no stated maturity date.

The following forward foreign currency exchange contracts and futures contracts were outstanding at September 30, 2023:¹

Forward Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation
JPMCB	GBP	(3,700,000)	USD	4,551,962	11/17/23	$	36,306

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
555	US Treasury 5 yr Notes	$	58,474,456		$	59,021,838		12/29/23	$	—	$	(547,382	)	$	86,719
	US Treasury 10 yr
142	Notes		15,344,875			15,629,233		12/19/23		—		(284,358	)		28,843
	US Treasury 10 yr Ultra
(111)	Notes		(12,383,437	)		(12,739,572	)	12/19/23		356,135		—			(26,015	)
Total Futures Contracts					$	61,911,499			$	356,135	$	(831,740	)	$	89,547

The use of forward 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 forward foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

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

Summary of abbreviations:

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

GNMA – Government National Mortgage Association

GS – Goldman Sachs

JPMCB – JPMorgan Chase Bank

S.F. – Single Family

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

TSFR01M – 1 Month Term Secured Overnight Financing Rate

TSFR03M – 3 Month Term Secured Overnight Financing Rate

yr – Year

Summary of currencies:

GBP – British Pound Sterling

USD – US Dollar

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

 35

Schedules of investments

Delaware Ivy Core Equity Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.50% t
Communication Services — 6.87%
Alphabet Class A †		1,239,099	$	162,148,495
Take-Two Interactive Software †		426,359		59,856,540
				222,005,035
Consumer Discretionary — 8.25%
Amazon.com †		1,037,137		131,840,856
Aptiv †		702,739		69,283,038
AutoZone †		25,862		65,689,221
				266,813,115
Consumer Staples — 4.22%
Costco Wholesale		158,492		89,541,641
Procter & Gamble		320,527		46,752,068
				136,293,709
Energy — 2.87%
ConocoPhillips		517,145		61,953,971
Schlumberger		531,247		30,971,700
				92,925,671
Financials — 19.12%
Allstate		219,502		24,454,718
American Express		281,870		42,052,185
Aon Class A		197,317		63,974,118
Blackstone		516,033		55,287,776
Capital One Financial		317,268		30,790,859
Discover Financial Services		360,858		31,261,128
Fiserv †		510,370		57,651,395
Intercontinental Exchange		481,915		53,020,288
JPMorgan Chase & Co.		307,942		44,657,749
KKR & Co.		960,962		59,195,259
Mastercard Class A		155,922		61,731,079
Morgan Stanley		650,768		53,148,223
Progressive		291,689		40,632,278
				617,857,055
Healthcare — 12.71%
Abbott Laboratories		398,806		38,624,361
Biogen †		64,072		16,467,145
Danaher		210,161		52,140,944
HCA Healthcare		368,588		90,665,276
UnitedHealth Group		331,237		167,006,383
Vertex Pharmaceuticals †		131,508		45,730,592
				410,634,701
Industrials — 6.77%
Airbus ADR		2,539,016		84,955,475
Equifax		66,791		12,234,775
Howmet Aerospace		1,053,394		48,719,473
United Rentals		163,920		72,873,915
				218,783,638
Information Technology — 30.88%
Apple		731,683		125,271,446
Applied Materials		558,789		77,364,337
Intuit		133,406		68,162,462
KLA		69,042		31,666,804
Microchip Technology		831,375		64,888,819
Microsoft		887,701		280,291,591
NVIDIA		139,059		60,489,274
Salesforce †		284,597		57,710,580
Seagate Technology Holdings		619,117		40,830,766
TE Connectivity		755,839		93,368,792
VeriSign †		312,117		63,213,056
Zebra Technologies Class A †		146,752		34,711,250
				997,969,177
Materials — 5.63%
Crown Holdings		382,193		33,816,436
Linde		227,208		84,600,899
Sherwin-Williams		249,261		63,574,018
				181,991,353
Utilities — 2.18%
NextEra Energy		1,227,753		70,337,969
				70,337,969
Total Common Stocks (cost $2,032,289,339)				3,215,611,423
Short-Term Investments — 0.66%
Money Market Mutual Funds — 0.66%
BlackRock Liquidity FedFund – Institutional Shares (seven- day effective yield 5.24%)		5,292,371		5,292,371
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		5,292,369		5,292,369
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven- day effective yield 5.37%)		5,292,371		5,292,371
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		5,292,371		5,292,371
Total Short-Term Investments (cost $21,169,482)				21,169,482
Total Value of Securities—100.16% (cost $2,053,458,821)			$	3,236,780,905

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

36

† Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

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

 37

Schedules of investments

Delaware Ivy Global Bond Fund September 30, 2023 (Unaudited)

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities – 14.80%
Fannie Mae S.F. 20 yr 4.00% 8/1/42		473,452	$	428,486
Fannie Mae S.F. 30 yr
2.50% 4/1/51		1,656,098		1,318,610
2.50% 2/1/52		789,629		628,950
3.50% 1/1/52		2,095,504		1,808,417
3.50% 6/1/52		3,761,109		3,236,990
3.50% 9/1/52		1,284,923		1,106,259
4.00% 5/1/51		1,054,953		953,473
4.50% 1/1/50		84,269		79,607
4.50% 4/1/50		859,646		804,158
4.50% 12/1/52		3,352,300		3,079,481
4.50% 2/1/53		3,619,498		3,324,912
5.00% 9/1/52		4,109,584		3,880,753
5.00% 2/1/53		1,245,986		1,176,366
5.00% 9/1/53		2,986,869		2,819,087
5.50% 10/1/52		1,971,874		1,906,771
5.50% 3/1/53		7,267,154		7,025,635
5.50% 7/1/53		2,123,019		2,052,462
6.00% 6/1/53		4,096,469		4,044,105
Freddie Mac S.F. 15 yr
4.50% 9/1/37		741,343		711,533
5.00% 6/1/38		1,947,020		1,897,901
Freddie Mac S.F. 20 yr 5.50% 6/1/43		1,661,476		1,623,716
Freddie Mac S.F. 30 yr
3.00% 12/1/46		1,489,867		1,257,758
3.00% 7/1/50		2,325,965		1,953,756
4.00% 8/1/52		1,309,520		1,169,650
4.50% 9/1/52		1,348,285		1,239,187
4.50% 10/1/52		4,387,569		4,030,172
5.00% 7/1/52		1,600,604		1,511,726
5.00% 6/1/53		2,642,289		2,496,111
6.00% 12/1/52		818,571		808,134
6.00% 3/1/53		2,756,817		2,721,589
GNMA II S.F. 30 yr 3.00% 12/20/51		1,007,732		855,578
Total Agency Mortgage-Backed Securities (cost $64,855,283)				61,951,333
Corporate Bonds – 38.20%Δ
Australia – 3.03%
Ampol 7.727% 12/9/80 •	AUD	3,000,000		1,963,959
AngloGold Ashanti Holdings 3.75% 10/1/30		1,450,000		1,168,514
APA Infrastructure 2.00% 7/15/30	EUR	1,000,000		884,823
BHP Billiton Finance USA 5.25% 9/8/30		505,000		493,578
Charter Hall LWR Pty 2.086% 3/3/28	AUD	3,350,000		1,789,311
Commonwealth Bank of Australia 6.86% 11/9/32 µ	AUD	1,900,000		1,255,013
National Australia Bank 6.322% 8/3/32 µ	AUD	6,142,000		3,994,257
WestConnex Finance 3.15% 3/31/31	AUD	2,200,000		1,144,800
				12,694,255
Brazil – 0.18%
Embraer Netherlands Finance 144A 7.00% 7/28/30 #		355,000		352,499
Rumo Luxembourg 144A 5.25% 1/10/28 #		435,000		402,507
				755,006
China – 0.21%
ENN Energy Holdings 144A 2.625% 9/17/30 #		909,000		730,325
RKPF Overseas 2020 A 5.125% 7/26/26		425,000		140,403
				870,728
Colombia – 0.34%
Geopark 144A 5.50% 1/17/27 #		1,635,000		1,403,449
				1,403,449
France – 2.05%
BPCE
3.50% 1/25/28	EUR	1,500,000		1,543,580
144A 5.125% 1/18/28 #		3,215,000		3,105,894
Credit Agricole 144A 5.514% 7/5/33 #		915,000		881,695
Edenred 3.625% 6/13/31	EUR	1,000,000		1,018,517
Electricite de France
4.25% 1/25/32	EUR	500,000		513,846
4.375% 10/12/29	EUR	500,000		528,879
Engie 0.50% 10/24/30	EUR	1,200,000		991,937
				8,584,348
Georgia – 0.32%
Georgian Railway JSC
4.00% 6/17/28		1,525,000		1,335,119
				1,335,119
Germany – 1.39%
Aroundtown 1.625% 1/31/28	EUR	1,700,000		1,366,043
Deutsche Bank
5.625% 5/19/31 µ	EUR	800,000		821,251
6.72% 1/18/29 µ		1,255,000		1,248,215
7.146% 7/13/27 µ		360,000		362,573

38

	Principal amount°		Value (US $)
Corporate BondsΔ (continued)
Germany (continued)
Mercedes-Benz Finance North America
144A 5.05% 8/3/33 #		230,000	$	218,143
144A 5.10% 8/3/28 #		550,000		539,043
Volkswagen International Finance 3.875% 3/29/26	EUR	1,200,000		1,253,336
				5,808,604
Guatemala – 0.32%
Central American Bottling 144A 5.25% 4/27/29 #		1,500,000		1,354,792
				1,354,792
Hong Kong – 0.21%
Cheung Kong Infrastructure Finance 1.00% 12/12/24	EUR	875,000		880,738
				880,738
India – 0.29%
Greenko Power II 144A 4.30% 12/13/28 #		371,000		318,552
Summit Digitel Infrastructure 144A 2.875% 8/12/31 #		1,158,000		883,917
				1,202,469
Indonesia – 1.11%
Perusahaan Perseroan Persero Perusahaan Listrik Negara 144A 5.375% 1/25/29 #		4,800,000		4,653,651
				4,653,651
Ireland – 0.10%
AerCap Ireland Capital DAC 3.00% 10/29/28		485,000		416,086
				416,086
Italy – 0.42%
Aeroporti di Roma 1.75% 7/30/31	EUR	1,000,000		844,877
Autostrade per l’Italia 2.00% 12/4/28	EUR	1,000,000		927,367
				1,772,244
Kazakhstan – 1.01%
Development Bank of Kazakhstan JSC
144A 5.75% 5/12/25 #		2,000,000		1,998,340
144A 10.95% 5/6/26 #	KZT	429,000,000		768,196
QazaqGaz JSC 144A 4.375% 9/26/27 #		1,588,000		1,466,629
				4,233,165
Kuwait – 0.19%
NBK SPC 144A 1.625% 9/15/27 #, µ		887,000		788,490
				788,490
Malaysia – 0.14%
Petronas Capital 144A 3.50% 4/21/30 #		650,000		576,695
				576,695
Mexico – 1.30%
Banco Santander Mexico
144A 5.375% 4/17/25 #		1,150,000		1,131,002
144A 5.95% 10/1/28 #, µ		850,000		840,225
BBVA Bancomer
144A 1.875% 9/18/25 #		1,400,000		1,285,254
144A 5.875% 9/13/34 #, µ		1,700,000		1,489,286
Cemex 144A 9.125% 3/14/28 #, µ, ψ		660,000		687,888
				5,433,655
Netherlands – 0.31%
ING Groep
4.50% 5/23/29 µ	EUR	1,000,000		1,047,699
6.083% 9/11/27 µ		265,000		263,959
				1,311,658
Peru – 0.95%
Banco Internacional del Peru 144A 3.25% 10/4/26 #		800,000		739,130
Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 #		1,300,000		1,119,800
SAN Miguel Industrias 144A 3.50% 8/2/28 #		2,550,000		2,134,462
				3,993,392
Republic of Korea – 0.14%
SK Hynix 144A 6.50% 1/17/33 #		600,000		586,979
				586,979
South Africa – 0.08%
Bidvest Group UK 144A 3.625% 9/23/26 #		387,000		344,364
				344,364
Spain – 0.44%
Banco Santander
3.625% 9/27/26 µ	EUR	1,200,000		1,251,891
5.588% 8/8/28		600,000		587,249
				1,839,140

 39

Schedules of investments

Delaware Ivy Global Bond Fund

	Principal amount°			Value (US $)
Corporate BondsΔ (continued)
Switzerland – 1.43%
Credit Suisse 7.95% 1/9/25			1,945,000	$	1,980,129
Holcim Finance Luxembourg 0.50% 4/23/31		EUR	2,000,000		1,584,025
Sika Capital
3.75% 11/3/26		EUR	900,000		946,053
3.75% 5/3/30		EUR	700,000		725,213
UBS Group 144A 4.751% 5/12/28 #, µ			800,000		756,214
					5,991,634
Thailand – 0.16%
Thaioil Treasury Center 144A 2.50% 6/18/30 #			850,000		667,032
					667,032
Ukraine – 0.22%
Metinvest 8.50% 4/23/26			600,000		425,640
MHP Lux 6.95% 4/3/26			715,000		491,706
					917,346
United Arab Emirates – 0.49%
Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 #			1,531,677		1,416,021
MAF Global Securities 7.875% 6/30/27 µ, ψ			625,000		629,535
					2,045,556
United Kingdom – 0.99%
Barclays
6.224% 5/9/34 µ			480,000		455,031
7.385% 11/2/28 µ			285,000		292,537
CK Hutchison International
23 144A 4.875%
4/21/33 #			1,500,000		1,402,119
HSBC Holdings 5.887% 8/14/27 µ			230,000		227,284
National Grid 0.25% 9/1/28		EUR	1,200,000		1,044,611
Rentokil Initial 0.50% 10/14/28		EUR	800,000		710,002
					4,131,584
United States – 20.19%
AEP Texas 5.40% 6/1/33			180,000		171,816
Air Lease 2.875% 1/15/32			1,765,000		1,376,921
American International Group 5.125% 3/27/33			2,335,000		2,174,669
Amgen
5.15% 3/2/28			2,265,000		2,228,446
5.25% 3/2/33			2,100,000		2,008,443
5.65% 3/2/53			1,630,000		1,526,700
Aon 5.00% 9/12/32			1,025,000		961,825
Appalachian Power 4.50% 8/1/32			1,135,000		1,016,832
Apple 4.30% 5/10/33			315,000		297,540
AT&T 3.55% 12/17/32		EUR	1,000,000		975,088
Athene Global Funding 4.76% 4/21/27		AUD	3,500,000		2,071,411
Autodesk 2.40% 12/15/31			695,000		548,244
Aviation Capital Group
144A 3.50% 11/1/27 #			1,080,000		954,552
144A 6.25% 4/15/28 #			1,006,000		984,716
Bank of America
2.972% 2/4/33 µ			640,000		504,917
3.648% 3/31/29 µ		EUR	1,500,000		1,533,833
5.819% 9/15/29 µ			240,000		237,154
5.872% 9/15/34 µ			260,000		253,163
6.204% 11/10/28 µ			2,375,000		2,386,610
Bank of New York Mellon 5.802% 10/25/28 µ			310,000		309,527
BP Capital Markets America 4.812% 2/13/33			2,125,000		1,990,124
CDW 3.276% 12/1/28			760,000		656,394
Celanese US Holdings
6.05% 3/15/25			268,000		267,106
6.165% 7/15/27			485,000		478,491
Charter Communications Operating 3.85% 4/1/61			400,000		223,812
Cheniere Energy Partners 4.50% 10/1/29			570,000		516,758
Citizens Bank 6.064% 10/24/25 µ			2,120,000		2,046,340
Comcast 4.80% 5/15/33			195,000		183,017
Discovery Communications 4.00% 9/15/55			900,000		540,667
Duke Energy
2.55% 6/15/31			261,000		207,172
3.10% 6/15/28		EUR	1,200,000		1,193,904
Duke Energy Carolinas 4.95% 1/15/33			1,300,000		1,236,469
Entegris Escrow 144A 4.75% 4/15/29 #			1,660,000		1,493,856
Enterprise Products Operating 5.35% 1/31/33			845,000		826,788
ERAC USA Finance
144A 4.90% 5/1/33 #			240,000		226,186
144A 5.40% 5/1/53 #			150,000		138,729
Exelon 5.30% 3/15/33			2,020,000		1,928,243

40

	Principal amount°		Value (US $)
Corporate BondsΔ (continued)
United States (continued)
Ford Motor Credit
2.30% 2/10/25		475,000	$	445,993
2.90% 2/10/29		695,000		571,162
6.95% 6/10/26		375,000		374,947
HCA
3.50% 7/15/51		311,000		194,478
5.20% 6/1/28		161,000		155,684
Huntington National Bank 5.65% 1/10/30		2,620,000		2,470,866
Indianapolis Power & Light 144A 5.65% 12/1/32 #		3,390,000		3,328,536
JBS USA LUX 3.625% 1/15/32		2,865,000		2,283,607
Jefferies Financial Group 5.875% 7/21/28		205,000		200,744
JPMorgan Chase & Co.
3.54% 5/1/28 µ		2,132,000		1,961,509
5.35% 6/1/34 µ		350,000		332,102
KeyCorp 4.789% 6/1/33 µ		93,000		77,575
Kinder Morgan 5.20% 6/1/33		2,980,000		2,758,128
Mileage Plus Holdings 144A 6.50% 6/20/27 #		5,991,911		903,775
Morgan Stanley
2.95% 5/7/32 µ	EUR	2,200,000		2,069,493
5.424% 7/21/34 µ		625,000		589,827
6.138% 10/16/26 µ		1,320,000		1,321,614
6.296% 10/18/28 µ		3,010,000		3,034,174
NextEra Energy Capital Holdings 5.749% 9/1/25		175,000		174,566
Occidental Petroleum 6.125% 1/1/31		510,000		503,181
ONEOK
5.65% 11/1/28		170,000		167,861
5.80% 11/1/30		230,000		225,297
6.05% 9/1/33		410,000		403,038
Oracle
3.60% 4/1/50		973,000		629,953
4.65% 5/6/30		1,335,000		1,249,160
Southern California Gas 5.20% 6/1/33		470,000		445,132
Sprint Capital 6.875% 11/15/28		745,000		769,862
SVB Financial Group 4.57% 4/29/33 ‡		1,123,000		710,304
Targa Resources Partners 5.00% 1/15/28		1,910,000		1,818,492
T-Mobile USA 5.75% 1/15/34		235,000		229,335
Truist Financial 6.123% 10/28/33 µ		2,041,000		1,964,273
UnitedHealth Group 4.50% 4/15/33		5,840,000		5,406,515
US Bancorp
4.653% 2/1/29 µ		2,269,000		2,124,243
4.839% 2/1/34 µ		1,755,000		1,546,355
5.727% 10/21/26 µ		2,097,000		2,080,075
VICI Properties 4.95% 2/15/30		2,310,000		2,116,578
Vistra Operations
144A 5.125% 5/13/25 #		2,105,000		2,053,022
144A 6.95% 10/15/33 #		175,000		171,848
				84,539,767
Uzbekistan – 0.19%
Uzbekneftegaz JSC 4.75% 11/16/28		1,000,000		807,660
				807,660
Total Corporate Bonds (cost $170,858,435)				159,939,606
Sovereign Bonds – 26.87%Δ
Albania – 0.19%
Albania Government International Bond 144A 3.50% 11/23/31 #	EUR	896,000		780,302
				780,302
Angola – 0.13%
Angolan Government International Bond 144A 8.75% 4/14/32 #		680,000		548,409
				548,409
Belgium – 1.83%
Kingdom of Belgium Government Bond 144A 3.45% 6/22/43 #	EUR	7,720,000		7,668,705
				7,668,705
Bermuda – 0.33%
Bermuda Government International Bond 144A 2.375% 8/20/30 #		1,688,000		1,363,904
				1,363,904
Chile – 0.46%
Chile Government International Bonds
3.10% 5/7/41		685,000		467,272
4.34% 3/7/42		1,800,000		1,462,598
				1,929,870

 41

Schedules of investments

Delaware Ivy Global Bond Fund

	Principal amount°		Value (US $)
Sovereign BondsΔ (continued)
Denmark – 2.51%
Denmark Government Bond 2.25% 11/15/33	DKK	79,800,000	$	10,496,662
				10,496,662
Dominican Republic – 0.70%
Dominican Republic International Bond 144A 4.875% 9/23/32 #		3,577,000		2,914,663
				2,914,663
Finland – 1.15%
Finland Government Bond 144A 3.00% 9/15/33 #	EUR	4,700,000		4,799,600
				4,799,600
France – 0.59%
French Republic Government Bond OAT 3.00% 5/25/33	EUR	2,400,000		2,459,444
				2,459,444
Georgia – 0.18%
Georgia Government International Bond 144A 2.75% 4/22/26 #		854,000		764,025
				764,025
Germany – 2.71%
Bundesobligation 2.20% 4/13/28	EUR	5,400,000		5,571,405
Bundesrepublik Deutschland Bundesanleihe
1.80% 8/15/53	EUR	200,000		161,313
2.608% 2/15/32	EUR	5,200,000		4,382,915
Bundesschatzanweisungen 2.50% 3/13/25	EUR	1,200,000		1,253,006
				11,368,639
Italy – 2.60%
Italy Buoni Poliennali Del Tesoro
2.50% 12/1/32	EUR	450,000		402,627
3.50% 1/15/26	EUR	10,000,000		10,480,255
				10,882,882
Ivory Coast – 0.73%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		3,661,000		3,047,233
				3,047,233
Japan – 1.90%
Japan Government Thirty Year Bond 0.40% 3/20/50	JPY	1,608,250,000	$	7,966,475
				7,966,475
Morocco – 0.65%
Morocco Government International Bonds
5.50% 12/11/42		700,000		569,113
144A 2.375% 12/15/27 #		2,500,000		2,154,950
				2,724,063
Netherlands – 2.19%
Netherlands Government Bond 144A 2.50% 7/15/33 #	EUR	9,200,000		9,188,570
				9,188,570
Nigeria – 0.15%
Nigeria Government International Bond 7.375% 9/28/33		849,000		630,056
				630,056
Paraguay – 1.11%
Paraguay Government International Bonds 5.60% 3/13/48		1,693,000		1,374,562
144A 2.739% 1/29/33 #		1,887,000		1,445,932
144A 4.95% 4/28/31 #		1,989,000		1,845,481
				4,665,975
Philippines – 0.15%
Philippine Government International Bond 5.50% 1/17/48		690,000		651,197
				651,197
Poland – 0.38%
Bank Gospodarstwa Krajowego Bond 144A 5.375% 5/22/33 #		1,000,000		945,450
Republic of Poland Government International Bond 5.50% 4/4/53		699,000		634,514
				1,579,964
Republic of Korea – 0.19%
Export-Import Bank of Korea 5.125% 1/11/33		800,000		784,677
				784,677

42

	Principal amount°		Value (US $)
Sovereign BondsΔ (continued)
Republic of North Macedonia – 0.36%
North Macedonia Government International Bond 144A 1.625% 3/10/28 #	EUR	1,777,000	$	1,531,316
				1,531,316
Serbia – 0.31%
Serbia International Bond 1.00% 9/23/28	EUR	1,571,000		1,295,898
				1,295,898
South Africa – 0.15%
Republic of South Africa Government International Bond 5.65% 9/27/47		931,000		621,773
				621,773
Spain – 0.62%
Spain Government Bond 144A 1.85% 7/30/35 #	EUR	3,080,000		2,604,872
				2,604,872
United Kingdom – 4.42%
United Kingdom Gilt 1.75% 9/7/37	GBP	21,550,000		18,494,816
				18,494,816
Uzbekistan – 0.18%
Republic of Uzbekistan International Bond 144A 4.75% 2/20/24 #		750,000		742,629
				742,629
Total Sovereign Bonds (cost $118,400,132)				112,506,619
Supranational Banks – 1.13%
Central American Bank for Economic Integration 144A 1.140% 2/9/26 #		2,000,000		1,794,904
European Union 1.000% 7/6/32	EUR	3,420,000		2,958,986
Total Supranational Banks (cost $5,286,391)				4,753,890
US Treasury Obligations – 13.59%
US Treasury Bonds
3.875% 2/15/43		200,000		174,094
3.875% 5/15/43		2,260,000		1,965,141
4.125% 8/15/53		285,000		258,771
US Treasury Notes
2.375% 5/15/27		8,525,000		7,863,313
2.375% 3/31/29		17,585,000		15,658,894
2.875% 4/30/29		9,000,000		8,220,586
3.875% 6/30/30		650,000		617,043
US Treasury Notes
3.875% 7/31/30		1,020,000		982,706
4.125% 6/15/26		2,150,000		2,110,359
4.375% 8/31/28		13,430,000		13,297,799
4.50% 9/30/28		5,770,000		5,774,057
Total US Treasury Obligations (cost $60,074,687)				56,922,763
	Notional amount*
Options Purchased – 0.08%
Put Swaptions — 0.08%
1 yr forward premium pay a fixed rate 6.50% and receive a floating rate based on at maturity SONIA, expiration date 12/29/23 (JPMCB)		85,000,000		318,800
Total Options Purchased (cost $0)				318,800
	Number of shares
Short-Term Investments – 1.82%
Money Market Mutual Funds – 1.82%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		1,908,216		1,908,216
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		1,908,216		1,908,216
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		1,908,216		1,908,216

 43

Schedules of investments

Delaware Ivy Global Bond 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 5.27%)		1,908,216	$	1,908,216
Total Short-Term Investments (cost $7,632,864)				7,632,864
Total Value of Securities–96.49% (cost $427,107,792)			$	404,025,875

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 12 in “Security type / country and sector allocations.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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. SOFR01M, SOFR03M, 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.
μ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2023. Rate will reset at a future date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $89,438,758, which represents 21.36% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
ψ	Perpetual security. Maturity date represents next call date.
‡	Non-income producing security. Security is currently in default.
*	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at September 30, 2023:¹

Forward Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CITI	AUD	1,100,000		USD	(708,047	)	11/17/23	$	413	$	—
JPMCB	AUD	(13,394,214	)	USD	8,635,315		11/17/23		8,714		—
JPMCB	CAD	300,000		USD	(221,573	)	11/17/23		—		(546	)
JPMCB	DKK	(77,960,000	)	USD	11,401,746		11/17/23		321,064		—
JPMCB	EUR	(81,128,505	)	USD	88,261,933		11/17/23		2,306,380		—
JPMCB	EUR	(3,392,000	)	USD	3,627,327		12/1/23		31,033		—
JPMCB	GBP	(10,045,000	)	USD	12,788,795		11/17/23		529,398		—
JPMCB	INR	100,068,180		USD	(1,200,463	)	12/1/23		—		(72	)
JPMCB	JPY	(720,550,000	)	USD	5,041,777		11/17/23		180,118		—
TD	JPY	(510,500,000	)	USD	3,501,516		11/17/23		57,096		—
Total Forward Foreign Currency Exchange Contracts								$	3,434,216	$	(618	)

44

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
	3 month Euro-
314	EURIBOR	$	80,184,774		$	80,898,942		12/16/24		$	—	$	(714,168	)	$	94,831
	3 month Euro-
(314)	EURIBOR		(79,678,510	)		(80,292,248	)	12/18/23			613,738		—			(11,975	)
294	3 month SONIA Index		85,310,063			85,189,511		3/18/25			120,552		—			134,514
	Australian 3 yr
1,298	Treasury Bonds		87,912,447			88,400,083		12/15/23	��		—		(487,636	)		47,743
	Australian 10 yr
312	Treasury Bonds		22,461,785			23,138,016		12/15/23			—		(676,231	)		(52,035	)
	Canadian Treasury
(4)	10 yr Bonds		(339,054	)		(350,530	)	12/18/23			11,476		—			(1,232	)
170	Euro-Bobl		20,804,037			21,047,771		12/7/23			—		(243,734	)		248,543
(7)	Euro-BTP		(812,084	)		(852,404	)	12/7/23			40,320		—			(10,692	)
(238)	Euro-Bund		(32,369,104	)		(33,317,638	)	12/7/23			948,534		—			(389,007	)
(19)	Euro-Buxl		(2,457,937	)		(2,686,095	)	12/7/23			228,158		—			(144,624	)
92	Euro-OAT		11,983,294			12,377,413		12/7/23			—		(394,119	)		154,239
(11)	Euro-Schatz		(1,221,007	)		(1,225,653	)	12/7/23			4,646		—			(2,379	)
	E-mini Japanese
(6)	Treasury 10 yr Bonds		(582,173	)		(585,574	)	12/12/23			3,401		—			(125	)
	Japanese Treasury
(8)	10 yr Bonds		(7,760,171	)		(7,810,475	)	12/13/23			50,304		—			7,972
(149)	Long 10 yr Gilt		(17,117,808	)		(17,375,617	)	12/27/23			257,809		—			(232,617	)
(99)	Short Euro-BTP		(10,901,146	)		(10,992,006	)	12/7/23			90,860		—			(35,491	)
316	US Treasury 2 yr Notes		64,056,656			64,291,855		12/29/23			—		(235,199	)		32,094
703	US Treasury 5 yr Notes		74,067,641			74,819,245		12/29/23			—		(751,604	)		109,844
	US Treasury 10 yr
(393)	Notes		(42,468,563	)		(43,155,597	)	12/19/23			687,034		—			(79,826	)
	US Treasury 10 yr Ultra
(442)	Notes		(49,310,625	)		(50,543,213	)	12/19/23			1,232,588		—			(103,592	)
	US Treasury Long
(44)	Bonds		(5,006,375	)		(5,068,151	)	12/19/23			61,776		—			(12,375	)
	US Treasury Ultra
60	Bonds		7,121,250			7,203,889		12/19/23			—		(82,639	)		22,500
Total Futures Contracts					$	203,111,524				$	4,351,196	$	(3,585,330	)	$	(223,690	)

 45

Schedules of investments

Delaware Ivy Global Bond Fund

Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount3		Annual Protection Payments			Value			Upfront Payments Paid (Received)			Unrealized Appreciation4		Unrealized Depreciation4			Variation Margin Due from (Due to) Brokers
Centrally Cleared: Protection Purchased/ Moody’s Ratings:
CDX.NA.IG.395 6/20/28-Quarterly		45,800,000		1.000	%	$	(615,690	)	$	(461,831	)	$	—	$	(153,859	)	$	2,386
							(615,690	)		(461,831	)		—		(153,859	)		2,386
Over-The-Counter: Protection Purchased/ Moody’s Ratings:
JPMCB Republic of Brazil 1.00% 12/20/28 Ba2 6/20/28- Quarterly		2,827,000		1.000	%		77,614			113,486			—		(35,872	)		—
JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly		4,033,000		1.000	%		(25,093	)		(21,890	)		—		(3,203	)		—
JPMCB Republic of South Africa 1.00% 12/20/28 Ba2 6/20/28- Quarterly		2,272,000		1.000	%		146,033			124,263			21,770		—			—
JPMCB Republic of South Africa 1.00% 9/20/28 Ba2 6/20/28- Quarterly		1,494,000		1.000	%		96,027			86,362			9,665		—			—
							294,581			302,221			31,435		(39,075	)		—
Total CDS Contracts						$	(321,109	)	$	(159,610	)	$	31,435	$	(192,934	)	$	2,386
IRS Contracts6 Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/ Floating Rate)	Notional Amount3		Fixed/ Floating Interest Rate Paid (Received)			Value			Upfront Payments Paid (Received)			Unrealized Appreciation4		Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
Centrally Cleared:
3 yr IRS7 6/5/26- (At Maturity/At Maturity)	JPY	15,200,000,000		0.305%/ (0.062)%		$	238,212		$	—		$	238,212	$	—		$	931
Total IRS Contracts						$	238,212		$	—		$	238,212	$	—		$	931

The use of forward 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 forward foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

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

46

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 $(1,561).
5	Markit’s North America Investment Grade Index, or the CDX.NA.IG Index, is composed of 125 liquid North American entities with investment grade credit ratings that trade in the CDS market.
6	An IRS agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.
7	Rates resets based on TONAR.

Summary of abbreviations:

BTP – Buoni del Tesoro Poliennali

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

CITI – Citigroup

DAC – Designated Activity Company

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

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SONIA – Sterling Overnight Indexed Average

TD – TD Bank

TONAR – Tokyo Overnight Average Rate

yr – Year

Summary of currencies:

AUD – Australian Dollar

CAD – Canadian Dollar

DKK – Danish Krone

EUR – European Monetary Unit

GBP – British Pound Sterling

INR – Indian Rupee

JPY – Japanese Yen

KZT – Kazakhstani Tenge

USD – US Dollar

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

 47

Schedules of investments

Delaware Ivy Global Growth Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 98.40%Δ
Austria – 1.05%
Mondi		306,501	$	5,132,627
				5,132,627
Brazil – 1.04%
Banco do Brasil		537,734		5,054,746
				5,054,746
Canada – 4.11%
Canadian Natural Resources		201,475		13,029,388
Canadian Pacific Kansas City		94,812		7,047,465
				20,076,853
China – 4.24%
China Mengniu Dairy †		2,388,000		8,004,776
H World Group ADR †		153,124		6,037,679
Tencent Holdings		170,700		6,674,585
				20,717,040
Denmark – 1.75%
Genmab †		24,054		8,551,685
				8,551,685
France – 9.30%
Airbus		80,811		10,848,845
BNP Paribas		137,819		8,805,203
LVMH Moet Hennessy Louis Vuitton		10,053		7,614,282
Thales		52,187		7,343,753
TotalEnergies		64,896		4,275,170
Vinci		58,764		6,524,708
				45,411,961
Germany – 2.99%
Deutsche Telekom		428,635		9,003,668
RWE		150,907		5,608,057
				14,611,725
Hong Kong – 1.18%
Prudential		532,176		5,771,049
				5,771,049
India – 3.81%
ICICI Bank		496,952		5,696,549
NTPC		2,432,975		7,194,220
State Bank of India		795,343		5,732,724
				18,623,493
Italy – 1.56%
Ferrari		25,789		7,626,138
				7,626,138
Japan – 5.41%
Asahi Group Holdings		163,700		6,123,414
ITOCHU		161,700		5,849,506
Mitsubishi UFJ Financial Group		1,082,800		9,191,192
ORIX		281,100		5,253,696
				26,417,808
Netherlands – 0.91%
Shell		137,995		4,450,533
				4,450,533
Taiwan – 1.83%
Taiwan Semiconductor Manufacturing		548,000		8,935,822
				8,935,822
United Kingdom – 3.52%
AstraZeneca		60,563		8,203,592
Reckitt Benckiser Group		126,737		8,959,367
				17,162,959
United States – 55.70%
Abbott Laboratories		48,062		4,654,805
Alphabet Class A †		112,693		14,747,006
Amazon.com †		131,744		16,747,297
Apple		82,338		14,097,089
Aptiv †		76,905		7,582,064
Biogen †		18,665		4,797,092
Casey’s General Stores		20,819		5,652,775
ConocoPhillips		95,660		11,460,068
Danaher		24,702		6,128,566
Darden Restaurants		51,187		7,331,002
Eli Lilly & Co.		17,623		9,465,842
Howmet Aerospace		162,750		7,527,187
Ingersoll Rand		121,512		7,742,745
Intercontinental Exchange		52,554		5,781,991
Intuit		21,578		11,025,063
KLA		14,986		6,873,479
Mastercard Class A		33,049		13,084,430
Microchip Technology		88,323		6,893,610
Microsoft		63,885		20,171,689
Morgan Stanley		79,564		6,497,992
Netflix †		12,910		4,874,816
NVIDIA		19,607		8,528,849
Pinterest Class A †		378,671		10,235,477
Procter & Gamble		64,546		9,414,680
Salesforce †		39,718		8,054,016
Seagate Technology Holdings		132,674		8,749,850
Thermo Fisher Scientific		11,798		5,971,794
UnitedHealth Group		20,138		10,153,378
VeriSign †		38,835		7,865,252
Vertex Pharmaceuticals †		28,619		9,951,971
				272,061,875
Total Common Stocks (cost $377,289,489)				480,606,314

48

	Number of shares		Value (US $)
Preferred Stock – 1.21%
Brazil – 1.21%
Petroleo Brasileiro 11.20% ω		863,508	$	5,923,298
Total Preferred Stock (cost $5,243,902)				5,923,298
Short-Term Investments – 0.35%
Money Market Mutual Funds – 0.35%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		423,750		423,750
Fidelity Investments Money Market
Government Portfolio – Class I (seven-day effective yield 5.23%)		423,750		423,750
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		423,750		423,750
Morgan Stanley Institutional
Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		423,750		423,750
Total Short-Term Investments (cost $1,695,000)				1,695,000
Total Value of Securities–99.96% (cost $384,228,391)			$	488,224,612

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 13 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

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

 49

Schedules of investments

Delaware Ivy High Income Fund September 30, 2023 (Unaudited)

	Principal amount°		Value (US $)
Convertible Bond — 1.84%
New Cotai 5.00% exercise price $0.40, maturity date 2/2/27 <<, =		23,041,685	$	43,611,227
Total Convertible Bond (cost $22,348,102)				43,611,227
Corporate Bonds — 79.99%
Automotive — 1.54%
Ford Motor 4.75% 1/15/43		9,515,000		6,955,241
Ford Motor Credit
6.80% 5/12/28		13,870,000		13,865,399
7.35% 3/6/30		4,855,000		4,921,917
Goodyear Tire & Rubber 5.25% 7/15/31		13,055,000		10,815,219
				36,557,776
Basic Industry — 6.15%
Arsenal AIC Parent 144A 8.00% 10/1/30 #		7,545,000		7,516,857
Chemours 144A 5.75% 11/15/28 #		18,340,000		15,935,347
CP Atlas Buyer 144A 7.00% 12/1/28 #		5,339,000		4,194,088
First Quantum Minerals
144A 6.875% 10/15/27 #		10,294,000		9,889,520
144A 8.625% 6/1/31 #		18,705,000		18,638,255
FMG Resources August 2006
144A 5.875% 4/15/30 #		13,205,000		12,090,796
144A 6.125% 4/15/32 #		5,955,000		5,423,793
Novelis 144A 4.75% 1/30/30 #		24,909,000		21,590,865
Roller Bearing Co. of America 144A 4.375% 10/15/29 #		21,172,000		18,237,819
Standard Industries 144A 3.375% 1/15/31 #		23,240,000		17,993,245
Vibrantz Technologies 144A 9.00% 2/15/30 #		18,063,000		14,401,120
				145,911,705
Capital Goods — 4.31%
ARD Finance 144A PIK 6.50% 6/30/27 #, >		8,075,311		6,105,265
Ardagh Metal Packaging Finance USA
144A 3.25% 9/1/28 #		6,896,000		5,757,656
144A 4.00% 9/1/29 #		8,080,000		6,334,123
Bombardier
144A 6.00% 2/15/28 #		15,053,000		13,671,377
144A 7.50% 2/1/29 #		8,018,000		7,619,157
Clydesdale Acquisition Holdings
144A 6.625% 4/15/29 #		3,010,000		2,801,611
144A 8.75% 4/15/30 #		8,380,000		7,199,587
Mauser Packaging Solutions Holding
144A 7.875% 8/15/26 #		18,385,000		17,757,720
144A 9.25% 4/15/27 #		6,690,000		5,856,927
Sealed Air 144A 5.00% 4/15/29 #		8,655,000		7,792,093
TransDigm 144A 6.875% 12/15/30 #		20,695,000		20,316,679
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡		27,345,000		1,093,800
				102,305,995
Consumer Goods — 1.76%
Acushnet 144A 7.375% 10/15/28 #		4,815,000		4,857,131
Cerdia Finanz 144A 10.50% 2/15/27 #		12,495,000		12,317,997
MajorDrive Holdings IV 144A 6.375% 6/1/29 #		29,962,000		24,691,187
				41,866,315
Electric — 2.63%
Calpine
144A 4.625% 2/1/29 #		13,165,000		11,042,373
144A 5.00% 2/1/31 #		1,495,000		1,210,666
144A 5.125% 3/15/28 #		12,255,000		10,926,352
Vistra
144A 7.00% 12/15/26 #, µ, ψ		27,505,000		25,126,230
144A 8.00% 10/15/26 #, µ, ψ		14,795,000		14,100,549
				62,406,170
Energy — 13.52%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #		16,875,000		15,193,983
144A 7.00% 11/1/26 #		8,882,000		8,684,471
Bellatrix Exploration 12.50% 12/15/23 =		7,293,000		0
Callon Petroleum
144A 7.50% 6/15/30 #		9,930,000		9,640,558
144A 8.00% 8/1/28 #		16,270,000		16,307,714
CNX Midstream Partners 144A 4.75% 4/15/30 #		7,785,000		6,489,691
CNX Resources 144A 6.00% 1/15/29 #		18,345,000		17,159,247
Crestwood Midstream Partners
144A 5.625% 5/1/27 #		3,199,000		3,068,886
144A 6.00% 2/1/29 #		3,421,000		3,305,678
144A 7.375% 2/1/31 #		9,615,000		9,803,502
EQM Midstream Partners
144A 4.75% 1/15/31 #		20,804,000		17,930,841
6.50% 7/15/48		4,635,000		4,081,035

50

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Genesis Energy
7.75% 2/1/28		14,335,000	$	13,605,178
8.00% 1/15/27		22,288,000		21,508,464
Hilcorp Energy I
144A 6.00% 4/15/30 #		20,775,000		18,755,120
144A 6.00% 2/1/31 #		1,905,000		1,683,170
144A 6.25% 4/15/32 #		8,530,000		7,593,576
Murphy Oil 6.375% 7/15/28		27,202,000		26,764,298
NuStar Logistics
6.00% 6/1/26		10,678,000		10,370,607
6.375% 10/1/30		10,860,000		10,298,864
Southwestern Energy
5.375% 2/1/29		2,990,000		2,756,473
5.375% 3/15/30		21,650,000		19,750,377
Transocean 144A 8.00% 2/1/27 #		12,725,000		12,261,746
USA Compression Partners
6.875% 4/1/26		9,395,000		9,212,719
6.875% 9/1/27		17,405,000		16,891,166
Vital Energy
9.75% 10/15/30		2,975,000		3,044,014
10.125% 1/15/28		15,088,000		15,395,583
Weatherford International 144A 8.625% 4/30/30 #		18,925,000		19,086,620
				320,643,581
Financial Services — 2.60%
AerCap Holdings 5.875% 10/10/79 µ		26,710,000		26,013,743
Air Lease 4.65% 6/15/26 µ, ψ		14,260,000		12,593,558
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #		18,084,000		16,537,411
Midcap Financial Issuer Trust 144A 6.50% 5/1/28 #		7,601,000		6,570,520
				61,715,232
Healthcare — 7.02%
AthenaHealth Group 144A 6.50% 2/15/30 #		9,500,000		7,957,601
Avantor Funding 144A 3.875% 11/1/29 #		14,785,000		12,652,786
Bausch Health 144A 6.125% 2/1/27 #		12,880,000		8,031,282
Catalent Pharma Solutions
144A 3.125% 2/15/29 #		6,025,000		4,947,188
144A 3.50% 4/1/30 #		1,325,000		1,092,641
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		18,185,000		16,520,343
CHS
144A 4.75% 2/15/31 #		12,020,000		8,523,382
144A 5.25% 5/15/30 #		6,560,000		4,995,351
DaVita
144A 3.75% 2/15/31 #		8,365,000		6,366,219
144A 4.625% 6/1/30 #		5,075,000		4,173,484
Heartland Dental 144A 8.50% 5/1/26 #		8,941,000		8,437,622
Medline Borrower
144A 3.875% 4/1/29 #		14,286,000		12,090,422
144A 5.25% 10/1/29 #		20,381,000		17,639,882
Organon & Co. 144A 5.125% 4/30/31 #		21,025,000		16,877,665
Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡		16,977,000		12,121,238
Tenet Healthcare
4.375% 1/15/30		16,530,000		14,238,930
6.125% 10/1/28		10,415,000		9,786,767
				166,452,803
Insurance — 2.95%
Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, >		18,983,402		18,651,193
Jones Deslauriers Insurance Management
144A 8.50% 3/15/30 #		17,390,000		17,537,399
144A 10.50% 12/15/30 #		9,340,000		9,519,881
NFP
144A 6.875% 8/15/28 #		20,781,000		17,828,398
144A 7.50% 10/1/30 #		6,740,000		6,481,604
				70,018,475
Leisure — 5.98%
Boyd Gaming 144A 4.75% 6/15/31 #		14,470,000		12,330,916
Caesars Entertainment
144A 7.00% 2/15/30 #		4,420,000		4,305,618
144A 8.125% 7/1/27 #		10,834,000		10,893,880
Carnival
144A 5.75% 3/1/27 #		18,873,000		17,100,621
144A 6.00% 5/1/29 #		18,890,000		16,134,946
144A 7.625% 3/1/26 #		8,613,000		8,384,489
Light & Wonder International 144A 7.25% 11/15/29 #		18,585,000		18,233,744
Royal Caribbean Cruises
144A 5.50% 4/1/28 #		31,976,000		29,348,746
144A 7.25% 1/15/30 #		6,055,000		6,008,027
Scientific Games Holdings 144A 6.625% 3/1/30 #		22,110,000		19,098,839
				141,839,826
Media — 10.11%
Advantage Sales & Marketing 144A 6.50% 11/15/28 #		16,414,000		14,152,804

 51

Schedules of investments

Delaware Ivy High Income Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Media (continued)
AMC Networks 4.25% 2/15/29		16,881,000	$	10,381,820
Arches Buyer 144A 6.125% 12/1/28 #		18,049,000		14,672,664
CCO Holdings
144A 4.50% 8/15/30 #		10,995,000		9,039,189
144A 4.75% 2/1/32 #		13,515,000		10,827,069
144A 6.375% 9/1/29 #		24,785,000		23,136,064
CMG Media 144A 8.875% 12/15/27 #		24,397,000		19,132,981
CSC Holdings
144A 4.625% 12/1/30 #		28,876,000		15,388,835
144A 5.00% 11/15/31 #		11,141,000		5,985,072
144A 5.75% 1/15/30 #		12,893,000		7,242,845
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		16,035,000		12,169,763
Directv Financing 144A 5.875% 8/15/27 #		26,815,000		23,743,339
DISH DBS 144A 5.75% 12/1/28 #		23,485,000		18,098,128
Gray Escrow II 144A 5.375% 11/15/31 #		18,560,000		12,170,297
Gray Television 144A 4.75% 10/15/30 #		17,600,000		11,681,576
Nexstar Media 144A 4.75% 11/1/28 #		15,495,000		12,844,027
Sirius XM Radio 144A 4.125% 7/1/30 #		24,060,000		19,290,586
				239,957,059
Retail — 3.56%
Asbury Automotive Group
144A 4.625% 11/15/29 #		366,000		314,835
4.75% 3/1/30		12,623,650		10,812,314
Bath & Body Works 6.875% 11/1/35		20,415,000		18,255,773
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		22,964,000		20,885,804
Michaels
144A 5.25% 5/1/28 #		8,827,000		7,059,702
144A 7.875% 5/1/29 #		6,778,000		4,434,384
Murphy Oil USA 4.75% 9/15/29		3,385,000		3,055,978
PetSmart 144A 7.75% 2/15/29 #		20,951,000		19,546,937
				84,365,727
Services — 3.53%
CDW 3.569% 12/1/31		23,215,000		19,145,410
Staples
144A 7.50% 4/15/26 #		27,192,000		22,403,848
144A 10.75% 4/15/27 #		8,151,000		4,797,067
United Rentals North America 3.875% 2/15/31		14,255,000		11,876,123
White Cap Buyer 144A 6.875% 10/15/28 #		17,234,000		15,252,704
White Cap Parent 144A PIK 8.25% 3/15/26 #, >, •		10,700,000		10,337,089
				83,812,241
Technology & Electronics — 4.14%
Clarios Global 144A 8.50% 5/15/27 #		12,920,000		12,907,163
CommScope 144A 8.25% 3/1/27 #		7,780,000		5,095,200
CommScope Technologies 144A 6.00% 6/15/25 #		13,736,000		13,093,953
Entegris Escrow 144A 5.95% 6/15/30 #		21,920,000		20,351,558
NCR
144A 5.00% 10/1/28 #		11,115,000		9,959,338
144A 5.125% 4/15/29 #		4,085,000		3,603,353
144A 5.25% 10/1/30 #		9,991,000		8,619,967
Seagate HDD Cayman
5.75% 12/1/34		7,135,000		6,033,614
144A 8.25% 12/15/29 #		6,515,000		6,697,049
Sensata Technologies 144A 4.00% 4/15/29 #		13,855,000		11,943,604
				98,304,799
Telecommunications — 7.58%
Altice France
144A 5.125% 7/15/29 #		11,143,000		7,938,338
144A 5.50% 10/15/29 #		5,739,000		4,135,438
Altice France Holding 144A 6.00% 2/15/28 #		26,381,000		13,083,414
Connect Finco 144A 6.75% 10/1/26 #		28,718,000		26,821,110
Consolidated Communications
144A 5.00% 10/1/28 #		8,890,000		6,613,004
144A 6.50% 10/1/28 #		25,726,000		20,162,752
Digicel International Finance 144A 8.75% 5/25/24 #		15,719,000		14,174,844
Frontier Communications Holdings
144A 5.00% 5/1/28 #		2,665,000		2,278,755
144A 5.875% 10/15/27 #		10,030,000		9,131,495
5.875% 11/1/29		5,789,667		4,234,865
144A 6.00% 1/15/30 #		3,564,000		2,611,600
144A 6.75% 5/1/29 #		15,295,000		11,787,662
144A 8.75% 5/15/30 #		4,190,000		3,982,701
Northwest Fiber 144A 4.75% 4/30/27 #		21,305,000		18,983,288
Sable International Finance 144A 5.75% 9/7/27 #		13,610,000		12,365,025

52

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Telecommunications (continued)
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #		15,225,000	$	12,318,063
VZ Secured Financing 144A 5.00% 1/15/32 #		11,580,000		9,109,053
				179,731,407
Transportation — 2.61%
Air Canada 144A 3.875% 8/15/26 #		14,170,000		12,873,843
American Airlines 144A 5.75% 4/20/29 #		13,204,172		12,291,436
Azul Secured Finance
144A 11.50% 5/28/29 #		3,687,992		3,190,930
144A 11.93% 8/28/28 #		14,300,000		14,180,426
Grupo Aeromexico 144A 8.50% 3/17/27 #		20,565,000		19,274,238
				61,810,873
Total Corporate Bonds (cost $2,104,335,900)				1,897,699,984
Loan Agreements — 12.79%
Advantage Sales & Marketing Tranche B-1 9.943% - 10.038% (SOFR01M + 4.61%) 10/28/27 •		6,397,586		6,178,469
Amynta Agency Borrower 10.416% (SOFR01M + 5.10%) 2/28/28 •		25,421,288		25,457,030
Applied Systems 2nd Lien 12.14% (SOFR03M + 6.75%) 9/17/27 •		16,542,465		16,666,533
Bausch & Lomb TBD 5/10/27 X		12,368,396		12,030,480
Clarios Global 9.066% (SOFR01M + 3.75%) 5/6/30 •		12,695,000		12,696,587
CNT Holdings I 2nd Lien 12.05% (SOFR03M + 6.75%) 11/6/28 •		9,822,000		9,846,555
CP Atlas Buyer Tranche B 9.166% (SOFR01M + 3.85%) 11/23/27 •		12,995,169		12,286,932
Foresight Energy Operating Tranche A 13.49% (SOFR03M + 8.10%) 6/30/27 <<, •		7,542,016		7,353,466
Form Technologies Tranche B 10.017% (SOFR03M + 4.60%) 7/22/25 •		36,031,441		33,689,398
Guardian US Holdco 9.39% (SOFR03M + 4.00%) 1/31/30 •		10,410,908		10,432,052
Heartland Dental 10.331% (SOFR01M + 5.00%) 4/28/28 •		5,631,037		5,578,247
Hexion Holdings 2nd Lien 12.756% (SOFR01M + 7.44%) 3/15/30 •		14,490,000		11,954,250
HUB International 9.584% (SOFR03M + 4.25%) 6/20/30 •		5,354,000		5,376,829
Hunter Douglas Holding Tranche B-1 8.891% (SOFR03M + 3.50%) 2/26/29 • 7,109,361 6,940,514 INDICOR 9.89% (SOFR03M + 4.50%) 11/22/29 •		23,272,055		23,348,946
MLN US HoldCo 1st Lien 12.11% (SOFR03M + 6.80%) 10/18/27 •		32,191,651		9,255,100
MLN US HoldCo Tranche B 14.66% (SOFR03M + 9.35%) 10/18/27 •		13,596,147		2,719,229
Northwest Fiber 1st Lien Tranche B-2 9.184% (SOFR01M + 3.86%) 4/30/27 •		6,565,846		6,496,084
PMHC II 9.698% (SOFR03M + 4.40%) 4/23/29 •		2,905,327		2,756,833
Pre-Paid Legal Services 2nd Lien 12.431% (SOFR01M + 7.11%) 12/14/29 •		4,145,000		3,803,038
SPX Flow 9.916% (SOFR01M + 4.60%) 4/5/29 •		16,451,407		16,444,974
SWF Holdings I 9.431% (SOFR01M + 4.11%) 10/6/28 •		16,239,005		13,843,751
UKG 2nd Lien 10.618% (SOFR03M + 5.35%) 5/3/27 •		26,581,000		26,590,489
Vantage Specialty Chemicals 1st Lien 10.081% (SOFR01M + 4.75%) 10/26/26 •		22,064,951		21,658,117
Total Loan Agreements (cost $335,968,207)				303,403,903
	Number of shares
Common Stocks — 3.71%
Basic Industry — 1.42%
BIS Industries Holdings <<, =, †		19,682,813		0
Foresight Energy <<, =, †		1,117,414		33,723,544
Westmoreland Coal =, †		4,238		63,575
				33,787,119
Consumer Goods — 0.00%
ASG Warrant =, †		19,688		0
				0

 53

Schedules of investments

Delaware Ivy High Income Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Energy — 0.03%
Maritime Finance <<, =, †		1,750,000	$	829,895
Sabine Oil & Gas Holdings =, †		5,385		6,671
				836,566
Financial Services — 0.65%
New Cotai <<, =, †		20,316,462		15,381,268
				15,381,268
Leisure — 1.21%
Studio City International
Holdings †		3,843,131		19,330,949
Studio City International Holdings ADR †		1,874,621		9,429,344
				28,760,293
Retail — 0.39%
True Religion Apparel =, †		395		9,168,694
				9,168,694
Utilities — 0.01%
Larchmont Resources <<, =, †		18,338		214,011
				214,011
Total Common Stocks (cost $303,222,251)				88,147,951
Preferred Stock — 0.09%
True Religion Apparel 6.25% <<, =, ω		410		2,050,430
Total Preferred Stock (cost $6,748,583)				2,050,430
Warrants — 0.03%
California Resources †		40,269		858,132
Total Warrants (cost $3,503,208)				858,132
Total Value of Securities—98.45% (cost $2,776,126,251)			$	2,335,771,627

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
<<	Affiliated company. See Note 2 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $1,561,034,535, which represents 65.80% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
>	PIK. 100% of the income received was in the form of cash.
‡	Non-income producing security. Security is currently in default.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2023. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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. SOFR01M, SOFR03M, 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.
X	This loan will settle after September 30, 2023, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
†	Non-income producing security.
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:

ADR – American Depositary Receipt

DAC – Designated Activity Company

PIK – Payment-in-kind

SOFR – Secured Overnight Financing Rate

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

TBD – To be determined

USD – US Dollar

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

54

Delaware Ivy International Core Equity Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 95.92%Δ
Australia – 1.66%
Newcrest Mining		1,362,424	$	21,478,797
				21,478,797
Austria – 1.55%
Mondi		1,194,148		19,997,050
				19,997,050
Brazil – 5.38%
Banco do Brasil		3,338,636		31,383,464
MercadoLibre †		30,074		38,130,223
				69,513,687
Canada – 6.42%
Canadian Pacific Kansas City		333,165		24,764,468
Dollarama		543,433		37,441,163
Suncor Energy		604,100		20,774,902
				82,980,533
China – 9.29%
Alibaba Group Holding ADR †		199,802		17,330,825
Budweiser Brewing APAC 144A #		6,691,400		13,210,280
China Mengniu Dairy †		5,157,000		17,286,696
H World Group ADR †		750,088		29,575,970
JD.com ADR		547,859		15,959,132
SITC International Holdings		4,793,000		8,054,691
Tencent Holdings		475,800		18,604,379
				120,021,973
Denmark – 3.90%
Ambu Class B †		593,115		6,209,906
Genmab †		69,491		24,705,460
Novo Nordisk Class B		212,542		19,399,924
				50,315,290
France – 12.66%
Airbus		226,311		30,382,162
BNP Paribas		337,973		21,592,966
L’Oreal		31,473		13,083,663
LVMH Moet Hennessy Louis Vuitton		29,672		22,473,985
Thales		215,451		30,318,259
TotalEnergies		404,827		26,668,889
Vinci		171,669		19,060,820
				163,580,744
Germany – 8.17%
Deutsche Telekom		1,445,714		30,367,863
Heidelberg Materials		171,248		13,310,939
HelloFresh †		680,369		20,342,373
RWE		706,279		26,246,979
SAP		117,912		15,311,044
				105,579,198
Hong Kong – 1.50%
Prudential		1,790,596		19,417,669
				19,417,669
India – 6.94%
Axis Bank		2,414,159		30,138,740
Bharti Airtel		1,469,271		16,391,043
ICICI Bank		1,347,100		15,441,777
NTPC		9,342,493		27,625,417
				89,596,977
Ireland – 0.49%
Experian		190,693		6,261,002
				6,261,002
Japan – 12.36%
Asahi Group Holdings		516,400		19,316,622
Inpex		873,100		13,180,632
Mitsubishi UFJ Financial Group		3,995,700		33,916,926
Mitsui Chemicals		700,600		18,176,032
Renesas Electronics †		1,720,800		26,317,508
Seven & i Holdings		608,400		23,836,871
Tokio Marine Holdings		1,076,153		24,952,289
				159,696,880
Netherlands – 5.27%
Adyen 144A #, †		4,136		3,085,875
ASML Holding		29,007		17,146,283
ING Groep		1,686,663		22,379,467
Shell		789,793		25,471,939
				68,083,564
Republic of Korea – 3.61%
LG		326,582		20,301,001
Samsung Electronics		520,413		26,309,028
				46,610,029
Spain – 1.96%
Banco Bilbao Vizcaya Argentaria		3,108,234		25,336,451
				25,336,451
Switzerland – 1.98%
Alcon		331,850		25,572,361
				25,572,361
Taiwan – 2.12%
Taiwan Semiconductor
Manufacturing		1,681,000		27,410,797
				27,410,797
United Kingdom – 6.41%
AstraZeneca		39,505		5,351,170
AstraZeneca ADR		342,327		23,182,385
Haleon		3,742,134		15,562,453
HSBC Holdings		1,807,539		14,222,485

 55

Schedules of investments

Delaware Ivy International Core Equity Fund

	Number of shares		Value (US $)
Common StocksΔ (continued)
United Kingdom (continued)
Reckitt Benckiser Group		346,742	$	24,512,091
				82,830,584
United States – 4.25%
Schlumberger		220,593		12,860,572
Seagate Technology Holdings		316,551		20,876,538
Stellantis		1,095,697		21,085,664
				54,822,774
Total Common Stocks (cost $1,131,150,235)				1,239,106,360
Preferred Stocks – 1.66%Δ
Brazil – 1.17%
Petroleo Brasileiro 11.20% ω		2,213,998		15,187,087
				15,187,087
Germany – 0.49%
Sartorius 0.45% ω		18,550		6,311,137
				6,311,137
Total Preferred Stocks (cost $20,324,599)				21,498,224
Short-Term Investments – 1.42%
Money Market Mutual Funds – 1.42%
BlackRock Liquidity FedFund – Institutional Shares (seven- day effective yield 5.24%)		4,576,773		4,576,773
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		4,576,773		4,576,773
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven- day effective yield 5.37%)		4,576,773		4,576,773
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		4,576,773		4,576,773
Total Short-Term Investments (cost $18,307,092)				18,307,092
Total Value of Securities–99.00% (cost $1,169,781,926)			$	1,278,911,676

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 15 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $16,296,155, which represents 1.26% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:

ADR – American Depositary Receipt

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

56

Delaware Ivy Large Cap Growth Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.19%t
Communication Services — 8.91%
Alphabet Class A †		2,465,662	$	322,656,529
Alphabet Class C †		406,156		53,551,669
Electronic Arts		961,607		115,777,483
				491,985,681
Consumer Discretionary — 12.21%
Amazon.com †		2,554,950		324,785,244
Booking Holdings †		24,263		74,825,879
Ferrari		402,102		118,837,225
Home Depot		88,654		26,787,692
LVMH Moet Hennessy Louis Vuitton ADR		562,437		84,989,855
NIKE Class B		462,737		44,246,912
				674,472,807
Consumer Staples — 2.44%
Coca-Cola		2,406,715		134,727,906
				134,727,906
Financials — 10.89%
Intercontinental Exchange		1,344,498		147,921,670
S&P Global		345,699		126,321,872
Visa Class A		1,420,738		326,783,947
				601,027,489
Healthcare — 12.18%
Cooper		265,780		84,520,698
Danaher		655,848		162,715,889
Intuitive Surgical †		279,657		81,740,944
UnitedHealth Group		448,162		225,958,799
Veeva Systems Class A †		306,979		62,454,877
Zoetis		318,270		55,372,615
				672,763,822
Industrials — 9.49%
Broadridge Financial Solutions		591,681		105,940,483
Equifax		519,022		95,074,450
JB Hunt Transport Services		491,669		92,689,440
TransUnion		756,190		54,286,880
Union Pacific		49,954		10,172,133
Verisk Analytics		228,952		54,087,620
Waste Connections		833,233		111,903,192
				524,154,198
Information Technology — 39.66%
Adobe †		192,020		97,910,998
Apple		2,346,265		401,704,031
Autodesk †		292,792		60,581,593
Intuit		299,805		153,182,367
Microsoft		2,304,232		727,561,254
Motorola Solutions		657,122		178,894,893
NVIDIA		614,151		267,149,544
Salesforce †		402,348		81,588,127
VeriSign †		1,094,229		221,614,199
				2,190,187,006
Real Estate — 3.41%
CoStar Group †		2,449,676		188,355,588
				188,355,588
Total Common Stocks (cost $2,633,389,218)				5,477,674,497
Total Value of Securities—99.19% (cost $2,633,389,218)			$	5,477,674,497

t	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

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

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

 57

Schedules of investments

Delaware Ivy Managed International Opportunities Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Affiliated Mutual Funds — 100.05%<<
Global / International Equity Funds — 100.05%
Delaware International Equity Fund II Class R6		863,916	$	12,768,677
Delaware Ivy International Core Equity Fund Class R6		2,077,010		39,837,057
Delaware Ivy Systematic Emerging Markets Equity Fund Class R6		732,267		13,100,248
Total Affiliated Mutual Funds (cost $53,385,308)				65,705,982
Short-Term Investments — 0.50%
Money Market Mutual Funds — 0.50%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		82,034		82,034
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		82,034		82,034
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		82,033		82,033
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		82,033		82,033
Total Short-Term Investments (cost $328,134)				328,134
Total Value of Securities—100.55% (cost $53,713,442)			$	66,034,116

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

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

58

Delaware Ivy Mid Cap Growth Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.11%t
Communication Services — 5.43%
Pinterest Class A †		6,125,512	$	165,572,589
Trade Desk Class A †		1,715,312		134,051,633
				299,624,222
Consumer Discretionary — 14.03%
BorgWarner		3,197,467		129,081,743
Floor & Decor Holdings Class A †		1,159,398		104,925,519
Foot Locker		1,949,417		33,822,385
Fox Factory Holding †		350,292		34,706,931
Levi Strauss & Co. Class A		3,799,049		51,591,085
Lululemon Athletica †		234,073		90,260,890
National Vision Holdings †		2,012,320		32,559,338
On Holding Class A †		2,843,172		79,097,045
Pool		341,597		121,642,692
Vail Resorts		433,363		96,158,916
				773,846,544
Consumer Staples — 1.55%
Brown-Forman Class B		1,478,645		85,303,030
				85,303,030
Financials — 4.75%
FactSet Research Systems		125,835		55,022,612
Kinsale Capital Group		189,538		78,493,372
MarketAxess Holdings		600,418		128,273,302
				261,789,286
Healthcare — 23.34%
Agilent Technologies		668,030		74,699,115
Bio-Techne		1,419,363		96,616,040
Cooper		257,425		81,863,724
Dexcom †		1,642,698		153,263,723
Edwards Lifesciences †		1,122,935		77,796,937
Envista Holdings †		2,780,141		77,510,331
GE HealthCare Technologies		408,901		27,821,624
Genmab ADR †		1,976,731		69,719,302
IDEXX Laboratories †		199,245		87,123,861
Inspire Medical Systems †		260,375		51,668,815
Intuitive Surgical †		389,249		113,773,590
Ionis Pharmaceuticals †		871,927		39,550,609
Mettler-Toledo International †		34,525		38,256,117
Repligen †		708,393		112,641,571
Veeva Systems Class A †		450,249		91,603,159
West Pharmaceutical Services		248,724		93,323,732
				1,287,232,250
Industrials — 16.83%
A O Smith		1,260,232		83,339,142
Copart †		2,047,614		88,231,687
Fastenal		1,661,928		90,807,746
Generac Holdings †		739,464		80,571,997
HEICO Class A		891,499		115,199,501
Howmet Aerospace		1,502,997		69,513,611
Lincoln Electric Holdings		404,615		73,554,961
Paycom Software		394,359		102,245,458
Rollins		725,924		27,098,743
Trex †		1,344,677		82,872,444
Westinghouse Air Brake
Technologies		492,805		52,370,387
WillScot Mobile Mini Holdings †		1,503,701		62,538,925
				928,344,602
Information Technology — 27.35%
Arista Networks †		149,853		27,562,462
Coherent †		1,834,872		59,890,222
Crowdstrike Holdings Class A †		643,065		107,636,220
DocuSign †		464,179		19,495,518
DoubleVerify Holdings †		1,897,986		53,048,709
EngageSmart †		1,459,717		26,260,309
HubSpot †		151,397		74,563,023
Keysight Technologies †		554,530		73,369,864
Lattice Semiconductor †		719,751		61,848,203
Littelfuse		270,444		66,886,210
Microchip Technology		1,427,260		111,397,643
Monolithic Power Systems		276,384		127,689,408
Novanta †		496,919		71,278,061
Teradyne		1,126,077		113,125,695
Trimble †		1,658,653		89,335,051
Tyler Technologies †		297,285		114,793,630
Universal Display		660,119		103,632,082
Workday Class A †		335,998		72,189,170
Workiva †		796,795		80,747,205
Zebra Technologies Class A †		225,690		53,382,456
				1,508,131,141
Materials — 1.35%
Martin Marietta Materials		181,555		74,524,696
				74,524,696
Real Estate — 4.48%
CoStar Group †		3,214,916		247,194,891
				247,194,891
Total Common Stocks (cost $4,529,307,277)				5,465,990,662
Short-Term Investments — 0.89%
Money Market Mutual Funds — 0.89%
BlackRock Liquidity FedFund – Institutional Shares (seven- day effective yield 5.24%)		12,274,892		12,274,892

 59

Schedules of investments

Delaware Ivy Mid Cap Growth Fund

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		12,274,892	$	12,274,892
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven- day effective yield 5.37%)		12,274,891		12,274,891
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		12,274,891		12,274,891
Total Short-Term Investments (cost $49,099,566)				49,099,566
Total Value of Securities—100.00% (cost $4,578,406,843)			$	5,515,090,228

t	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

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

60

Delaware Ivy Mid Cap Income Opportunities Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.48%t
Consumer Discretionary — 19.28%
Darden Restaurants		212,687	$	30,461,032
Garmin		300,752		31,639,110
Polaris		298,725		31,109,222
Service Corp. International		525,449		30,024,156
Tractor Supply		149,952		30,447,754
Travel + Leisure		828,336		30,424,781
Vail Resorts		126,660		28,104,587
				212,210,642
Consumer Staples — 8.05%
Clorox		218,302		28,610,660
McCormick & Co.		399,997		30,255,773
Sysco		449,391		29,682,276
				88,548,709
Financials — 16.92%
Ares Management Class A		303,671		31,238,636
Arthur J. Gallagher & Co.		138,680		31,609,332
Columbia Banking System		1,527,801		31,014,360
Discover Financial Services		355,647		30,809,700
First American Financial		530,691		29,978,735
Glacier Bancorp		1,108,571		31,594,273
				186,245,036
Healthcare — 2.80%
Quest Diagnostics		252,858		30,813,276
				30,813,276
Industrials — 25.57%
Broadridge Financial Solutions		172,387		30,865,893
Fastenal		577,975		31,580,554
L3Harris Technologies		180,336		31,400,104
nVent Electric		574,335		30,434,012
Paychex		275,207		31,739,623
Rollins		861,890		32,174,354
Snap-on		122,555		31,258,878
Stanley Black & Decker		362,803		30,323,075
Watsco		83,642		31,593,256
				281,369,749
Information Technology — 11.52%
Microchip Technology		411,127		32,088,462
NetApp		410,651		31,160,198
Seagate Technology Holdings		491,443		32,410,666
TE Connectivity		251,940		31,122,148
				126,781,474
Materials — 14.34%
Avery Dennison		173,570		31,706,032
Packaging Corp. of America		208,012		31,940,243
PPG Industries		238,533		30,961,583
RPM International		336,771		31,929,258
Sonoco Products		574,231		31,209,455
				157,746,571
Total Common Stocks (cost $868,607,921)				1,083,715,457
Short-Term Investments — 1.08%
Money Market Mutual Funds — 1.08%
BlackRock Liquidity FedFund – Institutional Shares (seven- day effective yield 5.24%)		2,956,599		2,956,599
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		2,956,599		2,956,599
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven- day effective yield 5.37%)		2,956,600		2,956,600
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		2,956,600		2,956,600
Total Short-Term Investments (cost $11,826,398)				11,826,398
Total Value of Securities—99.56% (cost $880,434,319)			$	1,095,541,855

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

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

 61

Schedules of investments

Delaware Ivy Small Cap Growth Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.50%
Communication Services — 2.92%
IMAX †		1,065,490	$	20,585,267
Iridium Communications		425,423		19,352,492
				39,937,759
Consumer Discretionary — 12.15%
Abercrombie & Fitch Class A †		188,671		10,635,384
Boot Barn Holdings †		261,587		21,238,249
First Watch Restaurant Group †		638,348		11,037,037
Fox Factory Holding †		49,231		4,877,807
Light & Wonder †		212,706		15,172,319
Meritage Homes		140,837		17,237,040
Red Rock Resorts Class A		660,842		27,094,522
Texas Roadhouse		204,710		19,672,631
Visteon †		150,024		20,713,814
Wingstop		104,065		18,715,050
				166,393,853
Consumer Staples — 3.69%
BellRing Brands †		437,725		18,047,402
elf Beauty †		127,086		13,957,855
MGP Ingredients		176,120		18,577,138
				50,582,395
Energy — 5.15%
Cactus Class A		460,784		23,135,965
SM Energy		266,568		10,569,421
Weatherford International †		407,385		36,799,087
				70,504,473
Financials — 8.52%
Flywire †		924,731		29,489,672
Houlihan Lokey		243,951		26,132,031
Kinsale Capital Group		89,169		36,927,558
Seacoast Banking		471,053		10,344,324
Shift4 Payments Class A †		249,217		13,799,145
				116,692,730
Healthcare — 20.75%
Acadia Healthcare †		289,671		20,366,768
Axonics †		307,391		17,250,783
CryoPort †		743,506		10,193,467
Evolent Health Class A †		704,157		19,174,195
Halozyme Therapeutics †		476,733		18,211,201
Harmony Biosciences Holdings †		617,775		20,244,487
HealthEquity †		118,226		8,636,409
Inmode †		778,483		23,712,592
Insmed †		710,333		17,935,908
Option Care Health †		620,435		20,071,072
Pacira BioSciences †		373,124		11,447,444
Progyny †		965,344		32,841,003
R1 RCM †		1,318,522		19,870,127
TransMedics Group †		337,161		18,459,565
Vericel †		768,379		25,756,064
				284,171,085
Industrials — 21.04%
Casella Waste Systems
Class A †		163,233		12,454,678
CBIZ †		640,605		33,247,400
Chart Industries †		82,859		14,013,114
Clean Harbors †		199,953		33,464,134
EnerSys		250,046		23,671,855
Federal Signal		436,784		26,089,108
Herc Holdings		174,568		20,763,118
Kirby †		284,197		23,531,512
Legalzoom.com †		650,115		7,112,258
Parsons †		674,857		36,678,478
Paycor HCM †		1,240,516		28,320,980
SiteOne Landscape Supply †		176,156		28,792,698
				288,139,333
Information Technology — 23.24%
Advanced Energy Industries		137,634		14,192,818
Allegro MicroSystems †		777,370		24,829,198
Belden		251,803		24,311,580
Box Class A †		468,252		11,336,381
Calix †		397,598		18,225,892
CyberArk Software †		237,499		38,895,211
DoubleVerify Holdings †		1,285,280		35,923,576
Instructure Holdings †		669,802		17,012,971
Jamf Holding †		227,959		4,025,756
Onto Innovation †		159,812		20,379,226
Power Integrations		155,601		11,873,912
Rambus †		338,682		18,895,069
Sprout Social Class A †		569,746		28,418,930
Super Micro Computer †		78,929		21,643,910
Tenable Holdings †		630,931		28,265,709
				318,230,139
Materials — 2.04%
ATI †		677,485		27,878,508
				27,878,508
Total Common Stocks (cost $1,280,356,695)				1,362,530,275
Short-Term Investments — 0.49%
Money Market Mutual Funds — 0.49%
BlackRock Liquidity FedFund – Institutional Shares (seven- day effective yield 5.24%)		1,676,885		1,676,885

62

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		1,676,885	$	1,676,885
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven- day effective yield 5.37%)		1,676,885		1,676,885
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		1,676,885		1,676,885
Total Short-Term Investments (cost $6,707,540)				6,707,540
Total Value of Securities—99.99% (cost $1,287,064,235)			$	1,369,237,815

† Non-income producing security.

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

 63

Schedules of investments

Delaware Ivy Smid Cap Core Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.47%
Basic Materials — 8.13%
Beacon Roofing Supply †		50,022	$	3,860,198
Boise Cascade		38,206		3,936,746
Huntsman		168,925		4,121,770
Kaiser Aluminum		23,914		1,799,768
Minerals Technologies		55,005		3,012,074
Reliance Steel & Aluminum		15,544		4,076,103
Westrock		56,150		2,010,170
Worthington Industries		34,571		2,137,179
				24,954,008
Business Services — 4.88%
ABM Industries		50,411		2,016,944
Aramark		73,682		2,556,765
ASGN †		31,017		2,533,469
Casella Waste Systems Class A †		20,727		1,581,470
Clean Harbors †		16,089		2,692,655
WillScot Mobile Mini Holdings †		86,632		3,603,025
				14,984,328
Capital Goods — 11.62%
Ameresco Class A †		26,873		1,036,223
Barnes Group		20,202		686,262
Carlisle		10,840		2,810,378
Chart Industries †		7,701		1,302,393
Coherent †		53,593		1,749,275
Federal Signal		37,566		2,243,817
Gates Industrial †		69,598		808,033
Graco		29,047		2,116,945
Kadant		7,303		1,647,192
KBR		44,790		2,639,923
Lincoln Electric Holdings		19,987		3,633,437
MasTec †		28,666		2,063,092
Quanta Services		26,809		5,015,160
Tetra Tech		15,287		2,324,083
WESCO International		22,926		3,297,217
Zurn Elkay Water Solutions		81,424		2,281,500
				35,654,930
Consumer Discretionary — 4.74%
BJ’s Wholesale Club Holdings †		38,153		2,722,980
Dick’s Sporting Goods		28,532		3,098,004
Five Below †		21,737		3,497,483
Malibu Boats Class A †		43,796		2,146,880
Steven Madden		96,393		3,062,406
				14,527,753
Consumer Services — 2.15%
Brinker International †		47,043		1,486,089
Jack in the Box		15,786		1,090,181
Texas Roadhouse		21,571		2,072,973
Wendy’s		95,830		1,955,890
				6,605,133
Consumer Staples — 3.54%
Casey’s General Stores		14,444		3,921,835
Helen of Troy †		12,521		1,459,448
J & J Snack Foods		16,398		2,683,532
YETI Holdings †		58,260		2,809,297
				10,874,112
Credit Cyclicals — 3.77%
BorgWarner		59,104		2,386,028
Dana		82,087		1,204,216
KB Home		31,918		1,477,165
La-Z-Boy		50,334		1,554,314
Phinia		11,821		316,685
Taylor Morrison Home †		36,111		1,538,690
Toll Brothers		41,947		3,102,400
				11,579,498
Energy — 5.31%
Chesapeake Energy		58,700		5,061,701
Liberty Energy		417,766		7,737,027
Southwestern Energy †		541,354		3,491,733
				16,290,461
Financials — 12.62%
Axis Capital Holdings		51,366		2,895,501
Columbia Banking System		123,115		2,499,235
East West Bancorp		69,269		3,651,169
Essent Group		58,614		2,771,856
Hamilton Lane Class A		27,581		2,494,426
Kemper		66,502		2,795,079
NMI Holdings Class A †		42,220		1,143,740
Primerica		22,139		4,295,187
Reinsurance Group of America		24,068		3,494,433
SouthState		34,904		2,351,133
Stifel Financial		59,015		3,625,882
Valley National Bancorp		207,120		1,772,947
Webster Financial		77,881		3,139,383
WSFS Financial		49,171		1,794,742
				38,724,713
Healthcare — 13.46%
Amicus Therapeutics †		132,434		1,610,397
Apellis Pharmaceuticals †		40,979		1,558,841
Azenta †		31,788		1,595,440
Bio-Techne		33,169		2,257,814
Blueprint Medicines †		33,644		1,689,602
Catalent †		34,782		1,583,624
Encompass Health		37,556		2,522,261
Exact Sciences †		27,644		1,885,874
Halozyme Therapeutics †		60,937		2,327,793
ICON †		4,965		1,222,631
Insmed †		71,082		1,794,820
Inspire Medical Systems †		9,800		1,944,712

64

	Number of shares		Value (US $)
Common Stocks (continued)
Healthcare (continued)
Intra-Cellular Therapies †		24,926	$	1,298,395
Lantheus Holdings †		21,840		1,517,443
Ligand Pharmaceuticals †		22,823		1,367,554
Natera †		43,380		1,919,565
Neurocrine Biosciences †		29,832		3,356,100
OmniAb †		85,241		442,401
OmniAb 12.5 =, †		10,854		0
OmniAb 15 =, †		10,854		0
PTC Therapeutics †		23,782		532,955
QuidelOrtho †		16,892		1,233,792
Repligen †		14,790		2,351,758
Shockwave Medical †		11,383		2,266,355
Supernus Pharmaceuticals †		46,836		1,291,269
Travere Therapeutics †		71,304		637,458
Ultragenyx Pharmaceutical †		30,801		1,098,056
				41,306,910
Media — 1.86%
IMAX †		98,608		1,905,106
Interpublic Group		84,680		2,426,929
Nexstar Media Group		9,473		1,358,144
				5,690,179
Real Estate Investment Trusts — 6.07%
Brixmor Property Group		142,405		2,959,176
Camden Property Trust		25,917		2,451,230
DiamondRock Hospitality		129,597		1,040,664
EastGroup Properties		13,834		2,303,776
First Industrial Realty Trust		62,936		2,995,124
Kite Realty Group Trust		129,405		2,771,855
National Storage Affiliates Trust		41,781		1,326,129
Pebblebrook Hotel Trust		90,766		1,233,510
Physicians Realty Trust		125,235		1,526,615
				18,608,079
Technology — 14.97%
Box Class A †		46,717		1,131,019
DoubleVerify Holdings †		48,861		1,365,665
Dynatrace †		52,852		2,469,774
ExlService Holdings †		134,830		3,780,633
Guidewire Software †		25,715		2,314,350
MACOM Technology Solutions Holdings †		34,863		2,844,123
MaxLinear †		62,943		1,400,482
Paycom Software		2,815		729,845
Procore Technologies †		32,378		2,114,931
PTC †		31,922		4,522,709
Q2 Holdings †		43,051		1,389,256
Rapid7 †		24,089		1,102,794
Regal Rexnord		15,523		2,217,926
Semtech †		72,485		1,866,489
Silicon Laboratories †		13,523		1,567,180
Smartsheet Class A †		53,479		2,163,760
Sprout Social Class A †		21,815		1,088,132
SPS Commerce †		4,429		755,632
Tyler Technologies †		1,707		659,141
Varonis Systems †		66,818		2,040,622
WNS Holdings ADR †		45,270		3,099,184
Workiva †		15,031		1,523,242
Yelp †		50,852		2,114,935
Ziff Davis †		26,145		1,665,175
				45,926,999
Transportation — 3.84%
Allegiant Travel		14,497		1,114,239
ArcBest		5,201		528,682
Kirby †		42,663		3,532,496
Knight-Swift Transportation Holdings		59,228		2,970,284
Saia †		1,346		536,583
Werner Enterprises		64,454		2,510,483
XPO †		8,022		598,923
				11,791,690
Utilities — 1.51%
Black Hills		45,732		2,313,582
Spire		40,773		2,306,936
				4,620,518
Total Common Stocks (cost $302,132,487)				302,139,311
Short-Term Investments — 1.42%
Money Market Mutual Funds — 1.42%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		1,090,234		1,090,234
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		1,090,235		1,090,235
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		1,090,235		1,090,235

 65

Schedules of investments

Delaware Ivy Smid Cap Core 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 5.27%)		1,090,233	$	1,090,233
Total Short-Term Investments (cost $4,360,937)				4,360,937
Total Value of Securities—99.89% (cost $306,493,424)			$	306,500,248

†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

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

66

Delaware Ivy Systematic Emerging Markets Equity Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.48%
Communication Services — 11.72%
37 Interactive Entertainment Network Technology Group Class A		200,100	$	598,111
America Movil		5,134,533		4,434,068
Baidu Class A †		324,950		5,535,514
Bharti Airtel		636,891		7,105,093
China United Network Communications Class A		1,392,900		941,037
G-bits Network Technology Xiamen Class A		28,700		1,436,641
JYP Entertainment		13,715		1,138,848
Kuaishou Technology 144A #, †		246,800		1,980,779
NetEase		866,700		17,652,858
Saudi Telecom		1,102,056		11,048,623
Sitios Latinoamerica †		1		0
Tencent Holdings		987,920		38,628,915
Tencent Music Entertainment Group ADR †		128,377		819,045
Turkcell Iletisim Hizmetleri †		585,633		1,138,437
Yandex Class A =, †		195,088		0
				92,457,969
Consumer Discretionary — 14.31%
Alibaba Group Holding †		1,343,600		14,686,872
Alibaba Group Holding ADR †		24,962		2,165,204
ANTA Sports Products		49,600		558,328
BYD Class H		92,500		2,858,529
Ford Otomotiv Sanayi		26,626		820,576
Geely Automobile Holdings		3,100,000		3,657,794
H World Group ADR †		27,416		1,081,013
Hyundai Mobis		5,205		926,377
Hyundai Motor		84,696		11,976,352
JD.com Class A		382,161		5,617,036
Kia		276,345		16,633,282
LG Electronics		40,555		3,026,111
Li Auto Class A †		170,400		3,009,382
Li Ning		652,500		2,745,500
Lojas Renner		361,466		963,612
Maruti Suzuki India		23,106		2,952,370
Meituan Class B 144A #, †		678,112		9,923,654
Naspers Class N		35,916		5,739,257
PDD Holdings ADR †		69,440		6,809,981
Shenzhou International Group Holdings		295,700		2,832,032
Tata Motors		159,222		1,208,336
Tofas Turk Otomobil Fabrikasi		513,804		5,537,469
Vipshop Holdings ADR †		199,512		3,194,187
Yum China Holdings		70,297		3,916,949
				112,840,203
Consumer Staples — 8.40%
Ambev		3,335,313		8,705,634
Anhui Gujing Distillery Class A		15,400		574,994
BIM Birlesik Magazalar		239,555		2,400,050
China Mengniu Dairy †		1,515,000		5,078,407
China Resources Beer Holdings		1,002,000		5,495,617
Chongqing Brewery Class A		36,601		428,246
CP ALL		1,465,000		2,434,123
Fix Price Group GDR 144A #, =, †		1,489,220		0
Hindustan Unilever		104,115		3,091,306
ITC		2,813,806		15,058,244
Jiangsu Yanghe Brewery Joint- Stock Class A		45,900		817,634
Kweichow Moutai Class A		15,501		3,844,443
Shanxi Xinghuacun Fen Wine Factory Class A		85,015		2,805,796
Wal-Mart de Mexico		3,419,669		12,907,521
Wuliangye Yibin Class A		122,161		2,632,423
				66,274,438
Energy — 6.53%
China Petroleum & Chemical
Class H		3,856,000		2,107,494
China Shenhua Energy Class A		479,592		2,056,425
China Shenhua Energy Class H		1,403,000		4,550,687
Guanghui Energy Class A		712,238		746,057
LUKOIL PJSC =		276,569		0
PetroChina Class H		5,788,000		4,360,799
Petroleo Brasileiro		318,171		2,388,237
Polski Koncern Naftowy ORLEN		129,944		1,746,011
Prio †		369,976		3,459,405
PTT Exploration & Production		1,727,700		8,113,607
Reliance Industries		415,765		11,740,779
Saudi Arabian Oil 144A #		334,667		3,123,184
Shaanxi Coal Industry Class A		1,611,000		4,083,269
Shanxi Coking Coal Energy Group Class A		480,700		662,229
Shanxi Lu’an Environmental Energy Development Class A		921,000		2,402,639
				51,540,822
Financials — 22.05%
Agricultural Bank of China Class A		9,601,600		4,736,786
Al Rajhi Bank		530,960		9,612,762
Axis Bank		1,071,624		13,378,322
Banco do Brasil		866,212		8,142,467
Bank Central Asia		27,910,500		15,937,248
Bank of China Class A		6,168,879		3,188,458
Bank of China Class H		34,775,000		12,167,553
Bank Rakyat Indonesia Persero		48,301,000		16,329,520
BB Seguridade Participacoes		1,326,513		8,254,832
China Construction Bank Class A		3,020,500		2,610,460

 67

Consolidated schedules of investments

Delaware Ivy Systematic Emerging Markets Equity Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Financials (continued)
China Construction Bank Class H		14,375,000	$	8,113,639
China Life Insurance Class H		829,000		1,291,516
China Merchants Bank Class H		566,500		2,365,556
Credicorp		18,503		2,367,829
FirstRand		4,345,437		14,656,347
Grupo Financiero Banorte Class O		983,000		8,239,094
Hana Financial Group		57,495		1,801,232
ICICI Bank		2,240,338		25,680,945
Industrial & Commercial Bank of China Class H		12,798,000		6,161,252
Jio Financial Services †		434,439		1,209,547
Kasikornbank		442,300		1,530,513
KB Financial Group		78,074		3,184,396
Ping An Insurance Group Co. of China Class H		337,500		1,932,955
Saudi National Bank		120,000		1,049,474
Sberbank of Russia ADR =, †		1,032,386		0
				173,942,703
Healthcare — 1.42%
Bangkok Dusit Medical Services Class F		1,868,700		1,372,818
China Resources Sanjiu Medical & Pharmaceutical Class A		359,300		2,465,497
Imeik Technology Development Class A		29,574		1,587,109
Shenzhen Mindray Bio-Medical Electronics Class A		62,200		2,311,237
Wuxi Biologics Cayman 144A #, †		596,500		3,477,257
				11,213,918
Industrials — 6.29%
Airports of Thailand †		1,594,300		3,053,963
China National Chemical Engineering Class A		1,672,100		1,787,571
Eva Airways		2,436,000		2,247,324
Evergreen Marine Taiwan		503,200		1,809,658
GoodWe Technologies Class A		36,894		671,037
Guangzhou Great Power Energy & Technology Class A †		111,300		504,616
Hanwha Aerospace		27,932		2,161,597
Hindustan Aeronautics		89,014		2,066,832
KOC Holding		1,072,958		5,740,757
Larsen & Toubro		736,228		26,806,222
Yang Ming Marine Transport		913,000		1,286,445
ZTO Express Cayman ADR		59,679		1,442,441
				49,578,463
Information Technology — 24.59%
Accton Technology		66,000		1,012,584
Delta Electronics		299,794		3,019,501
E Ink Holdings		188,000		1,048,286
HCL Technologies		218,011		3,241,762
Hon Hai Precision Industry		1,940,000		6,253,078
Infosys		1,006,023		17,390,101
Largan Precision		73,000		4,836,141
Lenovo Group		1,030,000		1,061,442
Lite-On Technology		2,588,000		9,770,759
MediaTek		478,879		10,948,547
Micro-Star International		884,000		4,497,190
Nan Ya Printed Circuit Board		91,000		754,187
Novatek Microelectronics		458,000		6,014,273
Quanta Computer		178,000		1,332,172
Samsung Electronics		862,657		43,610,877
Taiwan Semiconductor Manufacturing		3,232,404		52,708,369
Tata Consultancy Services		394,134		16,747,595
Unimicron Technology		743,000		4,008,681
United Microelectronics		1,668,000		2,342,150
Wiwynn		73,000		3,404,037
				194,001,732
Materials — 2.97%
Cemex †		1,025,000		667,551
Gold Fields		52,744		571,935
LG Chem		14,376		5,263,574
POSCO Holdings		14,735		5,805,131
Tata Steel		1,332,556		2,068,447
Vale		451,129		6,057,176
YongXing Special Materials Technology Class A		111,930		697,344
Yunnan Aluminium Class A		715,100		1,483,705
Zhongjin Gold Class A		539,100		805,043
				23,419,906
Real Estate — 0.94%
China Overseas Land & Investment		107,500		222,936
China Resources Land		1,486,000		5,920,507
Etalon Group GDR †		2,791,564		0
KE Holdings ADR		80,700		1,252,464
				7,395,907
Utilities — 0.26%
Centrais Eletricas Brasileiras		283,579		2,074,989
				2,074,989
Total Common Stocks (cost $729,404,444)				784,741,050

68

	Number of shares		Value (US $)
Preferred Stock — 0.92%
Petroleo Brasileiro 11.20% ω		1,057,598	$	7,254,674
Total Preferred Stock (cost $3,225,745)				7,254,674
Short-Term Investments — 0.19%
Money Market Mutual Funds — 0.19%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		368,682		368,682
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		368,681		368,681
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		368,682		368,682
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		368,682		368,682
Total Short-Term Investments (cost $1,474,727)				1,474,727
Total Value of Securities—100.59% (cost $734,104,916)			$	793,470,451

†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $18,504,874, which represents 2.35% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

PJSC – Private Joint Stock Company

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

 69

Schedules of investments

Delaware Ivy Value Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.88%
Communication Services — 9.16%
Comcast Class A		395,600	$	17,540,904
Verizon Communications		498,139		16,144,685
Walt Disney †		207,308		16,802,313
				50,487,902
Consumer Discretionary — 6.35%
Lowe’s		81,867		17,015,237
TJX		202,645		18,011,088
				35,026,325
Consumer Staples — 10.24%
Archer-Daniels-Midland		228,700		17,248,554
Conagra Brands		563,378		15,447,825
Dollar General		97,519		10,317,510
Dollar Tree †		126,185		13,432,393
				56,446,282
Energy — 3.19%
ConocoPhillips		146,991		17,609,522
				17,609,522
Financials — 14.91%
Allstate		164,603		18,338,420
American International Group		300,140		18,188,484
Fidelity National Information Services		283,403		15,663,684
Truist Financial		502,933		14,388,913
US Bancorp		471,700		15,594,402
				82,173,903
Healthcare — 18.16%
Baxter International		426,959		16,113,433
Cigna Group		65,777		18,816,826
CVS Health		222,581		15,540,606
Hologic †		238,070		16,522,058
Johnson & Johnson		104,672		16,302,664
Merck & Co.		163,536		16,836,031
				100,131,618
Industrials — 11.99%
Dover		122,010		17,021,615
Honeywell International		94,280		17,417,287
Northrop Grumman		40,400		17,783,676
RTX		193,200		13,904,604
				66,127,182
Information Technology — 15.58%
Cisco Systems		328,919		17,682,686
Cognizant Technology Solutions Class A		251,573		17,041,555
Motorola Solutions		65,446		17,817,019
Oracle		152,077		16,107,996
Teledyne Technologies †		42,157		17,224,507
				85,873,763
Materials — 3.20%
DuPont de Nemours		236,840		17,665,896
				17,665,896
Real Estate — 3.00%
Equity Residential		282,096		16,561,856
				16,561,856
Utilities — 3.10%
Edison International		269,859		17,079,376
				17,079,376
Total Common Stocks (cost $597,997,704)				545,183,625
Short-Term Investments — 0.72%
Money Market Mutual Funds — 0.72%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		991,658		991,658
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		991,658		991,658
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		991,658		991,658
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		991,659		991,659
Total Short-Term Investments (cost $3,966,633)				3,966,633
Total Value of Securities—99.60% (cost $601,964,337)			$	549,150,258

† Non-income producing security.

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

70

Statements of assets and liabilities

Ivy Funds September 30, 2023 (Unaudited)

	Delaware Global Equity Fund II			Delaware International Equity Fund II			Delaware Ivy Core Bond Fund			Delaware Ivy Core Equity Fund
Assets:
Investments, at value*	$	261,696,413		$	95,201,589		$	376,595,090		$	3,236,780,905
Foreign currencies, at value∆		3,439			402,069			20,287			—
Cash collateral due from brokers		—			—			899,091			—
Foreign tax reclaims receivable		1,130,740			1,018,893			—			108,346
Dividends and interest receivable		578,954			250,138			3,203,838			893,654
Receivable for fund shares sold		409,260			43,993			553,475			3,128,620
Prepaid expenses		84,376			69,259			98,126			47,367
Receivable for securities sold		—			4,967,638			6,969,417			—
Variation margin due from broker on futures contracts		—			—			89,547			—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			36,306			—
Other assets		38,088			36,517			53,664			138,723
Total Assets		263,941,270			101,990,096			388,518,841			3,241,097,615
Liabilities:
Due to custodian		—			3,604,314			924,636			—
Payable for securities purchased		781,352			—			4,965,575			—
Payable for fund shares redeemed		546,913			255,385			1,388,626			4,781,016
Other accrued expenses		194,338			80,842			353,593			2,323,293
Investment management fees payable to affiliates		140,857			33,885			17,254			1,680,103
Administration expenses payable to affiliates		97,339			40,794			160,402			164,458
Distribution fees payable to affiliates		38,175			8,233			29,355			541,720
Distribution payable		—			—			7,342			—
Total Liabilities		1,798,974	��		4,023,453			7,846,783			9,490,590
Total Net Assets	$	262,142,296		$	97,966,643		$	380,672,058		$	3,231,607,025
Net Assets Consist of:
Paid-in capital	$	294,176,487		$	119,203,353		$	510,283,184		$	1,752,076,626
Total distributable earnings (loss)		(32,034,191	)		(21,236,710	)		(129,611,126	)		1,479,530,399
Total Net Assets	$	262,142,296		$	97,966,643		$	380,672,058		$	3,231,607,025

 71

Statements of assets and liabilities

Ivy Funds

	Delaware Global Equity Fund II			Delaware International Equity Fund II			Delaware Ivy Core Bond Fund			Delaware Ivy Core Equity Fund
Net Asset Value
Class A:
Net assets	$	169,410,442		$	36,283,222		$	120,663,196		$	2,450,695,983
Shares of beneficial interest outstanding, unlimited authorization, no par		22,379,502			2,553,764			13,752,139			161,249,728
Net asset value per share	$	7.57		$	14.21		$	8.77		$	15.20
Sales charge		5.75	%		5.75	%		4.50	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	8.03		$	15.08		$	9.18		$	16.13
Class C:
Net assets	$	1,988,928		$	349,902		$	3,106,987		$	15,773,672
Shares of beneficial interest outstanding, unlimited authorization, no par		265,510			27,252			354,100			1,380,026
Net asset value per share	$	7.49		$	12.84		$	8.77		$	11.43
Class I:
Net assets	$	88,236,193		$	21,912,664		$	192,649,641		$	677,876,744
Shares of beneficial interest outstanding, unlimited authorization, no par		11,610,103			1,488,100			21,955,354			37,038,593
Net asset value per share	$	7.60		$	14.73		$	8.77		$	18.30
Class R:
Net assets	$	220,057		$	145,749		$	867,592		$	168,286
Shares of beneficial interest outstanding, unlimited authorization, no par		29,128			10,321			98,867			11,259
Net asset value per share	$	7.55		$	14.12		$	8.78		$	14.95
Class R6:
Net assets	$	1,178,470		$	38,606,022		$	58,820,145		$	61,280,497
Shares of beneficial interest outstanding, unlimited authorization, no par		154,596			2,612,751			6,704,447			3,336,288
Net asset value per share	$	7.62		$	14.78		$	8.77		$	18.37
Class Y:
Net assets	$	1,108,206		$	669,084		$	4,564,497		$	25,811,843
Shares of beneficial interest outstanding, unlimited authorization, no par		146,323			46,150			520,218			1,482,617
Net asset value per share	$	7.57		$	14.50		$	8.77		$	17.41
*Investments, at cost	$	269,969,553		$	97,122,918		$	411,649,099		$	2,053,458,821
∆Foreign currencies, at cost		8,000			402,918			20,351			—

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

72

	Delaware Ivy Global Bond Fund			Delaware Ivy Global Growth Fund		Delaware Ivy High Income Fund			Delaware Ivy International Core Equity Fund
Assets:
Investments, at value*	$	404,025,875		$	488,224,612	$	2,232,607,786		$	1,278,911,676
Investments of affiliated issuers, at value**		—			—		103,163,841			—
Foreign currencies, at value∆		682,481			797,763		—			4,542,398
Cash		9,193,570			—		—			14,748
Cash collateral due from brokers		2,356,732			—		—			—
Receivable for securities sold		6,555,386			2,204,847		29,216,875			1,801,845
Dividends and interest receivable		4,107,671			360,496		41,868,941			2,890,607
Unrealized appreciation on forward foreign currency exchange contracts		3,434,216			—		—			—
Receivable for fund shares sold		329,926			621,336		6,149,844			1,385,230
Upfront payments paid on over-the-counter credit default swap contracts		302,221			—		—			—
Prepaid expenses		67,598			76,832		100,273			76,967
Unrealized appreciation on over-the-counter credit default swap contracts		31,435			—		—			—
Variation margin due from brokers on centrally cleared credit default swap contracts		2,386			—		—			—
Variation margin due from broker on centrally cleared interest rate swap contracts		931			—		—			—
Foreign tax reclaims receivable		—			436,033		—			7,474,559
Other assets		42,731			59,752		127,957			48,267
Total Assets		431,133,159			492,781,671		2,413,235,517			1,297,146,297
Liabilities:
Due to custodian		—			—		7,107,930			—
Payable for securities purchased		6,777,305			1,459,230		16,966,406			—
Cash collateral due to brokers		4,380,000			—		—			—
Payable for fund shares redeemed		473,683			940,819		11,450,576			2,475,108
Other accrued expenses		248,230			969,105		3,448,583			884,448
Variation margin due to broker on futures contracts		223,690			—		—			—
Investment management fees payable to affiliates		176,555			278,369		1,109,079			590,246
Administration expenses payable to affiliates		79,458			159,981		159,177			159,177
Unrealized depreciation on over-the-counter credit default swap contracts		39,075			—		—			—
Distribution fees payable to affiliates		22,431			65,317		364,085			99,096
Unrealized depreciation on forward foreign currency exchange contracts		618			—		—			—
Distribution payable		—			—		200,544			—
Accrued capital gains taxes on appreciated securities		—			501,864		—			1,114,142
Total Liabilities		12,421,045			4,374,685		40,806,380			5,322,217
Total Net Assets	$	418,712,114		$	488,406,986	$	2,372,429,137		$	1,291,824,080
Net Assets Consist of:
Paid-in capital	$	545,008,528		$	358,161,610	$	4,504,725,897		$	1,203,914,339
Total distributable earnings (loss)		(126,296,414	)		130,245,376		(2,132,296,760	)		87,909,741
Total Net Assets	$	418,712,114		$	488,406,986	$	2,372,429,137		$	1,291,824,080

 73

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Global Bond Fund			Delaware Ivy Global Growth Fund			Delaware Ivy High Income Fund			Delaware Ivy International Core Equity Fund
Net Asset Value
Class A:
Net assets	$	98,581,347		$	310,955,152		$	1,111,081,420		$	267,107,966
Shares of beneficial interest outstanding, unlimited authorization, no par		11,281,553			10,339,260			192,375,784			14,107,122
Net asset value per share	$	8.74		$	30.08		$	5.78		$	18.93
Sales charge		4.50	%		5.75	%		4.50	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.15		$	31.92		$	6.05		$	20.08
Class C:
Net assets	$	1,661,565		$	2,043,334		$	123,408,892		$	21,681,107
Shares of beneficial interest outstanding, unlimited authorization, no par		190,252			108,816			21,366,494			1,320,983
Net asset value per share	$	8.73		$	18.78		$	5.78		$	16.41
Class I:
Net assets	$	173,736,815		$	168,736,075		$	1,001,070,883		$	673,110,979
Shares of beneficial interest outstanding, unlimited authorization, no par		19,887,997			5,329,034			173,330,300			35,199,678
Net asset value per share	$	8.74		$	31.66		$	5.78		$	19.12
Class R:
Net assets	$	231,247		$	692,727		$	32,798,875		$	39,019,365
Shares of beneficial interest outstanding, unlimited authorization, no par		26,527			23,788			5,678,634			2,066,005
Net asset value per share	$	8.72		$	29.12		$	5.78		$	18.89
Class R6:
Net assets	$	142,656,138		$	4,431,601		$	47,154,449		$	251,625,338
Shares of beneficial interest outstanding, unlimited authorization, no par		16,328,263			139,159			8,164,139			13,118,319
Net asset value per share	$	8.74		$	31.85		$	5.78		$	19.18
Class Y:
Net assets	$	1,845,002		$	1,548,097		$	56,914,618		$	39,279,325
Shares of beneficial interest outstanding, unlimited authorization, no
par		211,177			50,944			9,853,967			2,058,038
Net asset value per share	$	8.74		$	30.39		$	5.78		$	19.09
*Investments, at cost	$	427,107,792		$	384,228,391		$	2,502,302,765		$	1,169,781,926
**Investments of affiliated issuers, at cost		—			—			273,823,486			—
∆Foreign currencies, at cost		677,349			803,573			—			4,574,690

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

74

	Delaware Ivy Large Cap Growth Fund		Delaware Ivy Managed International Opportunities Fund		Delaware Ivy Mid Cap Growth Fund		Delaware Ivy Mid Cap Income Opportunities Fund
Assets:
Investments, at value*	$	5,477,674,497	$	328,134	$	5,515,090,228	$	1,095,541,855
Investments of affiliated issuers, at value**		—		65,705,982		—		—
Cash		48,847,359		—		—		235,281
Receivable for fund shares sold		11,844,309		125,459		25,553,109		1,965,305
Dividends and interest receivable		2,316,032		1,459		968,811		720,105
Prepaid expenses		307,173		—		1,521,691		100,841
Foreign tax reclaims receivable		42,977		—		—		87,612
Receivable for securities sold		—		17,494		66,227,278		5,365,590
Other assets		113,573		33,443		67,060		88,610
Total Assets		5,541,145,920		66,211,971		5,609,428,177		1,104,105,199
Liabilities:
Payable for fund shares redeemed		15,221,208		142,306		14,312,679		2,788,484
Investment management fees payable to affiliates		2,296,949		2,778		3,003,046		616,649
Other accrued expenses		723,085		359,224		880,764		65,515
Distribution fees payable to affiliates		514,315		7,016		417,793		50,914
Administration expenses payable to affiliates		159,453		29,019		159,177		178,519
Payable for securities purchased		—		—		75,550,394		—
Total Liabilities		18,915,010		540,343		94,323,853		3,700,081
Total Net Assets	$	5,522,230,910	$	65,671,628	$	5,515,104,324	$	1,100,405,118
Net Assets Consist of:
Paid-in capital	$	2,510,559,680	$	56,760,618	$	4,262,267,983	$	854,633,292
Total distributable earnings (loss)		3,011,671,230		8,911,010		1,252,836,341		245,771,826
Total Net Assets	$	5,522,230,910	$	65,671,628	$	5,515,104,324	$	1,100,405,118

 75

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Large Cap Growth Fund			Delaware Ivy Managed International Opportunities Fund			Delaware Ivy Mid Cap Growth Fund			Delaware Ivy Mid Cap Income Opportunities Fund
Net Asset Value
Class A:
Net assets	$	2,162,788,109		$	31,218,178		$	1,397,507,310		$	155,215,036
Shares of beneficial interest outstanding, unlimited authorization, no par		79,584,658			3,399,325			56,583,531			9,221,674
Net asset value per share	$	27.18		$	9.18		$	24.70		$	16.83
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	28.84		$	9.74		$	26.21		$	17.86
Class C:
Net assets	$	48,789,141		$	460,494		$	62,552,112		$	17,761,655
Shares of beneficial interest outstanding, unlimited authorization, no par		2,599,031			52,528			3,468,066			1,057,596
Net asset value per share	$	18.77		$	8.77		$	18.04		$	16.79
Class I:
Net assets	$	3,085,629,406		$	33,766,870		$	2,728,832,091		$	827,207,199
Shares of beneficial interest outstanding, unlimited authorization, no par		103,701,072			3,625,566			96,658,096			49,120,205
Net asset value per share	$	29.76		$	9.31		$	28.23		$	16.84
Class R:
Net assets	$	12,368,466		$	99,913		$	51,577,344		$	7,795,780
Shares of beneficial interest outstanding, unlimited authorization, no par		493,257			10,981			2,211,671			463,263
Net asset value per share	$	25.08		$	9.10		$	23.32		$	16.83
Class R6:
Net assets	$	186,630,512		$	48,629		$	1,068,620,479		$	80,770,470
Shares of beneficial interest outstanding, unlimited authorization, no par		6,215,111			5,216			37,384,813			4,795,334
Net asset value per share	$	30.03		$	9.32		$	28.58		$	16.84
Class Y:
Net assets	$	26,025,276		$	77,544		$	206,014,988		$	11,654,978
Shares of beneficial interest outstanding, unlimited authorization, no par		918,818			8,425			7,774,502			688,450
Net asset value per share	$	28.32		$	9.20		$	26.50		$	16.93
*Investments, at cost	$	2,633,389,218		$	328,134		$	4,578,406,843		$	880,434,319
**Investments of affiliated issuers, at cost		—			53,385,308			—			—

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

76

	Delaware Ivy Small Cap Growth Fund		Delaware Ivy Smid Cap Core Fund			Delaware Ivy Systematic Emerging Markets Equity Fundf		Delaware Ivy Value Fund
Assets:
Investments, at value*	$	1,369,237,815	$	306,500,248		$	793,470,451	$	549,150,258
Foreign currencies, at value∆		—		—			4,642,184		—
Cash		—		—			297,533		—
Receivable for securities sold		7,999,533		309,203			396,906		1,809,269
Receivable for fund shares sold		1,614,947		905,862			945,279		940,871
Prepaid expenses		87,153		64,567			86,003		84,229
Dividends and interest receivable		75,720		230,038			1,243,540		1,167,319
Foreign tax reclaims receivable		—		—			43,604		11,363
Other assets		75,038		60,437			47,898		64,540
Total Assets		1,379,090,206		308,070,355			801,173,398		553,227,849
Liabilities:
Payable for securities purchased		4,001,349		—			5,162,518		—
Payable for fund shares redeemed		3,503,103		594,151			1,581,699		1,332,021
Other accrued expenses		1,112,544		279,099			120,298		43,666
Investment management fees payable to affiliates		796,491		209,121			339,109		299,281
Administration expenses payable to affiliates		174,419		116,068			160,547		158,912
Distribution fees payable to affiliates		169,805		39,457			57,043		63,007
Accrued capital gains taxes on appreciated securities		—		—			4,952,904		—
Total Liabilities		9,757,711		1,237,896			12,374,118		1,896,887
Total Net Assets	$	1,369,332,495	$	306,832,459		$	788,799,280	$	551,330,962
Net Assets Consist of:
Paid-in capital	$	1,192,302,192	$	315,387,217		$	742,660,370	$	449,313,905
Total distributable earnings (loss)		177,030,303		(8,554,758	)		46,138,910		102,017,057
Total Net Assets	$	1,369,332,495	$	306,832,459		$	788,799,280	$	551,330,962

 77

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Small Cap Growth Fund				Delaware Ivy Smid Cap Core Fund			Delaware Ivy Systematic Emerging Markets Equity Fundf			Delaware Ivy Value Fund
Net Asset Value
Class A:
Net assets	$	600,454,681			$	101,685,878		$	158,721,995		$	274,336,367
Shares of beneficial interest outstanding, unlimited authorization, no par		52,758,558				7,721,044			9,320,784			13,543,500
Net asset value per share	$	11.38		��	$	13.17		$	17.03		$	20.26
Sales charge		5.75	%			5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	12.07			$	13.97		$	18.07		$	21.50
Class C:
Net assets	$	16,669,943			$	10,721,322		$	19,033,072		$	5,082,023
Shares of beneficial interest outstanding, unlimited authorization, no par		2,572,800				1,098,386			1,366,168			268,489
Net asset value per share	$	6.48			$	9.76		$	13.93		$	18.93
Class I:
Net assets	$	502,446,107			$	134,483,650		$	460,438,946		$	270,027,028
Shares of beneficial interest outstanding, unlimited authorization, no par		26,530,518				8,820,062			25,887,522			13,226,966
Net asset value per share	$	18.94			$	15.25		$	17.79		$	20.41
Class R:
Net assets	$	39,964,613			$	18,445,010		$	5,351,058		$	4,797
Shares of beneficial interest outstanding, unlimited authorization, no par		3,720,766				1,422,717			319,295			237
Net asset value per share	$	10.74			$	12.96		$	16.76		$	20.22
Class R6:
Net assets	$	158,764,790			$	36,783,729		$	120,058,797		$	1,791,990
Shares of beneficial interest outstanding, unlimited authorization, no par		8,299,065				2,380,714			6,709,196			86,947
Net asset value per share	$	19.13			$	15.45		$	17.89		$	20.61
Class Y:
Net assets	$	51,032,361			$	4,712,870		$	25,195,412		$	88,757
Shares of beneficial interest outstanding, unlimited authorization, no par		3,022,761				327,580			1,445,065			4,393
Net asset value per share	$	16.88			$	14.39		$	17.44		$	20.20
*Investments, at cost	$	1,287,064,235			$	306,493,424		$	734,104,916		$	601,964,337
∆Foreign currencies, at cost		—				—			4,646,487			—

f Consolidated statement of assets and liabilities.

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

78

Statements of operations

Ivy Funds Six months ended September 30, 2023 (Unaudited)

	Delaware Global Equity Fund II			Delaware International Equity Fund II			Delaware Ivy Core Bond Fund			Delaware Ivy Core Equity Fund
Investment Income:
Dividends	$	4,746,286		$	2,044,757		$	257,958		$	20,456,512
Reclaim income		396,948			418,716			—			—
Interest		—			���			10,416,717			—
Securities lending income		—			94			—			—
Foreign tax withheld		(543,069	)		(266,738	)		—			(203,265	)
		4,600,165			2,196,829			10,674,675			20,253,247
Expenses:
Management fees		1,069,772			614,266			1,126,340			10,899,905
Distribution expenses — Class A		240,422			51,189			161,246			3,227,081
Distribution expenses — Class C		11,609			1,958			18,284			85,369
Distribution expenses — Class R		588			353			2,218			596
Distribution expenses — Class Y		1,547			883			5,860			32,683
Dividend disbursing and transfer agent fees and expenses		249,497			49,375			180,963			1,578,854
Accounting and administration expenses		64,074			36,677			90,187			246,989
Registration fees		49,663			44,619			59,310			71,612
Trustees’ fees and expenses		46,896			48,631			14,204			113,924
Custodian fees		24,295			13,493			12,272			27,756
Audit and tax fees		17,220			16,371			26,250			31,904
Reports and statements to shareholders expenses		8,169			8,063			8,535			192,516
Legal fees		920			196			1,409			118,950
Other		11,126			12,894			13,923			101,382
		1,795,798			898,968			1,721,001			16,729,521
Less expenses waived		(135,341	)		(301,061	)		(585,447	)		(571,843	)
Less expenses paid indirectly		(654	)		(339	)		(806	)		(2,684	)
Total operating expenses		1,659,803			597,568			1,134,748			16,154,994
Net Investment Income (Loss)		2,940,362			1,599,261			9,539,927			4,098,253

 79

Statements of operations

Ivy Funds

	Delaware Global Equity Fund II			Delaware International Equity Fund II			Delaware Ivy Core Bond Fund			Delaware Ivy Core Equity Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	620,458		$	(7,238,369	)	$	(9,545,823	)	$	107,324,704
Foreign currencies		(142,482	)		(201,222	)		(2,679	)		—
Futures contracts		—			—			(980,839	)		—
Swap contracts		—			—			120,846			—
Net realized gain (loss)		477,976			(7,439,591	)		(10,408,495	)		107,324,704
Net change in unrealized appreciation (depreciation) on:
Investments		(17,178,542	)		932,580			(13,604,473	)		10,016,507
Foreign currencies		(42,110	)		(22,557	)		(457	)		—
Forward foreign currency exchange contracts		—			—			36,306			—
Futures contracts		—			—			(1,958,866	)		—
Swap contracts		—			—			(113,823	)		—
Net change in unrealized appreciation
(depreciation)		(17,220,652	)		910,023			(15,641,313	)		10,016,507
Net Realized and Unrealized Gain (Loss)		(16,742,676	)		(6,529,568	)		(26,049,808	)		117,341,211
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(13,802,314	)	$	(4,930,307	)	$	(16,509,881	)	$	121,439,464

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

80

	Delaware Ivy Global Bond Fund			Delaware Ivy Global Growth Fund			Delaware Ivy High Income Fund			Delaware Ivy International Core Equity Fund
Investment Income:
Interest	$	9,483,482		$	—		$	102,153,127		$	—
Dividends		328,377			5,789,831			781,283			22,120,557
Dividends from affiliated funds		—			—			668,277			—
Reclaim income		—			989,029			—			5,091,210
Foreign tax withheld		—			(479,445	)		—			(2,396,964	)
		9,811,859			6,299,415			103,602,687			24,814,803
Expenses:
Management fees		1,351,054			2,217,754			6,898,802			5,675,704
Distribution expenses — Class A		131,298			393,817			1,456,082			347,803
Distribution expenses — Class C		10,375			10,602			670,866			127,050
Distribution expenses — Class R		611			1,790			84,355			102,899
Distribution expenses — Class Y		2,436			1,918			82,688			51,370
Dividend disbursing and transfer agent fees and expenses		165,456			331,402			1,223,277			553,587
Accounting and administration expenses		66,172			95,230			198,020			138,166
Registration fees		56,067			50,992			65,173			51,656
Trustees’ fees and expenses		39,809			70,172			205,324			109,885
Audit and tax fees		18,994			12,385			21,338			23,102
Reports and statements to shareholders expenses		8,273			8,314			9,549			8,910
Custodian fees		4,063			24,344			36,503			139,085
Legal fees		544			2,066			269,442			2,392
Other		8,161			111,553			147,823			28,706
		1,863,313			3,332,339			11,369,242			7,360,315
Less expenses waived		(215,639	)		(436,396	)		—			(1,475,512	)
Less expenses paid indirectly		(664	)		(993	)		(2,054	)		(1,301	)
Total operating expenses		1,647,010			2,894,950			11,367,188			5,883,502
Net Investment Income (Loss)		8,164,849			3,404,465			92,235,499			18,931,301

 81

Statements of operations

Ivy Funds

	Delaware Ivy Global Bond Fund			Delaware Ivy Global Growth Fund			Delaware Ivy High Income Fund			Delaware Ivy International Core Equity Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments1	$	(7,100,339	)	$	10,834,163		$	(120,343,378	)	$	32,745,551
Foreign currencies		(241,888	)		(123,342	)		(812,954	)		(1,732,971	)
Forward foreign currency exchange contracts		2,077,892			—			52,952			—
Futures contracts		(2,416,222	)		—			—			—
Options purchased		(1,178,911	)		—			—			—
Options written		1,493,939			—			—			—
Swap contracts		(193,846	)		—			—			—
Net realized gain (loss)		(7,559,375	)		10,710,821			(121,103,380	)		31,012,580
Net change in unrealized appreciation (depreciation) on:
Investments1		(12,879,600	)		(267,625	)		76,249,921			(41,482,867	)
Affiliated investments		—			—			5,875,734			—
Foreign currencies		(64,927	)		32			50,438			474,577
Forward foreign currency exchange contracts		2,846,236			—			(60,529	)		—
Futures contracts		(98,487	)		—			—			—
Options purchased		990,820			—			—			—
Options written		(442,242	)		—			—			—
Swap contracts		87,715			—			—			—
Net change in unrealized appreciation (depreciation)		(9,560,485	)		(267,593	)		82,115,564			(41,008,290	)
Net Realized and Unrealized Gain (Loss)		(17,119,860	)		10,443,228			(38,987,816	)		(9,995,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(8,955,011	)	$	13,847,693		$	53,247,683		$	8,935,591

¹ Includes $404,259 capital gains tax paid and $501,864 capital gains tax accrued for Delaware Ivy Global Growth Fund. Includes $1,617 capital gains tax paid and $1,114,142 capital gains tax accrued for Delaware Ivy international Core Equity Fund.

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

82

	Delaware Ivy Large Cap Growth Fund			Delaware Ivy Managed International Opportunities Fund			Delaware Ivy Mid Cap Growth Fund			Delaware Ivy Mid Cap Income Opportunities Fund
Investment Income:
Dividends	$	18,724,957		$	9,247		$	15,483,310		$	17,068,987
Foreign tax withheld		(378,540	)		—			—			—
		18,346,417			9,247			15,483,310			17,068,987
Expenses:
Management fees		16,808,350			18,468			23,179,456			5,186,765
Distribution expenses — Class A		2,808,055			43,454			1,920,483			209,849
Distribution expenses — Class C		243,354			2,596			355,952			97,566
Distribution expenses — Class R		30,827			239			141,383			2,961
Distribution expenses — Class Y		33,822			116			277,191			14,621
Dividend disbursing and transfer agent fees and expenses		1,835,777			317,254			1,899,012			174,487
Accounting and administration expenses		360,116			28,980			375,618			132,759
Trustees’ fees and expenses		148,561			1,131			307,440			78,188
Registration fees		88,457			44,579			104,381			64,568
Audit and tax fees		32,654			22,491			42,167			31,485
Custodian fees		31,276			833			66,341			7,939
Reports and statements to shareholders expenses		10,252			21,330			10,420			8,484
Legal fees		6,753			6,872			6,769			1,687
Other		26,747			5,337			28,217			9,591
		22,465,001			513,680			28,714,830			6,020,950
Less expenses waived		(1,542,965	)		—			(3,010,262	)		(624,153	)
Less expenses paid indirectly		(2,773	)		(258	)		(3,263	)		(674	)
Total operating expenses		20,919,263			513,422			25,701,305			5,396,123
Net Investment Income (Loss)		(2,572,846	)		(504,175	)		(10,217,995	)		11,672,864

 83

Statements of operations

Ivy Funds

	Delaware Ivy Large Cap Growth Fund			Delaware Ivy Managed International Opportunities Fund			Delaware Ivy Mid Cap Growth Fund			Delaware Ivy Mid Cap Income Opportunities Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	135,615,942		$	—		$	68,306,341		$	20,641,213
Affiliated investments		—			863,123			—			—
Foreign currencies		(21	)		—			—			—
Net realized gain (loss)		135,615,921			863,123			68,306,341			20,641,213
Net change in unrealized appreciation (depreciation) on:
Investments		279,117,470			—			(370,906,544	)		(46,571,393	)
Affiliated investments		—			(1,309,469	)		—			—
Net change in unrealized appreciation (depreciation)		279,117,470			(1,309,469	)		(370,906,544	)		(46,571,393	)
Net Realized and Unrealized Gain (Loss)		414,733,391			(446,346	)		(302,600,203	)		(25,930,180	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	412,160,545		$	(950,521	)	$	(312,818,198	)	$	(14,257,316	)

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

84

	Delaware Ivy Small Cap Growth Fund			Delaware Ivy Smid Cap Core Fund			Delaware Ivy Systematic Emerging Markets Equity Fundf			Delaware Ivy Value Fund
Investment Income:
Dividends	$	2,692,474		$	2,457,372		$	22,679,006		$	8,288,292
Foreign tax withheld		—			—			(2,620,339	)		—
		2,692,474			2,457,372			20,058,667			8,288,292
Expenses:
Management fees		6,203,151			1,416,216			4,034,835			2,201,180
Distribution expenses — Class A		812,869			135,907			214,660			380,312
Distribution expenses — Class C		93,816			58,112			107,197			29,142
Distribution expenses — Class R		105,497			47,132			14,332			18
Distribution expenses — Class Y		71,022			6,400			33,432			113
Dividend disbursing and transfer agent fees and expenses		875,412			171,938			449,401			304,075
Accounting and administration expenses		144,678			71,466			112,853			100,484
Trustees’ fees and expenses		63,464			22,580			65,903			46,792
Registration fees		58,001			58,814			56,557			65,858
Audit and tax fees		19,561			20,128			25,384			41,056
Custodian fees		18,011			10,464			271,153			7,402
Reports and statements to shareholders expenses		9,024			8,337			8,775			8,400
Legal fees		4,476			1,144			1,834			1,350
Other		18,765			7,659			27,117			9,057
		8,497,747			2,036,297			5,423,433			3,195,239
Less expenses waived		(905,085	)		(313,906	)		(1,591,517	)		(175,032	)
Less expenses paid indirectly		(1,864	)		(526	)		(1,047	)		(1,002	)
Total operating expenses		7,590,798			1,721,865			3,830,869			3,019,205
Net Investment Income (Loss)		(4,898,324	)		735,507			16,227,798			5,269,087

 85

Statements of operations

Ivy Funds

	Delaware Ivy Small Cap Growth Fund			Delaware Ivy Smid Cap Core Fund			Delaware Ivy Systematic Emerging Markets Equity Fundf			Delaware Ivy Value Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments1	$	57,949,644		$	4,740,366		$	(11,839,700	)	$	19,965,931
Foreign currencies		—			—			(658,659	)		—
Net realized gain (loss)		57,949,644			4,740,366			(12,498,359	)		19,965,931
Net change in unrealized appreciation (depreciation) on:
Investments1		(87,176,701	)		(4,842,137	)		(18,427,856	)		(39,179,750	)
Foreign currencies		—			—			(9,873	)		—
Net change in unrealized appreciation (depreciation)		(87,176,701	)		(4,842,137	)		(18,437,729	)		(39,179,750	)
Net Realized and Unrealized Gain (Loss)		(29,227,057	)		(101,771	)		(30,936,088	)		(19,213,819	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(34,125,381	)	$	633,736		$	(14,708,290	)	$	(13,944,732	)

1	Includes $493,661 capital gains tax paid and $4,952,904 capital gains tax accrued for Delaware Ivy Systematic Emerging Markets Equity Fund.
f	Consolidated statement of operations.

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

86

Statements of changes in net assets

Ivy Funds

	Delaware Global Equity Fund II						Delaware International Equity Fund II
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,940,362		$	5,204,751		$	1,599,261		$	1,842,351
Net realized gain (loss)		477,976			(24,423,769	)		(7,439,591	)		(13,125,360	)
Net change in unrealized appreciation (depreciation)		(17,220,652	)		26,559,331			910,023			4,931,857
Net increase (decrease) in net assets resulting from operations		(13,802,314	)		7,340,313			(4,930,307	)		(6,351,152	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,711,133	)		(81,042,548	)		—			(4,061,811	)
Class C		(13,518	)		(1,361,394	)		—			(46,922	)
Class E1		—			(32,359	)		—			—
Class I		(1,055,625	)		(50,606,591	)		—			(3,198,870	)
Class R		(1,849	)		(129,753	)		—			(3,437	)
Class R6		(13,028	)		(3,693,717	)		—			(3,920,833	)
Class Y		(10,386	)		(529,120	)		—			(68,504	)
		(2,805,539	)		(137,395,482	)		—			(11,300,377	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		4,218,695			8,664,763			990,390			1,447,444
Class C		209,115			366,067			42,164			30,790
Class E1		—			35,545			—			—
Class I		9,296,214			17,609,351			5,273,011			14,116,573
Class R		2,438			31,074			22,606			129,893
Class R6		212,942			426,695			2,645,872			8,158,494
Class Y		46,060			171,385			31,627			59,944
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,702,120			80,002,306			—			3,990,201
Class C		13,518			1,360,573			—			46,922
Class E1		—			32,293			—			—
Class I		1,053,476			50,502,191			—			3,195,614
Class R		437			21,553			—			3,437
Class R6		13,028			3,693,717			—			3,920,833
Class Y		10,386			460,409			—			68,419
		16,778,429			163,377,922			9,005,670			35,168,564

 87

Statements of changes in net assets

Ivy Funds

	Delaware Global Equity Fund II						Delaware International Equity Fund II
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Cost of shares redeemed:
Class A	$	(23,580,375	)	$	(79,974,018	)	$	(4,598,210	)	$	(11,744,674	)
Class C		(485,004	)		(2,719,923	)		(68,771	)		(253,378	)
Class E1		—			(4,439,845	)		—			—
Class I		(34,196,023	)		(106,565,919	)		(22,109,235	)		(36,732,469	)
Class R		(13	)		(9,226	)		(1,806	)		(18,125	)
Class R6		(99,458	)		(13,437,416	)		(7,220,604	)		(27,906,179	)
Class Y		(291,243	)		(364,631	)		(18,658	)		(296,311	)
		(58,652,116	)		(207,510,978	)		(34,017,284	)		(76,951,136	)
Decrease in net assets derived from capital share transactions		(41,873,687	)		(44,133,056	)		(25,011,614	)		(41,782,572	)
Net Decrease in Net Assets		(58,481,540	)		(174,188,225	)		(29,941,921	)		(59,434,101	)
Net Assets:
Beginning of period		320,623,836			494,812,061			127,908,564			187,342,665
End of period	$	262,142,296		$	320,623,836		$	97,966,643		$	127,908,564

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

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

88

	Delaware Ivy Core Bond Fund						Delaware Ivy Core Equity Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)		Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	9,539,927		$	19,095,215		$	4,098,253	$	13,951,993
Net realized gain (loss)		(10,408,495	)		(75,245,046	)		107,324,704		353,974,155
Net change in unrealized appreciation (depreciation)		(15,641,313	)		14,849,201			10,016,507		(714,374,302	)
Net increase (decrease) in net assets resulting from operations		(16,509,881	)		(41,300,630	)		121,439,464		(346,448,154	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,733,648	)		(4,701,474	)		—		(342,961,157	)
Class C		(63,782	)		(110,000	)		—		(2,939,747	)
Class E1		—			(16,886	)		—		—
Class I		(5,009,187	)		(11,332,718	)		—		(80,967,246	)
Class R		(17,700	)		(25,837	)		—		(28,492	)
Class R6		(1,520,645	)		(3,132,679	)		—		(5,421,130	)
Class Y		(99,323	)		(175,668	)		—		(2,866,099	)
		(9,444,285	)		(19,495,262	)		—		(435,183,871	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		7,106,037			19,809,524			28,457,228		87,255,284
Class C		279,260			738,399			1,564,083		3,112,586
Class E1		—			113,072			—		503,440
Class I		16,769,338			48,452,721			54,630,211		180,284,312
Class R		19,371			90,963			6,884		85,535
Class R6		435,125			13,865,413			21,842,721		13,260,393
Class Y		262,622			815,233			1,206,796		1,478,436
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,713,210			4,690,766			—		338,942,481
Class C		63,750			110,044			—		2,934,654
Class E1		—			14,231			—		—
Class I		5,003,434			11,387,611			—		80,887,209
Class R		17,684			25,930			—		16,771
Class R6		1,519,940			3,164,882			—		5,132,630
Class Y		99,128			176,508			—		2,816,322
		34,288,899			103,455,297			107,707,923		716,710,053

 89

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Core Bond Fund						Delaware Ivy Core Equity Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Cost of shares redeemed:
Class A	$	(16,261,988	)	$	(53,694,913)		$	(242,594,442)		$	(682,251,142	)
Class C		(1,037,231	)		(2,726,324	)		(3,624,940	)		(11,110,263	)
Class E1		—			(4,075,122	)		—			(16,725,317	)
Class I		(66,484,803	)		(266,358,184	)		(148,862,733	)		(423,654,966	)
Class R		(4,688	)		(19,726	)		(80,795	)		(44,300	)
Class R6		(13,547,697	)		(80,144,435	)		(11,820,754	)		(49,308,112	)
Class Y		(413,914	)		(1,776,621	)		(1,323,441	)		(4,137,750	)
		(97,750,321	)		(408,795,325	)		(408,307,105	)		(1,187,231,850	)
Decrease in net assets derived from capital share transactions		(63,461,422	)		(305,340,028	)		(300,599,182	)		(470,521,797	)
Net Decrease in Net Assets		(89,415,588	)		(366,135,920	)		(179,159,718	)		(1,252,153,822	)
Net Assets:
Beginning of period		470,087,646			836,223,566			3,410,766,743			4,662,920,565
End of period	$	380,672,058		$	470,087,646		$	3,231,607,025		$	3,410,766,743

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

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

90

	Delaware Ivy Global Bond Fund						Delaware Ivy Global Growth Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	8,164,849		$	12,259,676		$	3,404,465		$	4,228,013
Net realized gain (loss)		(7,559,375	)		(32,171,703	)		10,710,821			44,738,997
Net change in unrealized appreciation (depreciation)		(9,560,485	)		8,694,249			(267,593	)		(103,302,031	)
Net increase (decrease) in net assets resulting from operations		(8,955,011	)		(11,217,778	)		13,847,693			(54,335,021	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,881,300	)		(3,824,601	)		—			(155,638,225	)
Class C		(28,491	)		(66,601	)		—			(1,384,485	)
Class I		(3,503,999	)		(5,563,554	)		—			(95,860,473	)
Class R		(4,093	)		(7,389	)		—			(320,470	)
Class R6		(2,741,056	)		(4,487,164	)		—			(1,461,934	)
Class Y		(35,508	)		(26,642	)		—			(638,758	)
		(8,194,447	)		(13,975,951	)		—			(255,304,345	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		3,469,133			8,814,666			3,401,893			9,190,401
Class C		160,435			865,984			158,621			293,294
Class I		40,059,143			78,770,943			9,095,589			52,313,898
Class R		26,592			126,430			3,508			28,946
Class R6		24,873,589			27,755,010			2,063,106			1,768,200
Class Y		405,149			1,228,234			132,101			124,289
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,869,990			3,792,848			—			152,055,253
Class C		28,491			66,536			—			1,380,869
Class I		3,500,657			5,527,257			—			95,712,821
Class R		4,093			7,389			—			320,470
Class R6		2,740,682			4,487,164			—			875,824
Class Y		35,270			26,219			—			637,520
		77,173,224			131,468,680			14,854,818			314,701,785
Cost of shares redeemed:
Class A		(13,919,584	)		(43,979,991	)		(34,176,642	)		(126,112,955	)
Class C		(1,127,543	)		(1,582,762	)		(347,814	)		(1,406,795	)
Class I		(42,103,091	)		(93,272,155	)		(41,866,643	)		(209,246,811	)
Class R		(46,826	)		(122,474	)		(43,332	)		(104,477	)
Class R6		(11,921,399	)		(35,888,243	)		(608,151	)		(892,205	)
Class Y		(395,268	)		(228,688	)		(102,354	)		(498,722	)
		(69,513,711	)		(175,074,313	)		(77,144,936	)		(338,261,965	)
Increase (decrease) in net assets derived from capital share transactions		7,659,513			(43,605,633	)		(62,290,118	)		(23,560,180	)
Net Decrease in Net Assets		(9,489,945	)		(68,799,362	)		(48,442,425	)		(333,199,546	)

 91

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Global Bond Fund				Delaware Ivy Global Growth Fund
	Six months ended 9/30/23 (Unaudited)		Year ended 3/31/23		Six months ended 9/30/23 (Unaudited)		Year ended 3/31/23
Net Assets:
Beginning of period	$	428,202,059	$	497,001,421	$	536,849,411	$	870,048,957
End of period	$	418,712,114	$	428,202,059	$	488,406,986	$	536,849,411

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

92

	Delaware Ivy High Income Fund						Delaware Ivy International Core Equity Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	92,235,499		$	206,990,768		$	18,931,301		$	34,731,260
Net realized gain (loss)		(121,103,380	)		(232,499,505	)		31,012,580			(15,974,319	)
Net change in unrealized appreciation (depreciation)		82,115,564			(203,983,064	)		(41,008,290	)		(62,910,806	)
Net increase (decrease) in net assets resulting from operations		53,247,683			(229,491,801	)		8,935,591			(44,153,865	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(42,189,792	)		(95,683,062	)		—			(2,204,684	)
Class C		(4,350,627	)		(11,167,120	)		—			(48,427	)
Class E1		—			(99,739	)		—			—
Class I		(38,672,437	)		(87,942,232	)		—			(7,716,433	)
Class R		(1,178,874	)		(2,642,896	)		—			(243,139	)
Class R6		(1,994,654	)		(4,396,791	)		—			(2,574,522	)
Class Y		(2,393,850	)		(5,574,837	)		—			(349,221	)
		(90,780,234	)		(207,506,677	)		—			(13,136,426	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		42,194,862			128,428,311			13,673,611			29,761,426
Class C		5,421,179			11,609,666			738,904			1,043,394
Class E1		—			75,619			—			70,210
Class I		142,922,630			369,674,854			69,162,841			121,901,540
Class R		761,491			1,057,896			651,142			2,049,682
Class R6		6,675,773			21,534,370			38,904,194			29,813,846
Class Y		14,784,726			30,153,445			2,555,959			6,485,905
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		41,279,508			93,326,521			—			2,164,453
Class C		4,332,976			10,740,503			—			48,018
Class E1		—			88,592			—			—
Class I		38,487,661			86,841,370			—			7,462,418
Class R		1,177,983			2,672,221			—			243,083
Class R6		1,928,090			4,327,070			—			2,550,093
Class Y		2,257,529			5,277,734			—			347,762
		302,224,408			765,808,172			125,686,651			203,941,830

 93

Statements of changes in net assets

Ivy Funds

	Delaware Ivy High Income Fund						Delaware Ivy International Core Equity Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(151,102,308	)$		(403,931,896	)	$	(26,842,427	)	$	(74,640,222	)
Class C		(25,910,221	)		(75,352,072	)		(7,789,129	)		(16,543,106	)
Class E1		—			(7,695,819	)		—			(6,986,287	)
Class I		(200,476,754	)		(689,215,973	)		(124,428,249	)		(395,974,846	)
Class R		(2,946,070	)		(8,374,156	)		(3,599,285	)		(7,344,492	)
Class R6		(20,400,222	)		(23,188,049	)		(32,369,659	)		(125,803,841	)
Class Y		(27,929,294	)		(54,458,875	)		(4,653,591	)		(13,993,979	)
		(428,764,869	)		(1,262,216,840	)		(199,682,340	)		(641,286,773	)
Decrease in net assets derived from capital share transactions		(126,540,461	)		(496,408,668	)		(73,995,689	)		(437,344,943	)
Net Decrease in Net Assets		(164,073,012	)		(933,407,146	)		(65,060,098	)		(494,635,234	)
Net Assets:
Beginning of period		2,536,502,149			3,469,909,295			1,356,884,178			1,851,519,412
End of period	$	2,372,429,137		$	2,536,502,149		$	1,291,824,080		$	1,356,884,178

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

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

94

	Delaware Ivy Large Cap Growth Fund						Delaware Ivy Managed International Opportunities Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(2,572,846	)	$	(3,696,658	)	$	(504,175	)	$	297,235
Net realized gain (loss)		135,615,921			192,465,975			863,123			936,652
Net change in unrealized appreciation (depreciation)		279,117,470			(716,913,321	)		(1,309,469	)		(9,469,527	)
Net increase (decrease) in net assets resulting from operations		412,160,545			(528,144,004	)		(950,521	)		(8,235,640	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(233,211,332	)		—			(5,093,238	)
Class C		—			(6,803,751	)		—			(82,022	)
Class E1		—			(449	)		—			—
Class I		—			(202,306,553	)		—			(6,195,794	)
Class R		—			(1,077,786	)		—			(11,316	)
Class R6		—			(15,565,662	)		—			(12,765	)
Class Y		—			(2,693,440	)		—			(13,118	)
		—			(461,658,973	)		—			(11,408,253	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		75,493,018			176,012,893			705,470			2,068,217
Class C		8,438,929			8,452,969			19,027			53,423
Class E1		—			513,750			—			—
Class I		556,323,832			1,335,000,059			4,028,120			11,353,893
Class R		1,990,653			2,714,377			11,017			17,606
Class R6		30,992,965			108,362,725			—			60,332
Class Y		7,682,267			2,867,825			340			2,953
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			231,503,608			—			5,087,312
Class C		—			6,795,138			—			82,022
Class I		—			198,918,523			—			6,194,130
Class R		—			1,077,786			—			11,316
Class R6		—			15,305,442			—			12,765
Class Y		—			2,680,400			—			13,118
		680,921,664			2,090,205,495			4,763,974			24,957,087

 95

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Large Cap Growth Fund						Delaware Ivy Managed International Opportunities Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Cost of shares redeemed:
Class A	$	(209,532,786	)	$	(590,512,483	)	$	(5,307,227	)	$	(14,206,983	)
Class C		(7,768,875	)		(20,130,759	)		(115,272	)		(306,865	)
Class E1		—			(28,413,405	)		—			—
Class I		(414,562,826	)		(1,028,298,682	)		(10,923,526	)		(45,844,028	)
Class R		(1,104,164	)		(3,108,406	)		(10	)		(25	)
Class R6		(45,295,149	)		(77,388,981	)		(27,354	)		(65,177	)
Class Y		(8,708,305	)		(10,280,136	)		(17,567	)		(33,955	)
		(686,972,105	)		(1,758,132,852	)		(16,390,956	)		(60,457,033	)
Increase (decrease) in net assets derived from capital share transactions		(6,050,441	)		332,072,643			(11,626,982	)		(35,499,946	)
Net Increase (Decrease) in Net Assets		406,110,104			(657,730,334	)		(12,577,503	)		(55,143,839	)
Net Assets:
Beginning of period		5,116,120,806			5,773,851,140			78,249,131			133,392,970
End of period	$	5,522,230,910		$	5,116,120,806		$	65,671,628		$	78,249,131

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

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

96

	Delaware Ivy Mid Cap Growth Fund						Delaware Ivy Mid Cap Income Opportunities Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(10,217,995	)	$	(23,468,799	)	$	11,672,864		$	26,086,278
Net realized gain (loss)		68,306,341			572,136,526			20,641,213			17,627,519
Net change in unrealized appreciation (depreciation)		(370,906,544	)		(1,312,690,453	)		(46,571,393	)		(127,820,971	)
Net increase (decrease) in net assets resulting from operations		(312,818,198	)		(764,022,726	)		(14,257,316	)		(84,107,174	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(164,406,300	)		(1,519,000	)		(6,514,556	)
Class C		—			(10,932,969	)		(101,431	)		(609,409	)
Class E1		—			(17	)		—			—
Class I		—			(255,989,188	)		(9,339,747	)		(46,510,991	)
Class R		—			(6,221,362	)		(9,897	)		(37,033	)
Class R6		—			(77,842,989	)		(886,419	)		(3,921,104	)
Class Y		—			(21,051,425	)		(110,201	)		(439,212	)
		—			(536,444,250	)		(11,966,695	)		(58,032,305	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		60,058,968			116,730,479			6,000,432			39,515,455
Class C		3,232,168			8,020,697			527,646			2,445,278
Class E1		—			208,019			—			—
Class I		317,793,954			820,478,205			85,928,522			260,587,380
Class R		4,922,353			8,960,574			6,829,055			126,008
Class R6		232,295,889			395,392,794			8,954,847			30,058,898
Class Y		20,127,215			31,335,214			1,609,299			1,924,707
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			163,484,209			1,518,053			6,504,171
Class C		—			10,892,763			100,633			607,537
Class I		—			249,728,118			9,109,199			45,322,699
Class R		—			6,209,860			9,897			37,033
Class R6		—			77,701,319			852,383			3,861,579
Class Y		—			21,013,263			109,867			436,561
		638,430,547			1,910,155,514			121,549,833			391,427,306

 97

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Mid Cap Growth Fund						Delaware Ivy Mid Cap Income Opportunities Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Cost of shares redeemed:
Class A	$	(163,858,258	)	$	(454,648,001	)	$	(19,660,040	)	$	(48,258,982	)
Class C		(12,626,305	)		(38,853,344	)		(2,725,169	)		(7,797,412	)
Class E1		—			(15,934,312	)		—			—
Class I		(321,124,426	)		(1,128,346,626	)		(245,134,650	)		(595,631,582	)
Class R		(9,084,682	)		(16,761,799	)		(106,947	)		(135,688	)
Class R6		(155,237,624	)		(233,573,867	)		(15,851,360	)		(48,698,820	)
Class Y		(25,728,708	)		(61,854,490	)		(1,424,462	)		(16,337,458	)
		(687,660,003	)		(1,949,972,439	)		(284,902,628	)		(716,859,942	)
Decrease in net assets derived from capital share transactions		(49,229,456	)		(39,816,925	)		(163,352,795	)		(325,432,636	)
Net Decrease in Net Assets		(362,047,654	)		(1,340,283,901	)		(189,576,806	)		(467,572,115	)
Net Assets:
Beginning of period		5,877,151,978			7,217,435,879			1,289,981,924			1,757,554,039
End of period	$	5,515,104,324		$	5,877,151,978		$	1,100,405,118		$	1,289,981,924

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

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

98

	Delaware Ivy Small Cap Growth Fund						Delaware Ivy Smid Cap Core Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(4,898,324	)	$	(7,713,488	)	$	735,507		$	2,294,855
Net realized gain (loss)		57,949,644			49,189,318			4,740,366			(13,210,907	)
Net change in unrealized appreciation (depreciation)		(87,176,701	)		(396,476,546	)		(4,842,137	)		(31,254,611	)
Net increase (decrease) in net assets resulting from operations		(34,125,381	)		(355,000,716	)		633,736			(42,170,663	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(35,978,096	)		(243,422	)		(26,732,151	)
Class C		—			(1,946,695	)		(13,694	)		(3,710,461	)
Class E1		—			(337	)		—			—
Class I		—			(17,341,942	)		(346,498	)		(36,815,324	)
Class R		—			(2,310,793	)		(23,356	)		(4,392,345	)
Class R6		—			(4,990,253	)		(100,330	)		(12,259,333	)
Class Y		—			(2,620,597	)		(8,290	)		(1,153,288	)
		—			(65,188,713	)		(735,590	)		(85,062,902	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		13,574,445			42,280,458			3,512,309			14,242,069
Class C		726,877			1,906,837			362,322			1,026,594
Class E1		—			141,458			—			—
Class I		51,046,157			151,993,044			10,444,527			46,699,579
Class R		1,830,431			3,877,925			1,120,283			1,713,392
Class R6		22,248,569			28,475,201			3,030,527			7,482,685
Class Y		3,644,169			8,314,846			252,080			952,837
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			35,770,613			242,447			26,410,183
Class C		—			1,921,869			13,687			3,691,446
Class I		—			16,814,919			343,694			36,412,424
Class R		—			2,308,442			23,356			4,384,756
Class R6		—			4,857,773			100,320			12,229,704
Class Y		—			2,503,946			8,262			980,068
		93,070,648			301,167,331			19,453,814			156,225,737

 99

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Small Cap Growth Fund						Delaware Ivy Smid Cap Core Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Cost of shares redeemed:
Class A	$	(79,893,226	)	$	(235,462,828	)	$	(13,924,313	)	$	(42,325,453	)
Class C		(4,176,679	)		(11,707,208	)		(1,788,713	)		(4,923,834	)
Class E1		—			(10,999,250	)		—			—
Class I		(96,774,001	)		(358,561,415	)		(36,197,223	)		(179,974,386	)
Class R		(4,012,235	)		(8,334,107	)		(1,179,934	)		(4,468,380	)
Class R6		(17,135,503	)		(49,967,732	)		(6,308,965	)		(45,397,284	)
Class Y		(23,459,710	)		(20,072,822	)		(901,438	)		(2,937,629	)
		(225,451,354	)		(695,105,362	)		(60,300,586	)		(280,026,966	)
Decrease in net assets derived from capital share transactions		(132,380,706	)		(393,938,031	)		(40,846,772	)		(123,801,229	)
Net Decrease in Net Assets		(166,506,087	)		(814,127,460	)		(40,948,626	)		(251,034,794	)
Net Assets:
Beginning of period		1,535,838,582			2,349,966,042			347,781,085			598,815,879
End of period	$	1,369,332,495		$	1,535,838,582		$	306,832,459		$	347,781,085

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

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

100

	Delaware Ivy Systematic Emerging Markets Equity Fundf						Delaware Ivy Value Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	16,227,798		$	42,123,619		$	5,269,087		$	15,391,544
Net realized gain (loss)		(12,498,359	)		9,447,774			19,965,931			300,268,806
Net change in unrealized appreciation (depreciation)		(18,437,729	)		(231,865,125	)		(39,179,750	)		(387,597,951	)
Net increase (decrease) in net assets resulting from operations		(14,708,290	)		(180,293,732	)		(13,944,732	)		(71,937,601	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(23,862,228	)		(2,421,414	)		(64,572,042	)
Class C		—			(3,799,756	)		(29,186	)		(1,294,711	)
Class I		—			(67,508,510	)		(2,791,454	)		(134,186,525	)
Class R		—			(761,742	)		(21	)		(3,635	)
Class R6		—			(19,569,993	)		(27,220	)		(11,915,526	)
Class Y		—			(3,290,998	)		(764	)		(16,310	)
		—			(118,793,227	)		(5,270,059	)		(211,988,749	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		6,183,220			13,991,590			7,613,070			60,344,321
Class C		341,368			1,201,866			482,691			3,746,973
Class I		39,033,244			166,521,673			23,858,550			155,732,308
Class R		376,873			1,512,449			560			7,344
Class R6		10,331,366			25,177,569			194,015			8,750,632
Class Y		2,664,819			11,947,670			4,360			29,289
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			23,187,118			2,408,990			64,090,801
Class C		—			3,695,972			29,174			1,293,492
Class I		—			60,246,877			2,788,043			134,063,974
Class R		—			709,240			21			3,635
Class R6		—			19,518,747			17,214			11,441,895
Class Y		—			775,952			764			16,110
		58,930,890			328,486,723			37,397,452			439,520,774

 101

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Systematic Emerging Markets Equity Fundf						Delaware Ivy Value Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Cost of shares redeemed:
Class A	$	(24,059,871	)	$	(65,930,457	)	$	(44,701,000	)	$	(120,780,702	)
Class C		(4,004,005	)		(12,182,076	)		(1,389,865	)		(3,662,866	)
Class I		(103,141,379	)		(426,635,179	)		(93,751,260	)		(705,769,539	)
Class R		(986,127	)		(2,008,209	)		(15,687	)		(57	)
Class R6		(33,001,986	)		(107,210,543	)		(2,642,780	)		(127,494,556	)
Class Y		(4,619,933	)		(7,824,761	)		(56	)		(41,516	)
		(169,813,301	)		(621,791,225	)		(142,500,648	)		(957,749,236	)
Decrease in net assets derived from capital share transactions		(110,882,411	)		(293,304,502	)		(105,103,196	)		(518,228,462	)
Net Decrease in Net Assets		(125,590,701	)		(592,391,461	)		(124,317,987	)		(802,154,812	)
Net Assets:
Beginning of period		914,389,981			1,506,781,442			675,648,949			1,477,803,761
End of period	$	788,799,280		$	914,389,981		$	551,330,962		$	675,648,949

^f Consolidated statements of changes in net assets

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

102

Financial highlights

Delaware Global Equity Fund II Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.06		$	12.72		$	13.72		$	9.64		$	11.90		$	13.84
Income (loss) from investment operations:
Net investment income2		0.07			0.13			0.20			0.26			0.29			0.29
Net realized and unrealized gain (loss)		(0.49	)		0.12			(0.07	)		4.23			(2.13	)		(0.34	)
Total from investment operations		(0.42	)		0.25			0.13			4.49			(1.84	)		(0.05	)
Less dividends and distributions from:
Net investment income		(0.07	)		(0.11	)		(0.42	)		(0.23	)		(0.30	)		(0.32	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(0.07	)		(4.91	)		(1.13	)		(0.41	)		(0.42	)		(1.89	)
Net asset value, end of period	$	7.57		$	8.06		$	12.72		$	13.72		$	9.64		$	11.90
Total return3		(5.24	%)4		5.75	%4		0.51	%4		47.07	%4		(16.11	%)4		0.47	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	169,411		$	197,879		$	263,835		$	310	5	$	260	5	$	387	5
Ratio of expenses to average net assets6		1.17	%		1.19	%		1.22	%		1.22	%		1.24	%		1.24	%
Ratio of expenses to average net assets prior to fees waived6		1.26	%		1.33	%		1.25	%		1.24	%		1.25	%		1.24	%
Ratio of net investment income to average net assets		1.82	%		1.25	%		1.41	%		2.16	%		2.43	%		2.27	%
Ratio of net investment income to average net assets prior to fees waived		1.73	%		1.11	%		1.38	%		2.14	%		2.42	%		2.27	%
Portfolio turnover		97	%7		25	%		111	%		39	%		43	%		28	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the six months ended September 30, 2023 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.

 103

Financial highlights

Delaware Global Equity Fund II Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22				3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	7.98		$	12.69		$	13.72			$	9.64		$	11.90		$	13.82
Income (loss) from investment operations:
Net investment income2		0.04			0.05			0.09				0.16			0.21			0.21
Net realized and unrealized gain (loss)		(0.48	)		0.11			(0.08	)			4.23			(2.13	)		(0.35	)
Total from investment operations		(0.44	)		0.16			0.01				4.39			(1.92	)		(0.14	)
Less dividends and distributions from:
Net investment income		(0.05	)		(0.07	)		(0.33	)			(0.13	)		(0.22	)		(0.21	)
Net realized gain		—			(4.80	)		(0.71	)			(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(0.05	)		(4.87	)		(1.04	)			(0.31	)		(0.34	)		(1.78	)
Net asset value, end of period	$	7.49		$	7.98		$	12.69			$	13.72		$	9.64		$	11.90
Total return3		(5.60	%)4		4.84	%4		(0.32	%)			45.88	%		(16.75	%)		(0.21	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,989		$	2,384		$	4,780		��	$	7	5	$	10	5	$	22	5
Ratio of expenses to average net assets6		1.92	%		2.04	%		2.04	%			2.03	%		2.00	%		1.94	%
Ratio of expenses to average net assets prior to fees waived6		2.01	%		2.27	%		2.04	%			2.03	%		2.00	%		1.94	%
Ratio of net investment income to average net assets		1.06	%		0.44	%		0.64	%			1.34	%		1.76	%		1.64	%
Ratio of net investment income to average net assets prior to fees waived		0.97	%		0.21	%		0.64	%			1.34	%		1.76	%		1.64	%
Portfolio turnover		97	%7		25	%		111	%			39	%		43	%		28	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the six months ended September 30, 2023 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.

104

Delaware Global Equity Fund II Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.09		$	12.74		$	13.73		$	9.64		$	11.91		$	13.85
Income (loss) from investment operations:
Net investment income2		0.09			0.16			0.24			0.29			0.33			0.34
Net realized and unrealized gain (loss)		(0.50	)		0.12			(0.07	)		4.24			(2.14	)		(0.35	)
Total from investment operations		(0.41	)		0.28			0.17			4.53			(1.81	)		(0.01	)
Less dividends and distributions from:
Net investment income		(0.08	)		(0.13	)		(0.45	)		(0.26	)		(0.34	)		(0.36	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(0.08	)		(4.93	)		(1.16	)		(0.44	)		(0.46	)		(1.93	)
Net asset value, end of period	$	7.60		$	8.09		$	12.74		$	13.73		$	9.64		$	11.91
Total return3		(5.11	%)		5.99	%		0.81	%		47.60	%		(15.90	%)		0.78	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	88,236		$	117,590		$	205,264		$	268	4	$	242	4	$	374	4
Ratio of expenses to average net assets5		0.92	%		0.92	%		0.92	%		0.92	%		0.92	%		0.93	%
Ratio of expenses to average net assets prior to fees waived5		1.01	%		0.93	%		0.94	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		2.13	%		1.58	%		1.72	%		2.46	%		2.76	%		2.58	%
Ratio of net investment income to average net assets prior to fees waived		2.04	%		1.57	%		1.70	%		2.43	%		2.73	%		2.56	%
Portfolio turnover		97	%6		25	%		111	%		39	%		43	%		28	%

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. 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 six months ended September 30, 2023 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.

 105

Financial highlights

Delaware Global Equity Fund II Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.04		$	12.72		$	13.73		$	9.65		$	11.91		$	13.84
Income (loss) from investment operations:
Net investment income2		0.06			0.10			0.15			0.22			0.26			0.25
Net realized and unrealized gain (loss)		(0.49	)		0.12			(0.07	)		4.23			(2.13	)		(0.33	)
Total from investment operations		(0.43	)		0.22			0.08			4.45			(1.87	)		(0.08	)
Less dividends and distributions from:
Net investment income		(0.06	)		(0.10	)		(0.38	)		(0.19	)		(0.27	)		(0.28	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(0.06	)		(4.90	)		(1.09	)		(0.37	)		(0.39	)		(1.85	)
Net asset value, end of period	$	7.55		$	8.04		$	12.72		$	13.73		$	9.65		$	11.91
Total return3		(5.36	%)4		5.37	%4		0.18	%		46.59	%		(16.36	%)		0.22	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	220		$	232		$	3085		$	—	5,6	$	1	6	$	1	6
Ratio of expenses to average net assets7		1.42	%		1.47	%		1.54	%		1.54	%		1.53	%		1.52	%
Ratio of expenses to average net assets prior to fees waived7		1.51	%		1.48	%		1.54	%		1.54	%		1.53	%		1.52	%
Ratio of net investment income to average net assets		1.54	%		0.92	%		1.09	%		1.89	%		2.14	%		1.97	%
Ratio of net investment income to average net assets prior to fees waived		1.45	%		0.91	%		1.09	%		1.89	%		2.14	%		1.97	%
Portfolio turnover		97	%8		25	%		111	%		39	%		43	%		28	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Rounds to less than $500 thousands.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the six months ended September 30, 2023 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

Delaware Global Equity Fund II Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.12		$	12.76		$	13.74		$	9.65		$	11.92		$	13.86
Income (loss) from investment operations:
Net investment income2		0.08			0.19			0.26			0.30			0.35			0.30
Net realized and unrealized gain (loss)		(0.49	)		0.10			(0.06	)		4.24			(2.14	)		(0.29	)
Total from investment operations		(0.41	)		0.29			0.20			4.54			(1.79	)		0.01
Less dividends and distributions from:
Net investment income		(0.09	)		(0.13	)		(0.47	)		(0.27	)		(0.36	)		(0.38	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(0.09	)		(4.93	)		(1.18	)		(0.45	)		(0.48	)		(1.95	)
Net asset value, end of period	$	7.62		$	8.12		$	12.76		$	13.74		$	9.65		$	11.92
Total return3		(5.15	%)4		6.09	%		0.99	%		47.70	%		(15.76	%)		0.93	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,178		$	1,130		$	14,281		$	24	5	$	17	5	$	22	5
Ratio of expenses to average net assets6		0.86	%		0.83	%		0.79	%		0.79	%		0.79	%		0.78	%
Ratio of expenses to average net assets prior to fees waived6		0.95	%		0.83	%		0.79	%		0.79	%		0.79	%		0.78	%
Ratio of net investment income to average net assets		2.05	%		1.68	%		1.90	%		2.54	%		2.87	%		2.40	%
Ratio of net investment income to average net assets prior to fees waived		1.96	%		1.68	%		1.90	%		2.54	%		2.87	%		2.40	%
Portfolio turnover		97	%7		25	%		111	%		39	%		43	%		28	%

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. 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 six months ended September 30, 2023 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

Financial highlights

Delaware Global Equity Fund II Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.06		$	12.72		$	13.72		$	9.64		$	11.90		$	13.84
Income (loss) from investment operations:
Net investment income2		0.08			0.13			0.20			0.26			0.30			0.30
Net realized and unrealized gain (loss)		(0.50	)		0.12			(0.07	)		4.23			(2.13	)		(0.34	)
Total from investment operations		(0.42	)		0.25			0.13			4.49			(1.83	)		(0.04	)
Less dividends and distributions from:
Net investment income		(0.07	)		(0.11	)		(0.42	)		(0.23	)		(0.31	)		(0.33	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(0.07	)		(4.91	)		(1.13	)		(0.41	)		(0.43	)		(1.90	)
Net asset value, end of period	$	7.57		$	8.06		$	12.72		$	13.72		$	9.64		$	11.90
Total return3		(5.25	%)4		5.74	%4		0.53	%		47.11	%		(16.06	%)		0.49	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,108		$	1,409		$	1,612		$	2	5	$	5	5	$	7	5
Ratio of expenses to average net assets6		1.17	%		1.18	%		1.18	%		1.18	%		1.19	%		1.21	%7
Ratio of expenses to average net assets prior to fees waived6		1.26	%		1.19	%		1.18	%		1.18	%		1.19	%		1.21	%7
Ratio of net investment income to average net assets		1.85	%		1.26	%		1.45	%		2.25	%		2.49	%		2.30	%
Ratio of net investment income to average net assets prior to fees waived		1.76	%		1.25	%		1.45	%		2.25	%		2.49	%		2.30	%
Portfolio turnover		97	%8		25	%		111	%		39	%		43	%		28	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	Expense ratio based on the period excluding reorganization expenses was 1.19%.
8	The Fund’s portfolio turnover rate increased substantially during the six months ended September 30, 2023 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

Delaware International Equity Fund II Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	14.91		$	16.57		$	18.54		$	11.08		$	14.93		$	18.08
Income (loss) from investment operations:
Net investment income2		0.18			0.16			0.21			0.16			0.32			0.16
Net realized and unrealized gain (loss)		(0.88	)		(0.31	)		(1.76	)		7.48			(3.81	)		(1.33	)
Total from investment operations		(0.70	)		(0.15	)		(1.55	)		7.64			(3.49	)		(1.17	)
Less dividends and distributions from:
Net investment income		—			—			(0.42	)		(0.18	)		(0.36	)		(0.07	)
Net realized gain		—			(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		—			(1.51	)		(0.42	)		(0.18	)		(0.36	)		(1.98	)
Net asset value, end of period	$	14.21		$	14.91		$	16.57		$	18.54		$	11.08		$	14.93
Total return3		(4.70	%)4		0.23	%4		(8.50	%)		69.18	%4		(24.08	%)4		(6.19	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	36,283		$	41,665		$	53,118		$	66	5	$	45	5	$	75	5
Ratio of expenses to average net assets6		1.15	%		1.37	%		1.45	%		1.55	%		1.56	%		1.55	%
Ratio of expenses to average net assets prior to fees waived6		1.64	%		1.79	%		1.45	%		1.76	%		1.77	%		1.75	%
Ratio of net investment income to average net assets		2.41	%		1.10	%		1.13	%		1.08	%		2.19	%		0.99	%
Ratio of net investment income to average net assets prior to fees waived		1.92	%		0.68	%		1.13	%		0.87	%		1.98	%		0.79	%
Portfolio turnover		92	%7		36	%		119	%		20	%		26	%		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.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the six months ended September 30, 2023 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

Financial highlights

Delaware International Equity Fund II Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	13.53		$	15.29		$	17.16		$	10.28		$	13.89		$	16.99
Income (loss) from investment operations:
Net investment income2		0.11			0.06			0.04			0.02			0.22			0.06
Net realized and unrealized gain (loss)		(0.80	)		(0.31	)		(1.62	)		6.95			(3.55	)		(1.25	)
Total from investment operations		(0.69	)		(0.25	)		(1.58	)		6.97			(3.33	)		(1.19	)
Less dividends and distributions from:
Net investment income		—			—			(0.29	)		(0.09	)		(0.28	)		—
Net realized gain		—			(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		—			(1.51	)		(0.29	)		(0.09	)		(0.28	)		(1.91	)
Net asset value, end of period	$	12.84		$	13.53		$	15.29		$	17.16		$	10.28		$	13.89
Total return3		(5.10	%)4		(0.42	%)4		(9.30	%)		67.92	%4		(24.55	%)4		(6.74	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	350		$	396		$	650		$	1	5	$	1	5	$	2	5
Ratio of expenses to average net assets6		1.90	%		2.12	%		2.28	%		2.31	%		2.20	%		2.13	%
Ratio of expenses to average net assets prior to fees waived6		2.39	%		2.52	%		2.28	%		2.52	%		2.41	%		2.33	%
Ratio of net investment income to average net assets		1.65	%		0.44	%		0.23	%		0.18	%		1.57	%		0.39	%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.16	%		0.04	%		0.23	%		(0.03	%)		1.36	%		0.19	%
Portfolio turnover		92	%7		36	%		119	%		20	%		26	%		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.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the six months ended September 30, 2023 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

Delaware International Equity Fund II Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	15.43		$	17.03		$	19.05		$	11.37		$	15.30		$	18.48
Income (loss) from investment operations:
Net investment income2		0.21			0.24			0.30			0.22			0.39			0.24
Net realized and unrealized gain (loss)		(0.91	)		(0.33	)		(1.83	)		7.70			(3.89	)		(1.37	)
Total from investment operations		(0.70	)		(0.09	)		(1.53	)		7.92			(3.50	)		(1.13	)
Less dividends and distributions from:
Net investment income		—			—			(0.49	)		(0.24	)		(0.43	)		(0.14	)
Net realized gain		—			(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		—			(1.51	)		(0.49	)		(0.24	)		(0.43	)		(2.05	)
Net asset value, end of period	$	14.73		$	15.43		$	17.03		$	19.05		$	11.37		$	15.30
Total return3		(4.54	%)4		0.58	%4		(8.21	%)		69.97	%4		(23.71	%)4		(5.79	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,913		$	40,058		$	66,566		$	92	5	$	74	5	$	95	5
Ratio of expenses to average net assets6		0.90	%		1.06	%		1.08	%		1.12	%		1.11	%		1.12	%
Ratio of expenses to average net assets prior to fees waived6		1.39	%		1.26	%		1.08	%		1.33	%		1.32	%		1.32	%
Ratio of net investment income to average net assets		2.72	%		1.62	%		1.54	%		1.48	%		2.60	%		1.43	%
Ratio of net investment income to average net assets prior to fees waived		2.23	%		1.42	%		1.54	%		1.27	%		2.39	%		1.23	%
Portfolio turnover		92	%7		36	%		119	%		20	%		26	%		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.
4	Total return during the period reflects waivers by the manager. 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 six months ended September 30, 2023 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

Financial highlights

Delaware International Equity Fund II Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	14.84		$	16.52		$	18.50		$	11.06		$	14.90		$	18.05
Income (loss) from investment operations:
Net investment income2		0.16			0.07			0.50			0.14			0.30			0.14
Net realized and unrealized gain (loss)		(0.88	)		(0.24	)		(2.10	)		7.47			(3.79	)		(1.33	)
Total from investment operations		(0.72	)		(0.17	)		(1.60	)		7.61			(3.49	)		(1.19	)
Less dividends and distributions from:
Net investment income		—			—			(0.38	)		(0.17	)		(0.35	)		(0.05	)
Net realized gain		—			(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		—			(1.51	)		(0.38	)		(0.17	)		(0.35	)		(1.96	)
Net asset value, end of period	$	14.12		$	14.84		$	16.52		$	18.50		$	11.06		$	14.90
Total return3		(4.85	%)4		0.10	%4		(8.79	%)		68.98	%4		(24.13	%)4		(6.33	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	146		$	132		$	6		$	—	5,6	$	—	5,6	$	—	5,6
Ratio of expenses to average net assets7		1.40	%		1.47	%		1.75	%		1.69	%		1.67	%		1.69	%
Ratio of expenses to average net assets prior to fees waived7		1.89	%		1.89	%		1.75	%		1.90	%		1.88	%		1.89	%
Ratio of net investment income to average net assets		2.16	%		0.52	%		2.66	%		0.98	%		2.03	%		0.85	%
Ratio of net investment income to average net assets prior to fees waived		1.67	%		0.10	%		2.66	%		0.77	%		1.82	%		0.65	%
Portfolio turnover		92	%8		36	%		119	%		20	%		26	%		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.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the six months ended September 30, 2023 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

Delaware International Equity Fund II Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	15.48		$	17.08		$	19.11		$	11.40		$	15.34		$	18.53
Income (loss) from investment operations:
Net investment income2		0.21			0.23			0.32			0.24			0.43			0.28
Net realized and unrealized gain (loss)		(0.91	)		(0.32	)		(1.83	)		7.74			(3.91	)		(1.39	)
Total from investment operations		(0.70	)		(0.09	)		(1.51	)		7.98			(3.48	)		(1.11	)
Less dividends and distributions from:
Net investment income		—			—			(0.52	)		(0.27	)		(0.46	)		(0.17	)
Net realized gain		—			(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		—			(1.51	)		(0.52	)		(0.27	)		(0.46	)		(2.08	)
Net asset value, end of period	$	14.78		$	15.48		$	17.08		$	19.11		$	11.40		$	15.34
Total return3		(4.52	%)4		0.58	%4		(8.08	%)		70.31	%4		(23.58	%)4		(5.66	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	38,606		$	44,969		$	66,050		$	90	5	$	84	5	$	105	5
Ratio of expenses to average net assets6		0.85	%		1.03	%		0.92	%		0.94	%		0.93	%		0.91	%
Ratio of expenses to average net assets prior to fees waived6		1.34	%		1.16	%		0.92	%		1.15	%		1.14	%		1.11	%
Ratio of net investment income to average net assets		2.72	%		1.51	%		1.69	%		1.62	%		2.84	%		1.72	%
Ratio of net investment income to average net assets prior to fees waived		2.23	%		1.38	%		1.69	%		1.41	%		2.63	%		1.52	%
Portfolio turnover		92	%7		36	%		119	%		20	%		26	%		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.
4	Total return during the period reflects waivers by the manager. 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 six months ended September 30, 2023 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

Financial highlights

Delaware International Equity Fund II Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	15.22		$	16.85		$	18.85		$	11.26		$	15.16		$	18.33
Income (loss) from investment operations:
Net investment income2		0.19			0.18			0.23			0.20			0.38			0.20
Net realized and unrealized gain (loss)		(0.91	)		(0.30	)		(1.79	)		7.60			(3.89	)		(1.36	)
Total from investment operations		(0.72	)		(0.12	)		(1.56	)		7.80			(3.51	)		(1.16	)
Less dividends and distributions from:
Net investment income		—			—			(0.44	)		(0.21	)		(0.39	)		(0.10	)
Net realized gain		—			(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		—			(1.51	)		(0.44	)		(0.21	)		(0.39	)		(2.01	)
Net asset value, end of period	$	14.50		$	15.22		$	16.85		$	18.85		$	11.26		$	15.16
Total return3		(4.73	%)4		0.41	%4		(8.43	%)		69.55	%4		(23.93	%)4		(6.04	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	669		$	689		$	953		$	1	5	$	1	5	$	2	5
Ratio of expenses to average net assets6		1.15	%		1.29	%		1.34	%		1.36	%		1.41	%		1.36	%
Ratio of expenses to average net assets prior to fees waived6		1.64	%		1.50	%		1.34	%		1.57	%		1.62	%		1.56	%
Ratio of net investment income to average net assets		2.39	%		1.24	%		1.23	%		1.32	%		2.52	%		1.17	%
Ratio of net investment income to average net assets prior to fees waived		1.90	%		1.03	%		1.23	%		1.11	%		2.31	%		0.97	%
Portfolio turnover		92	%7		36	%		119	%		20	%		26	%		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.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the six months ended September 30, 2023 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

Delaware Ivy Core Bond Fund Class A

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

	Six months  ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57
Income (loss) from investment operations:
Net investment income2		0.20			0.30			0.18			0.20			0.27			0.32
Net realized and unrealized gain (loss)		(0.58	)		(0.80	)		(0.59	)		0.57			(0.07	)		0.09
Total from investment operations		(0.38	)		(0.50	)		(0.41	)		0.77			0.20			0.41
Less dividends and distributions from:
Net investment income		(0.19	)		(0.31	)		(0.20	)		(0.22	)		(0.28	)		(0.32	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.19	)		(0.31	)		(0.23	)		(0.47	)		(0.37	)		(0.32	)
Net asset value, end of period	$	8.77		$	9.34		$	10.15		$	10.79		$	10.49		$	10.66
Total return3		(4.09	%)		(4.91	%)		(3.95	%)		7.32	%		1.79	%		3.96	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	120,663		$	135,039		$	177,936		$	219	4	$	199	4	$	177	4
Ratio of expenses to average net assets5		0.70	%		0.78	%		0.86	%		0.87	%		1.00	%		1.02	%
Ratio of expenses to average net assets prior to fees waived5		0.97	%		1.09	%		0.98	%		0.97	%		1.02	%		1.05	%
Ratio of net investment income to average net assets		4.28	%		3.12	%		1.65	%		1.77	%		2.48	%		2.95	%
Ratio of net investment income to average net assets prior to fees waived		4.01	%		2.81	%		1.53	%		1.67	%		2.46	%		2.92	%
Portfolio turnover		47	%		128	%		86	%		98	%		118	%		91	%

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.

 115

Financial highlights

Delaware Ivy Core Bond Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57
Income (loss) from investment operations:
Net investment income2		0.16			0.21			0.09			0.11			0.19			0.25
Net realized and unrealized gain (loss)		(0.57	)		(0.79	)		(0.59	)		0.58			(0.07	)		0.09
Total from investment operations		(0.41	)		(0.58	)		(0.50	)		0.69			0.12			0.34
Less dividends and distributions from:
Net investment income		(0.16	)		(0.23	)		(0.11	)		(0.14	)		(0.20	)		(0.25	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.16	)		(0.23	)		(0.14	)		(0.39	)		(0.29	)		(0.25	)
Net asset value, end of period	$	8.77		$	9.34		$	10.15		$	10.79		$	10.49		$	10.66
Total return3		(4.45	%)		(5.69	%)		(4.71	%)		6.50	%		1.02	%		3.25	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,107		$	4,022		$	6,362		$	11	4	$	14	4	$	13	4
Ratio of expenses to average net assets5		1.45	%		1.61	%		1.66	%		1.64	%		1.75	%		1.71	%
Ratio of expenses to average net assets prior to fees waived5		1.72	%		2.02	%		1.76	%		1.74	%		1.77	%		1.74	%
Ratio of net investment income to average net assets		3.53	%		2.27	%		0.85	%		1.01	%		1.73	%		2.26	%
Ratio of net investment income to average net assets prior to fees waived		3.26	%		1.86	%		0.75	%		0.91	%		1.71	%		2.23	%
Portfolio turnover		47	%		128	%		86	%		98	%		118	%		91	%

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.

116

Delaware Ivy Core Bond Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57
Income (loss) from investment operations:
Net investment income2		0.21			0.32			0.22			0.24			0.32			0.37
Net realized and unrealized gain (loss)		(0.57	)		(0.79	)		(0.59	)		0.58			(0.07	)		0.09
Total from investment operations		(0.36	)		(0.47	)		(0.37	)		0.82			0.25			0.46
Less dividends and distributions from:
Net investment income		(0.21	)		(0.34	)		(0.24	)		(0.27	)		(0.33	)		(0.37	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.21	)		(0.34	)		(0.27	)		(0.52	)		(0.42	)		(0.37	)
Net asset value, end of period	$	8.77		$	9.34		$	10.15		$	10.79		$	10.49		$	10.66
Total return3		(3.97	%)		(4.61	%)		(3.55	%)		7.77	%		2.25	%		4.46	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	192,650		$	250,769		$	493,000		$	772	4	$	742	4	$	586	4
Ratio of expenses to average net assets5		0.45	%		0.45	%		0.45	%		0.45	%		0.54	%		0.54	%
Ratio of expenses to average net assets prior to fees waived5		0.72	%		0.64	%		0.71	%		0.72	%		0.73	%		0.74	%
Ratio of net investment income to average net assets		4.53	%		3.37	%		2.06	%		2.20	%		2.93	%		3.43	%
Ratio of net investment income to average net assets prior to fees waived		4.26	%		3.18	%		1.80	%		1.93	%		2.74	%		3.23	%
Portfolio turnover		47	%		128	%		86	%		98	%		118	%		91	%

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. 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.

 117

Financial highlights

Delaware Ivy Core Bond Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57
Income (loss) from investment operations:
Net investment income2		0.18			0.28			0.14			0.16			0.24			0.29
Net realized and unrealized gain (loss)		(0.56	)		(0.81	)		(0.59	)		0.57			(0.07	)		0.09
Total from investment operations		(0.38	)		(0.53	)		(0.45	)		0.73			0.17			0.38
Less dividends and distributions from:
Net investment income		(0.18	)		(0.28	)		(0.16	)		(0.18	)		(0.25	)		(0.29	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.18	)		(0.28	)		(0.19	)		(0.43	)		(0.34	)		(0.29	)
Net asset value, end of period	$	8.78		$	9.34		$	10.15		$	10.79		$	10.49		$	10.66
Total return3		(4.10	%)		(5.17	%)		(4.28	%)		6.97	%		1.48	%		3.67	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	868		$	891		$	863		$	1	4	$	1	4	$	1	4
Ratio of expenses to average net assets5		0.95	%		1.03	%		1.21	%		1.20	%		1.30	%		1.30	%
Ratio of expenses to average net assets prior to fees waived5		1.22	%		1.20	%		1.34	%		1.30	%		1.32	%		1.33	%
Ratio of net investment income to average net assets		4.03	%		2.95	%		1.30	%		1.46	%		2.18	%		2.67	%
Ratio of net investment income to average net assets prior to fees waived		3.76	%		2.78	%		1.17	%		1.36	%		2.16	%		2.64	%
Portfolio turnover		47	%		128	%		86	%		98	%		118	%		91	%

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.

118

Delaware Ivy Core Bond Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57
Income (loss) from investment operations:
Net investment income2		0.21			0.32			0.22			0.24			0.32			0.37
Net realized and unrealized gain (loss)		(0.57	)		(0.79	)		(0.59	)		0.58			(0.07	)		0.09
Total from investment operations		(0.36	)		(0.47	)		(0.37	)		0.82			0.25			0.46
Less dividends and distributions from:
Net investment income		(0.21	)		(0.34	)		(0.24	)		(0.27	)		(0.33	)		(0.37	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.21	)		(0.34	)		(0.27	)		(0.52	)		(0.42	)		(0.37	)
Net asset value, end of period	$	8.77		$	9.34		$	10.15		$	10.79		$	10.49		$	10.66
Total return3		(3.95	%)		(4.60	%)		(3.55	%)		7.77	%		2.25	%		4.46	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	58,820		$	74,458		$	147,696		$	184	4	$	133	4	$	110	4
Ratio of expenses to average net assets5		0.41	%		0.45	%		0.45	%		0.45	%		0.54	%		0.54	%
Ratio of expenses to average net assets prior to fees waived5		0.68	%		0.62	%		0.58	%		0.57	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		4.56	%		3.35	%		2.06	%		2.20	%		2.94	%		3.41	%
Ratio of net investment income to average net assets prior to fees waived		4.29	%		3.18	%		1.93	%		2.08	%		2.90	%		3.37	%
Portfolio turnover		47	%		128	%		86	%		98	%		118	%		91	%

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. 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.

 119

Financial highlights

Delaware Ivy Core Bond Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66		$	10.57
Income (loss) from investment operations:
Net investment income2		0.20			0.30			0.18			0.20			0.27			0.33
Net realized and unrealized gain (loss)		(0.58	)		(0.80	)		(0.59	)		0.57			(0.07	)		0.09
Total from investment operations		(0.38	)		(0.50	)		(0.41	)		0.77			0.20			0.42
Less dividends and distributions from:
Net investment income		(0.19	)		(0.31	)		(0.20	)		(0.22	)		(0.28	)		(0.33	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.19	)		(0.31	)		(0.23	)		(0.47	)		(0.37	)		(0.33	)
Net asset value, end of period	$	8.77		$	9.34		$	10.15		$	10.79		$	10.49		$	10.66
Total return3		(4.09	%)		(4.90	%)		(3.94	%)		7.33	%		1.82	%		4.04	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,564		$	4,909		$	6,186		$	7	4	$	10	4	$	5	4
Ratio of expenses to average net assets5		0.70	%		0.76	%		0.86	%		0.87	%		0.96	%		0.95	%
Ratio of expenses to average net assets prior to fees waived5		0.97	%		0.95	%		0.99	%		0.97	%		0.98	%		0.98	%
Ratio of net investment income to average net assets		4.28	%		3.16	%		1.65	%		1.78	%		2.48	%		3.03	%
Ratio of net investment income to average net assets prior to fees waived		4.01	%		2.97	%		1.52	%		1.68	%		2.46	%		3.00	%
Portfolio turnover		47	%		128	%		86	%		98	%		118	%		91	%

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.

120

Delaware Ivy Core Equity Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	14.69		$	18.10		$	18.01		$	11.73		$	13.47		$	14.78
Income (loss) from investment operations:
Net investment income2		0.01			0.05			0.04			0.06			0.06			0.09
Net realized and unrealized gain (loss)		0.50			(1.36	)		2.56			6.65			(0.29	)		0.60
Total from investment operations		0.51			(1.31	)		2.60			6.71			(0.23	)		0.69
Less dividends and distributions from:
Net investment income		—			(0.08	)		(0.09	)		(0.04	)		(0.09	)		(0.09	)
Net realized gain		—			(2.02	)		(2.42	)		(0.39	)		(1.42	)		(1.91	)
Total dividends and distributions		—			(2.10	)		(2.51	)		(0.43	)		(1.51	)		(2.00	)
Net asset value, end of period	$	15.20		$	14.69		$	18.10		$	18.01		$	11.73		$	13.47
Total return3		3.47	%4		(6.71	%)4		13.88	%		57.58	%		(3.57	%)		5.56	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,450,696		$	2,574,630		$	3,424,139		$	3,411	5	$	2,409	5	$	2,895	5
Ratio of expenses to average net assets6		1.00	%		1.00	%		0.97	%		1.00	%		1.03	%		1.02	%
Ratio of expenses to average net assets prior to fees waived6		1.03	%		1.03	%		0.97	%		1.00	%		1.03	%		1.02	%
Ratio of net investment income to average net assets		0.18	%		0.32	%		0.19	%		0.36	%		0.42	%		0.64	%
Ratio of net investment income to average net assets prior to fees waived		0.15	%		0.29	%		0.19	%		0.36	%		0.42	%		0.64	%
Portfolio turnover		17	%		37	%		36	%		49	%		66	%		97	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 121

Financial highlights

Delaware Ivy Core Equity Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	11.09		$	14.27		$	14.65		$	9.63		$	11.31		$	12.69
Income (loss) from investment operations:
Net investment loss2		(0.03	)3		(0.06	)		(0.11	)		(0.06	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		0.37			(1.10	)		2.10			5.45			(0.22	)		0.51
Total from investment operations		0.34			(1.16	)		1.99			5.39			(0.27	)		0.48
Less dividends and distributions from:
Net investment income		—			—			(0.01	)		—			(0.01	)		—
Net realized gain		—			(2.02	)		(2.36	)		(0.37	)		(1.40	)		(1.86	)
Total dividends and distributions		—			(2.02	)		(2.37	)		(0.37	)		(1.41	)		(1.86	)
Net asset value, end of period	$	11.43		$	11.09		$	14.27		$	14.65		$	9.63		$	11.31
Total return4		3.07	%5		(7.48	%)5		12.85	%		56.31	%		(4.44	%)		4.74	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15,774		$	17,253		$	27,556		$	33	6	$	37	6	$	52	6
Ratio of expenses to average net assets7		1.75	%		1.84	%		1.85	%		1.88	%		1.89	%		1.85	%
Ratio of expenses to average net assets prior to fees waived7		1.78	%		1.99	%		1.85	%		1.88	%		1.89	%		1.85	%
Ratio of net investment loss to average net assets		(0.57	%)		(0.52	%)		(0.70	%)		(0.51	%)		(0.44	%)		(0.20	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.60	%)		(0.67	%)		(0.70	%)		(0.51	%)		(0.44	%)		(0.20	%)
Portfolio turnover		17	%		37	%		36	%		49	%		66	%		97	%

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.
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.

122

Delaware Ivy Core Equity Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.67		$	21.24		$	20.77		$	13.47		$	15.27		$	16.48
Income (loss) from investment operations:
Net investment income2		0.04			0.10			0.08			0.10			0.10			0.14
Net realized and unrealized gain (loss)		0.59			(1.57	)		2.93			7.66			(0.37	)		0.69
Total from investment operations		0.63			(1.47	)		3.01			7.76			(0.27	)		0.83
Less dividends and distributions from:
Net investment income		—			(0.08	)		(0.12	)		(0.07	)		(0.11	)		(0.13	)
Net realized gain		—			(2.02	)		(2.42	)		(0.39	)		(1.42	)		(1.91	)
Total dividends and distributions		—			(2.10	)		(2.54	)		(0.46	)		(1.53	)		(2.04	)
Net asset value, end of period	$	18.30		$	17.67		$	21.24		$	20.77		$	13.47		$	15.27
Total return3		3.57	%4		(6.46	%)		14.00	%		57.92	%		(3.38	%)		5.84	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	677,877		$	744,911		$	1,070,912		$	1,101	5	$	861	5	$	1,089	5
Ratio of expenses to average net assets6		0.75	%		0.78	%		0.79	%		0.81	%		0.83	%		0.81	%
Ratio of expenses to average net assets prior to fees waived6		0.78	%		0.78	%		0.79	%		0.81	%		0.83	%		0.81	%
Ratio of net investment income to average net assets		0.44	%		0.55	%		0.37	%		0.55	%		0.63	%		0.85	%
Ratio of net investment income to average net assets prior to fees waived		0.41	%		0.55	%		0.37	%		0.55	%		0.63	%		0.85	%
Portfolio turnover		17	%		37	%		36	%		49	%		66	%		97	%

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. 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

Financial highlights

Delaware Ivy Core Equity Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	14.47		$	17.88		$	17.82		$	11.62		$	13.36		$	14.67
Income (loss) from investment operations:
Net investment income (loss)2		—	3		0.01			(0.04	)		(0.01	)		0.01			0.03
Net realized and unrealized gain (loss)		0.48			(1.35	)		2.53			6.59			(0.30	)		0.60
Total from investment operations		0.48			(1.34	)		2.49			6.58			(0.29	)		0.63
Less dividends and distributions from:
Net investment income		—			(0.05	)		(0.04	)		—			(0.03	)		(0.03	)
Net realized gain		—			(2.02	)		(2.39	)		(0.38	)		(1.42	)		(1.91	)
Total dividends and distributions		—			(2.07	)		(2.43	)		(0.38	)		(1.45	)		(1.94	)
Net asset value, end of period	$	14.95		$	14.47		$	17.88		$	17.82		$	11.62		$	13.36
Total return4		3.32	%5		(6.98	%)5		13.42	%		56.93	%		(3.93	%)		5.16	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	168		$	231		$	212		$	1	6	$	—	6,7	$	1	6
Ratio of expenses to average net assets8		1.25	%		1.30	%		1.39	%		1.40	%		1.42	%		1.40	%
Ratio of expenses to average net assets prior to fees waived8		1.28	%		1.31	%		1.39	%		1.40	%		1.42	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.05	%)		0.03	%		(0.22	%)		(0.04	%)		0.04	%		0.22	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.08	%)		0.02	%		(0.22	%)		(0.04	%)		0.04	%		0.22	%
Portfolio turnover		17	%		37	%		36	%		49	%		66	%		97	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
6	Net assets reported in millions.
7	Rounds to less than $500 thousands.
8	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

Delaware Ivy Core Equity Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.73		$	21.31		$	20.82		$	13.50		$	15.30		$	16.51
Income (loss) from investment operations:
Net investment income2		0.04			0.12			0.12			0.12			0.13			0.16
Net realized and unrealized gain (loss)		0.60			(1.59	)		2.94			7.68			(0.37	)		0.69
Total from investment operations		0.64			(1.47	)		3.06			7.80			(0.24	)		0.85
Less dividends and distributions from:
Net investment income		—			(0.09	)		(0.15	)		(0.09	)		(0.14	)		(0.15	)
Net realized gain		—			(2.02	)		(2.42	)		(0.39	)		(1.42	)		(1.91	)
Total dividends and distributions		—			(2.11	)		(2.57	)		(0.48	)		(1.56	)		(2.06	)
Net asset value, end of period	$	18.37		$	17.73		$	21.31		$	20.82		$	13.50		$	15.30
Total return3		3.61	%4		(6.44	%)		14.23	%		58.14	%		(3.23	%)		6.01	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	61,280		$	48,677		$	91,633		$	90	5	$	31	5	$	45	5
Ratio of expenses to average net assets6		0.72	%		0.69	%		0.64	%		0.66	%		0.67	%		0.65	%
Ratio of expenses to average net assets prior to fees waived6		0.76	%		0.69	%		0.64	%		0.66	%		0.67	%		0.65	%
Ratio of net investment income to average net assets		0.45	%		0.64	%		0.52	%		0.68	%		0.78	%		0.97	%
Ratio of net investment income to average net assets prior to fees waived		0.41	%		0.64	%		0.52	%		0.68	%		0.78	%		0.97	%
Portfolio turnover		17	%		37	%		36	%		49	%		66	%		97	%

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. 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.

 125

Financial highlights

Delaware Ivy Core Equity Fund Class Y

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

	Six month ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.83		$	20.38		$	20.01		$	13.00		$	14.78		$	16.02
Income (loss) from investment operations:
Net investment income2		0.02			0.07			0.07			0.09			0.09			0.13
Net realized and unrealized gain (loss)		0.56			(1.52	)		2.83			7.37			(0.34	)		0.67
Total from investment operations		0.58			(1.45	)		2.90			7.46			(0.25	)		0.80
Less dividends and distributions from:
Net investment income		—			(0.08	)		(0.11	)		(0.06	)		(0.11	)		(0.13	)
Net realized gain		—			(2.02	)		(2.42	)		(0.39	)		(1.42	)		(1.91	)
Total dividends and distributions		—			(2.10	)		(2.53	)		(0.45	)		(1.53	)		(2.04	)
Net asset value, end of period	$	17.41		$	16.83		$	20.38		$	20.01		$	13.00		$	14.78
Total return3		3.45	%		(6.63	%)		13.99	%		57.75	%		(3.37	%)		5.81	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	25,812		$	25,065		$	29,855		$	26	4	$	23	4	$	45	4
Ratio of expenses to average net assets5		1.00	%		0.94	%		0.84	%		0.85	%		0.84	%		0.84	%
Ratio of expenses to average net assets prior to fees waived5		1.03	%		0.97	%		1.04	%		1.05	%		1.08	%		1.05	%
Ratio of net investment income to average net assets		0.18	%		0.39	%		0.32	%		0.50	%		0.60	%		0.80	%
Ratio of net investment income to average net assets prior to fees waived		0.15	%		0.36	%		0.12	%		0.30	%		0.36	%		0.59	%
Portfolio turnover		17	%		37	%		36	%		49	%		66	%		97	%

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.

126

Delaware Ivy Global Bond Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.09		$	9.57		$	10.26		$	9.26		$	9.71		$	9.68
Income (loss) from investment operations:
Net investment income2		0.16			0.24			0.25			0.32			0.34			0.32
Net realized and unrealized gain (loss)		(0.35	)		(0.44	)		(0.69	)		0.95			(0.59	)		0.01
Total from investment operations		(0.19	)		(0.20	)		(0.44	)		1.27			(0.25	)		0.33
Less dividends and distributions from:
Net investment income		(0.16	)		(0.28	)		(0.25	)		(0.27	)		(0.20	)		(0.28	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.16	)		(0.28	)		(0.25	)		(0.27	)		(0.20	)		(0.30	)
Net asset value, end of period	$	8.74		$	9.09		$	9.57		$	10.26		$	9.26		$	9.71
Total return3		(2.10	%)		(2.00	%)		(4.39	%)		13.77	%		(2.69	%)		3.47	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	98,581		$	111,266		$	150,133		$	178	4	$	170	4	$	211	4
Ratio of expenses to average net assets5		0.96	%		0.96	%		0.96	%		0.96	%		0.99	%		0.99	%
Ratio of expenses to average net assets prior to fees waived5		1.06	%		1.24	%		1.19	%		1.20	%		1.22	%		1.23	%
Ratio of net investment income to average net assets		3.58	%		2.64	%		2.46	%		3.18	%		3.43	%		3.32	%
Ratio of net investment income to average net assets prior to fees waived		3.48	%		2.36	%		2.23	%		2.94	%		3.20	%		3.08	%
Portfolio turnover		71	%		124	%		50	%		43	%		38	%		35	%

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.

 127

Financial highlights

Delaware Ivy Global Bond Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.09		$	9.57		$	10.25		$	9.26		$	9.71		$	9.68
Income (loss) from investment operations:
Net investment income2		0.13			0.17			0.17			0.25			0.26			0.25
Net realized and unrealized gain (loss)		(0.36	)		(0.43	)		(0.68	)		0.94			(0.59	)		0.01
Total from investment operations		(0.23	)		(0.26	)		(0.51	)		1.19			(0.33	)		0.26
Less dividends and distributions from:
Net investment income		(0.13	)		(0.22	)		(0.17	)		(0.20	)		(0.12	)		(0.21	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.13	)		(0.22	)		(0.17	)		(0.20	)		(0.12	)		(0.23	)
Net asset value, end of period	$	8.73		$	9.09		$	9.57		$	10.25		$	9.26		$	9.71
Total return3		(2.59	%)		(2.68	%)		(5.04	%)		12.81	%		(3.42	%)		2.71	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,662		$	2,675		$	3,499		$	4	4	$	6	4	$	9	4
Ratio of expenses to average net assets5		1.71	%		1.71	%		1.72	%		1.72	%		1.74	%		1.73	%
Ratio of expenses to average net assets prior to fees waived5		1.81	%		2.06	%		1.97	%		1.96	%		1.98	%		1.93	%
Ratio of net investment income to average net assets		2.82	%		1.91	%		1.69	%		2.45	%		2.68	%		2.58	%
Ratio of net investment income to average net assets prior to fees waived		2.72	%		1.56	%		1.44	%		2.21	%		2.44	%		2.38	%
Portfolio turnover		71	%		124	%		50	%		43	%		38	%		35	%

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.

128

Delaware Ivy Global Bond Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.09		$	9.57		$	10.25		$	9.26		$	9.71		$	9.68
Income (loss) from investment operations:
Net investment income2		0.17			0.26			0.27			0.35			0.36			0.34
Net realized and unrealized gain (loss)		(0.35	)		(0.43	)		(0.68	)		0.93			(0.59	)		0.01
Total from investment operations		(0.18	)		(0.17	)		(0.41	)		1.28			(0.23	)		0.35
Less dividends and distributions from:
Net investment income		(0.17	)		(0.31	)		(0.27	)		(0.29	)		(0.22	)		(0.30	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.17	)		(0.31	)		(0.27	)		(0.29	)		(0.22	)		(0.32	)
Net asset value, end of period	$	8.74		$	9.09		$	9.57		$	10.25		$	9.26		$	9.71
Total return3		(1.97	%)		(1.76	%)		(4.08	%)		13.90	%		(2.45	%)		3.73	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	173,737		$	179,446		$	198,358		$	241	4	$	204	4	$	240	4
Ratio of expenses to average net assets5		0.71	%		0.72	%		0.74	%		0.74	%		0.74	%		0.74	%
Ratio of expenses to average net assets prior to fees waived5		0.81	%		0.75	%		0.86	%		0.89	%		0.89	%		0.88	%
Ratio of net investment income to average net assets		3.83	%		2.91	%		2.67	%		3.39	%		3.67	%		3.58	%
Ratio of net investment income to average net assets prior to fees waived		3.73	%		2.88	%		2.55	%		3.24	%		3.52	%		3.44	%
Portfolio turnover		71	%		124	%		50	%		43	%		38	%		35	%

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. 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.

 129

Financial highlights

Delaware Ivy Global Bond Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.07		$	9.55		$	10.23		$	9.24		$	9.69		$	9.67
Income (loss) from investment operations:
Net investment income2		0.15			0.21			0.20			0.28			0.29			0.27
Net realized and unrealized gain (loss)		(0.35	)		(0.43	)		(0.68	)		0.93			(0.59	)		0.01
Total from investment operations		(0.20	)		(0.22	)		(0.48	)		1.21			(0.30	)		0.28
Less dividends and distributions from:
Net investment income		(0.15	)		(0.26	)		(0.20	)		(0.22	)		(0.15	)		(0.24	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.15	)		(0.26	)		(0.20	)		(0.22	)		(0.15	)		(0.26	)
Net asset value, end of period	$	8.72		$	9.07		$	9.55		$	10.23		$	9.24		$	9.69
Total return3		(2.23	%)4		(2.31	%)4		(4.77	%)		13.13	%		(3.16	%)		2.89	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	231		$	257		$	260		$	—	5,6	$	1	5	$	1	5
Ratio of expenses to average net assets7		1.21	%		1.29	%		1.45	%		1.46	%		1.47	%		1.45	%
Ratio of expenses to average net assets prior to fees waived7		1.31	%		1.31	%		1.45	%		1.46	%		1.47	%		1.45	%
Ratio of net investment income to average net assets		3.33	%		2.35	%		1.96	%		2.77	%		2.95	%		2.86	%
Ratio of net investment income to average net assets prior to fees waived		3.23	%		2.33	%		1.96	%		2.77	%		2.95	%		2.86	%
Portfolio turnover		71	%		124	%		50	%		43	%		38	%		35	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

130

Delaware Ivy Global Bond Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.09		$	9.57		$	10.26		$	9.26		$	9.71		$	9.69
Income (loss) from investment operations:
Net investment income2		0.17			0.26			0.27			0.34			0.36			0.34
Net realized and unrealized gain (loss)		(0.35	)		(0.43	)		(0.68	)		0.95			(0.58	)		0.01
Total from investment operations		(0.18	)		(0.17	)		(0.41	)		1.29			(0.22	)		0.35
Less dividends and distributions from:
Net investment income		(0.17	)		(0.31	)		(0.28	)		(0.29	)		(0.23	)		(0.31	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.17	)		(0.31	)		(0.28	)		(0.29	)		(0.23	)		(0.33	)
Net asset value, end of period	$	8.74		$	9.09		$	9.57		$	10.26		$	9.26		$	9.71
Total return3		(1.96	%)4		(1.75	%)		(4.14	%)		14.02	%		(2.42	%)		3.75	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	142,656		$	132,679		$	143,870		$	62	5	$	23	5	$	31	5
Ratio of expenses to average net assets6		0.67	%		0.73	%		0.70	%		0.72	%		0.73	%		0.71	%
Ratio of expenses to average net assets prior to fees waived6		0.77	%		0.73	%		0.70	%		0.72	%		0.73	%		0.71	%
Ratio of net investment income to average net assets		3.87	%		2.90	%		2.65	%		3.32	%		3.69	%		3.61	%
Ratio of net investment income to average net assets prior to fees waived		3.77	%		2.90	%		2.65	%		3.32	%		3.69	%		3.61	%
Portfolio turnover		71	%		124	%		50	%		43	%		38	%		35	%

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. 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.

 131

Financial highlights

Delaware Ivy Global Bond Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.09		$	9.58		$	10.26		$	9.26		$	9.71		$	9.69
Income (loss) from investment operations:
Net investment income2		0.16			0.25			0.25			0.32			0.34			0.32
Net realized and unrealized gain (loss)		(0.35	)		(0.45	)		(0.68	)		0.95			(0.59	)		—
Total from investment operations		(0.19	)		(0.20	)		(0.43	)		1.27			(0.25	)		0.32
Less dividends and distributions from:
Net investment income		(0.16	)		(0.29	)		(0.25	)		(0.27	)		(0.20	)		(0.28	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.16	)		(0.29	)		(0.25	)		(0.27	)		(0.20	)		(0.30	)
Net asset value, end of period	$	8.74		$	9.09		$	9.58		$	10.26		$	9.26		$	9.71
Total return3		(2.08	%)		(2.06	%)		(4.29	%)		13.76	%		(2.69	%)		3.36	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,845		$	1,879		$	881		$	1	4	$	1	4	$	1	4
Ratio of expenses to average net assets5		0.96	%		0.96	%		0.96	%		0.96	%		0.99	%		0.99	%
Ratio of expenses to average net assets prior to fees waived5		1.06	%		0.99	%		1.11	%		1.12	%		1.23	%		1.11	%
Ratio of net investment income to average net assets		3.59	%		2.74	%		2.42	%		3.18	%		3.46	%		3.29	%
Ratio of net investment income to average net assets prior to fees waived		3.49	%		2.71	%		2.27	%		3.02	%		3.22	%		3.17	%
Portfolio turnover		71	%		124	%		50	%		43	%		38	%		35	%

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.

132

Delaware Ivy Global Growth Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	29.35		$	54.30		$	56.56		$	37.75		$	43.12		$	46.78
Income (loss) from investment operations:
Net investment income (loss)2		0.18			0.22			0.08			(0.04	)		0.05			0.09
Net realized and unrealized gain (loss)		0.55			(3.65	)		1.81			21.67			(4.97	)		1.02
Total from investment operations		0.73			(3.43	)		1.89			21.63			(4.92	)		1.11
Less dividends and distributions from:
Net investment income		—			—			(0.19	)		—			(0.09	)		(0.08	)
Net realized gain		—			(21.52	)		(3.96	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		—			(21.52	)		(4.15	)		(2.82	)		(0.45	)		(4.77	)
Net asset value, end of period	$	30.08		$	29.35		$	54.30		$	56.56		$	37.75		$	43.12
Total return3		2.49	%4		(4.48	%)4		2.84	%		57.85	%		(11.62	%)		3.12	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	310,955		$	333,400		$	481,991		$	531	5	$	369	5	$	477	5
Ratio of expenses to average net assets6		1.19	%		1.28	%		1.27	%		1.34	%		1.36	%		1.37	%
Ratio of expenses to average net assets prior to fees waived6		1.37	%		1.39	%		1.27	%		1.34	%		1.36	%		1.37	%
Ratio of net investment income (loss) to average net assets		1.22	%		0.53	%		0.14	%		(0.08	%)		0.11	%		0.19	%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.04	%		0.42	%		0.14	%		(0.08	%)		0.11	%		0.19	%
Portfolio turnover		20	%		39	%		45	%		32	%		26	%		54	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 133

Financial highlights

Delaware Ivy Global Growth Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.40		$	43.16		$	45.65		$	31.11		$	35.84		$	39.93
Income (loss) from investment operations:
Net investment income (loss)2		0.04			(0.10	)3		(0.40	)		(0.41	)		(0.28	)		(0.23	)
Net realized and unrealized gain (loss)		0.34			(3.14	)		1.51			17.77			(4.09	)		0.83
Total from investment operations		0.38			(3.24	)		1.11			17.36			(4.37	)		0.60
Less dividends and distributions from:
Net realized gain		—			(21.52	)		(3.60	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		—			(21.52	)		(3.60	)		(2.82	)		(0.36	)		(4.69	)
Net asset value, end of period	$	18.78		$	18.40		$	43.16		$	45.65		$	31.11		$	35.84
Total return4		2.07	%5		(5.30	%)5		1.88	%		56.45	%		(12.42	%)		2.33	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,043		$	2,187		$	3,530		$	5	6	$	5	6	$	9	6
Ratio of expenses to average net assets7		1.95	%		2.17	%		2.22	%		2.25	%		2.24	%		2.15	%
Ratio of expenses to average net assets prior to fees waived7		2.12	%		2.51	%		2.22	%		2.25	%		2.24	%		2.15	%
Ratio of net investment income (loss) to average net assets		0.46	%		(0.35	%)		(0.84	%)		(1.00	%)		(0.76	%)		(0.60	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.29	%		(0.69	%)		(0.84	%)		(1.00	%)		(0.76	%)		(0.60	%)
Portfolio turnover		20	%		39	%		45	%		32	%		26	%		54	%

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.
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.

134

Delaware Ivy Global Growth Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	30.86		$	55.82		$	58.10		$	38.63		$	44.10		$	47.72
Income (loss) from investment operations:
Net investment income2		0.23			0.37			0.20			0.10			0.18			0.24
Net realized and unrealized gain (loss)		0.57			(3.75	)		1.89			22.20			(5.07	)		1.05
Total from investment operations		0.80			(3.38	)		2.09			22.30			(4.89	)		1.29
Less dividends and distributions from:
Net investment income		—			(0.06	)		(0.41	)		(0.01	)		(0.22	)		(0.22	)
Net realized gain		—			(21.52	)		(3.96	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		—			(21.58	)		(4.37	)		(2.83	)		(0.58	)		(4.91	)
Net asset value, end of period	$	31.66		$	30.86		$	55.82		$	58.10		$	38.63		$	44.10
Total return3		2.59	%		(4.25	%)		3.09	%		58.28	%		(11.35	%)		3.43	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	168,736		$	196,155		$	379,099		$	494	4	$	346	4	$	436	4
Ratio of expenses to average net assets5		0.95	%		1.01	%		1.06	%		1.06	%		1.06	%		1.06	%
Ratio of expenses to average net assets prior to fees waived5		1.12	%		1.03	%		1.07	%		1.09	%		1.10	%		1.08	%
Ratio of net investment income to average net assets		1.46	%		0.85	%		0.33	%		0.19	%		0.40	%		0.50	%
Ratio of net investment income to average net assets prior to fees waived		1.29	%		0.83	%		0.32	%		0.16	%		0.36	%		0.48	%
Portfolio turnover		20	%		39	%		45	%		32	%		26	%		54	%

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. 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.

 135

Financial highlights

Delaware Ivy Global Growth Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	28.46		$	53.50		$	55.69		$	37.32		$	42.69		$	46.41
Income (loss) from investment operations:
Net investment income (loss)2		0.14			0.09			(0.15	)		(0.21	)		(0.08	)		(0.05	)
Net realized and unrealized gain (loss)		0.52			(3.61	)		1.78			21.40			(4.93	)		1.02
Total from investment operations		0.66			(3.52	)		1.63			21.19			(5.01	)		0.97
Less dividends and distributions from:
Net investment income		—			—			(0.01	)		—			—			—
Net realized gain		—			(21.52	)		(3.81	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		—			(21.52	)		(3.82	)		(2.82	)		(0.36	)		(4.69	)
Net asset value, end of period	$	29.12		$	28.46		$	53.50		$	55.69		$	37.32		$	42.69
Total return3		2.32	%4		(4.74	%)4		2.46	%		57.33	%		(11.92	%)		2.82	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	693		$	716		$	835		$	1	5	$	1	5	$	1	5
Ratio of expenses to average net assets6		1.45	%		1.55	%		1.66	%		1.68	%		1.68	%		1.67	%
Ratio of expenses to average net assets prior to fees waived6		1.62	%		1.57	%		1.66	%		1.68	%		1.68	%		1.67	%
Ratio of net investment income (loss) to average net assets		0.96	%		0.23	%		(0.25	%)		(0.42	%)		(0.18	%)		(0.10	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.79	%		0.21	%		(0.25	%)		(0.42	%)		(0.18	%)		(0.10	%)
Portfolio turnover		20	%		39	%		45	%		32	%		26	%		54	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

136

Delaware Ivy Global Growth Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	31.04		$	56.21		$	58.51		$	38.85		$	44.35		$	47.99
Income (loss) from investment operations:
Net investment income2		0.24			0.31			0.23			0.16			0.24			0.30
Net realized and unrealized gain (loss)		0.57			(3.70	)		1.96			22.35			(5.10	)		1.04
Total from investment operations		0.81			(3.39	)		2.19			22.51			(4.86	)		1.34
Less dividends and distributions from:
Net investment income		—			(0.26	)		(0.53	)		(0.03	)		(0.28	)		(0.29	)
Net realized gain		—			(21.52	)		(3.96	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		—			(21.78	)		(4.49	)		(2.85	)		(0.64	)		(4.98	)
Net asset value, end of period	$	31.85		$	31.04		$	56.21		$	58.51		$	38.85		$	44.35
Total return3		2.61	%4		(4.20	%)4		3.22	%		58.50	%		(11.26	%)		3.59	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,432		$	2,908		$	2,633		$	19	5	$	16	5	$	19	5
Ratio of expenses to average net assets6		0.90	%		0.98	%		0.91	%		0.94	%		0.94	%		0.92	%
Ratio of expenses to average net assets prior to fees waived6		1.08	%		1.00	%		0.91	%		0.94	%		0.94	%		0.92	%
Ratio of net investment income to average net assets		1.47	%		0.73	%		0.37	%		0.31	%		0.53	%		0.64	%
Ratio of net investment income to average net assets prior to fees waived		1.29	%		0.71	%		0.37	%		0.31	%		0.53	%		0.64	%
Portfolio turnover		20	%		39	%		45	%		32	%		26	%		54	%

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. 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.

 137

Financial highlights

Delaware Ivy Global Growth Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	29.66		$	54.63		$	56.88		$	37.95		$	43.35		$	47.00
Income (loss) from investment operations:
Net investment income (loss)2		0.18			0.21			0.07			(0.05	)		0.08			0.09
Net realized and unrealized gain (loss)		0.55			(3.66	)		1.83			21.80			(5.03	)		1.04
Total from investment operations		0.73			(3.45	)		1.90			21.75			(4.95	)		1.13
Less dividends and distributions from:
Net investment income		—			—			(0.19	)		—			(0.09	)		(0.09	)
Net realized gain		—			(21.52	)		(3.96	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		—			(21.52	)		(4.15	)		(2.82	)		(0.45	)		(4.78	)
Net asset value, end of period	$	30.39		$	29.66		$	54.63		$	56.88		$	37.95		$	43.35
Total return3		2.46	%4		(4.50	%)4		2.85	%4		57.86	%4		(11.63	%)4		3.17	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,548		$	1,483		$	1,962		$	3	5	$	2	5	$	5	5
Ratio of expenses to average net assets6		1.20	%		1.28	%		1.28	%		1.34	%		1.36	%		1.33	%
Ratio of expenses to average net assets prior to fees waived6		1.37	%		1.32	%		1.32	%		1.36	%		1.38	%		1.33	%
Ratio of net investment income (loss) to average net assets		1.20	%		0.51	%		0.11	%		(0.09	%)		0.19	%		0.20	%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.03	%		0.47	%		0.07	%		(0.11	%)		0.17	%		0.20	%
Portfolio turnover		20	%		39	%		45	%		32	%		26	%		54	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

138

Delaware Ivy High Income Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49
Income (loss) from investment operations:
Net investment income2		0.22			0.44			0.46			0.41			0.49			0.50
Net realized and unrealized gain (loss)		(0.10	)		(0.86	)		(0.38	)		1.21			(1.29	)		(0.29	)
Total from investment operations		0.12			(0.42	)		0.08			1.62			(0.80	)		0.21
Less dividends and distributions from:
Net investment income		(0.21	)		(0.44	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)
Total dividends and distributions		(0.21	)		(0.44	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)
Net asset value, end of period	$	5.78		$	5.87		$	6.73		$	7.10		$	5.91		$	7.20
Total return3		2.09	%		(6.02	%)4		1.09	%5		28.16	%		(12.03	%)		2.93	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,111,081		$	1,196,375		$	1,576,813		$	1,816	6	$	1,465	6	$	1,930	6
Ratio of expenses to average net assets7		0.98	%		1.00	%		0.95	%		0.97	%		0.95	%		0.95	%
Ratio of expenses to average net assets prior to fees waived7		0.98	%		1.02	%		0.95	%		0.97	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		7.36	%		7.38	%		6.44	%		6.16	%		6.89	%		6.81	%
Ratio of net investment income to average net assets prior to fees waived		7.36	%		7.36	%		6.44	%		6.16	%		6.89	%		6.81	%
Portfolio turnover		14	%		50	%		48	%		59	%		30	%		41	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Payments from affiliates had no impact on net asset value and total return.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 139

Financial highlights

Delaware Ivy High Income Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49
Income (loss) from investment operations:
Net investment income2		0.19			0.40			0.40			0.36			0.44			0.45
Net realized and unrealized gain (loss)		(0.09	)		(0.86	)		(0.37	)		1.22			(1.29	)		(0.29	)
Total from investment operations		0.10			(0.46	)		0.03			1.58			(0.85	)		0.16
Less dividends and distributions from:
Net investment income		(0.19	)		(0.40	)		(0.40	)		(0.39	)		(0.44	)		(0.45	)
Total dividends and distributions		(0.19	)		(0.40	)		(0.40	)		(0.39	)		(0.44	)		(0.45	)
Net asset value, end of period	$	5.78		$	5.87		$	6.73		$	7.10		$	5.91		$	7.20
Total return3		1.71	%		(6.70	%)4		0.38	%4,5		27.28	%4		(12.66	%)4		2.21	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	123,409		$	141,497		$	221,601		$	321	6	$	447	6	$	683	6
Ratio of expenses to average net assets7		1.73	%		1.71	%		1.66	%		1.66	%		1.66	%		1.66	%
Ratio of expenses to average net assets prior to fees waived7		1.73	%		1.81	%		1.70	%		1.70	%		1.68	%		1.66	%
Ratio of net investment income to average net assets		6.62	%		6.64	%		5.72	%		5.50	%		6.17	%		6.10	%
Ratio of net investment income to average net assets prior to fees waived		6.62	%		6.54	%		5.68	%		5.46	%		6.15	%		6.10	%
Portfolio turnover		14	%		50	%		48	%		59	%		30	%		41	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Payments from affiliates had no impact on net asset value and total return.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

140

Delaware Ivy High Income Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49
Income (loss) from investment operations:
Net investment income2		0.22			0.45			0.47			0.43			0.50			0.52
Net realized and unrealized gain (loss)		(0.09	)		(0.85	)		(0.37	)		1.21			(1.29	)		(0.29	)
Total from investment operations		0.13			(0.40	)		0.10			1.64			(0.79	)		0.23
Less dividends and distributions from:
Net investment income		(0.22	)		(0.46	)		(0.47	)		(0.45	)		(0.50	)		(0.52	)
Total dividends and distributions		(0.22	)		(0.46	)		(0.47	)		(0.45	)		(0.50	)		(0.52	)
Net asset value, end of period	$	5.78		$	5.87		$	6.73		$	7.10		$	5.91		$	7.20
Total return3		2.22	%		(5.79	%)		1.31	%4		28.44	%		(11.83	%)		3.18	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,001,071		$	1,035,891		$	1,454,150		$	1,868	5	$	1,487	5	$	2,058	5
Ratio of expenses to average net assets6		0.73	%		0.75	%		0.74	%		0.75	%		0.73	%		0.72	%
Ratio of net investment income to average net assets		7.60	%		7.61	%		6.66	%		6.38	%		7.11	%		7.05	%
Portfolio turnover		14	%		50	%		48	%		59	%		30	%		41	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Payments from affiliates had no impact on net asset value and total return.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 141

Financial highlights

Delaware Ivy High Income Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49
Income (loss) from investment operations:
Net investment income2		0.21			0.42			0.43			0.39			0.46			0.47
Net realized and unrealized gain (loss)		(0.09	)		(0.85	)		(0.37	)		1.21			(1.29	)		(0.29	)
Total from investment operations		0.12			(0.43	)		0.06			1.60			(0.83	)		0.18
Less dividends and distributions from:
Net investment income		(0.21	)		(0.43	)		(0.43	)		(0.41	)		(0.46	)		(0.47	)
Total dividends and distributions		(0.21	)		(0.43	)		(0.43	)		(0.41	)		(0.46	)		(0.47	)
Net asset value, end of period	$	5.78		$	5.87		$	6.73		$	7.10		$	5.91		$	7.20
Total return3		1.96	%		(6.29	%)		0.71	%4		27.67	%		(12.36	%)		2.58	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	32,799		$	34,322		$	44,613		$	48	5	$	45	5	$	62	5
Ratio of expenses to average net assets6		1.23	%		1.28	%		1.34	%		1.35	%		1.32	%		1.30	%
Ratio of net investment income to average net assets		7.10	%		7.09	%		6.05	%		5.79	%		6.52	%		6.47	%
Portfolio turnover		14	%		50	%		48	%		59	%		30	%		41	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Payments from affiliates had no impact on net asset value and total return.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

142

Delaware Ivy High Income Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49
Income (loss) from investment operations:
Net investment income2		0.23			0.46			0.48			0.44			0.51			0.53
Net realized and unrealized gain (loss)		(0.10	)		(0.86	)		(0.37	)		1.21			(1.29	)		(0.29	)
Total from investment operations		0.13			(0.40	)		0.11			1.65			(0.78	)		0.24
Less dividends and distributions from:
Net investment income		(0.22	)		(0.46	)		(0.48	)		(0.46	)		(0.51	)		(0.53	)
Total dividends and distributions		(0.22	)		(0.46	)		(0.48	)		(0.46	)		(0.51	)		(0.53	)
Net asset value, end of period	$	5.78		$	5.87		$	6.73		$	7.10		$	5.91		$	7.20
Total return3		2.23	%		(5.68	%)		1.45	%4		28.63	%		(11.69	%)		3.35	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	47,154		$	59,659		$	64,630		$	67	5	$	64	5	$	71	5
Ratio of expenses to average net assets6		0.69	%		0.64	%		0.60	%		0.60	%		0.58	%		0.56	%
Ratio of net investment income to average net assets		7.70	%		7.78	%		6.78	%		6.54	%		7.27	%		7.22	%
Portfolio turnover		14	%		50	%		48	%		59	%		30	%		41	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Payments from affiliates had no impact on net asset value and total return.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 143

Financial highlights

Delaware Ivy High Income Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20		$	7.49
Income (loss) from investment operations:
Net investment income2		0.22			0.44			0.45			0.41			0.49			0.50
Net realized and unrealized gain (loss)		(0.10	)		(0.86	)		(0.37	)		1.21			(1.29	)		(0.29	)
Total from investment operations		0.12			(0.42	)		0.08			1.62			(0.80	)		0.21
Less dividends and distributions from:
Net investment income		(0.21	)		(0.44	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)
Total dividends and distributions		(0.21	)		(0.44	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)
Net asset value, end of period	$	5.78		$	5.87		$	6.73		$	7.10		$	5.91		$	7.20
Total return3		2.09	%		(6.02	%)		1.09	%4,5		28.17	%5		(12.03	%)5		2.94	%5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	56,915		$	68,758		$	99,847		$	138	6	$	133	6	$	239	6
Ratio of expenses to average net assets7		0.98	%		1.00	%		0.96	%		0.97	%		0.95	%		0.95	%
Ratio of expenses to average net assets prior to fees waived7		0.98	%		1.00	%		0.99	%		1.00	%		0.98	%		0.96	%
Ratio of net investment income to average net assets		7.37	%		7.34	%		6.37	%		6.17	%		6.87	%		6.80	%
Ratio of net investment income to average net assets prior to fees waived		7.37	%		7.34	%		6.34	%		6.14	%		6.84	%		6.79	%
Portfolio turnover		14	%		50	%		48	%		59	%		30	%		41	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Payments from affiliates had no impact on net asset value and total return.
5	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.

144

Delaware Ivy International Core Equity Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.83		$	19.09		$	19.82		$	13.29		$	16.75		$	19.98
Income (loss) from investment operations:
Net investment income2		0.25			0.38			0.18			0.23			0.26			0.35
Net realized and unrealized gain (loss)		(0.15	)		(0.50	)		(0.41	)		6.48			(3.30	)		(2.11	)
Total from investment operations		0.10			(0.12	)		(0.23	)		6.71			(3.04	)		(1.76	)
Less dividends and distributions from:
Net investment income		—			(0.14	)		(0.50	)		(0.18	)		(0.42	)		(0.36	)
Net realized gain		—			—			—			—			—			(1.11	)
Total dividends and distributions		—			(0.14	)		(0.50	)		(0.18	)		(0.42	)		(1.47	)
Net asset value, end of period	$	18.93		$	18.83		$	19.09		$	19.82		$	13.29		$	16.75
Total return3		0.53	%		(0.55	%)		(1.28	%)		50.62	%		(18.72	%)		(8.57	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	267,108		$	278,607		$	329,081		$	388	4	$	322	4	$	568	4
Ratio of expenses to average net assets5		1.04	%		1.11	%		1.23	%		1.23	%		1.25	%		1.26	%
Ratio of expenses to average net assets prior to fees waived5		1.26	%		1.42	%		1.36	%		1.35	%		1.31	%		1.27	%
Ratio of net investment income to average net assets		2.65	%		2.20	%		0.89	%		1.33	%		1.57	%		1.90	%
Ratio of net investment income to average net assets prior to fees waived		2.43	%		1.89	%		0.76	%		1.21	%		1.51	%		1.89	%
Portfolio turnover		17	%		43	%		71	%		76	%		62	%		52	%

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.

 145

Financial highlights

Delaware Ivy International Core Equity Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.39		$	16.62		$	17.33		$	11.65		$	14.75		$	17.77
Income (loss) from investment operations:
Net investment income2		0.16			0.22			0.04			0.09			0.14			0.20
Net realized and unrealized gain (loss)		(0.14	)		(0.43	)		(0.36	)		5.68			(2.91	)		(1.87	)
Total from investment operations		0.02			(0.21	)		(0.32	)		5.77			(2.77	)		(1.67	)
Less dividends and distributions from:
Net investment income		—			(0.02	)		(0.39	)		(0.09	)		(0.33	)		(0.24	)
Net realized gain		—			—			—			—			—			(1.11	)
Total dividends and distributions		—			(0.02	)		(0.39	)		(0.09	)		(0.33	)		(1.35	)
Net asset value, end of period	$	16.41		$	16.39		$	16.62		$	17.33		$	11.65		$	14.75
Total return3		0.12	%		(1.23	%)		(1.97	%)		49.63	%		(19.30	%)		(9.14	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,681		$	28,549		$	45,987		$	67	4	$	77	4	$	163	4
Ratio of expenses to average net assets5		1.79	%		1.84	%		1.92	%		1.92	%		1.93	%		1.91	%
Ratio of expenses to average net assets prior to fees waived5		2.01	%		2.20	%		2.06	%		2.05	%		1.99	%		1.92	%
Ratio of net investment income to average net assets		1.90	%		1.46	%		0.23	%		0.58	%		0.94	%		1.24	%
Ratio of net investment income to average net assets prior to fees waived		1.68	%		1.10	%		0.09	%		0.45	%		0.88	%		1.23	%
Portfolio turnover		17	%		43	%		71	%		76	%		62	%		52	%

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.

146

Delaware Ivy International Core Equity Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	19.00		$	19.24		$	19.98		$	13.39		$	16.86		$	20.10
Income (loss) from investment operations:
Net investment income2		0.28			0.45			0.28			0.29			0.35			0.42
Net realized and unrealized gain (loss)		(0.16	)		(0.50	)		(0.42	)		6.55			(3.32	)		(2.12	)
Total from investment operations		0.12			(0.05	)		(0.14	)		6.84			(2.97	)		(1.70	)
Less dividends and distributions from:
Net investment income		—			(0.19	)		(0.60	)		(0.25	)		(0.50	)		(0.43	)
Net realized gain		—			—			—			—			—			(1.11	)
Total dividends and distributions		—			(0.19	)		(0.60	)		(0.25	)		(0.50	)		(1.54	)
Net asset value, end of period	$	19.12		$	19.00		$	19.24		$	19.98		$	13.39		$	16.86
Total return3		0.63	%		(0.17	%)		(0.88	%)		51.27	%		(18.30	%)		(8.20	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	673,111		$	723,002		$	1,024,716		$	1,408	4	$	1,483	4	$	3,149	4
Ratio of expenses to average net assets5		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%		0.85	%
Ratio of expenses to average net assets prior to fees waived5		1.01	%		0.94	%		1.02	%		1.03	%		0.98	%		0.95	%
Ratio of net investment income to average net assets		2.90	%		2.54	%		1.34	%		1.72	%		2.08	%		2.27	%
Ratio of net investment income to average net assets prior to fees waived		2.68	%		2.39	%		1.11	%		1.48	%		1.89	%		2.17	%
Portfolio turnover		17	%		43	%		71	%		76	%		62	%		52	%

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. 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.

 147

Financial highlights

Delaware Ivy International Core Equity Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.81		$	19.07		$	19.80		$	13.29		$	16.75		$	19.97
Income (loss) from investment operations:
Net investment income2		0.23			0.33			0.12			0.17			0.20			0.29
Net realized and unrealized gain (loss)		(0.15	)		(0.49	)		(0.41	)		6.48			(3.28	)		(2.10	)
Total from investment operations		0.08			(0.16	)		(0.29	)		6.65			(3.08	)		(1.81	)
Less dividends and distributions from:
Net investment income		—			(0.10	)		(0.44	)		(0.14	)		(0.38	)		(0.30	)
Net realized gain		—			—			—			—			—			(1.11	)
Total dividends and distributions		—			(0.10	)		(0.44	)		(0.14	)		(0.38	)		(1.41	)
Net asset value, end of period	$	18.89		$	18.81		$	19.07		$	19.80		$	13.29		$	16.75
Total return3		0.43	%		(0.78	%)		(1.57	%)		50.08	%		(18.93	%)		(8.82	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	39,020		$	41,758		$	47,807		$	55	4	$	47	4	$	104	4
Ratio of expenses to average net assets5		1.29	%		1.37	%		1.53	%		1.53	%		1.53	%		1.53	%
Ratio of expenses to average net assets prior to fees waived5		1.51	%		1.51	%		1.63	%		1.62	%		1.57	%		1.54	%
Ratio of net investment income to average net assets		2.39	%		1.92	%		0.58	%		1.02	%		1.21	%		1.60	%
Ratio of net investment income to average net assets prior to fees waived		2.17	%		1.78	%		0.48	%		0.93	%		1.17	%		1.59	%
Portfolio turnover		17	%		43	%		71	%		76	%		62	%		52	%

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.

148

Delaware Ivy International Core Equity Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	19.05		$	19.30		$	20.03		$	13.43		$	16.91		$	20.16
Income (loss) from investment operations:
Net investment income2		0.29			0.45			0.29			0.29			0.36			0.43
Net realized and unrealized gain (loss)		(0.16	)		(0.51	)		(0.42	)		6.56			(3.34	)		(2.12	)
Total from investment operations		0.13			(0.06	)		(0.13	)		6.85			(2.98	)		(1.69	)
Less dividends and distributions from:
Net investment income		—			(0.19	)		(0.60	)		(0.25	)		(0.50	)		(0.45	)
Net realized gain		—			—			—			—			—			(1.11	)
Total dividends and distributions		—			(0.19	)		(0.60	)		(0.25	)		(0.50	)		(1.56	)
Net asset value, end of period	$	19.18		$	19.05		$	19.30		$	20.03		$	13.43		$	16.91
Total return3		0.68	%		(0.22	%)		(0.83	%)		51.19	%		(18.31	%)		(8.12	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	251,625		$	243,848		$	347,008		$	497	4	$	620	4	$	1,437	4
Ratio of expenses to average net assets5		0.75	%		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%
Ratio of expenses to average net assets prior to fees waived5		0.97	%		0.93	%		0.88	%		0.88	%		0.83	%		0.80	%
Ratio of net investment income to average net assets		2.97	%		2.55	%		1.37	%		1.69	%		2.09	%		2.35	%
Ratio of net investment income to average net assets prior to fees waived		2.75	%		2.41	%		1.28	%		1.60	%		2.05	%		2.34	%
Portfolio turnover		17	%		43	%		71	%		76	%		62	%		52	%

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. 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.

 149

Financial highlights

Delaware Ivy International Core Equity Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.99		$	19.24		$	19.98		$	13.39		$	16.87		$	20.12
Income (loss) from investment operations:
Net investment income2		0.26			0.39			0.21			0.22			0.27			0.37
Net realized and unrealized gain (loss)		(0.16	)		(0.49	)		(0.43	)		6.56			(3.32	)		(2.14	)
Total from investment operations		0.10			(0.10	)		(0.22	)		6.78			(3.05	)		(1.77	)
Less dividends and distributions from:
Net investment income		—			(0.15	)		(0.52	)		(0.19	)		(0.43	)		(0.37	)
Net realized gain		—			—			—			—			—			(1.11	)
Total dividends and distributions		—			(0.15	)		(0.52	)		(0.19	)		(0.43	)		(1.48	)
Net asset value, end of period	$	19.09		$	18.99		$	19.24		$	19.98		$	13.39		$	16.87
Total return3		0.53	%4		(0.46	%)4		(1.26	%)4		50.76	%4		(18.65	%)4		(8.55	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	39,279		$	41,120		$	49,433		$	91	5	$	176	5	$	377	5
Ratio of expenses to average net assets6		1.04	%		1.09	%		1.18	%		1.17	%		1.18	%		1.19	%
Ratio of expenses to average net assets prior to fees waived6		1.26	%		1.24	%		1.28	%		1.29	%		1.23	%		1.19	%
Ratio of net investment income to average net assets		2.64	%		2.20	%		0.99	%		1.33	%		1.62	%		1.99	%
Ratio of net investment income to average net assets prior to fees waived		2.42	%		2.05	%		0.89	%		1.21	%		1.57	%		1.99	%
Portfolio turnover		17	%		43	%		71	%		76	%		62	%		52	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

150

Delaware Ivy Large Cap Growth Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	25.18		$	31.11		$	29.35		$	20.52		$	22.73		$	22.65
Income (loss) from investment operations:
Net investment loss2		(0.03	)		(0.06	)		(0.12	)		(0.07	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		2.03			(2.99	)		5.20			10.80			0.85			2.87
Total from investment operations		2.00			(3.05	)		5.08			10.73			0.83			2.86
Less dividends and distributions from:
Net realized gain		—			(2.88	)		(3.32	)		(1.90	)		(3.04	)		(2.78	)
Total dividends and distributions		—			(2.88	)		(3.32	)		(1.90	)		(3.04	)		(2.78	)
Net asset value, end of period	$	27.18		$	25.18		$	31.11		$	29.35		$	20.52		$	22.73
Total return3		7.94	%4		(9.24	%)4		16.52	%		52.78	%		2.18	%		13.65	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,162,789		$	2,127,513		$	2,834,191		$	2,740	5	$	1,936	5	$	2,113	5
Ratio of expenses to average net assets6		0.89	%		0.93	%		0.94	%		0.98	%		1.01	%		1.04	%
Ratio of expenses to average net assets prior to fees waived6		0.95	%		1.00	%		0.94	%		0.98	%		1.01	%		1.04	%
Ratio of net investment loss to average net assets		(0.23	%)		(0.22	%)		(0.36	%)		(0.24	%)		(0.07	%)		(0.04	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.29	%)		(0.29	%)		(0.28	%)		(0.36	%)		(0.24	%)		(0.07	%)
Portfolio turnover		5	%		20	%		12	%		23	%		33	%		37	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period 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.

 151

Financial highlights

Delaware Ivy Large Cap Growth Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.46		$	22.78		$	22.15		$	15.94		$	18.30		$	18.87
Income (loss) from investment operations:
Net investment loss2		(0.09	)		(0.19	)		(0.30	)		(0.22	)		(0.17	)		(0.15	)
Net realized and unrealized gain (loss)		1.40			(2.25	)		3.96			8.33			0.75			2.33
Total from investment operations		1.31			(2.44	)		3.66			8.11			0.58			2.18
Less dividends and distributions from:
Net realized gain		—			(2.88	)		(3.03	)		(1.90	)		(2.94	)		(2.75	)
Total dividends and distributions		—			(2.88	)		(3.03	)		(1.90	)		(2.94	)		(2.75	)
Net asset value, end of period	$	18.77		$	17.46		$	22.78		$	22.15		$	15.94		$	18.30
Total return3		7.50	%4		(9.97	%)4		15.55	%		51.46	%		1.38	%		12.75	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	48,789		$	44,773		$	63,666		$	69	5	$	69	5	$	88	5
Ratio of expenses to average net assets6		1.64	%		1.73	%		1.80	%		1.82	%		1.83	%		1.81	%
Ratio of expenses to average net assets prior to fees waived6		1.70	%		1.90	%		1.80	%		1.82	%		1.83	%		1.81	%
Ratio of net investment loss to average net assets		(0.98	%)		(1.03	%)		(1.23	%)		(1.07	%)		(0.89	%)		(0.81	%)
Ratio of net investment loss to average net assets prior to fees waived		(1.04	%)		(1.20	%)		(1.23	%)		(1.07	%)		(0.89	%)		(0.81	%)
Portfolio turnover		5	%		20	%		12	%		23	%		33	%		37	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period 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.

152

Delaware Ivy Large Cap Growth Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	27.53		$	33.61		$	31.48		$	21.90		$	24.09		$	23.80
Income (loss) from investment operations:
Net investment income (loss)2		—	3		0.02	4		(0.02	)		0.03			0.06			0.06
Net realized and unrealized gain (loss)		2.23			(3.22	)		5.56			11.52			0.89			3.03
Total from investment operations		2.23			(3.20	)		5.54			11.55			0.95			3.09
Less dividends and distributions from:
Net investment income		—			—			—			(0.01	)		(0.07	)		—
Net realized gain		—			(2.88	)		(3.41	)		(1.96	)		(3.07	)		(2.80	)
Total dividends and distributions		—			(2.88	)		(3.41	)		(1.97	)		(3.14	)		(2.80	)
Net asset value, end of period	$	29.76		$	27.53		$	33.61		$	31.48		$	21.90		$	24.09
Total return5		8.10	%		(8.99	%)		16.87	%		53.25	%		2.51	%		13.99	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,085,629		$	2,723,101		$	2,626,992		$	2,527	6	$	1,819	6	$	1,970	6
Ratio of expenses to average net assets7		0.64	%		0.64	%		0.64	%		0.64	%		0.69	%		0.73	%
Ratio of expenses to average net assets prior to fees waived7		0.70	%		0.66	%		0.77	%		0.79	%		0.80	%		0.82	%
Ratio of net investment income (loss) to average net assets		0.02	%		0.07	%		(0.06	%)		0.09	%		0.24	%		0.27	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.04	%)		0.05	%		(0.19	%)		(0.06	%)		0.13	%		0.18	%
Portfolio turnover		5	%		20	%		12	%		23	%		33	%		37	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	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.
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. Total return during the period reflects waivers by the manager. 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.

 153

Financial highlights

Delaware Ivy Large Cap Growth Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	23.26		$	29.09		$	27.57		$	19.43		$	21.69		$	21.79
Income (loss) from investment operations:
Net investment loss2		(0.06	)		(0.12	)		(0.24	)		(0.16	)		(0.10	)		(0.09	)
Net realized and unrealized gain (loss)		1.88			(2.83	)		4.89			10.20			0.82			2.74
Total from investment operations		1.82			(2.95	)		4.65			10.04			0.72			2.65
Less dividends and distributions from:
Net realized gain		—			(2.88	)		(3.13	)		(1.90	)		(2.98	)		(2.75	)
Total dividends and distributions		—			(2.88	)		(3.13	)		(1.90	)		(2.98	)		(2.75	)
Net asset value, end of period	$	25.08		$	23.26		$	29.09		$	27.57		$	19.43		$	21.69
Total return3		7.82	%4		(9.55	%)4		16.07	%		52.17	%		1.75	%		13.22	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	12,368		$	10,598		$	12,298		$	13	5	$	13	5	$	18	5
Ratio of expenses to average net assets6		1.14	%		1.23	%		1.37	%		1.38	%		1.40	%		1.40	%
Ratio of expenses to average net assets prior to fees waived6		1.20	%		1.24	%		1.37	%		1.38	%		1.40	%		1.40	%
Ratio of net investment loss to average net assets		(0.48	%)		(0.51	%)		(0.79	%)		(0.63	%)		(0.46	%)		(0.40	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.54	%)		(0.52	%)		(0.79	%)		(0.63	%)		(0.46	%)		(0.40	%)
Portfolio turnover		5	%		20	%		12	%		23	%		33	%		37	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

154

Delaware Ivy Large Cap Growth Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	27.78		$	33.89		$	31.71		$	22.05		$	24.25		$	23.91
Income (loss) from investment operations:
Net investment income (loss)2		0.01	3		0.03	3		(0.02	)		0.03			0.07			0.08
Net realized and unrealized gain (loss)		2.24			(3.26	)		5.61			11.61			0.89			3.04
Total from investment operations		2.25			(3.23	)		5.59			11.64			0.96			3.12
Less dividends and distributions from:
Net investment income		—			—			—			(0.02	)		(0.09	)		—
Net realized gain		—			(2.88	)		(3.41	)		(1.96	)		(3.07	)		(2.78	)
Total dividends and distributions		—			(2.88	)		(3.41	)		(1.98	)		(3.16	)		(2.78	)
Net asset value, end of period	$	30.03		$	27.78		$	33.89		$	31.71		$	22.05		$	24.25
Total return4		8.10	%5		(9.01	%)5		16.90	%		53.28	%		2.54	%		14.06	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	186,631		$	185,287		$	166,623		$	164	6	$	107	6	$	108	6
Ratio of expenses to average net assets7		0.61	%		0.64	%		0.64	%		0.64	%		0.66	%		0.66	%
Ratio of expenses to average net assets prior to fees waived7		0.67	%		0.66	%		0.64	%		0.64	%		0.66	%		0.66	%
Ratio of net investment income (loss) to average net assets		0.05	%		0.09	%		(0.06	%)		0.10	%		0.28	%		0.33	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.01	%)		0.07	%		(0.06	%)		0.10	%		0.28	%		0.33	%
Portfolio turnover		5	%		20	%		12	%		23	%		33	%		37	%

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.
5	Total return during the period reflects waivers by the manager. 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.

 155

Financial highlights

Delaware Ivy Large Cap Growth Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	26.24		$	32.29		$	30.36		$	21.18		$	23.37		$	23.24
Income (loss) from investment operations:
Net investment loss2		(0.03	)		(0.06	)		(0.13	)		(0.07	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		2.11			(3.11	)		5.37			11.15			0.86			2.94
Total from investment operations		2.08			(3.17	)		5.24			11.08			0.84			2.93
Less dividends and distributions from:
Net realized gain		—			(2.88	)		(3.31	)		(1.90	)		(3.03	)		(2.80	)
Total dividends and distributions		—			(2.88	)		(3.31	)		(1.90	)		(3.03	)		(2.80	)
Net asset value, end of period	$	28.32		$	26.24		$	32.29		$	30.36		$	21.18		$	23.37
Total return3		7.93	%		(9.28	%)		16.51	%		52.78	%		2.19	%		13.61	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,025		$	24,849		$	35,926		$	31	4	$	26	4	$	38	4
Ratio of expenses to average net assets5		0.89	%		0.95	%		0.95	%		0.98	%		1.01	%		1.05	%
Ratio of expenses to average net assets prior to fees waived5		0.95	%		0.96	%		1.02	%		1.04	%		1.05	%		1.06	%
Ratio of net investment loss to average net assets		(0.22	%)		(0.24	%)		(0.37	%)		(0.24	%)		(0.08	%)		(0.05	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.28	%)		(0.25	%)		(0.44	%)		(0.30	%)		(0.12	%)		(0.06	%)
Portfolio turnover		5	%		20	%		12	%		23	%		33	%		37	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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.

156

Delaware Ivy Managed International Opportunities Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.35		$	11.31		$	12.52		$	7.80		$	10.18		$	11.87
Income (loss) from investment operations:
Net investment income (loss)2		(0.07	)		0.07			0.26			0.08			0.18			0.14
Net realized and unrealized gain (loss)		(0.10	)		(0.62	)		(1.16	)		4.73			(1.88	)		(1.08	)
Total from investment operations		(0.17	)		(0.55	)		(0.90	)		4.81			(1.70	)		(0.94	)
Less dividends and distributions from:
Net investment income		—			—			(0.28	)		(0.09	)		(0.20	)		(0.16	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		—			(1.41	)		(0.31	)		(0.09	)		(0.68	)		(0.75	)
Net asset value, end of period	$	9.18		$	9.35		$	11.31		$	12.52		$	7.80		$	10.18
Total return3		(1.82	%)		(3.79	%)4		(7.34	%)4		61.81	%4		(18.31	%)4		(7.32	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	31,218		$	36,341		$	51,379		$	64	5	$	45	5	$	66	5
Ratio of expenses to average net assets6		1.51	%		0.68	%		0.46	%		0.46	%		0.48	%		0.49	%
Ratio of expenses to average net assets prior to fees waived6		1.51	%		0.73	%		0.59	%		0.50	%		0.51	%		0.51	%
Ratio of net investment income (loss) to average net assets		(1.49	%)		0.73	%		2.06	%		0.80	%		1.82	%		1.32	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(1.49	%)		0.68	%		1.93	%		0.76	%		1.79	%		1.30	%
Portfolio turnover		12	%		19	%		36	%		17	%		10	%		71	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 157

Financial highlights

Delaware Ivy Managed International Opportunities Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.96		$	10.99		$	12.22		$	7.53		$	9.92		$	11.64
Income (loss) from investment operations:
Net investment income (loss)2		(0.10	)		(0.02	)3		0.17			—	4		0.10			0.06
Net realized and unrealized gain (loss)		(0.09	)		(0.60	)		(1.16	)		4.73			(1.86	)		(1.09	)
Total from investment operations		(0.19	)		(0.62	)		(0.99	)		4.73			(1.76	)		(1.03	)
Less dividends and distributions from:
Net investment income		—			—			(0.21	)		(0.04	)		(0.15	)		(0.10	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		—			(1.41	)		(0.24	)		(0.04	)		(0.63	)		(0.69	)
Net asset value, end of period	$	8.77		$	8.96		$	10.99		$	12.22		$	7.53		$	9.92
Total return5		(2.12	%)		(4.57	%)6		(8.22	%)6		62.89	%6		(19.36	%)6		(8.32	%)6
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	460		$	566		$	876		$	1	7	$	1	7	$	2	7
Ratio of expenses to average net assets8		2.26	%		1.56	%		1.25	%		1.25	%		1.29	%		1.29	%
Ratio of expenses to average net assets prior to fees waived8		2.26	%		1.67	%		1.48	%		1.36	%		1.36	%		1.31	%
Ratio of net investment income (loss) to average net assets		(2.24	%)		(0.21	%)		1.34	%		0.01	%		0.98	%		0.58	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(2.24	%)		(0.32	%)		1.11	%		(0.10	%)		0.91	%		0.56	%
Portfolio turnover		12	%		19	%		36	%		17	%		10	%		71	%

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.

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

158

Delaware Ivy Managed International Opportunities Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.47		$	11.40		$	12.61		$	7.87		$	10.24		$	11.93
Income (loss) from investment operations:
Net investment income (loss)2		(0.06	)		—	3		0.29			0.12			0.22			0.18
Net realized and unrealized gain (loss)		(0.10	)		(0.52	)		(1.16	)		4.74			(1.88	)		(1.09	)
Total from investment operations		(0.16	)		(0.52	)		(0.87	)		4.86			(1.66	)		(0.91	)
Less dividends and distributions from:
Net investment income		—			—			(0.31	)		(0.12	)		(0.23	)		(0.19	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		—			(1.41	)		(0.34	)		(0.12	)		(0.71	)		(0.78	)
Net asset value, end of period	$	9.31		$	9.47		$	11.40		$	12.61		$	7.87		$	10.24
Total return4		(1.69	%)		(3.50	%)5		(7.08	%)5		61.80	%5		(17.91	%)5		(7.03	%)5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	33,767		$	41,079		$	80,847		$	112	6	$	90	6	$	109	6
Ratio of expenses to average net assets7		1.26	%		0.34	%		0.16	%		0.16	%		0.16	%		0.16	%
Ratio of expenses to average net assets prior to fees waived7		1.26	%		0.39	%		0.20	%		0.19	%		0.19	%		0.19	%
Ratio of net investment income (loss) to average net assets		(1.24	%)		0.01	%		2.23	%		1.10	%		2.19	%		1.59	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(1.24	%)		(0.04	%)		2.19	%		1.07	%		2.16	%		1.56	%
Portfolio turnover		12	%		19	%		36	%		17	%		10	%		71	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects waivers by the manager. 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.

 159

Financial highlights

Delaware Ivy Managed International Opportunities Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.27		$	11.25		$	12.47		$	7.75		$	10.14		$	11.83
Income (loss) from investment operations:
Net investment income (loss)2		(0.08	)		0.17			0.15			0.02			0.18			0.13
Net realized and unrealized gain (loss)		(0.09	)		(0.74	)		(1.08	)		4.78			(1.90	)		(1.08	)
Total from investment operations		(0.17	)		(0.57	)		(0.93	)		4.80			(1.72	)		(0.95	)
Less dividends and distributions from:
Net investment income		—			—			(0.26	)		(0.08	)		(0.19	)		(0.15	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		—			(1.41	)		(0.29	)		(0.08	)		(0.67	)		(0.74	)
Net asset value, end of period	$	9.10		$	9.27		$	11.25		$	12.47		$	7.75		$	10.14
Total return3		(1.83	%)		(4.01	%)4		(7.58	%)4		62.03	%4		(18.59	%)		(7.47	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	100		$	91		$	75		$	—	5,6	$	1	5	$	1	5
Ratio of expenses to average net assets7		1.76	%		0.90	%		0.67	%		0.66	%		0.67	%		0.66	%
Ratio of expenses to average net assets prior to fees waived7		1.76	%		0.92	%		0.70	%		0.67	%		0.67	%		0.67	%
Ratio of net investment income (loss) to average net assets		(1.75	%)		1.71	%		1.18	%		0.23	%		1.77	%		1.16	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(1.75	%)		1.69	%		1.15	%		0.22	%		1.77	%		1.15	%
Portfolio turnover		12	%		19	%		36	%		17	%		10	%		71	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

160

Delaware Ivy Managed International Opportunities Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.48		$	11.41		$	12.62		$	7.88		$	10.25		$	11.94
Income (loss) from investment operations:
Net investment income (loss)2		(0.06	)		0.24			0.23			0.12			0.23			0.19
Net realized and unrealized gain (loss)		(0.10	)		(0.76	)		(1.10	)		4.74			(1.89	)		(1.10	)
Total from investment operations		(0.16	)		(0.52	)		(0.87	)		4.86			(1.66	)		(0.91	)
Less dividends and distributions from:
Net investment income		—			—			(0.31	)		(0.12	)		(0.23	)		(0.19	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		—			(1.41	)		(0.34	)		(0.12	)		(0.71	)		(0.78	)
Net asset value, end of period	$	9.32		$	9.48		$	11.41		$	12.62		$	7.88		$	10.25
Total return3		(1.69	%)		(3.48	%)4		(7.07	%)4		61.72	%4		(17.90	%)4		(7.03	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	49		$	76		$	81		$	1	5	$	—	5,6	$	—	5,6
Ratio of expenses to average net assets7		1.21	%		0.43	%		0.16	%		0.16	%		0.16	%		0.16	%
Ratio of expenses to average net assets prior to fees waived7		1.21	%		0.45	%		0.21	%		0.18	%		0.19	%		0.17	%
Ratio of net investment income (loss) to average net assets		(1.19	%)		2.47	%		1.82	%		1.08	%		2.25	%		1.71	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(1.19	%)		2.45	%		1.77	%		1.06	%		2.22	%		1.70	%
Portfolio turnover		12	%		19	%		36	%		17	%		10	%		71	%

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

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

 161

Financial highlights

Delaware Ivy Managed International Opportunities Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.37		$	11.32		$	12.53		$	7.81		$	10.18		$	11.87
Income (loss) from investment operations:
Net investment income (loss)2		(0.07	)		0.04			0.28			0.09			0.10			0.16
Net realized and unrealized gain (loss)		(0.10	)		(0.58	)		(1.17	)		4.73			(1.78	)		(1.09	)
Total from investment operations		(0.17	)		(0.54	)		(0.89	)		4.82			(1.68	)		(0.93	)
Less dividends and distributions from:
Net investment income		—			—			(0.29	)		(0.10	)		(0.21	)		(0.17	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		—			(1.41	)		(0.32	)		(0.10	)		(0.69	)		(0.76	)
Net asset value, end of period	$	9.20		$	9.37		$	11.32		$	12.53		$	7.81		$	10.18
Total return3		(1.81	%)		(3.70	%)4		(7.27	%)4		61.81	%4		(18.15	%)4		(7.24	%)4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	78		$	96		$	135		$	—	5,6	$	—	5,6	$	1	5
Ratio of expenses to average net assets7		1.51	%		0.61	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of expenses to average net assets prior to fees waived7		1.51	%		0.66	%		0.48	%		0.44	%		0.76	%		0.43	%
Ratio of net investment income (loss) to average net assets		(1.49	%)		0.36	%		2.16	%		0.82	%		0.95	%		1.44	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(1.49	%)		0.31	%		2.06	%		0.76	%		0.57	%		1.39	%
Portfolio turnover		12	%		19	%		36	%		17	%		10	%		71	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

162

Delaware Ivy Mid Cap Growth Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	26.14		$	32.31		$	37.42		$	22.28		$	25.28		$	23.99
Income (loss) from investment operations:
Net investment loss2		(0.07	)		(0.16	)		(0.29	)		(0.23	)		(0.15	)		(0.13	)
Net realized and unrealized gain (loss)		(1.37	)		(3.20	)		0.11			19.03			(1.42	)		3.56
Total from investment operations		(1.44	)		(3.36	)		(0.18	)		18.80			(1.57	)		3.43
Less dividends and distributions from:
Net realized gain		—			(2.81	)		(4.93	)		(3.66	)		(1.43	)		(2.14	)
Total dividends and distributions		—			(2.81	)		(4.93	)		(3.66	)		(1.43	)		(2.14	)
Net asset value, end of period	$	24.70		$	26.14		$	32.31		$	37.42		$	22.28		$	25.28
Total return3		(5.51	%)4		(10.07	%)4		(1.90	%)		85.37	%4		(7.20	%)4		15.72	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,397,507		$	1,582,726		$	2,158,678		$	2,453	5	$	1,391	5	$	1,668	5
Ratio of expenses to average net assets6		1.04	%		1.09	%		1.12	%		1.16	%		1.20	%		1.23	%
Ratio of expenses to average net assets prior to fees waived6		1.14	%		1.21	%		1.12	%		1.17	%		1.23	%		1.25	%
Ratio of net investment loss to average net assets		(0.51	%)		(0.59	%)		(0.76	%)		(0.68	%)		(0.55	%)		(0.53	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.61	%)		(0.71	%)		(0.76	%)		(0.69	%)		(0.58	%)		(0.55	%)
Portfolio turnover		17	%		23	%		27	%		33	%		22	%		38	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 163

Financial highlights

Delaware Ivy Mid Cap Growth Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	19.16		$	24.74		$	29.76		$	18.26		$	21.02		$	20.44
Income (loss) from investment operations:
Net investment loss2		(0.12	)		(0.28	)		(0.48	)		(0.39	)		(0.28	)		(0.26	)
Net realized and unrealized gain (loss)		(1.00	)		(2.49	)		0.20			15.51			(1.15	)		2.98
Total from investment operations		(1.12	)		(2.77	)		(0.28	)		15.12			(1.43	)		2.72
Less dividends and distributions from:
Net realized gain		—			(2.81	)		(4.74	)		(3.62	)		(1.33	)		(2.14	)
Total dividends and distributions		—			(2.81	)		(4.74	)		(3.62	)		(1.33	)		(2.14	)
Net asset value, end of period	$	18.04		$	19.16		$	24.74		$	29.76		$	18.26		$	21.02
Total return3		(5.85	%)4		(10.79	%)4		(2.67	%)		83.95	%4		(7.88	%)4		14.90	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	62,552		$	75,826		$	121,668		$	170	5	$	143	5	$	207	5
Ratio of expenses to average net assets6		1.79	%		1.88	%		1.93	%		1.92	%		1.95	%		1.94	%
Ratio of expenses to average net assets prior to fees waived6		1.89	%		2.06	%		1.93	%		1.94	%		1.98	%		1.96	%
Ratio of net investment loss to average net assets		(1.26	%)		(1.38	%)		(1.57	%)		(1.43	%)		(1.30	%)		(1.25	%)
Ratio of net investment loss to average net assets prior to fees waived		(1.36	%)		(1.56	%)		(1.57	%)		(1.45	%)		(1.33	%)		(1.27	%)
Portfolio turnover		17	%		23	%		27	%		33	%		22	%		38	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

164

Delaware Ivy Mid Cap Growth Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	29.84		$	36.32		$	41.48		$	24.41		$	27.52		$	25.83
Income (loss) from investment operations:
Net investment loss2		(0.04	)		(0.09	)		(0.18	)		(0.12	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		(1.57	)		(3.58	)		0.07			20.89			(1.57	)		3.87
Total from investment operations		(1.61	)		(3.67	)		(0.11	)		20.77			(1.61	)		3.83
Less dividends and distributions from:
Net realized gain		—			(2.81	)		(5.05	)		(3.70	)		(1.50	)		(2.14	)
Total dividends and distributions		—			(2.81	)		(5.05	)		(3.70	)		(1.50	)		(2.14	)
Net asset value, end of period	$	28.23		$	29.84		$	36.32		$	41.48		$	24.41		$	27.52
Total return3		(5.40	%)		(9.80	%)		(1.56	%)		86.00	%		(6.75	%)		16.12	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,728,833		$	2,887,695		$	3,577,939		$	3,609	4	$	1,898	4	$	2,250	4
Ratio of expenses to average net assets5		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%		0.85	%
Ratio of expenses to average net assets prior to fees waived5		0.89	%		0.84	%		0.95	%		0.97	%		1.00	%		1.00	%
Ratio of net investment loss to average net assets		(0.26	%)		(0.28	%)		(0.43	%)		(0.31	%)		(0.15	%)		(0.16	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.36	%)		(0.33	%)		(0.59	%)		(0.49	%)		(0.36	%)		(0.31	%)
Portfolio turnover		17	%		23	%		27	%		33	%		22	%		38	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager. 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.

 165

Financial highlights

Delaware Ivy Mid Cap Growth Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	24.71		$	30.81		$	35.92		$	21.54		$	24.51		$	23.40
Income (loss) from investment operations:
Net investment loss2		(0.09	)		(0.22	)		(0.44	)		(0.35	)		(0.23	)		(0.21	)
Net realized and unrealized gain (loss)		(1.30	)		(3.07	)		0.14			18.37			(1.37	)		3.46
Total from investment operations		(1.39	)		(3.29	)		(0.30	)		18.02			(1.60	)		3.25
Less dividends and distributions from:
Net realized gain		—			(2.81	)		(4.81	)		(3.64	)		(1.37	)		(2.14	)
Total dividends and distributions		—			(2.81	)		(4.81	)		(3.64	)		(1.37	)		(2.14	)
Net asset value, end of period	$	23.32		$	24.71		$	30.81		$	35.92		$	21.54		$	24.51
Total return3		(5.63	%)		(10.34	%)		(2.30	%)		84.62	%		(7.47	%)		15.29	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	51,577		$	58,839		$	74,908		$	88	4	$	46	4	$	63	4
Ratio of expenses to average net assets5		1.29	%		1.38	%		1.54	%		1.55	%		1.55	%		1.55	%
Ratio of expenses to average net assets prior to fees waived5		1.39	%		1.42	%		1.55	%		1.56	%		1.58	%		1.57	%
Ratio of net investment loss to average net assets		(0.76	%)		(0.87	%)		(1.18	%)		(1.07	%)		(0.90	%)		(0.86	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.86	%)		(0.91	%)		(1.19	%)		(1.08	%)		(0.93	%)		(0.88	%)
Portfolio turnover		17	%		23	%		27	%		33	%		22	%		38	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

166

Delaware Ivy Mid Cap Growth Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	30.21		$	36.73		$	41.89		$	24.63		$	27.76		$	26.02
Income (loss) from investment operations:
Net investment loss2		(0.03	)		(0.08	)		(0.18	)		(0.13	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		(1.60	)		(3.63	)		0.07			21.09			(1.59	)		3.91
Total from investment operations		(1.63	)		(3.71	)		(0.11	)		20.96			(1.63	)		3.88
Less dividends and distributions from:
Net realized gain		—			(2.81	)		(5.05	)		(3.70	)		(1.50	)		(2.14	)
Total dividends and distributions		—			(2.81	)		(5.05	)		(3.70	)		(1.50	)		(2.14	)
Net asset value, end of period	$	28.58		$	30.21		$	36.73		$	41.89		$	24.63		$	27.76
Total return3		(5.39	%)		(9.80	%)		(1.54	%)		86.00	%		(6.77	%)		16.19	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,068,620		$	1,048,374		$	980,539		$	736	4	$	256	4	$	282	4
Ratio of expenses to average net assets5		0.76	%		0.79	%		0.79	%		0.79	%		0.79	%		0.80	%
Ratio of expenses to average net assets prior to fees waived5		0.86	%		0.83	%		0.80	%		0.82	%		0.85	%		0.85	%
Ratio of net investment loss to average net assets		(0.23	%)		(0.28	%)		(0.43	%)		(0.33	%)		(0.15	%)		(0.11	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.33	%)		(0.32	%)		(0.44	%)		(0.36	%)		(0.21	%)		(0.16	%)
Portfolio turnover		17	%		23	%		27	%		33	%		22	%		38	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 167

Financial highlights

Delaware Ivy Mid Cap Growth Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	28.04		$	34.43		$	39.57		$	23.45		$	26.53		$	25.06
Income (loss) from investment operations:
Net investment loss2		(0.07	)		(0.17	)		(0.31	)		(0.24	)		(0.15	)		(0.13	)
Net realized and unrealized gain (loss)		(1.47	)		(3.41	)		0.09			20.02			(1.50	)		3.74
Total from investment operations		(1.54	)		(3.58	)		(0.22	)		19.78			(1.65	)		3.61
Less dividends and distributions from:
Net realized gain		—			(2.81	)		(4.92	)		(3.66	)		(1.43	)		(2.14	)
Total dividends and distributions		—			(2.81	)		(4.92	)		(3.66	)		(1.43	)		(2.14	)
Net asset value, end of period	$	26.50		$	28.04		$	34.43		$	39.57		$	23.45		$	26.53
Total return3		(5.49	%)		(10.09	%)		(1.89	%)		85.29	%		(7.14	%)		15.72	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	206,015		$	223,692		$	284,480		$	363	4	$	215	4	$	295	4
Ratio of expenses to average net assets5		1.04	%		1.09	%		1.13	%		1.16	%		1.20	%		1.21	%
Ratio of expenses to average net assets prior to fees waived5		1.14	%		1.13	%		1.19	%		1.21	%		1.24	%		1.23	%
Ratio of net investment loss to average net assets		(0.51	%)		(0.59	%)		(0.77	%)		(0.68	%)		(0.55	%)		(0.51	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.61	%)		(0.63	%)		(0.83	%)		(0.73	%)		(0.59	%)		(0.53	%)
Portfolio turnover		17	%		23	%		27	%		33	%		22	%		38	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

168

Delaware Ivy Mid Cap Income Opportunities Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.26		$	18.81		$	18.38		$	10.98		$	13.98		$	13.76
Income (loss) from investment operations:
Net investment income2		0.15			0.27			0.18			0.21			0.25			0.21
Net realized and unrealized gain (loss)		(0.42	)		(1.15	)		0.89			7.40			(2.96	)		0.51
Total from investment operations		(0.27	)		(0.88	)		1.07			7.61			(2.71	)		0.72
Less dividends and distributions from:
Net investment income		(0.16	)		(0.27	)		(0.18	)		(0.21	)		(0.24	)		(0.20	)
Net realized gain		—			(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.16	)		(0.67	)		(0.64	)		(0.21	)		(0.29	)		(0.50	)
Net asset value, end of period	$	16.83		$	17.26		$	18.81		$	18.38		$	10.98		$	13.98
Total return3		(1.58	%)		(4.73	%)		5.71	%		69.70	%		(19.84	%)		5.37	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	155,215		$	171,183		$	188,631		$	178	4	$	111	4	$	135	4
Ratio of expenses to average net assets5		1.08	%		1.12	%		1.21	%		1.24	%		1.27	%		1.35	%
Ratio of expenses to average net assets prior to fees waived5		1.18	%		1.26	%		1.26	%		1.31	%		1.34	%		1.37	%
Ratio of net investment income to average net assets		1.71	%		1.58	%		0.95	%		1.42	%		1.70	%		1.51	%
Ratio of net investment income to average net assets prior to fees waived		1.61	%		1.44	%		0.90	%		1.35	%		1.63	%		1.49	%
Portfolio turnover		9	%		29	%		20	%		23	%		25	%		17	%

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.

 169

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.22		$	18.71		$	18.30		$	10.93		$	13.92		$	13.70
Income (loss) from investment operations:
Net investment income2		0.08			0.14			0.04			0.10			0.14			0.11
Net realized and unrealized gain (loss)		(0.42	)		(1.14	)		0.87			7.37			(2.95	)		0.51
Total from investment operations		(0.34	)		(1.00	)		0.91			7.47			(2.81	)		0.62
Less dividends and distributions from:
Net investment income		(0.09	)		(0.09	)		(0.04	)		(0.10	)		(0.13	)		(0.10	)
Net realized gain		—			(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.09	)		(0.49	)		(0.50	)		(0.10	)		(0.18	)		(0.40	)
Net asset value, end of period	$	16.79		$	17.22		$	18.71		$	18.30		$	10.93		$	13.92
Total return3		(1.97	%)		(5.42	%)		4.85	%		68.61	%		(20.50	%)		4.58	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,762		$	20,280		$	27,245		$	24	4	$	15	4	$	17	4
Ratio of expenses to average net assets5		1.83	%		1.88	%		1.96	%		2.00	%		2.02	%		2.07	%
Ratio of expenses to average net assets prior to fees waived5		1.93	%		2.02	%		2.01	%		2.07	%		2.09	%		2.12	%
Ratio of net investment income to average net assets		0.96	%		0.82	%		0.21	%		0.66	%		0.95	%		0.79	%
Ratio of net investment income to average net assets prior to fees waived		0.86	%		0.68	%		0.16	%		0.59	%		0.88	%		0.74	%
Portfolio turnover		9	%		29	%		20	%		23	%		25	%		17	%

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.

170

Delaware Ivy Mid Cap Income Opportunities Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.27		$	18.84		$	18.42		$	10.99		$	14.00		$	13.78
Income (loss) from investment operations:
Net investment income2		0.17			0.33			0.26			0.27			0.31			0.25
Net realized and unrealized gain (loss)		(0.42	)		(1.16	)		0.88			7.43			(2.97	)		0.51
Total from investment operations		(0.25	)		(0.83	)		1.14			7.70			(2.66	)		0.76
Less dividends and distributions from:
Net investment income		(0.18	)		(0.34	)		(0.26	)		(0.27	)		(0.30	)		(0.24	)
Net realized gain		—			(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.18	)		(0.74	)		(0.72	)		(0.27	)		(0.35	)		(0.54	)
Net asset value, end of period	$	16.84		$	17.27		$	18.84		$	18.42		$	10.99		$	14.00
Total return3		(1.46	%)		(4.42	%)		6.05	%		70.58	%		(19.53	%)		5.67	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	827,207		$	996,722		$	1,399,865		$	1,224	4	$	401	4	$	431	4
Ratio of expenses to average net assets5		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%		1.05	%
Ratio of expenses to average net assets prior to fees waived5		0.93	%		0.89	%		1.07	%		1.06	%		1.08	%		1.09	%
Ratio of net investment income to average net assets		1.95	%		1.87	%		1.34	%		1.78	%		2.13	%		1.81	%
Ratio of net investment income to average net assets prior to fees waived		1.85	%		1.81	%		1.10	%		1.55	%		1.88	%		1.77	%
Portfolio turnover		9	%		29	%		20	%		23	%		25	%		17	%

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. 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.

 171

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.26		$	18.77		$	18.35		$	10.96		$	13.96		$	13.74
Income (loss) from investment operations:
Net investment income2		0.12			0.22			0.12			0.16			0.20			0.17
Net realized and unrealized gain (loss)		(0.41	)		(1.15	)		0.87			7.39			(2.96	)		0.51
Total from investment operations		(0.29	)		(0.93	)		0.99			7.55			(2.76	)		0.68
Less dividends and distributions from:
Net investment income		(0.14	)		(0.18	)		(0.11	)		(0.16	)		(0.19	)		(0.16	)
Net realized gain		—			(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.14	)		(0.58	)		(0.57	)		(0.16	)		(0.24	)		(0.46	)
Net asset value, end of period	$	16.83		$	17.26		$	18.77		$	18.35		$	10.96		$	13.96
Total return3		(1.68	%)4		(4.99	%)4		5.28	%4		69.22	%4		(20.15	%)4		5.05	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,796		$	1,131		$	1,205		$	1	5	$	3	5	$	3	5
Ratio of expenses to average net assets6		1.33	%		1.41	%		1.58	%		1.58	%		1.59	%		1.67	%
Ratio of expenses to average net assets prior to fees waived6		1.43	%		1.47	%		1.63	%		1.64	%		1.66	%		1.67	%
Ratio of net investment income to average net assets		1.46	%		1.29	%		0.60	%		1.16	%		1.38	%		1.19	%
Ratio of net investment income to average net assets prior to fees waived		1.36	%		1.23	%		0.55	%		1.10	%		1.31	%		1.19	%
Portfolio turnover		9	%		29	%		20	%		23	%		25	%		17	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

172

Delaware Ivy Mid Cap Income Opportunities Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.28		$	18.84		$	18.42		$	10.99		$	14.01		$	13.78
Income (loss) from investment operations:
Net investment income2		0.17			0.33			0.26			0.27			0.32			0.27
Net realized and unrealized gain (loss)		(0.42	)		(1.15	)		0.88			7.43			(2.98	)		0.52
Total from investment operations		(0.25	)		(0.82	)		1.14			7.70			(2.66	)		0.79
Less dividends and distributions from:
Net investment income		(0.19	)		(0.34	)		(0.26	)		(0.27	)		(0.31	)		(0.26	)
Net realized gain		—			(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.19	)		(0.74	)		(0.72	)		(0.27	)		(0.36	)		(0.56	)
Net asset value, end of period	$	16.84		$	17.28		$	18.84		$	18.42		$	10.99		$	14.01
Total return3		(1.48	%)4		(4.37	%)4		6.05	%4		70.58	%4		(19.57	%)4		5.85	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	80,770		$	89,010		$	112,720		$	103	5	$	65	5	$	60	5
Ratio of expenses to average net assets6		0.79	%		0.83	%		0.83	%		0.83	%		0.83	%		0.94	%
Ratio of expenses to average net assets prior to fees waived6		0.89	%		0.89	%		0.89	%		0.92	%		0.93	%		0.94	%
Ratio of net investment income to average net assets		1.99	%		1.87	%		1.34	%		1.80	%		2.15	%		1.92	%
Ratio of net investment income to average net assets prior to fees waived		1.89	%		1.81	%		1.28	%		1.71	%		2.05	%		1.92	%
Portfolio turnover		9	%		29	%		20	%		23	%		25	%		17	%

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. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 173

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.37		$	18.81		$	18.39		$	10.98		$	13.98		$	13.76
Income (loss) from investment operations:
Net investment income2		0.15			0.27			0.18			0.21			0.25			0.22
Net realized and unrealized gain (loss)		(0.43	)		(1.14	)		0.88			7.41			(2.96	)		0.50
Total from investment operations		(0.28	)		(0.87	)		1.06			7.62			(2.71	)		0.72
Less dividends and distributions from:
Net investment income		(0.16	)		(0.17	)		(0.18	)		(0.21	)		(0.24	)		(0.20	)
Net realized gain		—			(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.16	)		(0.57	)		(0.64	)		(0.21	)		(0.29	)		(0.50	)
Net asset value, end of period	$	16.93		$	17.37		$	18.81		$	18.39		$	10.98		$	13.98
Total return3		(1.61	%)4		(4.68	%)4		5.63	%4		69.84	%4		(19.89	%)4		5.45	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,655		$	11,656		$	27,888		$	38	5	$	13	5	$	14	5
Ratio of expenses to average net assets6		1.08	%		1.15	%		1.22	%		1.24	%		1.26	%		1.33	%
Ratio of expenses to average net assets prior to fees waived6		1.18	%		1.22	%		1.30	%		1.31	%		1.33	%		1.33	%
Ratio of net investment income to average net assets		1.72	%		1.52	%		0.92	%		1.40	%		1.71	%		1.54	%
Ratio of net investment income to average net assets prior to fees waived		1.62	%		1.45	%		0.84	%		1.33	%		1.64	%		1.54	%
Portfolio turnover		9	%		29	%		20	%		23	%		25	%		17	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

174

Delaware Ivy Small Cap Growth Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	11.67		$	14.47		$	22.28		$	13.27		$	17.19		$	18.63
														’
Income (loss) from investment operations:
Net investment loss2		(0.05	)		(0.07	)		(0.16	)		(0.18	)		(0.15	)		(0.15	)
Net realized and unrealized gain (loss)		(0.24	)		(2.12	)		(1.56	)		11.15			(2.59	)		1.44
Total from investment operations		(0.29	)		(2.19	)		(1.72	)		10.97			(2.74	)		1.29
Less dividends and distributions from:
Net investment income		—			—			(0.19	)		—			—			—
Net realized gain		—			(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.73	)
Total dividends and distributions		—			(0.61	)		(6.09	)		(1.96	)		(1.18	)		(2.73	)
Net asset value, end of period	$	11.38		$	11.67		$	14.47		$	22.28		$	13.27		$	17.19
Total return3		(2.49	%)4		(14.90	%)4		(8.23	%)		84.34	%		(17.35	%)		7.76	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	600,454		$	681,798		$	1,030,905		$	1,318	5	$	788	5	$	1,099	5
Ratio of expenses to average net assets6		1.14	%		1.21	%		1.24	%		1.26	%		1.31	%		1.32	%
Ratio of expenses to average net assets prior to fees waived6		1.26	%		1.34	%		1.24	%		1.26	%		1.31	%		1.32	%
Ratio of net investment loss to average net assets		(0.77	%)		(0.58	%)		(0.81	%)		(0.93	%)		(0.87	%)		(0.84	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.89	%)		(0.71	%)		(0.81	%)		(0.93	%)		(0.87	%)		(0.84	%)
Portfolio turnover		27	%		51	%		40	%		57	%		40	%		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.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 175

Financial highlights

Delaware Ivy Small Cap Growth Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	6.67		$	8.66		$	15.96		$	9.92		$	13.23		$	14.97
Income (loss) from investment operations:
Net investment loss2		(0.05	)		(0.09	)		(0.22	)		(0.24	)		(0.21	)		(0.23	)
Net realized and unrealized gain (loss)		(0.14	)		(1.29	)		(1.07	)		8.24			(1.92	)		1.14
Total from investment operations		(0.19	)		(1.38	)		(1.29	)		8.00			(2.13	)		0.91
Less dividends and distributions from:
Net investment income		—			—			(0.11	)		—			—			—
Net realized gain		—			(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.65	)
Total dividends and distributions		—			(0.61	)		(6.01	)		(1.96	)		(1.18	)		(2.65	)
Net asset value, end of period	$	6.48		$	6.67		$	8.66		$	15.96		$	9.92		$	13.23
Total return3		(2.85	%)4		(15.56	%)4		(8.89	%)4		82.81	%		(17.94	%)4		6.99	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16,670		$	20,607		$	36,063		$	57	5	$	51	5	$	88	5
Ratio of expenses to average net assets6		1.89	%		1.95	%		2.04	%		2.04	%		2.05	%		2.05	%
Ratio of expenses to average net assets prior to fees waived6		2.01	%		2.28	%		2.11	%		2.04	%		2.09	%		2.06	%
Ratio of net investment loss to average net assets		(1.53	%)		(1.33	%)		(1.62	%)		(1.69	%)		(1.62	%)		(1.56	%)
Ratio of net investment loss to average net assets prior to fees waived		(1.65	%)		(1.66	%)		(1.69	%)		(1.69	%)		(1.66	%)		(1.57	%)
Portfolio turnover		27	%		51	%		40	%		57	%		40	%		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.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

176

Delaware Ivy Small Cap Growth Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	19.39		$	23.48		$	32.06		$	18.51		$	23.43		$	24.36
Income (loss) from investment operations:
Net investment loss2		(0.05	)		(0.05	)		(0.14	)		(0.15	)		(0.11	)		(0.11	)
Net realized and unrealized gain (loss)		(0.40	)		(3.43	)		(2.28	)		15.66			(3.63	)		1.93
Total from investment operations		(0.45	)		(3.48	)		(2.42	)		15.51			(3.74	)		1.82
Less dividends and distributions from:
Net investment income		—			—			(0.26	)		—			—			—
Net realized gain		—			(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.75	)
Total dividends and distributions		—			(0.61	)		(6.16	)		(1.96	)		(1.18	)		(2.75	)
Net asset value, end of period	$	18.94		$	19.39		$	23.48		$	32.06		$	18.51		$	23.43
Total return3		(2.32	%)		(14.68	%)		(7.88	%)		85.00	%		(16.99	%)		8.14	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	502,446		$	560,403		$	904,112		$	1,216	4	$	778	4	$	1,034	4
Ratio of expenses to average net assets5		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%		0.94	%
Ratio of expenses to average net assets prior to fees waived5		1.01	%		0.92	%		1.02	%		1.03	%		1.04	%		1.04	%
Ratio of net investment loss to average net assets		(0.52	%)		(0.26	%)		(0.46	%)		(0.55	%)		(0.46	%)		(0.47	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.64	%)		(0.29	%)		(0.59	%)		(0.69	%)		(0.61	%)		(0.57	%)
Portfolio turnover		27	%		51	%		40	%		57	%		40	%		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. 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.

 177

Financial highlights

Delaware Ivy Small Cap Growth Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	11.02		$	13.75		$	21.50		$	12.89		$	16.78		$	18.27
Income (loss) from investment operations:
Net investment loss2		(0.06	)		(0.10	)		(0.23	)		(0.24	)		(0.20	)		(0.20	)
Net realized and unrealized gain (loss)		(0.22	)		(2.02	)		(1.49	)		10.81			(2.51	)		1.41
Total from investment operations		(0.28	)		(2.12	)		(1.72	)		10.57			(2.71	)		1.21
Less dividends and distributions from:
Net investment income		—			—			(0.13	)		—			—			—
Net realized gain		—			(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.70	)
Total dividends and distributions		—			(0.61	)		(6.03	)		(1.96	)		(1.18	)		(2.70	)
Net asset value, end of period	$	10.74		$	11.02		$	13.75		$	21.50		$	12.89		$	16.78
Total return3		(2.54	%)4		(15.18	%)4		(8.57	%)		83.70	%		(17.60	%)		7.42	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	39,965		$	43,146		$	56,050		$	70	5	$	43	5	$	66	5
Ratio of expenses to average net assets6		1.39	%		1.48	%		1.61	%		1.62	%		1.63	%		1.62	%
Ratio of expenses to average net assets prior to fees waived6		1.51	%		1.50	%		1.61	%		1.62	%		1.63	%		1.62	%
Ratio of net investment loss to average net assets		(1.02	%)		(0.84	%)		(1.19	%)		(1.29	%)		(1.19	%)		(1.14	%)
Ratio of net investment loss to average net assets prior to fees waived		(1.14	%)		(0.86	%)		(1.19	%)		(1.29	%)		(1.19	%)		(1.14	%)
Portfolio turnover		27	%		51	%		40	%		57	%		40	%		42	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

178

Delaware Ivy Small Cap Growth Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	19.58		$	23.70		$	32.30		$	18.63		$	23.58		$	24.49
Income (loss) from investment operations:
Net investment loss2		(0.05	)		(0.05	)		(0.13	)		(0.15	)		(0.10	)		(0.10	)
Net realized and unrealized gain (loss)		(0.40	)		(3.46	)		(2.30	)		15.78			(3.67	)		1.96
Total from investment operations		(0.45	)		(3.51	)		(2.43	)		15.63			(3.77	)		1.86
Less dividends and distributions from:
Net investment income		—			—			(0.27	)		—			—			—
Net realized gain		—			(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.77	)
Total dividends and distributions		—			(0.61	)		(6.17	)		(1.96	)		(1.18	)		(2.77	)
Net asset value, end of period	$	19.13		$	19.58		$	23.70		$	32.30		$	18.63		$	23.58
Total return3		(2.30	%)4		(14.67	%)4		(7.88	%)		85.10	%		(17.01	%)		8.19	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	158,765		$	157,251		$	209,855		$	252	5	$	161	5	$	155	5
Ratio of expenses to average net assets6		0.85	%		0.89	%		0.87	%		0.87	%		0.89	%		0.89	%
Ratio of expenses to average net assets prior to fees waived6		0.97	%		0.91	%		0.87	%		0.87	%		0.89	%		0.89	%
Ratio of net investment loss to average net assets		(0.48	%)		(0.25	%)		(0.44	%)		(0.54	%)		(0.44	%)		(0.42	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.60	%)		(0.27	%)		(0.44	%)		(0.54	%)		(0.44	%)		(0.42	%)
Portfolio turnover		27	%		51	%		40	%		57	%		40	%		42	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager. 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.

 179

Financial highlights

Delaware Ivy Small Cap Growth Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.31		$	21.10		$	29.47		$	17.17		$	21.90		$	23.00
Income (loss) from investment operations:
Net investment loss2		(0.07	)		(0.10	)		(0.22	)		(0.23	)		(0.18	)		(0.18	)
Net realized and unrealized gain (loss)		(0.36	)		(3.08	)		(2.08	)		14.49			(3.37	)		1.82
Total from investment operations		(0.43	)		(3.18	)		(2.30	)		14.26			(3.55	)		1.64
Less dividends and distributions from:
Net investment income		—			—			(0.17	)		—			—			—
Net realized gain		—			(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.74	)
Total dividends and distributions		—			(0.61	)		(6.07	)		(1.96	)		(1.18	)		(2.74	)
Net asset value, end of period	$	16.88		$	17.31		$	21.10		$	29.47		$	17.17		$	21.90
Total return3		(2.48	%)4		(14.91	%)4		(8.19	%)4		84.34	%		(17.36	%)		7.83	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	51,032		$	72,634		$	99,698		$	135	5	$	91	5	$	141	5
Ratio of expenses to average net assets6		1.14	%		1.19	%		1.23	%		1.26	%		1.28	%		1.27	%
Ratio of expenses to average net assets prior to fees waived6		1.26	%		1.21	%		1.26	%		1.26	%		1.28	%		1.27	%
Ratio of net investment loss to average net assets		(0.78	%)		(0.56	%)		(0.81	%)		(0.93	%)		(0.84	%)		(0.79	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.90	%)		(0.58	%)		(0.84	%)		(0.93	%)		(0.84	%)		(0.79	%)
Portfolio turnover		27	%		51	%		40	%		57	%		40	%		42	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflect 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.

180

Delaware Ivy Smid Cap Core Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	13.21		$	18.43		$	22.43		$	12.88		$	16.87		$	18.29
Income (loss) from investment operations:
Net investment income (loss)2		0.02			0.05			(0.04	)		(0.06	)		(0.04	)		(0.09	)
Net realized and unrealized gain (loss)		(0.03	)		(1.44	)		(0.18	)		9.61			(3.83	)		1.04
Total from investment operations		(0.01	)		(1.39	)		(0.22	)		9.55			(3.87	)		0.95
Less dividends and distributions from:
Net investment income		(0.03	)		(0.05	)		—			—			—			—
Net realized gain		—			(3.78	)		(3.78	)		—			(0.12	)		(2.37	)
Total dividends and distributions		(0.03	)		(3.83	)		(3.78	)		—			(0.12	)		(2.37	)
Net asset value, end of period	$	13.17		$	13.21		$	18.43		$	22.43		$	12.88		$	16.87
Total return3		(0.08	%)		(7.02	%)		(1.21	%)		74.15	%		(23.13	%)		6.30	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	101,686		$	111,950		$	151,380		$	176	4	$	114	4	$	174	4
Ratio of expenses to average net assets5		1.14	%		1.23	%		1.33	%		1.37	%		1.38	%		1.40	%
Ratio of expenses to average net assets prior to fees waived5		1.33	%		1.44	%		1.36	%		1.41	%		1.41	%		1.42	%
Ratio of net investment income (loss) to average net assets		0.34	%		0.33	%		(0.19	%)		(0.37	%)		(0.24	%)		(0.48	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.15	%		0.12	%		(0.22	%)		(0.41	%)		(0.27	%)		(0.50	%)
Portfolio turnover		8	%		13	%		122	%		127	%		138	%		119	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. 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.

 181

Financial highlights

Delaware Ivy Smid Cap Core Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.82		$	14.84		$	18.75		$	10.85		$	14.32		$	15.81
Income (loss) from investment operations:
Net investment loss2		(0.02	)3		(0.05	)3		(0.17	)		(0.15	)		(0.14	)		(0.19	)
Net realized and unrealized gain (loss)		(0.03	)		(1.18	)		(0.14	)		8.05			(3.21	)		0.89
Total from investment operations		(0.05	)		(1.23	)		(0.31	)		7.90			(3.35	)		0.70
Less dividends and distributions from:
Net investment income		(0.01	)		(0.01	)		—			—			—			—
Net realized gain		—			(3.78	)		(3.60	)		—			(0.12	)		(2.19	)
Total dividends and distributions		(0.01	)		(3.79	)		(3.60	)		—			(0.12	)		(2.19	)
Net asset value, end of period	$	9.76		$	9.82		$	14.84		$	18.75		$	10.85		$	14.32
Total return4		(0.49	%)		(7.71	%)		(1.93	%)		72.81	%		(23.62	%)		5.59	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,721		$	12,188		$	17,505		$	22	5	$	20	5	$	35	5
Ratio of expenses to average net assets6		1.89	%		1.98	%		2.07	%		2.09	%		2.10	%		2.07	%
Ratio of expenses to average net assets prior to fees waived6		2.08	%		2.18	%		2.10	%		2.12	%		2.12	%		2.09	%
Ratio of net investment loss to average net assets		(0.42	%)		(0.42	%)		(0.94	%)		(1.07	%)		(0.96	%)		(1.15	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.61	%)		(0.62	%)		(0.97	%)		(1.10	%)		(0.98	%)		(1.17	%)
Portfolio turnover		8	%		13	%		122	%		127	%		138	%		119	%

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	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.

182

Delaware Ivy Smid Cap Core Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	15.28		$	20.60		$	24.68		$	14.10		$	18.40		$	19.79
Income (loss) from investment operations:
Net investment income (loss)2		0.05			0.12			0.06			0.02			0.05			(0.01	)
Net realized and unrealized gain (loss)		(0.04	)		(1.60	)		(0.21	)		10.56			(4.19	)		1.13
Total from investment operations		0.01			(1.48	)		(0.15	)		10.58			(4.14	)		1.12
Less dividends and distributions from:
Net investment income		(0.04	)		(0.06	)		—			—			(0.02	)		—
Net realized gain		—			(3.78	)		(3.93	)		—			(0.14	)		(2.51	)
Total dividends and distributions		(0.04	)		(3.84	)		(3.93	)		—			(0.16	)		(2.51	)
Net asset value, end of period	$	15.25		$	15.28		$	20.60		$	24.68		$	14.10		$	18.40
Total return3		0.04	%		(6.69	%)		(0.79	%)		75.04	%		(22.74	%)		6.79	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	134,483		$	159,794		$	316,727		$	451	4	$	304	4	$	393	4
Ratio of expenses to average net assets5		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%		0.95	%
Ratio of expenses to average net assets prior to fees waived5		1.08	%		0.97	%		1.07	%		1.09	%		1.10	%		1.09	%
Ratio of net investment income (loss) to average net assets		0.58	%		0.68	%		0.25	%		0.11	%		0.25	%		(0.03	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.39	%		0.60	%		0.07	%		(0.09	%)		0.04	%		(0.17	%)
Portfolio turnover		8	%		13	%		122	%		127	%		138	%		119	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager. 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.

 183

Financial highlights

Delaware Ivy Smid Cap Core Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	13.01		$	18.22		$	22.20		$	12.78		$	16.78		$	18.18
Income (loss) from investment operations:
Net investment income (loss)2		0.01			0.01			(0.11	)		(0.11	)		(0.09	)		(0.13	)
Net realized and unrealized gain (loss)		(0.04	)		(1.42	)		(0.19	)		9.53			(3.79	)		1.03
Total from investment operations		(0.03	)		(1.41	)		(0.30	)		9.42			(3.88	)		0.90
Less dividends and distributions from:
Net investment income		(0.02	)		(0.02	)		—			—			—			—
Net realized gain		—			(3.78	)		(3.68	)		—			(0.12	)		(2.30	)
Total dividends and distributions		(0.02	)		(3.80	)		(3.68	)		—			(0.12	)		(2.30	)
Net asset value, end of period	$	12.96		$	13.01		$	18.22		$	22.20		$	12.78		$	16.78
Total return3		(0.26	%)		(7.21	%)		(1.57	%)		73.71	%		(23.32	%)		6.04	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	18,445		$	18,550		$	22,950		$	25	4	$	15	4	$	16	4
Ratio of expenses to average net assets5		1.39	%		1.48	%		1.64	%		1.64	%		1.65	%		1.65	%
Ratio of expenses to average net assets prior to fees waived5		1.58	%		1.54	%		1.67	%		1.67	%		1.67	%		1.67	%
Ratio of net investment income (loss) to average net assets		0.09	%		0.08	%		(0.50	%)		(0.64	%)		(0.52	%)		(0.73	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.10	%)		0.02	%		(0.53	%)		(0.67	%)		(0.54	%)		(0.75	%)
Portfolio turnover		8	%		13	%		122	%		127	%		138	%		119	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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.

184

Delaware Ivy Smid Cap Core Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	15.48		$	20.80		$	24.88		$	14.22		$	18.55		$	19.96
Income (loss) from investment operations:
Net investment income2		0.05			0.12			0.06			0.02			0.05			0.01
Net realized and unrealized gain (loss)		(0.04	)		(1.62	)		(0.21	)		10.64			(4.22	)		1.13
Total from investment operations		0.01			(1.50	)		(0.15	)		10.66			(4.17	)		1.14
Less dividends and distributions from:
Net investment income		(0.04	)		(0.04	)		—			—			(0.02	)		—
Net realized gain		—			(3.78	)		(3.93	)		—			(0.14	)		(2.55	)
Total dividends and distributions		(0.04	)		(3.82	)		(3.93	)		—			(0.16	)		(2.55	)
Net asset value, end of period	$	15.45		$	15.48		$	20.80		$	24.88		$	14.22		$	18.55
Total return3		0.07	%		(6.73	%)		(0.79	%)		74.96	%		(22.72	%)		6.87	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	36,784		$	39,951		$	82,144		$	77	4	$	59	4	$	77	4
Ratio of expenses to average net assets5		0.85	%		0.89	%		0.89	%		0.89	%		0.89	%		0.90	%
Ratio of expenses to average net assets prior to fees waived5		1.04	%		0.96	%		0.94	%		0.95	%		0.95	%		0.94	%
Ratio of net investment income to average net assets		0.63	%		0.67	%		0.25	%		0.11	%		0.24	%		0.04	%
Ratio of net investment income to average net assets prior to fees waived		0.44	%		0.60	%		0.20	%		0.05	%		0.18	%		0.04	%
Portfolio turnover		8	%		13	%		122	%		127	%		138	%		119	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager. 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.

 185

Financial highlights

Delaware Ivy Smid Cap Core Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	14.42		$	19.71		$	23.73		$	13.62		$	17.81		$	19.20
Income (loss) from investment operations:
Net investment income (loss)2		0.02			0.06			(0.04	)		(0.05	)		(0.03	)		(0.08	)
Net realized and unrealized gain (loss)		(0.03	)		(1.53	)		(0.19	)		10.16			(4.04	)		1.10
Total from investment operations		(0.01	)		(1.47	)		(0.23	)		10.11			(4.07	)		1.02
Less dividends and distributions from:
Net investment income		(0.02	)		(0.04	)		—			—			—			—
Net realized gain		—			(3.78	)		(3.79	)		—			(0.12	)		(2.41	)
Total dividends and distributions		(0.02	)		(3.82	)		(3.79	)		—			(0.12	)		(2.41	)
Net asset value, end of period	$	14.39		$	14.42		$	19.71		$	23.73		$	13.62		$	17.81
Total return3		(0.05	%)		(7.00	%)		(1.19	%)		74.23	%		(23.08	%)		6.45	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,713		$	5,348		$	8,110		$	9	4	$	7	4	$	16	4
Ratio of expenses to average net assets5		1.14	%		1.20	%		1.30	%		1.30	%		1.32	%		1.31	%
Ratio of expenses to average net assets prior to fees waived5		1.33	%		1.27	%		1.33	%		1.34	%		1.35	%		1.33	%
Ratio of net investment income (loss) to average net assets		0.34	%		0.35	%		(0.17	%)		(0.28	%)		(0.19	%)		(0.41	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.15	%		0.28	%		(0.20	%)		(0.32	%)		(0.22	%)		(0.43	%)
Portfolio turnover		8	%		13	%		122	%		127	%		138	%		119	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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.

186

Delaware Ivy Systematic Emerging Markets Equity Fund Class A^ϕ

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.37		$	22.54		$	28.07		$	15.61		$	19.15		$	21.60
Income (loss) from investment operations:
Net investment income (loss)2		0.31			0.68			0.15			(0.01	)		0.12			0.12
Net realized and unrealized gain (loss)		(0.65	)		(3.40	)		(5.54	)		12.68			(3.51	)		(2.46	)
Total from investment operations		(0.34	)		(2.72	)		(5.39	)		12.67			(3.39	)		(2.34	)
Less dividends and distributions from:
Net investment income		—			(0.20	)		(0.14	)		(0.21	)		(0.15	)		(0.11	)
Net realized gain		—			(2.25	)		—			—			—			—
Total dividends and distributions		—			(2.45	)		(0.14	)		(0.21	)		(0.15	)		(0.11	)
Net asset value, end of period	$	17.03		$	17.37		$	22.54		$	28.07		$	15.61		$	19.15
Total return3		(1.96	%)4		(11.42	%)4		(19.25	%)4		81.21	%		(17.87	%)		(10.75	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	158,722		$	179,755		$	263,968		$	377	5	$	229	5	$	344	5
Ratio of expenses to average net assets6		1.12	%		1.15	%		1.35	%		1.39	%		1.46	%		1.44	%
Ratio of expenses to average net assets prior to fees waived6		1.43	%		1.57	%		1.37	%		1.39	%		1.46	%		1.44	%
Ratio of net investment income (loss) to average net assets		3.54	%		3.59	%		0.55	%		(0.03	%)		0.61	%		0.62	%
Ratio of net investment income (loss) to average net assets prior to fees waived		3.23	%		3.17	%		0.53	%		(0.03	%)		0.61	%		0.62	%
Portfolio turnover		17	%		65	%		38	%		39	%		32	%		59	%

ϕ	Consolidated financial highlights.
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 187

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class C^ϕ

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	14.26		$	19.07		$	23.86		$	13.31		$	16.39		$	18.54
Income (loss) from investment operations:
Net investment income (loss)2		0.21			0.47			(0.04	)		(0.15	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		(0.54	)		(2.90	)		(4.68	)		10.79			(2.99	)		(2.10	)
Total from investment operations		(0.33	)		(2.43	)		(4.72	)		10.64			(3.00	)		(2.11	)
Less dividends and distributions from:
Net investment income		—			(0.13	)		(0.07	)		(0.09	)		(0.08	)		(0.04	)
Net realized gain		—			(2.25	)		—			—			—			—
Total dividends and distributions		—			(2.38	)		(0.07	)		(0.09	)		(0.08	)		(0.04	)
Net asset value, end of period	$	13.93		$	14.26		$	19.07		$	23.86		$	13.31		$	16.39
Total return3		(2.31	%)4		(12.02	%)4		(19.83	%)4		80.00	%		(18.43	%)		(11.36	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	19,033		$	23,136		$	39,227		$	57	5	$	43	5	$	72	5
Ratio of expenses to average net assets6		1.80	%		1.84	%		2.07	%		2.10	%		2.16	%		2.11	%
Ratio of expenses to average net assets prior to fees waived6		2.18	%		2.29	%		2.09	%		2.10	%		2.16	%		2.11	%
Ratio of net investment income (loss) to average net assets		2.87	%		2.95	%		(0.17	%)		(0.73	%)		(0.07	%)		(0.08	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		2.49	%		2.50	%		(0.19	%)		(0.73	%)		(0.07	%)		(0.08	%)
Portfolio turnover		17	%		65	%		38	%		39	%		32	%		59	%

ϕ	Consolidated financial highlights.
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

188

Delaware Ivy Systematic Emerging Markets Equity Fund Class I^ϕ

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.12		$	23.33		$	29.05		$	16.13		$	19.77		$	22.30
Income (loss) from investment operations:
Net investment income2		0.35			0.79			0.26			0.09			0.21			0.21
Net realized and unrealized gain (loss)		(0.68	)		(3.53	)		(5.74	)		13.12			(3.61	)		(2.55	)
Total from investment operations		(0.33	)		(2.74	)		(5.48	)		13.21			(3.40	)		(2.34	)
Less dividends and distributions from:
Net investment income		—			(0.22	)		(0.24	)		(0.29	)		(0.24	)		(0.19	)
Net realized gain		—			(2.25	)		—			—			—			—
Total dividends and distributions		—			(2.47	)		(0.24	)		(0.29	)		(0.24	)		(0.19	)
Net asset value, end of period	$	17.79		$	18.12		$	23.33		$	29.05		$	16.13		$	19.77
Total return3		(1.82	%)		(11.08	%)		(18.96	%)		82.02	%		(17.50	%)		(10.34	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	460,439		$	532,766		$	912,326		$	1,548	4	$	826	4	$	1,209	4
Ratio of expenses to average net assets5		0.80	%		0.81	%		0.98	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets prior to fees waived5		1.18	%		1.08	%		1.08	%		1.10	%		1.14	%		1.11	%
Ratio of net investment income to average net assets		3.87	%		4.00	%		0.93	%		0.37	%		1.09	%		1.06	%
Ratio of net investment income to average net assets prior to fees waived		3.49	%		3.73	%		0.83	%		0.26	%		0.94	%		0.94	%
Portfolio turnover		17	%		65	%		38	%		39	%		32	%		59	%

ϕ	Consolidated financial highlights.
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. 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.

 189

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class R^ϕ

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.12		$	22.26		$	27.75		$	15.44		$	18.95		$	21.40
Income (loss) from investment operations:
Net investment income (loss)2		0.29			0.61			0.06			(0.07	)		0.07			0.06
Net realized and unrealized gain (loss)		(0.65	)		(3.33	)		(5.46	)		12.53			(3.47	)		(2.43	)
Total from investment operations		(0.36	)		(2.72	)		(5.40	)		12.46			(3.40	)		(2.37	)
Less dividends and distributions from:
Net investment income		—			(0.17	)		(0.09	)		(0.15	)		(0.11	)		(0.08	)
Net realized gain		—			(2.25	)		—			—			—			—
Total dividends and distributions		—			(2.42	)		(0.09	)		(0.15	)		(0.11	)		(0.08	)
Net asset value, end of period	$	16.76		$	17.12		$	22.26		$	27.75		$	15.44		$	18.95
Total return3		(2.10	%)4		(11.57	%)4		(19.51	%)4		80.73	%		(18.07	%)		(11.03	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,351		$	6,070		$	7,540		$	11	5	$	9	5	$	15	5
Ratio of expenses to average net assets6		1.30	%		1.37	%		1.67	%		1.69	%		1.72	%		1.70	%
Ratio of expenses to average net assets prior to fees waived6		1.68	%		1.64	%		1.68	%		1.69	%		1.72	%		1.70	%
Ratio of net investment income (loss) to average net assets		3.34	%		3.30	%		0.22	%		(0.32	%)		0.39	%		0.32	%
Ratio of net investment income (loss) to average net assets prior to fees waived		2.96	%		3.03	%		0.21	%		(0.32	%)		0.39	%		0.32	%
Portfolio turnover		17	%		65	%		38	%		39	%		32	%		59	%

ϕ	Consolidated financial highlights.
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

190

Delaware Ivy Systematic Emerging Markets Equity Fund Class R6^ϕ

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.22		$	23.46		$	29.21		$	16.22		$	19.88		$	22.42
Income (loss) from investment operations:
Net investment income2		0.36			0.78			0.28			0.10			0.21			0.20
Net realized and unrealized gain (loss)		(0.69	)		(3.53	)		(5.77	)		13.19			(3.63	)		(2.54	)
Total from investment operations		(0.33	)		(2.75	)		(5.49	)		13.29			(3.42	)		(2.34	)
Less dividends and distributions from:
Net investment income		—			(0.24	)		(0.26	)		(0.30	)		(0.24	)		(0.20	)
Net realized gain		—			(2.25	)		—			—			—			—
Total dividends and distributions		—			(2.49	)		(0.26	)		(0.30	)		(0.24	)		(0.20	)
Net asset value, end of period	$	17.89		$	18.22		$	23.46		$	29.21		$	16.22		$	19.88
Total return3		(1.81	%)4		(11.06	%)4		(18.89	%)4		82.01	%		(17.46	%)		(10.32	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	120,059		$	144,999		$	254,340		$	353	5	$	200	5	$	300	5
Ratio of expenses to average net assets6		0.72	%		0.76	%		0.92	%		0.95	%		0.99	%		0.96	%
Ratio of expenses to average net assets prior to fees waived6		1.13	%		1.05	%		0.93	%		0.95	%		0.99	%		0.96	%
Ratio of net investment income to average net assets		3.91	%		3.94	%		0.98	%		0.40	%		1.05	%		1.03	%
Ratio of net investment income to average net assets prior to fees waived		3.50	%		3.65	%		0.97	%		0.40	%		1.05	%		1.03	%
Portfolio turnover		17	%		65	%		38	%		39	%		32	%		59	%

ϕ	Consolidated financial highlights.
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. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 191

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class Y^ϕ

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	17.79		$	23.01		$	28.65		$	15.92		$	19.53		$	22.02
Income (loss) from investment operations:
Net investment income2		0.32			0.67			0.16			0.01			0.14			0.13
Net realized and unrealized gain (loss)		(0.67	)		(3.44	)		(5.65	)		12.94			(3.58	)		(2.50	)
Total from investment operations		(0.35	)		(2.77	)		(5.49	)		12.95			(3.44	)		(2.37	)
Less dividends and distributions from:
Net investment income		—			(0.20	)		(0.15	)		(0.22	)		(0.17	)		(0.12	)
Net realized gain		—			(2.25	)		—			—			—			—
Total dividends and distributions		—			(2.45	)		(0.15	)		(0.22	)		(0.17	)		(0.12	)
Net asset value, end of period	$	17.44		$	17.79		$	23.01		$	28.65		$	15.92		$	19.53
Total return3		(1.97	%)4		(11.38	%)4		(19.23	%)4		81.40	%		(17.80	%)		(10.68	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	25,195		$	27,664		$	29,380		$	40	5	$	31	5	$	45	5
Ratio of expenses to average net assets6		1.12	%		1.14	%		1.31	%		1.34	%		1.37	%		1.35	%
Ratio of expenses to average net assets prior to fees waived6		1.43	%		1.41	%		1.32	%		1.34	%		1.37	%		1.35	%
Ratio of net investment income to average net assets		3.55	%		3.50	%		0.59	%		0.04	%		0.70	%		0.69	%
Ratio of net investment income to average net assets prior to fees waived		3.24	%		3.23	%		0.58	%		0.04	%		0.70	%		0.69	%
Portfolio turnover		17	%		65	%		38	%		39	%		32	%		59	%

ϕ	Consolidated financial highlights.
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

192

Delaware Ivy Value Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	21.02		$	27.62		$	26.18		$	16.79		$	22.61		$	23.27
Income (loss) from investment operations:
Net investment income2		0.17			0.25			0.31			0.29			0.41			0.28
Net realized and unrealized gain (loss)		(0.76	)		(2.01	)		4.14			9.86			(3.98	)		0.50
Total from investment operations		(0.59	)		(1.76	)		4.45			10.15			(3.57	)		0.78
Less dividends and distributions from:
Net investment income		(0.17	)		(0.45	)		(0.44	)		(0.29	)		(0.33	)		(0.20	)
Net realized gain		—			(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(0.17	)		(4.84	)		(3.01	)		(0.76	)		(2.25	)		(1.44	)
Net asset value, end of period	$	20.26		$	21.02		$	27.62		$	26.18		$	16.79		$	22.61
Total return3		(2.81	%)4		(6.47	%)4		17.35	%		61.22	%4		(18.67	%)		3.69	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	274,336		$	318,903		$	405,826		$	359	5	$	251	5	$	354	5
Ratio of expenses to average net assets6		1.08	%		1.10	%		1.09	%		1.19	%		1.21	%		1.21	%
Ratio of expenses to average net assets prior to fees waived6		1.14	%		1.14	%		1.09	%		1.20	%		1.21	%		1.21	%
Ratio of net investment income to average net assets		1.56	%		1.01	%		1.07	%		1.36	%		1.68	%		1.21	%
Ratio of net investment income to average net assets prior to fees waived		1.50	%		0.97	%		1.07	%		1.35	%		1.68	%		1.21	%
Portfolio turnover		7	%		103	%		64	%		60	%		68	%		51	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 193

Financial highlights

Delaware Ivy Value Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	19.65		$	26.19		$	24.95		$	16.02		$	21.69		$	22.40
Income (loss) from investment operations:
Net investment income2		0.08			0.05			0.05			0.13			0.22			0.13
Net realized and unrealized gain (loss)		(0.70	)		(1.90	)		3.95			9.39			(3.79	)		0.45
Total from investment operations		(0.62	)		(1.85	)		4.00			9.52			(3.57	)		0.58
Less dividends and distributions from:
Net investment income		(0.10	)		(0.30	)		(0.19	)		(0.12	)		(0.18	)		(0.05	)
Net realized gain		—			(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(0.10	)		(4.69	)		(2.76	)		(0.59	)		(2.10	)		(1.29	)
Net asset value, end of period	$	18.93		$	19.65		$	26.19		$	24.95		$	16.02		$	21.69
Total return3		(3.15	%)4		(7.24	%)4		16.32	%		59.94	%		(19.29	%)		2.94	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,082		$	6,143		$	6,611		$	7	5	$	8	5	$	14	5
Ratio of expenses to average net assets6		1.83	%		1.88	%		1.97	%		1.99	%		1.99	%		1.94	%
Ratio of expenses to average net assets prior to fees waived6		1.89	%		1.98	%		1.97	%		1.99	%		1.99	%		1.94	%
Ratio of net investment income to average net assets		0.81	%		0.23	%		0.18	%		0.65	%		0.94	%		0.59	%
Ratio of net investment income to average net assets prior to fees waived		0.75	%		0.13	%		0.18	%		0.65	%		0.94	%		0.59	%
Portfolio turnover		7	%		103	%		64	%		60	%		68	%		51	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

194

Delaware Ivy Value Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	21.18		$	27.78		$	26.31		$	16.88		$	22.72		$	23.38
Income (loss) from investment operations:
Net investment income2		0.19			0.36			0.37			0.35			0.47			0.36
Net realized and unrealized gain (loss)		(0.76	)		(2.07	)		4.17			9.91			(4.00	)		0.50
Total from investment operations		(0.57	)		(1.71	)		4.54			10.26			(3.53	)		0.86
Less dividends and distributions from:
Net investment income		(0.20	)		(0.50	)		(0.50	)		(0.36	)		(0.39	)		(0.28	)
Net realized gain		—			(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(0.20	)		(4.89	)		(3.07	)		(0.83	)		(2.31	)		(1.52	)
Net asset value, end of period	$	20.41		$	21.18		$	27.78		$	26.31		$	16.88		$	22.72
Total return3		(2.72	%)4		(6.25	%)		17.61	%		61.66	%4		(18.40	%)		3.95	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	270,027		$	346,249		$	938,672		$	829	5	$	522	5	$	579	5
Ratio of expenses to average net assets6		0.83	%		0.86	%		0.88	%		0.91	%		0.92	%		0.91	%
Ratio of expenses to average net assets prior to fees waived6		0.89	%		0.86	%		0.88	%		0.92	%		0.92	%		0.91	%
Ratio of net investment income to average net assets		1.81	%		1.45	%		1.28	%		1.62	%		1.94	%		1.51	%
Ratio of net investment income to average net assets prior to fees waived		1.75	%		1.45	%		1.28	%		1.61	%		1.94	%		1.51	%
Portfolio turnover		7	%		103	%		64	%		60	%		68	%		51	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager. 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.

 195

Financial highlights

Delaware Ivy Value Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20				3/31/19
Net asset value, beginning of period	$	20.92		$	27.54		$	26.11		$	16.74		$	22.56			$	23.22
Income (loss) from investment operations:
Net investment income2		0.13			0.12			0.08			0.21			0.33				0.22
Net realized and unrealized gain (loss)		(0.74	)		(2.00	)		4.28			9.83			(3.98	)			0.49
Total from investment operations		(0.61	)		(1.88	)		4.36			10.04			(3.65	)			0.71
Less dividends and distributions from:
Net investment income		(0.09	)		(0.35	)		(0.36	)		(0.20	)		(0.25	)			(0.13	)
Net realized gain		—			(4.39	)		(2.57	)		(0.47	)		(1.92	)			(1.24	)
Total dividends and distributions		(0.09	)		(4.74	)		(2.93	)		(0.67	)		(2.17	)			(1.37	)
Net asset value, end of period	$	20.22		$	20.92		$	27.54		$	26.11		$	16.74			$	22.56
Total return3		(2.92	%)4		(6.95	%)4		16.99	%		60.59	%		(18.94	%)			3.35	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5		$	20		$	14		$	—	5,6	$	—	5,6		$	—	5,6
Ratio of expenses to average net assets7		1.33	%		1.56	%		1.53	%		1.57	%		1.55	%			1.52	%
Ratio of expenses to average net assets prior to fees waived7		1.36	%		1.80	%		1.53	%		1.57	%		1.55	%			1.52	%
Ratio of net investment income to average net assets		1.19	%		0.49	%		0.29	%		0.96	%		1.34	%	��		0.95	%
Ratio of net investment income to average net assets prior to fees waived		1.16	%		0.25	%		0.29	%		0.96	%		1.34	%			0.95	%
Portfolio turnover		7	%		103	%		64	%		60	%		68	%			51	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

196

Delaware Ivy Value Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	21.38		$	27.89		$	26.40		$	16.94		$	22.80		$	23.45
Income (loss) from investment operations:
Net investment income2		0.20			0.44			0.41			0.39			0.51			0.41
Net realized and unrealized gain (loss)		(0.77	)		(2.13	)		4.19			9.94			(4.02	)		0.50
Total from investment operations		(0.57	)		(1.69	)		4.60			10.33			(3.51	)		0.91
Less dividends and distributions from:
Net investment income		(0.20	)		(0.43	)		(0.54	)		(0.40	)		(0.43	)		(0.32	)
Net realized gain		—			(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(0.20	)		(4.82	)		(3.11	)		(0.87	)		(2.35	)		(1.56	)
Net asset value, end of period	$	20.61		$	21.38		$	27.89		$	26.40		$	16.94		$	22.80
Total return3		(2.69	%)4		(6.18	%)		17.81	%		61.93	%		(18.29	%)		4.15	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,792		$	4,247		$	126,573		$	146	5	$	113	5	$	140	5
Ratio of expenses to average net assets6		0.81	%		0.74	%		0.72	%		0.76	%		0.77	%		0.76	%
Ratio of expenses to average net assets prior to fees waived6		0.85	%		0.74	%		0.72	%		0.76	%		0.77	%		0.76	%
Ratio of net investment income to average net assets		1.83	%		1.70	%		1.42	%		1.81	%		2.13	%		1.72	%
Ratio of net investment income to average net assets prior to fees waived		1.79	%		1.70	%		1.42	%		1.81	%		2.13	%		1.72	%
Portfolio turnover		7	%		103	%		64	%		60	%		68	%		51	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

 197

Financial highlights

Delaware Ivy Value Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	20.97		$	27.57		$	26.14		$	16.77		$	22.65		$	23.31
Income (loss) from investment operations:
Net investment income2		0.17			0.25			0.28			0.33			0.46			0.33
Net realized and unrealized gain (loss)		(0.76	)		(2.01	)		4.16			9.80			(4.09	)		0.47
Total from investment operations		(0.59	)		(1.76	)		4.44			10.13			(3.63	)		0.80
Less dividends and distributions from:
Net investment income		(0.18	)		(0.45	)		(0.44	)		(0.29	)		(0.33	)		(0.22	)
Net realized gain		—			(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(0.18	)		(4.84	)		(3.01	)		(0.76	)		(2.25	)		(1.46	)
Net asset value, end of period	$	20.20		$	20.97		$	27.57		$	26.14		$	16.77		$	22.65
Total return3		(2.85	%)4		(6.49	%)		17.32	%4		61.18	%		(18.89	%)		3.76	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	89		$	87		$	108		$	—	5,6	$	—	5,6	$	—	5,6
Ratio of expenses to average net assets7		1.08	%		1.11	%		1.11	%		1.18	%		1.19	%		1.15	%
Ratio of expenses to average net assets prior to fees waived7		1.14	%		1.11	%		1.14	%		1.18	%		1.19	%		1.15	%
Ratio of net investment income to average net assets		1.56	%		1.01	%		1.03	%		1.61	%		1.93	%		1.37	%
Ratio of net investment income to average net assets prior to fees waived		1.50	%		1.01	%		1.00	%		1.61	%		1.93	%		1.37	%
Portfolio turnover		7	%		103	%		64	%		60	%		68	%		51	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

198

Notes to financial statements

Ivy Funds September 30, 2023 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 30 funds. These financial statements and the related notes pertain to 16 funds: Delaware Global Equity Fund II (formerly, Delaware Global Value Equity Fund), Delaware International Equity Fund II (formerly, Delaware Ivy International Value Fund), Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, and Delaware Ivy Value Fund, (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Global Equity Fund II, Delaware International Equity Fund II, and Delaware Ivy Large Cap Growth Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Global Equity Fund II, Delaware International Equity Fund II, and Delaware Ivy Large Cap Growth Fund are considered nondiversified.

The Funds offer Class A, Class C, Class I, Class R, Class R6 and Class Y 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 $1 million or more 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 of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class I, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities, credit default swap (CDS) contracts, interest rate swap (IRS) contracts, CDS and IRS options contracts (swaptions) are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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. Forward foreign 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 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by 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

 199

Notes to financial statements

Ivy Funds

1. Significant Accounting Policies (continued)

consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended September 30, 2023, and for all open tax years (years ended March 31, 2020–March 31, 2023), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended September 30, 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. Each Fund generally bifurcates 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), attributable 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.” Each Fund reports 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 intend to use either 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.

Segregation and Collateralization — 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, forward 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. Cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the “Statements of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedules of investments.”

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

200

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 Core Bond Fund and Delaware Ivy High Income Fund declare daily and pay monthly. Delaware Global Equity Fund II, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Smid Cap Core Fund, and Delaware Ivy Value Fund declare and pay quarterly. Delaware International Equity Fund II, Delaware Ivy Core Equity Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, and Delaware Ivy Small Cap Growth Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, 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.”

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

In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:

Fund	Management Fee (annual rate as a percentage of average daily net assets)
Delaware Global Equity Fund II	0.70% of net assets up to $1 billion;
	0.65% of net assets over $1 billion and up to $2 billion;
	0.60% of net assets over $2 billion and up to $3 billion;
	0.55% of net assets over $3 billion and up to $5 billion;
	0.545% of net assets over $5 billion and up to $10 billion;
	0.54% of net assets over $10 billion.
Delaware International Equity Fund II	1.00% of net assets up to $500 million;
	0.85% of net assets over $500 million and up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $5 billion;
	0.73% of net assets over $5 billion and up to $10 billion;
	0.70% of net assets over $10 billion.

 201

Notes to financial statements

Ivy Funds

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

Fund	Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy Core Bond Fund	0.525% of net assets up to $500 million;
	0.50% of net assets over $500 million and up to $1 billion;
	0.45% of net assets over $1 billion and up to $1.5 billion;
	0.40% of net assets over $1.5 billion and up to $5 billion;
	0.395% of net assets over $5 billion and up to $10 billion;
	0.39% of net assets over $10 billion.
Delaware Ivy Core Equity Fund	0.70% of net assets up to $1 billion;
	0.65% of net assets over $1 billion and up to $2 billion;
	0.60% of net assets over $2 billion and up to $3 billion;
	0.55% of net assets over $3 billion and up to $5 billion;
	0.525% of net assets over $5 billion and up to $6 billion;
	0.50% of net assets over $6 billion and up to $10 billion;
	0.49% of net assets over $10 billion.
Delaware Ivy Global Bond Fund	0.625% of net assets up to $500 million;
	0.60% of net assets over $500 million and up to $1 billion;
	0.55% of net assets over $1 billion and up to $1.5 billion;
	0.50% of net assets over $1.5 billion and up to $5 billion;
	0.49% of net assets over $5 billion and up to $10 billion;
	0.48% of net assets over $10 billion.
Delaware Ivy Global Growth Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.70% of net assets over $3 billion and up to $5 billion;
	0.695% of net assets over $5 billion and up to $10 billion;
	0.69% of net assets over $10 billion.
Delaware Ivy High Income Fund	0.625% of net assets up to $500 million;
	0.60% of net assets over $500 million and up to $1 billion;
	0.55% of net assets over $1 billion and up to $1.5 billion;
	0.50% of net assets over $1.5 billion and up to $10 billion;
	0.49% of net assets over $10 billion and up to $20 billion;
	0.48% of net assets over $20 billion.
Delaware Ivy International Core Equity Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.70% of net assets over $3 billion and up to $5 billion;
	0.69% of net assets over $5 billion and up to $10 billion;
	0.68% of net assets over $10 billion.
Delaware Ivy Large Cap Growth Fund	0.70% of net assets up to $1 billion;
	0.65% of net assets over $1 billion and up to $2 billion;
	0.60% of net assets over $2 billion and up to $3 billion;
	0.55% of net assets over$3 billion and up to $5 billion;
	0.545% of net assets over $5 billion and up to $10 billion;
	0.54% of net assets over $10 billion.

202

Fund	Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy Managed International Opportunities Fund	0.05% of net assets.
Delaware Ivy Mid Cap Growth Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $5 billion;
	0.73% of net assets over $5 billion and up to $10 billion;
	0.70% of net assets over $10 billion and up to $15 billion;
	0.67% of net assets over $15 billion.
Delaware Ivy Mid Cap Income Opportunities Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $5 billion;
	0.73% of net assets over $5 billion and up to $10 billion;
	0.70% of net assets over $10 billion and up to $15 billion;
	0.67% of net assets over $15 billion.
Delaware Ivy Small Cap Growth Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $5 billion;
	0.73% of net assets over $5 billion and up to $10 billion;
	0.72% of net assets over $10 billion.
Delaware Ivy Smid Cap Core Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $5 billion;
	0.73% of net assets over $5 billion and up to $10 billion;
	0.72% of net assets over $10 billion.
Delaware Ivy Systematic Emerging Markets Equity Fund	1.00% of net assets up to $500 million;
	0.85% of net assets over $500 million and up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $5 billion;
	0.755% of net assets over $5 billion and up to $10 billion;
	0.75% of net assets over $10 billion.
Delaware Ivy Value Fund	0.70% of net assets up to $1 billion;
	0.65% of net assets over $1 billion and up to $2 billion;
	0.60% of net assets over $2 billion and up to $3 billion;
	0.55% of net assets over $3 billion and up to $5 billion;
	0.545% of net assets over $5 billion and up to $10 billion;
	0.54% of net assets over $10 billion.

 203

Notes to financial statements

Ivy Funds

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

DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:

In connection with its management of Delaware Ivy Core Bond Fund, Delaware Ivy Global Bond Fund, and Delaware Ivy High Income Fund, DMC may seek fixed income investment advice, recommendations, discretionary investment advice and trading from its affiliates Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL). DMC pays a sub-advisory fee to each of MIMAK, MIMEL and MIMGL based on the extent to which they provide services to the Funds.

In addition and with respect only to Delaware Ivy Managed International Opportunities Fund, MIMAK is responsible for the day-to-day management of the Fund. MIMAK may utilize its affiliate MIMGL to execute security trades. DMC pays a sub-advisory fee to each of MIMAK and MIMGL for their services to the Fund.

In addition and with respect only to Delaware Ivy Systematic Emerging Markets Equity Fund, MIMGL is responsible for the day-to-day management of the Fund. DMC pays a sub-advisory fee to MIMGL for their services to the Fund.

MIMGL serve as sub-advisor to Delaware International Equity Fund II, Delaware Ivy Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Value Fund, Delaware Global Equity Fund II, Delaware Ivy Global Growth Fund, and Delaware Ivy International Core Equity Fund, executing security trades on behalf of DMC. DMC pays a sub-advisory fee to MIMGL for their services to the Funds.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended September 30, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Global Equity Fund II	$	6,602
Delaware International Equity Fund II		3,850
Delaware Ivy Core Bond Fund		8,456
Delaware Ivy Core Equity Fund		53,470
Delaware Ivy Global Bond Fund		8,510
Delaware Ivy Global Growth Fund		9,857
Delaware Ivy High Income Fund		39,397
Delaware Ivy International Core Equity Fund		22,230
Delaware Ivy Large Cap Growth Fund		85,964
Delaware Ivy Managed International Opportunities Fund		3,114
Delaware Ivy Mid Cap Growth Fund		90,385
Delaware Ivy Mid Cap Income Opportunities Fund		20,442
Delaware Ivy Small Cap Growth Fund		24,133
Delaware Ivy Smid Cap Core Fund		7,016
Delaware Ivy Systematic Emerging Markets Equity Fund		14,960
Delaware Ivy Value Fund		11,466

DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of

204

operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended September 30, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Global Equity Fund II	$	9,828
Delaware International Equity Fund II		3,950
Delaware Ivy Core Bond Fund		13,791
Delaware Ivy Core Equity Fund		109,969
Delaware Ivy Global Bond Fund		13,905
Delaware Ivy Global Growth Fund		16,783
Delaware Ivy High Income Fund		79,901
Delaware Ivy International Core Equity Fund		43,221
Delaware Ivy Large Cap Growth Fund		179,399
Delaware Ivy Managed International Opportunities Fund		2,376
Delaware Ivy Mid Cap Growth Fund		188,836
Delaware Ivy Mid Cap Income Opportunities Fund		39,397
Delaware Ivy Small Cap Growth Fund		47,285
Delaware Ivy Smid Cap Core Fund		10,714
Delaware Ivy Systematic Emerging Markets Equity Fund		27,686
Delaware Ivy Value Fund		20,220

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 Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that 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%, 0.50%, and 0.25% of the average daily net assets of the Class A, Class C, Class R, and Class Y shares, respectively. The fees are calculated daily and paid monthly. Class I and Class R6 shares do not pay 12b-1 fees.

From July 31, 2023 through July 30, 2024, DMC has 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 and the Funds. 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 Global Equity Fund II	0.92%	0.75%
Delaware International Equity Fund II	0.79%	0.65%
Delaware Ivy Core Bond Fund	0.44%	0.33%
Delaware Ivy Core Equity Fund	0.75%	0.67%
Delaware Ivy Global Bond Fund	0.71%	0.59%
Delaware Ivy Global Growth Fund	0.92%	0.81%
Delaware Ivy High Income Fund	0.72%	0.63%
Delaware Ivy International Core Equity Fund	0.79%	0.67%
Delaware Ivy Large Cap Growth Fund	0.64%	0.56%
Delaware Ivy Managed International Opportunities Fund	n/a	n/a

 205

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 all share classes other than Class R6	Operating expense limitation as a percentage of average daily net assets Class R6
Delaware Ivy Mid Cap Growth Fund	0.79%	0.69%
Delaware Ivy Mid Cap Income Opportunities Fund	0.83%	0.72%
Delaware Ivy Small Cap Growth Fund	0.89%	0.76%
Delaware Ivy Smid Cap Core Fund	0.89%	0.76%
Delaware Ivy Systematic Emerging Markets Equity Fund	0.80%	0.65%
Delaware Ivy Value Fund	0.83%	0.72%

After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets for the period from July 31, 2023 through July 30, 2024 is as follows:

	Operating expense limitation as a percentage of average daily net assets
Fund	Class A			Class C			Class I			Class R			Class R6			Class Y
Delaware Global Equity Fund II		1.17	%		1.92	%		0.92	%		1.42	%		0.75	%		1.17	%
Delaware International Equity Fund II		1.04	%		1.79	%		0.79	%		1.29	%		0.65	%		1.04	%
Delaware Ivy Core Bond Fund		0.69	%		1.44	%		0.44	%		0.94	%		0.33	%		0.69	%
Delaware Ivy Core Equity Fund		1.00	%		1.75	%		0.75	%		1.25	%		0.67	%		1.00	%
Delaware Ivy Global Bond Fund		0.96	%		1.71	%		0.71	%		1.21	%		0.59	%		0.96	%
Delaware Ivy Global Growth Fund		1.17	%		1.92	%		0.92	%		1.42	%		0.81	%		1.17	%
Delaware Ivy High Income Fund		0.97	%		1.72	%		0.72	%		1.22	%		0.63	%		0.97	%
Delaware Ivy International Core Equity Fund		1.04	%		1.79	%		0.79	%		1.29	%		0.67	%		1.04	%
Delaware Ivy Large Cap Growth Fund		0.89	%		1.64	%		0.64	%		1.14	%		0.56	%		0.89	%
Delaware Ivy Managed International Opportunities Fund		n/a			n/a			n/a			n/a			n/a			n/a
Delaware Ivy Mid Cap Growth Fund		1.04	%		1.79	%		0.79	%		1.29	%		0.69	%		1.04	%
Delaware Ivy Mid Cap Income Opportunities Fund		1.08	%		1.83	%		0.83	%		1.33	%		0.72	%		1.08	%
Delaware Ivy Small Cap Growth Fund		1.14	%		1.89	%		0.89	%		1.39	%		0.76	%		1.14	%
Delaware Ivy Smid Cap Core Fund		1.14	%		1.89	%		0.89	%		1.39	%		0.76	%		1.14	%
Delaware Ivy Systematic Emerging Markets Equity Fund		1.05	%		1.80	%		0.80	%		1.30	%		0.65	%		1.05	%
Delaware Ivy Value Fund		1.08	%		1.83	%		0.83	%		1.33	%		0.72	%		1.08	%

Prior to July 31, 2023, DMC, DDLP and/or DIFSC, had contractually agreed to waive all or a portion of its fees and/or pay/reimburse expenses (excluding acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeded the following percentages of each Fund’s average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC, DDLP, DIFSC and/or each Fund. The waivers and reimbursements were accrued daily and received monthly.

	Operating expense limitation as a percentage of average daily net assets
Fund	Class A			Class C			Class I			Class R			Class R6		Class Y
Delaware Global Equity Fund II		1.17	%		1.92	%		0.92	%		1.42	%		n/a		1.17	%

206

	Operating expense limitation as a percentage of average daily net assets
Fund	Class A			Class C			Class I			Class R			Class R6			Class Y
Delaware International Equity Fund II		1.20	%		1.95	%		0.95	%		1.45	%		n/a			1.20	%
Delaware Ivy Core Bond Fund		0.70	%		1.45	%		0.45	%		0.95	%		0.45	%		0.70	%
Delaware Ivy Core Equity Fund		1.00	%		1.75	%		0.75	%		1.25	%		n/a			1.00	%
Delaware Ivy Global Bond Fund		0.96	%		1.71	%		0.71	%		1.21	%		n/a			0.96	%
Delaware Ivy Global Growth Fund		1.21	%		1.97	%		0.97	%		1.47	%		n/a			1.22	%
Delaware Ivy High Income Fund		1.00	%		1.75	%		0.75	%		1.25	%		n/a			1.00	%
Delaware Ivy International Core Equity Fund		1.04	%		1.79	%		0.79	%		1.29	%		0.79	%		1.04	%
Delaware Ivy Large Cap Growth Fund		0.89	%		1.64	%		0.64	%		1.14	%		0.64	%		0.89	%
Delaware Ivy Managed International Opportunities Fund		n/a			n/a			n/a			n/a			n/a			n/a
Delaware Ivy Mid Cap Growth Fund		1.04	%		1.79	%		0.79	%		1.29	%		0.79	%		1.04	%
Delaware Ivy Mid Cap Income Opportunities Fund		1.08	%		1.83	%		0.83	%		1.33	%		0.83	%		1.08	%
Delaware Ivy Small Cap Growth Fund		1.14	%		1.89	%		0.89	%		1.39	%		0.89	%		1.14	%
Delaware Ivy Smid Cap Core Fund		1.14	%		1.89	%		0.89	%		1.39	%		0.89	%		1.14	%
Delaware Ivy Systematic Emerging Markets Equity Fund		1.15	%		1.80	%		0.80	%		1.30	%		0.76	%		1.15	%
Delaware Ivy Value Fund		1.08	%		1.83	%		0.83	%		1.33	%		n/a			1.08	%

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended September 30, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Global Equity Fund II	$	4,583
Delaware International Equity Fund II		3,061
Delaware Ivy Core Bond Fund		7,232
Delaware Ivy Core Equity Fund		49,312
Delaware Ivy Global Bond Fund		9,518
Delaware Ivy Global Growth Fund		7,732
Delaware Ivy High Income Fund		36,787
Delaware Ivy International Core Equity Fund		19,539
Delaware Ivy Large Cap Growth Fund		75,868
Delaware Ivy Managed International Opportunities Fund		1,129
Delaware Ivy Mid Cap Growth Fund		78,744
Delaware Ivy Mid Cap Income Opportunities Fund		19,265
Delaware Ivy Small Cap Growth Fund		21,634
Delaware Ivy Smid Cap Core Fund		4,721
Delaware Ivy Systematic Emerging Markets Equity Fund		12,064
Delaware Ivy Value Fund		10,600

For the six months ended September 30, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Global Equity Fund II	$	3,815
Delaware International Equity Fund II		1,035
Delaware Ivy Core Bond Fund		3,129
Delaware Ivy Core Equity Fund		63,322
Delaware Ivy Global Bond Fund		1,446
Delaware Ivy Global Growth Fund		4,740
Delaware Ivy High Income Fund		33,077
Delaware Ivy International Core Equity Fund		5,275
Delaware Ivy Large Cap Growth Fund		110,345
Delaware Ivy Managed International Opportunities Fund		1,073
Delaware Ivy Mid Cap Growth Fund		72,459

 207

Notes to financial statements

Ivy Funds

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

Fund	Class A
Delaware Ivy Mid Cap Income Opportunities Fund	$	8,006
Delaware Ivy Small Cap Growth Fund		26,819
Delaware Ivy Smid Cap Core Fund		3,931
Delaware Ivy Systematic Emerging Markets Equity Fund		7,952
Delaware Ivy Value Fund		12,359

For the six months ended September 30, 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 Global Equity Fund II	$	76	$	127
Delaware International Equity Fund II		4		26
Delaware Ivy Core Bond Fund		374		41
Delaware Ivy Core Equity Fund		4,113		1,281
Delaware Ivy Global Bond Fund		59		41
Delaware Ivy Global Growth Fund		283		141
Delaware Ivy High Income Fund		18,070		4,538
Delaware Ivy International Core Equity Fund		520		589
Delaware Ivy Large Cap Growth Fund		4,460		2,230
Delaware Ivy Managed International Opportunities Fund		13		50
Delaware Ivy Mid Cap Growth Fund		2,627		1,147
Delaware Ivy Mid Cap Income Opportunities Fund		299		638
Delaware Ivy Small Cap Growth Fund		3,696		818
Delaware Ivy Smid Cap Core Fund		217		370
Delaware Ivy Systematic Emerging Markets Equity Fund		637		532
Delaware Ivy Value Fund		2,243		668

Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

Cross trades for the six months ended September 30, 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. Pursuant to these procedures, for the six months ended September 30, 2023, the following Fund engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Ivy Smid Cap Core Fund	$	4,514,076	$	—	$	—

208

A summary of the transactions in affiliated companies during the six months ended September 30, 2023 was as follows:

	Value, beginning of period		Gross additions		Gross reductions(1)			Net realized gain (loss) on affiliated investments		Net change in unrealized appreciation (depreciation) on affiliated investments(2)			Value, end of period			Shares		Income distributions
Delaware Ivy High Income Fund Common Stocks—2.50%
BIS Industries Holdings =,†
	$	—	$	—	$	—		$	—	$	—		$	—			19,682,813	$	—
Foresight Energy =,†
		19,096,599		—		—			—		14,626,945			33,723,544			1,117,414		—
Larchmont Resources =,†
		213,461		—		—			—		550			214,011			18,338		—
Maritime Finance =,†
		3,585,521		—		(3,162,045	)		—		406,419			829,895			1,750,000		—
New Cotai =,†
		20,699,983		—		—			—		(5,318,715	)		15,381,268			20,316,462		—
True Religion Apparel =,†
		6,549,308		—		—			—		2,619,386			9,168,694	(3)		395		—
		50,144,872		—		(3,162,045	)		—		12,334,585			59,317,412					—
Preferred Stock—0.08%
True Religion Apparel=,ω
		2,050,430		—		—			—		—			2,050,430			410		—
Convertible Bond—1.84%
New Cotai =
		58,691,628		92,216		—			—		(15,172,617	)		43,611,227			23,041,685		668,277
Loan Agreements—0.31%
Foresight Energy Operating Tranche A •
		7,399,377		—		(47,089	)		—		1,178			7,353,466			7,542,017		—
Total	$	118,286,307	$	92,216	$	(3,209,134	)	$	—	$	(2,836,854	)	$	112,332,535				$	668,277

	Value, beginning of period		Gross additions		Gross reductions			Net realized gain (loss) on affiliated investments			Net change in unrealized appreciation (depreciation) on affiliated investments			Value, end of period		Shares
Delaware Ivy Managed International Opportunities Fund
Affiliated Mutual Funds—100.05%
Delaware International Equity Fund II Class R6
	$	16,182,372	$	238,779	$	(3,098,553	)	$	(442,717	)	$	(111,204	)	$	12,768,677		863,916
Delaware Ivy International Core Equity Fund Class R6
		38,532,783		8,015,772		(6,697,474	)		528,229			(542,253	)		39,837,057		2,077,010
Delaware Ivy International Small Cap Fund
		3,785,266		46,297		(3,940,486	)		(470,054	)		578,977			—		—
Delaware Ivy Systematic Emerging Markets Equity Fund Class R6
		19,434,227		362,222		(6,708,877	)		1,247,665			(1,234,989	)		13,100,248		732,267
Total	$	77,934,648	$	8,663,070	$	(20,445,390	)	$	863,123		$	(1,309,469	)	$	65,705,982

⁽¹⁾ The amount shown included return of capital.

 209

Notes to financial statements

Ivy Funds

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

(2)	Does not tie to Net change in unrealized appreciation (depreciation) on affiliated investments on the “Statements of operations” as a result of previously affiliated securities moving to unaffiliated.
(3)	Issuer was not an affiliated investment of the Fund at September 30, 2023. This value is not included in the “Statements of assets and liabilities” balance as it is not affiliated as of September 30, 2023.
ω	Perpetual security with no stated maturity date.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3.
†	Non-income producing security.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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. SOFR01M, SOFR03M, 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.

3. Investments

For the six months ended September 30, 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 Global Equity Fund II	$	291,213,411	$	—	$	335,834,192	$	—
Delaware International Equity Fund II		109,353,637		—		133,762,296		—
Delaware Ivy Core Bond Fund		43,395,915		153,136,758		115,690,529		136,448,404
Delaware Ivy Core Equity Fund		560,866,104		—		702,305,947		—
Delaware Ivy Global Bond Fund		179,725,858		120,636,564		193,565,667		96,546,492
Delaware Ivy Global Growth Fund		103,184,135		—		163,520,128		—
Delaware Ivy High Income Fund		348,640,746		—		436,316,337		—
Delaware Ivy International Core Equity Fund		224,019,952		—		284,240,727		—
Delaware Ivy Large Cap Growth Fund		281,282,264		—		292,641,529		—
Delaware Ivy Managed International Opportunities Fund		8,663,070		—		20,445,390		—
Delaware Ivy Mid Cap Growth Fund		1,017,052,637		—		979,538,050		—
Delaware Ivy Mid Cap Income Opportunities Fund		108,409,373		—		276,948,275		—
Delaware Ivy Small Cap Growth Fund		390,221,831		—		514,068,901		—
Delaware Ivy Smid Cap Core Fund		25,070,870		—		65,884,795		—
Delaware Ivy Systematic Emerging Markets Equity Fund		146,663,372		—		237,353,350		—
Delaware Ivy Value Fund		44,777,263		—		148,280,422		—

210

At September 30, 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 September 30, 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 Global Equity Fund II	$	269,969,553	$	3,172,602	$	(11,445,742	)	$	(8,273,140	)
Delaware International Equity Fund II		97,122,918		2,859,332		(4,780,661	)		(1,921,329	)
Delaware Ivy Core Bond Fund		411,649,099		791,832		(36,285,140	)		(35,493,308	)
Delaware Ivy Core Equity Fund		2,053,458,821		1,213,851,807		(30,529,723	)		1,183,322,084
Delaware Ivy Global Bond Fund		427,107,792		8,929,783		(28,054,323	)		(19,124,540	)
Delaware Ivy Global Growth Fund		384,228,391		129,002,417		(25,006,196	)		103,996,221
Delaware Ivy High Income Fund		2,776,126,251		43,301,301		(483,655,925	)		(440,354,624	)
Delaware Ivy International Core Equity Fund		1,169,781,926		249,979,104		(140,849,354	)		109,129,750
Delaware Ivy Large Cap Growth Fund		2,633,389,218		2,876,605,024		(32,319,745	)		2,844,285,279
Delaware Ivy Managed International Opportunities Fund		53,713,442		12,376,644		(55,970	)		12,320,674
Delaware Ivy Mid Cap Growth Fund		4,578,406,843		1,432,317,573		(495,634,188	)		936,683,385
Delaware Ivy Mid Cap Income Opportunities Fund		880,434,319		269,068,546		(53,961,010	)		215,107,536
Delaware Ivy Small Cap Growth Fund		1,287,064,235		186,370,761		(104,197,181	)		82,173,580
Delaware Ivy Smid Cap Core Fund		306,493,424		39,617,786		(39,610,962	)		6,824
Delaware Ivy Systematic Emerging Markets Equity Fund		734,104,916		208,361,070		(148,995,535	)		59,365,535
Delaware Ivy Value Fund		601,964,337		18,528,480		(71,342,559	)		(52,814,079	)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2023, the Funds had capital loss carryforwards available to offset future realized capital gains as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Global Equity Fund II	$	16,381,868	$	644,618	$	17,026,486
Delaware International Equity Fund II		9,714,148		695,340		10,409,488
Delaware Ivy Core Bond Fund		41,301,170		41,313,574		82,614,744
Delaware Ivy Global Bond Fund		57,277,514		39,050,758		96,328,272
Delaware Ivy High Income Fund		236,549,486		1,276,058,507		1,512,607,993
Delaware Ivy International Core Equity Fund		61,459,693		—		61,459,693
Delaware Ivy Managed International Opportunities Fund		141,418		—		141,418
Delaware Ivy Smid Cap Core Fund		11,120,994		—		11,120,994

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the

 211

Notes to financial statements

Ivy Funds

3. Investments (continued)

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, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of September 30, 2023:

	Delaware Global Equity Fund II
	Level 1
Securities
Assets:
Common Stocks	$	258,316,027
Short-Term Investments		3,380,386
Total Value of Securities	$	261,696,413
	Delaware International Equity Fund II
	Level 1
Securities
Assets:
Common Stocks	$	94,689,553
Preferred Stock		512,036
Total Value of Securities	$	95,201,589

212

	Delaware Ivy Core Bond Fund
	Level 1			Level 2		Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—		$	645,222	$	645,222
Agency Mortgage-Backed Securities		—			110,072,101		110,072,101
Collateralized Debt Obligations		—			9,181,537		9,181,537
Corporate Bonds		—			132,841,098		132,841,098
Municipal Bonds		—			4,123,601		4,123,601
Non-Agency Asset-Backed Securities		—			18,051,867		18,051,867
Non-Agency Collateralized Mortgage Obligations		—			15,289,870		15,289,870
Non-Agency Commercial Mortgage-Backed Securities		—			33,298,762		33,298,762
Preferred Stock		3,196,800			—		3,196,800
Sovereign Bonds		—			7,638,901		7,638,901
US Treasury Obligations		—			42,255,331		42,255,331
Total Value of Securities	$	3,196,800		$	373,398,290	$	376,595,090
Derivatives1
Assets:
Forward Foreign Currency Exchange Contracts	$	—		$	36,306	$	36,306
Futures Contracts		356,135			—		356,135
Liabilities:
Futures Contracts	$	(831,740	)	$	—	$	(831,740	)

¹Forward foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Core Equity Fund
	Level 1
Securities
Assets:
Common Stocks	$	3,215,611,423
Short-Term Investments		21,169,482
Total Value of Securities	$	3,236,780,905

	Delaware Ivy Global Bond Fund
	Level 1		Level 2		Total
Securities
Assets:
Agency Mortgage-Backed Securities	$	—	$	61,951,333	$	61,951,333
Corporate Bonds		—		159,939,606		159,939,606
Sovereign Bonds		—		112,506,619		112,506,619
Supranational Banks		—		4,753,890		4,753,890
US Treasury Obligations		—		56,922,763		56,922,763
Options Purchased		—		318,800		318,800

 213

Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy Global Bond Fund
	Level 1			Level 2			Total
Short-Term Investments	$	7,632,864		$	—		$	7,632,864
Total Value of Securities	$	7,632,864		$	396,393,011		$	404,025,875
Derivatives1
Assets:
Centrally Cleared Interest Rate Swaps	$	—		$	238,212		$	238,212
Forward Foreign Currency Exchange Contracts		—			3,434,216			3,434,216
Futures Contracts		4,351,196			—			4,351,196
Over-The-Counter Credit Default Swaps		—			31,435			31,435
Liabilities:
Centrally Cleared Credit Default Swaps	$	—		$	(153,859	)	$	(153,859	)
Forward Foreign Currency Exchange Contracts		—			(618	)		(618	)
Futures Contracts		(3,585,330	)		—			(3,585,330	)
Over-The-Counter Credit Default Swaps		—			(39,075	)		(39,075	)

¹Forward 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 Global Growth Fund
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks
Austria	$	5,132,627	$	—	$	5,132,627
Brazil		5,054,746		—		5,054,746
Canada		20,076,853		—		20,076,853
China		20,717,040		—		20,717,040
Denmark		8,551,685		—		8,551,685
France		45,411,961		—		45,411,961
Germany		14,611,725		—		14,611,725
Hong Kong		5,771,049		—		5,771,049
India		18,623,493		—		18,623,493
Italy		7,626,138		—		7,626,138
Japan		26,417,808		—		26,417,808
Netherlands		4,450,533		—		4,450,533
Taiwan		—		8,935,822		8,935,822
United Kingdom		17,162,959		—		17,162,959
United States		272,061,875		—		272,061,875
Preferred Stock		5,923,298		—		5,923,298
Short-Term Investments		1,695,000		—		1,695,000
Total Value of Securities	$	479,288,790	$	8,935,822	$	488,224,612

214

	Delaware Ivy High Income Fund
	Level 1		Level 2		Level 3			Total
Securities
Assets:
Common Stocks
Basic Industry	$	—	$	—	$	33,787,119		$	33,787,119
Consumer Goods		—		—		—	1		—
Energy		—		—		836,566			836,566
Financial Services		—		—		15,381,268			15,381,268
Leisure		28,760,293		—		—			28,760,293
Retail		—		—		9,168,694			9,168,694
Utilities		—		—		214,011			214,011
Convertible Bond		—		—		43,611,227			43,611,227
Corporate Bonds		—		1,897,699,984		—	1		1,897,699,984
Loan Agreements		—		303,403,903		—			303,403,903
Preferred Stock		—		—		2,050,430			2,050,430
Warrants		858,132		—		—			858,132
Total Value of Securities	$	29,618,425	$	2,201,103,887	$	105,049,315		$	2,335,771,627

¹The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investment in this table.

	Delaware Ivy International Core Equity Fund
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks
Australia	$	21,478,797	$	—	$	21,478,797
Austria		19,997,050		—		19,997,050
Brazil		69,513,687		—		69,513,687
Canada		82,980,533		—		82,980,533
China		120,021,973		—		120,021,973
Denmark		50,315,290		—		50,315,290
France		163,580,744		—		163,580,744
Germany		105,579,198		—		105,579,198
Hong Kong		19,417,669		—		19,417,669
India		89,596,977		—		89,596,977
Ireland		6,261,002		—		6,261,002
Japan		159,696,880		—		159,696,880
Netherlands		68,083,564		—		68,083,564
Republic of Korea		—		46,610,029		46,610,029
Spain		25,336,451		—		25,336,451
Switzerland		25,572,361		—		25,572,361
Taiwan		—		27,410,797		27,410,797
United Kingdom		82,830,584		—		82,830,584
United States		54,822,774		—		54,822,774
Preferred Stocks		21,498,224		—		21,498,224

 215

Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy International Core Equity Fund
	Level 1		Level 2		Total
Short-Term Investments	$	18,307,092	$	—	$	18,307,092
Total Value of Securities	$	1,204,890,850	$	74,020,826	$	1,278,911,676
					Delaware Ivy Large Cap Growth Fund
					Level 1
Securities
Assets:
Common Stocks					$	5,477,674,497
					Delaware Ivy Managed International Opportunities Fund
					Level 1
Securities
Assets:
Affiliated Mutual Funds					$	65,705,982
Short-Term Investments						328,134
Total Value of Securities					$	66,034,116
					Delaware Ivy Mid Cap Growth Fund
					Level 1
Securities
Assets:
Common Stocks					$	5,465,990,662
Short-Term Investments						49,099,566
Total Value of Securities					$	5,515,090,228
					Delaware Ivy Mid Cap Income Opportunities Fund
					Level 1
Securities
Assets:
Common Stocks					$	1,083,715,457
Short-Term Investments						11,826,398
Total Value of Securities					$	1,095,541,855

216

	Delaware Ivy Small Cap Growth Fund
	Level 1
Securities
Assets:
Common Stocks	$	1,362,530,275
Short-Term Investments		6,707,540
Total Value of Securities	$	1,369,237,815

	Delaware Ivy Smid Cap Core Fund
	Level 1		Level 3			Total
Securities
Assets:
Common Stocks
Basic Materials	$	24,954,008	$	—		$	24,954,008
Business Services		14,984,328		—			14,984,328
Capital Goods		35,654,930		—			35,654,930
Consumer Discretionary		14,527,753		—			14,527,753
Consumer Services		6,605,133		—			6,605,133
Consumer Staples		10,874,112		—			10,874,112
Credit Cyclicals		11,579,498		—			11,579,498
Energy		16,290,461		—			16,290,461
Financials		38,724,713		—			38,724,713
Healthcare		41,306,910		—	1		41,306,910
Media		5,690,179		—			5,690,179
Real Estate Investment Trusts		18,608,079		—			18,608,079
Technology		45,926,999		—			45,926,999
Transportation		11,791,690		—			11,791,690
Utilities		4,620,518		—			4,620,518
Short-Term Investments		4,360,937		—			4,360,937
Total Value of Securities	$	306,500,248	$	—		$	306,500,248

¹The security that has been valued at zero on the “Schedules of investments” is considered to be Level 3 investment in this table.

 217

Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy Systematic Emerging Markets Equity Fund
	Level 1		Level 2		Level 3			Total
Securities
Assets:
Common Stocks
Communication Services	$	89,779,973	$	2,677,996	$	—	1	$	92,457,969
Consumer Discretionary		80,278,081		32,562,122		—			112,840,203
Consumer Staples		55,170,902		11,103,536		—	1		66,274,438
Energy		41,590,203		9,950,619		—	1		51,540,822
Financials		158,421,371		15,521,332		—	1,2		173,942,703
Healthcare		7,315,572		3,898,346		—			11,213,918
Industrials		39,110,215		10,468,248		—			49,578,463
Information Technology		38,440,900		155,560,832		—			194,001,732
Materials		9,365,109		14,054,797		—			23,419,906
Real Estate		7,395,907		—		—			7,395,907
Utilities		2,074,989		—		—			2,074,989
Preferred Stock		7,254,674		—		—			7,254,674
Short-Term Investments		1,474,727		—		—			1,474,727
Total Value of Securities	$	537,672,623	$	255,797,828	$	—		$	793,470,451

¹The security that has been valued at zero on the “Consolidated schedules of investments” is considered to be Level 3 investment in this table.

²The value represents valuations of Russian Common Stocks for which Management has determined include significant unobservable inputs as of September 30, 2023.

	Delaware Ivy Value Fund
	Level 1
Securities
Assets:
Common Stocks	$	545,183,625
Short-Term Investments		3,966,633
Total Value of Securities	$	549,150,258

During the six months ended September 30, 2023, 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 that Fund’s net assets.

Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the end of the period. As of September 30, 2023, Delaware Global Equity Fund II, Delaware International Equity Fund II, Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity

218

Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, and Delaware Ivy Value Fund had no level 3 investments.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Fund:

Delaware Ivy High Income Fund

	Corporate Bonds			Common Stocks			Preferred Stock		Total
Balance as of 3/31/23	$	58,691,628		$	57,729,361		$	2,050,430	$	118,471,419
Sales		—			(7,002,215	)		—		(7,002,215	)
Net realized gain (loss)		—			1,920,962			—		1,920,962
Amortization		92,216			—			—		92,216
Corporate actions		—			(3,162,046	)		—		(3,162,046	)
Net change in unrealized appreciation (depreciation)		(15,172,617	)		9,901,596			—		(5,271,021	)
Balance as of 9/30/23	$	43,611,227		$	59,387,658		$	2,050,430	$	105,049,315
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 9/30/23	$	(15,172,617	)	$	11,896,378		$	—	$	(3,276,240	)

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:

Delaware Ivy High Income Fund

Security Name	Assets	Value		Valuation Techniques	Unobservable Inputs	Input value
Foresight Energy	Common Stocks	$	33,723,544	Market approach	EV/Revenue multiple	0.79
					EV/EBITDA multiple	2.57
Larchmont Resources	Common Stocks		214,011	Liquidation approach	Net asset value	N/A
Maritime Finance	Common Stocks			Market approach	Sum of Parts	N/A
			829,895		(Adjusted Book Value)
New Cotai	Common Stocks		15,381,268	Market approach	Financials	N/A
New Cotai	Convertible Bond		43,611,227	Market approach	Financials	N/A
Sabine Oil & Gas Holdings	Common Stocks		6,671	Net Asset Value / Liquidation	Financials	N/A
True Religion Apparel	Common Stocks		9,168,694	Market approach	EV/Revenue multiple	0.47
					EV/EBITDA multiple	7
True Religion Apparel	Preferred Stock		2,050,430	Market approach	EV/Revenue multiple	0.47
					EV/EBITDA multiple	7
Westmoreland Coal	Common Stocks		63,575	Market approach	Broker quotes	N/A

 219

Notes to financial statements

Ivy Funds

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Global Equity Fund II						Delaware International Equity Fund II						Delaware Ivy Core Bond Fund
	Six months ended			Year ended			Six months ended			Year ended			Six months ended			Year ended
	9/30/23			3/31/23			9/30/23			3/31/23			9/30/23			3/31/23
Shares sold:
Class A		512,926			946,030			64,467			102,325			776,043			2,118,999
Class C		25,628			39,759			3,057			2,289			30,641			80,032
Class E		—			2,825			—			—			—			11,585
Class I		1,127,968			1,644,621			328,763			941,585			1,838,838			5,143,104
Class R		300			2,735			1,523			9,690			2,116			9,618
Class R6		25,883			37,951			166,844			554,556			47,476			1,450,072
Class Y		5,656			20,578			2,054			4,050			28,746			84,790
Shares issued upon reinvestment of dividends and distributions:
Class A		210,109			10,772,445			—			300,241			297,368			501,672
Class C		1,667			185,306			—			3,884			6,984			11,802
Class E		—			2,617			—			—			—			1,449
Class I		129,697			6,753,797			—			232,408			547,905			1,213,398
Class R		54			2,923			—			260			1,938			2,780
Class R6		1,605			493,195			—			284,118			166,483			336,877
Class Y		1,282			61,990			—			5,046			10,867			18,883
		2,042,775			20,966,772			566,708			2,440,452			3,755,405			10,985,061
Shares redeemed:
Class A		(2,900,054	)		(7,899,675	)		(304,782	)		(814,900	)		(1,778,520	)		(5,686,132	)
Class C		(60,590	)		(302,897	)		(5,041	)		(19,449	)		(114,115	)		(287,802	)
Class E		—			(377,166	)		—			—			—			(424,744	)
Class I		(4,185,792	)		(9,971,917	)		(1,436,162	)		(2,486,241	)		(7,275,580	)		(28,061,535	)
Class R		(2	)		(1,129	)		(122	)		(1,398	)		(512	)		(2,089	)
Class R6		(12,081	)		(1,511,438	)		(458,184	)		(1,801,114	)		(1,481,247	)		(8,359,920	)
Class Y		(35,439	)		(34,411	)		(1,194	)		(20,323	)		(44,906	)		(187,306	)
		(7,193,958	)		(20,098,633	)		(2,205,485	)		(5,143,425	)		(10,694,880	)		(43,009,528	)
Net increase (decrease)		(5,151,183	)		868,139			(1,638,777	)		(2,702,973	)		(6,939,475	)		(32,024,467	)

220

	Delaware Ivy Core Equity Fund						Delaware Ivy Global Bond Fund						Delaware Ivy Global Growth Fund
	Six months ended			Year ended			Six months ended			Year ended			Six months ended			Year ended
	9/30/23			3/31/23			9/30/23			3/31/23			9/30/23			3/31/23
Shares sold:
Class A		1,842,509			5,664,102			387,422			971,840			111,471			250,983
Class C		136,009			260,572			17,844			96,205			8,315			9,764
Class E		—			30,338			—			—			—			—
Class I		2,950,532			9,719,353			4,466,471			8,670,881			285,088			1,190,101
Class R		451			5,696			2,981			13,813			120			700
Class R6		1,224,393			707,512			2,756,906			3,035,570			64,224			36,838
Class Y		68,286			85,056			44,782			137,530			4,313			3,435
Shares issued upon reinvestment of dividends and distributions:
Class A		25			24,210,173			209,977			419,165			—			5,420,865
Class C		—			277,116			3,199			7,359			—			78,369
Class I		—			4,808,986			393,344			610,925			—			3,246,704
Class R		—			1,215			461			820			—			11,773
Class R6		—			304,066			308,123			495,984			—			29,549
Class Y		—			175,581			3,963			2,896			—			22,487
		6,222,205			46,249,766			8,595,473			14,462,988			473,531			10,301,568
Shares redeemed:
Class A		(15,829,987	)		(43,823,230	)		(1,553,149	)		(4,834,589	)		(1,131,164	)		(3,188,523	)
Class C		(311,597	)		(913,362	)		(125,224	)		(174,702	)		(18,362	)		(51,054	)
Class E		—			(1,065,074	)		—			—			—			—
Class I		(8,067,554	)		(22,780,577	)		(4,712,371	)		(10,264,231	)		(1,311,456	)		(4,873,426	)
Class R		(5,161	)		(2,809	)		(5,256	)		(13,483	)		(1,485	)		(2,921	)
Class R6		(633,222	)		(2,567,325	)		(1,332,103	)		(3,962,500	)		(18,776	)		(19,534	)
Class Y		(74,917	)		(236,161	)		(44,218	)		(25,824	)		(3,375	)		(11,824	)
		(24,922,438	)		(71,388,538	)		(7,772,321	)		(19,275,329	)		(2,484,618	)		(8,147,282	)
Net increase (decrease)		(18,700,233	)		(25,138,772	)		823,152			(4,812,341	)		(2,011,087	)		2,154,286

 221

Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Delaware Ivy High Income Fund						Delaware Ivy International Core Equity Fund						Delaware Ivy Large Cap Growth Fund
	Six months ended			Year ended			Six months ended			Year ended			Six months ended			Year ended
	9/30/23			3/31/23			9/30/23			3/31/23			9/30/23			3/31/23
Shares sold:
Class A		7,173,790			21,521,185			710,347			1,715,939			2,748,585			6,997,654
Class C		922,058			1,956,685			44,191			68,725			444,473			474,476
Class E		—			11,753			—			3,809			—			18,523
Class I		24,365,913			61,354,987			3,550,875			6,880,534			18,673,275			50,607,900
Class R		129,433			173,192			33,863			117,834			81,509			114,906
Class R6		1,134,749			3,616,197			1,980,397			1,685,375			1,021,888			3,891,542
Class Y		2,510,527			5,039,853			131,958			368,862			275,700			110,683
Shares issued upon reinvestment of dividends and distributions:
Class A		7,035,228			15,755,345			—			125,330			25			9,751,628
Class C		738,464			1,813,001			—			3,188			—			411,826
Class E		—			13,889			—			—			—			—
Class I		6,559,074			14,655,833			—			428,628			—			7,668,405
Class R		200,758			451,171			—			14,084			—			49,102
Class R6		328,729			731,120			—			146,053			—			584,623
Class Y		384,792			890,874			—			19,975			—			108,299
		51,483,515			127,985,085			6,451,631			11,578,336			23,245,455			80,789,567
Shares redeemed:
Class A		(25,716,689	)		(67,831,222	)		(1,395,668	)		(4,288,005	)		(7,660,994)			(23,343,189	)
Class C		(4,407,553	)		(12,602,999	)		(465,338	)		(1,096,662	)		(410,048	)		(1,116,503	)
Class E		—			(1,253,077	)		—			(392,689	)		—			(1,121,521	)
Class I		(34,132,917	)		(115,686,036	)		(6,407,717	)		(22,500,038	)		(13,872,594	)		(37,526,076	)
Class R		(500,527	)		(1,408,491	)		(187,826	)		(418,535	)		(43,887	)		(131,160	)
Class R6		(3,466,187	)		(3,789,604	)		(1,660,911	)		(7,012,615	)		(1,475,750	)		(2,723,715	)
Class Y		(4,757,892	)		(9,059,782	)		(239,829	)		(791,830	)		(303,818	)		(384,633	)
		(72,981,765	)		(211,631,211	)		(10,357,289	)		(36,500,374	)		(23,767,091	)		(66,346,797	)
Net increase (decrease)		(21,498,250	)		(83,646,126	)		(3,905,658	)		(24,922,038	)		(521,636	)		14,442,770

222

	Delaware Ivy Managed International Opportunities Fund						Delaware Ivy Mid Cap Growth Fund						Delaware Ivy Mid Cap Income Opportunities Fund
	Six months ended			Year ended			Six months ended			Year ended			Six months ended			Year ended
	9/30/23			3/31/23			9/30/23			3/31/23			9/30/23			3/31/23
Shares sold:
Class A		74,650			209,633			2,286,777			4,472,771			344,633			2,277,685
Class C		2,107			5,620			168,160			403,369			29,899			141,366
Class E		—			—			—			7,521			—			—
Class I		421,953			1,152,757			10,602,390			27,392,818			4,904,879			15,027,963
Class R		1,174			1,810			196,934			356,176			403,330			7,179
Class R6		—			6,085			7,690,309			13,069,664			505,224			1,707,628
Class Y		35			295			714,582			1,100,761			91,447			111,122
Shares issued upon reinvestment of dividends and distributions:
Class A		—			590,861			—			6,500,367			88,214			371,379
Class C		—			9,918			—			589,436			5,858			34,686
Class I		—			710,336			—			8,704,362			528,697			2,585,954
Class R		—			1,323			—			260,919			576			2,115
Class R6		—			1,464			—			2,674,744			49,544			220,268
Class Y		—			1,520			—			778,557			6,354			24,819
		499,919			2,691,622			21,659,152			66,311,465			6,958,655			22,512,164
Shares redeemed:
Class A		(562,680	)		(1,457,615	)		(6,257,735	)		(17,227,391	)		(1,126,261	)		(2,763,164	)
Class C		(12,739	)		(32,065	)		(657,726	)		(1,953,603	)		(155,651	)		(454,679	)
Class E		—			—			—			(625,672	)		—			—
Class I		(1,134,666	)		(4,618,409	)		(10,718,479	)		(37,826,781	)		(14,019,068	)		(34,208,643	)
Class R		(1	)		(3	)		(366,419	)		(667,231	)		(6,140	)		(8,021	)
Class R6		(2,848	)		(6,617	)		(5,011,696	)		(7,734,193	)		(911,226	)		(2,758,059	)
Class Y		(1,875	)		(3,426	)		(916,858	)		(2,165,158	)		(80,517	)		(947,318	)
		(1,714,809	)		(6,118,135	)		(23,928,913	)		(68,200,029	)		(16,298,863	)		(41,139,884	)
Net decrease		(1,214,890	)		(3,426,513	)		(2,269,761	)		(1,888,564	)		(9,340,208	)		(18,627,720	)

 223

Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Delaware Ivy Small Cap Growth Fund						Delaware Ivy Smid Cap Core Fund						Delaware Ivy Systematic Emerging Markets Equity Fund
	Six months ended			Year ended			Six months ended			Year ended			Six months ended			Year ended
	9/30/23			3/31/23			9/30/23			3/31/23			9/30/23			3/31/23
Shares sold:
Class A		1,156,754			3,551,182			261,502			930,462			354,151			726,610
Class C		108,633			273,918			35,774			83,983			23,948			73,840
Class E		—			11,061			—			—			—			—
Class I		2,600,359			7,754,908			672,112			2,630,478			2,147,065			8,492,067
Class R		166,868			348,740			83,605			112,367			21,956			83,272
Class R6		1,143,073			1,450,957			191,070			422,747			561,527			1,254,874
Class Y		209,367			477,499			17,327			60,447			149,195			644,276
Shares issued upon reinvestment of dividends and distributions:
Class A		—			3,257,801			18,110			2,046,136			—			1,418,172
Class C		—			305,543			1,368			384,714			—			274,998
Class I		—			921,867			22,202			2,438,040			—			3,537,690
Class R		—			222,179			1,765			345,269			—			44,025
Class R6		—			263,723			6,403			809,901			—			1,140,114
Class Y		—			153,711			564			69,584			—			46,353
		5,385,054			18,993,089			1,311,802			10,334,128			3,257,842			17,736,291
Shares redeemed:
Class A		(6,833,945	)		(19,599,553	)		(1,032,755	)		(2,716,861	)		(1,379,135	)		(3,510,339	)
Class C		(626,512	)		(1,654,505	)		(180,190	)		(406,980	)		(279,829	)		(783,935	)
Class E		—			(946,425	)		—			—			—			—
Class I		(4,970,589	)		(18,281,878	)		(2,333,923	)		(9,983,238	)		(5,663,876	)		(21,732,308	)
Class R		(359,617	)		(732,333	)		(88,778	)		(290,777	)		(57,318	)		(111,439	)
Class R6		(874,099	)		(2,537,411	)		(397,415	)		(2,602,096	)		(1,809,482	)		(5,279,853	)
Class Y		(1,383,471	)		(1,159,136	)		(61,150	)		(170,622	)		(259,154	)		(412,328	)
		(15,048,233	)		(44,911,241	)		(4,094,211	)		(16,170,574	)		(9,448,794	)		(31,830,202	)
Net decrease		(9,663,179	)		(25,918,152	)		(2,782,409	)		(5,836,446	)		(6,190,952	)		(14,093,911	)

224

	Delaware Ivy Value Fund
	Six months ended			Year ended
		9/30/23			3/31/23
Shares sold:
Class A		357,817			2,443,219
Class C		24,214			155,737
Class I		1,116,620			6,223,766
Class R		27			276
Class R6		8,972			347,447
Class Y		206			1,202
Shares issued upon reinvestment of dividends and distributions:
Class A		115,489			2,997,298
Class C		1,495			64,817
Class I		132,584			6,217,698
Class R		1			171
Class R6		812			526,918
Class Y		37			755
		1,758,274			18,979,304
Shares redeemed:
Class A		(2,102,837	)		(4,960,038	)
Class C		(69,786	)		(160,441	)
Class I		(4,370,575	)		(29,885,797	)
Class R		(748	)		(3	)
Class R6		(121,490	)		(5,214,751	)
Class Y		(3	)		(1,728	)
		(6,665,439	)		(40,222,758	)
Net decrease		(4,907,165	)		(21,243,454	)

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 September 30, 2023 and the year ended March 31, 2023, each Fund had the following exchange transactions:

	Six months ended September 30, 2023						Year Ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Delaware Global Equity Fund II					$	95,963					$	3,295,720
Class A		268		11,498				271,660		35,662
Class C		11,628		—				34,073		—
Class I		—		267				6,751		271,328
Class R6		—		—				—		4,638
Delaware International Equity Fund II					$	7,338					$	600,836
Class A		—		488				37,159		3,183
Class C		539		—				2,944		—

 225

Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Six months ended September 30, 2023						Year Ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Class I		—		—				619		35,958
Class R6		—		—				—		148
Delaware Ivy Core Bond Fund					$	32,237					$	2,900,691
Class A		1,333		2,196				232,365		62,877
Class C		2,012		—				37,273		—
Class I		183		1,186				31,186		231,011
Class R6		—		147				—		7,065
Delaware Ivy Core Equity Fund					$	821,151					$	51,739,268
Class A		36,510		16,151				3,125,978		166,321
Class C		21,438		—				211,751		—
Class I		—		30,331				39,339		2,561,919
Class R6		—		—				—		97,093
Delaware Ivy Global Bond Fund					$	123,991					$	2,039,684
Class A		—		13,865				203,533		17,954
Class C		1,660		—				16,751		—
Class I		12,207		—				1,344		202,932
Class R6		—		—				—		748
Delaware Ivy Global Growth Fund					$	91,246					$	7,344,087
Class A		2,072		937				200,562		7,061
Class C		1,497		—				7,687		—
Class I		—		1,969				3,336		192,677
Class R6		—		—				—		1,300
Delaware Ivy High Income Fund					$	1,539,412					$	31,873,099
Class A		33,706		211,035				2,173,088		2,568,449
Class C		71,197		—				2,597,510		3,959
Class I		149,321		44,220				346,224		2,264,784
Class R6		—		4,844				2,575		291,646
Class Y		5,714		—				7,127		742
Delaware Ivy International Core Equity Fund					$	572,147					$	9,824,756
Class A		8,775		12,207				262,146		178,308
Class C		12,731		—				212,712		—
Class I		7,347		11,853				52,475		348,394
Class R6		—		5,363				15,123		16,870
Class Y		2,335		—				31,091		—
Delaware Ivy Large Cap Growth Fund					$	2,180,220					$	45,749,858
Class A		39,515		23,955				1,560,072		154,813
Class C		28,675		—				167,743		—
Class I		14,918		38,685				85,786		1,427,674
Class R6		—		11,049				—		62,489
Class Y		2,705		—				102		—
Delaware Ivy Managed International Opportunities Fund					$	12,577					$	885,892
Class A		—		1,316				73,451		9,745
Class C		1,376		—				10,866		—
Class I		—		—				806		73,649
Class R6		—		—				—		748
Delaware Ivy Mid Cap Growth Fund					$	1,550,865					$	42,258,437
Class A		41,226		14,469				1,159,074		294,343

226

	Six months ended September 30, 2023						Year Ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Class C		12,735		—				340,741		—
Class I		4,507		39,091				111,992		994,731
Class R6		84		—				3,624		118,397
Class Y		3,100		—				1,843		—
Delaware Ivy Mid Cap Income Opportunities Fund					$	17,598					$	14,172,200
Class A		—		516				178,065		35,619
Class C		850		—				57,991		—
Class I		—		504				424,756		346,583
Class R6		173		—				—		402,002
Class Y		—		—				151,733		27,372
Delaware Ivy Small Cap Growth Fund					$	560,951					$	19,282,180
Class A		28,529		11,301				1,309,874		155,193
Class C		19,436		—				268,714		—
Class I		2,020		19,957				8,292		844,551
Class R6		—		1,883				—		4,612
Class Y		3,150		—				59,775		—
Delaware Ivy Smid Cap Core Fund					$	146,120					$	4,687,942
Class A		136		1,623				179,334		37,637
Class C		12,947		—				94,833		—
Class I		703		7,710				38,510		193,627
Class R6		—		—				—		35,849
Class Y		—		—				402		—
Delaware Ivy Systematic Emerging Markets Equity Fund					$	2,451,599					$	6,353,727
Class A		983		15,830				216,275		51,246
Class C		12,890		—				49,960		—
Class I		121,789		1,406				68,143		224,215
Class R6		—		115,585				—		43,046
Delaware Ivy Value Fund					$	256,948					$	8,647,748
Class A		7,754		4,294				315,332		30,511
Class C		4,597		—				27,532		—
Class I		—		7,691				7,270		313,977
Class R6		—		—				—		2,108

5. Basis of consolidation for Delaware Ivy Systematic Emerging Markets Equity Fund

Delaware Ivy EME, Ltd. (the Subsidiary), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Delaware Ivy Systematic Emerging Markets Equity Fund (referred to as the Fund in this subsection). The Subsidiary acts as an investment vehicle for the Fund, in order to affect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its Subsidiary. The consolidated financial statements include the accounts of the Fund and its Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary comprising the entire issued share capital of the Subsidiary with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Fund and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Fund.

 227

Notes to financial statements

Ivy Funds

5. Basis of consolidation for Delaware Ivy Systematic Emerging Markets Equity Fund (continued)

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2023 of the Subsidiary and the company to the Fund.

	Date of Incorporation	Subscription Agreement	Fund Net Assets		Subsidiary/ company net assets		Percentage of Fund net assets
Ivy EME, Ltd.	1-31-13	4-10-13	$	788,799,280	$	315,579		0.04	%

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 30, 2023.

Each Fund had no amounts outstanding as of September 30, 2023, or at any time during the period then ended.

7. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended September 30, 2023.

8. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Forward Foreign Currency Exchange Contracts — Each Fund may enter into forward foreign currency exchange contracts and forward 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 forward foreign currency exchange contracts and forward 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 forward foreign currency exchange contracts and forward foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are disclosed on the “Schedules of investments.”

228

During the six months ended September 30, 2023, Delaware Ivy Core Bond Fund, Delaware Ivy Global Bond Fund, and Delaware Ivy High Income Fund used forward foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to decrease exposure to foreign currencies.

During the six months ended September 30, 2023, Delaware Ivy High Income Fund experienced net realized and unrealized gains or losses attributable to forward foreign currency exchange contracts, which are disclosed on the “Statements of operations” and/or “Statements of assets and liabilities.”

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures contracts in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At September 30, 2023, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond Fund posted $899,091 and $1,517,385 respectively, cash collateral as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”

During the six months ended September 30, 2023, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond Fund invested in futures contracts to hedge each Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

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 September 30, 2023, Delaware Ivy Global Bond Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions.

Swap Contracts — Certain Funds enter into CDS contracts and IRS contracts in the normal course of pursuing its investment objective. The Fund may invest in IRS to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund entered into CDS contracts in order to hedge against a credit event and to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty,

 229

Notes to financial statements

Ivy Funds

8. Derivatives (continued)

combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended September 30, 2023, Delaware Ivy Global 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, or (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended September 30, 2023, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond Fund used CDS contracts to hedge against credit events.

Interest Rate Swaps. An IRS contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by Delaware Ivy Global Bond 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 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 September 30, 2023, Delaware Ivy Global Bond Fund used IRS contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

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

230

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 September 30, 2023, for bilateral derivative contracts, Delaware Ivy Global Bond Fund posted $839,347 cash collateral for certain centrally cleared derivatives, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” At September 30, 2023, for bilateral derivative contracts, the Fund received $4,380,000 cash collateral, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

Fair values of derivative instruments as of September 30, 2023 were as follows:

	Delaware Ivy Core Bond Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts		Interest Rate Contracts		Total
Unrealized appreciation on forward foreign currency exchange contracts	$	36,306	$	—	$	36,306
Variation margin due from broker on futures contracts*		—		356,135		356,135
Total	$	36,306	$	356,135	$	392,441

	Delaware Ivy Core Bond Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Interest Rate Contracts
Variation margin due from broker on futures contracts*	$	(831,740	)

	Delaware Ivy Global Bond Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts		Interest Rate Contracts		Credit Contracts		Total
Unrealized appreciation on forward foreign currency exchange contracts	$	3,434,216	$	—	$	—	$	3,434,216
Variation margin due to broker on futures contracts*		—		4,351,196		—		4,351,196
Variation margin due from brokers on centrally cleared interest rate swap contracts*		—		238,212		—		238,212
Unrealized appreciation on over-the-counter credit default swap contracts		—		—		31,435		31,435
Options purchased, at value**		—		318,800		—		318,800
Total	$	3,434,216	$	4,908,208	$	31,435	$	8,373,859

 231

Notes to financial statements

Ivy Funds

8. Derivatives (continued)

	Delaware Ivy Global Bond Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized depreciation on forward foreign currency exchange contracts	$	(618	)	$	—		$	—		$	(618	)
Variation margin due to broker on futures contracts*		—			(3,585,330	)		—			(3,585,330	)
Variation margin due from brokers on centrally cleared credit default swap contracts*		—			—			(153,859	)		(153,859	)
Unrealized depreciation on over-the-counter credit default swap contracts		—			—			(39,075	)		(39,075	)
Total	$	(618	)	$	(3,585,330	)	$	(192,934	)	$	(3,778,882	)

*Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared CDS contracts, and centrally cleared IRS contracts from the date the contracts were opened through September 30, 2023. Only current day variation margin is reported on the “Statements of assets and liabilities.”

**Included with “Investments, at value.” The effect of derivative instruments on the “Statements of operations” for the six months ended September 30, 2023 was as follows:

Delaware Ivy Core Bond Fund	Net Realized Gain (loss) on:
	Futures Contracts			Swap Contracts		Total
Interest rate contracts	$	(980,839	)	$	—	$	(980,839	)
Credit contracts		—			120,846		120,846
Total	$	(980,839	)	$	120,846	$	(859,993	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Exchange Contracts		Futures Contracts			Swap Contracts			Total
Currency contracts	$	36,306	$	—		$	—		$	36,306
Interest rate contracts		—		(1,958,866	)		—			(1,958,866	)
Credit contracts		—		—			(113,823	)		(113,823	)
Total	$	36,306	$	(1,958,866	)	$	(113,823	)	$	(2,036,383	)

232

Delaware Ivy Global Bond Fund	Net Realized Gain (loss) on:
	Forward Foreign Currency Exchange Contracts		Futures Contracts			Options Purchased			Options Written			Swap Contracts			Total
Currency contracts	$	2,077,892	$	—		$	(788,622	)	$	415,167		$	—		$	1,704,437
Interest rate contracts		—		(2,445,070	)		—			295,862			—			(2,149,208	)
Equity contracts		—		28,848			—			—			—			28,848
Credit contracts		—		—			(390,289	)		782,910			(193,846	)		198,775
Total	$	2,077,892	$	(2,416,222	)	$	(1,178,911	)	$	1,493,939		$	(193,846	)	$	(217,148	)
	Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Exchange Contracts		Futures Contracts			Options Purchased			Options Written			Swap Contracts			Total
Currency contracts	$	2,846,236	$	—		$	990,820		$	(442,242	)	$	—		$	3,394,814
Interest rate contracts		—		(98,487	)		—			—			—			(98,487	)
Credit contracts		—		—			—			—			87,715			87,715
Total	$	2,846,236	$	(98,487	)	$	990,820		$	(442,242	)	$	87,715		$	3,384,042

The tables below summarize the average daily balance of derivative holdings by certain Funds during the six months ended September 30, 2023:

	Long Derivative Volume
	Delaware Ivy Core Bond Fund		Delaware Ivy Global Bond Fund
Forward foreign currency exchange contracts (average notional value)	$	—	$	15,989,112
Futures contracts (average notional value)		69,679,286		344,763,019
Options contracts (average notional value)*		—		299,167
CDS contracts (average notional value)**		894,444		43,250,048
Interest rate swap contracts (average notional value)	GBP	—	GBP	10,793,651
Interest rate swap contracts (average notional value)	JPY	—	JPY	10,133,333,333
Interest rate swap contracts (average notional value)		—		5,434,016

	Short Derivative Volume
	Delaware Ivy Core Bond Fund		Delaware Ivy Global Bond Fund		Delaware Ivy High Income Fund
Forward foreign currency exchange contracts (average notional value)	$	252,887	$	111,453,184	$	4,430,675
Futures contracts (average notional value)		8,150,508		205,966,271		—
Options contracts (average notional value)*		—		221,478		—

 233

Notes to financial statements

Ivy Funds

8. Derivatives (continued)

* Long represents purchased options and short represents written options.

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

9. 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 certain over-the-counter 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 September 30, 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
Core Bond Fund

Counterparty								Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
JPMorgan Chase Bank								$	36,306	$	—		$	36,306
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	$	36,306	$	—	$	—		$	—	$	—		$	36,306
Delaware Ivy Global Bond Fund
Counterparty								Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Citigroup								$	413	$	—		$	413
JPMorgan Chase Bank									3,726,942		(39,693	)		3,687,249
TD Bank									57,096		—			57,096
Total								$	3,784,451	$	(39,693	)	$	3,744,758
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)
Citigroup	$	413	$	—	$	—		$	—	$	—		$	413
JPMorgan Chase Bank		3,687,249		—		(3,687,249	)		—		—			—
TD Bank		57,096		—		—			—		—			57,096
Total	$	3,744,758	$	—	$	(3,687,249	)	$	—	$	—		$	57,509

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

234

10. Securities Lending

Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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.

At September 30, 2023, each Fund had no securities out on loan.

11. Credit and Market Risks

The global outbreak of COVID-19 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

 235

Notes to financial statements

Ivy Funds

11. Credit and Market Risks (continued)

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.

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 US. 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 each 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 each Fund may involve revolving credit facilities or other standby financing commitments that obligate

236

each 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 each 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, each Fund may pay an assignment fee. On an ongoing basis, each 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 each Fund may be required to rely upon another lending institution to collect and pass on to each Fund amounts payable with respect to the loan and to enforce each Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent each Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to each Fund. There were no unfunded loan commitments at the six months ended September 30, 2023.

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 usually 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 September 30, 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.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Consolidated schedules of investments” and “Schedules of investments.”

12. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.

13. Subsequent Events

On October 1, 2023, the fees payable to DIFSC for the fund accounting and financial administrative oversight services provided to the Funds as described in Note 2 were revised. As of such date, DIFSC’s fees are payable by the Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion.

On October 30, 2023, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 revolving line of credit to be used as described in Note 6. 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 28, 2024.

 237

Notes to financial statements

Ivy Funds

13. Subsequent Events (continued)

Management has determined that no other material events or transactions occurred subsequent to September 30, 2023, that would require recognition or disclosure in the Funds’ financial statements.

238

Other Fund information (Unaudited)

Ivy Funds

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated a member of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if each Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. Each Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 23-25, 2023, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2022 through March 31, 2023. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 8-10, 2023

At a meeting held on August 8-10, 2023 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware Global Equity Fund II, Delaware International Equity Fund II, Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy High Income Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, and Delaware Ivy Value Fund (each, a “Fund” and together, the “Funds”) Investment Management Agreement with Delaware Management Company (“DMC”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), and Macquarie Investment Management Europe Limited (“MIMEL”) (together, the “Affiliated Sub-Advisers”).

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2023, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an “Investment Committee” and together, the “Investment Committees”), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the

 239

Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 8-10, 2023 (continued)

year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2023. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds’ Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (“JDL”).

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including each Fund’s portfolio managers. The Board’s review included consideration of DMC’s investment process and oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates.

In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the Delaware Funds by Macquarie complex (the “Delaware Funds”). Among other things, these services include third party service provider oversight, transfer agency, internal audit, valuation, portfolio trading, and legal and compliance functions. The Board noted DMC’s responsibility for overseeing the preparation of the Delaware Funds’ registration statement and supplements thereto and shareholder reports; responsibility for periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, and the resources available to DMC as part of Macquarie’s global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services each Fund’s portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Board noted that the Affiliated Sub-Advisers are part of Macquarie’s global investment platform that has offices and personnel that are located around the world. These Affiliated Sub-Advisers provide research, investment and trading analysis on the markets and economies of various countries in which the Funds may invest, make recommendations regarding securities, provide portfolio management services and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.

240

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Funds by DMC and the Affiliated Sub-Advisers.

Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board’s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider (“Broadridge”), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for each Fund’s institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used by Broadridge to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2022. The Board considered that the Funds were managed by Ivy Investment Management Company prior to the acquisition of its parent company, Waddell & Reed Financial, Inc. by Macquarie Asset Management, a division of Macquarie Group Ltd. (the “Transaction”), and that each Fund’s performance prior to the closing of the Transaction on April 30, 2021 is that of its predecessor investment manager and not DMC.

Delaware Global Equity Fund II. The Performance Universe for the Fund consisted of the Fund and all retail and institutional global equity income funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year periods was in the third quartile of its Performance Universe and for the 10-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year periods was below the median of its Performance Universe and for the 10-year period was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-year period (both gross and net of dividends) and underperformed its benchmark index for the 3-, 5-, and 10-year periods (both gross and net of dividends). The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods. The Board also noted that the Fund’s performance was ahead of its benchmark index for the 1-year period. The Board noted that effective August 31, 2023, the portfolio management team will change.

Delaware International Equity Fund II. The Performance Universe for the Fund consisted of the Fund and all retail and institutional international multi-cap value funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the fourth quartile of its Performance Universe and for the 5- and 10-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index (both gross and net of dividends) for the 1-, 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods. The Board noted that the Fund’s portfolio management team will change effective August 31, 2023.

Delaware Ivy Core Bond Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional A-rated corporate debt funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile of its Performance Universe and for the 3-, 5-, and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark during the periods under review. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of July 2022. The Board noted the limited period of performance data available since the Fund changed its investment strategy and that it would continue to evaluate the Fund’s performance.

 241

Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 8-10, 2023 (continued)

Delaware Ivy Core Equity Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the second and third quartile, respectively, of its Performance Universe and for the 3-and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year periods was above the median of its Performance Universe and for the 10-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-, 3-, and 5-year periods and underperformed its benchmark index for the 10-year period. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark index during the periods under review.

Delaware Ivy Global Bond Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional global income funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-year period and outperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark during the periods under review. The Board, however, noted the limited period of performance data available since the Fund changed its portfolio management team in November 2021, investment strategy in July 2022 and its benchmark index effective July 31, 2023, and would continue to evaluate the Fund’s performance.

Delaware Ivy Global Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional global large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the second quartile of its Performance Universe and for the 3- and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index (both gross and net of dividends) for the 1-, 3-, and 5-year periods and underperformed its benchmark index (both net and gross of dividends) for the 10-year period. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark index during the periods under review.

Delaware Ivy High Income Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional high yield funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the third and first quartile, respectively, of its Performance Universe and for the 3- and 5-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year periods and underperformed its benchmark index for the 5- and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of November 2021. The Board noted the limited period of performance data available since the Fund changed its investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods.

Delaware Ivy International Core Equity Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional international large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was in the third quartile for its Performance Universe and for the 3- and 10-year periods was in the second and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was below the median of its Performance Universe and for the 3- and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-, 3-, and 10-year periods and underperformed its benchmark index for the 5-year period. The Board noted that the Fund was generally performing in line with its benchmark index during the periods under review. The Board, however, noted that the investment performance of the

242

current portfolio management team and investment strategy only began as of November 2021 and December 2022, respectively. The Board noted the limited period of performance data available since the Fund changed its investment strategy and its portfolio management team and would continue to evaluate the Fund’s performance.

Delaware Ivy Large Cap Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed or was approximately equal to its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark index during the periods under review.

Delaware Ivy Managed International Opportunities Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional international multi-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe and for the 3-, 5-, and 10-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 3- and 10-year periods and underperformed its benchmark index for the 1- and 5-year periods. The Board noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods.

Delaware Ivy Mid Cap Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the third, first, first and second quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe, and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-year period and outperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board noted that the Fund was generally outperforming its Performance Universe and benchmark index for the 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the 1-year period.

Delaware Ivy Mid Cap Income Opportunities Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year and since inception periods was in the third, third, second and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was below the median of its Performance Universe and for the 5-year and since inception periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 5-year and since inception periods and underperformed its benchmark index for the 3-year period. The Board noted that the Fund was generally outperforming its Performance Universe and benchmark index for the 5-year and since inception periods. The Board noted the explanations from DMC and the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the 1- and 3-year periods.

Delaware Ivy Small Cap Growth Fund. The Performance Universe consists of the Fund and all retail and institutional small-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-year period and outperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods.

Delaware Ivy Smid Cap Core Fund. The Performance Universe consists of the Fund and all retail and institutional small-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total

 243

Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 8-10, 2023 (continued)

return for the 1- and 10-year periods was in the second quartile of its Performance Universe and for the 3- and 5-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was above the median of its Performance Universe and for the 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-year period and underperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board, however, noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods. The Board also noted that the Fund’s performance was ahead of its benchmark index and above its Performance Universe median for the 1-year period.

Delaware Ivy Systematic Emerging Markets Equity Fund. The Performance Universe consists of the Fund and all retail and institutional emerging markets funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile, for the 3- and 5-year periods was in the second quartile, and for the 10-year period was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index (net of dividends) for the 1-year period and outperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted that the Fund was generally outperforming its Performance Universe and benchmark index over the 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the 1-year period.

Delaware Ivy Value Fund. The Performance Universe consists of the Fund and all retail and institutional multi-cap value funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the second quartile of its Performance Universe and for the 3- and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of December 2022 and that the investment strategy was further changed effective April 28, 2023. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted that the Fund was generally outperforming its Performance Universe and benchmark index during the periods under review.

Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Institutional Class shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with a Fund’s expense universe, which is comprised of the Fund, its Expense Group and all other similar institutional funds, excluding outliers (the “Expense Universe”). Each Fund’s total expenses were also compared with those of its Expense Universe. The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

244

Delaware Global Equity Fund II. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware International Equity Fund II. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Core Bond Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Core Equity Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Global Bond Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Global Growth Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy High Income Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy International Core Equity Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Large Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Managed International Opportunities Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Mid Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Mid Cap Income Opportunities Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Small Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Smid Cap Core Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

 245

Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 8-10, 2023 (continued)

Delaware Ivy Systematic Emerging Markets Equity Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Value Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Funds.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds, including the current breakpoints. The Board noted that, as of March 31, 2023, Delaware Ivy Core Bond Fund’s, Delaware Ivy International Core Equity Fund’s, Delaware Ivy Mid Cap Income Opportunities Fund’s, Delaware Ivy Small Cap Growth Fund’s, and Delaware Ivy Value Fund’s net assets exceeded each exceeded their first breakpoint level; Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets exceeded its second breakpoint level; Delaware Ivy Core Equity Fund’s, Delaware Ivy High Income Fund’s, and Delaware Ivy Large Cap Growth Fund’s net assets each exceeded their third breakpoint level and Delaware Ivy Mid Cap Growth Fund’s net assets exceeded its fourth breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.

Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board noted DMC’s changes to its cost allocation methodology for its profitability analysis and the explanations for such changes. The Board also reviewed a report prepared by JDL regarding DMC’s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC’s profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC’s profit, if any, can vary significantly depending on the particular fund; and that DMC’s support for, and commitment to, a fund are not solely dependent on the profits realized as to that fund.

The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

Based on its review, the Board determined that DMC’s profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through “soft dollar” arrangements; and the fees that various affiliates received for serving as transfer agent and for

246

overseeing fund accounting and financial administration services to the Delaware Funds. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the ongoing commitment of DMC and its affiliates to the Funds, the Board did not find that any ancillary benefits received by DMC and its affiliates, including the Affiliated Sub-Advisers, were unreasonable.

Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC’s Investment Management Agreement and of the Affiliated Sub-Advisers’ Sub-Advisory Agreements for an additional one-year period.

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 each 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 each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Fund’s most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

Information (if any) regarding how each Fund 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.

 247

Semiannual report

Alternative / specialty funds

Delaware Climate Solutions Fund
Delaware Global Real Estate Fund
Delaware Ivy Natural Resources Fund
Delaware Ivy Science and Technology Fund
Delaware Real Estate Securities Fund

Multi-asset funds

Delaware Ivy Asset Strategy Fund
Delaware Ivy Balanced Fund

September 30, 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

Disclosure of Fund expenses	1
Security type / sector / country allocations and top 10 equity holdings	4
Schedules of investments	11
Statements of assets and liabilities	34
Statements of operations	38
Statements of changes in net assets	41
Financial highlights	49
Notes to financial statements	91
Other Fund information	116

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 Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Unless otherwise noted, views expressed herein are current as of September 30, 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.

© 2023 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses

For the six-month period from April 1, 2023 to September 30, 2023 (Unaudited)

The investment objective of Delaware Climate Solutions Fund is to seek to provide capital growth while also seeking to invest in companies committed to reducing greenhouse gas (GHG) emissions within their operations and/or through the products or services they offer.

The investment objective of Delaware Global Real Estate Fund is to seek to provide total return through long-term capital appreciation and current income.

The investment objective of Delaware Ivy Asset Strategy Fund is to seek to provide total return.

The investment objective of Delaware Ivy Balanced Fund is to seek to provide total return through a combination of capital appreciation and current income.

The investment objective of Delaware Ivy Natural Resources Fund is to seek to provide capital growth and appreciation.

The investment objective of Delaware Ivy Science and Technology Fund is to seek to provide growth of capital.

The investment objective of Delaware Real Estate Securities Fund is to seek to provide total return through capital appreciation and current income.

As a shareholder of a Fund, you incur two types of costs:

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2023 to September 30, 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 Funds' 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 Climate Solutions Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	916.00	1.24%	$	5.94
Class C		1,000.00		913.60	1.99%		9.52
Class I		1,000.00		917.80	0.99%		4.75
Class R		1,000.00		915.80	1.49%		7.14
Class R6		1,000.00		918.20	0.93%		4.46
Class Y		1,000.00		916.70	1.24%		5.94
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.80	1.24%	$	6.26
Class C		1,000.00		1,015.05	1.99%		10.02
Class I		1,000.00		1,020.05	0.99%		5.00
Class R		1,000.00		1,017.55	1.49%		7.52
Class R6		1,000.00		1,020.35	0.93%		4.70
Class Y		1,000.00		1,018.80	1.24%		6.26

1

Disclosure of Fund expenses

Delaware Global Real Estate Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	945.70	1.30%	$	6.32
Class C		1,000.00		942.80	2.05%		9.96
Class I		1,000.00		946.90	1.05%		5.11
Class R		1,000.00		944.20	1.55%		7.53
Class R6		1,000.00		946.30	1.00%		4.87
Class Y		1,000.00		945.30	1.30%		6.32
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.50	1.30%	$	6.56
Class C		1,000.00		1,014.75	2.05%		10.33
Class I		1,000.00		1,019.75	1.05%		5.30
Class R		1,000.00		1,017.25	1.55%		7.82
Class R6		1,000.00		1,020.00	1.00%		5.05
Class Y		1,000.00		1,018.50	1.30%		6.56

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,012.40	1.13%	$	5.69
Class C		1,000.00		1,008.70	1.88%		9.44
Class I		1,000.00		1,013.70	0.88%		4.43
Class R		1,000.00		1,010.90	1.38%		6.94
Class R6		1,000.00		1,013.40	0.85%		4.28
Class Y		1,000.00		1,012.40	1.11%		5.58
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.35	1.13%	$	5.70
Class C		1,000.00		1,015.60	1.88%		9.47
Class I		1,000.00		1,020.60	0.88%		4.45
Class R		1,000.00		1,018.10	1.38%		6.96
Class R6		1,000.00		1,020.75	0.85%		4.29
Class Y		1,000.00		1,019.45	1.11%		5.60

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,005.60	1.08%	$	5.42
Class C		1,000.00		1,001.50	1.83%		9.16
Class I		1,000.00		1,006.80	0.83%		4.16
Class R		1,000.00		1,003.90	1.33%		6.66
Class R6		1,000.00		1,006.60	0.80%		4.01
Class Y		1,000.00		1,005.60	1.06%		5.31
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.60	1.08%	$	5.45
Class C		1,000.00		1,015.85	1.83%		9.22
Class I		1,000.00		1,020.85	0.83%		4.19
Class R		1,000.00		1,018.35	1.33%		6.71
Class R6		1,000.00		1,021.00	0.80%		4.04
Class Y		1,000.00		1,019.70	1.06%		5.35

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

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,008.30	1.33%	$	6.68
Class C		1,000.00		1,004.70	2.08%		10.42
Class I		1,000.00		1,009.70	1.08%		5.43
Class R		1,000.00		1,007.10	1.58%		7.93
Class R6		1,000.00		1,009.70	1.02%		5.12
Class Y		1,000.00		1,008.00	1.33%		6.68
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.35	1.33%	$	6.71
Class C		1,000.00		1,014.60	2.08%		10.48
Class I		1,000.00		1,019.60	1.08%		5.45
Class R		1,000.00		1,017.10	1.58%		7.97
Class R6		1,000.00		1,019.90	1.02%		5.15
Class Y		1,000.00		1,018.35	1.33%		6.71

2 

Delaware Ivy Science and Technology Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	1,025.00	1.20%	$	6.08
Class C		1,000.00		1,021.00	1.95%		9.85
Class I		1,000.00		1,026.50	0.95%		4.81
Class R		1,000.00		1,023.90	1.45%		7.34
Class R6		1,000.00		1,026.50	0.92%		4.66
Class Y		1,000.00		1,025.00	1.20%		6.08
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.00	1.20%	$	6.06
Class C		1,000.00		1,015.25	1.95%		9.82
Class I		1,000.00		1,020.25	0.95%		4.80
Class R		1,000.00		1,017.75	1.45%		7.31
Class R6		1,000.00		1,020.40	0.92%		4.65
Class Y		1,000.00		1,019.00	1.20%		6.06

Delaware Real Estate Securities Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratio	Expenses Paid During Period 4/1/23 to 9/30/23*
Actual Fund return†
Class A	$	1,000.00	$	944.70	1.20%	$	5.83
Class C		1,000.00		941.80	1.95%		9.47
Class I		1,000.00		946.70	0.95%		4.62
Class R		1,000.00		944.10	1.45%		7.05
Class R6		1,000.00		946.60	0.90%		4.38
Class Y		1,000.00		945.60	1.20%		5.84
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.00	1.20%	$	6.06
Class C		1,000.00		1,015.25	1.95%		9.82
Class I		1,000.00		1,020.25	0.95%		4.80
Class R		1,000.00		1,017.75	1.45%		7.31
Class R6		1,000.00		1,020.50	0.90%		4.55
Class Y		1,000.00		1,019.00	1.20%		6.06

*“Expenses Paid During Period” are equal to the relevant Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

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

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

3

Security type / sector allocations and top 10 equity holdings

Delaware Climate Solutions Fund As of September 30, 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
Common Stocks		98.88	%
Consumer Discretionary		3.37	%
Consumer Staples		6.44	%
Energy		15.70	%
Industrials		20.69	%
Materials		14.53	%
Real Estate		3.46	%
Utilities*		34.69	%
Total Value of Securities		98.88	%
Receivables and Other Assets Net of Liabilities		1.12	%
Total Net Assets		100.00	%

*To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Utilities sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Utilities sector consisted of Electric Utilities, Independent Power and Renewable Electricity Producers, and Multi-Utilities. As of September 30, 2023, such amounts, as a percentage of total net assets were 19.68%, 9.08%, and 5.93%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Utilities sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage of net assets
Valero Energy		4.30	%
Schlumberger		3.95	%
Occidental Petroleum		3.77	%
Equinor		3.68	%
Nutrien		3.61	%
Kingspan Group		3.50	%
Weyerhaeuser		3.46	%
Schneider Electric		3.45	%
Waste Management		3.45	%
BorgWarner		3.37	%

4 

Security type / country and sector allocations

Delaware Global Real Estate Fund As of September 30, 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 / country	Percentage of net assets
Common Stocks by Country		99.76	%
Australia		4.09	%
Belgium		1.02	%
Canada		2.20	%
China/Hong Kong		0.22	%
France		0.81	%
Germany		1.81	%
Hong Kong		4.74	%
Japan		10.94	%
Mexico		0.80	%
Singapore		3.80	%
Spain		1.23	%
Sweden		1.32	%
United Kingdom		4.02	%
United States		62.76	%
Total Value of Securities		99.76	%
Receivables and Other Assets Net of Liabilities		0.24	%
Total Net Assets		100.00	%

Common stocks by sector	Percentage of net assets
Communications		1.48	%
Consumer Cyclical		0.64	%
Real Estate		6.51	%
Real Estate Operating/Development		5.31	%
REIT Diversified		18.89	%
REIT Healthcare		8.11	%
REIT Hotel		1.24	%
REIT Industrial		17.35	%
REIT Multifamily		18.26	%
REIT Office		4.45	%
REIT Retail		12.83	%
REIT Self-Storage		4.69	%
Total		99.76	%

5

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Asset Strategy Fund As of September 30, 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
Agency Collateralized Mortgage Obligations		0.29	%
Agency Mortgage-Backed Securities		3.57	%
Convertible Bond		0.23	%
Corporate Bonds		13.87	%
Banking		1.37	%
Basic Industry		0.09	%
Brokerage		0.11	%
Communication Services		2.75	%
Communications		0.36	%
Consumer Cyclical		0.19	%
Consumer Discretionary		2.10	%
Consumer Non-Cyclical		0.45	%
Electric		0.42	%
Energy		3.23	%
Finance Companies		0.16	%
Government Agency		0.11	%
Healthcare		0.01	%
Industrials		0.59	%
Information Technology		0.47	%
Insurance		0.61	%
Materials		0.39	%
Natural Gas		0.01	%
Real Estate Investment Trusts		0.05	%
Technology		0.37	%
Transportation		0.03	%
Municipal Bonds		0.08	%
Non-Agency Collateralized Mortgage Obligations		0.36	%
Non-Agency Commercial Mortgage-Backed Securities		1.07	%
Loan Agreements		2.35	%
Sovereign Bonds		0.14	%
US Treasury Obligations		1.72	%
Common Stocks		67.12	%
Communication Services		6.41	%
Consumer Discretionary		7.47	%
Consumer Staples		5.32	%
Energy		4.64	%
Financials		9.89	%
Healthcare		9.47	%
Industrials		7.37	%
Information Technology		14.05	%
Materials		0.71	%
Utilities		1.79	%
Preferred Stock		0.82	%
Exchange-Traded Funds		3.38	%
Bullion		4.05	%
Short-Term Investments		0.26	%
Total Value of Securities		99.31	%
Receivables and Other Assets Net of Liabilities		0.69	%
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
Microsoft		2.81	%
Amazon.com		2.31	%
Alphabet Class A		2.06	%
Apple		1.97	%
Canadian Natural Resources		1.82	%
Mastercard Class A		1.82	%
ConocoPhillips		1.60	%
Intuit		1.53	%
Airbus		1.51	%
Pinterest Class A		1.42	%

6 

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Balanced Fund As of September 30, 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
Agency Collateralized Mortgage Obligations		0.98	%
Agency Mortgage-Backed Securities		10.06	%
Corporate Bonds		9.34	%
Banking		2.36	%
Basic Industry		0.16	%
Brokerage		0.11	%
Capital Goods		0.22	%
Communications		1.03	%
Consumer Cyclical		0.26	%
Consumer Non-Cyclical		0.70	%
Electric		1.02	%
Energy		0.76	%
Finance Companies		0.51	%
Insurance		0.96	%
Natural Gas		0.02	%
Real Estate Investment Trusts		0.25	%
Technology		0.75	%
Transportation		0.23	%
Non-Agency Collateralized Mortgage Obligations		0.12	%
Non-Agency Commercial Mortgage-Backed Securities		2.85	%
Sovereign Bonds		0.38	%
US Treasury Obligations		9.41	%
Common Stocks		62.44	%
Communication Services		4.38	%
Consumer Discretionary		5.19	%
Consumer Staples		2.65	%
Energy		1.86	%
Financials		11.90	%
Healthcare		8.03	%
Industrials		4.24	%
Information Technology		19.28	%
Materials		3.54	%
Utilities		1.37	%
Exchange-Traded Funds		3.81	%
Short-Term Investments		0.41	%
Total Value of Securities		99.80	%
Receivables and Other Assets Net of Liabilities		0.20	%
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
Microsoft		5.43	%
UnitedHealth Group		3.25	%
Amazon.com		2.56	%
Apple		2.44	%
Alphabet Class A		1.92	%
TE Connectivity		1.81	%
HCA Healthcare		1.80	%
Costco Wholesale		1.74	%
Airbus ADR		1.65	%
Linde		1.65	%

7

Security type / country and sector allocations

Delaware Ivy Natural Resources Fund As of September 30, 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 / country	Percentage of net assets
Closed-Ended Trust		2.16	%
Common Stocks by Country		97.97	%
Australia		4.67	%
Brazil		3.81	%
Burkina Faso		1.14	%
Canada		13.92	%
Hong Kong		0.00	%
Netherlands		5.86	%
South Africa		2.80	%
United Kingdom		3.07	%
United States		62.70	%
Short-Term Investments		0.49	%
Total Value of Securities		100.62	%
Liabilities Net of Receivables and Other Assets		(0.62	%)
Total Net Assets		100.00	%

Common stocks by sector	Percentage of net assets
Consumer Staples		6.91	%
Energy*		39.31	%
Industrials		6.63	%
Materials*		40.96	%
REIT Diversified		3.67	%
Utilities		0.49	%
Total		97.97	%

*To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Energy and Materials sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Energy sector consisted of Oil & Gas, and Oil & Gas Services. As of September 30, 2023, such amounts, as a percentage of total net assets were 35.70%, and 3.61%, respectively. The Materials sector consisted of Biotechnology, Building Materials, Chemicals, Forest Products & Paper, and Mining. As of September 30, 2023, such amounts, as a percentage of total net assets were 2.02%, 1.50%, 8.62%, 1.33%, and 27.49%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Energy and Materials sector for financial reporting purposes may exceed 25%.

8 

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Science and Technology Fund As of September 30, 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
Common Stocks		99.07	%
Communication Services		17.36	%
Consumer Discretionary		9.50	%
Financials		0.98	%
Healthcare		6.89	%
Industrials		2.81	%
Information Technology*		61.53	%
Short-Term Investments		1.11	%
Total Value of Securities		100.18	%
Liabilities Net of Receivables and Other Assets		(0.18	%)
Total Net Assets		100.00	%

*To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Electrical Components & Equipments, Electronics, Internet, Office/Business Equipment, Semiconductors, and Software. As of September 30, 2023, such amounts, as a percentage of total net assets were 8.50%, 0.53%, 1.51%, 1.22%, 2.83%, 26.58%, and 20.36%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage of net assets
Microsoft		9.70	%
Amazon.com		8.04	%
NVIDIA		5.67	%
Pinterest Class A		4.73	%
Seagate Technology Holdings		4.63	%
T-Mobile US		4.40	%
Meta Platforms Class A		4.17	%
Broadcom		3.90	%
Apple		3.88	%
ASML Holding		3.63	%

9

Security type / sector allocations and top 10 equity holdings

Delaware Real Estate Securities Fund As of September 30, 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
Common Stocks		99.36	%
Real Estate Operating/Development		1.95	%
REIT Healthcare		13.06	%
REIT Hotel		1.95	%
REIT Industrial		12.82	%
REIT Information Technology		22.00	%
REIT Manufactured Housing		6.58	%
REIT Multifamily		16.08	%
REIT Office		2.87	%
REIT Retail		16.43	%
REIT Self-Storage		5.62	%
Short-Term Investments		0.72	%
Total Value of Securities		100.08	%
Liabilities Net of Receivables and Other Assets		(0.08	%)
Total Net Assets		100.00	%

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

Top 10 equity holdings	Percentage of net assets
Welltower		9.23	%
Equinix		9.12	%
Prologis		8.46	%
Digital Realty Trust		5.88	%
VICI Properties		4.73	%
Realty Income		4.56	%
AvalonBay Communities		4.40	%
Invitation Homes		4.05	%
Kite Realty Group Trust		3.87	%
Public Storage		3.65	%

10 

Schedules of investments

Delaware Climate Solutions Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 98.88% t
Consumer Discretionary — 3.37%
BorgWarner		153,703	$	6,204,990
				6,204,990
Consumer Staples — 6.44%
Archer-Daniels-Midland		81,569		6,151,934
Darling Ingredients †		109,481		5,714,908
				11,866,842
Energy — 15.70%
Equinor		206,650		6,783,913
Occidental Petroleum		107,003		6,942,355
Schlumberger		124,768		7,273,974
Valero Energy		55,935		7,926,549
				28,926,791
Industrials — 20.69%
AP Moller - Maersk Class B		1,634		2,949,768
Cummins		26,429		6,037,969
Kingspan Group		86,016		6,453,132
Li-Cycle Holdings †		603,501		2,142,429
Net Power †		250,545		3,783,230
NuScale Power †		283,326		1,388,297
Schneider Electric		38,353		6,365,336
Sunrun †		210,246		2,640,690
Waste Management		41,691		6,355,376
				38,116,227
Materials — 14.53%
Alcoa		169,395		4,922,619
Anglo American		215,068		5,944,773
Holcim †		71,667		4,602,159
Nutrien		107,714		6,652,417
United States Steel		143,269		4,653,377
				26,775,345
Real Estate — 3.46%
Weyerhaeuser		208,138		6,381,511
				6,381,511
Utilities — 34.69%
AES		290,864		4,421,133
Ameren		74,231		5,554,706
American Electric Power		66,934		5,034,775
CMS Energy		101,195		5,374,466
Iberdrola		516,134		5,781,508
NextEra Energy		89,041		5,101,159
Northland Power		257,506		4,193,656
Orsted 144A #		69,967		3,819,474
ReNew Energy Global Class A †		487,592		2,647,625
RWE		147,290		5,473,641
SSE		285,319		5,604,695
Terna - Rete Elettrica Nazionale		768,012		5,787,798
Xcel Energy		89,725		5,134,065
				63,928,701
Total Common Stocks (cost $196,406,300)				182,200,407
Total Value of Securities—98.88% (cost $196,406,300)			$	182,200,407

t	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $3,819,474, which represents 2.07% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”

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

11

Schedules of investments

Delaware Global Real Estate Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 99.76%Δ
Australia – 4.09%
Charter Hall Group		23,157	$	141,295
Goodman Group		42,989		592,873
Lifestyle Communities		8,859		92,273
National Storage REIT		118,616		166,256
NEXTDC †		22,926		182,632
				1,175,329
Belgium – 1.02%
Aedifica		1,161		66,099
Warehouses De Pauw CVA		9,210		228,242
				294,341
Canada – 2.20%
Boardwalk Real Estate Investment Trust		3,907		192,179
Canadian Apartment Properties REIT		8,743		290,178
InterRent Real Estate Investment Trust		16,335		150,211
				632,568
China/Hong Kong – 0.22%
China Resources Land		16,000		63,747
				63,747
France – 0.81%
Gecina		1,250		127,861
Unibail-Rodamco-Westfield †		2,099		103,746
				231,607
Germany – 1.81%
LEG Immobilien †		2,519		174,014
Vonovia		14,429		347,968
				521,982
Hong Kong – 4.74%
CK Asset Holdings		27,000		142,224
Link REIT		81,498		399,635
Sun Hung Kai Properties		54,500		583,212
Wharf Real Estate Investment		62,000		239,498
				1,364,569
Japan – 10.94%
Advance Residence Investment		106		240,458
Japan Real Estate Investment		99		386,222
Mitsubishi Estate		44,350		580,194
Mitsubishi Estate Logistics REIT Investment		81		203,530
Nippon Prologis REIT		212		396,081
Nomura Real Estate Master Fund		90		100,816
Sekisui House		9,300		185,266
Sumitomo Realty & Development		18,400		478,469
Tokyu REIT		150		183,585
United Urban Investment		376		391,751
				3,146,372
Mexico – 0.80%
Corp Inmobiliaria Vesta ADR		6,968		229,038
				229,038
Singapore – 3.80%
CapitaLand Ascendas REIT		230,300		463,295
CapitaLand Ascott Trust		4,776		3,354
Mapletree Logistics Trust		339,364		417,068
Mapletree Pan Asia Commercial Trust		200,600		209,845
				1,093,562
Spain – 1.23%
Cellnex Telecom 144A #		6,893		240,273
Inmobiliaria Colonial Socimi		19,834		112,816
				353,089
Sweden – 1.32%
Castellum		11,666		118,897
Fabege		12,332		98,561
Fastighets Balder Class B †		22,685		102,363
Wihlborgs Fastigheter		8,554		59,855
				379,676
United Kingdom – 4.02%
Big Yellow Group		18,439		211,138
Derwent London		3,623		85,181
Land Securities Group		25,932		186,611
Segro		31,231		274,127
Shaftesbury Capital		67,917		95,130
UNITE Group		27,655		302,833
				1,155,020
United States – 62.76%
Agree Realty		7,473		412,809
Alexandria Real Estate Equities		5,675		568,068
American Homes 4 Rent Class A		17,035		573,909
American Tower		2,660		437,437
Americold Realty Trust		20,008		608,443
AvalonBay Communities		5,433		933,063
Digital Realty Trust		11,077		1,340,539
DigitalBridge Group		5,287		92,945
Equinix		2,503		1,817,829
Equity LifeStyle Properties		8,137		518,408
Equity Residential		9,677		568,137
Extra Space Storage		2,986		363,038
Federal Realty Investment Trust		5,156		467,288
Healthcare Realty Trust		17,338		264,751
Healthpeak Properties		21,287		390,829
Invitation Homes		25,794		817,412
Kite Realty Group Trust		32,869		704,054
Prologis		13,884		1,557,924
Public Storage		2,304		607,150
Realty Income		19,969		997,252
Rexford Industrial Realty		4,991		246,306
Ryman Hospitality Properties		2,109		175,638
Simon Property Group		2,801		302,592
Sun Communities		5,589		661,402

12 

	Number of shares		Value (US $)
Common StocksΔ (continued)
United States (continued)
VICI Properties		28,659	$	833,977
Welltower		19,659		1,610,465
Xenia Hotels & Resorts		15,308		180,328
				18,051,993
Total Common Stocks (cost $29,134,166)				28,692,893
Total Value of Securities–99.76% (cost $29,134,166)			$	28,692,893

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 5 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $240,273, which represents 0.84% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

CVA – Certified Dutch Certificate

REIT – Real Estate Investment Trust

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

13

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund September 30, 2023 (Unaudited)

		Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations — 0.29%
Fannie Mae REMICs
Series 2015-18 NS 0.691% (6.01% minus SOFR, Cap 6.12%) 4/25/45 ∑, •			3,786,307	$	335,903
Series 2015-37 SB 0.191% (5.51% minus SOFR, Cap 5.62%) 6/25/45 ∑, •			7,909,287		518,308
Series 2016-48 US 0.671% (5.99% minus SOFR, Cap 6.10%) 8/25/46 ∑, •			9,115,842		553,724
Series 2017-33 AI 4.50% 5/25/47 ∑			3,375,798		501,869
Series 2019-13 IP 5.00% 3/25/49 ∑			2,444,667		493,320
Series 4740 SB 0.722% (6.04% minus SOFR, Cap 6.15%) 11/15/47 ∑, •			3,721,643		317,140
GNMA
Series 2021-162 IN 3.00% 9/20/51 ∑			15,572,010		2,164,701
Total Agency Collateralized Mortgage Obligations (cost $7,402,323)					4,884,965
Agency Mortgage-Backed Securities — 3.57%	��
Fannie Mae S.F. 15 yr
2.00% 3/1/37			1,068,000		921,614
2.50% 8/1/36			999,627		880,961
3.00% 12/1/34			1,074,774		978,916
Fannie Mae S.F. 30 yr
2.00% 3/1/51			3,822,357		2,921,305
2.50% 4/1/51			1,840,529		1,465,456
2.50% 2/1/52			1,428,941		1,138,170
3.00% 4/1/47			1,903,704		1,607,043
3.00% 12/1/51			2,143,093		1,788,166
3.00% 2/1/52			402,007		334,174
3.50% 6/1/52			3,859,914		3,322,026
4.50% 1/1/50			962,000		908,724
4.50% 10/1/52			2,240,933		2,058,452
4.50% 2/1/53			1,377,731		1,265,599
5.00% 9/1/52			1,912,955		1,806,437
5.50% 8/1/52			2,183,028		2,110,476
5.50% 3/1/53			1,308,297		1,264,816
5.50% 7/1/53			1,286,885		1,244,117
6.00% 6/1/53			2,323,499		2,293,798
6.00% 7/1/53			508,674		507,657
Freddie Mac S.F. 20 yr
2.50% 2/1/42			1,082,384		891,243
3.00% 3/1/37			882,912		787,680
Freddie Mac S.F. 30 yr
2.50% 1/1/52			4,810,358		3,839,479
3.00% 12/1/46			1,872,868		1,581,091
3.00% 1/1/52			907,988		752,257
3.50% 6/1/47			2,398,074		2,099,747
3.50% 4/1/52			2,341,072		2,020,765
4.00% 8/1/52			2,567,074		2,292,886
4.00% 9/1/52			2,000,791		1,785,672
4.50% 9/1/52			4,924,047		4,530,553
4.50% 10/1/52			883,340		811,386
5.00% 7/1/52			1,810,860		1,710,308
5.50% 9/1/52			484,511		470,499
5.50% 2/1/53			3,362,086		3,258,988
5.50% 9/1/53			871,574		844,657
GNMA II S.F. 30 yr
3.00% 12/20/51			642,761		545,713
5.00% 9/20/52			2,240,216		2,125,826
5.50% 5/20/53			1,210,098		1,174,870
Total Agency Mortgage-Backed Securities (cost $64,470,318)					60,341,527
Convertible Bond — 0.23%
New Cotai 5.00% exercise price $100.00, maturity date 2/2/27 =			2,063,385		3,905,389
Total Convertible Bond (cost $2,001,232)					3,905,389
Corporate Bonds — 13.87%
Banking — 1.37%
Banco de Credito del Peru 144A 3.125% 7/1/30 #, µ			1,562,000		1,435,540
Banco Santander 5.588% 8/8/28			600,000		587,249
Bank of America
2.482% 9/21/36 µ			580,000		422,444
2.972% 2/4/33 µ			555,000		437,857
5.819% 9/15/29 µ			235,000		232,213
5.872% 9/15/34 µ			255,000		248,294
6.204% 11/10/28 µ			470,000		472,298
Barclays
6.224% 5/9/34 µ			510,000		483,470
7.385% 11/2/28 µ			305,000		313,065
Citigroup
5.61% 9/29/26 µ			540,000		534,623
6.174% 5/25/34 µ			293,000		280,199

14 

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Citizens Bank 6.064% 10/24/25 µ		840,000	$	810,814
Credit Agricole 144A 5.514% 7/5/33 #		915,000		881,695
Credit Suisse 7.95% 1/9/25		250,000		254,515
Deutsche Bank
3.729% 1/14/32 µ		301,000		224,228
3.742% 1/7/33 µ		200,000		143,636
6.72% 1/18/29 µ		739,000		735,005
7.146% 7/13/27 µ		355,000		357,537
Fifth Third Bancorp 6.361% 10/27/28 µ		1,099,000		1,089,855
Fifth Third Bank 5.852% 10/27/25 µ		625,000		615,083
Goldman Sachs Group
1.542% 9/10/27 µ		1,235,000		1,081,761
3.102% 2/24/33 µ		405,000		324,012
HSBC Holdings 5.887% 8/14/27 µ		220,000		217,403
Huntington Bancshares 6.208% 8/21/29 µ		545,000		533,450
Huntington National Bank
4.552% 5/17/28 µ		1,946,000		1,820,836
5.65% 1/10/30		330,000		311,216
ING Groep 6.083% 9/11/27 µ		260,000		258,979
JPMorgan Chase & Co.
1.764% 11/19/31 µ		705,000		530,681
1.953% 2/4/32 µ		410,000		311,135
5.35% 6/1/34 µ		405,000		384,289
KeyBank
5.00% 1/26/33		1,405,000		1,183,786
5.85% 11/15/27		205,000		195,074
KeyCorp 4.789% 6/1/33 µ		238,000		198,527
Morgan Stanley
2.484% 9/16/36 µ		730,000		530,800
5.164% 4/20/29 µ		780,000		750,728
5.25% 4/21/34 µ		81,000		75,258
5.424% 7/21/34 µ		610,000		575,671
6.138% 10/16/26 µ		340,000		340,416
6.296% 10/18/28 µ		575,000		579,618
6.342% 10/18/33 µ		280,000		281,745
PNC Financial Services Group 5.671% 10/28/25 µ		495,000		491,345
Popular 7.25% 3/13/28		320,000		319,403
SVB Financial Group
4.57% 4/29/33 µ, ‡		390,000		246,677
Truist Financial 6.123% 10/28/33 µ		298,000		286,797
US Bancorp
4.653% 2/1/29 µ		411,000		384,779
4.839% 2/1/34 µ		300,000		264,334
5.727% 10/21/26 µ		120,000		119,032
				23,157,372
Basic Industry — 0.09%
BHP Billiton Finance USA
5.25% 9/8/30		495,000		483,804
Sherwin-Williams 2.90% 3/15/52		1,650,000		956,081
				1,439,885
Brokerage — 0.11%
Jefferies Financial Group
2.625% 10/15/31		2,195,000		1,669,990
5.875% 7/21/28		200,000		195,848
				1,865,838
Communication Services — 2.75%
Altice France Holding 144A
10.50% 5/15/27 #		6,387,000		3,992,298
CCO Holdings 144A 4.50% 8/15/30 #		8,000,000		6,576,945
Connect Finco 144A 6.75% 10/1/26 #		7,000,000		6,537,634
Consolidated Communications
144A 5.00% 10/1/28 #		2,500,000		1,859,675
144A 6.50% 10/1/28 #		2,500,000		1,959,375
Directv Financing 144A 5.875% 8/15/27 #		7,420,000		6,570,038
Frontier Communications Holdings
5.875% 11/1/29		7,927,781		5,798,793
144A 6.00% 1/15/30 #		461,000		337,808
Gray Escrow II 144A 5.375% 11/15/31 #		4,780,000		3,134,376
Gray Television 144A 4.75% 10/15/30 #		4,830,000		3,205,796
Sirius XM Radio 144A 4.125% 7/1/30 #		8,155,000		6,538,434
				46,511,172
Communications — 0.36%
AT&T 3.50% 9/15/53		3,130,000		1,935,585
Cellnex Finance 144A 3.875% 7/7/41 #		355,000		246,278
Charter Communications Operating 3.85% 4/1/61		1,790,000		1,001,558
Comcast
4.55% 1/15/29		295,000		283,372
4.80% 5/15/33		240,000		225,252

15

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Crown Castle
1.05% 7/15/26		560,000	$	491,741
2.10% 4/1/31		1,525,000		1,164,611
Discovery Communications
4.00% 9/15/55		400,000		240,296
T-Mobile USA 5.75% 1/15/34		230,000		224,456
Verizon Communications 2.875% 11/20/50		375,000		216,970
				6,030,119
Consumer Cyclical — 0.19%
Amazon.com 2.50% 6/3/50		1,322,000		775,321
Aptiv 3.10% 12/1/51		1,435,000		821,500
Mercedes-Benz Finance North America
144A 5.05% 8/3/33 #		225,000		213,400
144A 5.10% 8/3/28 #		535,000		524,342
VICI Properties 4.95% 2/15/30		945,000		865,873
				3,200,436
Consumer Discretionary — 2.10%
Bath & Body Works 6.875% 11/1/35		7,245,000		6,478,720
Carnival 144A 7.625% 3/1/26 #		7,735,000		7,529,783
Ford Motor 6.10% 8/19/32		7,000,000		6,600,599
Light & Wonder International 144A 7.25% 11/15/29 #		1,610,000		1,579,571
Royal Caribbean Cruises 144A 5.50% 4/1/28 #		7,565,000		6,943,435
Staples 144A 7.50% 4/15/26 #		7,809,000		6,433,938
				35,566,046
Consumer Non-Cyclical — 0.45%
Amgen
5.15% 3/2/28		285,000		280,400
5.25% 3/2/33		2,043,000		1,953,928
CVS Health
2.70% 8/21/40		1,565,000		987,752
5.25% 1/30/31		220,000		211,496
Gilead Sciences 5.55% 10/15/53		360,000		346,385
HCA
3.50% 7/15/51		329,000		205,734
5.20% 6/1/28		170,000		164,387
JBS USA Lux 3.625% 1/15/32		2,000,000		1,594,141
JBS USA LUX 3.00% 2/2/29		558,000		468,702
Pfizer Investment Enterprises
4.75% 5/19/33		545,000		515,395
5.11% 5/19/43		380,000		349,199
5.30% 5/19/53		315,000		292,916
Zoetis 5.40% 11/14/25		165,000		164,337
				7,534,772
Electric — 0.42%
AEP Texas 5.40% 6/1/33		185,000		176,737
Appalachian Power 4.50% 8/1/32		1,375,000		1,231,844
Berkshire Hathaway Energy 2.85% 5/15/51		1,725,000		996,504
Duke Energy Carolinas 4.95% 1/15/33		385,000		366,185
Exelon 5.30% 3/15/33		245,000		233,871
National Rural Utilities Cooperative Finance 5.80% 1/15/33		80,000		79,972
NextEra Energy Capital Holdings
3.00% 1/15/52		425,000		251,433
5.749% 9/1/25		170,000		169,578
NRG Energy
144A 2.00% 12/2/25 #		3,470,000		3,141,805
144A 2.45% 12/2/27 #		390,000		330,928
Vistra Operations 144A 6.95% 10/15/33 #		175,000		171,848
				7,150,705
Energy — 3.23%
BP Capital Markets America
2.721% 1/12/32		530,000		430,379
2.939% 6/4/51		1,255,000		767,596
Cheniere Energy Partners 4.50% 10/1/29		570,000		516,758
Diamondback Energy
3.125% 3/24/31		195,000		162,565
4.25% 3/15/52		510,000		362,722
Energy Transfer
6.75% 5/15/25 µ, ψ		5,879,000		5,455,151
7.125% 5/15/30 µ, ψ		15,000,000		12,970,065
9.654% 10/16/23 µ, ψ		5,000,000		4,680,147
Enterprise Products Operating 3.30% 2/15/53		1,555,000		1,013,294

16 

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Enterprise Products Operating 5.35% 1/31/33		105,000	$	102,737
Hilcorp Energy I
144A 6.00% 2/1/31 #		3,725,000		3,291,238
144A 6.25% 4/15/32 #		3,487,000		3,104,197
Kinder Morgan 5.20% 6/1/33		380,000		351,708
Occidental Petroleum 6.125% 1/1/31		516,000		509,101
ONEOK
5.65% 11/1/28		165,000		162,924
5.80% 11/1/30		225,000		220,399
6.05% 9/1/33		395,000		388,293
6.625% 9/1/53		380,000		372,548
Targa Resources Partners 5.00% 1/15/28		1,935,000		1,842,294
Vital Energy
9.50% 1/15/25		8,259,000		8,333,983
10.125% 1/15/28		9,436,000		9,628,361
				54,666,460
Finance Companies — 0.16%
Air Lease 2.875% 1/15/32		1,810,000		1,412,027
Aviation Capital Group
144A 3.50% 11/1/27 #		1,265,000		1,118,063
144A 6.25% 4/15/28 #		148,000		144,869
				2,674,959
Government Agency — 0.11%
Petroleos Mexicanos 6.70% 2/16/32		2,595,000		1,928,669
				1,928,669
Healthcare — 0.01%
Humana 5.75% 3/1/28		85,000		85,350
				85,350
Industrials — 0.59%
AerCap Holdings 5.875% 10/10/79 µ		10,000,000		9,739,327
Wesco Aircraft Holdings
144A 8.50%
11/15/24 #, ‡		6,543,000		261,720
				10,001,047
Information Technology — 0.47%
NCR
144A 5.00% 10/1/28 #		1,000,000		896,027
144A 5.125% 4/15/29 #		7,705,000		6,796,532
Workday
3.50% 4/1/27		55,000		51,340
3.70% 4/1/29		110,000		99,832
Workday
3.80% 4/1/32		110,000		94,354
				7,938,085
Insurance — 0.61%
AIA Group
144A 3.20% 9/16/40 #		1,432,000		965,347
144A 3.375% 4/7/30 #		1,960,000		1,717,195
American International
Group 5.125% 3/27/33		815,000		759,039
Aon 5.00% 9/12/32		1,605,000		1,506,077
Athene Holding
3.45% 5/15/52		985,000		586,810
3.95% 5/25/51		440,000		289,193
Berkshire Hathaway
Finance 3.85% 3/15/52		695,000		518,867
Marsh & McLennan 5.70% 9/15/53		975,000		943,125
UnitedHealth Group
4.20% 5/15/32		624,000		569,739
4.50% 4/15/33		2,106,000		1,949,678
5.05% 4/15/53		513,000		459,394
				10,264,464
Materials — 0.39%
First Quantum Minerals
144A 6.875% 3/1/26 #		3,000,000		2,915,627
144A 6.875% 10/15/27 #		3,750,000		3,602,652
				6,518,279
Natural Gas — 0.01%
Atmos Energy 2.85% 2/15/52		385,000		231,214
				231,214
Real Estate Investment Trusts — 0.05%
American Homes 4 Rent 3.625% 4/15/32		220,000		182,191
CIBANCO Institucion de Banca Multiple Trust 144A 4.375% 7/22/31 #		1,000,000		748,067
				930,258
Technology — 0.37%
Apple
2.40% 8/20/50		3,122,000		1,843,400
4.30% 5/10/33		320,000		302,263
CDW 3.276% 12/1/28		1,035,000		893,906
Entegris Escrow 144A 4.75% 4/15/29 #		385,000		346,467
Oracle
3.60% 4/1/50		665,000		430,543
4.65% 5/6/30		170,000		159,069

17

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
Tencent Holdings 144A 3.24% 6/3/50 #		3,910,000	$	2,254,280
				6,229,928
Transportation — 0.03%
Burlington Northern Santa Fe 2.875% 6/15/52		330,000		203,485
ERAC USA Finance 144A 4.90% 5/1/33 #		255,000		240,323
				443,808
Total Corporate Bonds (cost $254,316,107)				234,368,866
Municipal Bonds — 0.08%
Commonwealth of Puerto Rico (Restructured)
Series A-1 3.045% 7/1/24 •, ^		30,657		29,621
Series A-1 4.00% 7/1/35		137,232		119,585
Series A-1 4.00% 7/1/37		145,770		122,734
GDB Debt Recovery Authority of Puerto Rico Revenue 7.50% 8/20/40		1,364,142		1,104,955
Total Municipal Bonds (cost $1,608,160)				1,376,895
Non-Agency Collateralized Mortgage Obligations — 0.36%
COLT Mortgage Loan Trust
Series 2021-3 B1 144A 3.059% 9/27/66 #, •		2,000,000		1,031,053
CSMC Trust
Series 2020-NQM1 B1 144A 4.462% 5/25/65 #, •		4,968,250		4,040,829
Verus Securitization Trust
Series 2019-INV2 B1 144A 4.452% 7/25/59 #, •		1,097,000		971,348
Total Non-Agency Collateralized Mortgage Obligations (cost $8,273,743)				6,043,230
Non-Agency Commercial Mortgage-Backed Securities — 1.07%
BANK
Series 2020-BN25 A5 2.649% 1/15/63		2,163,000		1,780,004
Series 2022-BNK41 A4 3.916% 4/15/65 •		2,000,000		1,717,090
BBCMS Mortgage Trust
Series 2020-C7 A5 2.037% 4/15/53		1,250,000		989,535
Benchmark Mortgage Trust
Series 2018-B1 A5 3.666% 1/15/51 •		2,000,000		1,811,586
Series 2020-B20 A5 2.034% 10/15/53		2,000,000		1,489,527
Series 2021-B24 A5 2.584% 3/15/54		2,250,000		1,748,838
Series 2021-B25 A5 2.577% 4/15/54		4,000,000		3,045,958
Citigroup Commercial Mortgage Trust Series 2020-555 A 144A 2.647% 12/10/41 #		2,000,000		1,571,930
Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 #		2,225,000		1,696,003
GS Mortgage Securities Trust Series 2020-GC47 A5 2.377% 5/12/53		2,813,000		2,258,305
Total Non-Agency Commercial Mortgage-Backed Securities (cost $20,133,407)				18,108,776
Loan Agreements — 2.35%
Advantage Sales & Marketing Tranche B-1 9.943% - 10.038% (SOFR03M + 4.76%) 10/28/27 •		3,010,058		2,906,963
Jones DesLauriers Insurance Management 1st Lien 9.615% (SOFR03M + 4.25%) 3/15/30 •		12,000,000		12,075,060
MLN US HoldCo 1st Lien 12.11% (SOFR03M + 6.80%) 10/18/27 •		7,567,274		2,175,591
PetSmart 9.166% (SOFR01M + 3.85%) 2/11/28 •		6,762,707		6,753,550
White Cap Buyer 9.066% (SOFR01M + 3.75%) 10/19/27 •		15,827,918		15,818,928
Total Loan Agreements (cost $43,921,772)				39,730,092

18 

	Principal amount°		Value (US $)
Sovereign Bonds — 0.14%Δ
United Kingdom — 0.14%
United Kingdom Gilt 4.50% 6/7/28	GBP	1,930,000	$	2,355,928
				2,355,928
Total Sovereign Bonds (cost $2,379,408)				2,355,928
US Treasury Obligations — 1.72%
US Treasury Bonds
2.75% 8/15/47		540,000		377,103
3.625% 5/15/53		200,000		165,641
US Treasury Floating Rate Note
5.528% (USBMMY3M + 0.13%) 7/31/25 •		10,985,000		10,976,100
US Treasury Floating Rate Notes
5.572% (USBMMY3M + 0.17%) 4/30/25 •		9,675,000		9,679,867
US Treasury Notes
3.375% 5/15/33		2,515,000		2,281,184
3.875% 6/30/30		2,245,000		2,131,172
3.875% 7/31/30		1,240,000		1,194,663
3.875% 8/15/33		505,000		477,225
4.00% 6/30/28		900,000		876,076
4.125% 8/31/30		320,000		310,650
4.125% 11/15/32		250,000		241,152
4.50% 9/30/28		310,000		310,218
Total US Treasury Obligations (cost $29,426,609)				29,021,051
	Number of shares
Common Stocks — 67.12%
Communication Services — 6.41%
Alphabet Class A †		265,679		34,766,754
Deutsche Telekom		1,009,314		21,201,088
Netflix †		30,391		11,475,641
New Cotai =, †		1,819,823		1,377,759
Pinterest Class A †		887,158		23,979,881
Tencent Holdings		399,900		15,636,593
				108,437,716
Consumer Discretionary — 7.47%
Amazon.com †		307,698		39,114,570
Aptiv †		181,568		17,900,789
Darden Restaurants		120,993		17,328,618
Ferrari		60,714		17,953,909
H World Group ADR †		361,528		14,255,049
LVMH Moet Hennessy Louis Vuitton		23,671		17,928,744
Media Group Holdings Series H <<, =		640,301		0
Media Group Holdings Series T <<, =		80,253		0
Studio City International Holdings ADR †		352,311		1,772,124
				126,253,803
Consumer Staples — 5.32%
Asahi Group Holdings		384,500		14,382,729
Casey’s General Stores		49,511		13,443,227
China Mengniu Dairy †		5,611,687		18,810,845
Procter & Gamble		152,220		22,202,809
Reckitt Benckiser Group		298,465		21,099,265
				89,938,875
Energy — 4.64%
Canadian Natural
Resources		475,952		30,779,816
ConocoPhillips		225,966		27,070,727
Shell		325,496		10,497,705
TotalEnergies		153,072		10,083,962
				78,432,210
Financials — 9.89%
Banco do Brasil		1,269,296		11,931,491
BNP Paribas		324,937		20,760,101
ICICI Bank		1,171,803		13,432,352
Intercontinental Exchange		124,079		13,651,171
Mastercard Class A		77,627		30,733,305
Mitsubishi UFJ Financial Group		2,557,300		21,707,274
Morgan Stanley		187,852		15,341,873
ORIX		664,103		12,411,936
Prudential		1,254,863		13,608,047
State Bank of India		1,875,401		13,517,634
				167,095,184
Healthcare — 9.47%
Abbott Laboratories		113,302		10,973,299
AstraZeneca		142,783		19,340,743
Biogen †		44,002		11,308,954
Danaher		58,232		14,447,359
Eli Lilly & Co.		41,563		22,324,734
Genmab †		56,709		20,161,199
Thermo Fisher Scientific		27,810		14,076,588
UnitedHealth Group		47,502		23,950,033
Vertex Pharmaceuticals †		67,500		23,472,450
				160,055,359
Industrials — 7.37%
Airbus		190,524		25,577,772

19

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
Canadian Pacific Kansas City		223,697	$	16,627,609
Howmet Aerospace		383,750		17,748,438
Ingersoll Rand		286,888		18,280,503
ITOCHU		376,800		13,630,760
Thales		122,800		17,280,413
Vinci		138,550		15,383,538
				124,529,033
Information Technology — 14.05%
Apple		194,313		33,268,329
Intuit		50,688		25,898,527
KLA		35,342		16,209,962
Microchip Technology		208,304		16,258,127
Microsoft		150,612		47,555,739
NVIDIA		46,243		20,115,242
Salesforce †		93,637		18,987,711
Seagate Technology Holdings		312,352		20,599,614
Taiwan Semiconductor Manufacturing		1,238,550		20,196,099
VeriSign †		91,027		18,435,698
				237,525,048
Materials — 0.71%
Mondi		721,161		12,076,470
				12,076,470
Utilities — 1.79%
NTPC		5,736,886		16,963,766
RWE		355,800		13,222,360
				30,186,126
Total Common Stocks (cost $1,536,588,754)				1,134,529,824
Preferred Stock — 0.82%
Petroleo Brasileiro 11.20% ω		2,026,983		13,904,243
Total Preferred Stock (cost $12,309,440)				13,904,243
Exchange-Traded Funds — 3.38%
iShares 0-5 Year High Yield Corporate Bond ETF		696,000		28,556,880
Vanguard Russell 2000 ETF		399,772		28,559,712
Total Exchange-Traded Funds (cost $59,316,312)				57,116,592
		Troy Ounces		Value (US $)
Bullion — 4.05%
Gold		37,041	$	68,457,489
Total Bullion (cost $43,311,953)				68,457,489
		Number of shares
Short-Term Investments — 0.26%
Money Market Mutual Funds — 0.26%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		1,094,872		1,094,872
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		1,094,872		1,094,872
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		1,094,872		1,094,872
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		1,094,872		1,094,872
Total Short-Term Investments (cost $4,379,488)				4,379,488
Total Value of Securities—99.31% (cost $2,089,839,026)			$	1,678,524,355

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
∑	Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

20 

•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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. SOFR01M, SOFR03M, 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.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $107,858,709, which represents 6.38% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 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.
Δ	Securities have been classified by country of risk.
†	Non-income producing security.
<<	Affiliated company. See Note 2 in “Notes to financial statements.”
ω	Perpetual security with no stated maturity date.

The following forward foreign currency exchange contracts and futures contracts were outstanding at September 30, 2023:¹

Forward Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation
JPMCB	GBP	(2,000,000)	USD	2,460,520	11/17/23	$	19,625

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
302	US Treasury 5 yr Notes	$	31,818,533		$	32,124,989		12/29/23	$	—	$	(306,456	)	$	47,187
	US Treasury 10 yr
35	Notes		3,782,188			3,852,276		12/19/23		—		(70,088	)		7,109
	US Treasury 10 yr Ultra
(36)	Notes		(4,016,250	)		(4,131,753	)	12/19/23		115,503		—			(8,437	)
Total Futures Contracts					$	31,845,512			$	115,503	$	(376,544	)	$	45,859

The use of forward 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 forward foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

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

21

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

Summary of abbreviations:

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

GNMA – Government National Mortgage Association

GS – Goldman Sachs

JPMCB – JPMorgan Chase Bank

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

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

yr – Year

Summary of currencies:

GBP – British Pound Sterling

USD – US Dollar

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

22 

Delaware Ivy Balanced Fund September 30, 2023 (Unaudited)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations — 0.98%
Fannie Mae REMICs
Series 2016-36 VB 3.50% 6/25/29		3,425,334	$	3,252,671
Series 2016-71 NB 3.00% 10/25/46		4,632,244		4,063,047
Freddie Mac REMICs
Series 4616 HW 3.00% 6/15/45		2,765,821		2,512,581
Freddie Mac Structured Agency Credit Risk REMIC Trust
Series 2021-HQA2 M2 144A 7.365% (SOFR + 2.05%) 12/25/33 #, •		4,518,000		4,388,108
Total Agency Collateralized Mortgage Obligations (cost $15,546,440)				14,216,407
Agency Mortgage-Backed Securities — 10.06%
Fannie Mae S.F. 15 yr
2.00% 3/1/37		2,491,000		2,149,570
2.50% 8/1/36		2,494,156		2,198,074
Fannie Mae S.F. 20 yr
2.00% 5/1/41		2,185,055		1,760,197
Fannie Mae S.F. 30 yr
2.00% 3/1/51		1,993,200		1,523,339
2.50% 8/1/50		1,812,719		1,463,456
2.50% 1/1/52		4,237,778		3,369,439
2.50% 4/1/52		1,308,665		1,044,268
3.00% 12/1/51		3,428,260		2,860,491
3.50% 1/1/48		644,280		565,320
3.50% 7/1/50		3,801,980		3,343,708
3.50% 8/1/50		561,655		491,723
3.50% 8/1/51		4,199,643		3,623,998
3.50% 6/1/52		5,132,422		4,472,253
4.00% 6/1/52		2,934,857		2,615,425
4.50% 5/1/49		1,749,129		1,628,641
4.50% 1/1/50		2,054,061		1,940,410
4.50% 10/1/52		5,366,570		4,929,566
4.50% 2/1/53		8,289,751		7,615,060
5.00% 6/1/52		2,973,517		2,808,410
5.00% 9/1/52		6,255,556		5,907,233
5.50% 10/1/52		8,635,123		8,378,185
5.50% 11/1/52		1,791,186		1,737,237
5.50% 3/1/53		5,069,178		4,900,708
6.00% 6/1/53		2,512,743		2,480,623
6.50% 10/1/28		7,875		7,947
6.50% 2/1/29		1,169		1,176
6.50% 2/1/32		10,243		10,540
6.50% 9/1/32		9,172		9,286
7.00% 11/1/31		12,078		12,089
Fannie Mae S.F. 30 yr
7.00% 2/1/32		9,579		9,642
7.00% 3/1/32		4,576		4,699
7.00% 7/1/32		6,165		6,208
Freddie Mac S.F. 20 yr
2.00% 3/1/41		7,889,774		6,370,978
2.50% 2/1/42		3,292,038		2,710,687
3.00% 3/1/37		2,130,166		1,900,403
Freddie Mac S.F. 30 yr
2.00% 3/1/52		1,956,938		1,490,410
2.50% 12/1/51		1,698,736		1,362,462
2.50% 1/1/52		10,992,945		8,787,600
3.00% 8/1/51		334,159		278,152
3.00% 1/1/52		18,862,744		15,627,557
3.50% 6/1/47		3,429,451		3,002,818
3.50% 4/1/52		3,072,343		2,656,154
4.00% 8/1/52		6,594,839		5,890,448
4.00% 9/1/52		2,406,708		2,144,285
4.50% 9/1/52		3,654,001		3,358,185
4.50% 10/1/52		3,159,350		2,902,000
5.00% 7/1/52		2,562,860		2,420,551
5.50% 9/1/52		2,014,827		1,954,057
5.50% 11/1/52		967,334		938,226
5.50% 2/1/53		1,904,862		1,846,449
5.50% 3/1/53		2,059,157		1,999,578
5.50% 9/1/53		2,040,636		1,977,615
6.50% 12/1/31		12,631		12,719
6.50% 1/1/32		9,189		9,410
GNMA I S.F. 30 yr 6.50% 8/15/28		5,020		5,053
GNMA II S.F. 30 yr
3.00% 12/20/51		1,629,124		1,383,149
5.00% 9/20/52		1,563,906		1,484,050
Total Agency Mortgage-Backed Securities (cost $160,683,025)				146,381,917
Corporate Bonds — 9.34%
Banking — 2.36%
Banco Santander 5.588% 8/8/28		600,000		587,249
Bank of America
2.482% 9/21/36 µ		1,370,000		997,842
2.972% 2/4/33 µ		750,000		591,699
5.819% 9/15/29 µ		275,000		271,739
5.872% 9/15/34 µ		300,000		292,111
6.204% 11/10/28 µ		2,555,000		2,567,490
Bank of New York Mellon
4.70% 9/20/25 µ, ψ		1,475,000		1,423,464

23

Schedules of investments

Delaware Ivy Balanced Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Barclays
6.224% 5/9/34 µ		615,000	$	583,008
7.385% 11/2/28 µ		443,000		454,715
Citigroup
5.61% 9/29/26 µ		335,000		331,664
6.174% 5/25/34 µ		353,000		337,577
Citizens Bank 6.064% 10/24/25 µ		2,585,000		2,495,184
Credit Agricole
144A 5.301% 7/12/28 #		435,000		426,767
144A 5.514% 7/5/33 #		1,105,000		1,064,779
Credit Suisse 7.95% 1/9/25		2,020,000		2,056,483
Deutsche Bank
3.729% 1/14/32 µ		718,000		534,869
3.742% 1/7/33 µ		351,000		252,082
6.72% 1/18/29 µ		1,483,000		1,474,982
7.146% 7/13/27 µ		420,000		423,002
Fifth Third Bancorp 6.361% 10/27/28 µ		170,000		168,585
Fifth Third Bank 5.852% 10/27/25 µ		1,430,000		1,407,310
Goldman Sachs Group
1.542% 9/10/27 µ		205,000		179,564
3.102% 2/24/33 µ		485,000		388,015
HSBC Holdings 5.887% 8/14/27 µ		265,000		261,871
Huntington Bancshares 6.208% 8/21/29 µ		645,000		631,331
Huntington National Bank
4.552% 5/17/28 µ		250,000		233,920
5.65% 1/10/30		430,000		405,524
ING Groep 6.083% 9/11/27 µ		305,000		303,802
JPMorgan Chase & Co.
1.953% 2/4/32 µ		605,000		459,113
5.00% 8/1/24 µ, ψ		2,476,000		2,394,774
5.35% 6/1/34 µ		410,000		389,033
KeyBank
5.00% 1/26/33		500,000		421,276
5.85% 11/15/27		479,000		455,807
KeyCorp 4.789% 6/1/33 µ		143,000		119,283
Morgan Stanley
2.484% 9/16/36 µ		790,000		574,428
5.25% 4/21/34 µ		193,000		179,318
5.424% 7/21/34 µ		730,000		688,918
6.138% 10/16/26 µ		1,085,000		1,086,327
6.296% 10/18/28 µ		728,000		733,847
6.342% 10/18/33 µ		365,000		367,274
PNC Financial Services Group 5.671% 10/28/25 µ		1,720,000		1,707,300
Popular 7.25% 3/13/28		375,000		374,301
SVB Financial Group 4.57% 4/29/33 ‡		1,413,000		893,731
Truist Financial 6.123% 10/28/33 µ		386,000		371,489
US Bancorp
3.10% 4/27/26		1,320,000		1,227,207
4.653% 2/1/29 µ		508,000		475,591
4.839% 2/1/34 µ		365,000		321,607
				34,387,252
Basic Industry — 0.16%
BHP Billiton Finance USA 5.25% 9/8/30		580,000		566,882
Celanese US Holdings 6.05% 3/15/25		545,000		543,182
Sherwin-Williams 3.30% 5/15/50		1,775,000		1,131,672
				2,241,736
Brokerage — 0.11%
Jefferies Financial Group 5.875% 7/21/28		1,557,000		1,524,675
				1,524,675
Capital Goods — 0.22%
Standard Industries 144A 4.375% 7/15/30 #		883,000		732,223
Waste Management 3.15% 11/15/27		2,660,000		2,450,551
				3,182,774
Communications — 1.03%
AT&T 3.50% 9/15/53		2,550,000		1,576,915
CCO Holdings 144A 4.25% 1/15/34 #		1,730,000		1,275,577
Charter Communications Operating 3.85% 4/1/61		2,635,000		1,474,360
Comcast
3.45% 2/1/50		4,325,000		2,927,195
4.80% 5/15/33		300,000		281,565
Crown Castle
1.05% 7/15/26		735,000		645,410
2.10% 4/1/31		1,965,000		1,500,630
Frontier Communications Holdings 144A 5.00% 5/1/28 #		475,000		406,157
T-Mobile USA
3.875% 4/15/30		4,425,000		3,922,094
5.75% 1/15/34		270,000		263,492

24 

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Verizon Communications 2.875% 11/20/50		480,000	$	277,722
Warnermedia Holdings 5.141% 3/15/52		635,000		472,209
				15,023,326
Consumer Cyclical — 0.26%
Amazon.com 2.50% 6/3/50		750,000		439,857
Carnival 144A 4.00% 8/1/28 #		455,000		394,893
Ford Motor Credit 6.95% 6/10/26		200,000		199,972
Mercedes-Benz Finance North America
144A 5.05% 8/3/33 #		265,000		251,338
144A 5.10% 8/3/28 #		640,000		627,250
VICI Properties 4.95% 2/15/30		2,075,000		1,901,255
				3,814,565
Consumer Non-Cyclical — 0.70%
Amgen
5.15% 3/2/28		1,930,000		1,898,853
5.25% 3/2/30		320,000		312,762
5.25% 3/2/33		2,408,000		2,303,014
Gilead Sciences 5.55% 10/15/53		420,000		404,116
HCA
3.50% 7/15/51		400,000		250,133
5.20% 6/1/28		209,000		202,099
JBS USA LUX 3.00% 2/2/29		793,000		666,094
Merck & Co. 2.75% 12/10/51		3,750,000		2,267,894
Pfizer Investment Enterprises
4.75% 5/19/33		665,000		628,876
5.11% 5/19/43		460,000		422,715
5.30% 5/19/53		385,000		358,008
Royalty Pharma 3.55% 9/2/50		444,000		271,785
Zoetis 5.40% 11/14/25		215,000		214,136
				10,200,485
Electric — 1.02%
AEP Texas 5.40% 6/1/33		220,000		209,997
Ameren Illinois 3.25% 3/15/50		2,000,000		1,317,977
Appalachian Power 4.50% 8/1/32		1,775,000		1,590,199
Berkshire Hathaway Energy 4.60% 5/1/53		3,000,000		2,347,011
Commonwealth Edison 2.20% 3/1/30		2,070,000		1,689,722
Duke Energy Carolinas 4.95% 1/15/33		1,345,000		1,279,270
Entergy
2.80% 6/15/30		1,765,000		1,465,899
3.75% 6/15/50		700,000		464,748
Florida Power & Light 3.15% 10/1/49		2,575,000		1,681,849
National Rural Utilities Cooperative Finance 5.80% 1/15/33		95,000		94,967
NextEra Energy Capital Holdings
3.00% 1/15/52		635,000		375,670
5.749% 9/1/25		200,000		199,504
Oglethorpe Power 5.05% 10/1/48		1,584,000		1,299,540
Southern California Edison 4.125% 3/1/48		897,000		665,742
Vistra Operations 144A 6.95% 10/15/33 #		205,000		201,308
				14,883,403
Energy — 0.76%
BP Capital Markets America
2.721% 1/12/32		760,000		617,148
4.812% 2/13/33		305,000		285,641
Cheniere Energy Partners 4.50% 10/1/29		680,000		616,483
Diamondback Energy 4.25% 3/15/52		731,000		519,902
Energy Transfer
6.25% 4/15/49		860,000		790,415
6.50% 11/15/26 µ, ψ		950,000		875,283
Enterprise Products Operating
3.30% 2/15/53		1,195,000		778,705
5.35% 1/31/33		1,975,000		1,932,434
Kinder Morgan 5.20% 6/1/33		460,000		425,751
Occidental Petroleum 6.125% 1/1/31		620,000		611,711
ONEOK
5.65% 11/1/28		195,000		192,546
5.80% 11/1/30		265,000		259,581
6.05% 9/1/33		470,000		462,019
6.625% 9/1/53		450,000		441,176

25

Schedules of investments

Delaware Ivy Balanced Fund

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Targa Resources Partners 5.00% 1/15/28		2,335,000	$	2,223,130
				11,031,925
Finance Companies — 0.51%
AerCap Ireland Capital DAC
3.40% 10/29/33		250,000		193,508
6.50% 7/15/25		2,605,000		2,608,871
Air Lease 2.875% 1/15/32		1,560,000		1,216,996
American Tower Trust #1 144A 3.652% 3/15/48 #		2,000,000		1,829,116
Aviation Capital Group
144A 3.50% 11/1/27 #		1,635,000		1,445,086
144A 6.25% 4/15/28 #		182,000		178,149
				7,471,726
Insurance — 0.96%
American International Group 5.125% 3/27/33		1,000,000		931,335
Aon 5.00% 9/12/32		2,080,000		1,951,801
Athene Holding
3.45% 5/15/52		1,275,000		759,577
3.95% 5/25/51		565,000		371,350
Berkshire Hathaway Finance 3.85% 3/15/52		2,885,000		2,153,858
Marsh & McLennan 5.70% 9/15/53		610,000		590,058
Northwestern Mutual Life Insurance 144A 3.85% 9/30/47 #		5,000,000		3,554,660
UnitedHealth Group
4.20% 5/15/32		768,000		701,217
4.50% 4/15/33		2,594,000		2,401,456
5.05% 4/15/53		631,000		565,063
				13,980,375
Natural Gas — 0.02%
Atmos Energy 2.85% 2/15/52		495,000		297,275
				297,275
Real Estate Investment Trusts — 0.25%
American Homes 4 Rent 3.625% 4/15/32		310,000		256,724
Extra Space Storage 2.35% 3/15/32		4,400,000		3,329,495
				3,586,219
Technology — 0.75%
Apple
4.30% 5/10/33		390,000		368,383
4.85% 5/10/53		430,000		394,223
Autodesk
2.40% 12/15/31		605,000		477,249
2.85% 1/15/30		2,305,000		1,955,290
CDW 3.276% 12/1/28		325,000		280,695
CoStar Group 144A 2.80% 7/15/30 #		2,650,000		2,137,434
Entegris Escrow 144A 4.75% 4/15/29 #		535,000		481,454
Oracle
3.60% 4/1/50		1,426,000		923,240
4.65% 5/6/30		205,000		191,818
TSMC Global 144A 1.75% 4/23/28 #		4,400,000		3,752,578
				10,962,364
Transportation — 0.23%
Burlington Northern Santa Fe 2.875% 6/15/52		455,000		280,563
Delta Air Lines 144A 7.00% 5/1/25 #		2,480,000		2,507,784
ERAC USA Finance
144A 4.90% 5/1/33 #		310,000		292,157
144A 5.40% 5/1/53 #		195,000		180,348
				3,260,852
Total Corporate Bonds (cost $153,753,590)				135,848,952
Non-Agency Collateralized Mortgage Obligations — 0.12%
Connecticut Avenue Securities Trust Series 2022-R01 1M2 144A 7.215% (SOFR + 1.90%) 12/25/41 #, •		1,750,000		1,717,188
Total Non-Agency Collateralized Mortgage Obligations (cost $1,709,381)				1,717,188
Non-Agency Commercial Mortgage-Backed Securities — 2.85%
BANK
Series 2021-BN32 A5 2.643% 4/15/54		7,060,000		5,669,303
Series 2021-BN36 A5 2.47% 9/15/64		10,096,000		7,884,158
Series 2022-BNK39 B 3.348% 2/15/55 •		588,000		420,943
Series 2022-BNK39 C 3.379% 2/15/55 •		432,000		279,136
Series 2022-BNK40 A4 3.507% 3/15/64 •		8,150,000		6,798,817
Series 2022-BNK40 B 3.507% 3/15/64 •		1,000,000		733,108

26 

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Benchmark Mortgage Trust
Series 2022-B32 A5 3.002% 1/15/55 •		9,000,000	$	6,927,732
Series 2022-B32 B 3.202% 1/15/55 •		975,000		671,675
Series 2022-B32 C 3.572% 1/15/55 •		1,196,000		776,684
Series 2022-B33 A5 3.458% 3/15/55		8,100,000		6,829,064
Series 2022-B33 B 3.735% 3/15/55 •		500,000		361,197
Series 2022-B33 C 3.735% 3/15/55 •		500,000		329,124
BMO Mortgage Trust
Series 2022-C1 A5 3.374% 2/15/55 •		4,500,000		3,748,419
Total Non-Agency Commercial Mortgage- Backed Securities (cost $52,944,745)				41,429,360
Sovereign Bonds — 0.38%Δ
United Kingdom — 0.38%
United Kingdom Gilt 4.50% 6/7/28	GBP	4,500,000		5,493,096
Total Sovereign Bonds (cost $5,547,842)				5,493,096
US Treasury Obligations — 9.41%
US Treasury Bonds
1.75% 8/15/41		8,370,000		5,215,883
3.625% 2/15/53		6,350,000		5,253,137
3.625% 5/15/53		2,915,000		2,414,212
3.875% 2/15/43		15,250,000		13,274,649
4.125% 8/15/53		635,000		576,560
4.375% 2/15/38		1,770,000		1,716,554
US Treasury Notes
2.75% 11/15/23		12,583,000		12,541,802
3.375% 5/15/33		19,585,000		17,764,208
3.50% 1/31/30		8,110,000		7,602,808
3.875% 6/30/30		12,475,000		11,842,479
3.875% 7/31/30		6,040,000		5,819,162
3.875% 8/15/33		6,395,000		6,043,275
4.00% 6/30/28		11,310,000		11,009,358
4.125% 6/15/26		14,160,000		13,898,925
4.125% 8/31/30		385,000		373,751
4.375% 8/31/28		13,930,000		13,792,877
4.50% 9/30/28		7,765,000		7,770,460
Total US Treasury Obligations (cost $145,251,062)				136,910,100
Common Stocks — 62.44%
Communication Services — 4.38%
Alphabet Class A †		213,035	$	27,877,760
Alphabet Class C †		143,219		18,883,425
Take-Two Interactive Software †		120,740		16,950,689
				63,711,874
Consumer Discretionary — 5.19%
Amazon.com †		292,924		37,236,499
Aptiv †		200,084		19,726,281
AutoZone †		7,307		18,559,707
				75,522,487
Consumer Staples — 2.65%
Costco Wholesale		44,897		25,365,009
Procter & Gamble		90,453		13,193,475
				38,558,484
Energy — 1.86%
ConocoPhillips		147,012		17,612,038
Schlumberger		161,907		9,439,178
				27,051,216
Financials — 11.90%
Allstate		61,998		6,907,197
American Express		80,113		11,952,059
Aon Class A		55,947		18,139,136
Blackstone		146,110		15,654,226
Capital One Financial		89,957		8,730,327
Discover Financial Services		101,899		8,827,510
Fiserv †		144,452		16,317,298
Intercontinental Exchange		134,098		14,753,462
JPMorgan Chase & Co.		86,817		12,590,201
KKR & Co.		246,225		15,167,460
Mastercard Class A		44,439		17,593,845
Morgan Stanley		184,436		15,062,888
Progressive		81,958		11,416,749
				173,112,358
Healthcare — 8.03%
Abbott Laboratories		112,465		10,892,235
Biogen †		18,112		4,654,965
Danaher		59,644		14,797,676
HCA Healthcare		106,709		26,248,280
UnitedHealth Group		93,736		47,260,754
Vertex Pharmaceuticals †		37,383		12,999,565
				116,853,475
Industrials — 4.24%
Airbus ADR		718,199		24,030,938
Equifax		17,526		3,210,413
Howmet Aerospace		298,060		13,785,275

27

Schedules of investments

Delaware Ivy Balanced Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
United Rentals		46,446	$	20,648,498
				61,675,124
Information Technology — 19.28%
Apple		207,414		35,511,351
Applied Materials		165,778		22,951,964
Intuit		37,685		19,254,774
KLA		19,517		8,951,667
Microchip Technology		236,311		18,444,074
Microsoft		250,059		78,956,129
NVIDIA		39,287		17,089,452
Salesforce †		80,321		16,287,492
Seagate Technology Holdings		175,180		11,553,121
TE Connectivity		213,692		26,397,373
VeriSign †		75,661		15,323,622
Zebra Technologies Class A †		41,585		9,836,100
				280,557,119
Materials — 3.54%
Crown Holdings		108,001		9,555,929
Linde		64,495		24,014,713
Sherwin-Williams		70,347		17,942,002
				51,512,644
Utilities — 1.37%
NextEra Energy		346,986		19,878,828
				19,878,828
Total Common Stocks (cost $740,854,632)				908,433,609
Exchange-Traded Funds — 3.81%
iShares 0-5 Year Investment Grade Corporate Bond ETF		295,036		14,160,253
iShares Latin America 40 ETF		136,080		3,478,205
iShares MSCI China ETF		111,850		4,841,986
iShares MSCI Emerging Markets Asia ETF		89,024		5,605,841
Vanguard Russell 2000 ETF		383,816		27,419,815
Total Exchange-Traded Funds (cost $58,775,702)		��		55,506,100
Short-Term Investments — 0.41%
Money Market Mutual Funds — 0.41%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		1,490,828		1,490,828
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		1,490,828		1,490,828
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		1,490,828		1,490,828
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		1,490,828		1,490,828
Total Short-Term Investments (cost $5,963,312)				5,963,312
Total Value of Securities—99.80% (cost $1,341,029,731)			$	1,451,900,041

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $27,844,354, which represents 1.91% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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. SOFR01M, SOFR03M, 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.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 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.
Δ	Securities have been classified by country of risk.

28 

† Non-income producing security.

The following forward foreign currency exchange contracts and futures contracts were outstanding at September 30, 2023:¹

Forward Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Depreciation
CITI	GBP	(4,600,000)	USD	5,605,560	11/17/23	$	(8,499	)

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
772	US Treasury 5 yr Notes	$	81,337,441		$	82,056,961		12/29/23	$	—	$	(719,520	)$		120,625
	US Treasury 10 yr
(153)	Notes		(16,533,562	)		(16,839,176	)	12/19/23		305,614		—			(31,077	)
	US Treasury 10 yr Ultra
(156)	Notes		(17,403,750	)		(17,904,264	)	12/19/23		500,514		—			(36,562	)
	US Treasury Ultra
21	Bonds		2,492,438			2,676,572		12/19/23		—		(184,134	)		7,875
Total Futures Contracts					$	49,990,093			$	806,128	$	(903,654	)$		60,861

The use of forward 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 forward foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

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

Summary of abbreviations:

ADR – American Depositary Receipt

CITI – Citigroup

DAC – Designated Activity Company

ETF – Exchange-Traded Fund

GNMA – Government National Mortgage Association

MSCI – Morgan Stanley Capital International

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

yr – Year

Summary of currencies:

GBP – British Pound Sterling

USD – US Dollar

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

29

Schedules of investments

Delaware Ivy Natural Resources Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Closed-Ended Trust – 2.16%
Sprott Physical Uranium Trust †		294,250	$	5,021,693
Total Closed-Ended Trust (cost $3,304,206)				5,021,693
Common Stocks – 97.97%Δ
Australia – 4.67%
Glencore		1,888,858		10,829,295
				10,829,295
Brazil – 3.81%
Wheaton Precious Metals		217,964		8,838,440
				8,838,440
Burkina Faso – 1.14%
Endeavour Mining		136,987		2,650,806
				2,650,806
Canada – 13.92%
ERO Copper †		299,044		5,156,349
Hudbay Minerals		1,127,939		5,493,063
Kinross Gold		962,188		4,387,577
Li-Cycle Holdings †		493,081		1,750,438
Nutrien		133,590		8,250,518
Parex Resources		170,735		3,204,149
Tourmaline Oil		80,796		4,065,825
				32,307,919
Hong Kong – 0.00%
China Metal Recycling
Holdings =, †		30,000,000		0
				0
Netherlands – 5.86%
Shell		428,107		13,612,007
				13,612,007
South Africa – 2.80%
Anglo American		234,730		6,488,258
				6,488,258
United Kingdom – 3.07%
BP ADR		184,174		7,131,217
				7,131,217
United States – 62.70%
Alcoa		177,526		5,158,906
Archer-Daniels-Midland		68,448		5,162,348
Arcosa		78,108		5,615,965
Bunge		53,111		5,749,266
CF Industries Holdings		137,107		11,755,554
Chesapeake Energy		81,290		7,009,637
Chord Energy		30,899		5,007,801
Corteva		91,418		4,676,945
Darling Ingredients †		98,329		5,132,774
GrafTech International		786,751		3,013,256
Kimbell Royalty Partners		503,452		8,055,232
Lifezone Holdings †		98,901		1,213,515
Louisiana-Pacific		62,937		3,478,528
MP Materials †		187,318		3,577,774
Net Power †		126,211		1,905,786
Newmont		270,890		10,009,385
NuScale Power †		303,889		1,489,056
Occidental Petroleum		120,099		7,792,023
Permian Resources		357,035		4,984,209
Schlumberger		143,780		8,382,374
Spruce Power Holding †		1,670,463		1,135,915
Sunrun †		129,267		1,623,594
Sylvamo		70,396		3,093,200
Unit		131,855		7,212,468
Valaris †		55,650		4,172,637
Valero Energy		74,772		10,595,940
Weyerhaeuser		278,065		8,525,473
				145,529,561
Total Common Stocks (cost $260,798,218)				227,387,503
Short-Term Investments – 0.49%
Money Market Mutual Funds – 0.49%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		281,648		281,648
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		281,648		281,648
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		281,648		281,648
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		281,648		281,648
Total Short-Term Investments (cost $1,126,592)				1,126,592
Total Value of Securities–100.62% (cost $265,229,016)			$	233,535,788

†	Non-income producing security.
Δ	Securities have been classified by country of risk.

30 

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

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

31

Schedules of investments

Delaware Ivy Science and Technology Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.07% t
Communication Services — 17.36%
Meta Platforms Class A †		648,769	$	194,766,941
Netflix †		297,486		112,330,714
Pinterest Class A †		8,187,096		221,297,205
Take-Two Interactive Software †		550,454		77,278,237
T-Mobile US †		1,470,527		205,947,306
				811,620,403
Consumer Discretionary — 9.50%
Amazon.com †		2,956,526		375,833,585
Luminar Technologies †		7,068,682		32,162,503
MercadoLibre †		28,421		36,034,418
				444,030,506
Financials — 0.98%
Mastercard Class A		116,417		46,090,655
				46,090,655
Healthcare — 6.89%
Danaher		108,566		26,935,225
Intuitive Surgical †		306,382		89,552,395
Ionis Pharmaceuticals †		1,340,222		60,792,470
Vertex Pharmaceuticals †		255,295		88,776,283
West Pharmaceutical Services		149,898		56,243,228
				322,299,601
Industrials — 2.81%
Copart †		1,181,334		50,903,682
WNS Holdings ADR †		1,175,498		80,474,593
				131,378,275
Information Technology — 61.53%
Ambarella †		1,268,614		67,274,601
Analog Devices		615,592		107,784,003
Apple		1,058,225		181,178,702
ARM Holdings ADR †		940,193		50,319,129
ASML Holding		288,514		169,836,651
Autodesk †		409,053		84,637,156
Broadcom		219,399		182,228,422
Cadence Design Systems †		614,142		143,893,471
CDW		283,383		57,175,354
Flex †		1,170,931		31,591,718
Intuit		289,045		147,684,652
Keysight Technologies †		292,683		38,724,888
Lam Research		105,068		65,853,470
Microchip Technology		1,459,353		113,902,502
Micron Technology		1,247,669		84,878,922
Microsoft		1,436,053		453,433,735
NVIDIA		609,923		265,310,406
ON Semiconductor †		1,454,694		135,213,807
Seagate Technology Holdings		3,281,515		216,415,914
Universal Display		157,228		24,683,224
Workday Class A †		569,883		122,439,363
Zebra Technologies Class A †		558,880		132,191,886
				2,876,651,976
Total Common Stocks (cost $3,389,692,632)				4,632,071,416
Short-Term Investments — 1.11%
Money Market Mutual Funds — 1.11%
BlackRock Liquidity FedFund – Institutional Shares (seven- day effective yield 5.24%)		12,996,030		12,996,030
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		12,996,027		12,996,027
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven- day effective yield 5.37%)		12,996,030		12,996,030
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield
5.27%)		12,996,030		12,996,030
Total Short-Term Investments (cost $51,984,117)				51,984,117
Total Value of Securities—100.18% (cost $3,441,676,749)			$	4,684,055,533

t	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary  of abbreviations:

ADR – American Depositary Receipt

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

32 

Delaware Real Estate Securities Fund September 30, 2023 (Unaudited)

	Number of shares		Value (US $)
Common Stocks — 99.36%
Real Estate Operating/Development – 1.95%
Corp Inmobiliaria Vesta ADR		52,705	$	1,732,413
DigitalBridge Group		41,477		729,166
				2,461,579
REIT Healthcare – 13.06%
Healthcare Realty Trust		114,947		1,755,241
Healthpeak Properties		167,677		3,078,550
Welltower		141,998		11,632,476
				16,466,267
REIT Hotel – 1.95%
Ryman Hospitality Properties		18,217		1,517,112
Xenia Hotels & Resorts		80,232		945,133
				2,462,245
REIT Industrial – 12.82%
Americold Realty Trust		114,675		3,487,267
Prologis		95,098		10,670,946
Rexford Industrial Realty		40,480		1,997,688
				16,155,901
REIT Information Technology – 22.00%
American Tower		17,411		2,863,239
Digital Realty Trust		61,216		7,408,360
Equinix		15,826		11,493,791
VICI Properties		205,044		5,966,780
				27,732,170
REIT Manufactured Housing – 6.58%
Equity LifeStyle Properties		63,410		4,039,851
Sun Communities		35,901		4,248,524
				8,288,375
REIT Multifamily – 16.08%
American Homes 4 Rent Class A		102,238		3,444,398
AvalonBay Communities		32,285		5,544,626
Boardwalk Real Estate Investment Trust		17,985		884,651
Canadian Apartment Properties REIT		29,827		989,951
Equity Residential		60,855		3,572,797
InterRent Real Estate Investment Trust		79,240		728,664
Invitation Homes		161,250		5,110,013
				20,275,100
REIT Office – 2.87%
Alexandria Real Estate Equities		36,156		3,619,216
				3,619,216
REIT Retail – 16.43%
Agree Realty		64,586		3,567,731
Federal Realty Investment Trust		38,629		3,500,946
Kite Realty Group Trust		227,782		4,879,091
Realty Income		115,160		5,751,090
Simon Property Group		27,911		3,015,225
				20,714,083
REIT Self-Storage – 5.62%
Extra Space Storage		20,420		2,482,664
Public Storage		17,454		4,599,478
				7,082,142
Total Common Stocks (cost $86,463,022)				125,257,078
Short-Term Investments – 0.72%
Money Market Mutual Funds – 0.72%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%)		228,366		228,366
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%)		228,367		228,367
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)		228,367		228,367
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)		228,366		228,366
Total Short-Term Investments (cost $913,466)				913,466
Total Value of Securities–100.08% (cost $87,376,488)			$	126,170,544

Summary of abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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

33

Statements of assets and liabilities

Ivy Funds September 30, 2023 (Unaudited)

	Delaware Climate Solutions Fund			Delaware Global Real Estate Fund			Delaware Ivy Asset Strategy Fundf			Delaware Ivy Balanced Fund
Assets:
Investments, at value*	$	182,200,407		$	28,692,893		$	1,610,066,866		$	1,451,900,041
Investments of affiliated issuers, at value**		—			—			—			—
Bullion at value‡		—			—			68,457,489			—
Foreign currencies, at value∆		—			154,760			5,016,089			41,283
Cash		—			—			1,117,215			692,544
Cash collateral due from brokers		—			—			445,093			732,688
Receivable for securities sold		2,626,977			—			4,681,685			7,996,242
Foreign tax reclaims receivable		314,996			56,562			1,308,681			103,796
Dividends and interest receivable		174,203			103,455			7,848,022			4,009,275
Receivable for fund shares sold		109,037			67,302			1,617,304			1,875,689
Prepaid expenses		5,954			78,359			86,023			99,784
Variation margin due from broker on futures contracts		—			—			45,859			60,861
Unrealized appreciation on forward foreign currency exchange contracts		—			—			19,625			—
Other assets		26,897			19,297			55,155			100,181
Total Assets		185,458,471			29,172,628			1,700,765,106			1,467,612,384
Liabilities:
Due to custodian		216,837			105,509			—			—
Payable for securities purchased		440,245			32,925			3,750,993			7,769,389
Payable for fund shares redeemed		262,236			126,232			3,018,689			2,951,402
Investment management fees payable to affiliates		107,146			5,218			968,546			814,481
Other accrued expenses		97,632			124,162			2,419,546			819,935
Administration expenses payable to affiliates		35,266			15,515			160,272			160,272
Distribution fees payable to affiliates		31,509			1,637			309,270			264,533
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			8,499
Total Liabilities		1,190,871			411,198			10,627,316			12,788,511
Total Net Assets	$	184,267,600		$	28,761,430		$	1,690,137,790		$	1,454,823,873
Net Assets Consist of:
Paid-in capital	$	351,198,785		$	33,070,441		$	2,190,488,045		$	1,483,402,339
Total distributable earnings (loss)		(166,931,185	)		(4,309,011	)		(500,350,255	)		(28,578,466	)
Total Net Assets	$	184,267,600		$	28,761,430		$	1,690,137,790		$	1,454,823,873

34 

	Delaware Climate Solutions Fund			Delaware Global Real Estate Fund			Delaware Ivy Asset Strategy   Fundf			Delaware Ivy Balanced Fund
Net Asset Value
Class A:
Net assets	$	67,487,133		$	5,046,882		$	1,198,882,762		$	1,029,821,334
Shares of beneficial interest outstanding, unlimited authorization, no par		7,453,133			638,226			64,522,401			54,671,848
Net asset value per share	$	9.05		$	7.91		$	18.58		$	18.84
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.60		$	8.39		$	19.71		$	19.99
Class C:
Net assets	$	6,313,668		$	130,238		$	38,294,051		$	47,316,506
Shares of beneficial interest outstanding, unlimited authorization, no par		765,229			16,680			2,279,838			2,560,724
Net asset value per share	$	8.25		$	7.81		$	16.80		$	18.48
Class I:
Net assets	$	77,890,947		$	11,620,138		$	341,339,975		$	351,611,576
Shares of beneficial interest outstanding, unlimited authorization, no par		8,210,928			1,459,692			17,962,589			18,657,536
Net asset value per share	$	9.49		$	7.96		$	19.00		$	18.85
Class R:
Net assets	$	23,947,182		$	550,949		$	19,493,362		$	8,112,461
Shares of beneficial interest outstanding, unlimited authorization, no par		2,685,378			70,107			1,070,217			432,329
Net asset value per share	$	8.92		$	7.86		$	18.21		$	18.76
Class R6:
Net assets	$	3,769,589		$	10,549,664		$	17,328,632		$	9,035,451
Shares of beneficial interest outstanding, unlimited authorization, no par		395,306			1,326,269			908,943			478,219
Net asset value per share	$	9.54		$	7.95		$	19.06		$	18.89
Class Y:
Net assets	$	4,859,081		$	863,559		$	74,799,008		$	8,926,545
Shares of beneficial interest outstanding, unlimited authorization, no par		526,133			107,655			4,006,768			473,783
Net asset value per share	$	9.24		$	8.02		$	18.67		$	18.84
*Investments, at cost	$	196,406,300		$	29,134,166		$	1,433,329,805		$	1,341,029,731
**Investments of affiliated issuers, at cost		—			—			613,197,268			—
‡Bullion, at cost		—			—			43,311,953			—
∆Foreign currencies, at cost		—			154,209			5,070,271			41,320

^fConsolidated statement of assets and liabilities

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

35

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy Natural Resources Fund			Delaware Ivy Science and Technology Fund		Delaware Real Estate Securities Fund
Assets:
Investments, at value*	$	233,535,788		$	4,684,055,533	$	126,170,544
Foreign currencies, at valueΔ		—			861		—
Receivable for securities sold		3,614,963			—		—
Receivable for fund shares sold		154,451			5,600,151		161,194
Dividends and interest receivable		115,165			2,118,660		446,928
Foreign tax reclaims receivable		77,638			1,085,382		2,108
Prepaid expenses		40,696			—		72,190
Other assets		43,446			188,387		50,919
Total Assets		237,582,147			4,693,048,974		126,903,883
Liabilities:
Due to custodian		—			736		286
Payable for securities purchased		3,515,880			—		102,070
Other accrued expenses		1,017,199			3,715,379		331,038
Payable for fund shares redeemed		733,894			9,660,894		273,278
Investment management fees payable to affiliates		140,097			3,191,925		60,877
Distribution fees payable to affiliates		37,724			798,714		16,887
Administration expenses payable to affiliates		37,370			159,457		55,589
Total Liabilities		5,482,164			17,527,105		840,025
Total Net Assets	$	232,099,983		$	4,675,521,869	$	126,063,858
Net Assets Consist of:
Paid-in capital	$	849,400,233		$	2,977,077,359	$	82,055,557
Total distributable earnings (loss)		(617,300,250	)		1,698,444,510		44,008,301
Total Net Assets	$	232,099,983		$	4,675,521,869	$	126,063,858

36 

	Delaware Ivy Natural Resources Fund			Delaware Ivy Science and Technology Fund			Delaware Real Estate Securities Fund
Net Asset Value
Class A:
Net assets	$	137,308,218		$	3,012,356,411		$	72,147,894
Shares of beneficial interest outstanding, unlimited authorization, no par		8,645,582			69,346,587			4,711,096
Net asset value per share	$	15.88		$	43.44		$	15.31
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	16.85		$	46.09		$	16.24
Class C:
Net assets	$	2,971,845		$	82,794,847		$	560,521
Shares of beneficial interest outstanding, unlimited authorization, no par		232,702			3,274,728			38,546
Net asset value per share	$	12.77		$	25.28		$	14.54
Class I:
Net assets	$	65,342,005		$	1,156,873,899		$	48,715,294
Shares of beneficial interest outstanding, unlimited authorization, no par		3,917,181			20,838,695			3,126,903
Net asset value per share	$	16.68		$	55.52		$	15.58
Class R:
Net assets	$	9,838,126		$	89,142,752		$	349,227
Shares of beneficial interest outstanding, unlimited authorization, no par		629,522			2,263,777			22,883
Net asset value per share	$	15.63		$	39.38		$	15.26
Class R6:
Net assets	$	5,274,442		$	113,423,995		$	1,674,487
Shares of beneficial interest outstanding, unlimited authorization, no par		315,437			2,005,075			107,280
Net asset value per share	$	16.72		$	56.57		$	15.61
Class Y:
Net assets	$	11,365,347		$	220,929,965		$	2,616,435
Shares of beneficial interest outstanding, unlimited authorization, no par		696,293			4,448,547			168,956
Net asset value per share	$	16.32		$	49.66		$	15.49
*Investments, at cost	$	265,229,016		$	3,441,676,749		$	87,376,488
∆Foreign currencies, at cost		—			860			—

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

37

Statements of operations

Ivy Funds Six months ended September 30, 2023 (Unaudited)

	Delaware Climate Solutions Fund			Delaware Global Real Estate Fund			Delaware Ivy Asset Strategy Fundf			Delaware Ivy Balanced Fund
Investment Income:
Dividends	$	3,311,116		$	618,388		$	20,446,012		$	6,529,046
Interest		—			—			14,605,415			11,496,585
Foreign tax withheld		(212,965	)		(17,283	)		(1,090,675	)		(58,080	)
		3,098,151			601,105			33,960,752			17,967,551
Expenses:
Management fees		918,817			158,157			6,056,612			5,324,375
Distribution expenses — Class A		99,490			6,716			1,564,289			1,359,879
Distribution expenses — Class C		40,438			882			217,895			279,514
Distribution expenses — Class R		71,555			1,524			50,237			21,704
Distribution expenses — Class Y		7,702			1,146			97,824			12,409
Dividend disbursing and transfer agent fees and expenses		186,188			13,133			1,227,991			877,344
Registration fees		52,722			35,053			53,807			67,005
Accounting and administration expenses		38,724			17,114			163,056			149,583
Trustees’ fees and expenses		14,500			2,159			265,850			23,474
Reports and statements to shareholders expenses		8,063			16,225			9,758			9,110
Audit and tax fees		7,525			22,522			23,695			56,205
Custodian fees		2,820			12,270			57,683			14,226
Legal fees		388			200			4,394			3,662
Other		5,846			11,145			26,879			18,698
		1,454,778			298,246			9,819,970			8,217,188
Less expenses waived		(166,122	)		(116,397	)		(7,923	)		(73,601	)
Less expenses paid indirectly		(386	)		(201	)		(1,282	)		(1,585	)
Total operating expenses		1,288,270			181,648			9,810,765			8,142,002
Net Investment Income (Loss)		1,809,881			419,457			24,149,987			9,825,549

38 

	Delaware Climate Solutions Fund			Delaware Global Real Estate Fund			Delaware Ivy Asset Strategy Fundf			Delaware Ivy Balanced Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	3,488,856		$	(1,487,945	)	$	20,541,581		$	(16,418,343	)
Foreign currencies		(42,667	)		(8,447	)		(757,137	)		50,326
Futures contracts		—			—			(839,356	)		(789,722	)
Options purchased		—			—			—			(67,830	)
Options written		—			—			—			235,225
Swap contracts		—			—			—			144,174
Net realized gain (loss)		3,446,189			(1,496,392	)		18,945,088			(16,846,170	)
Net change in unrealized appreciation (depreciation) on:
Investments		(23,073,439	)		(572,831	)		(18,219,444	)		19,270,398
Affiliated investments		—			—			407,951			—
Foreign currencies		(41	)		(2,562	)		(129,134	)		(524	)
Forward foreign currency exchange contracts		—			—			19,625			(8,499	)
Futures contracts		—			—			(671,346	)		(292,702	)
Options purchased		—			—			—			19,809
Options written		—			—			—			(73,753	)
Swap contracts		—			—			—			(135,097	)
Net change in unrealized appreciation (depreciation)		(23,073,480	)		(575,393	)		(18,592,348	)		18,779,632
Net Realized and Unrealized Gain (Loss)		(19,627,291	)		(2,071,785	)		352,740			1,933,462
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(17,817,410	)	$	(1,652,328	)	$	24,502,727		$	11,759,011

^f Consolidated statement of operations.

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

39

Statements of operations

Ivy Funds

	Delaware Ivy Natural Resources Fund				Delaware Ivy Science and Technology Fund				Delaware Real Estate Securities Fund
Investment Income:
Dividends		$	3,541,023			$	17,222,524			$	2,705,463
Foreign tax withheld			(59,349	)			(171,284	)			(6,053	)
			3,481,674				17,051,240				2,699,410
Expenses:
Management fees			1,038,864				19,904,024				656,753
Distribution expenses — Class A			178,478				3,986,937				101,968
Distribution expenses — Class C			16,257				492,159				3,388
Distribution expenses — Class R			26,518				234,822				1,061
Distribution expenses — Class Y			14,956				291,363				3,698
Dividend disbursing and transfer agent fees and expenses			312,668				2,725,276				111,296
Trustees’ fees and expenses			92,630				388,488				21,483
Registration fees			50,072				91,097				57,560
Accounting and administration expenses			42,083				328,627				42,601
Audit and tax fees			19,017				23,731				21,865
Reports and statements to shareholders expenses			7,640				11,950				8,134
Custodian fees			4,480				81,821				3,918
Legal fees			220				18,487				704
Other			8,890				50,027				6,365
			1,812,773				28,628,809				1,040,794
Less expenses waived			(257,555	)			—				(237,840	)
Less expenses paid indirectly			(474	)			(3,822	)			(487	)
Total operating expenses			1,554,744				28,624,987				802,467
Net Investment Income (Loss)			1,926,930				(11,573,747	)			1,896,943
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			7,200,994				73,603,435				1,598,758
Foreign currencies			(17,796	)			14,370				(1,132	)
Net realized gain (loss)			7,183,198				73,617,805				1,597,626
Net change in unrealized appreciation (depreciation) on:
Investments			(7,157,001	)			71,467,353				(10,698,147	)
Foreign currencies			(1,281	)			(13,173	)			(50	)
Net change in unrealized appreciation (depreciation)			(7,158,282	)			71,454,180				(10,698,197	)
Net Realized and Unrealized Gain (Loss)			24,916				145,071,985				(9,100,571	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	1,951,846			$	133,498,238			$	(7,203,628	)

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

40 

Statements of changes in net assets

Ivy Funds

	Delaware Climate Solutions Fund						Delaware Global Real Estate Fund
		Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,809,881		$	5,015,789		$	419,457		$	1,002,160
Net realized gain (loss)		3,446,189			67,376,957			(1,496,392	)		214,438
Net change in unrealized appreciation (depreciation)		(23,073,480	)		(65,037,071	)		(575,393	)		(15,099,156	)
Net increase (decrease) in net assets resulting from operations		(17,817,410	)		7,355,675			(1,652,328	)		(13,882,558	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(1,674,353	)		(64,165	)		(813,026	)
Class C		—			(142,972	)		(1,315	)		(38,504	)
Class I		—			(1,910,696	)		(179,453	)		(2,983,116	)
Class R		—			(579,941	)		(6,714	)		(85,965	)
Class R6		—			(107,100	)		(158,113	)		(1,685,050	)
Class Y		—			(108,504	)		(11,003	)		(124,066	)
		—			(4,523,566	)		(420,763	)		(5,729,727	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		2,621,491			33,904,823			809,656			847,362
Class C		148,032			2,851,350			4,875			32,513
Class I		7,652,802			64,816,483			769,394			2,326,977
Class R		855,326			13,223,829			21,119			17,302
Class R6		1,516,401			3,759,496			1,225,661			1,331,405
Class Y		297,996			5,301,106			4			—
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			1,665,927			64,143			811,067
Class C		—			142,083			1,305			38,303
Class I		—			1,635,342			179,404			2,980,572
Class R		—			579,892			6,714			85,965
Class R6		—			107,100			158,113			1,685,050
Class Y		—			107,967			11,003			124,066
		13,092,048			128,095,398			3,251,391			10,280,582

41

Statements of changes in net assets

Ivy Funds

	Delaware Climate Solutions Fund						Delaware Global Real Estate Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(19,944,618	)	$	(49,320,690	)	$	(860,932	)	$	(4,155,915	)
Class C		(3,084,734	)		(6,736,229	)		(62,425	)		(242,092	)
Class I		(20,029,388	)		(81,731,515	)		(4,940,234	)		(21,611,463	)
Class R		(8,108,388	)		(16,573,419	)		(69,528	)		(68,216	)
Class R6		(850,634	)		(6,939,537	)		(1,716,088	)		(8,378,702	)
Class Y		(2,220,465	)		(9,464,274	)		(10,554	)		(38,569	)
		(54,238,227	)		(170,765,664	)		(7,659,761	)		(34,494,957	)
Decrease in net assets derived from capital share transactions		(41,146,179	)		(42,670,266	)		(4,408,370	)		(24,214,375	)
Net Decrease in Net Assets		(58,963,589	)		(39,838,157	)		(6,481,461	)		(43,826,660	)
Net Assets:
Beginning of period		243,231,189			283,069,346			35,242,891			79,069,551
End of period	$	184,267,600		$	243,231,189		$	28,761,430		$	35,242,891

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

42 

	Delaware Ivy Asset Strategy Fundf						Delaware Ivy Balanced Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	24,149,987		$	32,231,534		$	9,825,549		$	18,445,637
Net realized gain (loss)		18,945,088			9,345,631			(16,846,170	)		(114,245,195	)
Net change in unrealized appreciation (depreciation)		(18,592,348	)		(174,728,261	)		18,779,632			(79,945,663	)
Net increase (decrease) in net assets resulting from operations		24,502,727			(133,151,096	)		11,759,011			(175,745,221	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(16,415,533	)		(198,200,145	)		(6,594,818	)		(239,823,165	)
Class C		(446,178	)		(8,862,743	)		(105,247	)		(15,608,600	)
Class E1		—			(138,326	)		—			—
Class I		(5,099,494	)		(65,268,076	)		(2,776,682	)		(98,263,451	)
Class R		(245,627	)		(3,097,220	)		(42,309	)		(1,837,021	)
Class R6		(251,400	)		(2,204,079	)		(72,133	)		(1,669,943	)
Class Y		(1,026,347	)		(12,448,555	)		(59,501	)		(2,201,984	)
		(23,484,579	)		(290,219,144	)		(9,650,690	)		(359,404,164	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		20,531,783			70,991,325			36,150,983			104,011,965
Class C		1,589,036			3,997,654			1,783,140			5,573,674
Class E		—			311,695			—			—
Class I		15,144,071			58,677,325			34,246,987			64,476,235
Class R		1,040,082			2,098,446			510,119			570,783
Class R6		971,538			5,633,693			1,134,043			3,396,821
Class Y		1,305,862			3,788,156			269,109			901,963
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		16,174,023			184,407,759			6,541,490			231,207,512
Class C		445,808			8,851,448			105,120			15,567,233
Class E		—			136,389			—			—
Class I		5,059,045			63,369,252			2,761,832			97,522,283
Class R		245,627			2,963,840			42,302			1,833,012
Class R6		240,677			2,198,192			68,891			1,668,083
Class Y		1,022,578			12,012,298			59,368			1,948,405
		63,770,130			419,437,472			83,673,384			528,677,969

43

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Asset Strategy Fundf						Delaware Ivy Balanced Fund
		Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(97,014,255	)	$	(248,055,924	)	$	(115,969,540	)	$	(370,808,272	)
Class C		(12,045,604	)		(39,296,049	)		(18,427,820	)		(49,314,290	)
Class E		—			(35,354,533	)		—			—
Class I		(73,538,547	)		(225,672,990	)		(92,885,492	)		(346,775,406	)
Class R		(1,860,460	)		(4,368,412	)		(1,086,419	)		(1,975,980	)
Class R6		(1,803,015	)		(3,440,969	)		(1,457,772	)		(3,620,638	)
Class Y		(6,382,792	)		(16,289,861	)		(1,636,570	)		(2,251,540	)
		(192,644,673	)		(572,478,738	)		(231,463,613	)		(774,746,126	)
Decrease in net assets derived from capital share transactions		(128,874,543	)		(153,041,266	)		(147,790,229	)		(246,068,157	)
Net Decrease in Net Assets		(127,856,395	)		(576,411,506	)		(145,681,908	)		(781,217,542	)
Net Assets:
Beginning of period		1,817,994,185			2,394,405,691			1,600,505,781			2,381,723,323
End of period	$	1,690,137,790		$	1,817,994,185		$	1,454,823,873		$	1,600,505,781

1	On June 13, 2022, all Class E shares were liquidated.
f	Consolidated statements of changes in net assets.

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

44 

	Delaware Ivy Natural Resources Fund						Delaware Ivy Science and Technology Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,926,930		$	6,155,929		$	(11,573,747	)	$	(26,960,026	)
Net realized gain (loss)		7,183,198			13,667,191			73,617,805			722,903,011
Net change in unrealized appreciation (depreciation)		(7,158,282	)		(35,372,764	)		71,454,180			(1,884,827,407	)
Net increase (decrease) in net assets resulting from operations		1,951,846			(15,549,644	)		133,498,238			(1,188,884,422	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		—			(3,199,467	)		—			(782,618,874	)
Class C		—			(96,004	)		—			(45,179,380	)
Class I		—			(1,651,226	)		—			(303,978,643	)
Class R		—			(260,792	)		—			(23,301,889	)
Class R6		—			(68,096	)		—			(25,974,492	)
Class Y		—			(265,312	)		—			(49,230,989	)
		—			(5,540,897	)		—			(1,230,284,267	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		1,973,681			26,773,852			67,211,149			177,282,686
Class C		193,833			2,380,151			3,281,422			8,396,050
Class E		—			56,482			—			833,192
Class I		5,552,057			28,169,210			104,452,855			445,523,362
Class R		812,445			5,434,088			4,742,814			13,281,156
Class R6		2,348,730			3,467,180			16,708,317			31,227,613
Class Y		955,998			4,530,890			20,052,909			30,515,678
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			3,155,342			—			776,653,782
Class C		—			95,887			—			45,119,637
Class I		—			1,584,800			—			302,239,275
Class R		—			260,792			—			23,286,268
Class R6		—			68,096			—			25,429,104
Class Y		—			265,106			—			48,881,615
		11,836,744			76,241,876			216,449,466			1,928,669,418

45

Statements of changes in net assets

Ivy Funds

	Delaware Ivy Natural Resources Fund						Delaware Ivy Science and Technology Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23			Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(16,215,030	)	$	(37,617,901	)	$	(324,153,015	)	$	(1,248,499,762	)
Class C		(1,073,391	)		(1,742,377	)		(32,954,516	)		(99,434,772	)
Class E1		—			(3,604,681	)		—			(47,478,791	)
Class I		(17,333,934	)		(31,750,609	)		(265,425,688	)		(1,161,941,145	)
Class R		(3,157,944	)		(6,758,540	)		(11,937,727	)		(24,041,061	)
Class R6		(1,342,561	)		(1,325,926	)		(14,305,665	)		(70,859,889	)
Class Y		(2,316,241	)		(5,393,400	)		(35,214,301	)		(101,864,828	)
		(41,439,101	)		(88,193,434	)		(683,990,912	)		(2,754,120,248	)
Decrease in net assets derived from capital share transactions		(29,602,357	)		(11,951,558	)		(467,541,446	)		(825,450,830	)
Net Decrease in Net Assets		(27,650,511	)		(33,042,099	)		(334,043,208	)		(3,244,619,519	)
Net Assets:
Beginning of period		259,750,494			292,792,593			5,009,565,077			8,254,184,596
End of period	$	232,099,983		$	259,750,494		$	4,675,521,869		$	5,009,565,077

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

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

46 

	Delaware Real Estate Securities Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,896,943		$	3,931,155
Net realized gain (loss)		1,597,626			37,215,993
Net change in unrealized appreciation (depreciation)		(10,698,197	)		(114,365,447	)
Net increase (decrease) in net assets resulting from operations		(7,203,628	)		(73,218,299	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,057,877	)		(24,763,072	)
Class C		(6,346	)		(242,070	)
Class I		(786,131	)		(19,385,867	)
Class R		(4,582	)		(95,212	)
Class R6		(26,486	)		(556,795	)
Class Y		(35,521	)		(1,549,753	)
		(1,916,943	)		(46,592,769	)
Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A		887,724			3,569,395
Class C		19,033			86,384
Class E		—			21,550
Class I		3,459,522			17,888,895
Class R		28,550			238,766
Class R6		171,116			1,609,172
Class Y		144,851			3,272,891
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,052,823			24,611,672
Class C		6,344			241,328
Class I		785,287			19,368,967
Class R		4,582			95,212
Class R6		26,486			556,795
Class Y		35,520			1,367,436
		6,621,838			72,928,463

47

Statements of changes in net assets

Ivy Funds

	Delaware Real Estate Securities Fund
	Six months ended 9/30/23 (Unaudited)			Year ended 3/31/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(11,369,029	)	$	(32,271,177	)
Class C		(235,711	)		(653,661	)
Class E1		—			(2,513,515	)
Class I		(16,554,405	)		(60,994,295	)
Class R		(157,882	)		(167,550	)
Class R6		(377,063	)		(665,821	)
Class Y		(820,645	)		(71,224,094	)
		(29,514,735	)		(168,490,113	)
Decrease in net assets derived from capital share transactions		(22,892,897	)		(95,561,650	)
Net Decrease in Net Assets		(32,013,468	)		(215,372,718	)
Net Assets:
Beginning of period		158,077,326			373,450,044
End of period	$	126,063,858		$	158,077,326

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

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

48 

Financial highlights

Delaware Climate Solutions Fund Class A

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

	Six months  ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.88		$	9.69		$	6.18		$	3.25		$	9.45		$	11.55
Income (loss) from investment operations:
Net investment income (loss)2		0.08			0.18			0.11			0.07			0.04			(0.05	)
Net realized and unrealized gain (loss)		(0.91	)		0.18			3.51			2.97			(6.24	)		(2.05	)
Total from investment operations		(0.83	)		0.36			3.62			3.04			(6.20	)		(2.10	)
Less dividends and distributions from:
Net investment income		—			(0.17	)		(0.11	)		(0.11	)		—			—
Total dividends and distributions		—			(0.17	)		(0.11	)		(0.11	)		—			—
Net asset value, end of period	$	9.05		$	9.88		$	9.69		$	6.18		$	3.25		$	9.45
Total return3		(8.40	%)		3.68	%		59.24	%		94.23	%		(65.61	%)		(18.18	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	67,487		$	91,379		$	104,280		$	72	4	$	40	4	$	134	4
Ratio of expenses to average net assets5		1.24	%		1.28	%		1.35	%		1.35	%		1.41	%		1.41	%
Ratio of expenses to average net assets prior to fees waived5		1.39	%		1.48	%		1.72	%		1.87	%		1.71	%		1.55	%
Ratio of net investment income (loss) to average net assets		1.62	%		1.80	%		1.60	%		1.52	%		0.52	%		(0.46	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.47	%		1.60	%		1.23	%		1.00	%		0.22	%		(0.60	%)
Portfolio turnover		6	%		108	%		113	%		30	%		23	%		31	%

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.

49

Financial highlights

Delaware Climate Solutions Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.03		$	8.88		$	5.68		$	2.97		$	8.70		$	10.71
Income (loss) from investment operations:
Net investment income (loss)2		0.04			0.09			0.06			0.03			(0.01	)		(0.12	)
Net realized and unrealized gain (loss)		(0.82	)		0.17			3.21			2.73			(5.72	)		(1.89	)
Total from investment operations		(0.78	)		0.26			3.27			2.76			(5.73	)		(2.01	)
Less dividends and distributions from:
Net investment income		—			(0.11	)		(0.07	)		(0.05	)		—			—
Total dividends and distributions		—			(0.11	)		(0.07	)		(0.05	)		—			—
Net asset value, end of period	$	8.25		$	9.03		$	8.88		$	5.68		$	2.97		$	8.70
Total return3		(8.64	%)		2.88	%		57.97	%		93.07	%		(65.86	%)		(18.77	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,314		$	9,909		$	13,503		$	9	4	$	6	4	$	274
Ratio of expenses to average net assets5		1.99	%		2.03	%		2.09	%		2.09	%		2.11	%		2.11	%
Ratio of expenses to average net assets prior to fees waived5		2.14	%		2.17	%		2.34	%		2.44	%		2.31	%		2.12	%
Ratio of net investment income (loss) to average net assets		0.86	%		1.00	%		0.87	%		0.77	%		(0.20	%)		(1.17	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.71	%		0.86	%		0.62	%		0.42	%		(0.40	%)		(1.18	%)
Portfolio turnover		6	%		108	%		113	%		30	%		23	%		31	%

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.

50 

Delaware Climate Solutions Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	10.34		$	10.13		$	6.45		$	3.40		$	9.85		$	11.99
Income (loss) from investment operations:
Net investment income (loss)2		0.10			0.22			0.14			0.09			0.08			(0.01	)
Net realized and unrealized gain (loss)		(0.95	)		0.18			3.67			3.11			(6.53	)		(2.13	)
Total from investment operations		(0.85	)		0.40			3.81			3.20			(6.45	)		(2.14	)
Less dividends and distributions from:
Net investment income		—			(0.19	)		(0.13	)		(0.15	)		—			—
Total dividends and distributions		—			(0.19	)		(0.13	)		(0.15	)		—			—
Net asset value, end of period	$	9.49		$	10.34		$	10.13		$	6.45		$	3.40		$	9.85
Total return3		(8.22	%)		3.97	%		59.90	%		95.08	%		(65.48	%)		(17.85	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	77,891		$	97,636		$	110,841		$	97	4	$	52	4	$	158	4
Ratio of expenses to average net assets5		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		1.03	%
Ratio of expenses to average net assets prior to fees waived5		1.14	%		1.00	%		1.14	%		1.20	%		1.17	%		1.11	%
Ratio of net investment income (loss) to average net assets		1.88	%		2.09	%		1.93	%		1.87	%		0.95	%		(0.08	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.73	%		2.08	%		1.78	%		1.66	%		0.77	%		(0.16	%)
Portfolio turnover		6	%		108	%		113	%		30	%		23	%		31	%

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. 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.

51

Financial highlights

Delaware Climate Solutions Fund Class R

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

	Six months ended  9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	9.74		$	9.57		$	6.10		$	3.20		$	9.34		$	11.45
Income (loss) from investment operations:
Net investment income (loss)2		0.06			0.15			0.09			0.05			0.01			(0.08	)
Net realized and unrealized gain (loss)		(0.88	)		0.17			3.46			2.93			(6.15	)		(2.03	)
Total from investment operations		(0.82	)		0.32			3.55			2.98			(6.14	)		(2.11	)
Less dividends and distributions from:
Net investment income		—			(0.15	)		(0.08	)		(0.08	)		—			—
Total dividends and distributions		—			(0.15	)		(0.08	)		(0.08	)		—			—
Net asset value, end of period	$	8.92		$	9.74		$	9.57		$	6.10		$	3.20		$	9.34
Total return3		(8.42	%)4		3.31	%4		58.80	%		93.40	%4		(65.74	%)		(18.43	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,947		$	33,606		$	36,368		$	24	5	$	7	5	$	18	5
Ratio of expenses to average net assets6		1.49	%		1.56	%		1.73	%		1.75	%		1.74	%		1.68	%
Ratio of expenses to average net assets prior to fees waived6		1.64	%		1.57	%		1.73	%		1.77	%		1.74	%		1.68	%
Ratio of net investment income (loss) to average net assets		1.36	%		1.49	%		1.23	%		1.06	%		0.19	%		(0.72	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.21	%		1.48	%		1.23	%		1.04	%		0.19	%		(0.72	%)
Portfolio turnover		6	%		108	%		113	%		30	%		23	%		31	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

52 

Delaware Climate Solutions Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	10.39		$	10.18		$	6.49		$	3.42		$	9.90		$	12.05
Income (loss) from investment operations:
Net investment income2		0.10			0.22			0.16			0.09			0.08			—	3
Net realized and unrealized gain (loss)		(0.95	)		0.19			3.66			3.13			(6.56	)		(2.15	)
Total from investment operations		(0.85	)		0.41			3.82			3.22			(6.48	)		(2.15	)
Less dividends and distributions from:
Net investment income		—			(0.20	)		(0.13	)		(0.15	)		—			—
Total dividends and distributions		—			(0.20	)		(0.13	)		(0.15	)		—			—
Net asset value, end of period	$	9.54		$	10.39		$	10.18		$	6.49		$	3.42		$	9.90
Total return4		(8.18	%)5		4.03	%5		59.68	%5		95.11	%5		(65.45	%)		(17.84	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,770		$	3,411		$	6,610		$	3	6	$	2	6	$	5	6
Ratio of expenses to average net assets7		0.93	%		0.96	%		0.98	%		0.99	%		0.99	%		0.94	%
Ratio of expenses to average net assets prior to fees waived7		1.09	%		0.97	%		0.99	%		1.02	%		0.99	%		0.94	%
Ratio of net investment income to average net assets		1.96	%		2.09	%		2.07	%		1.84	%		0.95	%		0.04	%
Ratio of net investment income to average net assets prior to fees waived		1.80	%		2.08	%		2.06	%		1.81	%		0.95	%		0.04	%
Portfolio turnover		6	%		108	%		113	%		30	%		23	%		31	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects waivers by the manager. 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.

53

Financial highlights

Delaware Climate Solutions Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	10.08		$	9.85		$	6.28		$	3.30		$	9.59		$	11.72
Income (loss) from investment operations:
Net investment income (loss)2		0.08			0.18			0.12			0.07			0.04			(0.05	)
Net realized and unrealized gain (loss)		(0.92	)		0.19			3.56			3.02			(6.33	)		(2.08	)
Total from investment operations		(0.84	)		0.37			3.68			3.09			(6.29	)		(2.13	)
Less dividends and distributions from:
Net investment income		—			(0.14	)		(0.11	)		(0.11	)		—			—
Total dividends and distributions		—			(0.14	)		(0.11	)		(0.11	)		—			—
Net asset value, end of period	$	9.24		$	10.08		$	9.85		$	6.28		$	3.30		$	9.59
Total return3		(8.33	%)4		3.69	%4		59.24	%4		94.31	%4		(65.59	%)4		(18.17	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,859		$	7,290		$	11,467		$	8	5	$	4	5	$	22	5
Ratio of expenses to average net assets6		1.24	%		1.28	%		1.35	%		1.35	%		1.41	%		1.34	%
Ratio of expenses to average net assets prior to fees waived6		1.39	%		1.29	%		1.38	%		1.42	%		1.42	%		1.34	%
Ratio of net investment income (loss) to average net assets		1.63	%		1.81	%		1.61	%		1.50	%		0.46	%		(0.42	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.48	%		1.80	%		1.58	%		1.43	%		0.45	%		(0.42	%)
Portfolio turnover		6	%		108	%		113	%		30	%		23	%		31	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

54 

Delaware Global Real Estate Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.47		$	12.23		$	10.86		$	8.16		$	11.22		$	10.38
Income (loss) from investment operations:
Net investment income2		0.10			0.17			0.16			0.12			0.15			0.15
Net realized and unrealized gain (loss)		(0.56	)		(2.64	)		1.58			2.88			(2.57	)		1.21
Total from investment operations		(0.46	)		(2.47	)		1.74			3.00			(2.42	)		1.36
Less dividends and distributions from:
Net investment income		(0.10	)		(0.17	)		(0.37	)		(0.30	)		(0.38	)		(0.31	)
Net realized gain		—			(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(0.10	)		(1.29	)		(0.37	)		(0.30	)		(0.64	)		(0.52	)
Net asset value, end of period	$	7.91		$	8.47		$	12.23		$	10.86		$	8.16		$	11.22
Total return3		(5.43	%)		(20.45	%)		16.12	%		37.08	%		(22.88	%)		13.61	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,047		$	5,413		$	10,754		$	11	4	$	11	4	$	20	4
Ratio of expenses to average net assets5		1.30	%		1.38	%		1.48	%		1.48	%		1.51	%		1.61	%6
Ratio of expenses to average net assets prior to fees waived5		1.99	%		2.14	%		1.76	%		1.79	%		1.68	%		1.90	%
Ratio of net investment income to average net assets		2.32	%		1.70	%		1.38	%		1.23	%		1.44	%		1.40	%
Ratio of net investment income to average net
assets prior to fees waived		1.63	%		0.94	%		1.10	%		0.92	%		1.27	%		1.11	%
Portfolio turnover		26	%		109	%		88	%		90	%		88	%		91	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	Expense ratio based on the period excluding reorganization expenses was 1.51%.

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

55

Financial highlights

Delaware Global Real Estate Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.35		$	12.10		$	10.76		$	8.11		$	11.15		$	10.32
Income (loss) from investment operations:
Net investment income2		0.06			0.10			0.08			0.05			0.08			0.06
Net realized and unrealized gain (loss)		(0.54	)		(2.62	)		1.56			2.86			(2.55	)		1.21
Total from investment operations		(0.48	)		(2.52	)		1.64			2.91			(2.47	)		1.27
Less dividends and distributions from:
Net investment income		(0.06	)		(0.11	)		(0.30	)		(0.26	)		(0.31	)		(0.23	)
Net realized gain		—			(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(0.06	)		(1.23	)		(0.30	)		(0.26	)		(0.57	)		(0.44	)
Net asset value, end of period	$	7.81		$	8.35		$	12.10		$	10.76		$	8.11		$	11.15
Total return3		(5.72	%)		(21.14	%)		15.28	%		36.12	%		(23.32	%)		12.72	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	130		$	196		$	499		$	3	4	$	3	4	$	4	4
Ratio of expenses to average net assets5		2.05	%		2.16	%		2.15	%		2.15	%		2.17	%		2.27	%
Ratio of expenses to average net assets prior to fees waived5		2.74	%		3.22	%		2.21	%		2.31	%		2.26	%		2.44	%
Ratio of net investment income to average net assets		1.52	%		0.99	%		0.64	%		0.52	%		0.75	%		0.60	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.83	%		(0.07	%)		0.58	%		0.36	%		0.66	%		0.43	%
Portfolio turnover		26	%		109	%		88	%		90	%		88	%		91	%

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.

56 

Delaware Global Real Estate Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.52		$	12.29		$	10.91		$	8.19		$	11.24		$	10.41
Income (loss) from investment operations:
Net investment income2		0.11			0.21			0.21			0.16			0.21			0.19
Net realized and unrealized gain (loss)		(0.56	)		(2.66	)		1.59			2.89			(2.57	)		1.21
Total from investment operations		(0.45	)		(2.45	)		1.80			3.05			(2.36	)		1.40
Less dividends and distributions from:
Net investment income		(0.11	)		(0.20	)		(0.42	)		(0.33	)		(0.43	)		(0.36	)
Net realized gain		—			(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(0.11	)		(1.32	)		(0.42	)		(0.33	)		(0.69	)		(0.57	)
Net asset value, end of period	$	7.96		$	8.52		$	12.29		$	10.91		$	8.19		$	11.24
Total return3		(5.31	%)		(20.24	%)		16.62	%		37.55	%		(22.41	%)		14.00	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,620		$	16,455		$	43,193		$	63	4	$	60	4	$	88	4
Ratio of expenses to average net assets5		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.20	%6
Ratio of expenses to average net assets prior to fees waived5		1.74	%		1.59	%		1.36	%		1.41	%		1.34	%		1.55	%
Ratio of net investment income to average net assets		2.54	%		2.09	%		1.77	%		1.64	%		1.90	%		1.76	%
Ratio of net investment income to average net assets prior to fees waived		1.85	%		1.55	%		1.46	%	��	1.28	%		1.61	%		1.41	%
Portfolio turnover		26	%		109	%		88	%		90	%		88	%		91	%

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. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	Expense ratio based on the period excluding reorganization expenses was 1.05%.

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

57

Financial highlights

Delaware Global Real Estate Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.42		$	12.18		$	10.82		$	8.14		$	11.19		$	10.36
Income (loss) from investment operations:
Net investment income2		0.09			0.13			0.12			0.15			0.12			0.09
Net realized and unrealized gain (loss)		(0.56	)		(2.61	)		1.58			2.81			(2.56	)		1.23
Total from investment operations		(0.47	)		(2.48	)		1.70			2.96			(2.44	)		1.32
Less dividends and distributions from:
Net investment income		(0.09	)		(0.16	)		(0.34	)		(0.28	)		(0.35	)		(0.28	)
Net realized gain		—			(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(0.09	)		(1.28	)		(0.34	)		(0.28	)		(0.61	)		(0.49	)
Net asset value, end of period	$	7.86		$	8.42		$	12.18		$	10.82		$	8.14		$	11.19
Total return3		(5.58	%)		(20.66	%)		15.74	%		36.66	%		(23.08	%)		13.19	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	550		$	631		$	857		$	1	4	$	3	4	$	6	4
Ratio of expenses to average net assets5		1.55	%		1.64	%		1.80	%		1.80	%		1.80	%		1.93	%
Ratio of expenses to average net assets prior to fees waived5		2.24	%		2.18	%		1.97	%		1.98	%		1.93	%		2.10	%
Ratio of net investment income to average net assets		2.08	%		1.28	%		1.03	%		1.66	%		1.16	%		0.83	%
Ratio of net investment income to average net assets prior to fees waived		1.39	%		0.74	%		0.86	%		1.48	%		1.03	%		0.66	%
Portfolio turnover		26	%		109	%		88	%		90	%		88	%		91	%

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.

58 

Delaware Global Real Estate Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.52		$	12.30		$	10.92		$	8.19		$	11.26		$	10.42
Income (loss) from investment operations:
Net investment income2		0.11			0.20			0.23			0.16			0.20			0.21
Net realized and unrealized gain (loss)		(0.56	)		(2.65	)		1.57			2.90			(2.58	)		1.19
Total from investment operations		(0.45	)		(2.45	)		1.80			3.06			(2.38	)		1.40
Less dividends and distributions from:
Net investment income		(0.12	)		(0.21	)		(0.42	)		(0.33	)		(0.43	)		(0.35	)
Net realized gain		—			(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(0.12	)		(1.33	)		(0.42	)		(0.33	)		(0.69	)		(0.56	)
Net asset value, end of period	$	7.95		$	8.52		$	12.30		$	10.92		$	8.19		$	11.26
Total return3		(5.37	%)		(20.21	%)		16.60	%		37.67	%		(22.53	%)		14.08	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,550		$	11,624		$	22,562		$	15	4	$	22	4	$	30	4
Ratio of expenses to average net assets5		1.00	%		1.05	%		1.05	%		1.05	%		1.05	%		1.13	%6
Ratio of expenses to average net assets prior to fees waived5		1.70	%		1.54	%		1.30	%		1.22	%		1.16	%		1.31	%
Ratio of net investment income to average net assets		2.64	%		1.94	%		1.92	%		1.71	%		1.90	%		2.01	%
Ratio of net investment income to average net assets prior to fees waived		1.94	%		1.45	%		1.67	%		1.54	%		1.79	%		1.83	%
Portfolio turnover		26	%		109	%		88	%		90	%		88	%		91	%

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. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	Expense ratio based on the period excluding reorganization expenses was 1.05%.

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

59

Financial highlights

Delaware Global Real Estate Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	8.59		$	12.40		$	11.00		$	8.27		$	11.35		$	10.50
Income (loss) from investment operations:
Net investment income2		0.10			0.16			0.17			0.20			0.16			0.14
Net realized and unrealized gain (loss)		(0.57	)		(2.67	)		1.61			2.83			(2.59	)		1.24
Total from investment operations		(0.47	)		(2.51	)		1.78			3.03			(2.43	)		1.38
Less dividends and distributions from:
Net investment income		(0.10	)		(0.18	)		(0.38	)		(0.30	)		(0.39	)		(0.32	)
Net realized gain		—			(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(0.10	)		(1.30	)		(0.38	)		(0.30	)		(0.65	)		(0.53	)
Net asset value, end of period	$	8.02		$	8.59		$	12.40		$	11.00		$	8.27		$	11.35
Total return3		(5.47	%)		(20.49	%)		16.21	%		36.96	%		(22.73	%)		13.64	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	864		$	924		$	1,205		$	1	4	$	4	4	$	5	4
Ratio of expenses to average net assets5		1.30	%		1.36	%		1.47	%		1.45	%		1.46	%		1.51	%
Ratio of expenses to average net assets prior to fees waived5		1.99	%		1.89	%		1.65	%		1.61	%		1.55	%		1.68	%
Ratio of net investment income to average net assets		2.34	%		1.55	%		1.39	%		2.15	%		1.46	%		1.29	%
Ratio of net investment income to average net assets prior to fees waived		1.65	%		1.02	%		1.21	%		1.99	%		1.37	%		1.12	%
Portfolio turnover		26	%		109	%		88	%		90	%		88	%		91	%

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.

60 

Delaware Ivy Asset Strategy Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.60		$	23.05		$	24.45		$	17.41		$	20.63		$	24.02
Income (loss) from investment operations:
Net investment income2		0.25			0.32			0.29			0.29			0.43			0.38
Net realized and unrealized gain (loss)		(0.02	)3		(1.53	)		1.12			7.39			(2.42	)		0.09
Total from investment operations		0.23			(1.21	)		1.41			7.68			(1.99	)		0.47
Less dividends and distributions from:
Net investment income		(0.25	)		(0.27	)		(0.55	)		(0.39	)		(0.42	)		(0.40	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(0.25	)		(3.24	)		(2.81	)		(0.64	)		(1.23	)		(3.86	)
Net asset value, end of period	$	18.58		$	18.60		$	23.05		$	24.45		$	17.41		$	20.63
Total return4		1.24	%		(4.79	%)		5.33	%5		44.79	%		(10.69	%)		2.67	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,198,883		$	1,259,211		$	1,531,209		$	1,601	6	$	1,128	6	$	1,361	6
Ratio of expenses to average net assets7		1.13	%		1.15	%		1.11	%		1.07	%		1.13	%		1.16	%
Ratio of net investment income to average net assets		2.67	%		1.61	%		1.16	%		1.33	%		2.03	%		1.71	%
Portfolio turnover		23	%		74	%		33	%		40	%		44	%		52	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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	Payments from affiliates had no impact on net asset value and total return.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

61

Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.84		$	21.25		$	22.75		$	16.24		$	19.33		$	22.71
Income (loss) from investment operations:
Net investment income2		0.16			0.11			0.08			0.13			0.27			0.22
Net realized and unrealized gain (loss)		(0.01	)3		(1.44	)		1.05			6.87			(2.26	)		0.07
Total from investment operations		0.15			(1.33	)		1.13			7.00			(1.99	)		0.29
Less dividends and distributions from:
Net investment income		(0.19	)		(0.11	)		(0.37	)		(0.24	)		(0.29	)		(0.21	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(0.19	)		(3.08	)		(2.63	)		(0.49	)		(1.10	)		(3.67	)
Net asset value, end of period	$	16.80		$	16.84		$	21.25		$	22.75		$	16.24		$	19.33
Total return4		0.87	%		(5.80	%)		4.49	%5		43.70	%		(11.37	%)		1.99	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	38,294		$	48,216		$	89,955		$	146	6	$	298	6	$	634	6
Ratio of expenses to average net assets7		1.88	%		2.18	%		1.92	%		1.86	%		1.88	%		1.83	%
Ratio of net investment income to average net assets		1.91	%		0.58	%		0.35	%		0.63	%		1.34	%		1.05	%
Portfolio turnover		23	%		74	%		33	%		40	%		44	%		52	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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	Payments from affiliates had no impact on net asset value and total return.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

62 

Delaware Ivy Asset Strategy Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	19.01		$	23.48		$	24.85		$	17.68		$	20.93		$	24.33
Income (loss) from investment operations:
Net investment income2		0.28			0.38			0.36			0.35			0.50			0.44
Net realized and unrealized gain (loss)		(0.02	)3		(1.57	)		1.14			7.51			(2.46	)		0.10
Total from investment operations		0.26			(1.19	)		1.50			7.86			(1.96	)		0.54
Less dividends and distributions from:
Net investment income		(0.27	)		(0.31	)		(0.61	)		(0.44	)		(0.48	)		(0.48	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(0.27	)		(3.28	)		(2.87	)		(0.69	)		(1.29	)		(3.94	)
Net asset value, end of period	$	19.00		$	19.01		$	23.48		$	24.85		$	17.68		$	20.93
Total return4		1.37	%		(4.58	%)		5.59	%5		45.16	%		(10.44	%)		2.93	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	341,340		$	393,751		$	597,362		$	713	6	$	586	6	$	805	6
Ratio of expenses to average net assets7		0.88	%		0.90	%		0.88	%		0.83	%		0.87	%		0.89	%
Ratio of net investment income to average net assets		2.92	%		1.86	%		1.39	%		1.59	%		2.31	%		1.97	%
Portfolio turnover		23	%		74	%		33	%		40	%		44	%		52	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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	Payments from affiliates had no impact on net asset value and total return.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

63

Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.24		$	22.68		$	24.09		$	17.17		$	20.35		$	23.73
Income (loss) from investment operations:
Net investment income2		0.22			0.25			0.20			0.22			0.36			0.31
Net realized and unrealized gain (loss)		(0.02	)3		(1.51	)		1.11			7.27			(2.37	)		0.08
Total from investment operations		0.20			(1.26	)		1.31			7.49			(2.01	)		0.39
Less dividends and distributions from:
Net investment income		(0.23	)		(0.21	)		(0.46	)		(0.32	)		(0.36	)		(0.31	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(0.23	)		(3.18	)		(2.72	)		(0.57	)		(1.17	)		(3.77	)
Net asset value, end of period	$	18.21		$	18.24		$	22.68		$	24.09		$	17.17		$	20.35
Total return4		1.09	%		(5.10	%)		4.98	%5		44.26	%		(10.93	%)		2.32	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	19,493		$	20,073		$	23,787		$	28	6	$	28	6	$	44	6
Ratio of expenses to average net assets7		1.38	%		1.47	%		1.46	%		1.42	%		1.46	%		1.47	%
Ratio of net investment income to average net assets		2.42	%		1.29	%		0.81	%		1.02	%		1.72	%		1.40	%
Portfolio turnover		23	%		74	%		33	%		40	%		44	%		52	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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	Payments from affiliates had no impact on net asset value and total return.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

64 

Delaware Ivy Asset Strategy Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	19.08		$	23.55		$	24.92		$	17.73		$	20.99		$	24.40
Income (loss) from investment operations:
Net investment income2		0.29			0.41			0.40			0.37			0.51			0.45
Net realized and unrealized gain (loss)		(0.03	)3		(1.56	)		1.14			7.54			(2.45	)		0.11
Total from investment operations		0.26			(1.15	)		1.54			7.91			(1.94	)		0.56
Less dividends and distributions from:
Net investment income		(0.28	)		(0.35	)		(0.65	)		(0.47	)		(0.51	)		(0.51	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(0.28	)		(3.32	)		(2.91	)		(0.72	)		(1.32	)		(3.97	)
Net asset value, end of period	$	19.06		$	19.08		$	23.55		$	24.92		$	17.73		$	20.99
Total return4		1.34	%		(4.39	%)		5.73	%5		45.35	%		(10.32	%)		3.03	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,329		$	17,914		$	16,520		$	19	6	$	8	6	$	5	6
Ratio of expenses to average net assets7		0.85	%		0.77	%		0.72	%		0.67	%		0.72	%		0.79	%
Ratio of net investment income to average net assets		2.95	%		1.99	%		1.56	%		1.62	%		2.35	%		2.03	%
Portfolio turnover		23	%		74	%		33	%		40	%		44	%		52	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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	Payments from affiliates had no impact on net asset value and total return.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

65

Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.69		$	23.14		$	24.53		$	17.47		$	20.69		$	24.09
Income (loss) from investment operations:
Net investment income2		0.26			0.33			0.30			0.30			0.44			0.39
Net realized and unrealized gain (loss)		(0.03	)3		(1.53	)		1.12			7.40			(2.42	)		0.08
Total from investment operations		0.23			(1.20	)		1.42			7.70			(1.98	)		0.47
Less dividends and distributions from:
Net investment income		(0.25	)		(0.28	)		(0.55	)		(0.39	)		(0.43	)		(0.41	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(0.25	)		(3.25	)		(2.81	)		(0.64	)		(1.24	)		(3.87	)
Net asset value, end of period	$	18.67		$	18.69		$	23.14		$	24.53		$	17.47		$	20.69
Total return4		1.24	%5		(4.72	%)5		5.35	%5,6		44.75	%5		(10.64	%)		2.70	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	74,799		$	78,829		$	96,913		$	109	7	$	98	7	$	151	7
Ratio of expenses to average net assets8		1.11	%		1.11	%		1.09	%		1.07	%		1.11	%		1.13	%
Ratio of expenses to average net assets prior to fees waived8		1.13	%		1.11	%		1.11	%		1.08	%		1.11	%		1.13	%
Ratio of net investment income to average net assets		2.69	%		1.65	%		1.17	%		1.36	%		2.08	%		1.73	%
Ratio of net investment income to average net assets prior to fees waived		2.67	%		1.65	%		1.15	%		1.35	%		2.08	%		1.73	%
Portfolio turnover		23	%		74	%		33	%		40	%		44	%		52	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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	Payments from affiliates had no impact on net asset value and total return.
7	Net assets reported in millions.
8	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.

66 

Delaware Ivy Balanced Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.85		$	25.53		$	27.29		$	20.43		$	23.58		$	24.74
Income (loss) from investment operations:
Net investment income2		0.12			0.21			0.12			0.24			0.31			0.37
Net realized and unrealized gain (loss)		(0.01	)3		(2.06	)		1.28			8.38			(1.57	)		1.03
Total from investment operations		0.11			(1.85	)		1.40			8.62			(1.26	)		1.40
Less dividends and distributions from:
Net investment income		(0.12	)		(0.15	)		(0.12	)		(0.28	)		(0.34	)		(0.36	)
Net realized gain		—			(4.68	)		(3.04	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(0.12	)		(4.83	)		(3.16	)		(1.76	)		(1.89	)		(2.56	)
Net asset value, end of period	$	18.84		$	18.85		$	25.53		$	27.29		$	20.43		$	23.58
Total return4		0.56	%5		(6.71	%)		4.57	%		42.81	%		(6.55	%)		6.25	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,029,821		$	1,102,496		$	1,485,004		$	1,509	6	$	1,086	6	$	1,275	6
Ratio of expenses to average net assets7		1.08	%		1.10	%		1.04	%		1.07	%		1.10	%		1.09	%
Ratio of expenses to average net assets prior to fees waived7		1.09	%		1.10	%		1.04	%		1.07	%		1.10	%		1.09	%
Ratio of net investment income to average net assets		1.22	%		0.97	%		0.44	%		0.95	%		1.27	%		1.49	%
Ratio of net investment income to average net assets prior to fees waived		1.21	%		0.97	%		0.44	%		0.95	%		1.27	%		1.49	%
Portfolio turnover		28	%		82	%		94	%		52	%		43	%		53	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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.

67

Financial highlights

Delaware Ivy Balanced Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.49		$	25.21		$	26.98		$	20.24		$	23.38		$	24.56
Income (loss) from investment operations:
Net investment income (loss)2		0.04			0.01			(0.09	)		0.06			0.13			0.19
Net realized and unrealized gain (loss)		(0.01	)3		(2.03	)		1.25			8.30			(1.55	)		1.01
Total from investment operations		0.03			(2.02	)		1.16			8.36			(1.42	)		1.20
Less dividends and distributions from:
Net investment income		(0.04	)		(0.02	)		—			(0.14	)		(0.17	)		(0.18	)
Net realized gain		—			(4.68	)		(2.93	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(0.04	)		(4.70	)		(2.93	)		(1.62	)		(1.72	)		(2.38	)
Net asset value, end of period	$	18.48		$	18.49		$	25.21		$	26.98		$	20.24		$	23.38
Total return4		0.15	%5		(7.53	%)		3.77	%		41.82	%		(7.24	%)		5.46	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	47,317		$	63,537		$	117,058		$	183	6	$	243	6	$	366	6
Ratio of expenses to average net assets7		1.83	%		1.98	%		1.82	%		1.82	%		1.83	%		1.80	%
Ratio of expenses to average net assets prior to fees waived7		1.84	%		1.98	%		1.82	%		1.82	%		1.83	%		1.80	%
Ratio of net investment income (loss) to average net assets		0.47	%		0.06	%		(0.34	%)		0.23	%		0.54	%		0.78	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.46	%		0.06	%		(0.34	%)		0.23	%		0.54	%		0.78	%
Portfolio turnover		28	%		82	%		94	%		52	%		43	%		53	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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.

68 

Delaware Ivy Balanced Fund Class I

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

	Six months ended  9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.86		$	25.54		$	27.29		$	20.42		$	23.57		$	24.74
Income (loss) from investment operations:
Net investment income2		0.14			0.26			0.18			0.29			0.36			0.43
Net realized and unrealized gain (loss)		(0.01	)3		(2.06	)		1.28			8.39			(1.57	)		1.02
Total from investment operations		0.13			(1.80	)		1.46			8.68			(1.21	)		1.45
Less dividends and distributions from:
Net investment income		(0.14	)		(0.20	)		(0.17	)		(0.33	)		(0.39	)		(0.42	)
Net realized gain		—			(4.68	)		(3.04	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(0.14	)		(4.88	)		(3.21	)		(1.81	)		(1.94	)		(2.62	)
Net asset value, end of period	$	18.85		$	18.86		$	25.54		$	27.29		$	20.42		$	23.57
Total return4		0.68	%5		(6.52	%)		4.82	%		43.15	%		(6.32	%)		6.51	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	351,612		$	406,338		$	745,878		$	846	6	$	671	6	$	873	6
Ratio of expenses to average net assets7		0.83	%		0.88	%		0.84	%		0.86	%		0.86	%		0.84	%
Ratio of expenses to average net assets prior to fees waived7		0.84	%		0.88	%		0.84	%		0.86	%		0.86	%		0.84	%
Ratio of net investment income to average net assets		1.47	%		1.17	%		0.64	%		1.17	%		1.51	%		1.73	%
Ratio of net investment income to average net assets prior to fees waived		1.46	%		1.17	%		0.64	%		1.17	%		1.51	%		1.73	%
Portfolio turnover		28	%		82	%		94	%		52	%		43	%		53	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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. 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.

69

Financial highlights

Delaware Ivy Balanced Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.78		$	25.46		$	27.22		$	20.39		$	23.54		$	24.70
Income (loss) from investment operations:
Net investment income2		0.09			0.15			0.01			0.15			0.22			0.28
Net realized and unrealized gain (loss)		(0.02	)3		(2.05	)		1.26			8.36			(1.57	)		1.04
Total from investment operations		0.07			(1.90	)		1.27			8.51			(1.35	)		1.32
Less dividends and distributions from:
Net investment income		(0.09	)		(0.10	)		(0.01	)		(0.20	)		(0.25	)		(0.28	)
Net realized gain		—			(4.68	)		(3.02	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(0.09	)		(4.78	)		(3.03	)		(1.68	)		(1.80	)		(2.48	)
Net asset value, end of period	$	18.76		$	18.78		$	25.46		$	27.22		$	20.39		$	23.54
Total return4		0.39	%5		(6.97	%)		4.15	%		42.31	%		(6.90	%)		5.91	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	8,112		$	8,650		$	10,852		$	11	6	$	11	6	$	13	6
Ratio of expenses to average net assets7		1.33	%		1.38	%		1.44	%		1.45	%		1.45	%		1.43	%
Ratio of expenses to average net assets prior to fees waived7		1.34	%		1.38	%		1.44	%		1.45	%		1.45	%		1.43	%
Ratio of net investment income to average net assets		0.97	%		0.70	%		0.04	%		0.60	%		0.91	%		1.14	%
Ratio of net investment income to average net assets prior to fees waived		0.96	%		0.70	%		0.04	%		0.60	%		0.91	%		1.14	%
Portfolio turnover		28	%		82	%		94	%		52	%		43	%		53	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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.

70 

Delaware Ivy Balanced Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.91		$	25.60		$	27.36		$	20.47		$	23.62		$	24.78
Income (loss) from investment operations:
Net investment income2		0.15			0.29			0.22			0.33			0.40			0.46
Net realized and unrealized gain (loss)		(0.02	)3		(2.07	)		1.27			8.40			(1.57	)		1.04
Total from investment operations		0.13			(1.78	)		1.49			8.73			(1.17	)		1.50
Less dividends and distributions from:
Net investment income		(0.15	)		(0.23	)		(0.21	)		(0.36	)		(0.43	)		(0.46	)
Net realized gain		—			(4.68	)		(3.04	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(0.15	)		(4.91	)		(3.25	)		(1.84	)		(1.98	)		(2.66	)
Net asset value, end of period	$	18.89		$	18.91		$	25.60		$	27.36		$	20.47		$	23.62
Total return4		0.66	%5		(6.39	%)		4.93	%		43.34	%		(6.16	%)		6.66	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,035		$	9,291		$	10,232		$	11	6	$	7	6	$	15	6
Ratio of expenses to average net assets7		0.80	%		0.75	%		0.70	%		0.71	%		0.71	%		0.70	%
Ratio of expenses to average net assets prior to fees waived		0.81	%		0.75	%		0.70	%		0.71	%		0.71	%		0.70	%
Ratio of net investment income to average net assets7		1.50	%		1.33	%		0.78	%		1.30	%		1.65	%		1.88	%
Ratio of net investment income to average net assets prior to fees waived		1.49	%		1.33	%		0.78	%		1.30	%		1.65	%		1.88	%
Portfolio turnover		28	%		82	%		94	%		52	%		43	%		53	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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. 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.

71

Financial highlights

Delaware Ivy Balanced Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	18.85		$	25.54		$	27.29		$	20.43		$	23.58		$	24.75
Income (loss) from investment operations:
Net investment income2		0.12			0.22			0.12			0.24			0.31			0.37
Net realized and unrealized gain (loss)		(0.01	)3		(2.07	)		1.28			8.38			(1.57	)		1.02
Total from investment operations		0.11			(1.85	)		1.40			8.62			(1.26	)		1.39
Less dividends and distributions from:
Net investment income		(0.12	)		(0.16	)		(0.11	)		(0.28	)		(0.34	)		(0.36	)
Net realized gain		—			(4.68	)		(3.04	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(0.12	)		(4.84	)		(3.15	)		(1.76	)		(1.89	)		(2.56	)
Net asset value, end of period	$	18.84		$	18.85		$	25.54		$	27.29		$	20.43		$	23.58
Total return4		0.56	%5		(6.71	%)5		4.59	%5		42.81	%5		(6.55	%)5		6.22	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	8,927		$	10,194		$	12,699		$	16	6	$	14	6	$	24	6
Ratio of expenses to average net assets7		1.06	%		1.07	%		1.04	%		1.07	%		1.10	%		1.09	%
Ratio of expenses to average net assets prior to fees waived7		1.09	%		1.07	%		1.08	%		1.10	%		1.11	%		1.09	%
Ratio of net investment income to average net assets		1.24	%		1.01	%		0.44	%		0.97	%		1.27	%		1.49	%
Ratio of net investment income to average net assets prior to fees waived		1.21	%		1.01	%		0.40	%		0.94	%		1.26	%		1.49	%
Portfolio turnover		28	%		82	%		94	%		52	%		43	%		53	%

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 realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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.

72 

Delaware Ivy Natural Resources Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	15.75		$	16.92		$	12.42		$	7.85		$	13.45		$	14.82
Income (loss) from investment operations:
Net investment income2		0.12			0.35			0.21			0.09			0.13			0.12
Net realized and unrealized gain (loss)		0.01			(1.20	)		4.61			4.51			(5.51	)		(1.49	)
Total from investment operations		0.13			(0.85	)		4.82			4.60			(5.38	)		(1.37	)
Less dividends and distributions from:
Net investment income		—			(0.32	)		(0.32	)		(0.03	)		(0.22	)		—
Total dividends and distributions		—			(0.32	)		(0.32	)		(0.03	)		(0.22	)		—
Net asset value, end of period	$	15.88		$	15.75		$	16.92		$	12.42		$	7.85		$	13.45
Total return3		0.83	%4		(5.03	%)4		39.47	%		58.68	%		(40.58	%)		(9.31	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	137,308		$	150,383		$	170,746		$	136	5	$	102	5	$	218	5
Ratio of expenses to average net assets6		1.33	%		1.44	%		1.82	%		1.84	%		1.77	%		1.59	%
Ratio of expenses to average net assets prior to fees waived6		1.54	%		1.65	%		1.82	%		1.84	%		1.77	%		1.59	%
Ratio of net investment income to average net assets		1.53	%		2.20	%		1.57	%		0.82	%		1.05	%		0.82	%
Ratio of net investment income to average net assets prior to fees waived		1.32	%		1.99	%		1.57	%		0.82	%		1.05	%		0.82	%
Portfolio turnover		17	%		48	%		116	%		52	%		44	%		21	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

73

Financial highlights

Delaware Ivy Natural Resources Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	12.71		$	13.81		$	10.22		$	6.48		$	11.13		$	12.33
Income (loss) from investment operations:
Net investment income2		0.05			0.19			0.09			0.01			0.03			0.03
Net realized and unrealized gain (loss)		0.01			(0.98	)		3.77			3.74			(4.55	)		(1.23	)
Total from investment operations		0.06			(0.79	)		3.86			3.75			(4.52	)		(1.20	)
Less dividends and distributions from:
Net investment income		—			(0.31	)		(0.27	)		(0.01	)		(0.13	)		—
Total dividends and distributions		—			(0.31	)		(0.27	)		(0.01	)		(0.13	)		—
Net asset value, end of period	$	12.77		$	12.71		$	13.81		$	10.22		$	6.48		$	11.13
Total return3		0.47	%4		(5.76	%)4		38.45	%		57.83	%		(41.02	%)		(9.73	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,972		$	3,846		$	3,460		$	3	5	$	5	5	$	21	5
Ratio of expenses to average net assets6		2.08	%		2.20	%		2.52	%		2.49	%		2.48	%		2.07	%
Ratio of expenses to average net assets prior to fees waived6		2.29	%		2.42	%		2.52	%		2.49	%		2.48	%		2.07	%
Ratio of net investment income to average net assets		0.73	%		1.46	%		0.84	%		0.07	%		0.30	%		0.28	%
Ratio of net investment income to average net assets prior to fees waived		0.52	%		1.24	%		0.84	%		0.07	%		0.03	%		0.28	%
Portfolio turnover		17	%		48	%		116	%		52	%		44	%		21	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

74 

Delaware Ivy Natural Resources Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.52		$	17.72		$	12.99		$	8.18		$	14.06		$	15.50
Income (loss) from investment operations:
Net investment income2		0.14			0.42			0.31			0.16			0.21			0.20
Net realized and unrealized gain (loss)		0.02			(1.25	)		4.82			4.73			(5.74	)		(1.57	)
Total from investment operations		0.16			(0.83	)		5.13			4.89			(5.53	)		(1.37	)
Less dividends and distributions from:
Net investment income		—			(0.37	)		(0.40	)		(0.08	)		(0.35	)		(0.07	)
Total dividends and distributions		—			(0.37	)		(0.40	)		(0.08	)		(0.35	)		(0.07	)
Net asset value, end of period	$	16.68		$	16.52		$	17.72		$	12.99		$	8.18		$	14.06
Total return3		0.97	%4		(4.73	%)4		40.30	%		59.85	%		(40.26	%)		(8.86	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	65,342		$	76,474		$	84,343		$	71	5	$	54	5	$	106	5
Ratio of expenses to average net assets6		1.08	%		1.11	%		1.21	%		1.20	%		1.19	%		1.10	%
Ratio of expenses to average net assets prior to fees waived6		1.29	%		1.14	%		1.21	%		1.20	%		1.19	%		1.10	%
Ratio of net investment income to average net assets		1.76	%		2.52	%		2.17	%		1.46	%		1.63	%		1.30	%
Ratio of net investment income to average net assets prior to fees waived		1.55	%		2.49	%		2.17	%		1.46	%		1.63	%		1.30	%
Portfolio turnover		17	%		48	%		116	%		52	%		44	%		21	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager. 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.

75

Financial highlights

Delaware Ivy Natural Resources Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	15.52		$	16.69		$	12.25		$	7.75		$	13.26		$	14.63
Income (loss) from investment operations:
Net investment income2		0.10			0.32			0.22			0.09			0.13			0.10
Net realized and unrealized gain (loss)		0.01			(1.19	)		4.54			4.45			(5.42	)		(1.47	)
Total from investment operations		0.11			(0.87	)		4.76			4.54			(5.29	)		(1.37	)
Less dividends and distributions from:
Net investment income		—			(0.30	)		(0.32	)		(0.04	)		(0.22	)		—
Total dividends and distributions		—			(0.30	)		(0.32	)		(0.04	)		(0.22	)		—
Net asset value, end of period	$	15.63		$	15.52		$	16.69		$	12.25		$	7.75		$	13.26
Total return3		0.71	%4		(5.21	%)4		39.60	%		58.67	%		(40.53	%)		(9.36	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,838		$	12,202		$	14,145		$	12	5	$	7	5	$	15	5
Ratio of expenses to average net assets6		1.58	%		1.64	%		1.78	%		1.77	%		1.76	%		1.67	%
Ratio of expenses to average net assets prior to fees waived6		1.79	%		1.66	%		1.78	%		1.77	%		1.76	%		1.67	%
Ratio of net investment income to average net assets		1.24	%		2.03	%		1.60	%		0.90	%		1.06	%		0.73	%
Ratio of net investment income to average net assets prior to fees waived		1.03	%		2.01	%		1.60	%		0.90	%		1.06	%		0.73	%
Portfolio turnover		17	%		48	%		116	%		52	%		44	%		21	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

76 

Delaware Ivy Natural Resources Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.56		$	17.79		$	13.03		$	8.21		$	14.12		$	15.58
Income (loss) from investment operations:
Net investment income2		0.16			0.42			0.36			0.18			0.23			0.23
Net realized and unrealized gain (loss)		—	3		(1.24	)		4.82			4.73			(5.75	)		(1.59	)
Total from investment operations		0.16			(0.82	)		5.18			4.91			(5.52	)		(1.36	)
Less dividends and distributions from:
Net investment income		—			(0.41	)		(0.42	)		(0.09	)		(0.39	)		(0.10	)
Total dividends and distributions		—			(0.41	)		(0.42	)		(0.09	)		(0.39	)		(0.10	)
Net asset value, end of period	$	16.72		$	16.56		$	17.79		$	13.03		$	8.21		$	14.12
Total return4		0.97	%5		(4.63	%)5		40.61	%		59.94	%		(40.11	%)		(8.71	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,275		$	4,213		$	2,228		$	1	6	$	3	6	$	5	6
Ratio of expenses to average net assets7		1.02	%		1.03	%		1.04	%		0.99	%		1.02	%		0.93	%
Ratio of expenses to average net assets prior to fees waived7		1.23	%		1.07	%		1.04	%		0.99	%		1.02	%		0.93	%
Ratio of net investment income to average net assets		1.89	%		2.49	%		2.46	%		1.64	%		1.81	%		1.48	%
Ratio of net investment income to average net assets prior to fees waived		1.68	%		2.45	%		2.46	%		1.64	%		1.81	%		1.48	%
Portfolio turnover		17	%		48	%		116	%		52	%		44	%		21	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects waivers by the manager. 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.

77

Financial highlights

Delaware Ivy Natural Resources Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.19		$	17.38		$	12.74		$	8.04		$	13.79		$	15.21
Income (loss) from investment operations:
Net investment income2		0.12			0.38			0.28			0.13			0.17			0.16
Net realized and unrealized gain (loss)		0.01			(1.24	)		4.73			4.63			(5.63	)		(1.54	)
Total from investment operations		0.13			(0.86	)		5.01			4.76			(5.46	)		(1.38	)
Less dividends and distributions from:
Net investment income		—			(0.33	)		(0.37	)		(0.06	)		(0.29	)		(0.04	)
Total dividends and distributions		—			(0.33	)		(0.37	)		(0.06	)		(0.29	)		(0.04	)
Net asset value, end of period	$	16.32		$	16.19		$	17.38		$	12.74		$	8.04		$	13.79
Total return3		0.80	%4		(4.95	%)4		40.08	%		59.33	%		(40.40	%)		(9.03	%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,365		$	12,632		$	14,348		$	11	5	$	8	5	$	18	5
Ratio of expenses to average net assets6		1.33	%		1.35	%		1.42	%		1.42	%		1.42	%		1.33	%
Ratio of expenses to average net assets prior to fees waived6		1.54	%		1.38	%		1.42	%		1.42	%		1.42	%		1.33	%
Ratio of net investment income to average net assets		1.53	%		2.27	%		1.97	%		1.23	%		1.39	%		1.09	%
Ratio of net investment income to average net assets prior to fees waived		1.32	%		2.24	%		1.97	%		1.23	%		1.39	%		1.09	%
Portfolio turnover		17	%		48	%		116	%		52	%		44	%		21	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

78 

Delaware Ivy Science and Technology Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21				3/31/20			3/31/19
Net asset value, beginning of period	$	42.38		$	63.48		$	92.04		$	59.85			$	65.00		$	65.33
Income (loss) from investment operations:
Net investment loss2		(0.11	)		(0.24	)		(0.66	)		(0.55	)			(0.38	)		(0.30	)
Net realized and unrealized gain (loss)		1.17			(8.49	)		2.73			40.68				3.45			7.42
Total from investment operations		1.06			(8.73	)		2.07			40.13				3.07			7.12
Less dividends and distributions from:
Net realized gain		—			(12.37	)		(30.63	)		(7.94	)			(8.22	)		(7.45	)
Total dividends and distributions		—			(12.37	)		(30.63	)		(7.94	)			(8.22	)		(7.45	)
Net asset value, end of period	$	43.44		$	42.38		$	63.48		$	92.04			$	59.85		$	65.00
Total return3		2.50	%		(12.32	%)		(0.21	%)		67.65	%	��		2.98	%		12.63	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,012,356		$	3,186,208		$	4,958,005		$	5,696	4		$	3,626	4	$	3,956	4
Ratio of expenses to average net assets5		1.20	%		1.21	%		1.13	%		1.14	%			1.18	%		1.20	%
Ratio of net investment loss to average net assets		(0.51	%)		(0.51	%)		(0.76	%)		(0.66	%)			(0.54	%)		(0.45	%)
Portfolio turnover		16	%		51	%		53	%		9	%			23	%		14	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

79

Financial highlights

Delaware Ivy Science and Technology Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	24.76		$	43.75		$	72.44		$	48.52		$	54.26		$	56.20
Income (loss) from investment operations:
Net investment loss2		(0.16	)		(0.46	)		(1.04	)		(0.95	)		(0.76	)		(0.67	)
Net realized and unrealized gain (loss)		0.68			(6.16	)		2.62			32.81			3.07			6.18
Total from investment operations		0.52			(6.62	)		1.58			31.86			2.31			5.51
Less dividends and distributions from:
Net realized gain		—			(12.37	)		(30.27	)		(7.94	)		(8.05	)		(7.45	)
Total dividends and distributions		—			(12.37	)		(30.27	)		(7.94	)		(8.05	)		(7.45	)
Net asset value, end of period	$	25.28		$	24.76		$	43.75		$	72.44		$	48.52		$	54.26
Total return3		2.10	%		(13.14	%)		(1.00	%)		66.37	%		2.17	%		11.79	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	82,795		$	109,544		$	237,610		$	413	4	$	407	4	$	532	4
Ratio of expenses to average net assets5		1.95	%		2.14	%		1.92	%		1.92	%		1.95	%		1.94	%
Ratio of net investment loss to average net assets		(1.27	%)		(1.45	%)		(1.56	%)		(1.45	%)		(1.31	%)		(1.18	%)
Portfolio turnover		16	%		51	%		53	%		9	%		23	%		14	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

80 

Delaware Ivy Science and Technology Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	54.09		$	76.68		$	105.32		$	67.65		$	72.51		$	71.85
Income (loss) from investment operations:
Net investment loss2		(0.07	)		(0.17	)		(0.60	)		(0.45	)		(0.27	)		(0.17	)
Net realized and unrealized gain (loss)		1.50			(10.05	)		2.83			46.06			3.71			8.28
Total from investment operations		1.43			(10.22	)		2.23			45.61			3.44			8.11
Less dividends and distributions from:
Net realized gain		—			(12.37	)		(30.87	)		(7.94	)		(8.30	)		(7.45	)
Total dividends and distributions		—			(12.37	)		(30.87	)		(7.94	)		(8.30	)		(7.45	)
Net asset value, end of period	$	55.52		$	54.09		$	76.68		$	105.32		$	67.65		$	72.51
Total return3		2.65	%		(12.14	%)		(0.04	%)		67.96	%		3.17	%		12.88	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,156,874		$	1,281,422		$	2,354,813		$	2,878	4	$	1,938	4	$	2,203	4
Ratio of expenses to average net assets5		0.95	%		0.99	%		0.96	%		0.96	%		0.98	%		0.98	%
Ratio of net investment loss to average net assets		(0.26	%)		(0.29	%)		(0.59	%)		(0.48	%)		(0.34	%)		(0.23	%)
Portfolio turnover		16	%		51	%		53	%		9	%		23	%		14	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

81

Financial highlights

Delaware Ivy Science and Technology Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	38.46		$	59.21		$	87.86		$	57.58		$	62.89		$	63.68
Income (loss) from investment operations:
Net investment loss2		(0.15	)		(0.38	)		(0.97	)		(0.85	)		(0.63	)		(0.52	)
Net realized and unrealized gain (loss)		1.07			(8.00	)		2.69			39.07			3.37			7.18
Total from investment operations		0.92			(8.38	)		1.72			38.22			2.74			6.66
Less dividends and distributions from:
Net realized gain		—			(12.37	)		(30.37	)		(7.94	)		(8.05	)		(7.45	)
Total dividends and distributions		—			(12.37	)		(30.37	)		(7.94	)		(8.05	)		(7.45	)
Net asset value, end of period	$	39.38		$	38.46		$	59.21		$	87.86		$	57.58		$	62.89
Total return3		2.39	%		(12.65	%)		(0.63	%)		66.99	%		2.57	%		12.23	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	89,143		$	94,005		$	120,945		$	151	4	$	110	4	$	127	4
Ratio of expenses to average net assets5		1.45	%		1.57	%		1.55	%		1.55	%		1.57	%		1.56	%
Ratio of net investment loss to average net assets		(0.76	%)		(0.86	%)		(1.18	%)		(1.08	%)		(0.93	%)		(0.81	%)
Portfolio turnover		16	%		51	%		53	%		9	%		23	%		14	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

82 

Delaware Ivy Science and Technology Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	55.11		$	77.75		$	106.48		$	68.24		$	73.03		$	72.20
Income (loss) from investment operations:
Net investment loss2		(0.07	)		(0.09	)		(0.45	)		(0.32	)		(0.15	)		(0.04	)
Net realized and unrealized gain (loss)		1.53			(10.18	)		2.84			46.50			3.75			8.32
Total from investment operations		1.46			(10.27	)		2.39			46.18			3.60			8.28
Less dividends and distributions from:
Net realized gain		—			(12.37	)		(31.12	)		(7.94	)		(8.39	)		(7.45	)
Total dividends and distributions		—			(12.37	)		(31.12	)		(7.94	)		(8.39	)		(7.45	)
Net asset value, end of period	$	56.57		$	55.11		$	77.75		$	106.48		$	68.24		$	73.03
Total return3		2.65	%		(12.02	%)		0.10	%		68.22	%		3.34	%		13.07	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	113,424		$	108,424		$	173,276		$	192	4	$	96	4	$	101	4
Ratio of expenses to average net assets5		0.92	%		0.86	%		0.81	%		0.81	%		0.83	%		0.82	%
Ratio of net investment loss to average net assets		(0.23	%)		(0.15	%)		(0.44	%)		(0.33	%)		(0.20	%)		(0.05	%)
Portfolio turnover		16	%		51	%		53	%		9	%		23	%		14	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

83

Financial highlights

Delaware Ivy Science and Technology Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	48.45		$	70.42		$	98.99		$	64.00		$	69.01		$	68.90
Income (loss) from investment operations:
Net investment loss2		(0.13	)		(0.28	)		(0.74	)		(0.58	)		(0.40	)		(0.31	)
Net realized and unrealized gain (loss)		1.34			(9.32	)		2.79			43.51			3.60			7.87
Total from investment operations		1.21			(9.60	)		2.05			42.93			3.20			7.56
Less dividends and distributions from:
Net realized gain		—			(12.37	)		(30.62	)		(7.94	)		(8.21	)		(7.45	)
Total dividends and distributions		—			(12.37	)		(30.62	)		(7.94	)		(8.21	)		(7.45	)
Net asset value, end of period	$	49.66		$	48.45		$	70.42		$	98.99		$	64.00		$	69.01
Total return3		2.50	%		(12.34	%)		(0.22	%)4		67.64	%4		2.98	%4		12.64	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	220,930		$	229,962		$	351,136		$	455	5	$	340	5	$	442	5
Ratio of expenses to average net assets6		1.20	%		1.23	%		1.14	%		1.14	%		1.18	%		1.20	%
Ratio of expenses to average net assets prior to fees waived6		1.20	%		1.23	%		1.20	%		1.20	%		1.22	%		1.21	%
Ratio of net investment loss to average net assets		(0.51	%)		(0.53	%)		(0.78	%)		(0.66	%)		(0.54	%)		(0.44	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.51	%)		(0.53	%)		(0.84	%)		(0.72	%)		(0.58	%)		(0.45	%)
Portfolio turnover		16	%		51	%		53	%		9	%		23	%		14	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

84 

Delaware Real Estate Securities Fund Class A

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.43		$	27.72		$	24.82		$	18.83		$	24.45		$	22.41
Income (loss) from investment operations:
Net investment income2		0.21			0.30			0.21			0.17			0.30			0.30
Net realized and unrealized gain (loss)		(1.11	)		(5.87	)		6.44			6.22			(3.61	)		3.35
Total from investment operations		(0.90	)		(5.57	)		6.65			6.39			(3.31	)		3.65
Less dividends and distributions from:
Net investment income		(0.22	)		(0.40	)		(0.14	)		(0.25	)		(0.32	)		(0.33	)
Net realized gain		—			(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(0.22	)		(5.72	)		(3.75	)		(0.40	)		(2.31	)		(1.61	)
Net asset value, end of period	$	15.31		$	16.43		$	27.72		$	24.82		$	18.83		$	24.45
Total return3		(5.53	%)4		(20.26	%)4		26.90	%		34.24	%4		(15.35	%)4		16.83	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	72,148		$	86,795		$	143,562		$	130	5	$	122	5	$	173	5
Ratio of expenses to average net assets6		1.20	%		1.29	%		1.38	%		1.45	%		1.43	%		1.44	%
Ratio of expenses to average net assets prior to fees waived6		1.57	%		1.57	%		1.38	%		1.55	%		1.53	%		1.54	%
Ratio of net investment income to average net assets		2.52	%		1.39	%		0.74	%		0.79	%		1.21	%		1.29	%
Ratio of net investment income to average net assets prior to fees waived		2.15	%		1.11	%		0.74	%		0.69	%		1.11	%		1.19	%
Portfolio turnover		23	%		57	%		43	%		76	%		59	%		69	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

85

Financial highlights

Delaware Real Estate Securities Fund Class C

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	15.60		$	26.73		$	24.11		$	18.32		$	23.86		$	21.90
Income (loss) from investment operations:
Net investment income (loss)2		0.13			0.10			(0.07	)		0.06			0.12			0.17
Net realized and unrealized gain (loss)		(1.03	)		(5.66	)		6.27			5.96			(3.52	)		3.21
Total from investment operations		(0.90	)		(5.56	)		6.20			6.02			(3.40	)		3.38
Less dividends and distributions from:
Net investment income		(0.16	)		(0.25	)		—			(0.08	)		(0.15	)		(0.14	)
Net realized gain		—			(5.32	)		(3.58	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(0.16	)		(5.57	)		(3.58	)		(0.23	)		(2.14	)		(1.42	)
Net asset value, end of period	$	14.54		$	15.60		$	26.73		$	24.11		$	18.32		$	23.86
Total return3		(5.82	%)4		(21.00	%)4		25.74	%		33.03	%4		(15.99	%)4		15.90	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	561		$	815		$	1,707		$	2	5	$	3	5	$	6	5
Ratio of expenses to average net assets6		1.95	%		2.19	%		2.33	%		2.33	%		2.25	%		2.19	%
Ratio of expenses to average net assets prior to fees waived6		2.55	%		2.76	%		2.33	%		2.43	%		2.35	%		2.29	%
Ratio of net investment income (loss) to average net assets		1.69	%		0.49	%		(0.24	%)		0.27	%		0.50	%		0.74	%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.09	%		(0.08	%)		(0.24	%)		0.17	%		0.40	%		0.64	%
Portfolio turnover		23	%		57	%		43	%		76	%		59	%		69	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

86 

Delaware Real Estate Securities Fund Class I

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.70		$	28.05		$	25.05		$	18.99		$	24.63		$	22.57
Income (loss) from investment operations:
Net investment income2		0.23			0.38			0.29			0.25			0.38			0.39
Net realized and unrealized gain (loss)		(1.11	)		(5.97	)		6.52			6.27			(3.62	)		3.36
Total from investment operations		(0.88	)		(5.59	)		6.81			6.52			(3.24	)		3.75
Less dividends and distributions from:
Net investment income		(0.24	)		(0.44	)		(0.20	)		(0.31	)		(0.41	)		(0.41	)
Net realized gain		—			(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(0.24	)		(5.76	)		(3.81	)		(0.46	)		(2.40	)		(1.69	)
Net asset value, end of period	$	15.58		$	16.70		$	28.05		$	25.05		$	18.99		$	24.63
Total return3		(5.33	%)4		(20.07	%)4		27.32	%		34.68	%4		(15.01	%)4		17.22	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	48,716		$	64,516		$	133,161		$	127	5	$	121	5	$	160	5
Ratio of expenses to average net assets6		0.95	%		1.00	%		1.09	%		1.08	%		1.08	%		1.07	%
Ratio of expenses to average net assets prior to fees waived6		1.22	%		1.09	%		1.09	%		1.18	%		1.18	%		1.17	%
Ratio of net investment income to average net assets		2.73	%		1.74	%		1.01	%		1.15	%		1.54	%		1.65	%
Ratio of net investment income to average net assets prior to fees waived		2.46	%		1.65	%		1.01	%		1.05	%		1.44	%		1.55	%
Portfolio turnover		23	%		57	%		43	%		76	%		59	%		69	%

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. 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.

87

Financial highlights

Delaware Real Estate Securities Fund Class R

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.36		$	27.66		$	24.78		$	18.81		$	24.42		$	22.39
Income (loss) from investment operations:
Net investment income2		0.18			0.20			0.12			0.13			0.27			0.25
Net realized and unrealized gain (loss)		(1.09	)		(5.82	)		6.44			6.20			(3.62	)		3.34
Total from investment operations		(0.91	)		(5.62	)		6.56			6.33			(3.35	)		3.59
Less dividends and distributions from:
Net investment income		(0.19	)		(0.36	)		(0.07	)		(0.21	)		(0.27	)		(0.28	)
Net realized gain		—			(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(0.19	)		(5.68	)		(3.68	)		(0.36	)		(2.26	)		(1.56	)
Net asset value, end of period	$	15.26		$	16.36		$	27.66		$	24.78		$	18.81		$	24.42
Total return3		(5.59	%)4		(20.50	%)4		26.55	%		33.88	%4		(15.51	%)4		16.57	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	349		$	497		$	555		$	—	5,6	$	—	5,6	$	1	5
Ratio of expenses to average net assets7		1.45	%		1.54	%		1.69	%		1.67	%		1.69	%		1.64	%
Ratio of expenses to average net assets prior to fees waived7		1.72	%		1.65	%		1.69	%		1.77	%		1.79	%		1.74	%
Ratio of net investment income to average net assets		2.16	%		0.93	%		0.42	%		0.61	%		1.07	%		1.05	%
Ratio of net investment income to average net assets prior to fees waived		1.89	%		0.82	%		0.42	%		0.51	%		0.97	%		0.95	%
Portfolio turnover		23	%		57	%		43	%		76	%		59	%		69	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

88 

Delaware Real Estate Securities Fund Class R6

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.74		$	28.10		$	25.09		$	19.02		$	24.66		$	22.59
Income (loss) from investment operations:
Net investment income2		0.24			0.28			0.36			0.28			0.43			0.57
Net realized and unrealized gain (loss)		(1.13	)		(5.86	)		6.50			6.28			(3.64	)		3.23
Total from investment operations		(0.89	)		(5.58	)		6.86			6.56			(3.21	)		3.80
Less dividends and distributions from:
Net investment income		(0.24	)		(0.46	)		(0.24	)		(0.34	)		(0.44	)		(0.45	)
Net realized gain		—			(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(0.24	)		(5.78	)		(3.85	)		(0.49	)		(2.43	)		(1.73	)
Net asset value, end of period	$	15.61		$	16.74		$	28.10		$	25.09		$	19.02		$	24.66
Total return3		(5.34	%)4		(19.99	%)4		27.48	%		34.84	%4		(14.86	%)4		17.42	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,674		$	1,973		$	1,112		$	1	5	$	—	5,6	$	1	5
Ratio of expenses to average net assets7		0.90	%		0.99	%		0.93	%		0.94	%		0.94	%		0.91	%
Ratio of expenses to average net assets prior to fees waived7		1.16	%		1.06	%		0.93	%		1.04	%		1.04	%		1.01	%
Ratio of net investment income to average net assets		2.83	%		1.38	%		1.26	%		1.26	%		1.70	%		2.40	%
Ratio of net investment income to average net assets prior to fees waived		2.57	%		1.31	%		1.26	%		1.16	%		1.60	%		2.30	%
Portfolio turnover		23	%		57	%		43	%		76	%		59	%		69	%

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

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

89

Financial highlights

Delaware Real Estate Securities Fund Class Y

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

	Six months ended 9/30/231			Year ended
	(Unaudited)			3/31/23			3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period	$	16.60		$	27.79		$	24.87		$	18.86		$	24.48		$	22.44
Income (loss) from investment operations:
Net investment income2		0.20			0.43			0.23			0.21			0.33			0.34
Net realized and unrealized gain (loss)		(1.10	)		(6.02	)		6.45			6.23			(3.60	)		3.34
Total from investment operations		(0.90	)		(5.59	)		6.68			6.44			(3.27	)		3.68
Less dividends and distributions from:
Net investment income		(0.21	)		(0.28	)		(0.15	)		(0.28	)		(0.36	)		(0.36	)
Net realized gain		—			(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(0.21	)		(5.60	)		(3.76	)		(0.43	)		(2.35	)		(1.64	)
Net asset value, end of period	$	15.49		$	16.60		$	27.79		$	24.87		$	18.86		$	24.48
Total return3		(5.44	%)4		(20.27	%)4		26.98	%		34.45	%4		(15.21	%)4		16.99	%4
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,616		$	3,481		$	90,376		$	70	5	$	63	5	$	90	5
Ratio of expenses to average net assets6		1.20	%		1.25	%		1.31	%		1.30	%		1.29	%		1.28	%
Ratio of expenses to average net assets prior to fees waived6		1.44	%		1.29	%		1.31	%		1.40	%		1.39	%		1.38	%
Ratio of net investment income to average net assets		2.44	%		1.79	%		0.82	%		0.95	%		1.35	%		1.45	%
Ratio of net investment income to average net assets prior to fees waived		2.20	%		1.75	%		0.82	%		0.85	%		1.25	%		1.35	%
Portfolio turnover		23	%		57	%		43	%		76	%		59	%		69	%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

90 

Notes to financial statements

Ivy Funds September 30, 2023 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 30 series. These financial statements and the related notes pertain to 7 funds: Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund (each, a Fund or collectively, the Funds). The Trust is an open-end investment company. Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, and Delaware Real Estate Securities Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, and Delaware Ivy Science and Technology Fund are considered nondiversified.

Each Fund offers Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more 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 of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class I, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security valuations and CDS contracts are then reviewed by DMC as part of its duties as each Fund’s valuation designee and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. 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. Forward foreign 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 are valued at the daily quoted settlement prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by 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

91

Notes to financial statements

Ivy Funds

1. Significant Accounting Policies (continued)

make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended September 30, 2023, and for all open tax years (years ended March 31, 2020–March 31, 2023), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended September 30, 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. Each Fund generally bifurcates 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), attributable 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.” Each Fund reports 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 intend to use either 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.

Segregation and Collateralization — 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, forward 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. Cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the “Statements of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedules of investments.”

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and

92 

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 Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, and Delaware Real Estate Securities Fund declare and pay dividends quarterly. Delaware Climate Solutions Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy Science and Technology Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, 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.”

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 Climate Solutions Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $5 billion;
	0.75% of net assets over $5 billion and up to $10 billion;
	0.74% of net assets over $10 billion.
Delaware Global Real Estate Fund	0.95% of net assets up to $1 billion;
	0.92% of net assets over $1 billion and up to $2 billion;
	0.87% of net assets over $2 billion and up to $3 billion;
	0.84% of net assets over $3 billion and up to $5 billion;
	0.82% of net assets over $5 billion and up to $10 billion;
	0.80% of net assets over $10 billion.
Delaware Ivy Asset Strategy Fund	0.70% of net assets up to $1 billion;
	0.65% of net assets over $1 billion and up to $2 billion;
	0.60% of net assets over $2 billion and up to $3 billion;
	0.55% of net assets over $3 billion and up to $28 billion;
	0.545% of net assets over $28 billion and up to $53 billion;
	0.54% of net assets over $53 billion.

93

Notes to financial statements

Ivy Funds

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

Fund	Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy Balanced Fund	0.70% of net assets up to $1 billion;
	0.65% of net assets over $1 billion and up to $2 billion;
	0.60% of net assets over $2 billion and up to $3 billion;
	0.55% of net assets over $3 billion and up to $5 billion;
	0.54% of net assets over $5 billion and up to $10 billion;
	0.53% of net assets over $10 billion.
Delaware Ivy Natural Resources Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $5 billion;
	0.73% of net assets over $5 billion and up to $10 billion;
	0.70% of net assets over $10 billion.
Delaware Ivy Science and Technology Fund	0.85% of net assets up to $1 billion;
	0.83% of net assets over $1 billion and up to $2 billion;
	0.80% of net assets over $2 billion and up to $3 billion;
	0.76% of net assets over $3 billion and up to $8 billion;
	0.755% of net assets over $8 billion and up to $13 billion;
	0.75% of net assets over $13 billion.
Delaware Real Estate Securities Fund	0.90% of net assets up to $1 billion;
	0.87% of net assets over $1 billion and up to $2 billion;
	0.84% of net assets over $2 billion and up to $3 billion;
	0.80% of net assets over $3 billion and up to $5 billion;
	0.76% of net assets over $5 billion and up to $10 billion;
	0.72% of net assets over $10 billion.

DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:

Under agreements between DMC and each of Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL), each of MIMEL and MIMGL serves as sub-advisor to Delaware Global Real Estate Securities Fund and Delaware Real Estate Securities Fund, and along with DMC, are responsible for its day to day management. In addition, DMC may also seek investment advice and recommendations from MIMEL and MIMGL and may permit MIMEL and 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 their specialized market knowledge.

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), is a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. DMC and MIMAK are primarily responsible for the day-to-day management of the Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund portfolios. In addition, DMC may also seek fixed income investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK’s specialized market knowledge. For its services, MIMAK receives a sub-advisory fee from DMC.

With respect to Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund, MIMEL serves as sub-advisor. DMC may seek investment advice and recommendations from MIMEL and DMC may also permit MIMEL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMEL’s specialized market knowledge.

MIMGL serve as sub-advisor to Delaware Ivy Climate Solutions, Delaware Ivy Asset Strategy, Delaware Ivy Balanced, Delaware Ivy Natural Resources and Delaware Ivy Science and Technology Funds, executing security trades on behalf of DMC. MIMGL also exercises investment

94 

discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL’s specialized market knowledge for Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended September 30, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Climate Solutions Fund	$	5,253
Delaware Global Real Estate Fund		2,503
Delaware Ivy Asset Strategy Fund		28,897
Delaware Ivy Balanced Fund		25,506
Delaware Ivy Natural Resources Fund		5,679
Delaware Ivy Science and Technology Fund		76,918
Delaware Real Estate Securities Fund		4,198

DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended September 30, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Climate Solutions Fund	$	6,946
Delaware Global Real Estate Fund		1,071
Delaware Ivy Asset Strategy Fund		57,466
Delaware Ivy Balanced Fund		50,219
Delaware Ivy Natural Resources Fund		7,858
Delaware Ivy Science and Technology Fund		160,065
Delaware Real Estate Securities Fund		4,693

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 Funds. 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 that 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%, 0.50%, and 0.25% of the average daily net assets of the Class A, Class C, Class R, and Class Y shares, respectively. The fees are calculated daily and paid monthly. Class I and Class R6 shares do not pay 12b-1 fees.

DMC has 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 from April 1, 2023 (except as noted) through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

95

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 all share classes other than Class R6	Operating expense limitation as a percentage of average daily net assets Class R6
Delaware Climate Solutions Fund	0.99%	0.83%1
Delaware Global Real Estate Fund	1.04%2	0.89%2
Delaware Ivy Asset Strategy Fund	n/a	n/a
Delaware Ivy Balanced Fund	0.80%3	0.71%3
Delaware Ivy Natural Resources Fund	1.08%	0.92%4
Delaware Ivy Science and Technology Fund	n/a	n/a
Delaware Real Estate Securities Fund	0.95%	0.80%5

¹Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was 0.99%.

²Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was 1.05%.

³Effective July 31, 2023.

⁴Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was 1.08%.

⁵Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was 0.95%

After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from April 1, 2023 (except as noted) through July 30, 2024 is as follows:

	Operating expense limitation as a percentage of average daily net assets
Fund	Class A			Class C			Class I			Class R			Class R6			Class Y
Delaware Climate Solutions Fund		1.24	%		1.99	%		0.99	%		1.49	%		0.83	%1		1.24	%
Delaware Global Real Estate Fund		1.29	%2		2.04	%2		1.04	%2		1.54	%2		0.89	%2		1.29	%2
Delaware Ivy Asset Strategy Fund		n/a			n/a			n/a			n/a			n/a			n/a3
Delaware Ivy Balanced Fund		1.05	%4		1.80	%4		0.80	%4		1.30	%4		0.71	%4		1.05	%4
Delaware Ivy Natural Resources Fund		1.33	%		2.08	%		1.08	%		1.58	%		0.92	%5		1.33	%
Delaware Ivy Science and Technology Fund		n/a			n/a			n/a			n/a			n/a			n/a
Delaware Real Estate Securities Fund		1.20	%		1.95	%		0.95	%		1.45	%		0.80	%6		1.20	%

¹Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was 0.99%.

²Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class A, Class C, Class I, Class R, Class R6 and Class Y shares was 1.30%, 2.05%, 1.05%, 1.55%, 1.05% and 1.30% respectively.

³Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class Y shares was 1.11%.

⁴Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class I and Class Y shares were 1.34% and 1.07%, respectively.

⁵Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was 1.08%.

⁶Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was 0.95%.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended September 30, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Climate Solutions Fund	$	4,285
Delaware Global Real Estate Fund		432
Delaware Ivy Asset Strategy Fund		28,303

96 

Fund	Fees
Delaware Ivy Balanced Fund	$	23,290
Delaware Ivy Natural Resources Fund		3,507
Delaware Ivy Science and Technology Fund		73,516
Delaware Real Estate Securities Fund		1,487

For the six months ended September 30, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Climate Solutions Fund	$	5,216
Delaware Global Real Estate Fund		248
Delaware Ivy Asset Strategy Fund		22,247
Delaware Ivy Balanced Fund		45,134
Delaware Ivy Natural Resources Fund		3,427
Delaware Ivy Science and Technology Fund		117,766
Delaware Real Estate Securities Fund		2,365

For the six months ended September 30, 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 Climate Solutions Fund	$	1,190	$	1,759
Delaware Global Real Estate Fund		7		—
Delaware Ivy Asset Strategy Fund		865		917
Delaware Ivy Balanced Fund		1,502		1,753
Delaware Ivy Natural Resources Fund		546		118
Delaware Ivy Science and Technology Fund		3,840		4,125
Delaware Real Estate Securities Fund		55		16

Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

97

Notes to financial statements

Ivy Funds

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

A summary of the transactions in affiliated companies during the six months September 30, 2023 was as follows:

	Value, beginning of period		Gross additions		Gross reductions(1)			Net realized gain (loss) on affiliated investments		Net change in unrealized appreciation (depreciation) on affiliated investments		Value, end of period		Shares
Delaware Ivy Asset Strategy Fund
Common Stocks—0.00%
Media Group Holdings Series H=,†		—		—	$	(407,951	)		—	$	407,951		—	$	640,301
Media Group Holdings Series T=,†		—		—		—			—		—		—		80,253
Total	$	—	$	—	$	(407,951	)	$	—	$	407,951	$	—

†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3.
(1)	The amount shown included return of capital.

3. Investments

For the six months ended September 30, 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 Climate Solutions Fund	$	12,640,176	$	—	$	51,213,900	$	—
Delaware Global Real Estate Fund		8,462,778		—		12,799,568		—
Delaware Ivy Asset Strategy Fund		332,080,144		79,036,972		398,855,664		91,446,837
Delaware Ivy Balanced Fund		203,610,611		230,116,356		293,285,419		241,464,680
Delaware Ivy Natural Resources Fund		41,344,204		—		67,097,855		—
Delaware Ivy Science and Technology Fund		792,767,643		—		919,240,248		—
Delaware Real Estate Securities Fund		33,015,476		—		52,325,056		—

At September 30, 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 September 30, 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 Climate Solutions Fund	$	196,406,300	$	20,688,281	$	(34,894,174	)	$	(14,205,893	)
Delaware Global Real Estate Fund		29,134,166		3,085,882		(3,527,155	)		(441,273	)
Delaware Ivy Asset Strategy Fund		2,089,839,026		647,501,013		(1,059,057,100	)		(411,556,087	)
Delaware Ivy Balanced Fund		1,341,029,731		210,078,645		(99,314,360	)		110,764,285
Delaware Ivy Natural Resources Fund		265,229,016		36,460,771		(68,153,999	)		(31,693,228	)
Delaware Ivy Science and Technology Fund		3,441,676,749		1,604,776,687		(362,397,903	)		1,242,378,784
Delaware Real Estate Securities Fund		87,376,488		43,416,571		(4,622,515	)		38,794,056

98 

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2023, the Funds had capital loss carryforwards available to offset future realized capital gains as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Climate Solutions Fund	$	58,590,591	$	97,782,264	$	156,372,855
Delaware Global Real Estate Fund		415,906		—		415,906
Delaware Ivy Balanced Fund		118,094,211		—		118,094,211
Delaware Ivy Natural Resources Fund		274,432,290		323,203,510		597,635,800

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the 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, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of September 30, 2023:

	Delaware Climate Solutions Fund
	Level 1
Securities
Assets:
Common Stocks	$	182,200,407

99

Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Global Real Estate Fund
	Level 1
Securities
Assets:
Common Stocks	$	28,692,893

	Delaware Ivy Asset Strategy Fund
	Level 1		Level 2		Level 3			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	4,884,965	$	—		$	4,884,965
Agency Mortgage-Backed Securities		—		60,341,527		—			60,341,527
Bullion		—		68,457,489		—			68,457,489
Common Stocks
Communication Services		107,059,957		—		1,377,759			108,437,716
Consumer Discretionary		126,253,803		—		—	1		126,253,803
Consumer Staples		89,938,875		—		—			89,938,875
Energy		78,432,210		—		—			78,432,210
Financials		167,095,184		—		—			167,095,184
Healthcare		160,055,359		—		—			160,055,359
Industrials		124,529,033		—		—			124,529,033
Information Technology		217,328,949		20,196,099		—			237,525,048
Materials		12,076,470		—		—			12,076,470
Utilities		30,186,126		—		—			30,186,126
Convertible Bond		—		—		3,905,389			3,905,389
Corporate Bonds		—		234,368,866		—			234,368,866
Exchange-Traded Funds		57,116,592		—		—			57,116,592
Loan Agreements		—		39,730,092		—			39,730,092
Municipal Bonds		—		1,376,895		—			1,376,895
Non-Agency Collateralized Mortgage Obligations		—		6,043,230		—			6,043,230
Non-Agency Commercial Mortgage-Backed Securities		—		18,108,776		—			18,108,776
Preferred Stock		13,904,243		—		—			13,904,243
Sovereign Bonds		—		2,355,928		—			2,355,928
US Treasury Obligations		—		29,021,051		—			29,021,051
Short-Term Investments		4,379,488		—		—			4,379,488
Total Value of Securities	$	1,188,356,289	$	484,884,918	$	5,283,148		$	1,678,524,355
Derivatives2
Assets:
Forward Foreign Currency Exchange Contracts	$	—	$	19,625	$	—		$	19,625

100 

	Delaware Ivy Asset Strategy Fund
	Level 1			Level 2		Level 3		Total
Futures Contracts	$	115,503		$	—	$	—	$	115,503
Liabilities:
Futures Contracts	$	(376,544	)	$	—	$	—	$	(376,544	)

¹The security that has been valued at zero on the “Consolidated schedules of investments” is considered to be a Level 3 investment in this table.

²Forward foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Balanced Fund
	Level 1			Level 2			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—		$	14,216,407		$	14,216,407
Agency Mortgage-Backed Securities		—			146,381,917			146,381,917
Common Stocks		908,433,609			—			908,433,609
Corporate Bonds		—			135,848,952			135,848,952
Exchange-Traded Funds		55,506,100			—			55,506,100
Non-Agency Collateralized Mortgage Obligations		—			1,717,188			1,717,188
Non-Agency Commercial Mortgage-Backed Securities		—			41,429,360			41,429,360
Sovereign Bonds		—			5,493,096			5,493,096
US Treasury Obligations		—			136,910,100			136,910,100
Short-Term Investments		5,963,312			—			5,963,312
Total Value of Securities	$	969,903,021		$	481,997,020		$	1,451,900,041
Derivatives1
Assets:
Futures Contracts	$	806,128		$	—		$	806,128
Liabilities:
Forward Foreign Currency Exchange Contracts	$	—		$	(8,499	)	$	(8,499	)
Futures Contracts		(903,654	)		—			(903,654	)

¹Forward foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware Ivy Natural Resources Fund
	Level 1		Level 2		Level 3		Total
Securities
Assets:
Closed-Ended Trust	$	5,021,693	$	—	$	—	$	5,021,693
Common Stocks
Australia		10,829,295		—		—		10,829,295
Brazil		8,838,440		—		—		8,838,440
Burkina Faso		2,650,806		—		—		2,650,806
Canada		32,307,919		—		—		32,307,919

101

Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy Natural Resources Fund
	Level 1		Level 2		Level 3			Total
Hong Kong	$	—	$	—	$	—	1	$	—
Netherlands		13,612,007		—		—			13,612,007
South Africa		6,488,258		—		—			6,488,258
United Kingdom		7,131,217		—		—			7,131,217
United States		145,529,561		—		—			145,529,561
Short-Term Investments		1,126,592		—		—			1,126,592
Total Value of Securities	$	233,535,788	$	—	$	—		$	233,535,788

¹The security that has been valued at zero on the “Schedules of investments” is considered to be a Level 3 investment in this table.

	Delaware Ivy Science and Technology Fund
	Level 1
Securities
Assets:
Common Stocks	$	4,632,071,416
Short-Term Investments		51,984,117
Total Value of Securities	$	4,684,055,533
	Delaware Real Estate Securities Fund
	Level 1
Securities
Assets:
Common Stocks	$	125,257,078
Short-Term Investments		913,466
Total Value of Securities	$	126,170,544

During the six months ended September 30, 2023, 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 that Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Delaware Ivy Asset Strategy Fund and Delaware Ivy Natural Resources Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Delaware Ivy Asset Strategy Fund and Delaware Ivy Natural Resources Fund’s net assets at the end of the period. As of September 30, 2023, Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Balanced Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund had no Level 3 investments.

102 

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Climate Solutions Fund						Delaware Global Real Estate Fund						Delaware Ivy Asset Strategy Fund
	Six months ended 9/30/23			Year ended 3/31/23			Six months ended 9/30/23			Year ended 3/31/23			Six months ended 9/30/23			Year ended 3/31/23
Shares sold:
Class A		271,235			3,360,135			93,512			80,517			1,081,995			3,600,067
Class C		16,911			305,099			588			3,279			92,694			218,910
Class E		—			—			—			—			—			14,181
Class I		759,098			6,148,059			91,133			227,717			781,540			2,863,384
Class R		90,258			1,323,253			2,592			1,806			56,181			108,368
Class R6		150,731			349,217			144,643			133,466			50,157			288,876
Class Y		30,035			508,801			1			—			68,510			188,761
Shares issued upon reinvestment of dividends and distributions:
Class A		—			166,426			7,850			91,800			859,906			10,128,431
Class C		—			15,477			161			4,424			26,203			537,801
Class E1		—			—			—			—			—			6,259
Class I		—			156,193			21,770			334,598			262,982			3,400,804
Class R		—			58,694			826			9,834			13,323			166,158
Class R6		—			10,181			19,229			189,759			12,475			117,659
Class Y		—			10,575			1,327			13,901			54,119			656,827
		1,318,268			12,412,110			383,632			1,091,101			3,360,085			22,296,486
Shares redeemed:
Class A		(2,068,752	)		(5,034,974	)		(102,442	)		(412,115	)		(5,117,444	)		(12,448,492	)
Class C		(348,574	)		(743,495	)		(7,473	)		(25,556	)		(702,400	)		(2,126,624	)
Class E		—			—			—			—			—			(1,688,882	)
Class I		(1,994,681	)		(7,801,503	)		(584,496	)		(2,146,084	)		(3,791,297	)		(10,997,515	)
Class R		(854,930	)		(1,733,467	)		(8,306	)		(7,025	)		(99,768	)		(222,826	)
Class R6		(83,860	)		(680,008	)		(202,270	)		(792,676	)		(92,749	)		(168,804	)
Class Y		(227,450	)		(960,111	)		(1,234	)		(3,512	)		(334,435	)		(814,275	)
		(5,578,247	)		(16,953,558	)		(906,221	)		(3,386,968	)		(10,138,093	)		(28,467,418	)
Net decrease		(4,259,979	)		(4,541,448	)		(522,589	)		(2,295,867	)		(6,778,008	)		(6,170,932	)

103

Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Delaware Ivy Balanced Fund						Delaware Ivy Natural Resources Fund						Delaware Ivy Science and Technology Fund
	Six months ended 9/30/23			Year ended 3/31/23			Six months ended 9/30/23			Year ended 3/31/23			Six months ended 9/30/23			Year ended 3/31/23
Shares sold:
Class A		1,875,781			4,972,586			124,738			1,614,322			1,521,147			3,891,255
Class C		94,653			265,487			14,915			180,503			127,123			274,707
Class E		—			—			—			3,220			—			15,280
Class I		1,783,809			2,975,259			336,692			1,671,380			1,850,715			7,422,586
Class R		26,663			26,228			51,816			347,154			118,727			286,923
Class R6		58,813			167,428			142,389			205,121			287,198			539,044
Class Y		13,911			43,816			59,112			269,789			395,854			572,209
Shares issued upon reinvestment of dividends and distributions:
Class A		340,851			12,523,810			—			198,574			—			19,667,101
Class C		5,576			862,921			—			7,456			—			1,949,854
Class I		143,810			5,275,245			—			95,126			—			6,000,379
Class R		2,213			99,859			—			16,643			—			649,004
Class R6		3,580			89,913			—			4,080			—			495,694
Class Y		3,090			105,532			—			16,224			—			1,082,649
		4,352,750			27,408,084			729,662			4,629,592			4,300,764			42,846,685
Shares redeemed:
Class A		(6,027,175	)		(17,171,517	)		(1,027,413	)		(2,354,474	)		(7,358,522	)		(26,476,477	)
Class C		(976,638	)		(2,335,250	)		(84,760	)		(135,876	)		(1,276,763	)		(3,231,415	)
Class E		—			—			—			(205,467	)		—			(953,424	)
Class I		(4,815,374	)		(15,913,958	)		(1,048,517	)		(1,896,750	)		(4,701,325	)		(20,441,504	)
Class R		(57,116	)		(91,719	)		(208,634	)		(424,877	)		(298,878	)		(534,567	)
Class R6		(75,471	)		(165,689	)		(81,444	)		(79,972	)		(249,514	)		(1,296,102	)
Class Y		(83,880	)		(105,862	)		(143,181	)		(331,182	)		(693,563	)		(1,894,782	)
		(12,035,654	)		(35,783,995	)		(2,593,949	)		(5,428,598	)		(14,578,565	)		(54,828,271	)
Net decrease		(7,682,904	)		(8,375,911	)		(1,864,287	)		(799,006	)		(10,277,801	)		(11,981,586	)

104 

	Delaware Real Estate Securities Fund
	Six months ended 9/30/23			Year ended 3/31/23
Shares sold:
Class A		54,235			169,507
Class C		1,223			4,359
Class E		—			849
Class I		208,616			792,851
Class R		1,744			12,254
Class R6		10,271			78,473
Class Y		8,612			139,644
Shares issued upon reinvestment of dividends and distributions:
Class A		66,465			1,466,631
Class C		421			15,179
Class I		48,703			1,133,716
Class R		290			5,699
Class R6		1,641			32,765
Class Y		2,220			73,372
		404,441			3,925,299
Shares redeemed:
Class A		(693,305	)		(1,531,092	)
Class C		(15,303	)		(31,187	)
Class E		—			(108,075	)
Class I		(992,653	)		(2,811,727	)
Class R		(9,501	)		(7,676	)
Class R6		(22,497	)		(32,944	)
Class Y		(51,543	)		(3,255,252	)
		(1,784,802	)		(7,777,953	)
Net decrease		(1,380,361	)		(3,852,654	)

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

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 September 30, 2023 and the year ended March 31, 2023, each Fund had the following exchange transactions:

	Six months ended September 30, 2023						Year Ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Delaware Climate Solutions Fund					$	52,542					$	2,688,406
Class A		189		4,879				179,306		50,142
Class C		3,379		—				86,971		—
Class I		1,990		457				907		200,575

105

Notes to financial statements

Ivy Funds

4. Capital Shares (continued)

	Six months ended September 30, 2023						Year Ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Class R6		—		—				—		17
Delaware Global Real Estate Fund					$	32,196					$	356,167
Class A		—		3,839				26,312		6,804
Class C		3,895		—				7,572		—
Class I		—		—				961		26,825
Class R6		—		—				—		961
Delaware Ivy Asset Strategy Fund					$	2,254,657					$	29,036,328
Class A		54,233		62,465				495,262		745,847
Class C		66,814		—				803,534		—
Class I		2,004		54,388				181,475		491,352
Class R6		—		554				—		171,608
Class Y		1,942		—				3,390		—
Delaware Ivy Balanced Fund					$	1,796,114					$	26,464,453
Class A		30,286		59,319				557,378		509,401
Class C		46,054		—				519,898		—
Class I		15,982		30,934				117,983		577,669
Class R6		—		2,402				—		107,515
Class Y		1,276		—				7,224		440
Delaware Ivy Natural Resources Fund					$	96,227					$	3,947,855
Class A		4,196		1,934				134,876		15,461
Class C		2,170		—				15,452		—
Class I		177		3,999				87,011		131,445
Class R6		—		—				—		82,558
Class Y		—		—				1,241		—
Delaware Ivy Science and Technology
Fund					$	2,580,181					$	84,882,252
Class A		20,668		33,896				1,069,466		450,782
Class C		60,215		—				682,317		—
Class I		1,765		14,358				133,928		914,702
Class R6		—		4,596				970		133,678
Class Y		156		—				49,891		—
Delaware Real Estate Securities Fund					$	60,139					$	2,131,329
Class A		2,690		950				88,911		7,374
Class C		1,000		—				9,394		—
Class I		—		2,644				346		89,033
Class R6		—		—				—		542

5. Basis of consolidation for Delaware Ivy Asset Strategy Fund

Ivy ASF II, Ltd. (the Subsidiary), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Delaware Ivy Asset Strategy Fund (referred to as the Fund in this subsection). Ivy ASF III (SBP), LLC (the Company), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Fund. The Subsidiary and the Company act as investment vehicles for the Fund, in order to affect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI.

The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund, its Subsidiary and the Company. The consolidated financial statements include the accounts of the Fund, and its Subsidiary and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Fund will remain the sole shareholder and retain all

106 

rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Company.

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2023 of the Subsidiary and the Company to the Fund.

	Date of Incorporation	Subscription Agreement	Fund’s Net Assets		Subsidiary/ company net assets		Percentage of Fund’s net assets
Ivy ASF ll, Ltd	1-31-13	4-10-13	$	1,690,137,790	$	68,726,586		4.07	%
Ivy ASF lll (SBP), LLC	4-9-13	4-23-13		1,690,137,790		121,222		0.01	%

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 30, 2023.

Each Fund had no amounts outstanding as of September 30, 2023, or at any time during the period then ended.

7. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended September 30, 2023.

8. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Forward Foreign Currency Exchange Contracts — Each Fund may enter into forward foreign currency exchange contracts and forward 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 forward foreign currency exchange contracts and forward 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 forward foreign currency exchange contracts and forward 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

107

Notes to financial statements

Ivy Funds

8. Derivatives (continued)

maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund’s exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are disclosed on the “Schedules of investments.”

During the six months ended September 30, 2023, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund each used forward 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.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures contracts in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund posted $445,093 and $732,688 respectively as cash collateral as margin for open futures contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”

During the period ended September 30, 2023, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund invested in futures contracts to hedge the Funds’ existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

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 September 30, 2023, Delaware Ivy Balanced Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions.

Swap Contracts — Delaware Ivy Balanced Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured

108 

long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended September 30, 2023, Delaware Ivy Balanced Fund entered into CDS contracts as a purchaser 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 Delaware Ivy Balanced Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, or (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended September 30, 2023, Delaware Ivy Balanced Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

Fair values of derivative instruments as of September 30, 2023 were as follows:

	Delaware Ivy Asset Strategy Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts		Interest Rate Contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	19,625	$	—
Variation margin due from broker on futures contracts*		—		115,503
Total	$	19,625	$	115,503

109

Notes to financial statements

Ivy Funds

8. Derivatives (continued)

	Delaware Ivy Asset Strategy Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Interest Rate Contracts
Variation margin due from broker on futures contracts*	$	(376,544	)
	Delaware Ivy Balanced Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Interest Rate Contracts
Variation margin due from broker on futures contracts*	$	806,128

	Delaware Ivy Balanced Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	(8,499	)	$	—
Variation margin due from broker on futures contracts*		—			(903,654	)
Total	$	(8,499	)	$	(903,654	)

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through September 30, 2023. Only current day variation margin is reported on the Fund’s “Statements of assets and liabilities.”

The effect of derivative instruments on the “Statements of operations” for the six months ended September 30, 2023 was as follows:

Delaware Ivy Asset Strategy Fund	Net Realized Gain (loss) on:
	Futures Contracts
Interest rate contracts	$	(839,356	)

110 

	Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Exchange Contracts		Futures Contracts			Total
Currency contracts	$	19,625	$	—		$	19,625
Interest rate contracts		—		(671,346	)		(671,346	)
Total	$	19,625	$	(671,346	)	$	(651,721	)

Delaware Ivy Balanced Fund	Net Realized Gain (loss) on:
	Futures Contracts			Options Purchased			Options Written		Swap Contracts		Total
Interest rate contracts	$	(789,722	)	$	—		$	—	$	—	$	(789,722	)
Credit contracts		—			(67,830	)		235,225		144,174		311,569
Total	$	(789,722	)	$	(67,830	)	$	235,225	$	144,174	$	(478,153	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased		Options Written			Swap Contracts			Total
Currency contracts	$	(8,499	)	$	—		$	—	$	—		$	—		$	(8,499	)
Interest rate contracts		—			(292,702	)		—		—			—			(292,702	)
Credit contracts		—			—			19,809		(73,753	)		(135,097	)		(189,041	)
Total	$	(8,499	)	$	(292,702	)	$	19,809	$	(73,753	)	$	(135,097	)	$	(490,242	)

The tables below summarize the average daily balance of derivative holdings by certain Funds during the six months ended September 30, 2023:

	Long Derivative Volume
	Delaware Ivy Asset Strategy Fund		Delaware Ivy Balanced Fund
Futures contracts (average notional value)	$	33,552,492	$	75,245,448
Options contracts (average notional value)*		—		69,786
CDS contracts (average notional value)**		—		1,080,159
	Short Derivative Volume
	Delaware Ivy Asset Strategy Fund		Delaware Ivy Balanced Fund
Forward foreign currency exchange contracts (average notional value)	$	136,696	$	177,954
Futures contracts (average notional value)		2,637,350		36,450,346
Options contracts (average notional value)*		—		26,675

111

Notes to financial statements

Ivy Funds

8. Derivatives (continued)

*Long represents purchased options and short represents written options.

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

9. 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 certain over-the-counter 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 September 30, 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 Asset Strategy Fund

Counterparty							Gross Value of Derivative Asset		Gross Value of Derivative Liability		Net Position
JPMorgan Chase Bank							$	19,625	$	—	$	19,625
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	$	19,625	$	—	$	—	$	—	$	—	$	19,625

Delaware Ivy Balanced Fund

Counterparty								Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Citigroup								$	—	$	(8,499	)	$	(8,499	)
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)
Citigroup	$	(8,499	)	$	—	$	—	$	—	$	—		$	(8,499	)

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

10. Securities Lending

Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with

112 

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.

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.

At September 30, 2023, each Fund had no securities out on loan.

11. Credit and Market Risks

The global outbreak of COVID-19 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.

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

113

Notes to financial statements

Ivy Funds

11. Credit and Market Risks (continued)

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.

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 US. 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 each 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 each 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 each 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, each Fund may pay an assignment fee. On an ongoing basis, each 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 each Fund may be required to rely upon another lending institution to collect and pass on to each Fund amounts payable with respect to the loan and to enforce each Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent each Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to each Fund. There were no unfunded loan commitments at the six months ended September 30, 2023.

114 

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 September 30, 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.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Consolidated schedules of investments” and “Schedules of investments.”

12. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.

13. Subsequent Events

On October 1, 2023, the fees payable to DIFSC for the fund accounting and financial administrative oversight services provided to the Funds as described in Note 2 were revised. As of such date, DIFSC’s fees are payable by the Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion.

On October 30, 2023, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 revolving line of credit to be used as described in Note 6. 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 28, 2024.

Management has determined that no other material events or transactions occurred subsequent to September 30, 2023, that would require recognition or disclosure in the Funds’ financial statements.

115

Other Fund information (Unaudited)

Ivy Funds

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated a member of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if each Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. Each Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 23-25, 2023, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2022 through March 31, 2023. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 8-10, 2023

At a meeting held on August 8-10, 2023 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund and Delaware Real Estate Securities Fund (each, a “Fund” and together, the “Funds”) Investment Management Agreement with Delaware Management Company (“DMC) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) and Macquarie Investment Management Europe Limited (“MIMEL”) (together, the “Affiliated Sub-Advisers”).

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2023, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an “Investment Committee” and together, the “Investment Committees”), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

116 

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2023. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds’ Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (“JDL”).

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, each Fund’s portfolio managers. The Board’s review included consideration of DMC’s investment process and oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates.

In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the Delaware Funds by Macquarie complex (the “Delaware Funds”). Among other things, these services include third party service provider oversight, transfer agency, internal audit, valuation, portfolio trading, and legal and compliance functions. The Board noted DMC’s responsibility for overseeing the preparation of the Delaware Funds’ registration statement and supplements thereto and shareholder reports; responsibility for periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, and the resources available to DMC as part of Macquarie’s global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of Affiliated Sub-Advisers who provide these services each Fund’s applicable portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Board noted that the Affiliated Sub-Advisers are part of Macquarie’s global investment platform that has offices and personnel that are located around the world. These Affiliated Sub-Advisers provide research, investment and trading analysis on the markets and economies of various countries in which the Funds may invest, make recommendations regarding securities, provide portfolio management services and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment

117

Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 8-10, 2023 (continued)

companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Funds by DMC and the Affiliated Sub-Advisers.

Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board’s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider (“Broadridge”), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for each Fund’s institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used by Broadridge to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2022. The Board considered that the Funds were managed by Ivy Investment Management Company prior to the acquisition of its parent company, Waddell & Reed Financial, Inc. by Macquarie Asset Management, a division of Macquarie Group Ltd. (the “Transaction”), and that each Fund’s performance prior to the closing of the Transaction on April 30, 2021 is that of its predecessor investment manager and not DMC.

Delaware Climate Solutions Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional specialty and miscellaneous funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first, second, fourth and third quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was above the median of its Performance Universe and for the 5- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year periods and underperformed its benchmark index for the 5- and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team only began as of July 2022 and that the Fund repositioned into a climate solutions fund in July 2022 (and had also changed its investment strategy in November 2021). The Board noted the limited period of performance data available since the Fund changed its investment strategy and portfolio management team and repositioned into a climate solutions fund, and that the Board would continue to evaluate the Fund’s performance. The Board also noted that the Fund’s performance was ahead of its benchmark index and above its Performance Universe median for the 1-year period.

Delaware Global Real Estate Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional global real estate funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the first quartile of its Performance Universe and for the 5-year and since inception periods was in the second and third quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe and for the since inception period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-, 3-, and 5-year and since inception periods. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark index during the periods under review. The Board, however, noted that the investment performance of the current portfolio management and investment strategy only began as of July 2022.

Delaware Ivy Asset Strategy Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional alternative global macro funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe and for the 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe and for the 3-, 5- and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-, 3-, and 5-year periods and underperformed its benchmark index for the 10-year period. The Board noted that the Fund was generally outperforming its Performance Universe and benchmark for the 3- and 5-year periods. The Board noted that the Fund changed its portfolio management team and investment strategy in November 2021. The Board

118 

also noted that effective July 5, 2023, the portfolio management team changed, and the performance information was not reflective of that team. The Board noted the limited period of performance data available since the Fund changed its investment strategy and that it would continue to evaluate the Fund’s performance.

Delaware Ivy Balanced Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 10-year periods was in the second quartile of its Performance Universe and for the 5-year period was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was equal to the median of its Performance Universe and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-year period and underperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board noted that the investment performance of the current portfolio management team only began as of November 2021. The Board noted the limited period of performance data available since the Fund changed its investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund’s relative performance versus its benchmark for the various periods.

Delaware Ivy Natural Resources Fund. The Performance Universe consists of the Fund and all retail and institutional global natural resources funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the third quartile of its Performance Universe and for the 3- and 5-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and further noted that the Fund’s investment strategy changed as of April 28, 2023 to be diversified internationally, which is not reflected in the performance information. and that it would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods.

Delaware Ivy Science and Technology Fund. The Performance Universe consists of the Fund and all retail and institutional science & technology funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first, third, second and third quartiles, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 5-year periods was above or equal to the median of its Performance Universe and for the 3- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-year period and underperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods. The Board also noted that the Fund’s performance was ahead of its benchmark index and above its Performance Universe median for the 1-year period.

Delaware Real Estate Securities Fund. The Performance Universe consists of the Fund and all retail and institutional real estate funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the first quartile of its Performance Universe and for the 5- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-year period and outperformed its benchmark index for the 3-, 5-, and 10-year periods. The Board noted that the Fund was generally outperforming its Performance Universe and benchmark index during the periods under review. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of July 2022. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that it would continue to evaluate the Fund’s performance.

Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Institutional Class shares and comparative total expenses including 12b-1 and non-12b-1 service

119

Other Fund information (Unaudited)

Ivy Funds

Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 8-10, 2023 (continued)

fees. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with a Fund’s expense universe, which is comprised of the Fund, its Expense Group and all other similar institutional funds, excluding outliers (the “Expense Universe”). Each Fund’s total expenses were also compared with those of its Expense Universe. The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

Delaware Climate Solutions Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Global Real Estate Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Asset Strategy Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Balanced Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Natural Resources Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Ivy Science and Technology Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

Delaware Real Estate Securities Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Funds.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds, including the current breakpoints. The Board noted that, as of March 31, 2023, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund’s net assets exceeded their first breakpoint and Delaware Ivy Science and Technology Fund’s net assets exceeded its third breakpoint level and that breakpoints result in a

120 

lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.

Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board noted DMC’s changes to its cost allocation methodology for its profitability analysis and the explanations for such changes. The Board also reviewed a report prepared by JDL regarding DMC’s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC’s profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC’s profit, if any, can vary significantly depending on the particular fund; and that DMC’s support for, and commitment to, a fund is not solely dependent on the profits realized as to that fund.

The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

Based on its review, the Board determined that DMC’s profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through “soft dollar” arrangements; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the ongoing commitment of DMC and its affiliates to the Funds, the Board did not find that any ancillary benefits received by DMC and its affiliates, including the Affiliated Sub-Advisers, were unreasonable.

Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC’s Investment Management Agreement and of the Affiliated Sub-Advisers’ Sub-Advisory Agreements for an additional one-year period.

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 each 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 each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Fund’s most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

Information (if any) regarding how each Fund 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.

121

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a)	Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b)	Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures.

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)

under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

IVY FUNDS

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 4, 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:	December 4, 2023

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 4, 2023