N-CSR 1 mimif4329101-ncsr.htm N-CSR

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:	March 31, 2024

Item 1. Reports to Stockholders

Annual 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

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

March 31, 2024

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

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

Table of Contents

Table of contents

Portfolio management reviews	1
Performance summaries	36
Disclosure of Fund expenses	90
Security type / sector / country allocations and top 10 equity holdings	95
Schedules of investments	112
Statements of assets and liabilities	161
Statements of operations	169
Statements of changes in net assets	177
Financial highlights	193
Notes to financial statements	289
Report of independent registered public accounting firm	336
Other Fund information	338
Board of trustees and officers addendum	341

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM’s public markets businesses trace their roots to 1929 and partner 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 an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.

The Funds are advised by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a US registered investment adviser, and 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 annual 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 applicable fund's current prospectus or summary prospectus. These documents are available at delawarefunds.com/literature.

Unless otherwise noted, views expressed herein are current as of March 31, 2024, and subject to change for events occurring after such date. These views are not intended to be investment advice, to forecast future events, or to guarantee future results.

The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested. All third-party marks cited are the property of their respective owners.

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Portfolio management reviews

Delaware Global Equity Fund II

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Global Equity Fund II (Class I shares)	1-year return	+13.12%
Delaware Global Equity Fund II (Class A shares)	1-year return	+12.81%
MSCI ACWI (net) (benchmark)	1-year return	+23.22%
MSCI ACWI Index (gross) (benchmark)	1-year return	+23.81%
MSCI World Index (net) (former benchmark)	1-year return	+25.11%
MSCI World Index (gross) (former benchmark)	1-year return	+25.72%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Global Equity Fund II, please see the table on page 36.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 38 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide total return through a combination of current income and capital appreciation.

Significant Fund event

On August 31, 2023, the portfolio management responsibilities of the Fund changed and Aditya Kapoor, Charles John, and Charles (Trey) Schorgl now serve as portfolio managers of the Fund. In addition, on October 31, 2023, the Fund’s name changed to Delaware Global Equity Fund II and the Fund’s benchmark changed from the MSCI World Index to the MSCI ACWI (All Country World Index).

On January 16, 2024, the Board of Trustees of Ivy Funds approved the reorganization of Delaware Global Equity Fund II (Acquired Fund) into Delaware Ivy Global Growth Fund (Acquiring Fund). It is currently expected that the reorganization will be completed in the second quarter of 2024 subject to the approval of the reorganization by the Acquired Fund shareholders. The Acquired Fund will close to purchases and exchanges into the Acquiring Fund for both new and existing shareholders one week before the reorganization date.

Market review

The fiscal period ended March 31, 2024, marked a solid recovery for global markets. Equities in the US were particularly strong, benefiting from the proliferation of artificial intelligence (AI) applications and fading concern for a US recession. International markets produced gains that were reasonable if not as strong.

Unlike the US, international equities didn’t benefit immediately from the launch of AI. Overseas markets recovered in earnest beginning in the fall 2023, driven by softer central-bank rhetoric. Toward the end of the fiscal year, international markets were driven by incrementally positive macroeconomic data and investor sentiment. Investor enthusiasm for AI ultimately bled into the international rally as it broadened into those parts of the tech sector with a more global presence.

It should come as no surprise then, that information technology (IT) was the strongest-performing sector and countries with leading tech companies performed well. This benefited the US, Taiwan, and Netherlands. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S also performed well. India has been a bright spot within global markets as it had one of the strongest economies in the world. China, and associated Hong Kong based holdings, performed weakest as macroeconomic issues lingered.

At a macro level, US gross domestic product (GDP) remained strong, despite certain areas of the economy experiencing a downturn. Consumers and the government have sustained growth, driving services on the consumer side and considerable local-government spending.

Europe, while contracting by many economic measures over the year, began to improve somewhat near period end. The services sector remained the area of growth. In Japan, the economic picture was mixed. The corporate landscape is quite sound and inflation, while increasing, has remained in check. The Bank of Japan abandoned its negative rate policy after many years but is keeping a ceiling on rates. China continued to struggle in its post-COVID-19-pandemic recovery. The government has only cautiously provided stimulus as it did in prior periods of weakness. The property market, a critical economic driver, continued to be under immense pressure. Toward the end of the fiscal year, China improved slightly in some sectors, mainly the result of higher export activity.

Global interest rates were volatile during the year, rising sharply in the first six months before rolling over as the US Federal Reserve adopted a more moderate posture. However, late in the fiscal year,

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Portfolio management reviews

Delaware Global Equity Fund II

rates rose again as inflation remained elevated. Oil was volatile but ended nearly flat for the fiscal year.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the period under prior portfolio management, from April 1, 2023, through August 31, 2023, Delaware Global Equity Fund II Class I shares posted a positive return but underperformed the Fund’s then current benchmark, the MSCI World Index (net).

The Fund sought to identify undervalued quality companies with the potential to provide solid relative capital protection in challenging times. Therefore, the portfolio was built bottom-up (stock-by-stock) by selecting company stocks based on quantitative insights and qualitative assessments.

Within the MSCI World Index benchmark, IT and communication services provided the strongest sector returns during this period while the weakest performance came from consumer staples and materials.

Stock selection as well as the overall active sector allocation negatively affected the relative performance while stock selection within materials and financials contributed to relative performance. The Fund’s sizable overweight to consumer stables, one of the weaker performing sectors, had a negative impact on the relative performance as did its sizable underweight to strongest-performing sector IT.

In terms of individual holdings, leading contributors to performance during the period cited were Danish pharmaceutical company Novo Nordisk A/S and German multinational enterprise resource planning (ERP) software company SAP SE.

Novo Nordisk, producer of two popular and revolutionary obesity medications and a substantial portion of the world’s supply of insulin, is reaping impressive profits. According to results published in August, a double-blinded trial with the company’s medication Wegovy and placebo demonstrated a statistically significant and superior reduction by 20% in the risk of major adverse cardiovascular events in overweight adults. That was good news for both Novo Nordisk, its stock price, and, not least, patients.

SAP delivered on its migration to a subscription-based business model, which we think may provide higher profitability, more stability, and better scalability. We invested early in this transformation three years ago and think management has executed well so far. Its first goal was to build an installed base of subscription customers. Now, the company is focused on margin expansion. Investors have rewarded SAP for its improving business fundamentals.

Conversely, primary detractors from performance during this period were the Swedish hygiene and health company Essity AB and the British multinational alcoholic beverage company Diageo PLC.

The end of the pandemic did not bring the relief Essity had hoped for. The latest quarterly results revealed that the company will have difficulties achieving flat volume levels for the full year. Management took the strategic decision to favor margins at the expense of volume as it believes strong brands, Essity’s prominent market positions in different regions, and relationships with distributors and retailers, will expand margins even with price concessions from private-label competitors.

Diageo showed resilient results with strong sales and earnings growth that was broad-based in regions and categories. However, the company also showed weak volume growth, which disappointed investors who may have extrapolated strong post-pandemic growth in the financial models.

For the fiscal year ended March 31, 2024, Delaware Global Equity Fund II advanced but underperformed its benchmark, the MSCI ACWI (All Country World Index) (net). The Fund’s Class I shares gained 13.12%. The Fund’s Class A shares gained 12.81% at net asset value (NAV) and 6.35% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 23.22%. For complete, annualized performance of Delaware Global Equity Fund II, please see the table on page 36.

Stock selection, particularly in consumer staples and healthcare, drove performance. Stock selection in IT, communication services, and consumer discretionary contributed most. From a country perspective, the US, Taiwan, and Hong Kong were the strongest contributors, while the UK, China, and Denmark were relatively weak performers.

Some of the largest detractors from performance during the period included China Mengniu Dairy Co. Ltd., Reckitt Benckiser Group PLC, and Genmab A/S.

China Mengniu is one of the largest dairy producers in China. The stock was weak as China struggled with a difficult macroeconomic backdrop. Nonetheless, the company grew sales modestly, and maintained a dominant position in staple products.

Reckitt, a UK-based consumer-products business, missed earnings expectations as volumes were weak. Reckitt provided guidance, however, that growth should pick up in 2024.

Genmab, a Danish biopharmaceutical company, was a weak performer with several concerns, including delays in a clinical trial due to recruitment risks and higher spending requirements for several phase 3 starts. However, we remain optimistic because the company has a robust pipeline and the ability to generate significant

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growth and cash flow through current commercialized products. Genmab’s shares are significantly undervalued, in our opinion.

On an individual stock basis, the largest contributors to performance were Taiwan Semiconductor Manufacturing Co. Ltd., Netflix Inc., and Adyen N.V.

Taiwan Semiconductor has a near-global monopoly in the semiconductor foundry space. The company benefited from reacceleration in the memory semiconductor cycle, while the entire semiconductor ecosystem benefited from the proliferation of artificial intelligence (AI). Also, Taiwan Semiconductor just concluded a significant capital expenditure cycle that will begin to generate a profit.

Netflix is a US-based media-streaming service. The company is the incumbent in the space, having never had a linear TV business, an advantage as competitors struggle with cannibalization and loss of legacy revenue. Netflix’s user growth has been strong as it expands overseas and combats password sharing. It also announced a new advertising-based platform, which should provide an additional tailwind for growth.

Adyen, a Netherlands-based financial technology company, rallied after a brief period of weakness in 2023. Adyen generates most of its revenue in the US but has achieved growth in other areas. The company grew margins when after a big investment cycle it slowed hiring, a significant cost headwind for much of last year. While strong secular tailwinds remain for Adyen, we believe that the company has superior technology that could make it a leader in the space.

As the portfolio was repositioned, there were many new holdings and exits. Within semiconductors, NVIDIA Corp. and Taiwan Semiconductor were added. These companies that are now core holdings within the Fund’s portfolio have clear competitive advantages and are in a massive upcycle, in our view. Of the many positions sold, Unilever PLC and Pfizer Inc. are two examples. Both companies had relatively elevated valuations given lackluster growth prospects and we did not find the fundamentals attractive.

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Portfolio management reviews

Delaware International Equity Fund II

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware International Equity Fund II (Class I shares)	1-year return	+5.91%
Delaware International Equity Fund II (Class A shares)	1-year return	+5.60%
MSCI ACWI ex USA (net) (benchmark)	1-year return	+13.26%
MSCI ACWI ex USA (gross) (benchmark)	1-year return	+13.83%
MSCI EAFE (Europe, Australasia, Far East) Index (net) (former benchmark)	1-year return	+15.32%
MSCI EAFE (Europe, Australasia, Far East) Index (gross) (former benchmark)	1-year return	+15.90%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware International Equity Fund II (formerly Delaware Ivy International Value Fund), please see the table on page 40.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 42 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide capital appreciation.

Significant Fund events

On August 31, 2023, the portfolio management responsibilities of the Fund changed and Aditya Kapoor, Charles John, and Charles (Trey) Schorgl now serve as portfolio managers of the Fund. In addition, on October 31, 2023, the Fund’s name changed to Delaware International Equity Fund II and the Fund’s benchmark changed from the MSCI EAFE (Europe, Australasia, Far East) Index to MSCI ACWI (All Country World Index) ex USA.

On January 16, 2024, the Board of Trustees of Ivy Funds approved the reorganization of Delaware International Equity Fund II (Acquired Fund) into Delaware Ivy International Core Equity Fund (Acquiring Fund). Acquired Fund shareholders approved the reorganization at a special shareholder meeting held on March 25, 2024. The reorganization will occur on or about May 3, 2024. The Acquired Fund will close to purchases and exchanges into the Acquiring Fund for both new and existing shareholders one week before the Reorganization Date.

Market review

Equity markets rallied sharply in the latter months of the fiscal year ended March 31, 2024. Investors were buoyed by the receding possibility of a recession, increasingly likely interest rate cuts, and the burgeoning commercial use of artificial intelligence (AI).

Riding the AI wave, information technology (IT) was the strongest-performing sector, and countries with leading tech companies performed best, with the Netherlands and Taiwan standing out. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S, also performed well. India was likewise a bright spot. China and associated Hong Kong-based holdings, along with Brazil and Switzerland, were weak performers.

At a macroeconomic level, Europe, while contracting by many economic measures over the year, showed signs of improvement at the end of the fiscal period, largely due to growth in the services sector. In Japan, the economic picture remained mixed – the corporate landscape was sound and inflation, while increasing, remained in check, prompting Bank of Japan to keep a ceiling on rates. China continued to struggle in its post-COVID-19 recovery. The government has been cautious in applying stimulus unlike other periods of weakness, and the property market, a critical economic driver, was under immense pressure.

Global interest rates declined sharply in the first part of the period, but persistently high inflation pushed rates back toward the end of the fiscal year. Oil was volatile but essentially flat over the period.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the period under prior portfolio management, from April 1, 2023, through August 31, 2023, Delaware International Equity Fund II Class I shares showed a positive result but underperformed the Fund’s then current benchmark, the MSCI EAFE (Europe, Australasia, Far East) Index (net).

The Fund has sought to identify undervalued quality companies with the potential to provide solid relative capital protection in challenging times. Therefore, the portfolio was built bottom-up (stock-by-stock) by selecting company stocks based on quantitative insights and qualitative assessments.

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Within the Fund’s original benchmark, energy and financials provided the strongest sector returns during this period while the weakest performance came from communication services and consumer staples.

Stock selection had a positive effect on relative performance for the period cited, while active sector allocation had a negative effect. At a sector level, stock selection in materials, IT, healthcare, and consumer discretionary contributed to relative performance. The Fund’s sizable overweight to consumer staples, one of the weaker-performing sectors, had a negative effect on relative performance as did its sizable underweight to financials, one of the better-performing sectors.

The largest individual detractors from this performance period included British multinational alcoholic beverage company Diageo PLC and Swedish security services company Securitas AB.

Securitas is digesting a large acquisition, leading to structurally higher earnings before interest, taxes, and amortization (EBITA) margins and a higher earnings contribution from technology-enabled services. While the debt load is currently high, it will be worked down over the next couple of years, potentially building equity for shareholders and derisking the current low-valuation multiple. We think the refinancing risk is substantially reduced as Securitas has no debt covenants and no significant near-term debt maturities. Its earnings report was a mixed bag but its organic growth, driven by price increases, was strong. However, the company’s European business is still running at sub-standard margins, which need improvement. Shares fell in May due to contracting valuation multiples.

The largest individual contributors to performance over the fiscal period cited included German multinational enterprise resource planning (ERP) software company SAP SE and French food services and facilities management company Sodexo SA.

Sodexo, one of the largest food service companies globally, operates on-premises catering facilities in addition to pursuing diversification of its business activities into other areas, such as facilities-management services. The latest sales and revenue announcement showed somewhat light numbers for the on-site segment recovery after COVID-19, despite strong organic revenue growth of 10.5% and “progressive softening of inflation on food costs,” according to management. After a brief initially negative market reaction, the Sodexo share price rose steadily throughout the month of August.

For the fiscal year ended March 31, 2024, Delaware International Equity Fund II advanced but underperformed its benchmark, the MSCI ACWI (All Country World Index) ex USA (net). The Fund’s Class I shares gained 5.91%. The Fund’s Class A shares gained 5.60% at net asset value (NAV) and declined 0.48% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 13.26%. For complete, annualized performance of Delaware International Equity Fund II, please see the table on page 40.

At the sector level, consumer staples, energy, and healthcare detracted from relative performance, while stock selection in financials, IT, and consumer discretionary contributed for the period. At a country level, the UK, Germany, and Japan were weaker relative performers, while the Netherlands, Spain, and Brazil were strong.

Leading detractors to relative performance were HelloFresh SE, Budweiser Brewing Company Apac Ltd., and China Mengniu Dairy Co. Ltd.

HelloFresh is a German online meal-kit company. While the business had promising growth prospects, we overestimated its ability to convert marketing spend into sustainable customer acquisition growth. We decided to sell the position.

Budweiser Brewing is a Hong Kong-based beer company. Despite the stable nature of beer and solid execution on premiumization in China, where Budweiser grew premium beer sales double digits in the recent period, the business faced headwinds on several fronts. Lower-end beer sales in China have been soft and Chinese consumers are still under pressure. Also, increased taxes in South Korea ate into profits since Budweiser did not increase prices to offset the tax. We believe the company is still well positioned in the long term and have retained our position.

China Mengniu is one of the largest dairy manufacturers in China. The stock was weak as a large part of the Chinese population struggled within a difficult macroeconomic backdrop. Despite the difficult environment, the company grew sales modestly and maintained a dominant position in staple products.

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Portfolio management reviews

Delaware International Equity Fund II

On an individual basis, the largest contributors to performance included Banco Bilbao Vizcaya Argentaria SA, Adyen NV, and Stellantis NV.

Banco Bilbao is a Spanish bank that generates most of its revenue in Mexico. With a healthy labor market and an appetite for consumption, Mexico had solid loan growth. The company also gained market share. Overall, Banco Bilbao had good execution and benefited from a macro tailwind in its key market.

Stellantis is an auto conglomerate based in the Netherlands. It generated positive growth and strong cash flow in a difficult operating environment, including higher labor costs and price competition.

We made several changes to the Fund’s portfolio during the fiscal period, including the sale of HelloFresh mentioned above. We also initiated a position in Kion Group AG, a German industrial truck and supply chain solutions business. Industrial trucks primarily include machinery like forklifts and other warehouse solutions. The business is tied to the global supply chain, which had been suffering from a cyclical slowdown as inventories were elevated across the global economy. Due to this weakness, its stock was depressed on a historical basis. We think Kion is well positioned to potentially benefit once the supply chain market improves and it works through some unprofitable fixed contracts.

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Portfolio management reviews

Delaware Ivy Core Bond Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Core Bond Fund (Class I shares)	1-year return	+2.79%
Delaware Ivy Core Bond Fund (Class A shares)	1-year return	+2.53%
Bloomberg US Aggregate Index (benchmark)	1-year return	+1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Core Bond Fund, please see the table on page 44.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 46 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide current income consistent with preservation of capital.

Significant Fund event

On January 16, 2024, the Boards of Trustees of Ivy Funds and Delaware Group Adviser Funds approved the reorganization of Delaware Ivy Core Bond Fund (Acquired Fund) into Delaware Diversified Income Fund (Acquiring Fund). It is currently expected that the reorganization will be completed in the second quarter of 2024 subject to the approval of the reorganization by the Acquired Fund shareholders. The Acquired Fund will close to purchases and exchanges into the Acquiring Fund for both new and existing shareholders one week before the reorganization date.

Market review

The fiscal year ended March 31, 2024, was notable for significant geopolitical, monetary policy, financial, and economic events. From the outset, inflation in the US was well above the US Federal Reserve’s 2% target, as residual stimulus from the pandemic continued to support consumer spending despite corporations’ pricing power.

The Fed tested its contention that inflation would be transitory as it raised short-term rates to their highest level in 22 years. As the period progressed, investors’ focus shifted from inflation to a possible recession amid concern that the Fed would tighten monetary policy too much.

Economists early in the Fund’s fiscal year predicted that the steep climb in short-term rates would lead to economic contraction. This appeared to be supported by various measures of the yield-curve. For example, the US Treasury 10-year-to-2-year yield spread spent the entire fiscal year in inverted territory, a signal usually associated with recessionary environments. Yet the Fed’s effective management of the regional banking crisis set off by the collapse of Silicon Valley Bank in March 2023 and residual fiscal momentum forestalled recession.

Inflation was the key economic indicator during the fiscal year, as investors’ inflation fear returned in the fall of 2023, only to sharply reverse in December as the Fed signaled an end to the tightening cycle. In the first quarter of 2024, however, economic resilience, persistent fiscal momentum, and wealth effects reignited concern that the path to lower inflation may not be as smooth as initially hoped. The US Consumer Price Index (CPI) reached a low of 3% in June 2023 but touched 3.7% before softening again, ultimately ending the fiscal year at 3.5%. Investors noted the improvement along with resilient unemployment and growth and began to use terms like “immaculate disinflation” or “no landing,” crediting the Fed with successfully managing inflation without damaging the economy.

The fiscal year ended with markets keenly focused on the Fed’s ability to transition from a tightening cycle to either a pause or easing. Expectations fluctuated from pricing in seven 2024 rate cuts in December to only three by the end of the fiscal year. Service sector pricing power resilience was a key focus at the end of the fiscal year. The interest rate on 10-year Treasurys traced back from an exuberant 3.8% in December to 4.2% by the end of March.

Risk markets took inflation in stride, focusing instead on a “no-landing” narrative, with yield spreads for non-government sectors declining significantly, a reflection of increased exuberance. While interest rates remained at secularly attractive levels, most credit-risk sectors offered historically limited value, having returned to the bottom quartile of valuations. At the end of the period, investors were evaluating the upcoming US presidential election and the fraught geopolitical backdrop as both Ukraine and the Middle East posed serious risks. Given that, investors’ optimism that inflation will be tamed and their enthusiasm for new technologies based on artificial intelligence (AI) may prove susceptible to negative exogenous surprises.

Source: Bloomberg, unless otherwise noted.

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Portfolio management reviews

Delaware Ivy Core Bond Fund

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Core Bond Fund outperformed its benchmark, the Bloomberg US Aggregate Index. The Fund’s Class I shares gained 2.79%. The Fund’s Class A shares advanced 2.53% at net asset value (NAV) and declined 2.09% at maximum offer price. These figures reflect all distributions reinvested. For the same period, the Fund’s benchmark gained 1.70%. For complete, annualized performance of Delaware Ivy Core Bond Fund, please see the table on page 44.

The Fund successfully navigated the volatile period with an agile, top-down sector allocation approach. The Fund benefited from an overweight and subsequent reduction in its allocations to credit-related sectors such as investment grade corporate, high yield, and emerging markets (EM) debt. The Fund also benefited from a modest and persistent allocation to non-agency residential mortgage-backed securities (MBS) and commercial MBS (CMBS). Conversely, our late-cycle transition to a neutral and eventually long-duration position detracted modestly from performance as interest rates continued to wrestle with inflation fears. (Duration is a measure of a security’s sensitivity to changes in interest rates). The Fund’s modest overweight to financials also detracted somewhat from performance.

The fiscal year experienced significant volatility in credit risk valuations as well as interest rates. Our decision to retain a modest overweight to investment grade corporates through the regional banking crisis was beneficial as was our allocation to plus sectors, including high yield and EM debt. However, as spreads across credit sectors tightened materially at the end of the fiscal year, we chose to monetize that strong performance by reducing the Fund’s credit risk to build its liquid capital reserve and await more compelling opportunities.

In managing the higher interest rate volatility, the Fund employed a strategic long-term approach. The significant short-term volatility detracted from returns. To minimize the impact of volatility and capture long-term trends in the initial phases of the Fed’s hiking cycle, the Fund maintained a strategic position intended to reduce interest rate exposure. Once the 10-year Treasury yield exceeded 4% and the Fed, along with economic indicators, began signaling late-cycle behavior, we sought to manage recession risk by increasing duration when interest rates rose significantly. In particular, we did that when rates reached 5% in October 2023. We subsequently reduced duration once interest rates dropped below 4% on exuberance about rate cuts.

The Fund’s overall exposure to high yield corporates benefited performance in a period of earnings resilience and balance-sheet strength. Beneficiaries of economic recovery included cruise ship operator Carnival Corp.’s senior unsecured bonds. Carnival benefited from favorable booking activity following the COVID-19 pandemic and the return to free-cash-flow generation.

The Fund’s allocation to EM corporate securities benefited overall performance, as risk premiums declined on economic optimism. Among the stronger performers, BBVA Bancomer SA benefited from strong fundamentals, which resulted in an upgrade. The securities also got a boost from the resurgence of demand for EM securities by the end of the fiscal year.

The Fund’s position in Brookfield Infrastructure Corp. detracted from performance. As interest rates rose and concerns with private asset valuations increased, the security reacted negatively to a report questioning the valuation methodologies of the manager. Given the limited liquidity of the security and concerns over interest rate volatility, we decided to tactically exit the position throughout 2023.

The Fund’s allocation to securitized assets was an important driver of returns during the fiscal year. Generally, the Fund retained an overweight to the residential mortgage-backed securities (RMBS) sector, which we believed would benefit from a strong residential real estate market. The Fund retained an overweight allocation to CMBS, which delivered strong performance at the end of the fiscal year. Senior fixed rate securities generally added to performance, while the modest allocation to subordinated securities detracted from performance under the pressure of commercial real estate headlines.

During the fiscal year, the Fund used a variety of derivatives, including futures, to manage interest rate risk, swaps and swaptions to adjust the Fund’s overall exposure to certain markets, and currency forwards to increase or decrease exposure to foreign currencies. The use of derivatives did not have a material impact on performance during the fiscal year.

In our opinion, this is a compelling time for agile, active management and bottom-up (bond by bond) security selection as dispersion (the gap between the strongest- and weakest-performing assets) increases. We believe some value remains in certain areas of the market such as agency MBS. Yet the exuberance expressed by credit risk markets toward the end of the fiscal year justifies a more cautious approach, as valuations are increasingly susceptible to undetermined unknowns. Bonds are bonds again, in our view, and exposure to the asset class is as attractive as we’ve seen in decades. We believe agility and security selection will remain key to navigating the uncertainty ahead.

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Portfolio management reviews

Delaware Ivy Core Equity Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Core Equity Fund (Class I shares)	1-year return	+31.50%
Delaware Ivy Core Equity Fund (Class A shares)	1-year return	+31.18%
S&P 500^®Index (benchmark)	1-year return	+29.88%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Core Equity Fund, please see the table on page 47.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 49 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide capital growth and appreciation.

Market review

The large-cap equity market in the US posted strong returns for the fiscal year ended March 31, 2024, with the S&P 500 gaining nearly 30%. We believe the equity rally that began in late October 2023 can be attributed primarily to resilient economic growth in the US, lower inflation, and an expectation that aggressive interest rate hikes intended to slow growth are behind us.

Stocks within the communications services, information technology (IT), and financials sectors outpaced the gains in the index while all other sectors underperformed the market. The more-defensive sectors, including utilities, consumer staples, and real estate, sharply lagged market returns. We think that can largely be attributed to the greater importance that interest rates have had within these sectors. Leadership was relatively narrow among growth sectors and was dominated by the performance of mega-cap companies. Growth companies outperformed their value counterparts as the Russell 1000^®Growth Index doubled the gain of the Russell 1000^®Value Index.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2023, Delaware Ivy Core Equity Fund outperformed its benchmark, the S&P 500 Index. The Fund’s Class I shares gained 31.50%. The Fund’s Class A shares gained 31.18% at net asset value (NAV) and advanced 23.60% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark gained 29.88%. For complete annualized performance of Delaware Ivy Core Equity Fund, please see the table on page 47.

Stock selection drove roughly 60% of the relative outperformance versus the Fund’s benchmark while sector allocation decisions drove the remaining 40% of relative performance. Stock selection was strongest within financials where The Allstate Corp., Capital One Financial Corp., and KKR & Co. Inc. outperformed. Selection was also positive in consumer staples where Costco Wholesale Corp. outpaced market gains and in industrials where the Fund held Airbus SE, Howmet Aerospace Inc., and United Rentals Inc.

Stock selection decisions within IT detracted from relative performance driven by our underweight in NVIDIA Corp., our ownership in VeriSign Inc., and our lack of ownership in Broadcom Inc.

In total, selection decisions were positive or neutral in 7 of 11 S&P 500 Index sectors. From a sector allocation standpoint, the Fund’s underweight to the consumer staples sector, which underperformed the benchmark, and a significant overweight to the outperforming financials sector aided relative returns while modest holdings in cash and an underweight in the communications services sector detracted from performance. In total, sector allocation decisions were positive in 8 of 11 S&P 500 Index sectors.

On the individual stock level, KKR significantly contributed to Fund performance. Shares of the alternative asset manager advanced through the course of the fiscal year on strong earnings, improved capital market conditions, and expectations that the company was on the cusp of an accelerated fundraising cycle over the next 24 months.

United Rentals, the largest player in the construction rental equipment market in the US, also contributed to performance. The shares performed well on evidence of a sustained non-residential building cycle tied to megaprojects including electrification and grid investments, increased onshore manufacturing capacity, and infrastructure spending.

The Fund benefited from its underweight of Apple Inc. as the shares underperformed on reduced future earnings expectations tied to slowing iPhone demand globally. While key competitive advantages still exist, we believe growth will likely continue to be modest given a mature revenue base.

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Portfolio management reviews

Delaware Ivy Core Equity Fund

Lack of ownership of Tesla Inc. also benefited the Fund as shares declined on a sharp downgrade in delivery and earnings expectations associated with slowing demand in the US and China. Tesla continues to battle intense competition globally in the electric-vehicle (EV) market with market share and profit margins susceptible to steep declines.

Applied Materials Inc. also contributed to performance during the fiscal year as the semiconductor capital equipment provider posted robust gains on strong current business trends and expectations for a pending upcycle in equipment needed to power applications based on artificial intelligence (AI).

Although NVIDIA gained more than 225% during the fiscal period –largely due to investor enthusiasm for AI – the Fund was underweight the stock, detracting from relative performance.

Aptiv PLC was another detractor. The auto-parts supplier enables new vehicle technologies such as adaptive safety and electrification of power trains. A reduction in EV demand within developed markets put pressure on input costs and the company underperformed.

NextEra Energy Inc. also detracted from the Fund’s performance. A largely regulated utility based in Florida with an unregulated renewables business, NextEra Energy was subject to a reduced valuation level associated with higher interest rates despite no change in longer-term earnings expectations.

The Fund’s position in Meta Platforms Inc. also resulted in underperformance. While the purchase of this security during the fiscal year benefited our shareholders on an absolute basis (appreciating more than 125%), the Fund's relative underweight detracted. Meta benefited from significant cost cutting during late 2022 and early 2023 and from accelerating monetization of some of its key social-media investments, namely Instagram Reels.

Shares of UnitedHealth Group Inc., the largest health insurer in the US, declined on signs of elevated healthcare utilization. Demand had been low in the prior two years as seniors deferred care and elective medical procedures.

Shareholders have enjoyed attractive gains in equity performance since the most-recent market bottom in October 2022. Since that time, the S&P 500 Index has advanced more than 45% despite concerns about recession, aggressive interest rate increases, inflation, geopolitical unrest including wars in Ukraine and the Middle East, and political discord at home.

The advance in equity prices, we believe, stems from a resilient domestic economy that has proved many skeptics wrong. We have written extensively about underappreciated dynamics within our economy and the highly unusual impact of the COVID-19 pandemic, which we believe still provides opportunities for long-term investors like us.

Not since the advent and build-out of the internet in the late 20th century has a technology innovation captured investors’ attention to the extent that AI has. If you have not experimented with AI using various chatbots such as OpenAI’s ChatGPT, know that advances in computational power are opening avenues for machines to analyze massive quantities of data to provide true human utility. Much like the internet in its infancy, a rapid build-out of computational capacity will likely come well before the generation and monetization of business models that take advantage of the new capabilities deployed today.

As it relates to the opportunities AI creates for a large-cap core portfolio like our strategy, we believe it’s important to note that to date, AI is truly a big-company theme as only companies with massive financial resources have the capability to invest the billions to tens of billions of dollars necessary to build out dedicated data centers. These technologies are directly in the wheelhouse of firms owned in the Fund’s portfolio that include NVIDIA, Microsoft Corp., Alphabet Inc., and Applied Materials Inc. and are some of the more obvious early-stage beneficiaries of AI. We think large companies will also have an advantage when it comes to those firms that will take leadership positions in deploying the capabilities AI provides. We think companies like JPMorgan Chase & Co., UnitedHealth, The Home Depot Inc., and The Procter & Gamble Co. possess critical resource advantages that will enable them to create productivity, product development, and marketing advantages that may not exist today.

As a large-cap core portfolio that invests across the valuation spectrum (from value to growth), we believe we have a unique capability to look across the entire US market at opportunities created by these broader macroeconomic forces. The buildout and deployment of AI capacity, the continued electrification of the transport industry, the desire for cleaner power generation, government and private investment in infrastructure, and the desire for the US to be competitive in critical manufacturing technologies are creating what we view as an enormous opportunity for firms in many sectors of our economy beyond the large-capitalization technology names.

At the end of the Fund’s fiscal year, the largest sector overweight was in the financials sector where we believe several companies can potentially experience accelerated growth with attractive valuations. We remain broadly diversified within financials across alternative investments, capital markets, consumer finance, personal-lines insurance, and digital payments.

We have maintained a slight overweight within the technology sector with an emphasis on mega-cap participants in the build-out of AI but

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have also emphasized firms that faced post-pandemic deceleration in business activity, such as Zebra Technologies Corp.

Within industrials, we continue to expect a strong upcycle in commercial aerospace through the remainder of the decade to compensate for deferred aircraft deliveries in the 2020-2022 period.

The portfolio continues to have risk characteristics (beta and total volatility) approximately in line with that of the market and is slightly tilted toward growth-style investments though incremental additions have occurred in lowly valued areas of the market.

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Portfolio management reviews

Delaware Ivy Global Bond Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Global Bond Fund (Class I shares)	1-year return	+4.44%
Delaware Ivy Global Bond Fund (Class A shares)	1-year return	+4.19%
Bloomberg Global Aggregate Index, Hedged to USD (benchmark)	1-year return	+4.14%
Bloomberg 1-10 Year Global Aggregate Index Hedged USD (former benchmark)	1-year return	+4.46%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Global Bond Fund, please see the table on page 50.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 52 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide a combination of current income and capital appreciation.

Significant Fund event

Effective July 31, 2023, the Fund changed its benchmark index from the Bloomberg Global Aggregate 1-10 Year Index, Hedged to USD to the Bloomberg Global Aggregate Bond Index, Hedged to USD.

Market review

Although volatility in fixed income markets continued during the fiscal year ended March 31, 2024, they were positive overall. The Bloomberg Global Aggregate Index returned 4.14% for the year, boosted by much higher starting yields, offsetting the previous year’s losses. The key drivers for the bond market’s performance continued to be macroeconomic: a fall in inflation (but slower progress in the “final mile” of disinflation) and a resilient broader US economy, with the influence of central banks also clearly felt.

Progress on inflation continued to be the key to bond market performance. While the rate of inflation started the year well below the startling headline levels from 2022 (over 10% year over year in Europe and over 9% in the US), investors always had questions about the ability to reach the US Federal Reserve’s target within a reasonable timeframe. To sum up progress so far: goods inflation has fallen sharply with the re-opening of supply chains and improvements in energy prices. Inflation on shelter and core services, excluding shelter, remained elevated, however, with little progress lower in recent months.

The US Core Personal Consumption Expenditures (PCE) Price Index (the Fed’s preferred gauge) finished the year at 2.8% year over year, down from 4.8% in March 2023. This showed progress but was still well above the Fed’s target, with alternative measures such as the Consumer Price Index (CPI) running even higher. Progress in taming inflation has varied around the globe, reflecting differences in underlying economic strength. Euro-area inflation read 2.4% (headline CPI) for March, with signs of continued downward momentum, with similar progress in the UK. In contrast, Japan’s CPI remained close to 3% and has recently risen, after decades of low inflation, and China’s CPI remains at the cusp of outright deflation. Long-term inflation expectations continue to be generally well anchored in developed markets, with the Fed’s 5-year forward inflation rate around 2.3%, above pre-2020 levels but indicating that Fed credibility remains intact.

Corresponding with the slowing in inflation, the pace of central bank rate hikes also slowed over the year. The Fed made its latest rate increase in July 2023, and the European Central Bank last hiked in September. Major developed market central banks changed their messaging in late 2023, moving to a balanced or even dovish stance, indicating that rate cuts could come in 2024. For now, while the slowing pace of improvement in inflation has put hopes for significant, early rate hikes on hold, expectations for lower short rates remain, especially in Europe. The Swiss National Bank became the first major developed market central bank to cut its rates in March 2024, though the inflation picture in that country is much more benign.

Government bond markets continued to be highly volatile through the year. October 2023 marked the local peak in rates, with 10-year US Treasurys briefly trading above 5%, before a pivot in funding plans calmed a growing sense that borrowing costs had started to get out of control and sent yields to a low of 3.80% in late December. Those moves were mirrored in most major bond markets, with the exceptions of Japan and China since both countries are at very different points in the economic and inflation cycle. Recent months have seen a rebound in yields (higher) with the challenges on inflation progress providing renewed pressure in bond markets.

Credit markets similarly had a volatile year but finished much more positively than underlying government bonds. Credit benefited from some stabilization in government bond yields, from much higher yields (which drove very strong demand), and from surprisingly resilient economic activity. The average global investment grade

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credit spread fell to 92 basis points (0.92 percentage points), from 138 basis points a year earlier, with much of the gains happening in the fourth quarter of 2023 and into this year.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Global Bond Fund gained, only slightly outperforming its benchmark, the Bloomberg Global Aggregate Index, Hedged USD, which also gained. The Fund’s Class I shares returned 4.44%. The Fund’s Class A shares gained 4.19% at net asset value (NAV) and fell 0.51% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 4.14%. For complete, annualized performance of Delaware Ivy Global Bond Fund, please see the table on page 50.

Sector and security selection in credit sectors were the primary drivers of outperformance: the Fund maintained an overweight to investment grade corporate credit and to emerging markets, both of which contributed to performance. This was somewhat offset by duration positioning which detracted. The Fund trimmed US duration but held an overweight to the US for much of the year. Other country-active duration positioning was mostly positive, particularly positioning in Europe and Japan.

Our overall stance of gradually increasing duration and finding pockets of value in credit markets to add to the portfolio is in line with our expectation for continued volatility in fixed income markets and an increasing focus on global growth. The Fund has significant ability to increase its credit holdings, and we will look to do so as potential opportunities emerge.

During the fiscal year, the Fund’s use of swaps, futures, foreign exchange currency positions, and options had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.

Fund positioning

The Fund was active in adjusting duration positioning throughout the year, reflecting the continued volatility in yields, and began the year with approximately 5.75 years of interest rate duration, building this to more than 6.2 years as rates peaked in October 2023. Since that peak, overall duration exposure moved between 5.4 and 6.2 years, with an average of roughly 5.8 years. Among country weightings, the allocation to US duration was trimmed throughout the year, replaced with Europe, Australia, and Japan allocations. That reflects the relative strength of each of these regions’ economies, with US growth and inflation pulses clearly stronger than the rest of the world, providing upward pressure on bond yields here. We expect non-US central banks to raise rates less aggressively (this has mostly played out), and we think they will likely be able to cut more aggressively in the medium term, as these regions tend to have higher interest rate sensitivity and more structural impediments to growth.

Although the Fund generally maintained its corporate credit holdings through the year, with spreads relatively attractive, the outlook was highly uncertain. Given much tighter spreads, the Fund trimmed some investment grade exposures in February 2024, preferring to hold lower overall exposure with the possibility of wider, more volatile spreads. The Fund took advantage of material spread widening in agency mortgage-backed securities (MBS) to add further to its position through the first half of the year, with spreads on these securities near historic levels. The Fund also trimmed its emerging markets holdings in the second quarter of 2023, with spreads well off the 2022 and early 2023 levels. However, the Fund maintained an overweight compared with the benchmark.

The Fund’s currency exposures maintain a heavy weighting to US dollars, judging the US economy to be stronger than most global peers, and the US dollar likely to benefit both from safe-haven flows in a risk-off environment or from relatively higher yields in the event of stickier-than-expected inflation.

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Portfolio management reviews

Delaware Ivy Global Growth Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Global Growth Fund (Class I shares)	1-year return	+25.81%
Delaware Ivy Global Growth Fund (Class A shares)	1-year return	+25.48%
MSCI ACWI (net) (benchmark)	1-year return	+23.22%
MSCI ACWI (gross) (benchmark)	1-year return	+23.81%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Global Growth Fund, please see the table on page 54.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 56 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide growth of capital.

Market review

The Fund’s fiscal year ended March 31, 2024 marked a solid recovery for global markets. The US was particularly strong, with the proliferation of artificial intelligence (AI) and fading concerns of a US recession. International markets fell significantly behind high-flying US equities, but they still produced reasonable double-digit gains. International equities didn’t benefit from the immediate launch of AI as the US did. The market recovered in earnest beginning in the fall of 2023, driven by softer central bank rhetoric. Toward the end of the Fund’s fiscal year, incrementally positive macroeconomic data and investor sentiment drove the international market. Investor excitement surrounding AI ultimately bled into the international rally as it broadened into other parts of the technology sector with a more global presence.

With that, information technology (IT) was the strongest-performing sector, and countries with leading tech companies performed well. This benefited the US, Taiwan, and Netherlands. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S, also performed well. India was a bright spot within global markets as it had one of the strongest economies in the world. China, and associated Hong Kong-based holdings, performed the weakest as macroeconomic issues lingered.

At a macro level, the US economy remained strong, although certain areas experienced a downturn. US consumers and governments carried growth forward, driven by services on the consumer side and considerable spending by local governments. While contracting by many economic measures throughout the year, Europe began to slightly improve toward the end of the Fund’s reporting period. The services sector remained the area of growth. In Japan, the economic picture was mixed. The corporate landscape was quite sound, however, and inflation, while increasing, remained in check. Japan’s central bank abandoned its negative rate policy after many years, but it kept a ceiling on rates. China continued to struggle in its post-COVID-19-pandemic recovery. The Chinese government was cautious about stimulating the economy as it had in prior periods of weakness, and the property market, a critical economic driver, remained under immense pressure. Toward the end of the fiscal year, China improved slightly in some sectors, mainly because of higher export activity.

Global interest rates were volatile during the Fund’s fiscal year. They rose sharply in the first six months before rolling over as US central bank rhetoric became more dovish. Late in the fiscal year, however, rates rose again as inflation remained elevated. The price of oil was volatile but ended nearly flat for the fiscal year.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Ivy Global Growth Fund outperformed its benchmark, the MSCI ACWI (All Country World Index) (net). The Fund’s Class I shares gained 25.81%. The Fund’s Class A shares gained 25.48% at net asset value (NAV) and advanced 18.26% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 23.22%. For complete, annualized performance of Delaware Ivy Global Growth Fund, please see the table on page 54.

Strong stock selection drove performance, particularly in the energy, utilities, IT, and industrials sectors. Stock selection in communication services and consumer staples detracted from performance the most. From a country perspective, the US, India, and Japan were the leading contributors, while China, Denmark, and UK holdings performed relatively poorly.

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including those used for diabetes. Its development of GLP-1s has been a major growth driver and has drawn significant investor attention. The stock rallied, primarily, on this new class of drug. India-based utility NTPC rode several tailwinds throughout the year. Though a global leader in clean energy, it has also maintained strong production of coal-based energy since both are necessary in the highly populated and highly polluted country of India. Impressive economic growth and wealth creation in India also has created greater demand for energy. The stock of semiconductor capital equipment manufacturer KLA was significantly undervalued, particularly since this part of the industry has very few competitors. The stock rallied as the market appreciated that KLA would benefit from the cyclical recovery in semiconductors, which also ties to the growth and infrastructure needs of AI.

China Mengniu Dairy Ltd., Genmab A/S, and Aptiv PLC individually detracted the most from performance. China Mengniu, one of the largest dairy manufacturers in China, experienced weakness in its stock performance as a large part of the Chinese population continued to struggle within a difficult macroeconomic environment. Despite this backdrop, the company grew sales modestly and maintained a dominant position in staple products. Concerns about Danish biopharmaceutical company Genmab, including delays in a trial due to recruitment risks as well as higher spending needs for several phase 3 starts, weakened the stock. In our opinion, the stock is significantly undervalued, and we remain optimistic about Genmab’s robust pipeline and ability to generate significant growth and cash flow through current commercialized products. Aptiv, a vehicle component manufacturer, executed well in a difficult environment, generating positive 2023 sales and earnings growth in a tough auto environment. Unfortunately, even with its robust internal combustion engine part sales, investors have tied this stock’s success to the growth of electric vehicles (EVs), which has disappointed. We lost confidence that the market would reward this stock without EV growth and we sold our position.

The portfolio had several changes, including exiting our position in Aptiv, mentioned above, and initiating a position in Kion Group AG, a German industrial truck and supply chain solutions business. Industrial trucks primarily include machinery such as forklifts and other warehouse solutions. The business is tied to the global supply chain, which had been suffering from a cyclical slowdown as inventories were elevated across the global economy. Due to this weakness, the stock was depressed on a historical basis. As the supply chain market improves and the company works through some unprofitable fixed contracts, we expect the skies to clear and we believe Kion Group will be well positioned.

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Portfolio management reviews

Delaware Ivy High Income Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy High Income Fund (Class I shares)	1-year return	+11.63%
Delaware Ivy High Income Fund (Class A shares)	1-year return	+11.36%
ICE BofA US High Yield Constrained Index (benchmark)	1-year return	+11.06%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy High Income Fund, please see the table on page 57.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 59 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide total return through a combination of high current income and capital appreciation.

Market review

For the fiscal year ended March 31, 2024, the high yield bond market, along with fixed income more generally, maintained a focus on two primary concerns: the declining but still elevated rate of inflation and the likelihood that the US Federal Reserve would reduce rates. Each month, investors’ enthusiasm rose or fell based on the latest inflation data.

High yield bonds began the 12-month period yielding close to 9% amid generally tight spreads. Historically, when yields have been above 8%, the following year’s returns have been strong. As the fiscal year began, the high yield market was briefly in crisis following the collapse of Silicon Valley Bank but emerged unscathed. As the fiscal year progressed, high yield bonds were volatile, but the Fund’s benchmark, the ICE BofA US High Yield Constrained Index, maintained a series of consecutive quarterly gains as economic data defied those predicting an imminent recession.

The market received a boost in November, when Fed Chair Jerome Powell made a long-awaited rhetorical shift, signaling that while any interest rate moves would remain data-dependent, an end to the rate-hiking cycle was near. Investors reacted exuberantly, fueling a strong year-end rally. While the Fed’s dot plot indicated three rate cuts in 2024, investors priced in twice that number at the end of 2023.

Investors’ expectations came down to earth in January, however, when a higher-than-anticipated inflation report led to the realization that expectations might have been overly optimistic. The fiscal year ended with two additional stronger-than-expected monthly inflation readings, further lowering expectations on the timing and number of likely rate cuts in 2024.

Despite the uncertainty about federal funds futures, high yield bonds maintained strong overall performance as 12-month US high yield default rates remained generally modest, about 2% to 3% for the entire 12-month period. Projections for default rates in 2024 at the end of the fiscal year were in the 2.5% to 3.5% range.

Within the US high yield market, the automotive, housing, and gaming and leisure sectors were strongest, while broadcasting, metals and mining, and telecommunications performed relatively poorly. Overall market strength was resilient, and even relatively weak sectors had close to double-digit annual returns.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy High Income Fund slightly outperformed its benchmark, the ICE BofA US High Yield Constrained Index. The Fund’s Class I shares gained 11.63%. The Fund’s Class A shares advanced 11.36% at net asset value (NAV) and gained 6.28% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the benchmark advanced 11.06%. For complete annualized performance of Delaware Ivy High Income Fund, please see the table on page 57.

The primary sectors contributing to the Fund’s relative performance were energy, chemicals, and insurance brokers. The Fund’s respective overweight and security selection within all three sectors contributed to the sectors outperforming relative to its benchmark, highlighted by NFP Corp. being acquired by investment-grade-rated peer AON PLC.

Also contributing to performance during the fiscal period were the dominant cruise-line industry operators, Carnival Corp. PLC and Royal Caribbean Cruises Ltd. Both performed well as the industry continued to rebound from pent-up travel demand following the pandemic’s travel restrictions. Both Royal Caribbean and Carnival are on a trajectory to regain their investment grade status. Vistra Corp., an electric generator, also contributed to the Fund’s

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performance. It offered attractive valuations to start the 12-month period and it continued to post solid earnings through the end of the fiscal year.

At the sector level, the major detractors from the Fund’s relative performance were real estate, retail, and financial services. The Fund’s underweight to all three sectors during the fiscal period contributed to relative underperformance versus its benchmark.

Among individual securities detracting from performance during the fiscal year were Altice France SA, Cumulus Media New Holdings Inc., and Ardagh Packaging Finance PLC. All three companies are currently experiencing operational and secular challenges within their respective industries, leading to softening free cash flow generation. We continue to monitor all three from a fundamental perspective and will look to appropriately reposition as warranted. At this time, the Fund still maintains a position in all three holdings.

During the fiscal year, the Fund’s use of foreign exchange currency positions had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.

Despite the likelihood of elevated idiosyncratic risks and bouts of volatility, we remain constructive on the outlook for high yield in 2024. While fundamentals are expected to experience some level of deterioration, corporate balance sheets remain strong as both leverage metrics and interest coverage ratios are healthy on a historical basis. Given the backdrop, volatility in the high yield market is expected, and we will use our disciplined fundamental-based approach to seek to capture alpha as valuations dislocate from fundamentals.

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Portfolio management reviews

Delaware Ivy International Core Equity Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy International Core Equity Fund (Class I shares)	1-year return	+14.59%
Delaware Ivy International Core Equity Fund (Class A shares)	1-year return	+14.30%	*
MSCI ACWI ex USA Index (net) (benchmark)	1-year return	+13.26%
MSCI ACWI ex USA Index (gross) (benchmark)	1-year return	+13.83%

Past performance does not guarantee future results.

*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles.

For complete, annualized performance for Delaware Ivy International Core Equity Fund, please see the table on page 60.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 62 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide capital growth and appreciation.

Market review

The Fund’s fiscal year ended March 31, 2024 marked a solid recovery for international markets. Although their overall returns were significantly behind high-flying US equities, they posted double-digit gains. International equities didn’t benefit from the immediate launch of artificial intelligence (AI) as the US did. The market really recovered in earnest beginning in the fall of 2023, driven by fading concerns of a US recession and easing central bank policies. Toward the end of the fiscal year, the market was driven by incrementally positive macroeconomic data and investor sentiment. Investor excitement surrounding AI ultimately played a significant role in the rally as it broadened into other parts of the technology sector with a more global presence.

With that, information technology was the strongest-performing sector and countries with leading technology companies performed the best, particularly the Netherlands and Taiwan. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S (a holding in the Fund) also performed well. India has likewise been a bright spot within global markets as it had one of the world’s strongest economies. China and associated Hong Kong-based holdings, along with Brazil and Switzerland, were the weakest-performing countries.

At a macroeconomic level, Europe, while contracting by many economic measures over the fiscal year, began to improve slightly toward the end. The services sector remained the area of growth. In Japan, the economic picture was mixed, however. The corporate landscape was quite sound and inflation, while increasing, remained in check. With that, the central bank has kept a ceiling on rates. China continued to struggle in its post-COVID-19-pandemic recovery.

Its government has been hesitant to stimulate as it did in prior periods of weakness, and the property market, a critical economic driver, has been under immense pressure.

Global interest rates were volatile during the Fund’s fiscal year, rising sharply in the first six months before rolling over as US central bank rhetoric became more dovish. Late in the fiscal year, however, rates rose again as inflation remained elevated. Although the price of oil was volatile, it ended nearly flat for the 12-month period.

International markets remained ripe for fundamental investors as there was more dispersion throughout the investment landscape when compared with the US. The indices and passively managed vehicles continued to perform below the median manager, leaving skilled investors room to generate excess relative return.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy International Core Equity Fund outperformed its benchmark, the MSCI ACWI (All Country World Index) ex USA Index. The Fund’s Class I shares gained 14.59%. The Fund’s Class A shares advanced 14.30% at net asset value (NAV) and gained 7.72% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark advanced 13.26% (net). For complete annualized performance of Delaware Ivy International Core Equity Fund, please see the table on page 60.

Strong stock selection drove the Fund’s performance, particularly in financials, utilities, energy, and communication services. Stock selection in consumer staples, consumer discretionary, and healthcare detracted from performance. From a country perspective, the Netherlands, India, and France contributed the most while Hong

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Kong, which primarily consists of Chinese-based businesses, Denmark, and UK holdings performed relatively poorly.

On an individual stock basis, NTPC Ltd., Banco Bilbao Vizcaya Argentaria SA (BBVA), and Mitsubishi UFJ Financial Group Inc. were the strongest relative performers during the fiscal year. NTPC is an India-based utility. The company had several positive tailwinds throughout the period. It is a global leader in clean energy but has also maintained strong production of coal-based energy. Both are necessary in India, which is highly populated and highly polluted. Also, economic growth and wealth creation have been impressive there, creating greater demand for energy. BBVA is a Spanish bank with most of its revenue generated in Mexico. With a healthy labor market and an appetite for consumption, Mexico has had solid loan growth. BBVA has also gained market share. Overall, it has had solid execution and it benefited from a macroeconomic tailwind in its key market. Mitsubishi, a financial services business in Japan, had robust growth across most of its business. Loan rate spreads improved across major business units, and it capitalized on higher foreign currency interest rates.

The major individual detractors were Budweiser Brewing Company APAC Ltd., H World Group Ltd., and China Mengniu Dairy Co. Ltd. Budweiser Brewing is a Hong Kong-based beer company. Despite the stable nature of beer and solid execution on premiumization in China – where it grew its premium beer sales by double digits during the fiscal period – the business has faced headwinds on several fronts. Lower-end beer sales in China have been soft and sentiment around Chinese consumers is still under pressure. Also, increased taxes in South Korea ate into profits given that management did not increase prices to offset the tax. However, we believe Budweiser Brewing is still well positioned in the long term. H World is a large hotel operator with most of its operations in domestic China. After a pause in its business during the pandemic, H World has returned to consistent growth in recent quarters with strong cash flow. Domestic travel has been one of the rare areas of economic strength in China. However, the stock was down during the Fund’s fiscal year along with the broader Chinese market. China Mengniu is one of the largest dairy manufacturers in China. Its stock has been weak as a large part of the Chinese population has struggled within a difficult macroeconomic backdrop. Despite this, the company has grown sales modestly and maintains a dominant position in staple products. The portfolio had several changes during the fiscal year. We initiated a position in Kion Group AG, a German industrial truck and supply chain solutions business. Industrial trucks primarily include machinery such as forklifts and other warehouse solutions. The business is tied to the global supply chain, which had been suffering from a cyclical slowdown as inventories were elevated across the global economy. Due to this weakness, the stock has been depressed on a historical basis. As the supply chain market improves and Kion Group works through some unprofitable fixed contracts it had previously entered, the skies should clear. As a result, we believe this company is well positioned. During the fiscal year, we sold the Fund’s position in HelloFresh SE, a German online meal kit company. While the business had promising growth prospects, we overestimated its ability to convert marketing spending into sustainable customer acquisition growth.

We believe the Fund’s portfolio is well balanced and positioned to capitalize on many of the global economy’s current areas of strength and areas that have been ignored. Our bottom-up (stock-by-stock) process focuses on three different types of investments (growth compounders, quality cyclicals, and unrecognized opportunity) and creates a portfolio of stocks with a diverse set of idiosyncratic drivers.

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Portfolio management reviews

Delaware Ivy Large Cap Growth Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Large Cap Growth Fund (Class I shares)	1-year return	+34.24%
Delaware Ivy Large Cap Growth Fund (Class A shares)	1-year return	+33.90%
Russell 1000^®Growth Index (benchmark)	1-year return	+39.00%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Large Cap Growth Fund, please see the table on page 63.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 65 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide growth of capital.

Market review

Beginning in late October 2023, growth equities staged a sharp rally through the end of the fiscal year on March 31, 2024. The surge was a welcome contrast to the year-earlier period when aggressive central bank tightening put the brakes on the post-COVID-19-pandemic recovery. Notably in 2022, stocks with higher valuations and companies with higher-risk business models were punished. Since then, the market has followed an entirely different path. Investor expectations gradually transitioned from recession to a soft landing and, most recently, to a no-landing scenario. The US Federal Reserve’s guidance for interest rate reductions only added fuel to the rally.

The introduction of generative artificial intelligence (AI) also contributed to the rally. The anticipation of a new industry and source of revenue encouraged investors to push markets higher. Investors coined the term Magnificent Seven to describe the largest and most influential stocks in the broad US large-cap indices. Alphabet Inc., Amazon.com Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., and Tesla Inc. materially contributed to large-cap index returns during the fiscal year.

For the first nine months of the fiscal year, low-quality stocks rallied, behavior typical of a post-recessionary market in which many investors show little regard for the fundamentals of a business. For example, within the Russell 1000 Growth Index, the highest-beta (a measure of market risk), lowest-return-on-assets, and lowest-net-margin segments of the benchmark performed the strongest. These represent, by common measures of quality, the poorest-quality businesses. Meanwhile, the highest-quality segments of the benchmark, according to the same measures, performed relatively poorly.

As the fiscal year progressed, the rally focused less on low-quality characteristics and more on momentum. Momentum, like the previously mentioned market dynamics, can have periods of strong outperformance, but momentum is ascribed in hindsight and is a strategy that typically requires high turnover. In contrast, business quality is a persistent characteristic, and quality-first growth investing has historically offered compelling long-term returns.

The arrival of AI created one of the most concentrated market rallies on record. As investors sorted through the winners and losers of this new technology, those companies viewed as beneficiaries were responsible for the lion’s share of returns. Notably, semiconductor company NVIDIA was up roughly 325%. It was the first clear winner as its sales more than doubled in the last calendar year. In addition to AI, glucagon-like peptide-1s (GLP-1s) garnered a lot of investor attention. This new class of pharmaceuticals developed for the treatment of diabetes also gained acceptance for other indications, including weight loss. The makers of GLP-1s, including Eli Lilly and Co., performed well during the fiscal year. All sectors were positive for the fiscal period, with information technology (IT) and communication services notably standing out on the upside. The leading semiconductor, software, and internet companies that did exceptionally well during the year dominated these sectors. Lagging the index were real estate, consumer staples, and energy.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Large Cap Growth Fund had a positive return but underperformed its benchmark, the Russell 1000 Growth Index. The Fund’s Class I shares gained 34.24%. The Fund’s Class A shares gained 33.90% at net asset value (NAV) and advanced 26.18% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark gained 39.00%. For complete annualized performance of Delaware Ivy Large Cap Growth Fund, please see the table on page 63.

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Stock selection primarily drove performance with communication services, IT, and healthcare detracting the most. Selection in consumer discretionary and real estate contributed to relative returns.

At the individual stock level, the largest detractors were Verisign Inc., and our lack of investment in Meta Platforms and Eli Lilly. Both Meta and Eli Lilly had large gains during the fiscal year and have significant weightings in the index, so not owning those stocks hurt relative performance. Neither stock met our investment criteria to take a position. Verisign provides internet infrastructure and is the domain name registry for .com and .net domains. The company’s business model and long-term government contract have led to generally consistent mid- to high-single-digit sales growth. Despite modest mid-single-digit revenue growth during fiscal 2023, the stock was out of favor. The market was sour on the company due to a decline in domain volume growth in China, despite China representing less than 10% of revenue. We think a likely more significant driver was investors’ enthusiasm for momentum stocks and those exposed to potential positive cyclical revisions as opposed to the stable recurring revenue stream enjoyed by Verisign. We believe, however, its monopolistic industry structure, consistency, and high free cash flow conversion have the potential to benefit our investors long term.

An underweight to Apple, not owning Tesla, and our position in Ferrari NV contributed the most individually. Apple has been a long-time holding in the portfolio as it clearly meets our quality criteria. As the business has matured and growth has slowed, however, the return profile became relatively less attractive, so we trimmed the position to a large underweight relative to the benchmark. The stock underperformed, which benefited performance. We have long felt that Tesla did not meet our quality standards, which require a favorable industry structure and sustainable competitive advantages. Neither the highly fragmented competitive structure of the auto industry nor the operating efficiencies Tesla once boasted were ever attractive. Ferrari, the Italian luxury auto company, was up considerably during the fiscal year. Unlike Tesla, Ferrari is more of a luxury-goods company than an auto business. Sales are fully booked through 2025, and it has significant pricing power. In addition to raising base prices on its vehicles, it has also grown personalization revenue. We have become cautious on the stock because of valuation, so we trimmed the position but remain confident in the underlying quality of the business.

Consistent with our low-turnover approach, the strategy eliminated two stocks and added two new positions during the quarter. We exited our small position in railroad operator Union Pacific Corp. The company continues to face labor headwinds and associated wage pressure, a common issue for many companies. However, Union Pacific also risks not being able to grow revenue ahead of gross domestic product (GDP). These fundamentals are not attractive. We initiated a position in Taiwan Semiconductor Manufacturing Co. Ltd., which enjoys a dominant global position. The company is a near monopoly in leading-edge semiconductor fabrication, providing manufacturing expertise to the world’s top semiconductor companies. The stock’s valuation lagged as areas of the semiconductor industry went through a cyclical down cycle. In anticipation of the industry reaccelerating and Taiwan Semiconductor’s recent capital expenditures beginning to provide accelerating shareholder returns, we bought the stock.

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Portfolio management reviews

Delaware Ivy Managed International Opportunities Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Managed International Opportunities Fund (Class I shares)	1-year return	+11.89%
Delaware Ivy Managed International Opportunities Fund (Class A shares)	1-year return	+11.57%
MSCI ACWI (All Country World Index) ex USA Index (net) (benchmark)	1-year return	+13.26%
MSCI ACWI (All Country World Index) ex USA Index (gross) (benchmark)	1-year return	+13.83%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Managed International Opportunities Fund, please see the table on page 66.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 68 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide capital growth and appreciation.

Significant Fund event

On January 16, 2024, the Board unanimously voted to approve a proposal to liquidate and dissolve Delaware Ivy Managed International Opportunities Fund. The Fund liquidation and dissolution occurred on April 19, 2024.

Market review

Stock markets in developed countries trended slightly positive at the beginning of the Fund’s fiscal year in the second quarter of 2023, although North American equities were under water at times. Europe and the Pacific region were the strongest performers, whereas emerging markets, led by China, slipped into negative territory. Equity markets saw some strong performance in June, particularly in Japan and the US, although overall equity performance was somewhat bumpy. After Congress agreed to raise the US debt ceiling and the Fiscal Responsibility Act of 2023 was signed into law in early June, equities rallied significantly. However, this positive phase was short lived. A large downturn followed the central bank meetings of the US Federal Reserve and the European Central Bank (ECB). Equity markets rallied again in late June, after the release of several surprisingly good US economic data points.

The third quarter of 2023 challenged markets as most major asset classes declined largely because central banks around the world continued tightening their monetary policy. In the US, the Fed continued raising rates, and the Federal Open Market Committee (FOMC) increased its interest rate outlook, with the latest dot plot calling for a median federal funds rate of 5.6% by the end of 2023. The ECB raised short-term policy rates to the highest level in more than 20 years. However, China continued to be the contrarian among major economies, easing both fiscal and monetary policy.

Higher rates make servicing debt more difficult, especially for governments running large budget deficits. None of this was lost on Fitch Ratings, the credit rating agency. It downgraded the US credit rating in August from AAA to AA+, focusing attention on the US government, which carries a national debt of more than $33 trillion. Capital markets reacted by selling off bonds as interest rates soared globally. The 10-year Treasury yield peaked at a level not seen since 2007. Similar trends appeared around the world, with 10-year German and Japanese government bonds rising to decade-high levels.

While global equities mostly suffered losses, energy stocks were an exception, as oil prices rose. Crude oil had its biggest quarterly gain since the Russian invasion of Ukraine. This followed news that Saudi Arabia and Russia decided to extend production cuts until the end of 2023, reducing overall market supply.

The fourth quarter of 2023 started very weak for global capital markets. Geopolitical risks and strong US economic data in conjunction with renewed inflationary pressure were the main drivers of the negative sentiment. With the Hamas attacks in Israel and uncertainty about the consequences, the geopolitical risks increased significantly, which led to oil price volatility. Ultimately, however, oil prices fell significantly over the month. Gold, on the other hand, was in demand throughout October, and its price rose significantly, again approaching $2,000 per ounce.

A strong November was then followed by a similarly robust December in most equity regions and bond classes. This two-month-long, year-end rally even accounted for almost all the market’s gains in 2023. Only commodities were weak in December (and for 2023 as a whole). Falling energy prices dragged the broad asset class down despite the unresolved Middle East conflict, in which other forces

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such as the Yemeni Houthi rebels were increasingly involved. The gold price, on the other hand, continued to rise, growing by double digits over the year.

Yields fell significantly in November and December on both sides of the Atlantic and the narrowing of risk premiums for corporate bonds (both investment grade and high yield) and especially for emerging markets (EM) hard currency bonds continued unabated. The rate of inflation continued to fall in the major economies, but while the economic situation remained gloomy in Europe, it was solid in the US. In China, an upward trend began to emerge in the country’s recently disappointing economy.

Equities had strong returns across all (MSCI) regions including EM in December, although both China’s (as an EM heavyweight) and Japan’s equity markets suffered losses. However, over the Fund’s full fiscal year, Japan and the US led performance, while Chinese equities continued their months-long downward trend. Although the Japanese yen gained against the euro in December it was only able to make up for a small part of the annual loss. The US dollar also depreciated against a broad basket of currencies including the euro in 2023, with losses increasing in December.

As expected, the Fed left the key interest rate unchanged at its December meeting, but for the first time explicitly spoke about possible interest rate cuts and reduced the inflation and growth forecasts for 2024. The market then priced interest rate cuts of 1.5 percentage points for 2024. The ECB and the Bank of England also left interest rates unchanged but swept the issue of interest rate cuts aside.

Despite the two-month market surge across various assets to end 2023, 2024 had a subdued start. Optimism about imminent interest rate cuts in the EU and the US waned due to central bank comments. In January, bonds, especially in Europe, faced losses, but equities in developed countries rebounded. The Japanese market rallied, the US market hit occasional all-time highs, and European equities turned positive after the ECB’s January meeting. However, emerging markets, particularly Chinese equities, remained negative despite authorities' efforts.

Global stock markets once again recorded strong price gains in February. Several major indices, such as the S&P 500^®Index in the US, the German Deutscher Aktien Index (DAX) (despite the weakening German economy), and – for the first time since 1989 – the Japanese Nikkei, reached new all-time highs. NVIDIA Corp. led this surge, marking strong sales and profit growth. Chinese stocks also saw gains, breaking a six-month streak of declines. The earnings season for the fourth quarter of 2023 was notably positive for S&P 500 Index companies, contributing to an optimistic outlook for the US. In contrast, economic weakness continued in Germany, the UK, and Japan.

By the end of the Fund’s fiscal year in March 2024, all major asset classes had gained, with commodities and equities leading the way. Gold was particularly strong and reached a new all-time high along with Bitcoin. Oil prices also rose significantly again. This time, all major bond classes joined the positive trend. While EM and corporate bonds had the strongest performance, European and US government bonds likewise advanced.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Managed International Opportunities Fund advanced but underperformed its benchmark, the MSCI ACWI (All Country World Index) ex USA Index. The Fund’s Class I shares rose 11.89%. The Fund’s Class A shares gained 11.57% at net asset value (NAV) and increased 5.16% at maximum offer price. These figures reflect all distributions reinvested. For the same period, the benchmark gained 13.26% (net). For complete, annualized performance of Delaware Ivy Managed International Opportunities Fund, please see the table on page 66.

Fund performance reflected the mix of returns in the underlying funds and their allocation weightings.

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Portfolio management reviews

Delaware Ivy Mid Cap Growth Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Mid Cap Growth Fund (Class I shares)	1-year return	+15.74%
Delaware Ivy Mid Cap Growth Fund (Class A shares)	1-year return	+15.44%
Russell Midcap^®Growth Index (benchmark)	1-year return	+26.28%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Mid Cap Growth Fund, please see the table on page 70.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 72 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide growth of capital.

Market review

The Fund’s fiscal year ended March 31, 2024, began with many analysts baking a recession into their forecasts, but the real story was about mounting expectations for a dovish Federal Reserve pivot, continued spending by US consumers, resilient corporate earnings, generative artificial intelligence (AI), and weight loss drugs. US equities climbed higher in three of the four quarters, with a retrenchment in the third quarter of 2023, when the Fed openly discussed a need for further rate hikes, solidifying the notion of a “higher for longer” rate environment. However, dovish elements appeared out of the November and December 2023 Fed meetings, sparking an equity rally and Treasury yield slide that carried through the end of the year and into the first quarter of 2024. Rallies were largely driven by several mega-cap technology names that appear to be the most highly levered to the AI theme and the potential productivity gains and related discoveries that could result from the technological breakthrough.

During the 12-month period, the Fund’s benchmark, the Russell Midcap Growth Index rose 26.28%, with all sectors in the index posting positive absolute returns. The deconstruction of the index’s return profile saw more profitable, higher earnings growth, and more attractively valued stocks – as measured by price-to-earnings (P/E) ratios – outperforming during the year.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal period ending March 31, 2024, Delaware Ivy Mid Cap Growth Fund advanced but underperformed its benchmark, the Russell Midcap Growth Index, which also advanced. The Fund’s Class I shares gained 15.74%. The Fund’s Class A shares advanced 15.44% at net asset value (NAV) and gained 8.82% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark advanced 26.28%. For complete, annualized performance of Delaware Ivy Mid Cap Growth Fund, please see the table on page 70.

The fiscal year was largely a tale of three short cycles that affected the Fund. The second quarter of 2023 began the fiscal period with expectations of a rate hike and lowered expectations for corporate earnings, even as inflation appeared to moderate. The market’s AI trade took center stage in May 2023, when NVIDIA Corp. announced a rather surprising forecast for its earnings potential in that very same quarter. The third quarter of 2023 brought about one of the weakest relative performance periods for the Fund since its inception under the current management team in early 2001. The two primary drivers of underperformance were the Fund’s underappreciation for interest rate sensitivity coupled with speculative selling across the entire healthcare sector caused by the introduction of GLP-1 weight loss drugs. The third cycle within the fiscal year included both the fourth quarter of 2023 and first quarter of 2024, a period when the Fund slightly underperformed the benchmark, but in a more idiosyncratic fashion.

Sector overweight and underweight positions are primarily a by-product of bottom-up (stock-by-stock) selection, and we remain vigilant in our fundamental research, maintaining a concentrated portfolio of profitable, lower-debt companies that we think can grow throughout a market and economic cycle. During the fiscal year, our fundamentally driven bottom-up approach led us to notable overweight positions in information technology (IT), healthcare, real estate, and communication services. Notable underweights for the year included financials, industrials, and consumer staples. Materials and consumer discretionary were at relative market weights. The Fund’s lack of exposure to energy contributed to relative performance while the lack of holdings in utilities detracted. The Fund’s cash position also detracted from relative performance for the 12-month period.

IT is the largest sector in both the Fund and the benchmark, and it was the largest sector overweight for the Fund during the 12-month period. The overweight benefited relative performance, while stock

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selection detracted. Marvell Technology Inc., a semiconductor company with exposure to cloud, enterprise networking, 5G, and automotive, benefited significantly during the period from the rapid and immense exposure given to AI and the adoption currently underway. We ultimately sold the Fund’s position in Marvell during the fiscal period as the company’s market capitalization grew beyond mid-cap. We were also concerned about the sustainability of earnings, and a need to trim the Fund’s overall IT exposure relative to the benchmark after the index’s reconstitution in late June 2023.

Workiva Inc., on the other hand, was the largest detractor from relative performance that we owned in the IT sector for the period. Workiva, a software company specializing in compliance and regulatory reporting, stands to benefit from new regulatory changes in Europe, called European Single Electronic Format (ESEF). We believe the broad trends in environmental, social, and governance (ESG) disclosures will likely spark additional regulatory filings, expanding the company’s addressable market. The stock languished during the 12-month period because growth had slowed, largely due to a more sluggish purchasing environment, while the company continues to invest in the business, resulting in reduced investor enthusiasm in the near term. We continue to hold the stock, believing growth could reassert itself as recent SEC guidelines have been clarified, improving the purchasing cycle. Additionally, we believe Workiva remains uniquely positioned to deliver software solutions in its end markets.

The healthcare sector was an overweight for the Fund and produced the strongest relative contribution to performance for the trailing 12 months. The Fund’s long-held holding Intuitive Surgical Inc. provides robotic-assisted surgical solutions and invasive care through a comprehensive ecosystem of products and services, including the Da Vinci Surgical and Ion Endoluminal systems. The stock benefited from strong procedural growth of existing placements and overall placement growth of new procedural systems. Additionally, the firm announced US Food and Drug Administration (FDA) approval of its newest DaVinci robotics system. We have owned Intuitive Surgical since the Fund’s inception based on its unique and attractive robotic surgical device product set coupled with effective management as evidenced by its profitability. We maintained the Fund’s position during the 12-month period. The primary drivers of the Fund’s positive relative performance in the healthcare sector were Intuitive Surgical, Align Technology Inc., and Mettler-Toledo International Inc.

The consumer discretionary sector, a relative market weight in the Fund, was the largest relative detractor from performance during the fiscal year. BorgWarner Inc. is an out-of-benchmark holding that provides technology solutions for combustion, hybrid, and electric vehicles (EVs). Our thesis for the stock revolved around the broadening of its offering platform from combustion engines only to hybrid and EV. However, price action in the stock did not reflect this broader, multi-channel platform offering, in our view. While we have held the position for several years, we made the decision during the period to sell out of the position fully. The Fund’s largest relative detractors in consumer discretionary were BorgWarner, Foot Locker Inc., and Vail Resorts Inc.

The top five individual holdings that contributed to the Fund’s relative returns were Trex Co. Inc., Marvell Technology, CoStar Group Inc., Intuitive Surgical, and Martin Marietta Materials Inc.

The bottom five individual holdings that detracted from the Fund’s relative returns were MarketAxess Holdings Inc., Envista Holdings Corp., Paycom Software Inc., Foot Locker, and BorgWarner.

In the rapidly evolving landscape of investing, where new strategies and technologies emerge at a breakneck pace, the wisdom of Albert Einstein, "Out of complexity, find simplicity!" resonates more profoundly than ever. Amid the whirlwind of algorithmic trading, cryptocurrency speculation, macroeconomic results and commensurate Fed responses, and ever-shifting market dynamics, there appears to be a notable re-emergence of the importance of business fundamentals in pricing stocks. Investors, always captivated by the allure of quick gains through complex instruments, speculative assets, and bets on the direction and magnitude of Fed policy, are rediscovering the enduring value of solid business models, healthy balance sheets, and strong cash flows.

This shift reflects a broader realization that, despite the noise and frenzy of market trends, the core principles of investing – that is, analyzing a company's fundamental strengths, understanding its competitive position, and assessing its potential for sustainable growth – remain the bedrock of our investment decisions. In essence, the return to business fundamentals is not a retreat from innovation but a reaffirmation that in the maze of financial complexity, simplicity often holds the key to lasting success.

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Portfolio management reviews

Delaware Ivy Mid Cap Income Opportunities Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Mid Cap Income Opportunities Fund (Class I shares)	1-year return	+20.58%
Delaware Ivy Mid Cap Income Opportunities Fund (Class A shares)	1-year return	+20.24%
Russell Midcap^®Index (benchmark)	1-year return	+22.35%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Mid Cap Income Opportunities Fund, please see the table on page 73.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 75 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide total return through a combination of current income and capital appreciation.

Market review

Although the Fund’s fiscal year ended March 31, 2024 began with many analysts baking a recession into their forecasts, the real story was about mounting expectations for a dovish Federal Reserve pivot, continued spending by US consumers, resilient corporate earnings, generative artificial intelligence (AI), and weight loss drugs. US equities climbed higher in three of the four quarters, with a retrenchment in the third quarter of 2023 when the Fed openly discussed a need for further rate hikes, solidifying the notion of a ”higher for longer” rate environment. However, dovish elements appeared out of the November and December 2023 Fed meetings, sparking an equity rally and Treasury yield slide that carried through the end of 2023 and into the first quarter of 2024. Rallies were largely driven by several mega-cap technology names that appear to be the most highly levered to the AI theme and the potential productivity gains and related discoveries that could result from the technological breakthrough.

The Russell Midcap Index returned 22.35% for the fiscal year. All sectors produced positive performance, with financials, industrials, consumer discretionary, energy, and information technology (IT) outpacing the benchmark return. The healthcare and consumer staples sectors underperformed, returning just under 5% during the 12-month period. The materials sector also lagged, but less so, producing returns of almost 15%.

The investment environment was modestly negative for our investment process. Dividend-paying companies underperformed non-dividend-paying companies during the fiscal period.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal period ended March 31, 2024, Delaware Ivy Mid Cap Income Opportunities Fund gained, although it underperformed its benchmark, the Russell Midcap Index, which also gained. The Fund’s Class I shares gained 20.58%. The Fund’s Class A shares advanced 20.24% at net asset value (NAV) and gained 13.35% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark advanced 22.35%. For complete, annualized performance of Delaware Ivy Mid Cap Income Opportunities Fund, please see the table on page 73.

Both sector allocation and stock selection in certain sectors contributed to relative performance, though negative stock selection overall caused the Fund to underperform its benchmark for the fiscal year. Within sector allocation, the Fund’s underweight to the poorly performing healthcare sector and its overweight allocation to the strongly performing industrial and consumer discretionary sectors were the main contributors to performance. Slightly offsetting these positive sectors were overweight positions in the materials and consumer staples sectors. Stock selection was positive within the materials, IT, and healthcare sectors while stock selection within the industrials, financials, and consumer discretionary sectors slightly offset these gains.

Even though we were significantly underweight the underperforming healthcare sector, it produced the leading relative return for the Fund. Encompass Health Corp., a healthcare services provider, was a noteworthy contributor to performance here. We sold the position during the fiscal year because we found better alternatives that meet the Fund’s dividend and return objectives.

Strong stock selection within IT also contributed to the Fund’s relative performance. NetApp Inc., an IT infrastructure technology provider, produced strong results from the migration of commodity hardware products to cloud-based technology. Seagate Technology Holdings PLC, a disk drive manufacturer, has experienced a deep slump in demand for its nearline and storage products. The cycle appears to have bottomed, with green shoots emerging within

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enterprise and cloud customers, as well as a turn in China’s economy. Seagate Technology has restructured its business, taking out material fixed costs, leaving it in a better position to deliver incremental earnings power when demand resumes, in our view.

Strong stock selection in certain names mitigated weakness. Ares Management Corp., a private equity firm focused on private credit, continued to produce strong results, leading to a significant increase in the company’s dividend in the financials sector. The Fund also benefited from its holding in nVent Electric PLC, a provider of electrical connectors in the industrial sector. nVent’s exposure to the electrification of everything is resonating as the demand for more power grows. Finally, in consumer discretionary, Garmin Ltd., a maker of consumer electronics, delivered growth across all major segments, with strength in wearables in fitness and outdoor categories.

The consumer discretionary and financials sectors were both areas of relative weakness driven by negative stock selection. Foot Locker Inc., a footwear retailer, was the largest detractor for the Fund during the fiscal year. The retailer’s customer base has been disproportionately pressured by inflation and lapsing government stimulus payments, which had a negative impact on earnings and cash flow. Management eliminated the company’s dividend in response to this financial pressure. We sold the Fund’s position in Foot Locker during the fiscal year. Polaris Inc., a powersports vehicle manufacturer, has been buffeted by slower consumer demand for its products due to higher interest rates and dealers cautious about adding inventory. However, we believe Polaris is well positioned once macroeconomic trends abate as product inefficiencies improve, gross margins rebound with volume, and stock price valuations are supportive at the low end of its historical range.

Vail Resorts Inc., one of the largest operators of mountain resorts, also detracted from relative performance. Despite solid season pass results, investors remain concerned about resort attendance, inflationary labor costs, and additional capital expenditure requirements. We continue to believe Vail Resorts has the potential to deliver compounding growth. Finally, within financials, regional banks Columbia Banking System Inc. and Glacier Bancorp Inc. both declined during the 12-month period as deposit activity and net interest margin pressure battered performance. We have redeployed capital out of these banks into other areas that we view as having the potential to generate above-average returns.

Since the Fund’s inception we have watched several key variables to determine Fund positioning. These variables (domestic economic growth, change in interest rates, change in commodity prices, and foreign economic growth) have remained consistent throughout and continue to be monitored.

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Portfolio management reviews

Delaware Ivy Small Cap Growth Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Small Cap Growth Fund (Class I shares)	1-year return	+17.29%
Delaware Ivy Small Cap Growth Fund (Class A shares)	1-year return	+16.98%
Russell 2000^®Growth Index (benchmark)	1-year return	+20.35%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Small Cap Growth Fund, please see the table on page 76.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 78 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide growth of capital.

Market review

The Russell 2000 Growth Index generated a positive, if uneven, return in the Fund’s fiscal year ended March 31, 2024. The index was down for the year as late as mid-November but staged a rather explosive rally from that point through the fiscal year end. The benchmark, and small-cap stocks in general, lagged the returns of mid-cap and large-cap stocks, the latter driven by a select few large technology companies that dominated returns during the period.

It was another roller coaster year for small-cap stocks, which were influenced by changes in interest rates, particularly the yield on 10-year US Treasury bonds; inflationary pressure on corporate earnings; and fear of a pending recession. The benchmark had a sustained upward move in the spring and mid-summer as earnings results proved resilient and bond yields were range-bound. The scenario changed in the third quarter, however, as bond yields rose sharply and small-cap stocks corrected significantly. The 10-year Treasury peaked at 5% in October, corresponding with a low point for the Russell 2000 Growth Index.

Inflation subsequently eased, and investors began discounting an end to US Federal Reserve interest rate hikes and the prospect of rate reductions in 2024, fueling a powerful rally through the end of the fiscal year. In the small-cap universe, the rally was led by a combination of biotechnology stocks, financials, crypto-related stocks, and heavy-cyclical companies, creating a challenging environment for high-quality growth-stock managers. The rally broadened in early 2024 to include traditional growth companies. That said, the small-cap index return was heavily influenced by the incredible 244% gain of the benchmark’s largest company, Super Micro Computer Inc.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal period ending March 31, 2024, Delaware Ivy Small Cap Growth Fund posted a positive return but underperformed its benchmark, the Russell 2000 Growth Index. The Fund’s Class I shares gained 17.29%. The Fund’s Class A shares gained 16.98% at net asset value (NAV) and advanced 10.27% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 20.35%. For complete, annualized performance of Delaware Ivy Small Cap Growth Fund, please see the table on page 76.

The Fund’s performance was skewed by a brief but sharp period of underperformance at calendar year end. The rally during this period had a very low-quality, speculative bias. Looking at the benchmark in quintiles during the December 2023 rally, we see that the smallest companies significantly outperformed larger companies; the lowest return on equity (ROE) quintile significantly outperformed the highest ROE group. Companies with no earnings were the leading performers, and stocks with low price-to-earnings (P/E) ratios were the leading performers among those companies with earnings. Historically these types of rallies tend to be short-lived and indeed that was the case as the market environment changed during early 2024. Accordingly, the Fund staged a strong outperforming rally in the last quarter of the fiscal year but didn’t quite catch the benchmark for the full 12-month period.

On a sector basis, consumer discretionary, materials, energy, and industrials were the largest contributors to performance while information technology (IT), healthcare, and communication services were detractors. Heavier weightings in the detracting sectors accounted for the overall shortfall. Wingstop Inc., Red Rock Resorts Inc., Abercrombie & Fitch Co., and Meritage Homes Corp. drove outperformance in the consumer discretionary sector. Strong earnings reports and healthy outlooks were the common

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thread for these stocks. Visteon Corp. and Fox Factory Holding Corp. detracted modestly in the sector and were sold during the reporting period.

ATI Inc., our sole position in the small materials sector, contributed for the year. Energy, another small sector in the Fund, gained strongly from Weatherford International PLC and SM Energy Co., a position which we exited. There were no significant detractors in this sector. Commercial activity in many industrial segments benefited from the renormalization of the economy, reshoring, economic stimulus, and the failure of a much-anticipated recession to materialize. Aerospace and defense, building supplies, machinery, distributors, and transportation were just some of the industrial segments generating more than 20% returns during the fiscal year. The Fund benefited from advantageous stock selection in the industrials sector. Federal Signal Corp., Parsons Corp., and Clean Harbors Inc. enabled the Fund to stay ahead even against a second-half cyclical surge propelled by declining interest rates and economic stimulus. Parsons is one of the Fund’s largest holdings, and the company continues to look attractive to us given its success and exposure to worldwide infrastructure and government spending.

Among sectors, IT detracted the most from performance. Disappointing earnings results put pressure on several stocks, including Belden Inc., Calix Inc., and Allegro MicroSystems Inc. We exited our positions in Belden and Calix. Performance in the sector also suffered as Super Micro Computer and MicroStrategy Inc., two of the benchmark’s largest weightings, posted sharp gains. The Fund owns Super Micro but at a lower weighting than the benchmark. The Fund did not own MicroStrategy, which is a speculative play on bitcoin pricing. On the positive side of the ledger, gains from CyberArk Software Ltd. and Onto Innovation Inc. were not sufficient to offset the shortfalls mentioned above. The healthcare sector also detracted from Fund performance during the fiscal year, as the overall sector declined and our underweight of the biotechnology subsector proved especially detrimental. Biotech outperformed with a massive 24% return during just the month of December. A combination of acquisition activity, risk-on investor appetite, and a late drop in interest rates benefited biotech more than other healthcare segments. That trend subsided somewhat during the fiscal fourth quarter, but biotech continued to outperform every other segment of healthcare. The Fund remained underweight biotechnology due to the binary nature and typical unprofitability of the segment, resulting in underperformance relative to the benchmark. Historically, we have found that holding other healthcare stocks with similar growth characteristics as biotech but with less-extreme volatility has been successful. While we think that will potentially once again be the case, it was an unfavorable position to take during the Fund’s fiscal year.

Adverse stock selection also caused underperformance in the sector due in part to cautious stock picking and from surprisingly poor execution on the part of some holdings. Two of the largest detractors, InMode Ltd., and Harmony Biosciences Holdings Inc., were hurt by disappointing sales and missed clinical results, respectively. Looking at a couple of the stronger performers, Vericel Corp. experienced a strong post-COVID-19 rebound in procedures for its monopolistic cartilage repair system, and Insmed Inc. had continued success with currently marketed products and its advancing pipeline.

Following the strong rebound at the end of the fiscal year, we think the Fund is well positioned. We believe there are several favorable trends driving growth for small-caps. These include growing demand for cybersecurity solutions; rapid development of artificial intelligence (AI) applications and the substantial infrastructure spending required to support that growth; a rebound in healthcare spending; an initial public offering (IPO) window that is opening along with an increase in mergers and acquisitions; continued consumer spending on goods, services, and experiences; and government stimulus programs supporting the industrials sector.

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Portfolio management reviews

Delaware Ivy Smid Cap Core Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Smid Cap Core Fund (Class I shares)	1-year return	+21.01%
Delaware Ivy Smid Cap Core Fund (Class A shares)	1-year return	+20.70%
Russell 2500^TMIndex (benchmark)	1-year return	+21.43%
Russell 2000^®Index (benchmark)	1-year return	+19.71%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Smid Cap Core Fund, please see the table on page 79.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 81 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide capital appreciation.

Market review

For the fiscal year ended March 31, 2024, the Russell 2500 Index advanced 21.43%. Smid-cap growth stocks and smid-cap value stocks performed similarly. The Russell 2500™ Growth Index returned 21.12% and the Russell 2500™ Value Index gained 21.33%. Small-cap stocks lagged, and large-cap stocks outperformed smid-caps, as the Russell 2000 Index gained 19.71% and the large-cap Russell 1000^®Index advanced 29.87% for the fiscal year.

Sector-level performance within the Russell 2500 Index was notably strong during the fiscal year – 15 sectors advanced and only communications services declined. The benchmark’s credit cyclicals, transportation, capital goods, basic materials, energy, and finance sectors led, as each gained more than 25%. The weakest sectors in the benchmark for the 12-month period were media and utilities, which each advanced by less than 10%.

The US Federal Reserve has maintained its target federal funds rate range of 5.25% to 5.50% since July 2023, and the market expects rate cuts in 2024. In February, the US Consumer Price Index (CPI) increased 3.2% for the trailing 12 months and the Personal Consumption Expenditures Price Index (PCE) for February rose 2.5%. The National Federation of Independent Business (NFIB) Small Business Optimism Index remained below its 50-year average of 98 for the 27th consecutive month, with a reading of 88.5 in March 2024, the lowest level since 2012 as business owners continue to manage numerous economic headwinds. The Purchasing Manager’s Index (PMI) came in at 51.9% in March as US manufacturing production has expanded on improving demand.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Smid Cap Core Fund gained, although it slightly underperformed its benchmark, the Russell 2500 Index, which also gained, and slightly outperformed the Russell 2000 Index, its other benchmark. The Fund’s Class I shares gained 21.01%. The Fund’s Class A shares advanced 20.70% at net asset value (NAV) and gained 13.73% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Russell 2500 Index gained 21.43%, and the Russell 2000 Index gained 19.71%. For complete, annualized performance of Delaware Ivy Smid Cap Core Fund, please see the table on page 79.

Stock selection detracted from relative performance during the fiscal year. The Fund’s holdings in the technology, consumer discretionary, transportation, and capital goods sectors lagged the stronger returns of those sectors in the benchmark during the fiscal year. The Fund’s holdings in the basic materials, healthcare, finance, and energy sectors contributed to relative performance for the year.

WNS Holdings Ltd. is a leading business process management (BPM) company that provides industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to help companies re-imagine the digital future of businesses. WNS has differentiated itself in the BPM space as a vertically integrated business to align services with solutions, allowing for cross-selling of higher-value, higher-margin services. During the fiscal year, shares of WNS declined as sentiment for companies in the BPM industry deteriorated in response to the potential risk that generative artificial intelligence (AI) technology could have on the company’s services. WNS’s management noted that it considers generative AI technology more of an opportunity than a risk as it is confident that companies will use WNS’s services and industry expertise to identify AI opportunities and manage the complexities of integrating AI into their operations. We maintained the Fund’s position in WNS. We view the

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company as potentially well positioned to financially benefit as its customers purchase more of the company’s solutions, resulting in organic growth.

In the technology sector, the Fund’s semiconductor positions detracted from performance, led lower by shares of MaxLinear Inc., a radio frequency (RF), analog, digital, and mixed-signal integrated circuits company. In 2022, MaxLinear entered into an agreement, subject to regulatory and conditional approvals, to acquire Silicon Motion Technology Corp. When the transaction was announced, we were focused on how the company would finance the transaction and manage financial leverage as we did see value in the combined company. During the Fund’s fiscal year, however, MaxLinear terminated the planned acquisition of Silicon Motion. We viewed this action favorably, but the market did not. We maintained the Fund’s position in MaxLinear as we think demand for its broadband and wireless infrastructure products should remain strong. Additionally, the company’s cost structure has improved.

Malibu Boats Inc. engages in designing and manufacturing recreational power boats, sport boats, and fishing boats. Malibu Boats underperformed after reporting fiscal second-quarter financial results that missed revenue expectations but beat earnings per share (EPS) expectations. The company lowered its full-year revenue guidance as well noting dealers that sell its boats were carrying too much inventory in a weakening-demand environment. We maintained the Fund’s position in Malibu Boats as we believe demand will slowly improve into the fall selling season, when inventory should normalize in time for the company’s new-model-year releases.

Boise Cascade Co. produces engineered wood products and plywood in North America and is a leading US wholesale distributor of building products. Boise Cascade outperformed for the Fund’s fiscal year, reporting multiple quarters of strong financial performance. The company has benefited from continued demand in its wood products and building materials segments. We maintained the Fund’s position in Boise Cascade as it has a strong balance sheet and management is returning capital to shareholders.

In the credit cyclicals sector, the Fund’s homebuilder positions contributed to performance. Toll Brothers Inc., the nation’s leading builder of luxury homes, outperformed with the company consistently reporting strong financial results during the fiscal year. Toll Brothers has maintained healthy margins as order growth remained robust, particularly in its higher margin spec homes. These homes also have higher return on equity (ROE) levels. We maintained the Fund’s position in Toll Brothers – we believe the company is attractively valued and that its buyer base tends to be more affluent and, as a result, less affected by higher interest rates.

Blueprint Medicines Corp. is a biotechnology company that invents life-changing therapies for people with cancer and blood disorders. During the fiscal period, Blueprint Medicines outperformed because of higher-than-expected sales of Ayvakit^®, the company’s US Food and Drug Administration (FDA)-approved therapy for indolent systemic mastocytosis (ISM), a rare hematologic disorder that can lead to a range of debilitating symptoms across multiple organ systems. We maintained the Fund’s position in Blueprint Medicines since the company has sufficient capital to fund ongoing research and trials for additional opportunities in other mast cell diseases.

The Fund ended the fiscal year with the largest overweights in the healthcare, transportation, and business services sectors. The largest sector underweights were in technology, utilities, and capital goods. We believe the current market and economic environments should continue to support active management and our investment philosophy. We continue to maintain our strategy of investing in companies that we believe have strong balance sheets and cash flow, sustainable competitive advantages, and high-quality management teams with the potential to deliver value to shareholders. We appreciate your confidence and look forward to serving your investment needs in the next fiscal year.

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Portfolio management reviews

Delaware Ivy Systematic Emerging Markets Equity Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Systematic Emerging Markets Equity Fund (Class I shares)	1-year return	+10.55%
Delaware Ivy Systematic Emerging Markets Equity Fund (Class A shares)	1-year return	+10.25%	*
MSCI Emerging Markets Index (net) (benchmark)	1-year return	+8.15%
MSCI Emerging Markets Index (gross) (benchmark)	1-year return	+8.59%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Systematic Emerging Markets Equity Fund, please see the table on page 83.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 85 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide growth of capital.

Market review

The MSCI Emerging Markets Index (net) returned 8.15% during the Fund’s fiscal year ended March 31, 2024, lagging the developed markets MSCI World Index (net), which rose 25.11% for the period.

Investor sentiment was buoyed by the US Federal Reserve’s suggestion that it may cut interest rates in 2024, overcoming concerns with China’s growth prospects and fragile property market. Investors were also focused on geopolitical tensions and the upcoming US presidential election. Despite these headwinds, the emerging markets universe, as defined by the MSCI Emerging Markets Index, posted positive gains for the year.

At the country level, India and Taiwan were key drivers of positive returns. Taiwan continued to benefit from developments in artificial intelligence (AI), which was the main driver of returns in developed markets during the period. Information technology (IT) related stocks, particularly Taiwanese semiconductors, also got a boost from investors’ expectation that US monetary policy would ease in the second half of the fiscal period. In the Middle East, oil production cuts announced by OPEC+ supported equities in Saudi Arabia and United Arab Emirates. Unsurprisingly, China was the weakest performer.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Systematic Emerging Markets Equity Fund Class I shares had a positive return and outperformed the Fund’s benchmark, the MSCI Emerging Markets Index (net). The Fund’s Class I shares gained 10.55%. The Fund’s Class A shares gained 10.25% at net asset value (NAV) and advanced 3.91% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 8.15% (net). For complete, annualized performance of Delaware Ivy Systematic Emerging Markets Equity Fund, please see the table on page 83.

Strong stock selection in South Korea and Taiwan contributed to the Fund’s relative performance for the fiscal year. In South Korea, a position in automobile manufacturer KIA Corp. was the largest contributor. KIA (Hyundai-Kia) performed strongly on solid sales growth, with a year-over-year increase of 11.7% to set a record of 1.58 million vehicles. Shares of Samsung Electronics Co. Ltd. outperformed as rising demand for AI-related applications may support the company’s sales of memory chips. In Taiwan, the primary contributor was a position in MediaTek Inc., which outperformed as smartphone demand in China appeared to stabilize. Weak stock selection in Saudi Arabia was the key detractor from relative performance. In particular, an overweight holding in AI Rajhi Bank was the primary contributor to underperformance. Poor allocation to Poland also detracted from relative performance.

At the sector level, an overweight position in IT and an underweight position in industrials were the leading contributors to the Fund’s relative performance. An overweight allocation to consumer staples was the largest detractor.

The Fund’s use of foreign exchange (FX) currency positions had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.

At the end of the fiscal period, we were closely monitoring US monetary policy, global economic growth, and escalating geopolitical tension. We expect market conditions to remain volatile. Nonetheless, we do not believe these uncertainties have derailed long-term growth opportunities underpinned by secular trends such as digitalization and consumption premiumization (consumers’

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preference for high-quality, healthy, and premium products). Furthermore, we believe that equity valuations across several pockets of the emerging markets universe appear attractive.

In this environment, we think a strategy that focuses on identifying higher-quality companies (those with stronger balance sheets and more sustainable earnings and cash flows) at what we view as attractive valuations has the potential to hold up better and contribute to stronger long-term performance.

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Portfolio management reviews

Delaware Ivy Value Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Value Fund (Class I shares)	1-year return	+16.11%
Delaware Ivy Value Fund (Class A shares)	1-year return	+15.83%
Russell 1000^®Value Index (benchmark)	1-year return	+20.27%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Value Fund, please see the table on page 86.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 88 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide capital appreciation.

Significant Fund event

On January 16, 2024, the Boards of Trustees of Ivy Funds and Delaware Group Equity Funds II approved the reorganization of Delaware Ivy Value Fund (Acquired Fund) into Delaware Value Fund (Acquiring Fund). It is currently expected that the reorganization will be completed in the second quarter of 2024 subject to the approval of the reorganization by the Acquired Fund shareholders. The Acquired Fund will close to purchases and exchanges into the Acquiring Fund for both new and existing shareholders one week before the reorganization date.

Market review

The major US stock indices posted outsized returns for the fiscal year ended March 31, 2024, led by stocks of the largest companies, particularly technology-related businesses. Falling inflation, exuberance for companies involved in artificial intelligence (AI), and a growing belief that the US Federal Reserve could engineer an economic soft landing helped buoy US equities during the Fund’s fiscal year.

The Fed kept interest rates on hold for most of the fiscal period with the last rate increase coming in July 2023, leaving the federal funds rate target range between 5.25% and 5.50%. Inflation eased over the course of the 12-month period, according to data from the Bureau of Economic Analysis. The Personal Consumption Expenditures Price Index (PCE) declined to 2.5% from 4.2% at the start of the Fund’s fiscal year. The Core Personal Consumption Expenditures Price Index (Core PCE), which excludes food and energy prices, fell to 2.8% from 4.6%.

Across the equity market, returns among economic sectors were mixed. Looking at sector returns in the Fund’s benchmark, the Russell 1000 Value Index, defensive sectors such as consumer staples, healthcare, and utilities were laggards, posting single-digit returns for the fiscal year. By contrast, cyclical sectors such as financials and industrials gained more than 30%.

Source: FactSet Research Systems, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Value Fund advanced, although it underperformed its benchmark, the Russell 1000 Value Index, which also advanced. The Fund’s Class I shares gained 16.11%. The Fund’s Class A shares gained 15.83% at net asset value (NAV) and advanced 9.18% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark gained 20.27%. For complete, annualized performance of Delaware Ivy Value Fund, please see the table on page 86.

At the Fund level, stock selection was the primary driver of relative underperformance. Sector allocation had a negative effect. The two largest detractors from a sector perspective were consumer staples and industrials. Stock selection drove underperformance in these sectors. The two largest contributors at the sector level were healthcare and consumer discretionary, benefiting from stock selection. In terms of sector allocation, the Fund’s underweight in financials and overweight in consumer staples were the leading detractors, partially offset by an underweight in utilities and an overweight in information technology.

Archer-Daniels-Midland Co. (ADM), a leading grain processor and agricultural services provider, was a significant detractor for the fiscal year. We exited the Fund’s position in January 2024. That month, ADM announced it was putting its CFO on administrative leave and that outside counsel was conducting an investigation into the company’s accounting practices in its Nutrition business. The investigation was initiated in response to ADM’s receipt of a voluntary document request by the SEC. The company delayed its fourth-quarter 2023 earnings release and 10-K filing and withdrew its forward guidance for the nutrition segment. We spoke with ADM following the announcement. At that point, the scope of the

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investigation was unclear as was the potential outcome.

We had concerns about the potential implications for ADM and its stock given the nature of the issue and the possibility of a drawn-out investigation.

Packaged food maker Conagra Brands Inc. was also a significant detractor during the 12-month period. Following a relatively strong year in 2022, packaged-food stocks were generally weak during the Fund’s fiscal year owing to investors’ concerns about pricing power and consumer demand. We think Conagra remains well positioned among its competitors. The company is a leader in the snacks and frozen-food categories, which have relatively attractive growth profiles, in our view. It is investing in key brands and starting to see volume improvements. Free cash flow generation is also improving, and Conagra is paying down debt to strengthen its balance sheet. Conagra’s shares remain attractively valued, in our view, and are trading well below their five-year average.

Discount retailer Dollar General Corp. was another notable detractor in the Fund for the fiscal year. The company’s shares came under significant pressure during the 12-month period, owing to weaker-than-expected quarterly results, lowered full-year guidance, and missteps with inventory management. In October 2023, Dollar General announced that its former CEO was returning to the company effective immediately “for the foreseeable future” and would remain on the board. We continue to believe the company is taking the necessary steps to improve foot traffic and profitability and that its business is not structurally impaired.

Global insurance provider American International Group Inc. was a leading contributor to performance during the Fund’s fiscal year. The company has been executing well, aided by the steps it took to strengthen underwriting and simplify its business. During the fiscal period, AIG sold its Validus reinsurance business and continued to sell down its stake in its Life and Retirement business, Corebridge Financial. In our view, the company is well positioned to continue returning capital to shareholders via dividends and share buybacks. In addition, a firming property and casualty pricing cycle should continue to benefit companies such as AIG.

Broadcom Inc., a provider of semiconductor and enterprise software solutions, was a strong contributor during the Fund’s fiscal year. Broadcom’s stock price surged in 2023. Its offerings include products that support AI technology. Investor enthusiasm for companies exposed to AI contributed to the stock’s performance. Broadcom looked fully valued to us, and its stock price was also near its all-time high. In our opinion, a lot of good news was already priced into the stock, and as a result we no longer found its long-term risk-reward profile attractive. We exited the Fund’s position in September 2023.

Cloud services provider Oracle Corp. was also a notable contributor during the Fund’s fiscal year. Oracle’s autonomous database business is a beneficiary of generative AI, and the company has indicated that demand for its AI processing exceeds capacity. Oracle’s stock continues to trade at a reasonable valuation relative to the broader software group, in our view, and we believe accelerating growth in cloud revenue could provide a path for the company to continue growing above historic rates.

Several factors contributed to the Fund’s underperformance during the fiscal year: a speculative market backdrop that led to significant outperformance by large-cap growth stocks; the Fund’s more defensive positioning; and company-specific challenges with several holdings. As a team, we spent considerable time reviewing the fundamentals and investment thesis for each of these businesses, and we concluded not only that they are structurally sound but also that they have been unduly punished by investors.

We think large-cap value stocks look compelling right now. The valuation differential between large-cap value and large-cap growth is near all-time highs. Meanwhile, the Fund trades at a discount to the Russell 1000 Value Index and has more attractive quality attributes across a range of measures, including free cash flow yield, return on invested capital (ROIC), and five-year return on equity (ROE). At this point, we think owning quality value as a hedge against an overly extended market makes a lot of sense.

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Performance summaries

Delaware Global Equity Fund II

March 31, 2024 (Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. June 4, 2012)
Excluding sales charge	+12.81%	+8.15%	+6.30%	—
Including sales charge	+6.35%	+6.87%	+5.67%	—
Class C (Est. June 4, 2012)
Excluding sales charge	+12.00%	+7.29%	+5.70%	—
Including sales charge	+11.00%	+7.29%	+5.70%	—
Class I (Est. June 4, 2012)
Excluding sales charge	+13.12%	+8.45%	+6.63%	—
Including sales charge	+13.12%	+8.45%	+6.63%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+12.63%	+7.83%	+6.00%	—
Including sales charge	+12.63%	+7.83%	+6.00%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+13.15%	+8.57%	—	+6.77%
Including sales charge	+13.15%	+8.57%	—	+6.77%
Class Y (Est. June 4, 2012)
Excluding sales charge	+12.84%	+8.17%	+6.35%	—
Including sales charge	+12.84%	+8.17%	+6.35%	—
MSCI ACWI (net)	+23.22%	+10.92%	+8.66%	—
MSCI ACWI (gross)	+23.81%	+11.45%	+9.22%	—
MSCI World Index (net)	+25.11%	+12.07%	+9.39%	—
MSCI World Index (gross)	+25.72%	+12.63%	+9.97%	—

¹Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 37. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 5.75%, and have an annual distribution and service (12b-1) fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

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Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain 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. Class R6 shares pay no 12b-1 fee.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

²The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. Please see the “Financial highlights” section in this report for the most recent expense ratios.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.33%	2.27%	0.93%	1.48%	0.83%	1.19%
Net expenses (including fee waivers, if any)	1.17%	1.92%	0.92%	1.42%	0.75%	1.17%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance summaries

Delaware Global Equity Fund II

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
MSCI World Index (gross)	$	10,000	$	25,876
MSCI World Index (net)	$	10,000	$	24,542
MSCI ACWI (gross)	$	10,000	$	24,154
MSCI ACWI (net)	$	10,000	$	22,948
Delaware Global Equity Fund II – Class I shares	$	10,000	$	18,995
Delaware Global Equity Fund II – Class A shares	$	9,425	$	17,355

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 37. Please note additional details on pages 36 through 39.

The graph also assumes $10,000 invested in the MSCI ACWI and the MSCI World Index as of March 31, 2014. The MSCI ACWI (All Country World Index) represents large- and mid-cap stocks across developed and emerging markets worldwide. The index covers approximately 85% of the global investable equity opportunity set. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

The MSCI World Index represents large- and mid-cap stocks across 23 developed market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

Gross domestic product, mentioned on page 1, is a measure of all goods and services produced by a nation in a year. It is a measure of economic activity.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Performance of other Fund classes will vary due to different charges and expenses.

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	Nasdaq symbols	CUSIPs
Class A	IBIAX	465899631
Class C	IBICX	465899615
Class I	IBIIX	465899599
Class R	IYGEX	465899458
Class R6	IICNX	46600A864
Class Y	IBIYX	465899581

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Performance summaries

Delaware International Equity Fund II

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. September 4, 2001)
Excluding sales charge	+5.60%	+4.46%	+1.83%	—
Including sales charge	-0.48%	+3.23%	+1.23%	—
Class C (Est. October 19, 2001)
Excluding sales charge	+4.85%*	+3.69%	+1.30%	—
Including sales charge	+3.85%	+3.69%	+1.30%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+5.91%	+4.86%	+2.25%	—
Including sales charge	+5.91%	+4.86%	+2.25%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+5.32%	+4.28%	+1.67%	—
Including sales charge	+5.32%	+4.28%	+1.67%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+6.00%	+4.98%	—	+2.33%
Including sales charge	+6.00%	+4.98%	—	+2.33%
Class Y (Est. July 24, 2003)
Excluding sales charge	+5.69%*	+4.61%	+2.00%	—
Including sales charge	+5.69%	+4.61%	+2.00%	—
MSCI ACWI ex USA (net)	+13.26%	+5.97%	+4.25%	—
MSCI ACWI ex USA (gross)	+13.83%	+6.48%	+4.75%	—
MSCI EAFE Index (net)	+15.32%	+7.33%	+4.80%	—
MSCI EAFE Index (gross)	+15.90%	+7.85%	+5.30%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 41. Performance would have been lower had expense limitations not been in effect.

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Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.79%	2.52%	1.26%	1.89%	1.16%	1.50%
Net expenses (including fee waivers, if any)	1.04%	1.79%	0.79%	1.29%	0.65%	1.04%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance summaries

Delaware International Equity Fund II

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
MSCI EAFE Index (gross)	$	10,000	$	16,763
MSCI EAFE Index (net)	$	10,000	$	15,977
MSCI ACWI ex USA (gross)	$	10,000	$	15,902
MSCI ACWI ex USA (net)	$	10,000	$	15,167
Delaware International Equity Fund II – Class I shares	$	10,000	$	12,498
Delaware International Equity Fund II – Class A shares	$	9,425	$	11,297

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 41. Please note additional details on pages 40 through 43.

The graph also assumes $10,000 invested in the MSCI ACWI ex USA Index and the MSCI EAFE Index as of March 31, 2014. The MSCI ACWI (All Country World Index) ex USA Index represents large- and mid-cap stocks across developed and emerging markets worldwide, excluding the United States. The index covers approximately 85% of the global investable equity opportunity set outside the United States. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

The MSCI EAFE (Europe, Australasia, Far East) Index represents large- and mid-cap stocks across 21 developed markets, excluding the United States and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

Performance of other Fund classes will vary due to different charges and expenses.

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	Nasdaq symbols	CUSIPs
Class A	ICDAX	465898880
Class C	ICDCX	465898781
Class I	ICVIX	465898112
Class R	IYCUX	465899474
Class R6	ICNGX	46600A500
Class Y	ICDYX	465897148

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Performance summaries

Delaware Ivy Core Bond Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. August 14, 1987)
Excluding sales charge	+2.53%	+0.45%	+1.74%	—
Including sales charge	-2.09%	-0.73%	+1.14%	—
Class C (Est. December 8, 2003)
Excluding sales charge	+1.77%	-0.32%	+1.14%	—
Including sales charge	+0.78%	-0.32%	+1.14%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+2.79%	+0.83%	+2.13%	—
Including sales charge	+2.79%	+0.83%	+2.13%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+2.27%	+0.15%	+1.45%	—
Including sales charge	+2.27%	+0.15%	+1.45%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+2.86%	+0.84%	—	+2.03%
Including sales charge	+2.86%	+0.84%	—	+2.03%
Class Y (Est. December 8, 2003)
Excluding sales charge	+2.53%	+0.47%	+1.78%	—
Including sales charge	+2.53%	+0.47%	+1.78%	—
Bloomberg US Aggregate Index	+1.70%	+0.36%	+1.54%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 45. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50% and have an annual distribution and service (12b-1) fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 5.75% to 4.50%.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

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Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.09%	2.02%	0.64%	1.20%	0.62%	0.95%
Net expenses (including fee waivers, if any)	0.69%	1.44%	0.44%	0.94%	0.33%	0.69%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance summaries

Delaware Ivy Core Bond Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
Delaware Ivy Core Bond Fund – Class I shares	$	10,000	$	12,344
Bloomberg US Aggregate Index	$	10,000	$	11,657
Delaware Ivy Core Bond Fund – Class A shares	$	9,425	$	11,199

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 5.75% to 4.50%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 45. Please note additional details on pages 44 through 46.

The graph also assumes $10,000 invested in the Bloomberg US Aggregate Index as of March 31, 2014. The Bloomberg US Aggregate Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

The Consumer Price Index (CPI), mentioned on page 7, is a measure of inflation, representing changes in prices of all goods and services purchased for consumption by households.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IBOAX	465898344
Class C	IBOCX	465898328
Class I	IVBIX	465897775
Class R	IYBDX	465899524
Class R6	IBNDX	46600A302
Class Y	IBOYX	465898575

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Performance summaries

Delaware Ivy Core Equity Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. July 3, 2000)
Excluding sales charge	+31.18%	+16.19%	+11.69%	—
Including sales charge	+23.60%	+14.82%	+11.03%	—
Class C (Est. October 4, 1999)
Excluding sales charge	+30.19%	+15.22%	+10.96%	—
Including sales charge	+29.19%	+15.22%	+10.96%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+31.50%	+16.43%	+11.96%	—
Including sales charge	+31.50%	+16.43%	+11.96%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+30.84%	+15.79%	+11.29%	—
Including sales charge	+30.84%	+15.79%	+11.29%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+31.60%	+16.57%	—	+12.23%
Including sales charge	+31.60%	+16.57%	—	+12.23%
Class Y (Est. December 29, 1995)
Excluding sales charge	+31.13%	+16.30%	+11.90%	—
Including sales charge	+31.13%	+16.30%	+11.90%	—
S&P 500 Index	+29.88%	+15.05%	+12.96%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 48. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

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Performance summaries

Delaware Ivy Core Equity Fund

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.03%	1.99%	0.78%	1.31%	0.69%	0.97%
Net expenses (including fee waivers, if any)	1.00%	1.75%	0.75%	1.25%	0.67%	0.97%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
S&P 500 Index	$	10,000	$	33,826
Delaware Ivy Core Equity Fund – Class I shares	$	10,000	$	30,948
Delaware Ivy Core Equity Fund – Class A shares	$	9,425	$	28,464

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 48. Please note additional details on pages 47 through 49.

The graph also assumes $10,000 invested in the S&P 500 Index as of March 31, 2014. The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The Russell 1000 Growth Index, mentioned on page 9, measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Value Index, mentioned on page 9, measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	WCEAX	466000106
Class C	WTRCX	466000304
Class I	ICIEX	466000163
Class R	IYCEX	465899573
Class R6	ICEQX	46600A401
Class Y	WCEYX	466000403

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Performance summaries

Delaware Ivy Global Bond Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. April 4, 2008)
Excluding sales charge	+4.19%	+1.57%	+1.79%	—
Including sales charge	-0.51%	+0.38%	+1.19%	—
Class C (Est. April 4, 2008)
Excluding sales charge	+3.36%	+0.80%	+1.18%	—
Including sales charge	+2.36%	+0.80%	+1.18%	—
Class I (Est. April 4, 2008)
Excluding sales charge	+4.44%	+1.81%	+2.04%	—
Including sales charge	+4.44%	+1.81%	+2.04%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+3.98%	+1.17%	+1.33%	—
Including sales charge	+3.98%	+1.17%	+1.33%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+4.50%	+1.83%	—	+1.92%
Including sales charge	+4.50%	+1.83%	—	+1.92%
Class Y (Est. April 4, 2008)
Excluding sales charge	+4.21%	+1.58%	+1.79%	—
Including sales charge	+4.21%	+1.58%	+1.79%	—
Bloomberg Global Aggregate Index - Hedged to USD	+4.14%	+0.80%	+2.21%	—
Bloomberg 1-10 Year Global Aggregate Index Hedged USD	+4.46%	+1.23%	+1.98%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 51. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual distribution and service (12b-1) fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum sales charge imposed on purchases for Class A shares changed from 5.75% to 4.50%.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

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Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.24%	2.06%	0.75%	1.31%	0.73%	0.99%
Net expenses (including fee waivers, if any)	0.96%	1.71%	0.71%	1.21%	0.59%	0.96%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance summaries

Delaware Ivy Global Bond Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
Bloomberg Global Aggregate Index, Hedged to USD	$	10,000	$	12,443
Delaware Ivy Global Bond Fund – Class I shares	$	10,000	$	12,237
Bloomberg 1-10 Year Global Aggregate Index Hedged USD	$	10,000	$	12,164
Delaware Ivy Global Bond Fund – Class A shares	$	9,425	$	11,260

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum sales charge imposed on purchases for Class A shares changed from 5.75% to 4.50%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 51. Please note additional details on pages 50 through 53.

The graph also assumes $10,000 invested in the Bloomberg Global Aggregate Index, Hedged to USD, and the Bloomberg 1-10 Year Global Aggregate Index Hedged USD as of March 31, 2014. The Bloomberg Global Aggregate Index, Hedged to USD provides a broad-based measure of the global investment grade fixed-rate debt markets. Index returns are hedged to the US dollar, taking rolling one-month forward contracts that are reset at the end of each month and hedging each non-US-dollar-denominated bond in the index into US dollar terms. The Bloomberg 1-10 Year Global Aggregate Index Hedged USD provides a broad-based measure of the global investment grade fixed-rate debt market with a maturity of greater than 1 year and less than 10 years. Index returns are currency-hedged, and adjustments are made to the par amount outstanding of bonds for holdings of central governments that are publicly available.

The Consumer Price Index (CPI), mentioned on page 12, is a measure of inflation representing changes in prices of all goods and services purchased for consumption by urban households.

The Core Personal Consumption Expenditures Price Index (Core PCE), mentioned on page 12, measures the prices paid by consumers for goods and services excluding food and energy prices, because of the volatility caused by movements in food and energy prices, to reveal underlying inflation trends.

Performance of other Fund classes will vary due to different charges and expenses.

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	Nasdaq symbols	CUSIPs
Class A	IVSAX	465899748
Class C	IVSCX	465899722
Class I	IVSIX	465899714
Class R	IYGOX	465899516
Class R6	IVBDX	46600A872
Class Y	IVSYX	465899698

Table of Contents

Performance summaries

Delaware Ivy Global Growth Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. April 30, 1986)
Excluding sales charge	+25.48%	+11.45%	+8.44%	—
Including sales charge	+18.26%	+10.14%	+7.80%	—
Class C (Est. April 30, 1996)
Excluding sales charge	+24.49%	+10.48%	+7.73%	—
Including sales charge	+23.49%	+10.48%	+7.73%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+25.81%	+11.75%	+8.76%	—
Including sales charge	+25.81%	+11.75%	+8.76%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+25.13%	+11.10%	+8.13%	—
Including sales charge	+25.13%	+11.10%	+8.13%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+25.87%	+11.85%	—	+8.95%
Including sales charge	+25.87%	+11.85%	—	+8.95%
Class Y (Est. July 24, 2003)
Excluding sales charge	+25.48%	+11.45%	+8.48%	—
Including sales charge	+25.48%	+11.45%	+8.48%	—
MSCI ACWI (net)	+23.22%	+10.92%	+8.66%	—
MSCI ACWI (gross)	+23.81%	+11.45%	+9.22%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 55. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.39%	2.51%	1.03%	1.57%	1.00%	1.32%
Net expenses (including fee waivers, if any)	1.17%	1.92%	0.92%	1.42%	0.81%	1.17%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

Table of Contents

Performance summaries

Delaware Ivy Global Growth Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
MSCI ACWI (gross)	$	10,000	$	24,154
Delaware Ivy Global Growth Fund – Class I shares	$	10,000	$	23,165
MSCI ACWI (net)	$	10,000	$	22,948
Delaware Ivy Global Growth Fund – Class A shares	$	9,425	$	21,186

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 55. Please note additional details on pages 54 through 56.

The graph also assumes $10,000 invested in the MSCI ACWI as of March 31, 2014. The MSCI ACWI (All Country World Index) represents large- and mid-cap stocks across developed and emerging markets worldwide. The index covers approximately 85% of the global investable equity opportunity set. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IVINX	465897502
Class C	IVNCX	465897585
Class I	IGIIX	465898724
Class R	IYIGX	465899425
Class R6	ITGRX	46600A815
Class Y	IVIYX	465897114

Table of Contents

Performance summaries

Delaware Ivy High Income Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. July 3, 2000)
Excluding sales charge	+11.36%	+3.59%	+3.59%	—
Including sales charge	+6.28%	+2.37%	+2.98%	—
Class C (Est. October 4, 1999)
Excluding sales charge	+10.53%	+2.85%	+3.01%	—
Including sales charge	+9.53%	+2.85%	+3.01%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+11.63%	+3.83%	+3.84%	—
Including sales charge	+11.63%	+3.83%	+3.84%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+11.08%	+3.24%	+3.24%	—
Including sales charge	+11.08%	+3.24%	+3.24%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+11.64%	+3.95%	—	+4.03%
Including sales charge	+11.64%	+3.95%	—	+4.03%
Class Y (Est. December 30, 1998)
Excluding sales charge	+11.35%	+3.59%	+3.60%	—
Including sales charge	+11.35%	+3.59%	+3.60%	—
ICE BofA US High Yield Constrained Index	+11.06%	+4.01%	+4.36%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 58. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual distribution and service (12b-1) fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 5.75% to 4.50%.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Performance summaries

Delaware Ivy High Income Fund

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.02%	1.81%	0.75%	1.28%	0.64%	1.00%
Net expenses (including fee waivers, if any)	0.97%	1.72%	0.72%	1.22%	0.63%	0.97%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
ICE BofA US High Yield Constrained Index	$	10,000	$	15,322
Delaware Ivy High Income Fund – Class I shares	$	10,000	$	14,577
Delaware Ivy High Income Fund – Class A shares	$	9,425	$	13,419

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. Effective July 1, 2021, the maximum front-end sales charge imposed on purchases for Class A shares changed from 5.75% to 4.50%. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 58. Please note additional details on pages 57 through 59.

The graph also assumes $10,000 invested in the ICE BofA US High Yield Constrained Index as of March 31, 2014. The ICE BofA US High Yield Constrained Index tracks the performance of US dollar-denominated high yield corporate debt publicly issued in the US domestic market, but caps individual issuer exposure at 2% of the benchmark.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	WHIAX	466000668
Class C	WRHIX	466000643
Class I	IVHIX	466000122
Class R	IYHIX	465899490
Class R6	IHIFX	46600A831
Class Y	WHIYX	466000635

Table of Contents

Performance summaries

Delaware Ivy International Core Equity Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. May 13, 1997)
Excluding sales charge	+14.30%*	+6.56%	+4.31%	—
Including sales charge	+7.72%	+5.31%	+3.69%	—
Class C (Est. May 13, 1997)
Excluding sales charge	+13.41%*	+5.81%	+3.74%	—
Including sales charge	+12.41%	+5.81%	+3.74%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+14.59%	+6.98%	+4.69%	—
Including sales charge	+14.59%	+6.98%	+4.69%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+14.00%*	+6.26%	+4.02%	—
Including sales charge	+14.00%	+6.26%	+4.02%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+14.69%	+6.99%	—	+4.40%
Including sales charge	+14.69%	+6.99%	—	+4.40%
Class Y (Est. July 24, 2003)
Excluding sales charge	+14.27%	+6.61%	+4.36%	—
Including sales charge	+14.27%	+6.61%	+4.36%	—
MSCI ACWI ex USA (net)	+13.26%	+5.97%	+4.25%	—
MSCI ACWI ex USA (gross)	+13.83%	+6.48%	+4.75%	—

*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the netasset value at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into accountcertain adjustments that are necessary under US generally accepted accounting principles.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 61. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

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Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

To the extent the Fund invests a significant portion of its assets in a particular geographical region or country, economic, political, social and environmental conditions in that region or country will have a greater effect on Fund performance than they would in a more geographically diversified equity fund and the Fund’s performance may be more volatile than the performance of a more geographically diversified fund.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.42%	2.20%	0.94%	1.51%	0.93%	1.24%
Net expenses (including fee waivers, if any)	1.04%	1.79%	0.79%	1.29%	0.67%	1.04%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

Table of Contents

Performance summaries

Delaware Ivy International Core Equity Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
MSCI ACWI ex USA Index (gross)	$	10,000	$	15,902
Delaware Ivy International Core Equity Fund – Class I shares	$	10,000	$	15,810
MSCI ACWI ex USA Index (net)	$	10,000	$	15,167
Delaware Ivy International Core Equity Fund – Class A shares	$	9,425	$	14,373

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 61. Please note additional details on pages 60 through 62.

The graph also assumes $10,000 invested in the MSCI ACWI ex USA Index as of March 31, 2014. The MSCI ACWI (All Country World Index) ex USA Index represents large- and mid-cap stocks across developed and emerging markets worldwide, excluding the United States. The index covers approximately 85% of the global investable equity opportunity set outside the United States. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IVIAX	465897353
Class C	IVIFX	465897338
Class I	ICEIX	465899706
Class R	IYITX	465899433
Class R6	IINCX	46600A823
Class Y	IVVYX	465898682

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Performance summaries

Delaware Ivy Large Cap Growth Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. June 30, 2000)
Excluding sales charge	+33.90%	+17.19%	+15.07%	—
Including sales charge	+26.18%	+15.81%	+14.39%	—
Class C (Est. July 3, 2000)
Excluding sales charge	+32.90%	+16.25%	+14.37%	—
Including sales charge	+31.90%	+16.25%	+14.37%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+34.24%	+17.53%	+15.40%	—
Including sales charge	+34.24%	+17.53%	+15.40%	—
Class R (Est. December 29, 2005)
Excluding sales charge	+33.56%	+16.77%	+14.68%	—
Including sales charge	+33.56%	+16.77%	+14.68%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+34.29%	+17.56%	—	+15.57%
Including sales charge	+34.29%	+17.56%	—	+15.57%
Class Y (Est. July 6, 2000)
Excluding sales charge	+33.90%	+17.19%	+15.11%	—
Including sales charge	+33.90%	+17.19%	+15.11%	—
Russell 1000 Growth Index	+39.00%	+18.52%	+15.98%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 64. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Table of Contents

Performance summaries

Delaware Ivy Large Cap Growth Fund

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

“Non-diversified” investments may allocate more of their net assets to investments in single securities than “diversified” investments. Resulting adverse effects may subject these investments to greater risks and volatility.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on overall performance.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.00%	1.90%	0.66%	1.24%	0.66%	0.96%
Net expenses (including fee waivers, if any)	0.89%	1.64%	0.64%	1.14%	0.56%	0.89%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

Table of Contents

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
Russell 1000 Growth Index	$	10,000	$	44,042
Delaware Ivy Large Cap Growth Fund – Class I shares	$	10,000	$	41,876
Delaware Ivy Large Cap Growth Fund – Class A shares	$	9,425	$	38,374

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 64. Please note additional details on pages 63 through 65.

The graph also assumes $10,000 invested in the Russell 1000 Growth Index as of March 31, 2014. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^®is a trademark of Frank Russell Company.

Gross domestic product is a measure of all goods and services produced by a nation in a year. It is a measure of economic activity.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	WLGAX	466000627
Class C	WLGCX	466000593
Class I	IYGIX	466001203
Class R	WLGRX	466000429
Class R6	ILGRX	46600A799
Class Y	WLGYX	466000585

Table of Contents

Performance summaries

Delaware Ivy Managed International Opportunities Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. April 2, 2007)
Excluding sales charge	+11.57%	+5.63%	+4.19%	—
Including sales charge	+5.16%	+4.39%	+3.58%	—
Class C (Est. April 2, 2007)
Excluding sales charge	+10.75%	+4.96%	+3.62%	—
Including sales charge	+9.75%	+4.96%	+3.62%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+11.89%	+5.91%	+4.49%	—
Including sales charge	+11.89%	+5.91%	+4.49%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+11.27%	+5.42%	+4.01%	—
Including sales charge	+11.27%	+5.42%	+4.01%	—
Class R6 (Est. July 5, 2017)
Excluding sales charge	+12.39%	+6.00%	—	+4.72%
Including sales charge	+12.39%	+6.00%	—	+4.72%
Class Y (Est. April 2, 2007)
Excluding sales charge	+11.60%	+5.70%	+4.28%	—
Including sales charge	+11.60%	+5.70%	+4.28%	—
MSCI ACWI ex USA Index (net)	+13.26%	+5.97%	+4.25%	—
MSCI ACWI ex USA Index (gross)	+13.83%	+6.48%	+4.75%	—

Expense limitations may have been in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 67. If applicable, performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.55%	2.49%	1.21%	1.74%	1.27%	1.48%
Net expenses (including fee waivers, if any)	1.55%	2.49%	1.21%	1.74%	1.27%	1.48%

Type of waiver	n/a	n/a	n/a	n/a	n/a	n/a

Table of Contents

Performance summaries

Delaware Ivy Managed International Opportunities Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
MSCI ACWI ex USA (gross)	$	10,000	$	15,902
Delaware Ivy Managed International Opportunities Fund – Class I shares	$	10,000	$	15,518
MSCI ACWI ex USA (net)	$	10,000	$	15,167
Delaware Ivy Managed International Opportunities Fund – Class A shares	$	9,425	$	14,212

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 67. Please note additional details on pages 66 through 69.

The Deutscher Aktien Index (DAX) or the GER40, mentioned on page 23, is a stock index that represents 40 of the largest and most liquid German companies that trade on the Frankfurt Exchange. The prices used to calculate the DAX Index come through Xetra, an electronic trading system. A free-float methodology is used to calculate the index weightings along with a measure of the average trading volume.

The Nikke, mentioned on page 23, is short for Japan's Nikkei 225 Stock Average, the leading and most-respected index of Japanese stocks. It is a price-weighted index composed of Japan's top 225 blue-chip companies traded on the Tokyo Stock Exchange.

The S&P 500 Index, mentioned on page 23, measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.

Performance of other Fund classes will vary due to different charges and expenses.

Table of Contents

	Nasdaq symbols	CUSIPs
Class A	IVTAX	465898229
Class C	IVTCX	465898195
Class I	IVTIX	465898179
Class R	IYMGX	465899391
Class R6	IVTNX	46600A229
Class Y	IVTYX	465898161

Table of Contents

Performance summaries

Delaware Ivy Mid Cap Growth Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. June 30, 2000)
Excluding sales charge	+15.44%	+11.87%	+11.08%	—
Including sales charge	+8.82%	+10.55%	+10.43%	—
Class C (Est. July 3, 2000)
Excluding sales charge	+14.56%	+11.01%	+10.43%	—
Including sales charge	+13.56%	+11.01%	+10.43%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+15.74%	+12.25%	+11.44%	—
Including sales charge	+15.74%	+12.25%	+11.44%	—
Class R (Est. December 29, 2005)
Excluding sales charge	+15.15%	+11.50%	+10.72%	—
Including sales charge	+15.15%	+11.50%	+10.72%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+15.82%	+12.27%	—	+12.04%
Including sales charge	+15.82%	+12.27%	—	+12.04%
Class Y (Est. July 10, 2000)
Excluding sales charge	+15.46%	+11.87%	+11.11%	—
Including sales charge	+15.46%	+11.87%	+11.11%	—
Russell Midcap Growth Index	+26.28%	+11.82%	+11.35%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 71. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Table of Contents

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets. Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.21%	2.06%	0.84%	1.42%	0.83%	1.13%
Net expenses (including fee waivers, if any)	1.04%	1.79%	0.79%	1.29%	0.69%	1.04%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

Table of Contents

Performance summaries

Delaware Ivy Mid Cap Growth Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
Delaware Ivy Mid Cap Growth Fund – Class I shares	$	10,000	$	29,542
Russell Midcap Growth Index	$	10,000	$	29,308
Delaware Ivy Mid Cap Growth Fund – Class A shares	$	9,425	$	26,959

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 71. Please note additional details on pages 70 through 72.

The graph also assumes $10,000 invested in the Russell Midcap Growth Index as of March 31, 2014. The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^®is a trademark of the Frank Russell Company.

The price-to-earnings ratio (P/E ratio) mentioned on page 24, is a valuation ratio of a company’s current share price compared to its earnings per share. Generally, a high P/E ratio means that investors are anticipating higher growth in the future.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	WMGAX	466000577
Class C	WMGCX	466000551
Class I	IYMIX	466001609
Class R	WMGRX	466000411
Class R6	IGRFX	46600A765
Class Y	WMGYX	466000544

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Performance summaries

Delaware Ivy Mid Cap Income Opportunities Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	Lifetime
Class A (Est. October 1, 2014)
Excluding sales charge	+20.24%	+10.50%	+10.11%
Including sales charge	+13.35%	+9.20%	+9.42%
Class C (Est. October 1, 2014)
Excluding sales charge	+19.36%	+9.67%	+9.43%
Including sales charge	+18.36%	+9.67%	+9.43%
Class I (Est. October 1, 2014)
Excluding sales charge	+20.58%	+10.91%	+10.48%
Including sales charge	+20.58%	+10.91%	+10.48%
Class R (Est. October 1, 2014)
Excluding sales charge	+20.00%	+10.16%	+9.74%
Including sales charge	+20.00%	+10.16%	+9.74%
Class R6 (Est. October 1, 2014)
Excluding sales charge	+20.63%	+10.91%	+10.52%
Including sales charge	+20.63%	+10.91%	+10.52%
Class Y (Est. October 1, 2014)
Excluding sales charge	+20.21%	+10.49%	+10.11%
Including sales charge	+20.21%	+10.49%	+10.11%
Russell Midcap Index	+22.35%	+11.10%	+10.29%*

*The benchmark lifetime return is calculated using the Fund's inception date.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 74. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

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Performance summaries

Delaware Ivy Mid Cap Income Opportunities Fund

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

There is no guarantee that dividend-paying stocks will continue to pay dividends.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.26%	2.02%	0.89%	1.47%	0.89%	1.22%
Net expenses (including fee waivers, if any)	1.08%	1.83%	0.83%	1.33%	0.72%	1.08%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period October 1, 2014 (Fund's inception) through March 31, 2024

	Starting value		Ending value
Delaware Ivy Mid Cap Income Opportunities Fund – Class I shares	$	10,000	$	25,765
Russell Midcap Index	$	10,000	$	24,360
Delaware Ivy Mid Cap Income Opportunities Fund – Class A shares	$	9,425	$	23,516

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on October 1, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 74. Please note additional details on pages 73 through 75.

The graph also assumes $10,000 invested in the Russell Midcap Index as of October 1, 2014. The Russell Midcap Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000^®Index.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^®is a trademark of the Frank Russell Company.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IVOAX	46600B102
Class C	IVOCX	46600B201
Class I	IVOIX	46600B409
Class R	IVORX	46600B508
Class R6	IVOSX	46600B607
Class Y	IVOYX	46600B706

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Performance summaries

Delaware Ivy Small Cap Growth Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. July 3, 2000)
Excluding sales charge	+16.98%	+6.84%	+8.21%	—
Including sales charge	+10.27%	+5.58%	+7.57%	—
Class C (Est. October 4, 1999)
Excluding sales charge	+16.04%	+6.02%	+7.61%	—
Including sales charge	+15.04%	+6.02%	+7.61%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+17.29%	+7.20%	+8.58%	—
Including sales charge	+17.29%	+7.20%	+8.58%	—
Class R (Est. December 29, 2005)
Excluding sales charge	+16.70%	+6.50%	+7.89%	—
Including sales charge	+16.70%	+6.50%	+7.89%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+17.38%	+7.22%	—	+9.61%
Including sales charge	+17.38%	+7.22%	—	+9.61%
Class Y (Est. December 29, 1995)
Excluding sales charge	+16.93%	+6.83%	+8.26%	—
Including sales charge	+16.93%	+6.83%	+8.26%	—
Russell 2000 Growth Index	+20.35%	+7.38%	+7.89%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 77. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

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Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

The Fund may invest in initial public offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be replicated in the future.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.34%	2.28%	0.92%	1.50%	0.91%	1.21%
Net expenses (including fee waivers, if any)	1.14%	1.89%	0.89%	1.39%	0.76%	1.14%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance summaries

Delaware Ivy Small Cap Growth Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
Delaware Ivy Small Cap Growth Fund – Class I shares	$	10,000	$	22,777
Russell 2000 Growth Index	$	10,000	$	21,376
Delaware Ivy Small Cap Growth Fund – Class A shares	$	9,425	$	20,746

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 77. Please note additional details on pages 76 through 78.

The graph also assumes $10,000 invested in the Russell 2000 Growth Index as of March 31, 2014. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^®is a trademark of Frank Russell Company.

The price-to-earnings ratio (P/E ratio), mentioned on page 28, is a valuation ratio of a company's current share price compared to its earnings per share. Generally, a high P/E ratio means that investors are anticipating higher growth in the future.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	WSGAX	466000502
Class C	WRGCX	466000700
Class I	IYSIX	466001872
Class R	WSGRX	466000445
Class R6	IRGFX	46600A732
Class Y	WSCYX	466000809

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Performance summaries

Delaware Ivy Smid Cap Core Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. January 31, 1997)
Excluding sales charge	+20.70%	+8.22%	+7.98%	—
Including sales charge	+13.73%	+6.94%	+7.35%	—
Class C (Est. December 8, 2003)
Excluding sales charge	+19.77%	+7.43%	+7.39%	—
Including sales charge	+18.77%	+7.43%	+7.39%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+21.01%	+8.66%	+8.42%	—
Including sales charge	+21.01%	+8.66%	+8.42%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+20.38%	+7.93%	+7.74%	—
Including sales charge	+20.38%	+7.93%	+7.74%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+21.17%	+8.68%	—	+9.01%
Including sales charge	+21.17%	+8.68%	—	+9.01%
Class Y (Est. December 8, 2003)
Excluding sales charge	+20.73%	+8.26%	+8.08%	—
Including sales charge	+20.73%	+8.26%	+8.08%	—
Russell 2500 Index	+21.43%	+9.90%	+8.84%	—
Russell 2000 Index	+19.71%	+8.10%	+7.58%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed on the “Fund expense ratios” table on page 80. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Effective July 1, 2021, Class N shares were renamed Class R6 shares. Class R6 shares are available only to certain investors. Class R6 shares are available only to certain 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. Class R6 shares pay no 12b-1 fee.

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Performance summaries

Delaware Ivy Smid Cap Core Fund

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.44%	2.18%	0.97%	1.54%	0.96%	1.27%
Net expenses (including fee waivers, if any)	1.14%	1.89%	0.89%	1.39%	0.76%	1.14%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
Russell 2500 Index	$	10,000	$	23,328
Delaware Ivy Smid Cap Core Fund – Class I shares	$	10,000	$	22,454
Russell 2000 Index	$	10,000	$	20,761
Delaware Ivy Smid Cap Core Fund – Class A shares	$	9,425	$	20,316

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 80. Please note additional details on pages 79 through 82.

The graph also assumes $10,000 invested in the Russell 2500 Index and the Russell 2000 Index as of March 31, 2014. The Russell 2500 Index measures the performance of the small- to mid-cap segment of the US equity universe. The Russell 2500 Index is a subset of the Russell 3000^®Index, representing approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe.

The NFIB Small Business Optimism Index, mentioned on page 30, is a survey asking small business owners a battery of questions related to their expectations for the future and their plans to hire, build inventory, borrow, and expand.

The Personal Consumption Expenditures Price Index (PCE), mentioned on page 30, is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending.

The Purchasing Managers’ Index (PMI), mentioned on page 30, is an indicator of the economic health of the manufacturing sector. A PMI reading above 50% indicates that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting.

The Russell 1000 Index, mentioned on page 30, measures the performance of the large-cap segment of the US equity universe.

The Russell 2500 Growth Index, mentioned on page 30, measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2500 Value Index, mentioned on page 30, measures the performance of the small- to mid-cap value segment of the US equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

Table of Contents

Performance summaries

Delaware Ivy Smid Cap Core Fund

The US Consumer Price Index (CPI), mentioned on page 30, is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^®is a trademark of Frank Russell Company.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IYSAX	465898435
Class C	IYSCX	465898419
Class I	IVVIX	465899813
Class R	IYSMX	465899540
Class R6	ISPVX	46600A724
Class Y	IYSYX	465898393

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Performance summaries

Delaware Ivy Systematic Emerging Markets Equity Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. October 25, 1993)
Excluding sales charge	+10.25%*	+3.25%	+4.35%	—
Including sales charge	+3.91%	+2.04%	+3.73%	—
Class C (Est. April 30, 1996)
Excluding sales charge	+9.48%	+2.54%	+3.73%	—
Including sales charge	+8.48%	+2.54%	+3.73%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+10.55%	+3.65%	+4.73%	—
Including sales charge	+10.55%	+3.65%	+4.73%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+9.99%	+3.00%	+4.06%	—
Including sales charge	+9.99%	+3.00%	+4.06%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+10.68%*	+3.70%	—	+4.31%
Including sales charge	+10.68%	+3.70%	—	+4.31%
Class Y (Est. July 24, 2003)
Excluding sales charge	+10.25%	+3.31%	+4.39%	—
Including sales charge	+10.25%	+3.31%	+4.39%	—
MSCI Emerging Markets Index (net)	+8.15%	+2.22%	+2.95%	—
MSCI Emerging Markets Index (gross)	+8.59%	+2.61%	+3.33%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 84. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Performance summaries

Delaware Ivy Systematic Emerging Markets Equity Fund

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.57%	2.29%	1.08%	1.64%	1.05%	1.41%
Net expenses (including fee waivers, if any)	1.05%	1.80%	0.80%	1.30%	0.65%	1.05%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
Delaware Ivy Systematic Emerging Markets Equity Fund – Class I shares	$	10,000	$	15,877
Delaware Ivy Systematic Emerging Markets Equity Fund – Class A shares	$	9,425	$	14,420
MSCI Emerging Markets Index (gross)	$	10,000	$	13,879
MSCI Emerging Markets Index (net)	$	10,000	$	13,370

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 84. Please note additional details on pages 83 through 85.

The graph also assumes $10,000 invested in the MSCI Emerging Markets Index as of March 31, 2014. The MSCI Emerging Markets Index represents large- and mid-cap stocks across emerging market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

The MSCI World Index, mentioned on page 32, represents large- and mid-cap stocks across 23 developed market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IPOAX	465897866
Class C	IPOCX	465897643
Class I	IPOIX	465899854
Class R	IYPCX	465899383
Class R6	IMEGX	46600A708
Class Y	IPOYX	465898674

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Performance summaries

Delaware Ivy Value Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. September 16, 1994)
Excluding sales charge	+15.83%	+10.76%	+8.10%	—
Including sales charge	+9.18%	+9.46%	+7.46%	—
Class C (Est. December 8, 2003)
Excluding sales charge	+14.96%	+9.87%	+7.47%	—
Including sales charge	+14.14%	+9.87%	+7.47%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+16.11%	+11.05%	+8.41%	—
Including sales charge	+16.11%	+11.05%	+8.41%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+15.54%	+10.36%	+7.76%	—
Including sales charge	+15.54%	+10.36%	+7.76%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+16.20%	+11.19%	—	+8.39%
Including sales charge	+16.20%	+11.19%	—	+8.39%
Class Y (Est. December 8, 2003)
Excluding sales charge	+15.77%	+10.67%	+8.09%	—
Including sales charge	+15.77%	+10.67%	+8.09%	—
Russell 1000 Value Index	+20.27%	+10.32%	+9.01%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 87. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

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Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.14%	1.98%	0.86%	1.80%	0.74%	1.11%
Net expenses (including fee waivers, if any)	1.08%	1.83%	0.83%	1.33%	0.72%	1.08%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance summaries

Delaware Ivy Value Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
Russell 1000 Value Index	$	10,000	$	23,696
Delaware Ivy Value Fund – Class I shares	$	10,000	$	22,432
Delaware Ivy Value Fund – Class A shares	$	9,425	$	20,535

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 87. Please note additional details on pages 86 through 89.

The graph also assumes $10,000 invested in the Russell 1000 Value Index as of March 31, 2014. The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Core Personal Consumption Expenditures Price Index (Core PCE), mentioned on page 34, measures the prices paid by consumers for goods and services excluding food and energy prices, because of the volatility caused by movements in food and energy prices, to reveal underlying inflation trends.

The Personal Consumption Expenditures Price Index (PCE), mentioned on page 34, is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending.

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell^®is a trademark of Frank Russell Company.

Performance of other Fund classes will vary due to different charges and expenses.

Table of Contents

	Nasdaq symbols	CUSIPs
Class A	IYVAX	465898385
Class C	IYVCX	465898369
Class I	IYAIX	465899789
Class R	IYVLX	465899532
Class R6	IVALX	46600A716
Class Y	IYVYX	465898351

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Disclosure of Fund expenses

For the six-month period from October 1, 2023 to March 31, 2024 (Unaudited)

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2023 to March 31, 2024.

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.

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,190.50	1.17%	$	6.41
Class C		1,000.00		1,186.40	1.92%		10.49
Class I		1,000.00		1,192.10	0.92%		5.04
Class R		1,000.00		1,188.40	1.42%		7.77
Class R6		1,000.00		1,192.90	0.75%		4.11
Class Y		1,000.00		1,190.90	1.17%		6.41
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		1,021.25	0.75%		3.79
Class Y		1,000.00		1,019.15	1.17%		5.91

Table of Contents

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,108.00	1.04%	$	5.48
Class C		1,000.00		1,104.10	1.79%		9.42
Class I		1,000.00		1,109.40	0.79%		4.17
Class R		1,000.00		1,106.90	1.29%		6.79
Class R6		1,000.00		1,110.20	0.65%		3.43
Class Y		1,000.00		1,108.60	1.04%		5.48
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		1,021.75	0.65%		3.29
Class Y		1,000.00		1,019.80	1.04%		5.25

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,069.00	0.69%	$	3.57
Class C		1,000.00		1,065.00	1.44%		7.43
Class I		1,000.00		1,070.30	0.44%		2.28
Class R		1,000.00		1,066.40	0.94%		4.86
Class R6		1,000.00		1,070.90	0.33%		1.71
Class Y		1,000.00		1,069.00	0.69%		3.57
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,021.55	0.69%	$	3.49
Class C		1,000.00		1,017.80	1.44%		7.26
Class I		1,000.00		1,022.80	0.44%		2.23
Class R		1,000.00		1,020.30	0.94%		4.75
Class R6		1,000.00		1,023.35	0.33%		1.67
Class Y		1,000.00		1,021.55	0.69%		3.49

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,267.80	1.00%	$	5.67
Class C		1,000.00		1,263.20	1.75%		9.90
Class I		1,000.00		1,269.70	0.75%		4.26
Class R		1,000.00		1,266.40	1.25%		7.08
Class R6		1,000.00		1,270.20	0.67%		3.80
Class Y		1,000.00		1,267.60	1.00%		5.67
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		1,021.65	0.67%		3.39
Class Y		1,000.00		1,020.00	1.00%		5.05

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,064.20	0.96%	$	4.95
Class C		1,000.00		1,061.00	1.71%		8.81
Class I		1,000.00		1,065.40	0.71%		3.67
Class R		1,000.00		1,063.40	1.21%		6.24
Class R6		1,000.00		1,065.90	0.59%		3.05
Class Y		1,000.00		1,064.30	0.96%		4.95
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		1,022.05	0.59%		2.98
Class Y		1,000.00		1,020.20	0.96%		4.85

Table of Contents

Disclosure of Fund expenses

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,224.30	1.16%	$	6.45
Class C		1,000.00		1,219.70	1.92%		10.65
Class I		1,000.00		1,226.40	0.92%		5.12
Class R		1,000.00		1,223.00	1.42%		7.89
Class R6		1,000.00		1,226.70	0.81%		4.51
Class Y		1,000.00		1,224.70	1.17%		6.51
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.20	1.16%	$	5.86
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		1,020.95	0.81%		4.09
Class Y		1,000.00		1,019.15	1.17%		5.91

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,090.70	0.96%	$	5.02
Class C		1,000.00		1,086.60	1.71%		8.92
Class I		1,000.00		1,092.00	0.71%		3.71
Class R		1,000.00		1,089.30	1.21%		6.32
Class R6		1,000.00		1,092.10	0.63%		3.30
Class Y		1,000.00		1,090.70	0.96%		5.02
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		1,021.85	0.63%		3.18
Class Y		1,000.00		1,020.20	0.96%		4.85

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,137.50	1.04%	$	5.56
Class C		1,000.00		1,133.30	1.79%		9.55
Class I		1,000.00		1,138.70	0.79%		4.22
Class R		1,000.00		1,135.70	1.29%		6.89
Class R6		1,000.00		1,139.10	0.67%		3.58
Class Y		1,000.00		1,136.70	1.04%		5.56
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		1,021.65	0.67%		3.39
Class Y		1,000.00		1,019.80	1.04%		5.25

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,240.50	0.89%	$	4.99
Class C		1,000.00		1,236.20	1.64%		9.17
Class I		1,000.00		1,241.80	0.64%		3.59
Class R		1,000.00		1,238.70	1.14%		6.38
Class R6		1,000.00		1,242.30	0.56%		3.14
Class Y		1,000.00		1,240.70	0.89%		4.99
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		1,022.20	0.56%		2.83
Class Y		1,000.00		1,020.55	0.89%		4.50

Table of Contents

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,136.40	0.66%	$	3.53
Class C		1,000.00		1,131.50	1.41%		7.51
Class I		1,000.00		1,138.10	0.41%		2.19
Class R		1,000.00		1,133.50	0.91%		4.85
Class R6		1,000.00		1,143.20	0.25%		1.34
Class Y		1,000.00		1,136.60	0.66%		3.53
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,021.70	0.66%	$	3.34
Class C		1,000.00		1,017.95	1.41%		7.71
Class I		1,000.00		1,022.95	0.41%		2.07
Class R		1,000.00		1,020.45	0.91%		4.60
Class R6		1,000.00		1,023.75	0.25%		1.26
Class Y		1,000.00		1,021.70	0.66%		3.34

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,221.70	1.04%	$	5.78
Class C		1,000.00		1,216.70	1.79%		9.92
Class I		1,000.00		1,223.40	0.79%		4.39
Class R		1,000.00		1,220.20	1.29%		7.16
Class R6		1,000.00		1,224.20	0.69%		3.84
Class Y		1,000.00		1,221.70	1.04%		5.78
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		1,021.55	0.69%		3.49
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 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,221.70	1.08%	$	6.00
Class C		1,000.00		1,217.60	1.83%		10.15
Class I		1,000.00		1,223.70	0.83%		4.61
Class R		1,000.00		1,220.50	1.33%		7.38
Class R6		1,000.00		1,224.40	0.72%		4.00
Class Y		1,000.00		1,221.70	1.08%		6.00
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		1,021.40	0.72%		3.64
Class Y		1,000.00		1,019.60	1.08%		5.45

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,199.60	1.14%	$	6.27
Class C		1,000.00		1,194.50	1.89%		10.37
Class I		1,000.00		1,200.80	0.89%		4.90
Class R		1,000.00		1,197.40	1.39%		7.64
Class R6		1,000.00		1,201.40	0.76%		4.18
Class Y		1,000.00		1,199.10	1.14%		6.27
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		1,021.20	0.76%		3.84
Class Y		1,000.00		1,019.30	1.14%		5.76

Table of Contents

Disclosure of Fund expenses

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,207.90	1.14%	$	6.29
Class C		1,000.00		1,203.60	1.89%		10.41
Class I		1,000.00		1,209.60	0.89%		4.92
Class R		1,000.00		1,206.90	1.39%		7.67
Class R6		1,000.00		1,210.80	0.76%		4.20
Class Y		1,000.00		1,207.90	1.14%		6.29
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		1,021.20	0.76%		3.84
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 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,125.10	1.05%	$	5.58
Class C		1,000.00		1,120.70	1.80%		9.54
Class I		1,000.00		1,126.00	0.80%		4.25
Class R		1,000.00		1,123.50	1.30%		6.90
Class R6		1,000.00		1,127.80	0.65%		3.46
Class Y		1,000.00		1,124.60	1.05%		5.58
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.75	1.05%	$	5.30
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		1,021.75	0.65%		3.29
Class Y		1,000.00		1,019.75	1.05%		5.30

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

	Beginning Account Value 10/1/23		Ending Account Value 3/31/24		Annualized Expense Ratio	Expenses Paid During Period 10/1/23 to 3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,191.80	1.08%	$	5.92
Class C		1,000.00		1,187.00	1.83%		10.01
Class I		1,000.00		1,193.60	0.83%		4.55
Class R		1,000.00		1,190.20	1.33%		7.28
Class R6		1,000.00		1,194.20	0.72%		3.95
Class Y		1,000.00		1,191.60	1.08%		5.92
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		1,021.40	0.72%		3.64
Class Y		1,000.00		1,019.60	1.08%		5.45

*“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.

Table of Contents

Security type / country and sector allocations

Delaware Global Equity Fund II

As of March 31, 2024 (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		98.75	%
Austria		0.94	%
Brazil		2.43	%
Canada		4.16	%
China		1.68	%
Denmark		1.53	%
France		7.41	%
Germany		3.05	%
India		1.81	%
Japan		6.09	%
Netherlands		2.51	%
Switzerland		2.32	%
Taiwan		3.16	%
United Kingdom		3.57	%
United States		58.09	%
Short-Term Investments		0.55	%
Total Value of Securities		99.30	%
Receivables and Other Assets Net of Liabilities		0.70	%
Total Net Assets		100.00	%

Common stocks by sector	Percentage of net assets
Communication Services		8.87	%
Consumer Discretionary		5.35	%
Consumer Staples*		25.07	%
Energy		5.19	%
Financials		11.70	%
Healthcare		11.24	%
Industrials		6.37	%
Information Technology		24.02	%
Materials		0.94	%
Total		98.75	%

*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 March 31, 2024, such amounts, as a percentage of total net assets were 4.96%, 5.26%, 4.00%, 2.03%, and 8.82%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

Table of Contents

Security type / country and sector allocations

Delaware International Equity Fund II

As of March 31, 2024 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		96.90	%
Austria		1.35	%
Brazil		3.06	%
Canada		3.61	%
China		2.31	%
Denmark		4.02	%
Finland		0.01	%
France		16.46	%
Germany		10.62	%
India		2.96	%
Ireland		0.78	%
Japan		14.49	%
Netherlands		7.92	%
Republic of Korea		1.71	%
Singapore		0.58	%
Spain		2.70	%
Switzerland		5.33	%
Taiwan		3.17	%
United Kingdom		10.34	%
United States		5.48	%
Preferred Stock		0.91	%
Total Value of Securities		97.81	%
Receivables and Other Assets Net of Liabilities		2.19	%
Total Net Assets		100.00	%

Common stocks and preferred stock by sector	Percentage of net assets
Communication Services		3.34	%
Consumer Discretionary		7.17	%
Consumer Staples*		25.51	%
Energy		5.87	%
Financials		19.31	%
Healthcare		10.09	%
Industrials		8.94	%
Information Technology		12.59	%
Materials		4.99	%
Total		97.81	%

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food, and Retail. As of March 31, 2024, such amounts, as a percentage of total net assets were 4.35%, 7.68%, 12.57%, and 0.91%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

Table of Contents

Security type / sector allocations

Delaware Ivy Core Bond Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		0.19	%
Agency Mortgage-Backed Securities		28.15	%
Collateralized Debt Obligations		2.76	%
Corporate Bonds		35.87	%
Banking		8.84	%
Basic Industry		1.57	%
Brokerage		0.62	%
Capital Goods		1.42	%
Communications		4.24	%
Consumer Cyclical		1.22	%
Consumer Non-Cyclical		3.92	%
Electric		3.00	%
Energy		4.60	%
Finance Companies		1.82	%
Industrials		0.14	%
Insurance		1.36	%
Natural Gas		0.13	%
Real Estate Investment Trusts		0.19	%
Technology		1.81	%
Transportation		0.99	%
Government Agency Obligations		0.86	%
Municipal Bonds		1.26	%
Non-Agency Asset-Backed Securities		5.84	%
Non-Agency Collateralized Mortgage Obligations		3.66	%
Non-Agency Commercial Mortgage-Backed Securities		7.52	%
Sovereign Bonds		0.96	%
US Treasury Obligations		11.09	%
Short-Term Investments		0.59	%
Total Value of Securities		98.75	%
Receivables and Other Assets Net of Liabilities		1.25	%
Total Net Assets		100.00	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Core Equity Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		99.97	%
Communication Services		7.30	%
Consumer Discretionary		7.55	%
Consumer Staples		3.85	%
Energy		2.13	%
Financials		24.30	%
Healthcare		11.30	%
Industrials		6.77	%
Information Technology*		30.95	%
Materials		5.13	%
Utilities		0.69	%
Short-Term Investments		0.11	%
Total Value of Securities		100.08	%
Liabilities Net of Receivables and Other Assets		(0.08	%)
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 March 31, 2024, such amounts, as a percentage of total net assets were 4.07%, 2.26%, 1.37%, 1.99%, 10.13%, and 11.13%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Top 10 equity 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		8.65	%
Alphabet Class A		4.67	%
NVIDIA		4.05	%
Amazon.com		3.73	%
UnitedHealth Group		3.57	%
Apple		3.13	%
HCA Healthcare		3.07	%
KKR & Co.		2.96	%
Capital One Financial		2.89	%
Airbus ADR		2.71	%

Table of Contents

Security type / country and sector allocations

Delaware Ivy Global Bond Fund

As of March 31, 2024 (Unaudited)

Security type / country	Percentage of net assets
Agency Mortgage-Backed Securities		12.37	%
Corporate Bonds		33.12	%
Australia		3.32	%
Brazil		0.17	%
Canada		0.11	%
Chile		0.20	%
China		0.18	%
Colombia		0.45	%
Denmark		0.16	%
France		2.57	%
Germany		1.29	%
Guatemala		0.30	%
Hong Kong		0.50	%
India		0.20	%
Ireland		0.39	%
Italy		0.48	%
Kuwait		0.17	%
Mexico		1.18	%
Netherlands		0.17	%
Peru		0.70	%
South Africa		0.07	%
Spain		0.08	%
Switzerland		0.74	%
Thailand		0.15	%
Turkey		0.25	%
Ukraine		0.09	%
United Arab Emirates		0.40	%
United Kingdom		1.01	%
United States		17.79	%
Government Agency Obligations		2.50	%
Sovereign Bonds		26.89	%
Albania		0.18	%
Angola		0.13	%
Australia		0.94	%
Belgium		0.84	%
Benin		0.04	%
Bermuda		0.45	%
Brazil		0.32	%
Chile		0.43	%
Dominican Republic		0.71	%
Finland		0.04	%
France		1.41	%
Georgia		0.16	%
Germany		2.29	%
Indonesia		0.31	%
Italy		4.50	%
Ivory Coast		0.69	%
Japan		1.87	%
Netherlands		2.50	%
Nigeria		0.15	%
Paraguay		1.04	%
Peru		0.24	%
Poland		0.56	%
Republic of Korea		0.17	%
Republic of North Macedonia		0.35	%
Serbia		0.30	%
South Africa		0.14	%
Spain		1.57	%
United Kingdom		4.39	%
Uruguay		0.17	%
Supranational Banks		1.11	%
US Treasury Obligations		16.63	%
Options Purchased		0.01	%
Short-Term Investments		3.47	%
Total Value of Securities before Options Written		96.10	%
Options Written		(0.00	%)
Receivables and Other Assets Net of Liabilities		3.90	%
Total Net Assets		100.00	%

Table of Contents

Security type / country and sector allocations

Delaware Ivy Global Bond Fund

Corporate bonds by sector	Percentage of net assets
Banking		11.01	%
Basic Industry		0.74	%
Brokerage		0.42	%
Capital Goods		2.11	%
Communications		1.65	%
Consumer Cyclical		1.56	%
Consumer Non-Cyclical		2.09	%
Electric		3.21	%
Energy		3.19	%
Finance Companies		1.34	%
Industrials		0.57	%
Insurance		1.50	%
Natural Gas		0.64	%
Real Estate Investment Trusts		0.64	%
Technology		0.95	%
Transportation		1.36	%
Utilities		0.14	%
Total		33.12	%

100

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Security type / country and sector allocations

Delaware Ivy Global Growth Fund

As of March 31, 2024 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		98.91	%
Austria		1.24	%
Brazil		1.43	%
Canada		1.32	%
China		1.28	%
Denmark		1.40	%
France		7.97	%
Germany		2.86	%
India		3.49	%
Italy		1.61	%
Japan		3.66	%
Netherlands		2.17	%
Republic of Korea		1.11	%
Singapore		0.53	%
Taiwan		2.87	%
United Kingdom		1.41	%
United States		64.56	%
Preferred Stock		0.72	%
Short-Term Investments		0.70	%
Total Value of Securities		100.33	%
Liabilities Net of Receivables and Other Assets		(0.33	%)
Total Net Assets		100.00	%

Common stocks and preferred stock by sector	Percentage of net assets
Communication Services		9.82	%
Consumer Discretionary		9.97	%
Consumer Staples		7.08	%
Energy		5.15	%
Financials		16.14	%
Healthcare		11.24	%
Industrials		12.20	%
Information Technology*		25.10	%
Materials		1.24	%
Utilities		1.69	%
Total		99.63	%

*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, Semiconductors, and Software. As of March 31, 2024, such amounts, as a percentage of total net assets were 2.46%, 11.66%, and 10.98%, 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%.

101

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Security type / sector allocations

Delaware Ivy High Income Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Convertible Bond		2.56	%
Corporate Bonds		80.05	%
Automotive		1.79	%
Banking		0.86	%
Basic Industry		5.95	%
Capital Goods		5.75	%
Consumer Goods		2.12	%
Electric		2.85	%
Energy		11.30	%
Financial Services		2.19	%
Healthcare		7.97	%
Insurance		5.41	%
Leisure		6.34	%
Media		9.63	%
Retail		2.90	%
Services		3.20	%
Technology & Electronics		4.28	%
Telecommunications		6.94	%
Transportation		0.57	%
Loan Agreements		11.29	%
Basic Industry		3.75	%
Capital Goods		1.49	%
Energy		0.25	%
Financial Services		1.07	%
Healthcare		1.01	%
Media		0.27	%
Services		0.66	%
Technology & Electronics		2.44	%
Telecommunications		0.35	%
Common Stocks		3.95	%
Preferred Stock		0.09	%
Warrants		0.03	%
Short-Term Investments		2.38	%
Total Value of Securities		100.35	%
Liabilities Net of Receivables and Other Assets		(0.35	%)
Total Net Assets		100.00	%

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Security type / country and sector allocations

Delaware Ivy International Core Equity Fund

As of March 31, 2024 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		95.01	%
Austria		1.66	%
Brazil		5.30	%
Canada		2.83	%
China		4.02	%
Denmark		3.97	%
France		14.71	%
Germany		10.47	%
India		6.93	%
Ireland		2.11	%
Japan		12.03	%
Netherlands		7.62	%
Republic of Korea		4.54	%
Singapore		0.90	%
Spain		2.71	%
Switzerland		2.45	%
Taiwan		3.59	%
United Kingdom		4.17	%
United States		5.00	%
Preferred Stocks		2.51	%
Short-Term Investments		0.42	%
Total Value of Securities		97.94	%
Receivables and Other Assets Net of Liabilities		2.06	%
Total Net Assets		100.00	%

Common stocks and preferred stocks by sector	Percentage of net assets
Communication Services		5.05	%
Consumer Discretionary		11.48	%
Consumer Staples		9.48	%
Energy		6.68	%
Financials		22.39	%
Healthcare		10.82	%
Industrials		11.43	%
Information Technology		13.35	%
Materials		5.32	%
Utilities		1.52	%
Total		97.52	%

103

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Security type / sector allocations and top 10 equity holdings

Delaware Ivy Large Cap Growth Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		99.48	%
Communication Services		8.48	%
Consumer Discretionary		12.51	%
Consumer Staples		2.32	%
Financials		10.69	%
Healthcare		11.50	%
Industrials		8.49	%
Information Technology*		42.18	%
Real Estate		3.31	%
Total Value of Securities		99.48	%
Receivables and Other Assets Net of Liabilities		0.52	%
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 March 31, 2024, such amounts, as a percentage of total net assets were 5.81%, 3.02%, 8.82%, 21.15%, and 3.38%, 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%.

Top 10 equity 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		13.85	%
NVIDIA		8.08	%
Amazon.com		6.68	%
Apple		5.81	%
Visa Class A		5.75	%
Alphabet Class A		5.73	%
UnitedHealth Group		3.75	%
Motorola Solutions		3.38	%
CoStar Group		3.31	%
VeriSign		3.02	%

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Security type

Delaware Ivy Managed International Opportunities Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Affiliated Mutual Funds		99.44	%
Short-Term Investments		0.51	%
Total Value of Securities		99.95	%
Receivables and Other Assets Net of Liabilities		0.05	%
Total Net Assets		100.00	%

105

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Mid Cap Growth Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		98.45	%
Communication Services		5.25	%
Consumer Discretionary		11.19	%
Consumer Staples		2.25	%
Financials		5.64	%
Healthcare		24.23	%
Industrials		16.74	%
Information Technology*		26.77	%
Materials		1.61	%
Real Estate		4.77	%
Short-Term Investments		1.66	%
Total Value of Securities		100.11	%
Liabilities Net of Receivables and Other Assets		(0.11	%)
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, and Software. As of March 31, 2024, such amounts, as a percentage of total net assets were 1.96%, 3.08%, 4.61%, 1.33%, 8.04%, and 7.75%, 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%.

Top 10 equity 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		4.77	%
Pinterest Class A		2.89	%
Monolithic Power Systems		2.78	%
Dexcom		2.71	%
Floor & Decor Holdings Class A		2.46	%
Trade Desk Class A		2.35	%
MarketAxess Holdings		2.18	%
Pool		2.11	%
Repligen		2.01	%
IDEXX Laboratories		1.97	%

106

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Mid Cap Income Opportunities Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		98.80	%
Consumer Discretionary		20.24	%
Consumer Staples		8.93	%
Financials		11.64	%
Healthcare		5.78	%
Industrials*		25.95	%
Information Technology		11.72	%
Materials		14.54	%
Short-Term Investments		1.02	%
Total Value of Securities		99.82	%
Receivables and Other Assets Net of Liabilities		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 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 March 31, 2024, such amounts, as a percentage of total net assets were 2.86%, 2.82%, 5.74%, 2.95%, 5.88%, and 5.70%, 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%.

Top 10 equity 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
McCormick & Co.		3.18	%
Polaris		3.08	%
First American Financial		3.05	%
Seagate Technology Holdings		3.03	%
Stanley Black & Decker		2.98	%
Discover Financial Services		2.97	%
Travel + Leisure		2.97	%
nVent Electric		2.95	%
Quest Diagnostics		2.94	%
Avery Dennison		2.94	%

107

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Small Cap Growth Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		99.40	%
Communication Services		1.17	%
Consumer Discretionary		15.52	%
Consumer Staples		4.69	%
Energy		2.43	%
Financials		5.65	%
Healthcare		21.54	%
Industrials		22.52	%
Information Technology		23.57	%
Materials		2.31	%
Short-Term Investments		0.47	%
Total Value of Securities		99.87	%
Receivables and Other Assets Net of Liabilities		0.13	%
Total Net Assets		100.00	%

Top 10 equity 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		3.89	%
Federal Signal		2.51	%
Parsons		2.48	%
Vericel		2.39	%
Progyny		2.39	%
Sprout Social Class A		2.37	%
ATI		2.31	%
Red Rock Resorts Class A		2.29	%
Clean Harbors		2.17	%
Onto Innovation		2.15	%

108

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Smid Cap Core Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		98.35	%
Basic Materials		8.74	%
Business Services		5.04	%
Capital Goods		11.72	%
Consumer Discretionary		5.15	%
Consumer Services		2.40	%
Consumer Staples		2.99	%
Credit Cyclicals		3.28	%
Energy		4.96	%
Financials		13.40	%
Healthcare		13.56	%
Media		1.68	%
Real Estate Investment Trusts		6.08	%
Technology		14.25	%
Transportation		3.59	%
Utilities		1.51	%
Short-Term Investments		1.84	%
Total Value of Securities		100.19	%
Liabilities Net of Receivables and Other Assets		(0.19	%)
Total Net Assets		100.00	%

Top 10 equity 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		1.67	%
PTC		1.63	%
Chesapeake Energy		1.61	%
Dick's Sporting Goods		1.55	%
Boise Cascade		1.54	%
East West Bancorp		1.54	%
Reliance		1.46	%
Lincoln Electric Holdings		1.43	%
Beacon Roofing Supply		1.38	%
Reinsurance Group of America		1.30	%

109

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Security type / sector allocations and top 10 equity holdings

Delaware Ivy Systematic Emerging Markets Equity Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		98.72	%
Communication Services		10.13	%
Consumer Discretionary		15.93	%
Consumer Staples		6.53	%
Energy		6.40	%
Financials		23.17	%
Healthcare		0.32	%
Industrials		3.48	%
Information Technology*		30.11	%
Materials		1.96	%
Real Estate		0.69	%
Preferred Stock		1.02	%
Short-Term Investments		0.70	%
Total Value of Securities		100.44	%
Liabilities Net of Receivables and Other Assets		(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 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, Home Furnishings, Manufacturing, Semiconductors, Software, and Telecommunications. As of March 31, 2024, such amounts, as a percentage of total net assets were 5.76%, 0.42%, 1.35%, 1.30%, 0.73%, 19.89%, 0.53%, and 0.13%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Top 10 equity 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		9.65	%
Samsung Electronics		6.64	%
ICICI Bank		3.75	%
Tencent Holdings		3.73	%
Bajaj Auto		3.28	%
Kia		3.23	%
NetEase		3.06	%
Bank Rakyat Indonesia Persero		2.42	%
Tata Consultancy Services		2.39	%
Infosys		2.36	%

110

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Security type / sector allocations and top 10 equity holdings

Delaware Ivy Value Fund

As of March 31, 2024 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		97.14	%
Communication Services		6.24	%
Consumer Discretionary		9.19	%
Consumer Staples		8.44	%
Energy		3.13	%
Financials		18.36	%
Healthcare		18.28	%
Industrials		9.22	%
Information Technology		14.99	%
Materials		3.10	%
Real Estate		3.11	%
Utilities		3.08	%
Short-Term Investments		2.51	%
Total Value of Securities		99.65	%
Receivables and Other Assets Net of Liabilities		0.35	%
Total Net Assets		100.00	%

Top 10 equity 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
Walt Disney		3.17	%
US Bancorp		3.16	%
Travelers		3.14	%
Exxon Mobil		3.13	%
Motorola Solutions		3.13	%
CVS Health		3.11	%
Equity Residential		3.11	%
Northrop Grumman		3.11	%
DuPont de Nemours		3.10	%
TJX		3.10	%

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Schedules of investments

Delaware Global Equity Fund II

March 31, 2024

	Number of shares		Value (US $)
Common Stocks – 98.75%Δ
Austria – 0.94%
Mondi		140,057	$	2,466,866
				2,466,866
Brazil – 2.43%
Banco do Brasil		402,314		4,546,628
Petroleo Brasileiro ADR		119,388		1,815,891
				6,362,519
Canada – 4.16%
Alimentation Couche-Tard		124,176		7,087,259
Canadian Natural Resources		50,111		3,822,649
				10,909,908
China – 1.68%
China Mengniu Dairy		2,054,000		4,408,795
				4,408,795
Denmark – 1.53%
Genmab †		13,402		4,018,304
				4,018,304
France – 7.41%
Airbus		37,844		6,970,156
BNP Paribas		72,032		5,118,094
L'Oreal		15,540		7,354,112
				19,442,362
Germany – 3.05%
Deutsche Telekom		209,488		5,085,138
Siemens		15,223		2,906,273
				7,991,411
India – 1.81%
ICICI Bank ADR		180,256		4,760,561
				4,760,561
Japan – 6.09%
Asahi Group Holdings		182,500		6,683,710
ITOCHU		77,900		3,326,368
Mitsubishi UFJ Financial Group		588,000		5,962,346
				15,972,424
Netherlands – 2.51%
Adyen 144A #, †		2,618		4,428,705
Shell		64,857		2,165,952
				6,594,657
Switzerland – 2.32%
Nestle		57,345		6,088,356
				6,088,356
Taiwan – 3.16%
Taiwan Semiconductor
Manufacturing ADR		60,932		8,289,799
				8,289,799
United Kingdom – 3.57%
AstraZeneca		30,043		4,048,966
Reckitt Benckiser Group		93,516		5,325,569
				9,374,535
United States – 58.09%
Alphabet Class A †		52,955		7,992,498
Amazon.com †		51,886		9,359,197
Apple		38,009		6,517,783
Biogen †		4,860		1,047,962
Blue Owl Capital		154,295		2,910,004
Casey's General Stores		24,485		7,797,248
Coca-Cola		103,573		6,336,596
ConocoPhillips		28,913		3,680,047
Costco Wholesale		11,264		8,252,344
Danaher		11,889		2,968,921
Discover Financial Services		22,548		2,955,817
DraftKings Class A †		29,604		1,344,318
Eli Lilly & Co.		7,654		5,954,506
Home Depot		8,675		3,327,730
Ingersoll Rand		36,631		3,478,113
Intuit		6,977		4,535,050
KLA		6,589		4,602,878
Lam Research		3,474		3,375,234
Meta Platforms Class A		7,934		3,852,592
Microchip Technology		38,509		3,454,642
Microsoft		34,615		14,563,223
Netflix †		6,060		3,680,420
NVIDIA		9,660		8,728,390
Pinterest Class A †		76,574		2,654,821
Procter & Gamble		39,773		6,453,169
Salesforce		21,168		6,375,378
Schlumberger		39,310		2,154,581
Synopsys †		4,494		2,568,321
Thermo Fisher Scientific		5,150		2,993,231
UnitedHealth Group		8,008		3,961,558
Vertex Pharmaceuticals †		10,778		4,505,312
				152,381,884
Total Common Stocks (cost $224,895,581)				259,062,381

Short-Term Investments – 0.55%
Money Market Mutual Funds – 0.55%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		359,072		359,072
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		359,072		359,072
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		359,071		359,071

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Table of Contents

	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		359,071	$	359,071
Total Short-Term Investments (cost $1,436,286)				1,436,286
Total Value of Securities–99.30% (cost $226,331,867)			$	260,498,667

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 95 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 March 31, 2024, the aggregate value of Rule 144A securities was $4,428,705, which represents 1.69% of the Fund’s net assets. See Note 13 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

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

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Table of Contents

Schedules of investments

Delaware International Equity Fund II

March 31, 2024

	Number of shares		Value (US $)
Common Stocks – 96.90%Δ
Austria – 1.35%
Mondi		70,130	$	1,235,221
				1,235,221
Brazil – 3.06%
Banco do Brasil		138,939		1,570,176
MercadoLibre †		815		1,232,248
				2,802,424
Canada – 3.61%
Alimentation Couche-Tard		14,646		835,910
Dollarama		32,357		2,464,966
				3,300,876
China – 2.31%
Budweiser Brewing 144A #		631,700		929,766
China Mengniu Dairy		551,000		1,182,690
				2,112,456
Denmark – 4.02%
Genmab †		5,073		1,521,031
Novo Nordisk Class B		16,842		2,160,381
				3,681,412
Finland – 0.01%
Nokia		2,804		9,955
				9,955
France – 16.46%
Airbus		14,697		2,706,912
BNP Paribas		25,409		1,805,387
Euroapi †		9		27
L'Oreal		8,499		4,022,046
LVMH Moet Hennessy Louis Vuitton		1,594		1,433,703
Rexel		489		13,205
Sanofi		81		7,949
Schneider Electric		81		18,321
Technip Energies ADR		857		21,725
Thales		12,071		2,058,253
TotalEnergies		28,531		1,953,649
Vinci		8,016		1,027,044
				15,068,221
Germany – 10.62%
Deutsche Telekom		103,660		2,516,256
Heidelberg Materials		11,576		1,273,230
KION Group		18,916		995,479
SAP		14,212		2,766,924
Siemens		7,049		1,345,748
Siemens Healthineers 144A #, †		13,528		827,810
				9,725,447
India – 2.96%
Axis Bank GDR		17,822		1,128,132
ICICI Bank ADR		59,875		1,581,299
				2,709,431
Ireland – 0.78%
ICON †		2,137		717,925
				717,925
Japan – 14.49%
Asahi Group Holdings		83,300		3,050,701
Mitsubishi UFJ Financial Group		213,000		2,159,829
Mitsui Chemicals		38,200		1,116,879
Panasonic Holdings		1,000		9,503
Renesas Electronics		115,300		2,044,294
Seven & i Holdings		210,100		3,053,376
Tokio Marine Holdings		58,700		1,832,194
				13,266,776
Netherlands – 7.92%
Adyen 144A #, †		979		1,656,112
ASML Holding		2,803		2,698,028
ING Groep		63,345		1,041,908
Shell		55,558		1,855,404
				7,251,452
Republic of Korea – 1.71%
KB Financial Group		30,015		1,567,357
				1,567,357
Singapore – 0.58%
Sea ADR †		9,807		526,734
				526,734
Spain – 2.70%
Banco Bilbao Vizcaya Argentaria		207,464		2,471,001
				2,471,001
Switzerland – 5.33%
Alcon		17,307		1,441,500
Nestle		32,207		3,419,438
Novartis		159		15,404
Sandoz Group †		34		1,026
				4,877,368
Taiwan – 3.17%
Taiwan Semiconductor
Manufacturing ADR		21,356		2,905,484
				2,905,484
United Kingdom – 10.34%
AstraZeneca		12,770		1,721,043
Haleon		712,779		2,996,681
HSBC Holdings		111,651		872,297
J Sainsbury		4,892		16,696
John Wood Group †		7,073		11,810
Tesco		1,023,321		3,830,840

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Table of Contents

	Number of shares		Value (US $)
Common StocksΔ (continued)
United Kingdom (continued)
Travis Perkins		817	$	7,521
Vodafone Group		7,011		6,235
				9,463,123
United States – 5.48%
Freshworks Class A †		60,737		1,106,021
Newmont		27,018		945,633
Schlumberger		28,335		1,553,041
Stellantis		49,821		1,416,028
				5,020,723
Total Common Stocks (cost $79,246,647)				88,713,386

Preferred Stock – 0.91%Δ
Germany – 0.91%
Sartorius 0.22% ω		2,093		832,311
Total Preferred Stock (cost $628,690)				832,311
Total Value of Securities–97.81% (cost $79,875,337)			$	89,545,697

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 96 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 March 31, 2024, the aggregate value of Rule 144A securities was $3,413,688, which represents 3.73% of the Fund’s net assets. See Note 13 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.

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Table of Contents

Schedules of investments

Delaware Ivy Core Bond Fund

March 31, 2024

	Principal amount^°		Value (US $)
Agency Collateralized Mortgage Obligations — 0.19%
Freddie Mac REMICs
Series 2557 HL 5.30% 1/15/33		17,173	$	17,014
Freddie Mac Whole Loan
Securities Trust
Series 2015-SC01 1A 3.50% 5/25/45		540,691		471,657
Series 2016-SC02 1A 3.00% 10/25/46		168,909		145,930
GNMA
Series 2005-23 IO 1.00% 6/17/45 =, •		56,862		0
Vendee Mortgage Trust
6.486% 2/15/25 •		1,813		1,807
7.793% 2/15/25		121		121
Total Agency Collateralized Mortgage Obligations (cost $744,526)				636,529

Agency Mortgage-Backed Securities — 28.15%
Fannie Mae
2.50% 11/1/27		130,588		125,355
Fannie Mae S.F. 15 yr
2.00% 3/1/37		1,890,132		1,687,173
2.50% 8/1/36		1,588,154		1,447,373
4.50% 4/1/25		4,300		4,258
5.50% 10/1/38		1,202,830		1,212,250
Fannie Mae S.F. 20 yr
4.00% 8/1/42		524,069		493,353
4.00% 9/1/42		2,499,336		2,348,768
Fannie Mae S.F. 30 yr
2.00% 3/1/51		8,277,926		6,575,892
2.00% 9/1/51		382,309		303,599
2.50% 11/1/51		915,817		762,138
2.50% 12/1/51		418,454		346,984
2.50% 2/1/52		3,253,494		2,716,254
3.00% 9/1/42		649,288		582,378
3.00% 5/1/43		906,235		809,076
3.00% 1/1/46		458,637		400,065
3.00% 6/1/52		1,598,330		1,385,853
3.50% 1/1/48		423,588		387,501
3.50% 6/1/52		8,794,256		7,875,164
3.50% 9/1/52		3,171,000		2,862,501
4.00% 2/1/47		110,722		104,913
4.00% 9/1/52		2,742,219		2,543,258
4.50% 1/1/50		902,585		885,177
4.50% 10/1/52		2,170,243		2,066,570
4.50% 2/1/53		1,988,227		1,893,247
5.00% 7/1/47		5,066,565		5,080,753
5.00% 9/1/53		368,318		359,359
5.50% 8/1/52		762,004		759,868
6.00% 1/1/42		506,816		525,073
Fannie Mae S.F. 30 yr
6.50% 12/1/31		1,516		1,582
6.50% 2/1/32		28,328		29,492
6.50% 4/1/32		3,671		3,793
6.50% 5/1/32		5,910		6,102
6.50% 7/1/32		2,132		2,225
6.50% 8/1/32		4,291		4,461
6.50% 9/1/32		9,650		9,969
6.50% 10/1/32		8,609		8,959
6.50% 8/1/33		4,697		4,880
6.50% 9/1/34		19,082		19,524
6.50% 11/1/34		1,927		2,015
6.50% 3/1/35		38,698		39,846
7.00% 9/1/31		1,608		1,657
7.00% 11/1/31		16,969		17,495
7.00% 2/1/32		15,272		15,746
7.00% 3/1/32		16,951		17,477
7.50% 5/1/31		3,990		3,961
Freddie Mac S.F. 20 yr
2.00% 5/1/42		1,730,735		1,451,523
2.00% 8/1/42		949,509		802,003
2.50% 2/1/42		2,104,971		1,827,354
3.00% 3/1/37		1,661,596		1,525,205
5.00% 5/1/29		8,327		8,251
Freddie Mac S.F. 30 yr
2.50% 11/1/51		2,906,405		2,447,594
2.50% 2/1/52		3,990,624		3,321,612
3.00% 8/1/42		414,028		371,791
3.00% 1/1/43		528,474		471,820
3.00% 12/1/46		224,999		197,841
3.00% 1/1/47		601,165		528,481
3.00% 7/1/50		1,070,646		940,385
3.00% 8/1/52		3,669,531		3,197,635
4.00% 8/1/52		1,283,140		1,195,591
4.00% 9/1/52		2,322,109		2,164,213
4.50% 7/1/52		4,095,787		3,903,933
4.50% 9/1/52		4,778,383		4,552,011
4.50% 10/1/52		1,470,485		1,400,239
5.00% 9/1/34		181		182
5.00% 9/1/52		1,920,217		1,890,006
5.00% 6/1/53		750,247		731,940
5.50% 9/1/52		3,461,903		3,518,149
5.50% 3/1/53		1,011,755		1,015,706
5.50% 9/1/53		1,646,746		1,649,362
6.00% 12/1/52		1,299,324		1,313,416
6.50% 9/1/32		7,867		8,291
6.50% 5/1/34		40,969		42,831
6.50% 7/1/36		4,804		4,922
7.00% 12/1/37		11,713		12,076
GNMA I
6.25% 7/15/24		1,065		1,062

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Table of Contents

	Principal amount^°		Value (US $)
Agency Mortgage-Backed Securities (continued)
GNMA I S.F. 30 yr
3.00% 3/15/45		827,316	$	735,091
4.00% 1/15/41		153,442		146,894
4.00% 10/15/41		91,698		87,267
4.50% 6/15/40		117,694		115,505
5.00% 12/15/35		63,218		62,391
5.50% 10/15/42		775,731		795,005
GNMA II
3.25% 11/20/35		296,829		277,771
4.00% 8/20/31		209,009		202,928
4.00% 6/20/36		335,806		318,414
GNMA II S.F. 30 yr
3.00% 12/20/51		1,353,474		1,194,047
4.00% 12/20/40		168,024		160,321
4.00% 12/20/44		117,199		112,437
5.50% 6/20/49		1,424,195		1,441,820
6.00% 2/20/54		1,780,737		1,797,351
Total Agency Mortgage-Backed Securities (cost $97,444,006)				94,676,004

Collateralized Debt Obligations — 2.76%
Ares LXIV CLO Series 2022-64A A1 144A 6.754% (TSFR03M + 1.44%, Floor 1.44%) 4/15/35 #, •		3,000,000		3,002,688
BlueMountain CLO XXX Series 2020-30A AR 144A 6.684% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, •		3,300,000		3,287,599
CIFC Funding Series 2022-3A A 144A 6.728% (TSFR03M + 1.41%, Floor 1.41%) 4/21/35 #, •		3,000,000		3,000,270
Total Collateralized Debt Obligations (cost $9,087,766)				9,290,557

Corporate Bonds — 35.87%
Banking — 8.84%
Banco Santander
5.538% 3/14/30 µ		200,000		200,052
5.588% 8/8/28		400,000		405,879
Bank of America
2.482% 9/21/36 µ		1,130,000		904,430
5.468% 1/23/35 µ		490,000		493,380
5.819% 9/15/29 µ		773,000		792,872
6.204% 11/10/28 µ		970,000		1,003,875
Bank of Montreal 7.70% 5/26/84 µ		405,000		410,772
Bank of New York Mellon 4.70% 9/20/25 µ, ψ		1,430,000		1,406,739
Barclays 6.224% 5/9/34 µ		289,000		298,232
BBVA Bancomer 144A 5.875% 9/13/34 #, µ		1,000,000		946,991
Citibank 5.488% 12/4/26		645,000		652,062
Citigroup 5.174% 2/13/30 µ		710,000		706,896
Citizens Bank 6.064% 10/24/25 µ		900,000		896,525
Credit Agricole
144A 5.365% 3/11/34 #		505,000		506,724
144A 6.316% 10/3/29 #, µ		915,000		949,065
Deutsche Bank
3.729% 1/14/32 µ		612,000		515,881
6.72% 1/18/29 µ		915,000		946,825
6.819% 11/20/29 µ		620,000		648,504
7.146% 7/13/27 µ		345,000		354,681
Fifth Third Bank 5.852% 10/27/25 µ		665,000		664,555
Goldman Sachs Group 6.484% 10/24/29 µ		1,445,000		1,520,780
Huntington Bancshares 6.208% 8/21/29 µ		1,000,000		1,024,144
ING Groep 6.083% 9/11/27 µ		245,000		248,112
JPMorgan Chase & Co.
5.012% 1/23/30 µ		360,000		358,674
5.336% 1/23/35 µ		545,000		547,337
6.254% 10/23/34 µ		207,000		221,252
KeyBank 4.15% 8/8/25		624,000		606,761
KeyCorp 6.401% 3/6/35 µ		260,000		265,673
Morgan Stanley
5.173% 1/16/30 µ		295,000		295,344
5.25% 4/21/34 µ		164,000		162,776
6.138% 10/16/26 µ		980,000		991,537
6.296% 10/18/28 µ		450,000		465,721
6.407% 11/1/29 µ		335,000		351,414
6.627% 11/1/34 µ		460,000		503,543
PNC Financial Services Group
5.676% 1/22/35 µ		305,000		307,916
6.875% 10/20/34 µ		640,000		701,184
Popular 7.25% 3/13/28		325,000		333,280
State Street 4.993% 3/18/27		400,000		400,893
SVB Financial Group 4.57% 4/29/33 ‡		1,127,000		714,941
Truist Financial
4.95% 9/1/25 µ, ψ		1,505,000		1,480,293
8.693% 12/15/24 ψ, •		2,165,000		2,185,031
UBS Group 144A 5.699% 2/8/35 #, µ		200,000		201,103
US Bancorp
2.491% 11/3/36 µ		1,415,000		1,114,108
4.653% 2/1/29 µ		416,000		407,909
5.384% 1/23/30 µ		140,000		140,655
5.678% 1/23/35 µ		310,000		313,147
5.727% 10/21/26 µ		146,000		146,831
				29,715,299

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Schedules of investments

Delaware Ivy Core Bond Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Basic Industry — 1.57%
First Quantum Minerals 144A 8.625% 6/1/31 #		1,055,000	$	1,026,864
Freeport-McMoRan 5.45% 3/15/43		170,000		162,900
LYB International Finance III
3.625% 4/1/51		330,000		233,988
5.50% 3/1/34		580,000		581,306
Methanex 5.25% 12/15/29		1,645,000		1,575,275
Novelis 144A 4.75% 1/30/30 #		745,000		687,976
Sherwin-Williams 3.30% 5/15/50		1,450,000		1,026,171
				5,294,480
Brokerage — 0.62%
Jefferies Financial Group
5.875% 7/21/28		474,000		482,791
6.05% 3/12/25		405,000		405,455
6.50% 1/20/43		1,150,000		1,207,334
				2,095,580
Capital Goods — 1.42%
Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 #		1,330,000		1,150,292
Boeing 2.196% 2/4/26		815,000		763,351
Mauser Packaging Solutions Holding 144A 7.875% 8/15/26 #		700,000		713,651
Northrop Grumman 5.20% 6/1/54		560,000		545,831
Standard Industries 144A 3.375% 1/15/31 #		1,150,000		965,475
United Rentals North America 3.875% 2/15/31		705,000		632,374
				4,770,974
Communications — 4.24%
American Tower
2.30% 9/15/31		1,220,000		996,439
5.20% 2/15/29		260,000		260,002
5.45% 2/15/34		225,000		225,452
AT&T 3.55% 9/15/55		1,818,000		1,272,222
CCO Holdings 144A 4.25% 1/15/34 #		2,000,000		1,511,458
Cellnex Finance 144A 3.875% 7/7/41 #		350,000		274,932
Charter Communications Operating 3.85% 4/1/61		2,270,000		1,348,380
Connect Finco 144A 6.75% 10/1/26 #		638,000		625,849
Directv Financing 144A 5.875% 8/15/27 #		800,000		757,329
Discovery Communications 4.00% 9/15/55		1,280,000		876,699
Frontier Communications Holdings 144A 5.00% 5/1/28 #		800,000		743,150
Rogers Communications
5.00% 2/15/29		500,000		496,737
5.30% 2/15/34		555,000		550,258
Sprint Capital 6.875% 11/15/28		1,505,000		1,604,980
Summit Digitel Infrastructure 144A 2.875% 8/12/31 #		750,000		627,448
T-Mobile USA 3.375% 4/15/29		735,000		680,342
Verizon Communications 5.50% 2/23/54		385,000		389,438
Vmed O2 UK Financing I 144A 4.25% 1/31/31 #		1,215,000		1,029,836
				14,270,951
Consumer Cyclical — 1.22%
Alsea 144A 7.75% 12/14/26 #		500,000		511,691
Aptiv 3.10% 12/1/51		1,950,000		1,231,074
Carnival 144A 4.00% 8/1/28 #		665,000		619,893
Ford Motor Credit
5.80% 3/5/27		405,000		406,670
5.80% 3/8/29		275,000		276,222
6.798% 11/7/28		200,000		208,873
General Motors
5.40% 4/1/48		360,000		330,530
5.95% 4/1/49		120,000		118,435
General Motors Financial 5.75% 2/8/31		400,000		404,476
				4,107,864
Consumer Non-Cyclical — 3.92%
AbbVie
4.95% 3/15/31		835,000		841,377
5.35% 3/15/44		190,000		193,861
Amgen
5.25% 3/2/30		270,000		274,206
5.25% 3/2/33		741,000		747,569
Cardinal Health 5.125% 2/15/29		685,000		686,636
Central American Bottling 144A 5.25% 4/27/29 #		500,000		476,954
DaVita
144A 3.75% 2/15/31 #		315,000		264,008
144A 4.625% 6/1/30 #		570,000		510,688
HCA
3.50% 7/15/51		1,049,000		725,191
5.45% 4/1/31		255,000		256,419
6.00% 4/1/54		355,000		360,633
New York and Presbyterian Hospital
2.256% 8/1/40		2,445,000		1,681,139
2.606% 8/1/60		1,600,000		927,577
NYU Langone Hospitals 3.38% 7/1/55		1,455,000		1,050,590
Royalty Pharma 3.35% 9/2/51		3,531,000		2,324,560

118

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Tenet Healthcare 4.25% 6/1/29		2,015,000	$	1,874,856
				13,196,264
Electric — 3.00%
Alfa Desarrollo 144A 4.55% 9/27/51 #		993,761		760,155
Appalachian Power 4.50% 8/1/32		755,000		708,784
Berkshire Hathaway Energy 2.85% 5/15/51		1,360,000		876,831
Constellation Energy Generation 5.75% 3/15/54		410,000		410,978
DTE Energy 5.10% 3/1/29		370,000		368,677
Duke Energy Carolinas 4.95% 1/15/33		415,000		413,024
Fells Point Funding Trust 144A 3.046% 1/31/27 #		820,000		769,578
JSW Hydro Energy 144A 4.125% 5/18/31 #		603,750		535,627
NextEra Energy Capital Holdings
5.55% 3/15/54		440,000		437,463
5.749% 9/1/25		945,000		949,370
Oglethorpe Power
4.50% 4/1/47		1,725,000		1,436,178
144A 6.20% 12/1/53 #		100,000		105,215
PacifiCorp
5.10% 2/15/29		100,000		100,797
5.45% 2/15/34		170,000		170,634
5.80% 1/15/55		155,000		152,999
Southern California Edison 5.20% 6/1/34		375,000		371,411
Vistra 144A 7.00% 12/15/26 #, µ, ψ		535,000		530,260
Vistra Operations
144A 5.125% 5/13/25 #		528,000		523,832
144A 6.95% 10/15/33 #		430,000		459,363
				10,081,176
Energy — 4.60%
BP Capital Markets 4.875% 3/22/30 µ, ψ		1,575,000		1,507,504
Cheniere Energy Partners 4.50% 10/1/29		560,000		533,527
ConocoPhillips 5.05% 9/15/33		940,000		949,117
Diamondback Energy 3.125% 3/24/31		465,000		412,189
El Paso Natural Gas 8.375% 6/15/32		1,440,000		1,660,728
Energean Israel Finance 144A 4.875% 3/30/26 #		1,000,000		951,313
Energy Transfer
5.95% 5/15/54		305,000		304,564
6.10% 12/1/28		740,000		767,824
Enterprise Products Operating 8.38% 6/1/67 •		2,875,000		2,818,838
Geopark 144A 5.50% 1/17/27 #		500,000		454,525
Kinder Morgan 5.00% 2/1/29		145,000		144,493
NuStar Logistics 6.375% 10/1/30		1,530,000		1,541,301
Occidental Petroleum 6.125% 1/1/31		635,000		658,222
Targa Resources Partners 5.00% 1/15/28		725,000		715,158
Tennessee Gas Pipeline 8.375% 6/15/32		1,795,000		2,057,637
				15,476,940
Finance Companies — 1.82%
AerCap Ireland Capital DAC 3.00% 10/29/28		1,555,000		1,407,817
Air Lease
4.625% 10/1/28		1,628,000		1,585,335
5.10% 3/1/29		1,178,000		1,171,119
Aviation Capital Group 144A 3.50% 11/1/27 #		955,000		889,260
MAF Global Securities 7.875% 6/30/27 µ, ψ		1,000,000		1,049,253
				6,102,784
Industrials — 0.14%
Bidvest Group UK 144A 3.625% 9/23/26 #		500,000		466,637
				466,637
Insurance — 1.36%
Aon 2.90% 8/23/51		2,155,000		1,374,172
Aon North America
5.30% 3/1/31		590,000		594,825
5.75% 3/1/54		95,000		97,484
Athene Holding
3.45% 5/15/52		1,040,000		683,363
3.95% 5/25/51		460,000		338,431
6.25% 4/1/54		195,000		198,136
New York Life Global Funding 144A 5.45% 9/18/26 #		570,000		574,855
UnitedHealth Group
4.90% 4/15/31		360,000		360,327
5.375% 4/15/54		340,000		346,055
				4,567,648
Natural Gas — 0.13%
ENN Energy Holdings 144A 2.625% 9/17/30 #		500,000		429,427
				429,427

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Schedules of investments

Delaware Ivy Core Bond Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts — 0.19%
Extra Space Storage 5.40% 2/1/34		650,000	$	647,385
				647,385
Technology — 1.81%
Autodesk 2.40% 12/15/31		850,000		712,253
Broadcom 144A 3.469% 4/15/34 #		1,190,000		1,020,140
CDW 3.276% 12/1/28		1,640,000		1,497,837
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #		1,660,000		1,517,689
NCR Voyix
144A 5.00% 10/1/28 #		135,000		125,990
144A 5.125% 4/15/29 #		190,000		176,436
Oracle
3.60% 4/1/50		694,000		501,795
4.65% 5/6/30		535,000		524,830
				6,076,970
Transportation — 0.99%
British Airways 2020-1 Class A Pass Through Trust 144A 4.25% 5/15/34 #, t		822,372		766,885
ERAC USA Finance 144A 5.00% 2/15/29 #		195,000		195,439
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 #		861,702		799,365
United Airlines 144A 4.625% 4/15/29 #		1,680,000		1,564,273
				3,325,962
Total Corporate Bonds (cost $121,309,427)				120,626,341

Government Agency Obligations — 0.86%
Freeport Indonesia 144A 5.315% 4/14/32 #		1,000,000		979,188
Gaci First Investment 4.875% 2/14/35		486,000		464,387
Petrobras Global Finance 6.50% 7/3/33		1,000,000		1,016,837
Saudi Arabian Oil 144A 4.25% 4/16/39 #		500,000		438,249
Total Government Agency Obligations (cost $2,848,269)				2,898,661

Municipal Bonds — 1.26%
GDB Debt Recovery Authority of Puerto Rico Revenue 7.50% 8/20/40		1,458,700		1,400,352
Municipal Electric Authority of Georgia (Build America Bonds Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57		2,470,000		2,854,184
Total Municipal Bonds (cost $4,163,565)				4,254,536

Non-Agency Asset-Backed Securities — 5.84%
FirstKey Homes Trust
Series 2021-SFR1 B 144A 1.788% 8/17/38 #		4,800,000		4,375,076
Series 2021-SFR2 D 144A 2.058% 9/17/38 #		4,400,000		3,970,314
GreenState Auto Receivables Trust
Series 2024-1A A2 144A 5.53% 8/16/27 #		1,000,000		999,358
Home Partners of America Trust
Series 2021-1 A 144A 1.698% 9/17/41 #		3,815,046		3,169,612
Series 2021-3 B 144A 2.649% 1/17/41 #		4,714,130		4,182,326
Progress Residential Trust
Series 2021-SFR7 D 144A 2.341% 8/17/40 #		3,450,000		2,959,935
Total Non-Agency Asset-Backed Securities (cost $22,178,645)				19,656,621

Non-Agency Collateralized Mortgage Obligations — 3.66%
Agate Bay Mortgage Trust
Series 2013-1 B4 144A 3.562% 7/25/43 #, •		1,482,562		1,114,849
Bear Stearns Mortgage Securities
Series 1996-6 B2 8.00% 11/25/29		12,710		4,540
CHL Mortgage Pass Through Trust
Series 2004-J4 3B1 5.25% 5/25/34		14,707		13,343
Citigroup Global Markets Mortgage Securities VII
Series 1997-HUD1 B2 2.825% 12/25/30 •		542,247		106,684
CSMC Trust
Series 2013-7 B4 144A 3.536% 8/25/43 #, •		1,156,099		947,430
Series 2017-HL1 A12 144A 3.50% 6/25/47 #, •		1,561,608		1,370,589
JP Morgan Mortgage Trust
Series 2004-A3 4A2 5.633% 7/25/34 •		2,703		2,602

120

Table of Contents

	Principal amount^°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JP Morgan Mortgage Trust
Series 2017-4 A13 144A 3.50% 11/25/48 #, •		5,810,917	$	4,934,646
Series 2021-4 A5 144A 2.50% 8/25/51 #, •		6,000,000		3,817,096
MRFC Mortgage Pass Through Trust
Series 1998-2 B1 6.75% 6/25/28 t		326		315
Structured Asset Mortgage Investments
Series 1998-2 B 6.75% 5/2/30 •		3,241		94
Series 1998-2 C 6.75% 5/2/30 •		1,471		36
Total Non-Agency Collateralized Mortgage Obligations (cost $16,520,405)				12,312,224

Non-Agency Commercial Mortgage-Backed Securities — 7.52%
BAMLL Commercial Mortgage Securities Trust
Series 2014-520M A 144A 4.185% 8/15/46 #, •		4,130,000		3,414,403
Benchmark Mortgage Trust
Series 2020-B18 A5 1.925% 7/15/53		3,000,000		2,438,529
Series 2021-B25 A5 2.577% 4/15/54		5,000,000		4,083,327
Citigroup Commercial Mortgage Trust
Series 2018-TBR A 144A 6.52% (TSFR01M + 1.07% , Floor 0.83%) 12/15/36 #, •		10,000,000		9,937,500
GS Mortgage Securities Trust
Series 2012-BWTR C 144A 3.328% 11/5/34 #, •		1,000,000		322,023
Series 2020-GC47 A5 2.377% 5/12/53		1,128,000		960,799
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5 A5 3.723% 3/15/50		1,500,000		1,425,553
One Market Plaza Trust
Series 2017-1MKT A 144A 3.614% 2/10/32 #		2,921,791		2,697,088
Total Non-Agency Commercial Mortgage- Backed Securities (cost $27,486,369)				25,279,222

Sovereign Bonds — 0.96%Δ
Colombia — 0.13%
Colombia Government International Bond 3.25% 4/22/32		550,000		429,646
				429,646
Dominican Republic — 0.21%
Dominican Republic International Bond 144A 4.875% 9/23/32 #		789,000		708,740
				708,740
Ivory Coast — 0.15%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		550,000		497,346
				497,346
Mexico — 0.17%
Mexico Government International Bond 3.50% 2/12/34		700,000		583,952
				583,952
Oman — 0.22%
Oman Government International Bond 144A 6.75% 1/17/48 #		710,000		728,495
				728,495
Paraguay — 0.08%
Paraguay Government International Bond 144A 5.40% 3/30/50 #		300,000		264,536
				264,536
Total Sovereign Bonds (cost $3,081,796)				3,212,715

US Treasury Obligations — 11.09%
US Treasury Bonds
3.875% 2/15/43		635,000		587,201
4.25% 2/15/54		1,635,000		1,608,303
4.50% 2/15/44		5,895,000		5,929,081
4.75% 11/15/43		65,000		67,448
US Treasury Notes
4.00% 2/15/34		5,545,000		5,454,028
4.25% 3/15/27		9,320,000		9,277,769
4.25% 2/28/29		12,815,000		12,834,023
4.25% 2/28/31		1,155,000		1,157,256
4.625% 2/28/26		400,000		399,703
Total US Treasury Obligations (cost $37,318,779)				37,314,812

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Schedules of investments

Delaware Ivy Core Bond Fund

	Number of shares		Value (US $)
Short-Term Investments — 0.59%
Money Market Mutual Funds — 0.59%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		496,960	$	496,960
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		496,959		496,959
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		496,960		496,960
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		496,960		496,960
Total Short-Term Investments (cost $1,987,839)				1,987,839
Total Value of Securities—98.75% (cost $344,171,392)			$	332,146,061

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
=	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.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2024. 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 March 31, 2024, the aggregate value of Rule 144A securities was $89,836,997, which represents 26.71% of the Fund’s net assets. See Note 13 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2024. 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.
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.

The following futures contracts and swap contracts were outstanding at March 31, 2024:¹

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date	Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
653	US Treasury 5 yr Notes	$	69,881,206		$	69,796,022		6/28/24	$	85,184	$	—		$	(76,518	)
114	US Treasury 10 yr Notes		12,630,844			12,545,632		6/18/24		85,212		—			(8,906	)
(51)	US Treasury 10 yr Ultra Notes		(5,845,078	)		(5,787,973	)	6/18/24		—		(57,105	)		(797	)
Total Futures Contracts					$	76,553,681			$	170,396	$	(57,105	)	$	(86,221	)

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Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³		Annual Protection Payments			Value			Amortized Upfront Payments Paid (Received)			Unrealized Depreciation⁴			Variation Margin Due from (Due to) Brokers
Centrally Cleared:
Protection Purchased/ Moody’s Ratings:
CDX.NA.HY.41.V2⁵ 12/20/28-Quarterly		3,861,000		5.000	%	$	(284,249	)	$	(200,748	)	$	(83,501	)	$	829

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

¹	See Note 10 in “Notes to financial statements.”
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 $(6,435).
⁵	Markit’s North America High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.

Summary of abbreviations:

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

GNMA – Government National Mortgage Association

GS – Goldman Sachs S.F. – Single Family

TSFR01M – 1 Month Term Secured Overnight Financing Rate

TSFR03M – 3 Month Term Secured Overnight Financing Rate

USD – US Dollar

yr – Year

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

123

Table of Contents

Schedules of investments

Delaware Ivy Core Equity Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks — 99.97%t
Communication Services — 7.30%
Alphabet Class A †		1,153,582	$	174,110,131
AT&T		950,693		16,732,197
Meta Platforms Class A		168,401		81,772,158
				272,614,486
Consumer Discretionary — 7.55%
Amazon.com †		772,431		139,331,104
AutoZone †		24,078		75,885,429
Home Depot		173,711		66,635,539
				281,852,072
Consumer Staples — 3.85%
Costco Wholesale		124,375		91,120,856
Procter & Gamble		324,320		52,620,920
				143,741,776
Energy — 2.13%
ConocoPhillips		534,175		67,989,794
Schlumberger		207,586		11,377,789
				79,367,583
Financials — 24.30%
Allstate		379,656		65,684,285
American Express		262,418		59,749,954
Aon Class A		183,700		61,304,364
Blackstone		411,334		54,036,948
Capital One Financial		723,517		107,724,446
CME Group		312,405		67,257,673
Discover Financial Services		147,683		19,359,765
Fiserv †		585,631		93,595,546
JPMorgan Chase & Co.		332,598		66,619,379
KKR & Co.		1,099,642		110,601,992
Mastercard Class A		145,161		69,905,183
Morgan Stanley		792,296		74,602,591
Progressive		271,559		56,163,832
				906,605,958
Healthcare — 11.30%
Abbott Laboratories		606,749		68,963,091
Danaher		247,639		61,840,411
HCA Healthcare		343,152		114,451,486
UnitedHealth Group		269,351		133,247,940
Vertex Pharmaceuticals †		103,264		43,165,385
				421,668,313
Industrials — 6.77%
Airbus ADR		2,191,472		101,158,348
Howmet Aerospace		1,032,772		70,672,588
United Rentals		111,848		80,654,711
				252,485,647
Information Technology — 30.95%
Apple		681,186		116,809,775
Applied Materials		431,631		89,015,261
Intuit		57,746		37,534,900
Microchip Technology		474,983		42,610,725
Micron Technology		184,915		21,799,629
Microsoft		766,715		322,572,335
NVIDIA		167,052		150,941,505
Salesforce		183,248		55,190,633
Seagate Technology Holdings		378,365		35,206,863
Taiwan Semiconductor Manufacturing ADR		541,328		73,647,675
TE Connectivity		579,343		84,143,777
VeriSign †		269,759		51,122,028
Zebra Technologies Class A †		245,765		74,083,402
				1,154,678,508
Materials — 5.13%
Crown Holdings		522,217		41,390,920
Linde		182,310		84,650,179
Sherwin-Williams		187,846		65,244,551
				191,285,650
Utilities — 0.69%
NextEra Energy		403,434		25,783,467
				25,783,467
Total Common Stocks (cost $1,929,264,844)				3,730,083,460

Short-Term Investments — 0.11%
Money Market Mutual Funds — 0.11%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		1,026,666		1,026,666
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		1,026,666		1,026,666
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		1,026,666		1,026,666
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		1,026,667		1,026,667
Total Short-Term Investments (cost $4,106,665)				4,106,665
Total Value of Securities—100.08% (cost $1,933,371,509)			$	3,734,190,125

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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.

125

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Schedules of investments

Delaware Ivy Global Bond Fund

March 31, 2024

		Principal amount°		Value (US $)
Agency Mortgage-Backed Securities – 12.37%
Fannie Mae S.F. 20 yr 4.00% 8/1/42			452,571	$	426,046
Fannie Mae S.F. 30 yr
2.00% 9/1/51			3,773,594		2,996,683
2.50% 2/1/52			2,365,175		1,967,116
3.00% 5/1/51			2,494,021		2,156,431
3.50% 1/1/52			1,999,760		1,792,533
3.50% 6/1/52			4,105,560		3,676,486
3.50% 9/1/52			1,229,139		1,100,644
4.00% 5/1/51			1,008,230		949,308
4.50% 1/1/50			80,149		78,603
4.50% 4/1/50			809,177		784,799
4.50% 10/1/52			396,337		377,404
4.50% 12/1/52			3,263,620		3,107,724
4.50% 2/1/53			708,161		674,331
5.00% 9/1/52			2,340,078		2,285,027
5.00% 2/1/53			1,210,630		1,181,806
5.00% 8/1/53			372,367		363,290
5.50% 10/1/52			2,088,975		2,082,654
5.50% 3/1/53			7,017,709		6,985,113
5.50% 7/1/53			2,054,436		2,044,078
Freddie Mac S.F. 15 yr 5.00% 6/1/38			1,798,851		1,796,112
Freddie Mac S.F. 20 yr 5.50% 6/1/43			1,555,670		1,563,917
Freddie Mac S.F. 30 yr
2.50% 2/1/52			139,129		115,804
3.00% 12/1/46			1,436,199		1,262,850
4.00% 8/1/52			1,260,406		1,174,407
4.50% 9/1/52			1,309,673		1,247,650
4.50% 10/1/52			2,609,219		2,484,576
5.00% 6/1/53			7,380,086		7,214,898
5.50% 2/1/54			2,290,594		2,290,727
6.00% 12/1/52			788,173		796,722
6.00% 3/1/53			1,469,790		1,484,369
6.00% 9/1/53			482,415		486,780
GNMA II S.F. 30 yr
3.00% 12/20/51			1,361,544		1,201,166
5.50% 5/20/53			283,407		283,221
6.00% 2/20/54			1,154,884		1,165,659
Total Agency Mortgage-Backed Securities (cost $59,661,997)					59,598,934

Corporate Bonds – 33.12%Δ
Australia – 3.32%
Ampol
7.748% 12/2/81 •	AUD		1,000,000		673,647
7.946% 12/9/80 •	AUD		3,000,000		2,011,649
APA Infrastructure 2.00% 7/15/30	EUR		1,000,000		981,414
AusNet Services Holdings Pty 7.463% 10/6/80 •	AUD		2,000,000		1,308,977
Charter Hall LWR Pty 2.086% 3/3/28	AUD		3,350,000		1,909,234
Commonwealth Bank of Australia 6.86% 11/9/32 µ	AUD		1,900,000		1,302,233
National Australia Bank 6.322% 8/3/32 µ	AUD		6,142,000		4,120,934
NSW Electricity Networks Finance Pty 2.543% 9/23/30	AUD		3,500,000		1,894,248
WestConnex Finance 3.15% 3/31/31	AUD		3,200,000		1,807,144
					16,009,480
Brazil – 0.17%
Raizen Fuels Finance 144A 6.45% 3/5/34 #			385,000		395,246
Rumo Luxembourg 144A 5.25% 1/10/28#			435,000		420,873
					816,119
Canada – 0.11%
Bank of Montreal 7.70% 5/26/84 µ			540,000		547,696
					547,696
Chile – 0.20%
AES Andes 144A 6.30% 3/15/29 #			400,000		404,364
Sociedad Quimica y Minera de Chile 144A 6.50% 11/7/33#			540,000		565,460
					969,824
China – 0.18%
ENN Energy Holdings 144A 2.625% 9/17/30 #			909,000		780,698
RKPF Overseas 2020 A 5.125% 7/26/26			425,000		101,851
					882,549
Colombia – 0.45%
Geopark 144A 5.50% 1/17/27 #			1,635,000		1,486,296
Grupo Energia Bogota 144A 7.85% 11/9/33 #			600,000		664,781
					2,151,077

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		Principal amount°		Value (US $)
Corporate BondsΔ (continued)
Denmark – 0.16%
Danfoss Finance I 0.375% 10/28/28	EUR		800,000	$	751,019
					751,019
France – 2.57%
BPCE
3.50% 1/25/28	EUR		1,500,000		1,625,976
144A 5.125% 1/18/28 #			3,215,000		3,203,143
Credit Agricole
1.625% 6/5/30 µ	EUR		1,800,000		1,881,898
144A 5.365% 3/11/34 #			675,000		677,304
144A 6.316% 10/3/29 #, µ			1,405,000		1,457,307
Edenred 3.625% 6/13/31	EUR		1,000,000		1,088,806
Engie 0.50% 10/24/30	EUR		1,500,000		1,354,019
Kering 3.625% 9/5/31	EUR		1,000,000		1,100,049
					12,388,502
Germany – 1.29%
Aroundtown 1.625% 1/31/28	EUR		1,700,000		1,535,160
Deutsche Bank
6.72% 1/18/29 µ			745,000		770,912
6.819% 11/20/29 µ			740,000		774,021
7.146% 7/13/27 µ			360,000		370,103
E.ON 4.00% 8/29/33	EUR		1,300,000		1,458,645
Volkswagen International Finance 3.875% 3/29/26	EUR		1,200,000		1,298,598
					6,207,439
Guatemala – 0.30%
Central American Bottling 144A 5.25% 4/27/29 #			1,500,000		1,430,861
					1,430,861
Hong Kong – 0.50%
Cheung Kong Infrastructure Finance 1.00% 12/12/24	EUR		875,000		920,293
CK Hutchison International 23 144A 4.875% 4/21/33#			1,500,000		1,487,468
					2,407,761
India – 0.20%
Summit Digitel Infrastructure 144A 2.875% 8/12/31#			1,158,000		968,779
					968,779
Ireland – 0.39%
AerCap Ireland Capital DAC
3.00% 10/29/28			1,445,000		1,308,229
5.10% 1/19/29			555,000		552,007
					1,860,236
Italy – 0.48%
Aeroporti di Roma 1.75% 7/30/31	EUR		1,000,000		944,429
Autostrade per l'Italia
2.00% 12/4/28	EUR		300,000		300,260
2.00% 1/15/30	EUR		1,100,000		1,078,469
					2,323,158
Kuwait – 0.17%
NBK SPC 144A 1.625% 9/15/27 #, µ			887,000		809,321
					809,321
Mexico – 1.18%
Banco Santander Mexico
144A 5.375% 4/17/25 #			1,150,000		1,146,306
144A 7.525% 10/1/28 #, µ			850,000		884,677
BBVA Bancomer
144A 1.875% 9/18/25 #			1,400,000		1,330,030
144A 5.875% 9/13/34 #, µ			1,700,000		1,609,886
Cemex 144A 9.125% 3/14/28 #, µ, ψ			660,000		717,406
					5,688,305
Netherlands – 0.17%
ING Groep 2.125% 5/26/31 µ	EUR		800,000		829,010
					829,010
Peru – 0.70%
Banco BBVA Peru 144A 6.20% 6/7/34#, µ			400,000		399,650
Banco Internacional del Peru 144A 3.25% 10/4/26 #			800,000		754,866
SAN Miguel Industrias 144A 3.50% 8/2/28 #			2,550,000		2,215,989
					3,370,505
South Africa – 0.07%
Bidvest Group UK 144A 3.625% 9/23/26#			387,000		361,177
					361,177

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Schedules of investments

Delaware Ivy Global Bond Fund

		Principal amount°		Value (US $)
Corporate BondsΔ (continued)
Spain – 0.08%
Banco Santander 5.538% 3/14/30 µ			400,000	$	400,104
					400,104
Switzerland – 0.74%
Holcim Finance Luxembourg 0.50% 4/23/31	EUR		1,300,000		1,137,346
Sika Capital
3.75% 11/3/26	EUR		900,000		979,143
3.75% 5/3/30	EUR		400,000		441,874
UBS Group
144A 4.751% 5/12/28 #, µ			800,000		784,161
144A 5.699% 2/8/35 #, µ			205,000		206,131
					3,548,655
Thailand – 0.15%
Thaioil Treasury Center 144A 2.50% 6/18/30 #			850,000		718,417
					718,417
Turkey – 0.25%
TAV Havalimanlari Holding 144A 8.50% 12/7/28 #			700,000		723,258
Turkiye Garanti Bankasi 144A 8.375% 2/28/34 #, µ			500,000		500,345
					1,223,603
Ukraine – 0.09%
Metinvest 8.50% 4/23/26			235,000		189,236
MHP Lux 6.95% 4/3/26			275,000		230,879
					420,115
United Arab Emirates – 0.40%
Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 #			1,357,860		1,275,278
MAF Global Securities 7.875% 6/30/27 µ, ψ			625,000		655,783
					1,931,061
United Kingdom – 1.01%
Ashtead Capital 144A 5.80% 4/15/34#			1,865,000		1,863,962
Babcock International Group 1.375% 9/13/27 EUR			1,300,000		1,295,390
Barclays
6.224% 5/9/34 µ			269,000		277,593
7.385% 11/2/28 µ			285,000		302,364
National Grid 0.25% 9/1/28	EUR		1,200,000		1,127,620
					4,866,929
United States – 17.79%
AbbVie 4.95% 3/15/31			1,855,000		1,869,167
AEP Texas 5.40% 6/1/33			180,000		179,714
Air Lease
4.625% 10/1/28			729,000		709,895
5.10% 3/1/29			528,000		524,916
American Homes 4 Rent 5.50% 2/1/34			1,140,000		1,136,997
American Tower
2.30% 9/15/31			1,375,000		1,123,036
5.20% 2/15/29			345,000		345,002
5.45% 2/15/34			305,000		305,613
Amgen 5.15% 3/2/28			2,140,000		2,154,749
Aon North America 5.30% 3/1/31			1,860,000		1,875,210
Appalachian Power 4.50% 8/1/32			685,000		643,069
Athene Global Funding 4.76% 4/21/27	AUD		3,500,000		2,166,944
Autodesk 2.40% 12/15/31			1,350,000		1,131,226
Aviation Capital Group 144A 3.50% 11/1/27 #			1,080,000		1,005,656
Bank of America
3.648% 3/31/29 µ	EUR		1,500,000		1,626,371
5.468% 1/23/35 µ			580,000		584,000
5.819% 9/15/29 µ			300,000		307,712
6.204% 11/10/28 µ			1,015,000		1,050,447
Carrier Global
4.125% 5/29/28	EUR		800,000		883,287
4.50% 11/29/32	EUR		400,000		458,467
CDW 3.276% 12/1/28			2,050,000		1,872,296
Charter Communications
Operating 3.85% 4/1/61			1,515,000		899,910
Cheniere Energy Partners 4.50% 10/1/29			570,000		543,054
Citizens Bank 6.064% 10/24/25 µ			2,120,000		2,111,815
Constellation Energy Generation 5.60% 3/1/28			1,735,000		1,767,947
CRH SMW Finance DAC 4.00% 7/11/27	EUR		600,000		659,232
Diamondback Energy 3.125% 3/24/31			745,000		660,388

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		Principal amount°		Value (US $)
Corporate BondsΔ (continued)
United States (continued)
Discovery Communications 4.00% 9/15/55			1,245,000	$	852,726
DTE Energy 5.10% 3/1/29			475,000		473,301
Duke Energy
2.55% 6/15/31			261,000		219,939
3.10% 6/15/28	EUR		1,200,000		1,272,276
Duke Energy Carolinas 4.95% 1/15/33			1,300,000		1,293,809
Energy Transfer
5.95% 5/15/54			360,000		359,486
6.50% 11/15/26 µ, ψ			660,000		648,544
Entegris 144A 4.75% 4/15/29 #			1,660,000		1,592,705
Ford Motor Credit
2.30% 2/10/25			475,000		460,762
2.90% 2/10/29			695,000		613,190
5.80% 3/5/27			475,000		476,959
5.80% 3/8/29			370,000		371,644
6.798% 11/7/28			200,000		208,873
Freeport-McMoRan 5.45% 3/15/43			940,000		900,740
General Motors Financial 5.75% 2/8/31			1,860,000		1,880,816
Goldman Sachs Group
1.542% 9/10/27 µ			1,665,000		1,521,807
HCA 5.45% 4/1/31			1,865,000		1,875,375
Huntington National Bank 5.65% 1/10/30			1,760,000		1,770,659
JBS USA LUX 3.625% 1/15/32			2,865,000		2,453,185
Jefferies Financial Group
2.625% 10/15/31			1,630,000		1,343,746
5.875% 7/21/28			135,000		137,504
6.05% 3/12/25			540,000		540,607
JPMorgan Chase & Co.
3.54% 5/1/28 µ			2,132,000		2,037,288
5.012% 1/23/30 µ			420,000		418,453
5.336% 1/23/35 µ			640,000		642,744
6.254% 10/23/34 µ			213,000		227,665
KeyCorp 6.401% 3/6/35 µ			1,160,000		1,185,313
Kinder Morgan
5.00% 2/1/29			175,000		174,389
5.20% 6/1/33			2,980,000		2,936,332
LYB International Finance III 5.50% 3/1/34			1,870,000		1,874,209
Morgan Stanley
2.95% 5/7/32 µ	EUR		2,200,000		2,283,660
5.173% 1/16/30 µ			345,000		345,402
5.466% 1/18/35 µ			380,000		383,541
6.138% 10/16/26 µ			1,320,000		1,335,540
6.296% 10/18/28 µ			3,010,000		3,115,159
6.407% 11/1/29 µ			205,000		215,045
6.627% 11/1/34 µ			410,000		448,810
Occidental Petroleum 6.125% 1/1/31			1,597,000		1,655,402
PacifiCorp
5.10% 2/15/29			115,000		115,916
5.45% 2/15/34			200,000		200,746
PNC Financial Services Group
5.676% 1/22/35 µ			360,000		363,442
6.875% 10/20/34 µ			305,000		334,158
Southern California Edison 5.20% 6/1/34			1,885,000		1,866,959
Sprint Capital 6.875% 11/15/28			1,970,000		2,100,871
State Street 4.993% 3/18/27			535,000		536,194
SVB Financial Group 4.57% 4/29/33‡			1,123,000		712,403
Targa Resources Partners 5.00% 1/15/28			1,910,000		1,884,071
T-Mobile USA 5.75% 1/15/34			1,290,000		1,344,081
UnitedHealth Group
4.50% 4/15/33			2,790,000		2,701,603
4.90% 4/15/31			485,000		485,441
US Bancorp
4.653% 2/1/29 µ			1,109,000		1,087,431
5.384% 1/23/30 µ			160,000		160,748
5.678% 1/23/35 µ			365,000		368,705
5.727% 10/21/26 µ			817,000		821,653
6.787% 10/26/27 µ			225,000		233,054
Vistra Operations
144A 5.125% 5/13/25 #			808,000		801,621
144A 6.95% 10/15/33 #			485,000		518,119
					85,780,941
Total Corporate Bonds (cost $161,117,951)					159,662,643

Government Agency Obligations – 2.50%
Electricite de France 4.25% 1/25/32	EUR		500,000		560,515

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Schedules of investments

Delaware Ivy Global Bond Fund

		Principal amount°		Value (US $)
Government Agency Obligations (continued)
Georgian Railway JSC 4.00% 6/17/28			1,525,000	$	1,393,393
Greenko Power II 144A 4.30% 12/13/28#			360,000		330,811
Perusahaan Perseroan Persero Perusahaan Listrik Negara 144A 5.375% 1/25/29#			4,800,000		4,796,049
Development Bank of Kazakhstan JSC
144A 5.75% 5/12/25 #			2,000,000		2,000,224
144A 10.95% 5/6/26 #	KZT		429,000,000		879,953
QazaqGaz JSC 144A 4.375% 9/26/27#			1,588,000		1,497,540
Petronas Capital 144A 3.50% 4/21/30#			650,000		597,249
Total Government Agency Obligations (cost $11,978,192)					12,055,734

Sovereign Bonds – 26.89%Δ
Albania – 0.18%
Albania Government International Bond 144A 3.50% 11/23/31 #	EUR		896,000		870,884
					870,884
Angola – 0.13%
Angolan Government International Bond 144A 8.75% 4/14/32 #			680,000		626,754
					626,754
Australia – 0.94%
Australia Government Bond 4.75% 6/21/54	AUD		6,500,000		4,532,372
					4,532,372
Belgium – 0.84%
Kingdom of Belgium Government Bond 144A 3.45% 6/22/43 #	EUR		3,650,000		4,061,450
					4,061,450
Benin – 0.04%
Benin Government International Bond 144A 7.96% 2/13/38 #			200,000		195,125
					195,125
Bermuda – 0.45%
Bermuda Government International Bonds 3.375% 8/20/50			1,149,000		776,149
Bermuda Government International Bonds 144A 2.375% 8/20/30 #			1,688,000		1,418,258
					2,194,407
Brazil – 0.32%
Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/33	BRL		8,043,000		1,527,063
					1,527,063
Chile – 0.43%
Chile Government International Bonds
3.10% 5/7/41			685,000		508,630
4.34% 3/7/42			1,800,000		1,574,503
					2,083,133
Dominican Republic – 0.71%
Dominican Republic International Bond 144A 4.875% 9/23/32 #			3,789,000		3,403,568
					3,403,568
Finland – 0.04%
Finland Government Bond 144A 1.375% 4/15/27 #	EUR		200,000		207,209
					207,209
France – 1.41%
French Republic Government Bonds OAT
144A 3.50% 11/25/33 #	EUR		2,366,000		2,701,113
144A 4.50% 4/25/41 #	EUR		3,200,000		4,091,476
					6,792,589
Georgia – 0.16%
Georgia Government International Bond 144A 2.75% 4/22/26 #			854,000		796,466
					796,466
Germany – 2.29%
Bundesrepublik Deutschland Bundesanleihe
0.25% 2/15/29	EUR		3,350,000		3,280,320
1.80% 8/15/53	EUR		200,000		186,848
2.20% 2/15/34	EUR		7,055,000		7,550,092
					11,017,260

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		Principal amount°		Value (US $)
Sovereign BondsΔ (continued)
Indonesia – 0.31%
Indonesia Treasury Bond 6.625% 2/15/34	IDR		23,945,000,000	$	1,498,492
					1,498,492
Italy – 4.50%
Italy Buoni Poliennali Del Tesoro
2.50% 12/1/32	EUR		450,000		450,335
3.80% 4/15/26	EUR		15,850,000		17,294,881
4.20% 3/1/34	EUR		3,500,000		3,954,733
					21,699,949
Ivory Coast – 0.69%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #			3,661,000		3,310,514
					3,310,514
Japan – 1.87%
Japan Government Thirty Year Bonds
0.40% 3/20/50	JPY		1,608,250,000		7,829,003
1.20% 6/20/53	JPY		203,000,000		1,183,678
					9,012,681
Netherlands – 2.50%
Netherlands Government Bonds
144A 2.00% 1/15/54 #	EUR		2,320,000		2,174,296
144A 2.50% 7/15/33 #	EUR		9,200,000		9,882,925
					12,057,221
Nigeria – 0.15%
Nigeria Government International Bond 7.375% 9/28/33			849,000		728,739
					728,739
Paraguay – 1.04%
Paraguay Government International Bonds 5.60% 3/13/48			1,693,000		1,540,619
144A 2.739% 1/29/33 #			1,887,000		1,536,544
144A 4.95% 4/28/31 #			1,989,000		1,918,399
					4,995,562
Peru – 0.24%
Corp Financiera de Desarrollo 144A 2.40% 9/28/27 #			1,300,000		1,163,149
					1,163,149
Poland – 0.56%
Bank Gospodarstwa Krajowego 144A 5.375% 5/22/33#			1,000,000		996,106
Republic of Poland Government International Bond 5.50% 4/4/53			1,694,000		1,692,304
					2,688,410
Republic of Korea – 0.17%
Export-Import Bank of Korea 5.125% 1/11/33			800,000		816,975
					816,975
Republic of North Macedonia – 0.35%
North Macedonia Government International Bond 144A 1.625% 3/10/28 #	EUR		1,777,000		1,670,575
					1,670,575
Serbia – 0.30%
Serbia International Bond 1.00% 9/23/28	EUR		1,571,000		1,442,337
					1,442,337
South Africa – 0.14%
Republic of South Africa Government International Bond 5.65% 9/27/47			931,000		678,355
					678,355
Spain – 1.57%
Spain Government Bonds
144A 1.90% 10/31/52 #	EUR		3,210,000		2,377,311
144A 3.55% 10/31/33 #	EUR		4,640,000		5,188,048
					7,565,359
United Kingdom – 4.39%
United Kingdom Gilt
1.75% 9/7/37	GBP		8,250,000		7,883,484
4.50% 6/7/28	GBP		8,590,000		11,080,932
4.50% 12/7/42	GBP		3,000		3,865
4.75% 10/22/43	GBP		1,656,000		2,191,859
					21,160,140

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Schedules of investments

Delaware Ivy Global Bond Fund

		Principal amount°		Value (US $)
Sovereign Bonds∆ (continued)
Uruguay – 0.17%
Uruguay Government International Bond 9.75% 7/20/33	UYU		29,015,000	$	813,293
					813,293
Total Sovereign Bonds (cost $128,108,388)					129,610,031

Supranational Banks – 1.11%
Central American Bank for Economic Integration 144A 1.140% 2/9/26 #			2,000,000		1,847,352
Corp Andina de Fomento 5.000% 1/24/29			300,000		299,070
European Union 1.000% 7/6/32	EUR		3,420,000		3,219,928
Total Supranational Banks (cost $5,596,604)					5,366,350

US Treasury Obligations – 16.63%
US Treasury Bonds
3.875% 2/15/43			200,000		184,945
4.125% 8/15/53			115,000		110,562
4.25% 2/15/54			35,000		34,428
4.50% 2/15/44			5,800,000		5,833,532
US Treasury Notes
2.375% 5/15/27			5,500,000		5,176,553
2.375% 3/31/29			13,665,000		12,526,162
2.875% 4/30/29			9,000,000		8,443,652
3.75% 12/31/28			4,135,000		4,047,535
4.00% 1/31/31			1,185,000		1,169,725
4.00% 2/15/34			7,405,000		7,283,512
4.25% 3/15/27			1,250,000		1,244,336
4.25% 2/28/29			29,415,000		29,458,664
4.50% 9/30/28			4,205,000		4,266,104
4.625% 2/28/26			400,000		399,703
Total US Treasury Obligations (cost $81,889,233)					80,179,413

		Number of contracts
Options Purchased – 0.01%
Foreign Currency Put Options – 0.01%
CHF vs JPY strike price CHF 156, expiration date 6/14/24, notional amount CHF 1,414,764,000 (JPMCB)			9,069,000		11,704
USD vs JPY strike price $139, expiration date 5/14/24, notional amount $1,487,248,570 (JPMCB)			10,699,630		6,165
Total Options Purchased (cost $431,366)					17,869

		Number of shares
Short-Term Investments – 3.47%
Money Market Mutual Funds – 3.47%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)			4,185,508		4,185,508
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)			4,185,508		4,185,508
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)			4,185,508		4,185,508
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)			4,185,508		4,185,508
Total Short-Term Investments (cost $16,742,032)					16,742,032
Total Value of Securities Before Options Written–96.10% (cost $465,525,763)					463,233,006

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	Number of contracts			Value (US $)
Options Written – (0.00%)
Foreign Currency Put Options – (0.00%)
CHF vs JPY strike price CHF 152, expiration date 6/14/24, notional amount CHF (1,378,488,000) (JPMCB)		(9,069,000	)	$	(5,177	)
USD vs JPY strike price $134, expiration date 5/14/24, notional amount $(1,433,750,420) (JPMCB)		(10,699,630	)		(2,197	)
					(7,374	)
Futures Call Options – (0.00%)
US Treasury 10 yr Notes strike price $117, expiration date 4/26/24, notional amount $(1,895,400,000)		(162	)		0
Total Options Written (premium received $296,107)				$	(7,374	)

°	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 100 in “Security type / country and sector allocations.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2024. 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 March 31, 2024. Rate will reset at a future date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $94,700,889, which represents 19.65% of the Fund’s net assets. See Note 13 in “Notes to financial statements.”
ψ	Perpetual security. Maturity date represents next call date.
‡	Non-income producing security. Security is currently in default.

The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2024:¹

Forward Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CITI	AUD	(35,599,214	)	USD	23,012,756		5/23/24	$	—	$	(223,340	)
CITI	GBP	(400,000	)	USD	511,710		5/23/24		6,691		—
CITI	JPY	(1,403,540,000	)	USD	9,444,681		5/23/24		89,909		—
JPMCB	CZK	17,980,452		USD	(775,910	)	4/19/24		—		(9,417	)
JPMCB	EUR	(3,739,000	)	USD	4,089,223		4/19/24		51,859		—
JPMCB	INR	100,068,180		USD	(1,208,188	)	4/19/24		—		(8,821	)
MS	GBP	(16,445,000	)	USD	20,720,172		5/23/24		—		(42,396	)
TD	CAD	360,000		USD	(265,446	)	5/23/24		544		—
TD	EUR	(94,267,659	)	USD	101,312,371		5/23/24		—		(617,973	)
Total Forward Foreign Currency Exchange Contracts								$	149,003	$	(901,947	)

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
885		Australian 3 yr Treasury Bonds		$	61,658,492			$	61,681,225			6/17/24		$	—			$	(22,733	)		$	51,022

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Schedules of investments

Delaware Ivy Global Bond Fund

Futures Contracts
Exchange-Traded

	Contracts to Buy (Sell)	Notional Amount			Notional Cost (Proceeds)			Expiration Date	Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
	Australian 10 yr
182	Treasury Bonds	$	13,825,927		$	13,808,495		6/17/24	$	17,432	$	—		$	42,615
	Canadian Treasury
176	10 yr Bonds		15,636,071			15,732,232		6/19/24		—		(96,161	)		(2,778	)
	E-mini Japanese
10	Treasury 10 yr Bonds		962,544			960,820		6/12/24		1,724		—			(67	)
772	Euro-Bobl		98,487,137			98,195,411		6/6/24		291,726		—			—
(95)	Euro-BTP		(12,197,424	)		(12,015,819	)	6/6/24		—		(181,605	)		47,973
(109)	Euro-Bund		(15,684,775	)		(15,564,963	)	6/6/24		—		(119,812	)		(747	)
19	Euro-Buxl		2,783,649			2,761,436		6/6/24		22,213		—			3,623
19	Euro-OAT		2,627,248			2,611,504		6/6/24		15,744		—			(3,143	)
83	Euro-Schatz		9,464,859			9,466,547		6/6/24		—		(1,688	)		(2,690	)
(79)	Long 10 yr Gilt		(9,965,002	)		(9,750,493	)	6/26/24		—		(214,509	)		(17,699	)
(157)	Short Euro-BTP		(17,933,896	)		(17,906,470	)	6/6/24		—		(27,426	)		17,098
272	US Treasury 2 yr Notes		55,619,750			55,662,637		6/28/24		—		(42,887	)		(55,250	)
402	US Treasury 5 yr Notes		43,020,281			42,913,148		6/28/24		107,133		—			(38,408	)
	US Treasury 10 yr
(934)	Notes		(103,484,281	)		(102,785,553	)	6/18/24		—		(698,728	)		72,964
	US Treasury 10 yr Ultra
(368)	Notes		(42,176,250	)		(42,046,274	)	6/18/24		—		(129,976	)		(5,752	)
	US Treasury Long
1	Bonds		120,438			119,190		6/18/24		1,248		—			250
	US Treasury Ultra
36	Bonds		4,644,000			4,537,471		6/18/24		106,529		—			16,875
Total Futures Contracts					$	108,380,544			$	563,749	$	(1,535,525	)	$	125,886

Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³		Annual Protection Payments			Value			Amortized Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴
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	%	$	9,828		$	101,440		$	—	$	(91,612	)
JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly		4,033,000		1.000	%		(62,959	)		(19,566	)		—		(43,393	)
JPMCB Republic of South
Africa 1.00% 12/20/28 Ba2 6/20/28- Quarterly		2,272,000		1.000	%		101,288			111,073			—		(9,785	)

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Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³		Annual Protection Payments			Value		Amortized Upfront Payments Paid (Received)		Unrealized Appreciation⁴		Unrealized Depreciation⁴
Over-The-Counter (continued):
Protection Purchased/ Moody’s Ratings (continued):
JPMCB Republic of South Africa 1.00% 9/20/28 Ba2 6/20/28- Quarterly		1,494,000		1.000	%	$	66,603	$	77,194	$	—	$	(10,591	)
Total CDS Contracts						$	114,760	$	270,141	$	—	$	(155,381	)

IRS Contracts⁵ Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/ FloatingRate)	Notional Amount³		Fixed/ Floating Interest Rate Paid (Received)	Value			Amortized Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴			Variation Margin Due from (Due to) Brokers
Centrally Cleared:
1 yr IRS⁶6/19/25- (Quarterly / Quarterly)	AUD	184,700,000	(4.095)% / 4.344%	$	48,006		$	—		$	48,006	$	—		$	2,987
2 yr IRS⁷3/15/26- (Annually/ Annually)		18,050,000	(4.401)% / 5.32%		(3,555	)		—			—		(3,555	)		(18,820	)
10 yr IRS⁸ 2//15/33- (Annually/ Annually)	EUR	3,191,000	(2.551)% / 3.906%		36,354			9,922			26,432		—			(2,051	)
12 yr IRS⁹3/7/36- (Annually/ Annually)	GBP	3,120,000	(3.811)% / 5.19%		62,923			(1,070	)		63,993		—			(912	)
20 yr IRS⁷8/15/43- (Annually/ Annually)		4,848,000	3.669 % / (5.32)%		92,076			314			91,762		—			(715	)
20 yr IRS⁹ 10/22/43- (Annually/ Annually)	GBP	1,593,000	3.698% / (5.19)%		9,477			9,610			—		(133	)		833
Total IRS Contracts				$	245,281		$	18,776		$	230,193	$	(3,688	)	$	(18,678	)

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 10 in “Notes to financial statements.”

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Delaware Ivy Global Bond Fund

²	A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
³	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
⁴	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $18,858.
⁵	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.
⁶	Rates reset based on BBSW3M.
⁷	Rates reset based on SOFR.
⁸	Rates reset based on ESTR.
⁹	Rates reset based on SONIA.

Summary of abbreviations:

BBSW3M – Bank Bill Swap Rate 3 Month

BTP – Buoni del Tesoro Poliennali

CITI – Citigroup

DAC – Designated Activity Company

ESTR – Euro Short-Term Rate

GNMA – Government National Mortgage Association

JPMCB – JPMorgan Chase Bank

JSC – Joint Stock Company

MS – Morgan Stanley

OAT – Obligations Assimilables du Trésor

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SONIA – Sterling Overnight Indexed Average

TD – TD Bank

yr – Year

Summary of currencies:

AUD – Australian Dollar BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CZK – Czech Koruna

EUR – European Monetary Unit

GBP – British Pound Sterling

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KZT – Kazakhstani Tenge

USD – US Dollar

UYU – Uruguayan Peso

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

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Delaware Ivy Global Growth Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks – 98.91%Δ
Austria – 1.24%
Mondi		382,094	$	6,729,937
				6,729,937
Brazil – 1.43%
Banco do Brasil		686,885		7,762,620
				7,762,620
Canada – 1.32%
Canadian Natural Resources		94,189		7,188,504
				7,188,504
China – 1.28%
China Mengniu Dairy		3,234,000		6,941,599
				6,941,599
Denmark – 1.40%
Genmab †		25,405		7,617,147
				7,617,147
France – 7.97%
Airbus		66,031		12,161,674
BNP Paribas		122,093		8,675,081
LVMH Moet Hennessy Louis Vuitton		9,255		8,324,292
Thales		44,408		7,572,108
Vinci		51,338		6,577,641
				43,310,796
Germany – 2.86%
Deutsche Telekom		368,196		8,937,636
Siemens		34,590		6,603,691
				15,541,327
India – 3.49%
ICICI Bank		747,356		9,796,880
NTPC		2,279,363		9,177,304
				18,974,184
Italy – 1.61%
Ferrari		20,093		8,757,643
				8,757,643
Japan – 3.66%
Asahi Group Holdings		153,400		5,617,979
ITOCHU		146,800		6,268,432
Mitsubishi UFJ Financial Group		788,300		7,993,397
				19,879,808
Netherlands – 2.17%
Adyen 144A #, †		4,281		7,241,897
Shell		135,379		4,521,090
				11,762,987
Republic of Korea – 1.11%
KB Financial Group		115,285		6,020,082
				6,020,082
Singapore – 0.53%
Sea ADR †		53,274		2,861,347
				2,861,347
Taiwan – 2.87%
Taiwan Semiconductor Manufacturing		649,000		15,594,576
				15,594,576
United Kingdom – 1.41%
AstraZeneca		56,746		7,647,793
				7,647,793
United States – 64.56%
Alphabet Class A †		132,809		20,044,862
Amazon.com †		101,029		18,223,611
Aon Class A		18,617		6,212,865
Apple		78,016		13,378,184
Biogen †		10,282		2,217,108
Blue Owl Capital		355,523		6,705,164
Casey's General Stores		27,837		8,864,693
Coca-Cola		128,217		7,844,316
ConocoPhillips		61,220		7,792,082
CSX		212,368		7,872,482
Danaher		26,288		6,564,639
Darden Restaurants		48,309		8,074,849
Discover Financial Services		51,236		6,716,527
DraftKings Class A †		61,377		2,787,130
Eli Lilly & Co.		15,817		12,304,993
Home Depot		20,781		7,971,592
Howmet Aerospace		141,110		9,656,157
Ingersoll Rand		100,564		9,548,552
Intercontinental Exchange		55,910		7,683,711
Intuit		14,689		9,547,850
KLA		17,197		12,013,308
Lam Research		8,389		8,150,501
Mastercard Class A		26,741		12,877,663
Meta Platforms Class A		16,926		8,218,927
Microchip Technology		102,240		9,171,950
Microsoft		73,403		30,882,110
Netflix †		13,412		8,145,510
NVIDIA		20,362		18,398,289
Pinterest Class A †		148,317		5,142,150
Procter & Gamble		56,407		9,152,036
Salesforce		44,610		13,435,640
Schlumberger		84,244		4,617,414
Synopsys †		10,120		5,783,580
Thermo Fisher Scientific		11,134		6,471,192
UnitedHealth Group		17,470		8,642,409

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Schedules of investments

Delaware Ivy Global Growth Fund

	Number of shares		Value (US $)
Common StocksΔ (continued)
United States (continued)
Vertex Pharmaceuticals †		22,932	$	9,585,805
				350,699,851
Total Common Stocks (cost $356,463,907)				537,290,201

Preferred Stock – 0.72%Δ
Brazil – 0.72%
Petroleo Brasileiro 8.44% ω		522,304		3,905,252
Total Preferred Stock (cost $3,187,356)				3,905,252

Short-Term Investments – 0.70%
Money Market Mutual Funds – 0.70%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		957,282		957,282
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		957,282		957,282
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		957,282		957,282
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		957,282		957,282
Total Short-Term Investments (cost $3,829,128)				3,829,128
Total Value of Securities–100.33% (cost $363,480,391)			$	545,024,581

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 101 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 March 31, 2024, the aggregate value of Rule 144A securities was $7,241,897, which represents 1.33% of the Fund’s net assets. See Note 13 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.

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Delaware Ivy High Income Fund

March 31, 2024

	Principal amount^°		Value (US $)
Convertible Bond — 2.56%
New Cotai 5.00% exercise price $0.40, maturity date 2/2/27 <<, =		23,915,789	$	60,940,343
Total Convertible Bond (cost $23,382,999)				60,940,343

Corporate Bonds — 80.05%
Automotive — 1.79%
Ford Motor 4.75% 1/15/43		9,515,000		7,910,317
Ford Motor Credit
6.80% 5/12/28		13,870,000		14,417,133
7.35% 3/6/30		4,855,000		5,179,331
Goodyear Tire & Rubber 5.25% 7/15/31		13,055,000		11,908,984
Wand NewCo 3 144A 7.625% 1/30/32 #		2,950,000		3,053,447
				42,469,212
Banking — 0.86%
Bank of Montreal 7.70% 5/26/84 µ		8,570,000		8,692,131
Barclays 9.625% 12/15/29 µ, ψ		11,165,000		11,867,301
				20,559,432
Basic Industry — 5.95%
Arsenal AIC Parent 144A 8.00% 10/1/30 #		7,545,000		7,930,814
Cleveland-Cliffs 144A 7.00% 3/15/32 #		16,390,000		16,626,840
CP Atlas Buyer 144A 7.00% 12/1/28 #		13,789,000		12,959,004
First Quantum Minerals
144A 6.875% 10/15/27 #		6,374,000		6,118,530
144A 8.625% 6/1/31 #		9,425,000		9,173,640
FMG Resources August 2006 144A 5.875% 4/15/30 #		13,205,000		13,004,023
NOVA Chemicals 144A 8.50% 11/15/28 #		2,745,000		2,925,124
Novelis 144A 4.75% 1/30/30 #		18,409,000		16,999,933
Roller Bearing Co. of America 144A 4.375% 10/15/29 #		21,172,000		19,411,959
Standard Industries 144A 3.375% 1/15/31 #		23,240,000		19,510,993
Vibrantz Technologies 144A 9.00% 2/15/30 #		18,063,000		16,701,034
				141,361,894
Capital Goods — 5.75%
ARD Finance 144A PIK 6.50% 6/30/27 #, >		8,075,311		2,710,785
Ardagh Metal Packaging Finance USA
144A 3.25% 9/1/28 #		6,896,000		5,964,222
144A 4.00% 9/1/29 #		8,080,000		6,521,662
Bombardier
144A 6.00% 2/15/28 #		9,468,000		9,323,847
144A 7.25% 7/1/31 #		5,675,000		5,693,648
144A 7.50% 2/1/29 #		9,720,000		10,019,901
144A 8.75% 11/15/30 #		4,630,000		4,949,590
Clydesdale Acquisition Holdings
144A 6.625% 4/15/29 #		3,010,000		3,010,666
144A 8.75% 4/15/30 #		8,380,000		8,242,436
Esab 144A 6.25% 4/15/29 #		5,105,000		5,135,288
Mauser Packaging Solutions Holding
144A 7.875% 8/15/26 #		18,385,000		18,743,526
144A 9.25% 4/15/27 #		6,690,000		6,644,274
Sealed Air
144A 5.00% 4/15/29 #		8,655,000		8,316,687
144A 7.25% 2/15/31 #		2,985,000		3,107,194
TransDigm
144A 6.625% 3/1/32 #		8,325,000		8,421,079
144A 6.875% 12/15/30 #		20,695,000		21,119,144
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡		27,345,000		8,887,125
				136,811,074
Consumer Goods — 2.12%
Acushnet 144A 7.375% 10/15/28 #		7,734,000		8,021,264
Cerdia Finanz 144A 10.50% 2/15/27 #		12,495,000		13,017,991
Fiesta Purchaser 144A 7.875% 3/1/31 #		9,790,000		10,117,671
MajorDrive Holdings IV 144A 6.375% 6/1/29 #		20,462,000		19,210,734
				50,367,660
Electric — 2.85%
Calpine
144A 4.625% 2/1/29 #		13,165,000		12,197,982
144A 5.00% 2/1/31 #		1,495,000		1,372,900
144A 5.125% 3/15/28 #		12,255,000		11,772,012
Vistra
144A 7.00% 12/15/26 #, µ, ψ		27,505,000		27,261,325
144A 8.00% 10/15/26 #, µ, ψ		14,795,000		15,154,400
				67,758,619

139

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Schedules of investments

Delaware Ivy High Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy — 11.30%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #		16,875,000	$	16,104,666
144A 7.00% 11/1/26 #		8,882,000		8,910,350
Callon Petroleum
144A 7.50% 6/15/30 #		9,930,000		10,531,808
144A 8.00% 8/1/28 #		8,955,000		9,391,413
Civitas Resources 144A 8.625% 11/1/30 #		11,635,000		12,501,365
EQM Midstream Partners
144A 4.75% 1/15/31 #		20,804,000		19,366,036
6.50% 7/15/48		4,635,000		4,652,182
Genesis Energy
7.75% 2/1/28		11,885,000		11,953,838
8.00% 1/15/27		5,568,000		5,637,756
Hilcorp Energy I
144A 6.00% 4/15/30 #		20,775,000		20,360,291
144A 6.00% 2/1/31 #		1,905,000		1,859,418
144A 6.25% 4/15/32 #		8,530,000		8,419,201
Kodiak Gas Services 144A 7.25% 2/15/29 #		6,330,000		6,451,871
Murphy Oil 6.375% 7/15/28		27,202,000		27,403,077
Nabors Industries
144A 7.25% 1/15/26 #		2,885,000		2,869,072
144A 9.125% 1/31/30 #		8,815,000		9,171,981
NuStar Logistics
6.00% 6/1/26		10,678,000		10,637,597
6.375% 10/1/30		10,860,000		10,940,212
Transocean 144A 8.00% 2/1/27 #		17,099,000		16,983,667
USA Compression Partners
6.875% 4/1/26		3,570,000		3,568,894
6.875% 9/1/27		17,405,000		17,457,285
144A 7.125% 3/15/29 #		5,790,000		5,865,796
Vital Energy
144A 7.875% 4/15/32 #		4,610,000		4,686,769
9.75% 10/15/30		2,975,000		3,255,879
Weatherford International 144A 8.625% 4/30/30 #		18,925,000		19,772,726
				268,753,150
Financial Services — 2.19%
AerCap Holdings 5.875% 10/10/79 µ		26,710,000		26,539,251
Air Lease 4.65% 6/15/26 µ, ψ		14,260,000		13,499,895
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #		12,604,000		12,151,766
				52,190,912
Healthcare — 7.97%
AthenaHealth Group 144A 6.50% 2/15/30 #		9,500,000		8,698,710
Avantor Funding 144A 3.875% 11/1/29 #		14,785,000		13,343,455
Bausch Health 144A 6.125% 2/1/27 #		12,880,000		8,037,700
Catalent Pharma Solutions
144A 3.125% 2/15/29 #		6,025,000		5,763,087
144A 3.50% 4/1/30 #		1,325,000		1,263,082
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		18,185,000		17,346,157
CHS
144A 4.75% 2/15/31 #		12,020,000		9,287,276
144A 5.25% 5/15/30 #		6,560,000		5,354,811
144A 6.125% 4/1/30 #		2,948,000		2,128,408
144A 6.875% 4/15/29 #		2,940,000		2,203,918
DaVita
144A 3.75% 2/15/31 #		8,365,000		7,010,891
144A 4.625% 6/1/30 #		5,075,000		4,546,915
Heartland Dental 144A 8.50% 5/1/26 #		13,150,000		13,052,073
Legacy LifePoint Health 144A 4.375% 2/15/27 #		9,095,000		8,674,177
Medline Borrower
144A 3.875% 4/1/29 #		14,286,000		13,012,567
144A 5.25% 10/1/29 #		20,381,000		19,279,071
Organon & Co. 144A 5.125% 4/30/31 #		14,270,000		12,697,980
Surgery Center Holdings 144A 7.25% 4/15/32 #		11,895,000		12,002,242
Tenet Healthcare
4.375% 1/15/30		16,530,000		15,291,929
6.125% 10/1/28		10,415,000		10,386,369
				189,380,818
Insurance — 5.41%
Ardonagh Finco 144A 7.75% 2/15/31 #		13,770,000		13,721,888
Howden UK Refinance
144A 7.25% 2/15/31 #		7,650,000		7,686,810
144A 8.125% 2/15/32 #		7,000,000		7,066,024
HUB International
144A 5.625% 12/1/29 #		12,750,000		11,967,165
144A 7.375% 1/31/32 #		11,530,000		11,614,849
Jones Deslauriers Insurance Management
144A 8.50% 3/15/30 #		17,390,000		18,142,205
144A 10.50% 12/15/30 #		9,340,000		9,878,778
NFP
144A 6.875% 8/15/28 #		20,781,000		21,062,333
144A 7.50% 10/1/30 #		6,740,000		7,106,393
Panther Escrow Issuer 144A 7.125% 6/1/31 #		11,615,000		11,818,379

140

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Insurance (continued)
USI 144A 7.50% 1/15/32 #		8,630,000	$	8,656,684
				128,721,508
Leisure — 6.34%
Boyd Gaming 144A 4.75% 6/15/31 #		14,470,000		13,310,694
Caesars Entertainment
144A 6.50% 2/15/32 #		5,735,000		5,789,087
144A 7.00% 2/15/30 #		17,030,000		17,491,683
Carnival
144A 5.75% 3/1/27 #		11,663,000		11,550,575
144A 6.00% 5/1/29 #		24,605,000		24,293,370
Light & Wonder International 144A 7.25% 11/15/29 #		18,585,000		19,091,293
Royal Caribbean Cruises
144A 5.50% 4/1/28 #		31,976,000		31,625,188
144A 7.25% 1/15/30 #		6,055,000		6,295,305
Scientific Games Holdings 144A 6.625% 3/1/30 #		22,110,000		21,391,323
				150,838,518
Media — 9.63%
Advantage Sales & Marketing 144A 6.50% 11/15/28 #		8,939,000		8,429,313
AMC Networks 4.25% 2/15/29		16,881,000		11,976,516
Arches Buyer 144A 6.125% 12/1/28 #		18,049,000		15,140,023
CCO Holdings
144A 4.50% 8/15/30 #		10,995,000		9,221,201
144A 4.75% 2/1/32 #		13,515,000		11,042,951
144A 6.375% 9/1/29 #		24,785,000		23,530,698
CMG Media 144A 8.875% 12/15/27 #		24,397,000		16,188,393
CSC Holdings
144A 4.625% 12/1/30 #		26,866,000		13,664,295
144A 5.00% 11/15/31 #		11,141,000		5,644,114
144A 5.75% 1/15/30 #		12,893,000		6,835,459
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		16,035,000		8,675,515
Directv Financing 144A 5.875% 8/15/27 #		26,815,000		25,384,720
DISH DBS 144A 5.75% 12/1/28 #		23,485,000		16,184,218
Gray Television
144A 4.75% 10/15/30 #		15,965,000		10,482,996
144A 5.375% 11/15/31 #		17,180,000		11,281,666
Nexstar Media 144A 4.75% 11/1/28 #		15,495,000		14,133,444
Sirius XM Radio 144A 4.125% 7/1/30 #		24,060,000		21,047,524
				228,863,046
Retail — 2.90%
Asbury Automotive Group
144A 4.625% 11/15/29 #		366,000		338,129
4.75% 3/1/30		12,623,650		11,637,528
Bath & Body Works 6.875% 11/1/35		20,415,000		20,891,364
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		12,464,000		12,362,750
Murphy Oil USA 4.75% 9/15/29		3,385,000		3,213,068
PetSmart 144A 7.75% 2/15/29 #		20,951,000		20,413,236
				68,856,075
Services — 3.20%
GFL Environmental 144A 6.75% 1/15/31 #		8,680,000		8,906,227
SRS Distribution
144A 6.00% 12/1/29 #		6,390,000		6,534,331
144A 6.125% 7/1/29 #		6,415,000		6,548,567
Staples 144A 7.50% 4/15/26 #		13,987,000		13,664,414
United Rentals North America 3.875% 2/15/31		14,255,000		12,786,515
White Cap Buyer 144A 6.875% 10/15/28 #		17,234,000		16,923,927
White Cap Parent 144A PIK 8.25% 3/15/26 #, >		10,700,000		10,698,904
				76,062,885
Technology & Electronics — 4.28%
Clarios Global 144A 8.50% 5/15/27 #		12,920,000		12,963,766
CommScope Technologies
144A 6.00% 6/15/25 #		7,061,000		6,149,778
Entegris 144A 5.95% 6/15/30 #		21,920,000		21,681,559
NCR Voyix
144A 5.00% 10/1/28 #		11,115,000		10,373,214
144A 5.125% 4/15/29 #		4,085,000		3,793,363
144A 5.25% 10/1/30 #		4,652,000		4,213,565
Seagate HDD Cayman
5.75% 12/1/34		7,135,000		6,985,629
144A 8.25% 12/15/29 #		6,515,000		7,006,909
Sensata Technologies 144A 4.00% 4/15/29 #		13,855,000		12,665,163
UKG 144A 6.875% 2/1/31 #		15,540,000		15,842,362
				101,675,308
Telecommunications — 6.94%
Altice France
144A 5.125% 7/15/29 #		11,143,000		7,544,910
144A 5.50% 10/15/29 #		5,739,000		3,901,303
Altice France Holding 144A 6.00% 2/15/28 #		19,526,000		5,577,813
Connect Finco 144A 6.75% 10/1/26 #		28,718,000		28,171,068

141

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Schedules of investments

Delaware Ivy High Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Telecommunications (continued)
Consolidated Communications
144A 5.00% 10/1/28 #		3,650,000	$	3,045,682
144A 6.50% 10/1/28 #		23,656,000		20,723,169
Frontier Communications Holdings
144A 5.00% 5/1/28 #		2,665,000		2,475,619
144A 5.875% 10/15/27 #		10,030,000		9,718,333
5.875% 11/1/29		5,789,667		4,898,406
144A 6.00% 1/15/30 #		3,564,000		3,022,726
144A 6.75% 5/1/29 #		15,295,000		13,647,497
144A 8.75% 5/15/30 #		4,190,000		4,291,011
Northwest Fiber 144A 4.75% 4/30/27 #		21,305,000		21,799,425
Sable International Finance 144A 5.75% 9/7/27 #		13,610,000		13,143,245
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #		15,225,000		13,137,030
VZ Secured Financing 144A 5.00% 1/15/32 #		11,580,000		9,953,860
				165,051,097
Transportation — 0.57%
Air Canada 144A 3.875% 8/15/26 #		14,170,000		13,538,738
				13,538,738
Total Corporate Bonds (cost $1,978,441,775)				1,903,259,946

Loan Agreements — 11.29%
Basic Industry — 3.75%
CP Atlas Buyer Tranche B 9.18% (SOFR01M + 3.85%) 11/23/27 •		6,845,568		6,774,778
Foresight Energy Operating Tranche A 13.409% (SOFR03M + 8.10%) 6/30/27 <<, •		7,494,928		7,270,080
Form Technologies Tranche B 10.193% (SOFR03M + 4.85%) 7/22/25 •		35,846,664		34,278,373
Hexion Holdings 2nd Lien 12.868% (SOFR01M + 7.54%) 3/15/30 •		17,120,000		15,279,600
PMHC II 9.723% (SOFR03M + 4.25%) 4/23/29 •		2,890,653		2,864,539
Vantage Specialty Chemicals 1st Lien 10.068% (SOFR03M + 4.75%) 10/26/26 •		22,840,304		22,647,577
				89,114,947
Capital Goods — 1.49%
CD&R Hydra Buyer TBD 3/14/31 X		11,935,000		11,964,838
Hunter Douglas Holding Tranche B-1 8.824% (SOFR03M + 3.50%) 2/26/29 •		7,073,365		7,004,286
SPX Flow 9.927% (SOFR01M + 4.60%) 4/5/29 •		16,451,407		16,539,833
				35,508,957
Energy — 0.25%
Parkway Generation Tranche B 10.324% (SOFR03M + 5.01%) 2/18/29 •		5,324,413		5,317,757
Parkway Generation Tranche C 10.324% (SOFR03M + 5.01%) 2/18/29 •		670,422		669,584
				5,987,341
Financial Services — 1.07%
Amynta Agency Borrower 9.552% (SOFR03M + 4.25%) 2/28/28 •		25,294,181		25,393,562
				25,393,562
Healthcare — 1.01%
Bausch & Lomb 8.677% (SOFR01M + 3.35%) 5/10/27 •		12,301,098		12,195,666
Cotiviti Holdings TBD 2/21/31 X		11,745,000		11,764,579
				23,960,245
Media — 0.27%
Advantage Sales & Marketing Tranche B-1 10.092% (SOFR03M + 4.76%) 10/28/27 •		6,361,196		6,381,513
				6,381,513
Services — 0.66%
Pre Paid Legal Services 2nd Lien 12.445% (SOFR01M + 7.11%) 12/14/29 •		734,441		719,752
SWF Holdings I 9.445% (SOFR01M + 4.11%) 10/6/28 •		16,156,573		14,901,547
				15,621,299
Technology & Electronics — 2.44%
Applied Systems 2nd Lien 10.559% (SOFR03M + 5.25%) 2/23/32 •		11,131,000		11,544,939
Commscope 8.695% (SOFR01M + 3.36%) 4/6/26 •		6,246,605		5,694,824

142

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	Principal amount^°		Value (US $)
Loan Agreements (continued)
Technology & Electronics (continued)
INDICOR Tranche B 9.302% (SOFR03M + 4.00%) 11/22/29 •		23,155,695	$	23,304,563
UKG 2nd Lien 10.68% (SOFR03M + 5.35%) 5/3/27 •		17,415,138		17,562,087
				58,106,413
Telecommunications — 0.35%
MLN US HoldCo 1st Lien 12.11% (SOFR03M + 6.80%) 10/18/27 •		32,191,651		6,438,330
MLN US HoldCo Tranche B 14.66% (SOFR03M + 9.35%) 10/18/27 •		13,596,147		1,869,470
				8,307,800
Total Loan Agreements (cost $299,950,679)				268,382,077

	Number of shares
Common Stocks — 3.95%
Basic Industry — 0.87%
BIS Industries Holdings <<, =, †		19,682,813		0
Foresight Energy <<, =		1,117,414		20,694,501
Westmoreland Coal =, †		4,238		7,416
				20,701,917
Consumer Goods — 0.00%
ASG Warrant =, †		19,688		0
				0
Energy — 0.02%
Maritime Finance <<, =, †		1,750,000		600,075
Sabine Oil & Gas Holdings =, †		5,385		6,671
				606,746
Financial Services — 0.87%
New Cotai <<, =, †		20,316,462		20,707,528
				20,707,528
Leisure — 1.65%
Studio City International Holdings †		3,843,131		26,632,898
Studio City International Holdings ADR †		1,820,808		12,618,199
				39,251,097
Retail — 0.53%
True Religion Apparel <<, =, †		395		12,513,477
				12,513,477
Utilities — 0.01%
Larchmont Resources <<, =, †		18,338		214,011
				214,011
Total Common Stocks (cost $302,066,633)				93,994,776

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		787,661
Total Warrants (cost $3,503,208)				787,661

Short-Term Investments — 2.38%
Money Market Mutual Funds — 2.38%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		14,132,768		14,132,768
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		14,132,767		14,132,767
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		14,132,767		14,132,767
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		14,132,768		14,132,768
Total Short-Term Investments (cost $56,531,070)				56,531,070
Total Value of Securities—100.35% (cost $2,670,624,947)			$	2,385,946,303

°	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.”

143

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Schedules of investments

Delaware Ivy High Income Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $1,609,671,559, which represents 67.70% of the Fund’s net assets. See Note 13 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2024. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
>	PIK. 100% of the income received was in the form of cash.
‡	Non-income producing security. Security is currently in default.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2024. 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 March 31, 2024, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be determined.
†	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.

144

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Delaware Ivy International Core Equity Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks – 95.01%Δ
Austria – 1.66%
Mondi		1,255,172	$	22,107,725
				22,107,725
Brazil – 5.30%
Banco do Brasil		2,958,929		33,439,426
MercadoLibre †		24,514		37,064,187
				70,503,613
Canada – 2.83%
Dollarama		492,887		37,548,270
				37,548,270
China – 4.02%
Alibaba Group Holding ADR		194,356		14,063,600
Budweiser Brewing 144A #		9,406,200		13,844,488
China Mengniu Dairy		5,016,000		10,766,562
H World Group ADR		381,677		14,770,900
				53,445,550
Denmark – 3.97%
Genmab †		58,996		17,688,692
Novo Nordisk Class B		273,454		35,076,877
				52,765,569
France – 14.71%
Airbus		220,142		40,546,034
BNP Paribas		389,050		27,643,193
L'Oreal		39,974		18,917,198
LVMH Moet Hennessy Louis Vuitton		27,747		24,956,685
Thales		209,579		35,735,785
TotalEnergies		424,768		29,085,823
Vinci		145,758		18,675,131
				195,559,849
Germany – 10.47%
Deutsche Telekom		1,406,299		34,136,678
Heidelberg Materials		145,424		15,995,005
KION Group		410,314		21,593,309
SAP		172,491		33,582,147
Siemens		106,672		20,365,103
Siemens Healthineers 144A #, †		220,564		13,496,834
				139,169,076
India – 6.93%
Axis Bank		1,921,762		24,129,603
Bharti Airtel		1,429,215		21,053,728
ICICI Bank		2,039,033		26,729,112
NTPC		5,010,127		20,172,065
				92,084,508
Ireland – 2.11%
Experian		186,269		8,120,334
ICON †		59,396		19,954,086
				28,074,420
Japan – 12.03%
Asahi Group Holdings		674,800		24,713,246
Mitsubishi UFJ Financial Group		3,210,500		32,554,614
Mitsui Chemicals		648,700		18,966,483
Renesas Electronics		1,673,800		29,676,835
Seven & i Holdings		1,878,000		27,292,905
Tokio Marine Holdings		855,153		26,691,755
				159,895,838
Netherlands – 7.62%
Adyen 144A #, †		18,169		30,735,349
ASML Holding		28,217		27,160,273
ING Groep		1,076,686		17,709,490
Shell		768,262		25,656,725
				101,261,837
Republic of Korea – 4.54%
KB Financial Group		540,603		28,229,817
LG		108,492		7,059,535
SK Hynix		189,126		25,034,171
				60,323,523
Singapore – 0.90%
Sea ADR †		223,757		12,017,989
				12,017,989
Spain – 2.71%
Banco Bilbao Vizcaya Argentaria		3,023,490		36,011,290
				36,011,290
Switzerland – 2.45%
Alcon		253,062		21,077,534
Nestle		108,017		11,468,235
				32,545,769
Taiwan – 3.59%
Taiwan Semiconductor
Manufacturing		1,985,000		47,696,814
				47,696,814
United Kingdom – 4.17%
AstraZeneca ADR		332,994		22,560,344
Haleon		4,560,110		19,171,713
HSBC Holdings		1,758,259		13,736,765
				55,468,822
United States – 5.00%
Freshworks Class A †		778,449		14,175,556
Newmont		393,003		13,755,153
Schlumberger		264,439		14,493,902

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Schedules of investments

Delaware Ivy International Core Equity Fund

	Number of shares		Value (US $)
Common StocksΔ (continued)
United States (continued)
Stellantis		846,726	$	24,047,633
				66,472,244
Total Common Stocks (cost $986,348,320)				1,262,952,706

Preferred Stocks – 2.51%Δ
Brazil – 1.47%
Petroleo Brasileiro 8.44% ω		2,609,407		19,510,460
				19,510,460
Germany – 1.04%
Sartorius 0.22% ω		34,957		13,901,145
				13,901,145
Total Preferred Stocks (cost $27,841,449)				33,411,605

Short-Term Investments – 0.42%
Money Market Mutual Funds – 0.42%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		1,385,125		1,385,125
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		1,385,126		1,385,126
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		1,385,126		1,385,126
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		1,385,125		1,385,125
Total Short-Term Investments (cost $5,540,502)				5,540,502
Total Value of Securities–97.94% (cost $1,019,730,271)			$	1,301,904,813

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 103 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 March 31, 2024, the aggregate value of Rule 144A securities was $58,076,671, which represents 4.37% of the Fund’s net assets. See Note 13 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.

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Delaware Ivy Large Cap Growth Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks — 99.48%t
Communication Services — 8.48%
Alphabet Class A †		2,584,075	$	390,014,440
Alphabet Class C †		403,278		61,403,108
Electronic Arts		946,392		125,557,827
				576,975,375
Consumer Discretionary — 12.51%
Amazon.com †		2,519,193		454,412,033
Booking Holdings		24,091		87,399,257
Ferrari		283,431		123,558,910
Home Depot		86,789		33,292,260
LVMH Moet Hennessy Louis Vuitton ADR		683,156		123,671,731
NIKE Class B		309,324		29,070,270
				851,404,461
Consumer Staples — 2.32%
Coca-Cola		2,582,675		158,008,056
				158,008,056
Financials — 10.69%
Intercontinental Exchange		1,440,092		197,911,844
S&P Global		324,407		138,018,958
Visa Class A		1,401,786		391,210,437
				727,141,239
Healthcare — 11.50%
Cooper		1,063,120		107,864,155
Danaher		741,004		185,043,519
Intuitive Surgical †		277,675		110,817,316
UnitedHealth Group		515,924		255,227,603
Veeva Systems Class A †		304,804		70,620,039
Zoetis		311,049		52,632,601
				782,205,233
Industrials — 8.49%
Broadridge Financial Solutions		587,488		120,352,792
Equifax		560,621		149,977,330
JB Hunt Transport Services		326,487		65,052,535
TransUnion		423,400		33,787,320
Verisk Analytics		227,330		53,588,501
Waste Connections		902,936		155,314,021
				578,072,499
Information Technology — 42.18%
Adobe †		99,638		50,277,335
Apple		2,303,901		395,072,944
Autodesk †		289,322		75,345,235
Intuit		302,354		196,530,100
Microsoft		2,240,337		942,554,583
Motorola Solutions		648,635		230,252,452
NVIDIA		608,241		549,582,238
Salesforce		578,785		174,318,466
Taiwan Semiconductor Manufacturing ADR		373,228		50,777,669
VeriSign †		1,083,477		205,329,726
				2,870,040,748
Real Estate — 3.31%
CoStar Group †		2,333,570		225,422,862
				225,422,862
Total Common Stocks (cost $2,707,828,842)				6,769,270,473
Total Value of Securities—99.48% (cost $2,707,828,842)			$	6,769,270,473

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.

147

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Schedules of investments

Delaware Ivy Managed International Opportunities Fund

March 31, 2024

	Number of shares		Value (US $)
Affiliated Mutual Funds — 99.44%<<
Global / International Equity Funds — 99.44%
Delaware International Equity Fund II Class R6		513,212	$	8,288,374
Delaware Ivy International Core Equity Fund Class R6		1,174,856		24,953,932
Delaware Ivy Systematic Emerging Markets Equity Fund Class R6		418,383		8,150,099
Total Affiliated Mutual Funds (cost $29,076,538)				41,392,405

Short-Term Investments — 0.51%
Money Market Mutual Funds — 0.51%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		52,945		52,945
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		52,945		52,945
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		52,945		52,945
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		52,945		52,945
Total Short-Term Investments (cost $211,780)				211,780
Total Value of Securities—99.95% (cost $29,288,318)			$	41,604,185

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

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

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Table of Contents

Delaware Ivy Mid Cap Growth Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks — 98.45%t
Communication Services — 5.25%
Pinterest Class A †		5,215,297	$	180,814,347
Trade Desk Class A †		1,682,316		147,068,065
				327,882,412
Consumer Discretionary — 11.19%
Five Below †		156,541		28,393,407
Floor & Decor Holdings Class A †		1,185,238		153,630,550
Fox Factory Holding †		372,954		19,419,715
Levi Strauss & Co. Class A		3,799,049		75,942,989
Lululemon Athletica †		105,498		41,212,794
National Vision Holdings †		2,012,320		44,593,011
On Holding Class A †		3,105,897		109,886,636
Pool		325,961		131,525,263
Vail Resorts		423,964		94,471,898
				699,076,263
Consumer Staples — 2.25%
Brown-Forman Class B		1,537,309		79,355,890
Casey's General Stores		111,877		35,627,231
Celsius Holdings †		308,685		25,596,160
				140,579,281
Financials — 5.64%
Blue Owl Capital		2,668,904		50,335,529
FactSet Research Systems		160,925		73,122,711
Kinsale Capital Group		114,004		59,822,459
LPL Financial Holdings		124,081		32,782,200
MarketAxess Holdings		620,520		136,049,010
				352,111,909
Healthcare — 24.23%
Agilent Technologies		614,463		89,410,511
Align Technology †		299,256		98,132,028
Bio-Techne		1,433,798		100,925,041
Cooper		1,004,971		101,964,358
Dexcom †		1,222,092		169,504,160
Edwards Lifesciences †		1,017,462		97,228,669
GE HealthCare Technologies		1,082,717		98,429,802
IDEXX Laboratories †		227,908		123,054,366
Inspire Medical Systems †		310,442		66,679,837
Intuitive Surgical †		294,875		117,681,664
Ionis Pharmaceuticals †		995,279		43,145,345
Mettler-Toledo International †		56,137		74,734,627
Repligen †		682,188		125,468,017
Veeva Systems Class A †		498,844		115,577,166
West Pharmaceutical Services		231,056		91,431,170
				1,513,366,761
Industrials — 16.74%
A O Smith		1,054,472		94,333,065
Copart †		1,882,172		109,015,402
Fastenal		1,515,503		116,905,902
Generac Holdings †		770,344		97,171,192
HEICO Class A		763,392		117,516,565
Howmet Aerospace		1,382,640		94,614,055
Lincoln Electric Holdings		366,604		93,645,326
Rollins		1,613,745		74,667,981
Trex †		1,102,353		109,959,712
Westinghouse Air Brake Technologies		454,677		66,237,345
WillScot Mobile Mini Holdings †		1,536,524		71,448,366
				1,045,514,911
Information Technology — 26.77%
Coherent †		1,628,544		98,722,337
Crowdstrike Holdings Class A †		382,527		122,634,331
DoubleVerify Holdings †		1,754,347		61,682,841
HubSpot †		145,665		91,267,863
Keysight Technologies †		529,451		82,795,547
Lattice Semiconductor †		998,344		78,100,451
Microchip Technology		1,281,878		114,997,275
MongoDB †		200,713		71,983,710
Monolithic Power Systems		256,714		173,903,198
Novanta †		496,919		86,846,534
Onto Innovation †		67,788		12,275,051
Teradyne		1,088,085		122,768,631
Trimble †		1,658,653		106,750,907
Tyler Technologies †		274,993		116,874,775
Universal Display		625,925		105,437,066
Workday Class A †		270,861		73,877,338
Workiva †		803,253		68,115,854
Zebra Technologies Class A †		274,673		82,797,429
				1,671,831,138
Materials — 1.61%
Martin Marietta Materials		163,697		100,500,136
				100,500,136
Real Estate — 4.77%
CoStar Group †		3,085,635		298,072,341
				298,072,341
Total Common Stocks (cost $4,183,145,394)				6,148,935,152

Short-Term Investments — 1.66%
Money Market Mutual Funds — 1.66%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		25,989,142		25,989,142
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		25,989,142		25,989,142

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Schedules of investments

Delaware Ivy Mid Cap Growth Fund

	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 5.34%)		25,989,142	$	25,989,142
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		25,989,141		25,989,141
Total Short-Term Investments (cost $103,956,567)				103,956,567
Total Value of Securities—100.11% (cost $4,287,101,961)			$	6,252,891,719

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

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

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Delaware Ivy Mid Cap Income Opportunities Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks — 98.80%t
Consumer Discretionary — 20.24%
Darden Restaurants		191,360	$	31,985,824
Garmin		227,759		33,906,483
Polaris		360,462		36,089,456
Service Corp. International		452,739		33,597,761
Tractor Supply		129,981		34,018,627
Travel + Leisure		710,498		34,785,982
Vail Resorts		147,528		32,873,664
				237,257,797
Consumer Staples — 8.93%
Clorox		221,992		33,989,195
McCormick & Co.		486,070		37,335,037
Sysco		411,576		33,411,739
				104,735,971
Financials — 11.64%
Ares Management Class A		250,244		33,277,447
Arthur J Gallagher & Co.		130,565		32,646,473
Discover Financial Services		265,625		34,820,781
First American Financial		585,272		35,730,856
				136,475,557
Healthcare — 5.78%
Quest Diagnostics		258,863		34,457,254
Royalty Pharma Class A		1,098,573		33,363,662
				67,820,916
Industrials — 25.95%
Broadridge Financial Solutions		163,634		33,522,061
Fastenal		430,178		33,183,931
L3Harris Technologies		157,397		33,541,301
nVent Electric		459,022		34,610,259
Paychex		271,607		33,353,339
Rollins		713,381		33,008,139
Snap-on		114,406		33,889,345
Stanley Black & Decker		357,234		34,983,926
Watsco		78,950		34,104,031
				304,196,332
Information Technology — 11.72%
Microchip Technology		378,171		33,925,720
NetApp		319,874		33,577,174
Seagate Technology Holdings		382,151		35,559,151
TE Connectivity		236,380		34,331,831
				137,393,876
Materials — 14.54%
Avery Dennison		154,329		34,453,949
Packaging Corp of America		181,346		34,415,844
PPG Industries		232,406		33,675,629
RPM International		283,692		33,745,164
Sonoco Products		590,449		34,151,570
				170,442,156
Total Common Stocks (cost $764,042,820)				1,158,322,605

Short-Term Investments — 1.02%
Money Market Mutual Funds — 1.02%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		2,989,975		2,989,975
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		2,989,975		2,989,975
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		2,989,976		2,989,976
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		2,989,976		2,989,976
Total Short-Term Investments (cost $11,959,902)				11,959,902
Total Value of Securities—99.82% (cost $776,002,722)			$	1,170,282,507

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.

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Schedules of investments

Delaware Ivy Small Cap Growth Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks — 99.40%
Communication Services — 1.17%
IMAX †		1,007,215	$	16,286,667
				16,286,667
Consumer Discretionary — 15.52%
Abercrombie & Fitch Class A †		196,173		24,586,362
Acushnet Holdings		234,835		15,487,368
First Watch Restaurant Group †		603,433		14,856,521
Installed Building Products		80,237		20,759,719
Light & Wonder †		214,005		21,847,770
Meritage Homes		136,600		23,967,836
Modine Manufacturing †		67,370		6,412,950
Red Rock Resorts Class A		531,695		31,805,995
Texas Roadhouse		168,453		26,020,935
Wingstop		80,220		29,392,608
				215,138,064
Consumer Staples — 4.69%
BellRing Brands †		397,113		23,441,580
elf Beauty †		132,264		25,927,712
MGP Ingredients		181,155		15,602,880
				64,972,172
Energy — 2.43%
Cactus Class A		277,191		13,884,497
Weatherford International †		171,425		19,785,874
				33,670,371
Financials — 5.65%
Flywire †		955,145		23,697,147
Houlihan Lokey		214,810		27,536,494
Kinsale Capital Group		39,090		20,512,087
WisdomTree		718,545		6,603,428
				78,349,156
Healthcare — 21.54%
Acadia Healthcare †		246,730		19,545,951
ACADIA Pharmaceuticals †		241,693		4,468,903
ANI Pharmaceuticals †		138,860		9,599,392
Axsome Therapeutics †		199,260		15,900,948
CryoPort †		702,841		12,440,286
Encompass Health		205,631		16,981,008
Evolent Health Class A †		681,363		22,341,893
Halozyme Therapeutics †		255,432		10,390,974
Harmony Biosciences Holdings †		194,863		6,543,499
HealthEquity †		208,757		17,040,834
Insmed †		576,882		15,650,809
Integer Holdings †		152,721		17,819,486
Intra-Cellular Therapies †		96,941		6,708,317
Madrigal Pharmaceuticals †		19,688		5,257,483
NeoGenomics †		710,769		11,173,289
Option Care Health †		592,241		19,863,763
Progyny †		866,959		33,074,486
TransMedics Group †		194,400		14,373,936
Vericel †		636,774		33,124,983
Viking Therapeutics †		76,927		6,308,014
				298,608,254
Industrials — 22.52%
ACV Auctions Class A †		748,984		14,058,430
AeroVironment †		144,776		22,191,265
CBIZ †		365,174		28,666,159
Clean Harbors †		149,266		30,048,738
Construction Partners Class A †		183,379		10,296,731
EnerSys		74,997		7,084,217
Federal Signal		410,448		34,834,722
Kirby †		196,293		18,710,649
Legalzoom.com †		1,304,572		17,402,990
NEXTracker Class A †		213,547		12,016,290
Parsons †		414,935		34,418,858
Paycor HCM †		791,438		15,385,555
SiteOne Landscape Supply †		129,906		22,675,092
Trex †		260,292		25,964,127
Verra Mobility †		741,233		18,508,588
				312,262,411
Information Technology — 23.57%
Advanced Energy Industries		122,886		12,531,914
Allegro MicroSystems †		93,166		2,511,755
Box Class A †		270,940		7,673,021
Braze Class A †		342,807		15,186,350
CyberArk Software †		202,931		53,904,562
Descartes Systems Group †		140,115		12,824,726
DoubleVerify Holdings †		760,164		26,727,366
Harmonic †		641,204		8,617,782
Instructure Holdings †		486,313		10,397,372
Monday.com †		86,661		19,574,120
Onto Innovation †		164,654		29,815,546
OSI Systems †		19,032		2,718,150
Rambus †		362,716		22,419,476
Sprout Social Class A †		550,244		32,855,069
Super Micro Computer †		18,089		18,270,433
Tenable Holdings †		520,804		25,743,342
Varonis Systems †		531,362		25,064,346
				326,835,330
Materials — 2.31%
ATI †		625,203		31,991,638
				31,991,638
Total Common Stocks (cost $1,056,664,195)				1,378,114,063

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	Number of shares		Value (US $)
Short-Term Investments — 0.47%
Money Market Mutual Funds — 0.47%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		1,622,265	$	1,622,265
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		1,622,264		1,622,264
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		1,622,264		1,622,264
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		1,622,265		1,622,265
Total Short-Term Investments (cost $6,489,058)				6,489,058
Total Value of Securities—99.87% (cost $1,063,153,253)			$	1,384,603,121

†	Non-income producing security.

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

153

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Schedules of investments

Delaware Ivy Smid Cap Core Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks — 98.35%
Basic Materials — 8.74%
Beacon Roofing Supply †		47,743	$	4,679,769
Boise Cascade		34,132		5,234,825
Huntsman		161,229		4,196,791
Kaiser Aluminum		22,824		2,039,553
Minerals Technologies		52,499		3,952,125
Reliance		14,835		4,957,560
Summit Materials Class A †		44,459		1,981,537
Westrock		53,592		2,650,124
				29,692,284
Business Services — 5.04%
ABM Industries		48,115		2,146,891
Aramark		70,325		2,286,969
ASGN †		29,604		3,101,315
Casella Waste Systems Class A †		19,783		1,955,945
Clean Harbors †		15,356		3,091,317
Vestis		35,162		677,572
WillScot Mobile Mini Holdings †		82,686		3,844,899
				17,104,908
Capital Goods — 11.72%
Ameresco Class A †		32,280		778,916
API Group †		18,416		723,196
Applied Industrial Technologies		6,227		1,230,144
Carlisle		10,346		4,054,080
Chart Industries †		11,956		1,969,392
Coherent †		51,151		3,100,774
Federal Signal		35,854		3,042,929
Gates Industrial †		66,428		1,176,440
Graco		27,723		2,590,992
Kadant		6,970		2,286,857
KBR		49,472		3,149,387
Lincoln Electric Holdings		19,076		4,872,773
Quanta Services		6,855		1,780,929
Tetra Tech		14,590		2,694,919
WESCO International		21,881		3,747,778
Zurn Elkay Water Solutions		77,714		2,601,088
				39,800,594
Consumer Discretionary — 5.15%
BJ's Wholesale Club Holdings †		36,415		2,754,795
Dick's Sporting Goods		23,425		5,267,346
Five Below †		20,746		3,762,909
Malibu Boats Class A †		41,801		1,809,147
Steven Madden		92,002		3,889,845
				17,484,042
Consumer Services — 2.40%
Brinker International †		44,900		2,230,632
Jack in the Box		15,067		1,031,788
Texas Roadhouse		20,588		3,180,228
Wendy's		91,463		1,723,163
				8,165,811
Consumer Staples — 2.99%
Casey's General Stores		13,787		4,390,470
Helen of Troy †		11,951		1,377,233
J & J Snack Foods		15,651		2,262,509
YETI Holdings †		55,605		2,143,573
				10,173,785
Credit Cyclicals — 3.28%
BorgWarner		56,412		1,959,753
KB Home		30,464		2,159,288
La-Z-Boy		39,542		1,487,570
Taylor Morrison Home †		34,465		2,142,689
Toll Brothers		26,179		3,386,777
				11,136,077
Energy — 4.96%
Chesapeake Energy		61,684		5,479,390
Liberty Energy		273,694		5,670,940
Permian Resources		83,633		1,476,959
Southwestern Energy †		557,030		4,222,287
				16,849,576
Financials — 13.40%
Axis Capital Holdings		49,026		3,187,671
Columbia Banking System		136,823		2,647,525
East West Bancorp		66,113		5,230,199
Essent Group		55,944		3,329,227
Hamilton Lane Class A		26,325		2,968,407
Kemper		63,473		3,930,248
Pinnacle Financial Partners		28,230		2,424,392
Primerica		10,034		2,538,201
Reinsurance Group of America		22,971		4,430,647
SouthState		33,314		2,832,689
Stifel Financial		56,327		4,403,082
Valley National Bancorp		214,857		1,710,262
Webster Financial		74,332		3,773,836
WSFS Financial		46,930		2,118,420
				45,524,806
Healthcare — 13.56%
Amicus Therapeutics †		126,400		1,488,992
Apellis Pharmaceuticals †		39,112		2,299,003
Azenta †		30,339		1,828,835
Bio-Techne		31,658		2,228,407
Blueprint Medicines †		32,112		3,046,144
Catalent †		29,975		1,692,089
Encompass Health		35,844		2,959,998
Exact Sciences †		26,384		1,822,079
Halozyme Therapeutics †		58,161		2,365,989
Insmed †		67,843		1,840,581

154

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Healthcare (continued)
Inspire Medical Systems †		9,354	$	2,009,146
Intra-Cellular Therapies †		26,711		1,848,401
Lantheus Holdings †		28,733		1,788,342
Ligand Pharmaceuticals †		21,783		1,592,337
Natera †		41,403		3,786,718
Neurocrine Biosciences †		28,473		3,926,996
OmniAb 12.5 =, †		10,854		0
OmniAb 15 =, †		10,854		0
Repligen †		14,116		2,596,215
Shockwave Medical †		10,864		3,537,644
Supernus Pharmaceuticals †		44,702		1,524,785
Travere Therapeutics †		68,056		524,712
Ultragenyx Pharmaceutical †		29,397		1,372,546
				46,079,959
Media — 1.68%
IMAX †		93,836		1,517,328
Interpublic Group		80,822		2,637,222
Nexstar Media Group		9,041		1,557,674
				5,712,224
Real Estate Investment Trusts — 6.08%
Brixmor Property Group		135,917		3,187,254
Camden Property Trust		32,243		3,172,711
First Industrial Realty Trust		75,803		3,982,690
Healthpeak Properties		80,562		1,510,537
Jones Lang LaSalle †		10,621		2,072,051
Kite Realty Group Trust		123,509		2,677,675
National Storage Affiliates Trust		59,958		2,347,955
Terreno Realty		25,733		1,708,671
				20,659,544
Technology — 14.25%
Atkore		7,693		1,464,439
Box Class A †		44,589		1,262,760
DoubleVerify Holdings †		59,297		2,084,883
Dynatrace †		50,445		2,342,666
ExlService Holdings †		102,017		3,244,141
Guidewire Software †		24,543		2,864,414
MACOM Technology Solutions Holdings †		33,274		3,182,325
MaxLinear †		60,075		1,121,600
Procore Technologies †		30,903		2,539,299
PTC †		29,247		5,525,928
Q2 Holdings †		49,751		2,614,913
Rapid7 †		22,992		1,127,528
Regal Rexnord		14,816		2,668,362
Semtech †		69,183		1,901,841
Silicon Laboratories †		15,747		2,263,159
Smartsheet Class A †		38,766		1,492,491
Sprout Social Class A †		20,821		1,243,222
SPS Commerce †		4,227		781,572
Varonis Systems †		63,773		3,008,172
WNS Holdings †		43,208		2,183,300
Workiva †		14,346		1,216,541
Yelp †		35,700		1,406,580
Ziff Davis †		13,826		871,591
				48,411,727
Transportation — 3.59%
Allegiant Travel		13,837		1,040,681
ArcBest		4,965		707,512
Kirby †		40,719		3,881,335
Knight-Swift Transportation Holdings		50,462		2,776,419
Saia †		1,284		751,140
Werner Enterprises		53,923		2,109,468
XPO †		7,656		934,262
				12,200,817
Utilities — 1.51%
Black Hills		45,538		2,486,375
Spire		43,134		2,647,133
				5,133,508
Total Common Stocks (cost $274,834,556)				334,129,662

Short-Term Investments — 1.84%
Money Market Mutual Funds — 1.84%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		1,563,691		1,563,691
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		1,563,691		1,563,691
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		1,563,691		1,563,691
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		1,563,689		1,563,689
Total Short-Term Investments (cost $6,254,762)				6,254,762
Total Value of Securities—100.19% (cost $281,089,318)			$	340,384,424

†	Non-income producing security.

155

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Schedules of investments

Delaware Ivy Smid Cap Core Fund

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

156

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Delaware Ivy Systematic Emerging Markets Equity Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks — 98.72%t
Communication Services — 10.13%
37 Interactive Entertainment Network Technology Group Class A		200,100	$	488,383
Baidu Class A †		324,950		4,263,804
Bharti Airtel		328,975		4,846,122
China United Network Communications Class A		1,392,900		888,456
Kuaishou Technology 144A #, †		246,800		1,546,658
NetEase		1,118,700		23,269,029
Saudi Telecom		674,415		7,120,873
Sitios Latinoamerica †		1		0
Tencent Holdings		732,220		28,421,014
Tencent Music Entertainment
Group ADR †		128,377		1,436,539
Turkcell Iletisim Hizmetleri		2,263,001		4,787,716
				77,068,594
Consumer Discretionary — 15.93%
Alibaba Group Holding		1,332,900		11,963,386
ANTA Sports Products		49,600		527,248
Bajaj Auto		227,842		24,991,251
Geely Automobile Holdings		2,135,000		2,520,461
Hero MotoCorp		34,487		1,952,675
Hyundai Motor		57,188		10,067,637
JD.com Class A		382,161		5,268,391
Kia		295,507		24,584,426
LG Electronics		20,555		1,477,975
Li Auto Class A †		170,400		2,640,831
Maruti Suzuki India		23,106		3,490,827
Meituan Class B 144A #, †		678,112		8,386,621
Naspers Class N		20,406		3,617,432
PDD Holdings ADR †		66,705		7,754,456
Tata Motors		159,222		1,895,334
Tofas Turk Otomobil Fabrikasi		183,208		1,545,599
Vibra Energia		1,049,814		5,232,953
Vipshop Holdings ADR		199,512		3,301,924
				121,219,427
Consumer Staples — 6.53%
Ambev		3,131,497		7,817,191
BIM Birlesik Magazalar		239,555		2,604,463
China Resources Beer Holdings		488,000		2,247,684
Chongqing Brewery Class A		36,601		327,145
Fix Price Group GDR 144A #, =		1,489,220		0
Hindustan Unilever		101,548		2,756,994
ITC		2,063,058		10,595,736
Jiangsu Yanghe Brewery Joint- Stock Class A		45,900		626,188
Kweichow Moutai Class A		15,101		3,555,399
Shanxi Xinghuacun Fen Wine Factory Class A		85,015		2,883,061
Wal-Mart de Mexico		3,400,169		13,703,349
Wuliangye Yibin Class A		122,161		2,587,752
				49,704,962
Energy — 6.40%
China Petroleum & Chemical
Class H		3,856,000		2,187,410
China Shenhua Energy Class A		479,592		2,564,035
China Shenhua Energy Class H		1,373,000		5,394,186
Coal India		1,532,836		7,978,227
LUKOIL PJSC =		276,569		0
Oil & Natural Gas		372,571		1,197,418
PetroChina Class H		5,788,000		4,947,261
Petroleo Brasileiro		318,171		2,431,610
Prio		369,976		3,583,649
PTT Exploration & Production		764,600		3,143,268
Reliance Industries		137,663		4,905,047
Shaanxi Coal Industry Class A		1,611,000		5,572,505
Shanxi Coking Coal Energy Group Class A		480,700		679,070
Shanxi Lu'an Environmental Energy Development Class A		921,000		2,554,988
Ultrapar Participacoes		271,174		1,543,649
				48,682,323
Financials — 23.17%
Agricultural Bank of China Class A		9,601,600		5,539,806
Axis Bank		530,355		6,659,126
Banco do Brasil		857,435		9,690,038
Bank Central Asia		27,910,500		17,735,622
Bank of China Class A		6,168,879		3,738,482
Bank of China Class H		34,464,000		14,222,581
Bank Rakyat Indonesia Persero		48,301,000		18,430,845
BB Seguridade Participacoes		846,206		5,498,635
China Construction Bank Class A		3,020,500		2,854,397
China Construction Bank Class H		14,375,000		8,668,822
China Life Insurance Class H		829,000		994,558
FirstRand		4,345,437		14,162,821
Grupo Financiero Banorte Class O		983,000		10,428,687
ICICI Bank		2,175,723		28,520,943
Industrial & Commercial Bank of China Class H		12,798,000		6,442,413
Jio Financial Services †		434,439		1,842,664
Kasikornbank		442,300		1,503,123
KB Financial Group		78,074		4,076,956
Ping An Insurance Group Co. of China Class H		337,500		1,425,133

157

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Consolidated schedules of investments

Delaware Ivy Systematic Emerging Markets Equity Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Financials (continued)
Powszechna Kasa Oszczednosci Bank Polski		738,549	$	10,972,010
Saudi National Bank		120,000		1,305,426
Sberbank of Russia PJSC =		4,129,544		0
Union Bank of India		903,458		1,662,790
				176,375,878
Healthcare — 0.32%
Shenzhen Mindray Bio-Medical Electronics Class A		62,200		2,408,755
				2,408,755
Industrials — 3.48%
COSCO SHIPPING Holdings Class A		515,300		740,069
Eva Airways		2,436,000		2,405,287
Evergreen Marine Taiwan		503,200		2,767,297
Hindustan Aeronautics		54,863		2,188,534
KOC Holding		1,072,958		6,750,272
Larsen & Toubro		257,948		11,641,024
				26,492,483
Information Technology — 30.11%
Accton Technology		66,000		945,553
Delta Electronics		299,794		3,208,382
HCL Technologies		218,011		4,034,782
Hon Hai Precision Industry		1,940,000		9,426,156
Infosys		999,004		17,943,802
Largan Precision		73,000		5,542,831
Lenovo Group		1,030,000		1,193,589
Lite-On Technology		2,978,000		9,863,546
MediaTek		478,879		17,357,465
Novatek Microelectronics		458,000		8,429,140
Quanta Computer		178,000		1,557,330
Realtek Semiconductor		91,000		1,583,795
Samsung Electronics		842,263		50,551,421
Taiwan Semiconductor Manufacturing		3,057,404		73,465,205
Tata Consultancy Services		391,009		18,172,935
Unimicron Technology		143,000		848,970
Wiwynn		73,000		4,995,391
				229,120,293
Materials — 1.96%
Huaibei Mining Holdings Class A		451,300		1,022,808
NMDC		855,763		2,070,084
POSCO Holdings		14,735		4,607,937
Tata Steel		1,332,556		2,490,079
Vale		204,603		2,490,124
Yunnan Aluminium Class A		715,100		1,347,593
Zhongjin Gold Class A		539,100		921,940
				14,950,565
Real Estate — 0.69%
China Resources Land		1,486,000		4,698,987
Etalon Group GDR =, †		2,791,564		0
KE Holdings ADR		41,123		564,619
				5,263,606
Total Common Stocks (cost $605,375,532)				751,286,886

Preferred Stock — 1.02%
Petroleo Brasileiro 8.44% ω		1,033,139		7,724,750
Total Preferred Stock (cost $3,151,144)				7,724,750

Short-Term Investments — 0.70%
Money Market Mutual Funds — 0.70%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		1,333,251		1,333,251
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		1,333,252		1,333,252
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		1,333,251		1,333,251
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		1,333,251		1,333,251
Total Short-Term Investments (cost $5,333,005)				5,333,005
Total Value of Securities—100.44% (cost $613,859,681)			$	764,344,641

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 March 31, 2024, the aggregate value of Rule 144A securities was $9,933,279, which represents 1.31% of the Fund’s net assets. See Note 13 in “Notes to financial statements.”

158

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=	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.

159

Table of Contents

Schedules of investments

Delaware Ivy Value Fund

March 31, 2024

	Number of shares		Value (US $)
Common Stocks — 97.14%
Communication Services — 6.24%
Verizon Communications		360,339	$	15,119,824
Walt Disney		127,308		15,577,407
				30,697,231
Consumer Discretionary — 9.19%
Genuine Parts		97,212		15,061,055
Lowe's		58,367		14,867,826
TJX		150,345		15,247,990
				45,176,871
Consumer Staples — 8.44%
Conagra Brands		453,078		13,429,232
Dollar General		94,519		14,750,635
Dollar Tree †		100,085		13,326,318
				41,506,185
Energy — 3.13%
Exxon Mobil		132,400		15,390,176
				15,390,176
Financials — 18.36%
Allstate		86,103		14,896,680
American International Group		192,840		15,074,303
Fidelity National Information Services		204,603		15,177,451
Travelers		67,109		15,444,465
Truist Financial		362,333		14,123,740
US Bancorp		347,492		15,532,892
				90,249,531
Healthcare — 18.28%
Baxter International		345,059		14,747,822
Cigna Group		41,277		14,991,394
CVS Health		191,581		15,280,500
Hologic †		193,070		15,051,737
Johnson & Johnson		93,972		14,865,431
Merck & Co.		113,336		14,954,685
				89,891,569
Industrials — 9.22%
Dover		84,610		14,992,046
Honeywell International		73,280		15,040,720
Northrop Grumman		31,900		15,269,254
				45,302,020
Information Technology — 14.99%
Cisco Systems		304,419		15,193,553
Cognizant Technology Solutions Class A		185,973		13,629,961
Motorola Solutions		43,346		15,386,963
Oracle		118,777		14,919,579
Teledyne Technologies †		33,957		14,578,419
				73,708,475
Materials — 3.10%
DuPont de Nemours		198,940		15,252,730
				15,252,730
Real Estate — 3.11%
Equity Residential		241,996		15,272,367
				15,272,367
Utilities — 3.08%
Duke Energy		156,700		15,154,457
				15,154,457
Total Common Stocks (cost $418,631,612)				477,601,612

Short-Term Investments — 2.51%
Money Market Mutual Funds — 2.51%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		3,085,786		3,085,786
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		3,085,785		3,085,785
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		3,085,786		3,085,786
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		3,085,785		3,085,785
Total Short-Term Investments (cost $12,343,142)				12,343,142
Total Value of Securities—99.65% (cost $430,974,754)			$	489,944,754

†	Non-income producing security.

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

160

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Statements of assets and liabilities

Ivy Funds

March 31, 2024

	Delaware Global Equity Fund II		Delaware International Equity Fund II			Delaware Ivy Core Bond Fund			Delaware Ivy Core Equity Fund
Assets:
Investments, at value*	$	260,498,667	$	89,545,697		$	332,146,061		$	3,734,190,125
Foreign currencies, at value^Δ		559,374		453,677			—			—
Cash		155		—			371,125			206,752
Cash collateral due from brokers		—		—			1,344,566			—
Foreign tax reclaims receivable		1,152,523		702,181			—			66,631
Receivable for securities sold		477,987		993,250			1,021,157			22,209,026
Dividends and interest receivable		248,204		215,261			2,577,607			1,033,521
Receivable for fund shares sold		242,485		89,000			684,743			2,821,164
Prepaid expenses		88,316		85,429			77,961			140,340
Variation margin due from brokers on centrally cleared credit default swap contracts		—		—			829			—
Other assets		38,088		36,516			53,664			138,723
Total Assets		263,305,799		92,121,011			338,277,713			3,760,806,282
Liabilities:
Due to custodian		—		113,129			—			—
Payable for fund shares redeemed		369,420		304,821			1,335,019			5,043,966
Investment management fees payable to affiliates		191,546		4,707			232,573			2,920,289
IRS compliance fee for foreign withholding tax claims (see Note 1)		137,573		—			—			—
Administration expenses payable to affiliates		127,837		53,482			210,539			214,594
Other accrued expenses		101,101		83,957			42,895			1,222,808
Distribution fees payable to affiliates		39,069		8,207			29,086			616,494
Payable for securities purchased		—		—			—			19,690,376
Distribution payable		—		—			6,932			—
Variation margin due to broker on futures contracts		—		—			86,221			—
Total Liabilities		966,546		568,303			1,943,265			29,708,527
Total Net Assets	$	262,339,253	$	91,552,708		$	336,334,448		$	3,731,097,755

Net Assets Consist of:
Paid-in capital	$	250,440,722	$	104,294,845		$	449,293,920		$	1,805,479,142
Total distributable earnings (loss)		11,898,531		(12,742,137	)		(112,959,472	)		1,925,618,613
Total Net Assets	$	262,339,253	$	91,552,708		$	336,334,448		$	3,731,097,755

161

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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	$	174,222,440		$	35,658,591		$	119,818,015		$	2,846,374,308
Shares of beneficial interest outstanding, unlimited authorization, no par		19,486,427			2,297,060			13,068,732			166,358,441
Net asset value per share	$	8.94		$	15.52		$	9.17		$	17.11
Sales charge		5.75	%		5.75	%		4.50	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.49		$	16.47		$	9.60		$	18.15

Class C:
Net assets	$	1,880,833		$	323,061		$	2,600,494		$	18,100,826
Shares of beneficial interest outstanding, unlimited authorization, no par		212,565			22,958			283,650			1,466,894
Net asset value per share	$	8.85		$	14.07		$	9.17		$	12.34

Class I:
Net assets	$	83,353,951		$	20,047,775		$	150,193,320		$	764,906,178
Shares of beneficial interest outstanding, unlimited authorization, no par		9,282,480			1,242,034			16,381,779			36,322,284
Net asset value per share	$	8.98		$	16.14		$	9.17		$	21.06

Class R:
Net assets	$	260,063		$	362,815		$	939,108		$	160,599
Shares of beneficial interest outstanding, unlimited authorization, no par		29,158			23,722			102,415			9,539
Net asset value per share	$	8.92		$	15.29		$	9.17		$	16.84

Class R6:
Net assets	$	1,349,258		$	34,613,946		$	57,890,160		$	70,742,620
Shares of beneficial interest outstanding, unlimited authorization, no par		149,838			2,143,115			6,314,784			3,348,703
Net asset value per share	$	9.00		$	16.15		$	9.17		$	21.13

Class Y:
Net assets	$	1,272,708		$	546,520		$	4,893,351		$	30,813,224
Shares of beneficial interest outstanding, unlimited authorization, no par		142,329			34,512			533,708			1,545,723
Net asset value per share	$	8.94		$	15.84		$	9.17		$	19.93

*Investments, at cost	$	226,331,867		$	79,875,337		$	344,171,392		$	1,933,371,509
ΔForeign currencies, at cost		561,460			456,202			—			—

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

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	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*	$	463,233,006		$	545,024,581	$	2,260,955,858		$	1,301,904,813
Investments of affiliated issuers, at value**		—			—		124,990,445			—
Foreign currencies, at value^Δ		6,213,083			845,331		—			6,128,333
Cash		—			25,200		13,530,624			105,301
Cash collateral due from brokers		8,009,853			—		—			—
Dividends and interest receivable		4,918,849			402,713		38,468,123			3,214,903
Receivable for securities sold		3,030,786			289,075		5,552,506			16,054,332
Receivable for fund shares sold		636,366			758,660		3,186,567			2,213,988
Upfront payments paid on over-the-counter credit default swap contracts		270,141			—		—			—
Unrealized appreciation on forward foreign currency exchange contracts		149,003			—		—			—
Variation margin due from broker on futures contracts		125,886			—		—			—
Prepaid expenses		83,973			95,185		107,568			95,454
Foreign tax reclaims receivable		—			457,597		—			7,425,387
Other assets		42,733			59,752		127,957			48,269
Total Assets		486,713,679			547,958,094		2,446,919,648			1,337,190,780
Liabilities:
Options written, at value^Σ		7,374			—		—			—
Due to custodian		373,931			—		—			—
Payable for securities purchased		1,895,620			—		57,994,290			—
Unrealized depreciation on forward foreign currency exchange contracts		901,947			—		—			—
Payable for fund shares redeemed		613,628			1,371,742		8,418,812			2,683,988
Investment management fees payable to affiliates		200,494			1,156,229		1,180,540			875,993
Cash collateral due to brokers		190,000			—		—			—
Other accrued expenses		164,889			138,352		958,727			526,325
Unrealized depreciation on over-the-counter credit default swap contracts		155,381			—		—			—
Administration expenses payable to affiliates		104,397			210,291		209,313			209,313
Due to brokers		26,853			—		—			—
Distribution fees payable to affiliates		22,366			72,258		355,248			102,546
Variation margin due to brokers on centrally cleared interest rate swap contracts		18,678			—		—			—
Distribution payable		—			—		205,250			—
Accrued capital gains taxes on appreciated securities		—			814,333		—			3,002,475
IRS compliance fee for foreign withholding tax claims (see Note 1)		—			981,202		—			519,011
Total Liabilities		4,675,558			4,744,407		69,322,180			7,919,651
Total Net Assets	$	482,038,121		$	543,213,687	$	2,377,597,468		$	1,329,271,129

Net Assets Consist of:
Paid-in capital	$	588,231,687		$	339,985,782	$	4,374,470,427		$	1,108,036,118
Total distributable earnings (loss)		(106,193,566	)		203,227,905		(1,996,872,959	)		221,235,011
Total Net Assets	$	482,038,121		$	543,213,687	$	2,377,597,468		$	1,329,271,129

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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	$	96,399,911		$	346,464,456		$	1,109,864,725		$	293,101,777
Shares of beneficial interest outstanding, unlimited authorization, no par		10,534,236			9,989,049			182,549,971			13,966,052
Net asset value per share	$	9.15		$	34.68		$	6.08		$	20.99
Sales charge		4.50	%		5.75	%		4.50	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.58		$	36.80		$	6.37		$	22.27

Class C:
Net assets	$	1,728,753		$	2,164,027		$	111,787,052		$	18,338,174
Shares of beneficial interest outstanding, unlimited authorization, no par		189,149			104,175			18,385,131			1,005,584
Net asset value per share	$	9.14		$	20.77		$	6.08		$	18.24

Class I:
Net assets	$	210,566,639		$	177,271,728		$	1,013,680,343		$	693,391,408
Shares of beneficial interest outstanding, unlimited authorization, no par		23,038,625			4,838,670			166,731,570			32,737,313
Net asset value per share	$	9.14		$	36.64		$	6.08		$	21.18

Class R:
Net assets	$	342,134		$	772,086		$	32,778,279		$	40,626,634
Shares of beneficial interest outstanding, unlimited authorization, no par		37,494			23,025			5,390,989			1,937,747
Net asset value per share	$	9.13		$	33.53		$	6.08		$	20.97

Class R6:
Net assets	$	171,001,879		$	14,681,111		$	53,111,150		$	244,996,444
Shares of beneficial interest outstanding, unlimited authorization, no par		18,726,166			399,629			8,735,362			11,532,035
Net asset value per share	$	9.13		$	36.74		$	6.08		$	21.24

Class Y:
Net assets	$	1,998,805		$	1,860,279		$	56,375,919		$	38,816,692
Shares of beneficial interest outstanding, unlimited authorization, no par		218,473			53,096			9,272,227			1,834,112
Net asset value per share	$	9.15		$	35.04		$	6.08		$	21.16

*Investments, at cost	$	465,525,763		$	363,480,391		$	2,378,415,325		$	1,019,730,271
**Investments of affiliated issuers, at cost		—			—			292,209,622			—
^ΔForeign currencies, at cost		6,270,202			850,095			—			6,193,944
^ΣOptions written, premium received		(296,107	)		—			—			—

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

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	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*	$	6,769,270,473	$	211,780	$	6,252,891,719	$	1,170,282,507
Investments of affiliated issuers, at value**		—		41,392,405		—		—
Cash		18,922,588		—		250,370		815,940
Receivable for securities sold		24,504,297		865,399		4,300,655		1,744,169
Receivable for fund shares sold		8,259,417		100,994		9,253,325		3,145,749
Dividends and interest receivable		3,072,080		995		2,129,339		935,467
Prepaid expenses		184,307		72,886		162,171		76,919
Foreign tax reclaims receivable		68,711		—		—		64,413
Other assets		113,483		33,443		67,060		88,611
Total Assets		6,824,395,356		42,677,902		6,269,054,639		1,177,153,775
Liabilities:
Payable for fund shares redeemed		9,357,756		971,071		11,312,148		3,855,959
Payable for securities purchased		7,269,840		—		9,176,276		—
Other accrued expenses		1,667,300		35,086		1,622,296		221,425
Investment management fees payable to affiliates		950,361		1,970		365,577		354,236
Distribution fees payable to affiliates		606,374		5,538		455,993		58,674
Administration expenses payable to affiliates		209,671		38,081		209,313		229,452
Total Liabilities		20,061,302		1,051,746		23,141,603		4,719,746
Total Net Assets	$	6,804,334,054	$	41,626,156	$	6,245,913,036	$	1,172,434,029

Net Assets Consist of:
Paid-in capital	$	2,626,778,586	$	27,051,744	$	4,150,041,492	$	753,242,275
Total distributable earnings (loss)		4,177,555,468		14,574,412		2,095,871,544		419,191,754
Total Net Assets	$	6,804,334,054	$	41,626,156	$	6,245,913,036	$	1,172,434,029

165

Table of Contents

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	$	2,532,713,684		$	23,221,330		$	1,549,166,861		$	164,478,447
Shares of beneficial interest outstanding, unlimited authorization, no par		77,511,900			2,283,663			55,013,738			8,364,431
Net asset value per share	$	32.68		$	10.17		$	28.16		$	19.66
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	34.67		$	10.79		$	29.88		$	20.86

Class C:
Net assets	$	61,155,959		$	288,288		$	68,707,873		$	18,741,859
Shares of beneficial interest outstanding, unlimited authorization, no par		2,759,016			29,542			3,445,190			955,236
Net asset value per share	$	22.17		$	9.76		$	19.94		$	19.62

Class I:
Net assets	$	3,830,418,211		$	17,897,009		$	3,054,251,738		$	865,422,941
Shares of beneficial interest outstanding, unlimited authorization, no par		106,637,946			1,736,233			93,924,818			43,982,701
Net asset value per share	$	35.92		$	10.31		$	32.52		$	19.68

Class R:
Net assets	$	34,190,429		$	119,843		$	54,529,572		$	13,116,504
Shares of beneficial interest outstanding, unlimited authorization, no par		1,138,446			11,931			2,062,233			667,672
Net asset value per share	$	30.03		$	10.04		$	26.44		$	19.65

Class R6:
Net assets	$	313,271,748		$	13,841		$	1,292,279,352		$	95,788,808
Shares of beneficial interest outstanding, unlimited authorization, no par		8,636,250			1,335			39,200,302			4,867,862
Net asset value per share	$	36.27		$	10.37		$	32.97		$	19.68

Class Y:
Net assets	$	32,584,023		$	85,845		$	226,977,640		$	14,885,470
Shares of beneficial interest outstanding, unlimited authorization, no par		955,541			8,428			7,476,350			752,514
Net asset value per share	$	34.10		$	10.19		$	30.36		$	19.78

*Investments, at cost	$	2,707,828,842		$	211,780		$	4,287,101,961		$	776,002,722
**Investments of affiliated issuers, at cost		—			29,076,538			—			—

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

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	Delaware Ivy Small Cap Growth Fund		Delaware Ivy Smid Cap Core Fund		Delaware Ivy Systematic Emerging Markets Equity Fund^f		Delaware Ivy Value Fund
Assets:
Investments, at value*	$	1,384,603,121	$	340,384,424	$	764,344,641	$	489,944,754
Foreign currencies, at value^Δ		—		—		198,358		—
Cash		313,729		83,868		293,430		67,109
Receivable for securities sold		12,495,974		182,402		—		2,538,794
Receivable for fund shares sold		2,199,150		873,568		1,319,604		1,132,000
Dividends and interest receivable		216,286		255,033		3,416,989		782,611
Prepaid expenses		86,659		74,937		88,148		90,852
Foreign tax reclaims receivable		—		—		148,737		—
Other assets		75,038		60,437		47,898		64,540
Total Assets		1,399,989,957		341,914,669		769,857,805		494,620,660
Liabilities:
Payable for securities purchased		8,091,934		202,075		—		—
Payable for fund shares redeemed		3,384,175		1,301,972		2,206,184		2,489,708
Investment management fees payable to affiliates		1,171,353		398,140		56,918		101,112
Other accrued expenses		523,771		88,624		380,457		119,018
Administration expenses payable to affiliates		224,417		152,509		210,683		208,867
Distribution fees payable to affiliates		177,765		43,454		56,211		57,921
Accrued capital gains taxes on appreciated securities		—		—		5,919,548		—
Total Liabilities		13,573,415		2,186,774		8,830,001		2,976,626
Total Net Assets	$	1,386,416,542	$	339,727,895	$	761,027,804	$	491,644,034

Net Assets Consist of:
Paid-in capital	$	1,015,792,723	$	289,028,387	$	650,221,880	$	440,072,078
Total distributable earnings (loss)		370,623,819		50,699,508		110,805,924		51,571,956
Total Net Assets	$	1,386,416,542	$	339,727,895	$	761,027,804	$	491,644,034

167

Table of Contents

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 Fund^f			Delaware Ivy Value Fund
Net Asset Value

Class A:
Net assets	$	647,244,339		$	115,866,640		$	158,395,754		$	258,765,698
Shares of beneficial interest outstanding, unlimited authorization, no par		49,914,981			7,322,253			8,540,049			14,523,944
Net asset value per share	$	12.97		$	15.82		$	18.55		$	17.82
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	13.76		$	16.79		$	19.68		$	18.91

Class C:
Net assets	$	16,724,148		$	11,117,214		$	16,557,859		$	4,794,308
Shares of beneficial interest outstanding, unlimited authorization, no par		2,368,651			951,609			1,095,561			295,574
Net asset value per share	$	7.06		$	11.68		$	15.11		$	16.22

Class I:
Net assets	$	468,024,603		$	144,334,260		$	432,707,801		$	226,256,822
Shares of beneficial interest outstanding, unlimited authorization, no par		21,218,614			7,865,965			22,336,019			12,557,648
Net asset value per share	$	22.06		$	18.35		$	19.37		$	18.02

Class R:
Net assets	$	44,935,318		$	21,640,551		$	5,880,330		$	6,857
Shares of beneficial interest outstanding, unlimited authorization, no par		3,688,139			1,389,628			322,212			387
Net asset value per share	$	12.18		$	15.57		$	18.25		$	17.75	**

Class R6:
Net assets	$	175,469,078		$	40,996,825		$	120,493,408		$	1,737,054
Shares of beneficial interest outstanding, unlimited authorization, no par		7,867,591			2,204,667			6,183,692			95,202
Net asset value per share	$	22.30		$	18.60		$	19.49		$	18.25

Class Y:
Net assets	$	34,019,056		$	5,772,405		$	26,992,652		$	83,295
Shares of beneficial interest outstanding, unlimited authorization, no par		1,738,857			333,650			1,420,543			4,689
Net asset value per share	$	19.56		$	17.30		$	19.00		$	17.76

*Investments, at cost	$	1,063,153,253		$	281,089,318		$	613,859,681		$	430,974,754
^ΔForeign currencies, at cost		—			—			198,898			—

^f	Consolidated statement of assets and liabilities.
**	Net asset value per share does not recalculate exactly, due to rounding.

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

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Table of Contents

Statements of operations

Ivy Funds

Year ended March 31, 2024

	Delaware Global Equity Fund II			Delaware International Equity Fund II			Delaware Ivy Core Bond Fund			Delaware Ivy Core Equity Fund
Investment Income:
Dividends	$	6,703,282		$	2,990,133		$	420,955		$	40,552,365
Reclaim income		879,326			—			—			—
Interest		—			—			19,747,447			—
Securities lending income		—			94			—			—
IRS compliance fee for foreign withholding tax claims (see Note 1)		(137,573	)		—			—			—
Foreign tax withheld		(639,072	)		(333,504	)		—			(259,395	)
		6,805,963			2,656,723			20,168,402			40,292,970

Expenses:
Management fees		1,989,115			1,091,713			2,092,744			21,804,459
Distribution expenses — Class A		454,180			96,042			312,716			6,484,790
Distribution expenses — Class C		21,223			3,593			32,544			169,681
Distribution expenses — Class R		1,191			1,069			4,486			989
Distribution expenses — Class Y		3,058			1,675			11,780			67,208
Dividend disbursing and transfer agent fees and expenses		463,690			129,436			280,746			2,240,939
Accounting and administration expenses		93,598			44,801			72,299			525,304
Registration fees		90,026			91,885			93,119			156,508
Custodian fees		43,549			43,803			3,300			27,156
Audit and tax fees		40,559			47,933			53,993			41,975
Reports and statements to shareholders expenses		37,408			69,859			32,972			320,779
Trustees’ fees and expenses		28,094			13,134			24,129			242,372
Legal fees		24,237			13,267			25,917			237,271
Other		24,406			11,998			56,821			54,224
		3,314,334			1,660,208			3,097,566			32,373,655
Less expenses waived		(220,738	)		(663,191	)		(1,010,030	)		(38,838	)
Less expenses paid indirectly		(1,127	)		(565	)		(1,324	)		(4,693	)
Total operating expenses		3,092,469			996,452			2,086,212			32,330,124
Net Investment Income (Loss)		3,713,494			1,660,271			18,082,190			7,962,846

169

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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^*	$	3,368,679		$	(9,032,406	)	$	(15,954,583	)	$	303,961,897
Foreign currencies		(189,823	)		(297,634	)		110,042			—
Forward foreign currency exchange contracts		—			—			(105,962	)		—
Futures contracts		—			—			(1,429,644	)		—
Options written		—			—			13,853			—
Swap contracts		—			—			84,041			—
Net realized gain (loss)		3,178,856			(9,330,040	)		(17,282,253	)		303,961,897

Net change in unrealized appreciation (depreciation) on:
Investments		25,261,398			12,524,269			9,424,205			627,513,039
Foreign currencies		(4,824	)		128,310			—			—
Futures contracts		—			—			(1,369,970	)		—
Swap contracts		—			—			(198,437	)		—
Net change in unrealized appreciation (depreciation)		25,256,574			12,652,579			7,855,798			627,513,039
Net Realized and Unrealized Gain (Loss)		28,435,430			3,322,539			(9,426,455	)		931,474,936
Net Increase (Decrease) in Net Assets Resulting from Operations	$	32,148,924		$	4,982,810		$	8,655,735		$	939,437,782

^*	Includes $487,284 in proceeds received from the settlement of class action litigation for Delaware Global Equity Fund II.

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

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Table of Contents

	Delaware Ivy Global Bond Fund			Delaware Ivy Global Growth Fund			Delaware Ivy High Income Fund			Delaware Ivy International Core Equity Fund
Investment Income:
Interest	$	19,392,934		$	—		$	194,534,536		$	—
Dividends		574,419			9,650,273			1,696,353			38,120,210
Interest from affiliated investments		—			—			1,381,412			—
Reclaim income		—			1,099,027			—			6,377,424
IRS compliance fee for foreign withholding tax claims (see Note 1)		—			(981,202	)		—			(519,011	)
Foreign tax withheld		—			(237,209	)		—			(3,636,191	)
		19,967,353			9,530,889			197,612,301			40,342,432

Expenses:
Management fees		2,741,748			4,348,255			13,480,489			11,141,424
Distribution expenses — Class A		252,627			780,010			2,834,988			689,237
Distribution expenses — Class C		18,906			21,182			1,256,904			226,344
Distribution expenses — Class R		1,364			3,606			165,951			201,457
Distribution expenses — Class Y		4,860			4,036			154,055			99,936
Dividend disbursing and transfer agent fees and expenses		386,574			323,342			713,923			1,318,675
Registration fees		102,858			51,911			118,412			57,575
Accounting and administration expenses		77,386			32,099			323,966			169,005
Legal fees		51,077			2,069			354,066			111,752
Audit and tax fees		47,290			46,808			42,917			62,263
Trustees’ fees and expenses		31,886			22,466			107,425			83,306
Custodian fees		21,022			3,912			72,141			88,012
Reports and statements to shareholders expenses		11,664			11,310			253,380			104,657
Other		82,418			22,909			32,958			37,382
		3,831,680			5,673,915			19,911,575			14,391,025
Less expenses waived		(511,616	)		(74,143	)		—			(2,957,090	)
Less expenses paid indirectly		(1,077	)		(1,653	)		(3,989	)		(2,349	)
Total operating expenses		3,318,987			5,598,119			19,907,586			11,431,586
Net Investment Income (Loss)		16,648,366			3,932,770			177,704,715			28,910,846

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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:
Investments^{*, 1}	$	(7,841,309	)	$	34,981,107		$	(153,990,160	)	$	20,027,495
Foreign currencies		(164,123	)		(163,589	)		(812,955	)		(2,546,852	)
Forward foreign currency exchange contracts		4,900,016			—			52,953			—
Futures contracts		(467,011	)		—			—			—
Options purchased		(889,088	)		—			—			—
Options written		1,397,743			—			—			—
Swap contracts		302,336			—			—			—
Net realized gain (loss)		(2,761,436	)		34,817,518			(154,750,162	)		17,480,643

Net change in unrealized appreciation (depreciation) on:
Investments²		8,641,857			76,967,875			228,485,433			129,673,592
Affiliated investments		—			—			9,316,202			—
Foreign currencies		(93,790	)		24,592			50,438			564,048
Forward foreign currency exchange contracts		(1,340,306	)		—			(60,529	)		—
Futures contracts		(1,836,129	)		—			—			—
Options purchased		258,523			—			—			—
Options written		(153,509	)		—			—			—
Swap contracts		105,960			—			—			—
Net change in unrealized appreciation (depreciation)		5,582,606			76,992,467			237,791,544			130,237,640
Net Realized and Unrealized Gain (Loss)		2,821,170			111,809,985			83,041,382			147,718,283
Net Increase (Decrease) in Net Assets Resulting from Operations	$	19,469,536		$	115,742,755		$	260,746,097		$	176,629,129

^*	Includes $1,260,994 in proceeds received from the settlement of class action litigation for Delaware Ivy International Core Equity Fund.
¹	Includes $(621,951) and $(1,618) capital gains tax paid for Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity Fund, respectively.
²	Includes $(814,333) and $(3,002,475) capital gains tax accrued for Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity Fund, respectively.

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

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	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	$	38,481,666		$	16,964		$	31,985,632		$	31,668,199
Dividends from affiliated investments		—			1,701,623			—			—
Foreign tax withheld		(598,907	)		—			—			—
		37,882,759			1,718,587			31,985,632			31,668,199

Expenses:
Management fees		35,480,495			33,300			46,067,351			9,889,188
Distribution expenses — Class A		5,755,203			79,575			3,727,858			405,241
Distribution expenses — Class C		519,061			4,541			682,159			189,676
Distribution expenses — Class R		98,851			509			275,077			30,532
Distribution expenses — Class Y		71,086			216			544,861			31,239
Dividend disbursing and transfer agent fees and expenses		5,704,591			130,680			6,687,132			992,699
Accounting and administration expenses		902,349			24,962			940,926			205,751
Reports and statements to shareholders expenses		408,899			20,870			705,491			142,895
Legal fees		383,529			4,927			460,337			106,782
Trustees’ fees and expenses		309,716			3,248			313,797			67,667
Registration fees		250,529			16,800			187,813			122,582
Audit and tax fees		39,914			23,458			41,569			38,754
Custodian fees		6,239			1,758			64,779			13,758
Other		114,929			10,489			150,513			31,370
		50,045,391			355,333			60,849,663			12,268,134
Less expenses waived		(5,877,560	)		—			(10,317,282	)		(1,984,311	)
Less expenses paid indirectly		(5,085	)		(409	)		(7,757	)		(1,577	)
Total operating expenses		44,162,746			354,924			50,524,624			10,282,246
Net Investment Income (Loss)		(6,279,987	)		1,363,663			(18,538,992	)		21,385,953

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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	$	266,207,078		$	—		$	219,577,322	$	55,256,132
Affiliated investments		—			6,294,362			—		—
Foreign currencies		(20	)		—			—		—
Net realized gain (loss)		266,207,058			6,294,362			219,577,322		55,256,132

Net change in unrealized appreciation (depreciation) on:
Investments		1,496,273,822			—			658,199,829		132,600,856
Affiliated investments		—			(1,314,276	)		—		—
Net change in unrealized appreciation (depreciation)		1,496,273,822			(1,314,276	)		658,199,829		132,600,856
Net Realized and Unrealized Gain (Loss)		1,762,480,880			4,980,086			877,777,151		187,856,988
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,756,200,893		$	6,343,749		$	859,238,159	$	209,242,941

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

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	Delaware Ivy Small Cap Growth Fund			Delaware Ivy Smid Cap Core Fund			Delaware Ivy Systematic Emerging Markets Equity Fund^f			Delaware Ivy Value Fund
Investment Income:
Dividends	$	4,900,862		$	4,638,651		$	33,854,214		$	14,246,910
Foreign tax withheld		—			—			(4,245,782	)		—
		4,900,862			4,638,651			29,608,432			14,246,910

Expenses:
Management fees		11,892,661			2,763,901			7,661,759			4,005,787
Distribution expenses — Class A		1,560,179			269,724			411,193			703,493
Distribution expenses — Class C		174,067			112,075			194,115			53,580
Distribution expenses — Class R		208,515			96,679			28,041			32
Distribution expenses — Class Y		131,584			12,925			65,059			227
Dividend disbursing and transfer agent fees and expenses		1,377,377			163,514			1,173,485			868,553
Reports and statements to shareholders expenses		209,044			123,213			126,411			81,442
Accounting and administration expenses		161,982			23,223			70,852			80,405
Legal fees		114,901			41,318			68,801			48,243
Registration fees		59,724			93,048			58,857			114,982
Audit and tax fees		39,891			56,339			72,553			41,843
Trustees’ fees and expenses		26,105			19,856			54,093			39,465
Custodian fees		19,513			10,231			694,161			9,035
Other		52,487			12,897			53,318			27,915
		16,028,030			3,798,943			10,732,698			6,075,002
Less expenses waived		(1,555,812	)		(445,873	)		(3,601,207	)		(567,583	)
Less expenses paid indirectly		(3,402	)		(988	)		(2,002	)		(1,681	)
Total operating expenses		14,468,816			3,352,082			7,129,489			5,505,738
Net Investment Income (Loss)		(9,567,954	)		1,286,569			22,478,943			8,741,172

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Statements of operations

Ivy Funds

	Delaware Ivy Small Cap Growth Fund		Delaware Ivy Smid Cap Core Fund		Delaware Ivy Systematic Emerging Markets Equity Fund^f			Delaware Ivy Value Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments^{*, 1}	$	71,849,436	$	5,714,445	$	(17,515,711	)	$	(5,788,438	)
Foreign currencies		—		—		(102,569	)		—
Forward foreign currency exchange contracts		—		—		(1,035,360	)		—
Net realized gain (loss)		71,849,436		5,714,445		(18,653,640	)		(5,788,438	)

Net change in unrealized appreciation (depreciation) on:
Investments²		152,099,587		54,446,145		71,724,925			72,604,329
Foreign currencies		—		—		132,760			—
Net change in unrealized appreciation (depreciation)		152,099,587		54,446,145		71,857,685			72,604,329
Net Realized and Unrealized Gain (Loss)		223,949,023		60,160,590		53,204,045			66,815,891
Net Increase (Decrease) in Net Assets Resulting from Operations	$	214,381,069	$	61,447,159	$	75,682,988		$	75,557,063

^*	Includes $829,645 and $439,920 in proceeds received from the settlement of class action litigation for Delaware Ivy Small Cap Growth Fund and Delaware Ivy Value Fund, respectively.
¹	Includes $(3,009,769) capital gains tax paid for Delaware Ivy Systematic Emerging Markets Equity Fund.
²	Includes $(5,919,548) 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.

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Statements of changes in net assets

Ivy Funds

	Delaware Global Equity Fund II						Delaware International Equity Fund II
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,713,494		$	5,204,751		$	1,660,271		$	1,842,351
Net realized gain (loss)		3,178,856			(24,423,769	)		(9,330,040	)		(13,125,360	)
Net change in unrealized appreciation (depreciation)		25,256,574			26,559,331			12,652,579			4,931,857
Net increase (decrease) in net assets resulting from operations		32,148,924			7,340,313			4,982,810			(6,351,152	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(3,109,152	)		(81,042,548	)		(520,927	)		(4,061,811	)
Class C		(21,249	)		(1,361,394	)		(2,476	)		(46,922	)
Class E¹		—			(32,359	)		—			—
Class I		(1,800,146	)		(50,606,591	)		(264,442	)		(3,198,870	)
Class R		(3,728	)		(129,753	)		(8,216	)		(3,437	)
Class R6		(26,007	)		(3,693,717	)		(612,365	)		(3,920,833	)
Class Y		(21,419	)		(529,120	)		(10,118	)		(68,504	)
		(4,981,701	)		(137,395,482	)		(1,418,544	)		(11,300,377	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		6,574,484			8,664,763			1,632,036			1,447,444
Class C		255,223			366,067			50,194			30,790
Class E¹		—			35,545			—			—
Class I		13,979,794			17,609,351			6,870,352			14,116,573
Class R		5,463			31,074			254,887			129,893
Class R6		415,817			426,695			3,755,369			8,158,494
Class Y		106,992			171,385			49,654			59,944

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,091,463			80,002,306			516,993			3,990,201
Class C		21,249			1,360,573			2,476			46,922
Class E¹		—			32,293			—			—
Class I		1,796,882			50,502,191			264,328			3,195,614
Class R		888			21,553			8,216			3,437
Class R6		26,007			3,693,717			612,365			3,920,833
Class Y		21,419			460,409			10,106			68,419
		26,295,681			163,377,922			14,026,976			35,168,564

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Statements of changes in net assets

Ivy Funds

	Delaware Global Equity Fund II						Delaware International Equity Fund II
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Cost of shares redeemed:
Class A	$	(50,938,979	)	$	(79,974,018	)	$	(9,547,919	)	$	(11,744,674	)
Class C		(968,287	)		(2,719,923	)		(135,484	)		(253,378	)
Class E¹		—			(4,439,845	)		—			—
Class I		(59,075,229	)		(106,565,919	)		(27,720,042	)		(36,732,469	)
Class R		(3,502	)		(9,226	)		(48,566	)		(18,125	)
Class R6		(362,615	)		(13,437,416	)		(16,268,948	)		(27,906,179	)
Class Y		(398,875	)		(364,631	)		(226,139	)		(296,311	)
		(111,747,487	)		(207,510,978	)		(53,947,098	)		(76,951,136	)
Decrease in net assets derived from capital share transactions		(85,451,806	)		(44,133,056	)		(39,920,122	)		(41,782,572	)
Net Decrease in Net Assets		(58,284,583	)		(174,188,225	)		(36,355,856	)		(59,434,101	)

Net Assets:
Beginning of year		320,623,836			494,812,061			127,908,564			187,342,665
End of year	$	262,339,253		$	320,623,836		$	91,552,708		$	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.

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	Delaware Ivy Core Bond Fund						Delaware Ivy Core Equity Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	18,082,190		$	19,095,215		$	7,962,846		$	13,951,993
Net realized gain (loss)		(17,282,253	)		(75,245,046	)		303,961,897			353,974,155
Net change in unrealized appreciation (depreciation)		7,855,798			14,849,201			627,513,039			(714,374,302	)
Net increase (decrease) in net assets resulting from operations		8,655,735			(41,300,630	)		939,437,782			(346,448,154	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(5,430,006	)		(4,701,474	)		(293,561,457	)		(342,961,157	)
Class C		(116,664	)		(110,000	)		(2,540,114	)		(2,939,747	)
Class E¹		—			(16,886	)		—			—
Class I		(9,233,167	)		(11,332,718	)		(66,889,139	)		(80,967,246	)
Class R		(36,739	)		(25,837	)		(16,076	)		(28,492	)
Class R6		(2,937,035	)		(3,132,679	)		(6,248,098	)		(5,421,130	)
Class Y		(204,636	)		(175,668	)		(2,655,220	)		(2,866,099	)
		(17,958,247	)		(19,495,262	)		(371,910,104	)		(435,183,871	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		17,120,154			19,809,524			72,313,656			87,255,284
Class C		498,109			738,399			3,823,640			3,112,586
Class E¹		—			113,072			—			503,440
Class I		29,895,077			48,452,721			121,149,507			180,284,312
Class R		50,632			90,963			9,407			85,535
Class R6		3,634,127			13,865,413			24,109,346			13,260,393
Class Y		671,384			815,233			2,746,149			1,478,436

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		5,392,000			4,690,766			291,171,207			338,942,481
Class C		116,413			110,044			2,539,546			2,934,654
Class E¹		—			14,231			—			—
Class I		9,222,734			11,387,611			66,824,616			80,887,209
Class R		36,722			25,930			13,773			16,771
Class R6		2,936,323			3,164,882			5,873,722			5,132,630
Class Y		204,438			176,508			2,652,494			2,816,322
		69,778,113			103,455,297			593,227,063			716,710,053

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Core Bond Fund						Delaware Ivy Core Equity Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Cost of shares redeemed:
Class A	$	(35,112,411	)	$	(53,694,913	)	$	(511,589,178	)	$	(682,251,142	)
Class C		(1,938,282	)		(2,726,324	)		(7,519,044	)		(11,110,263	)
Class E¹		—			(4,075,122	)		—			(16,725,317	)
Class I		(134,587,369	)		(266,358,184	)		(296,767,446	)		(423,654,966	)
Class R		(22,902	)		(19,726	)		(126,027	)		(44,300	)
Class R6		(21,761,787	)		(80,144,435	)		(19,955,106	)		(49,308,112	)
Class Y		(806,048	)		(1,776,621	)		(4,466,928	)		(4,137,750	)
		(194,228,799	)		(408,795,325	)		(840,423,729	)		(1,187,231,850	)
Decrease in net assets derived from capital share transactions		(124,450,686	)		(305,340,028	)		(247,196,666	)		(470,521,797	)
Net Increase (Decrease) in Net Assets		(133,753,198	)		(366,135,920	)		320,331,012			(1,252,153,822	)

Net Assets:
Beginning of year		470,087,646			836,223,566			3,410,766,743			4,662,920,565
End of year	$	336,334,448		$	470,087,646		$	3,731,097,755		$	3,410,766,743

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

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

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	Delaware Ivy Global Bond Fund						Delaware Ivy Global Growth Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	16,648,366		$	12,259,676		$	3,932,770		$	4,228,013
Net realized gain (loss)		(2,761,436	)		(32,171,703	)		34,817,518			44,738,997
Net change in unrealized appreciation (depreciation)		5,582,606			8,694,249			76,992,467			(103,302,031	)
Net increase (decrease) in net assets resulting from operations		19,469,536			(11,217,778	)		115,742,755			(54,335,021	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(3,467,339	)		(3,824,601	)		(18,813,448	)		(155,638,225	)
Class C		(51,171	)		(66,601	)		(200,133	)		(1,384,485	)
Class I		(6,906,950	)		(5,563,554	)		(9,470,074	)		(95,860,473	)
Class R		(8,900	)		(7,389	)		(42,509	)		(320,470	)
Class R6		(6,014,218	)		(4,487,164	)		(288,911	)		(1,461,934	)
Class Y		(67,568	)		(26,642	)		(97,458	)		(638,758	)
		(16,516,146	)		(13,975,951	)		(28,912,533	)		(255,304,345	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		8,579,413			8,814,666			12,778,660			9,190,401
Class C		381,234			865,984			258,771			293,294
Class I		97,482,106			78,770,943			26,341,804			52,313,898
Class R		140,610			126,430			15,453			28,946
Class R6		54,900,887			27,755,010			12,416,820			1,768,200
Class Y		617,160			1,228,234			243,798			124,289

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,446,724			3,792,848			18,628,974			152,055,253
Class C		51,171			66,536			200,133			1,380,869
Class I		6,900,091			5,527,257			9,447,996			95,712,821
Class R		8,900			7,389			42,509			320,470
Class R6		6,013,843			4,487,164			158,194			875,824
Class Y		67,113			26,219			97,458			637,520
		178,589,252			131,468,680			80,630,570			314,701,785

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Global Bond Fund						Delaware Ivy Global Growth Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Cost of shares redeemed:
Class A	$	(27,253,320	)	$	(43,979,991	)	$	(73,551,426	)	$	(126,112,955	)
Class C		(1,380,892	)		(1,582,762	)		(751,574	)		(1,406,795	)
Class I		(74,081,448	)		(93,272,155	)		(84,761,157	)		(209,246,811	)
Class R		(67,680	)		(122,474	)		(123,165	)		(104,477	)
Class R6		(24,350,369	)		(35,888,243	)		(1,660,958	)		(892,205	)
Class Y		(572,871	)		(228,688	)		(248,236	)		(498,722	)
		(127,706,580	)		(175,074,313	)		(161,096,516	)		(338,261,965	)
Increase (decrease) in net assets derived from capital share transactions		50,882,672			(43,605,633	)		(80,465,946	)		(23,560,180	)
Net Increase (Decrease) in Net Assets		53,836,062			(68,799,362	)		6,364,276			(333,199,546	)

Net Assets:
Beginning of year		428,202,059			497,001,421			536,849,411			870,048,957
End of year	$	482,038,121		$	428,202,059		$	543,213,687		$	536,849,411

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

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	Delaware Ivy High Income Fund						Delaware Ivy International Core Equity Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	177,704,715		$	206,990,768		$	28,910,846		$	34,731,260
Net realized gain (loss)		(154,750,162	)		(232,499,505	)		17,480,643			(15,974,319	)
Net change in unrealized appreciation (depreciation)		237,791,544			(203,983,064	)		130,237,640			(62,910,806	)
Net increase (decrease) in net assets resulting from operations		260,746,097			(229,491,801	)		176,629,129			(44,153,865	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(82,468,506	)		(95,683,062	)		(6,938,040	)		(2,204,684	)
Class C		(8,185,702	)		(11,167,120	)		(397,168	)		(48,427	)
Class E¹		—			(99,739	)		—			—
Class I		(76,344,445	)		(87,942,232	)		(18,729,967	)		(7,716,433	)
Class R		(2,328,704	)		(2,642,896	)		(899,770	)		(243,139	)
Class R6		(3,885,465	)		(4,396,791	)		(6,919,437	)		(2,574,522	)
Class Y		(4,476,363	)		(5,574,837	)		(1,002,897	)		(349,221	)
		(177,689,185	)		(207,506,677	)		(34,887,279	)		(13,136,426	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		92,882,697			128,428,311			34,968,582			29,761,426
Class C		9,596,648			11,609,666			1,806,645			1,043,394
Class E¹		—			75,619			—			70,210
Class I		270,167,093			369,674,854			128,415,772			121,901,540
Class R		1,572,232			1,057,896			1,610,466			2,049,682
Class R6		15,747,080			21,534,370			51,026,945			29,813,846
Class Y		25,801,936			30,153,445			6,515,359			6,485,905

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		80,766,869			93,326,521			6,801,900			2,164,453
Class C		8,154,038			10,740,503			394,738			48,018
Class E¹		—			88,592			—			—
Class I		76,026,993			86,841,370			18,067,945			7,462,418
Class R		2,327,696			2,672,221			899,526			243,083
Class R6		3,770,742			4,327,070			6,816,147			2,550,093
Class Y		4,241,189			5,277,734			999,883			347,762
		591,055,213			765,808,172			258,323,908			203,941,830

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy High Income Fund						Delaware Ivy International Core Equity Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Cost of shares redeemed:
Class A	$	(298,929,610	)	$	(403,931,896	)	$	(57,382,190	)	$	(74,640,222	)
Class C		(51,553,250	)		(75,352,072	)		(14,618,595	)		(16,543,106	)
Class E¹		—			(7,695,819	)		—			(6,986,287	)
Class I		(403,584,653	)		(689,215,973	)		(250,918,497	)		(395,974,846	)
Class R		(6,600,844	)		(8,374,156	)		(7,991,061	)		(7,344,492	)
Class R6		(27,926,487	)		(23,188,049	)		(82,745,524	)		(125,803,841	)
Class Y		(44,421,962	)		(54,458,875	)		(14,022,940	)		(13,993,979	)
		(833,016,806	)		(1,262,216,840	)		(427,678,807	)		(641,286,773	)
Decrease in net assets derived from capital share transactions		(241,961,593	)		(496,408,668	)		(169,354,899	)		(437,344,943	)
Net Decrease in Net Assets		(158,904,681	)		(933,407,146	)		(27,613,049	)		(494,635,234	)

Net Assets:
Beginning of year		2,536,502,149			3,469,909,295			1,356,884,178			1,851,519,412
End of year	$	2,377,597,468		$	2,536,502,149		$	1,329,271,129		$	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.

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	Delaware Ivy Large Cap Growth Fund						Delaware Ivy Managed International Opportunities Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(6,279,987	)	$	(3,696,658	)	$	1,363,663		$	297,235
Net realized gain (loss)		266,207,058			192,465,975			6,294,362			936,652
Net change in unrealized appreciation (depreciation)		1,496,273,822			(716,913,321	)		(1,314,276	)		(9,469,527	)
Net increase (decrease) in net assets resulting from operations		1,756,200,893			(528,144,004	)		6,343,749			(8,235,640	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(71,124,444	)		(233,211,332	)		(756,386	)		(5,093,238	)
Class C		(2,370,903	)		(6,803,751	)		(6,755	)		(82,022	)
Class E¹		—			(449	)		—			—
Class I		(95,913,304	)		(202,306,553	)		(861,482	)		(6,195,794	)
Class R		(1,016,916	)		(1,077,786	)		(2,850	)		(11,316	)
Class R6		(6,873,786	)		(15,565,662	)		(1,334	)		(12,765	)
Class Y		(856,757	)		(2,693,440	)		(2,061	)		(13,118	)
		(178,156,110	)		(461,658,973	)		(1,630,868	)		(11,408,253	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		165,396,364			176,012,893			1,094,949			2,068,217
Class C		18,344,210			8,452,969			28,407			53,423
Class E¹		—			513,750			—			—
Class I		1,113,500,494			1,335,000,059			5,048,647			11,353,893
Class R		21,865,178			2,714,377			17,057			17,606
Class R6		137,460,796			108,362,725			769			60,332
Class Y		11,133,924			2,867,825			340			2,953

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		70,618,650			231,503,608			756,128			5,087,312
Class C		2,359,764			6,795,138			6,755			82,022
Class I		95,003,003			198,918,523			861,401			6,194,130
Class R		1,016,916			1,077,786			2,850			11,316
Class R6		6,012,352			15,305,442			1,334			12,765
Class Y		853,220			2,680,400			2,061			13,118
		1,643,564,871			2,090,205,495			7,820,698			24,957,087

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Large Cap Growth Fund						Delaware Ivy Managed International Opportunities Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Cost of shares redeemed:
Class A	$	(434,051,912	)	$	(590,512,483	)	$	(17,248,596	)	$	(14,206,983	)
Class C		(16,851,440	)		(20,130,759	)		(342,852	)		(306,865	)
Class E¹		—			(28,413,405	)		—			—
Class I		(985,306,170	)		(1,028,298,682	)		(31,477,519	)		(45,844,028	)
Class R		(4,600,692	)		(3,108,406	)		(19	)		(25	)
Class R6		(80,617,387	)		(77,388,981	)		(67,920	)		(65,177	)
Class Y		(11,968,805	)		(10,280,136	)		(19,648	)		(33,955	)
		(1,533,396,406	)		(1,758,132,852	)		(49,156,554	)		(60,457,033	)
Increase (decrease) in net assets derived from capital share transactions		110,168,465			332,072,643			(41,335,856	)		(35,499,946	)
Net Increase (Decrease) in Net Assets		1,688,213,248			(657,730,334	)		(36,622,975	)		(55,143,839	)

Net Assets:
Beginning of year		5,116,120,806			5,773,851,140			78,249,131			133,392,970
End of year	$	6,804,334,054		$	5,116,120,806		$	41,626,156		$	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.

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	Delaware Ivy Mid Cap Growth Fund						Delaware Ivy Mid Cap Income Opportunities Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(18,538,992	)	$	(23,468,799	)	$	21,385,953		$	26,086,278
Net realized gain (loss)		219,577,322			572,136,526			55,256,132			17,627,519
Net change in unrealized appreciation (depreciation)		658,199,829			(1,312,690,453	)		132,600,856			(127,820,971	)
Net increase (decrease) in net assets resulting from operations		859,238,159			(764,022,726	)		209,242,941			(84,107,174	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(95,139,802	)		(164,406,300	)		(8,479,839	)		(6,514,556	)
Class C		(5,878,732	)		(10,932,969	)		(848,362	)		(609,409	)
Class E¹		—			(17	)		—			—
Class I		(161,797,407	)		(255,989,188	)		(46,567,429	)		(46,510,991	)
Class R		(3,803,348	)		(6,221,362	)		(523,721	)		(37,033	)
Class R6		(66,481,420	)		(77,842,989	)		(4,928,124	)		(3,921,104	)
Class Y		(13,209,909	)		(21,051,425	)		(699,549	)		(439,212	)
		(346,310,618	)		(536,444,250	)		(62,047,024	)		(58,032,305	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		100,687,868			116,730,479			10,887,181			39,515,455
Class C		8,058,894			8,020,697			1,146,923			2,445,278
Class E¹		—			208,019			—			—
Class I		615,587,206			820,478,205			167,713,173			260,587,380
Class R		8,663,186			8,960,574			11,352,814			126,008
Class R6		385,714,959			395,392,794			20,248,494			30,058,898
Class Y		33,675,695			31,335,214			4,415,257			1,924,707

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		94,546,286			163,484,209			8,475,788			6,504,171
Class C		5,861,944			10,892,763			846,649			607,537
Class I		158,778,651			249,728,118			45,347,853			45,322,699
Class R		3,801,311			6,209,860			523,720			37,033
Class R6		66,325,689			77,701,319			4,727,476			3,861,579
Class Y		13,193,766			21,013,263			697,947			436,561
		1,494,895,455			1,910,155,514			276,383,275			391,427,306

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Mid Cap Growth Fund						Delaware Ivy Mid Cap Income Opportunities Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Cost of shares redeemed:
Class A	$	(342,792,633	)	$	(454,648,001	)	$	(46,602,537	)	$	(48,258,982	)
Class C		(24,193,661	)		(38,853,344	)		(5,979,742	)		(7,797,412	)
Class E¹		—			(15,934,312	)		—			—
Class I		(863,664,699	)		(1,128,346,626	)		(453,495,989	)		(595,631,582	)
Class R		(20,642,621	)		(16,761,799	)		(1,552,003	)		(135,688	)
Class R6		(326,126,108	)		(233,573,867	)		(29,774,708	)		(48,698,820	)
Class Y		(61,642,216	)		(61,854,490	)		(3,722,108	)		(16,337,458	)
		(1,639,061,938	)		(1,949,972,439	)		(541,127,087	)		(716,859,942	)
Decrease in net assets derived from capital share transactions		(144,166,483	)		(39,816,925	)		(264,743,812	)		(325,432,636	)
Net Increase (Decrease) in Net Assets		368,761,058			(1,340,283,901	)		(117,547,895	)		(467,572,115	)

Net Assets:
Beginning of year		5,877,151,978			7,217,435,879			1,289,981,924			1,757,554,039
End of year	$	6,245,913,036		$	5,877,151,978		$	1,172,434,029		$	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.

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	Delaware Ivy Small Cap Growth Fund						Delaware Ivy Smid Cap Core Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(9,567,954	)	$	(7,713,488	)	$	1,286,569		$	2,294,855
Net realized gain (loss)		71,849,436			49,189,318			5,714,445			(13,210,907	)
Net change in unrealized appreciation (depreciation)		152,099,587			(396,476,546	)		54,446,145			(31,254,611	)
Net increase (decrease) in net assets resulting from operations		214,381,069			(355,000,716	)		61,447,159			(42,170,663	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(29,855,478	)		(35,978,096	)		(798,437	)		(26,732,151	)
Class C		(1,435,283	)		(1,946,695	)		(68,283	)		(3,710,461	)
Class E¹		—			(337	)		—			—
Class I		(14,786,057	)		(17,341,942	)		(985,384	)		(36,815,324	)
Class R		(2,201,928	)		(2,310,793	)		(106,682	)		(4,392,345	)
Class R6		(4,918,319	)		(4,990,253	)		(304,657	)		(12,259,333	)
Class Y		(1,715,869	)		(2,620,597	)		(31,304	)		(1,153,288	)

Return of capital:
Class A		—			—			(73,639	)		—
Class C		—			—			(7,649	)		—
Class I		—			—			(97,546	)		—
Class R		—			—			(13,197	)		—
Class R6		—			—			(26,377	)		—
Class Y		—			—			(3,529	)		—
		(54,912,934	)		(65,188,713	)		(2,516,684	)		(85,062,902	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		30,659,253			42,280,458			11,360,682			14,242,069
Class C		1,354,222			1,906,837			1,003,583			1,026,594
Class E¹		—			141,458			—			—
Class I		104,265,428			151,993,044			22,008,105			46,699,579
Class R		3,642,078			3,877,925			2,816,715			1,713,392
Class R6		40,393,224			28,475,201			5,870,655			7,482,685
Class Y		6,850,038			8,314,846			791,915			952,837

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		29,769,259			35,770,613			869,016			26,410,183
Class C		1,435,035			1,921,869			75,925			3,691,446
Class I		14,606,311			16,814,919			1,071,072			36,412,424
Class R		2,201,928			2,308,442			119,879			4,384,756
Class R6		4,795,767			4,857,773			331,018			12,229,704
Class Y		1,715,667			2,503,946			34,768			980,068
		241,688,210			301,167,331			46,353,333			156,225,737

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Small Cap Growth Fund						Delaware Ivy Smid Cap Core Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Cost of shares redeemed:
Class A	$	(160,032,340	)	$	(235,462,828	)	$	(28,109,077	)	$	(42,325,453	)
Class C		(7,606,558	)		(11,707,208	)		(4,050,880	)		(4,923,834	)
Class E¹		—			(10,999,250	)		—			—
Class I		(272,099,839	)		(358,561,415	)		(63,935,836	)		(179,974,386	)
Class R		(8,537,983	)		(8,334,107	)		(3,486,649	)		(4,468,380	)
Class R6		(49,544,369	)		(49,967,732	)		(12,363,169	)		(45,397,284	)
Class Y		(52,757,296	)		(20,072,822	)		(1,391,387	)		(2,937,629	)
		(550,578,385	)		(695,105,362	)		(113,336,998	)		(280,026,966	)
Decrease in net assets derived from capital share transactions		(308,890,175	)		(393,938,031	)		(66,983,665	)		(123,801,229	)
Net Decrease in Net Assets		(149,422,040	)		(814,127,460	)		(8,053,190	)		(251,034,794	)

Net Assets:
Beginning of year		1,535,838,582			2,349,966,042			347,781,085			598,815,879
End of year	$	1,386,416,542		$	1,535,838,582		$	339,727,895		$	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.

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	Delaware Ivy Systematic Emerging Markets Equity Fund^f						Delaware Ivy Value Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	22,478,943		$	42,123,619		$	8,741,172		$	15,391,544
Net realized gain (loss)		(18,653,640	)		9,447,774			(5,788,438	)		300,268,806
Net change in unrealized appreciation (depreciation)		71,857,685			(231,865,125	)		72,604,329			(387,597,951	)
Net increase (decrease) in net assets resulting from operations		75,682,988			(180,293,732	)		75,557,063			(71,937,601	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(5,063,707	)		(23,862,228	)		(70,325,475	)		(64,572,042	)
Class C		(570,330	)		(3,799,756	)		(1,434,045	)		(1,294,711	)
Class I		(14,869,547	)		(67,508,510	)		(72,855,381	)		(134,186,525	)
Class R		(169,014	)		(761,742	)		(1,508	)		(3,635	)
Class R6		(4,253,760	)		(19,569,993	)		(494,263	)		(11,915,526	)
Class Y		(797,906	)		(3,290,998	)		(306,209	)		(16,310	)
		(25,724,264	)		(118,793,227	)		(145,416,881	)		(211,988,749	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		13,160,128			13,991,590			18,037,986			60,344,321
Class C		778,227			1,201,866			939,043			3,746,973
Class I		71,028,894			166,521,673			52,825,961			155,732,308
Class R		975,923			1,512,449			1,600			7,344
Class R6		21,769,826			25,177,569			338,488			8,750,632
Class Y		7,277,753			11,947,670			1,965,204			29,289

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		5,003,604			23,187,118			69,973,942			64,090,801
Class C		570,305			3,695,972			1,434,033			1,293,492
Class I		13,996,689			60,246,877			72,778,999			134,063,974
Class R		168,564			709,240			1,508			3,635
Class R6		4,168,267			19,518,747			484,256			11,441,895
Class Y		797,877			775,952			306,209			16,110
		139,696,057			328,486,723			219,087,229			439,520,774

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Statements of changes in net assets

Ivy Funds

	Delaware Ivy Systematic Emerging Markets Equity Fund^f						Delaware Ivy Value Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Cost of shares redeemed:
Class A	$	(49,810,065	)	$	(65,930,457	)	$	(115,339,396	)	$	(120,780,702	)
Class C		(8,856,463	)		(12,182,076	)		(2,977,313	)		(3,662,866	)
Class I		(213,874,674	)		(426,635,179	)		(209,787,274	)		(705,769,539	)
Class R		(1,698,041	)		(2,008,209	)		(15,690	)		(57	)
Class R6		(58,350,607	)		(107,210,543	)		(3,150,176	)		(127,494,556	)
Class Y		(10,427,108	)		(7,824,761	)		(1,962,477	)		(41,516	)
		(343,016,958	)		(621,791,225	)		(333,232,326	)		(957,749,236	)
Decrease in net assets derived from capital share transactions		(203,320,901	)		(293,304,502	)		(114,145,097	)		(518,228,462	)
Net Decrease in Net Assets		(153,362,177	)		(592,391,461	)		(184,004,915	)		(802,154,812	)

Net Assets:
Beginning of year		914,389,981			1,506,781,442			675,648,949			1,477,803,761
End of year	$	761,027,804		$	914,389,981		$	491,644,034		$	675,648,949

^f	Consolidated statements of changes in net assets.

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

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Table of Contents

Financial highlights

Delaware Global Equity Fund II Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.06		$	12.72		$	13.72		$	9.64		$	11.90

Income (loss) from investment operations:
Net investment income¹		0.10	²		0.13			0.20			0.26			0.29
Net realized and unrealized gain (loss)		0.92	³		0.12			(0.07	)		4.23			(2.13	)
Total from investment operations		1.02			0.25			0.13			4.49			(1.84	)

Less dividends and distributions from:
Net investment income		(0.14	)		(0.11	)		(0.42	)		(0.23	)		(0.30	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)
Total dividends and distributions		(0.14	)		(4.91	)		(1.13	)		(0.41	)		(0.42	)

Net asset value, end of period	$	8.94		$	8.06		$	12.72		$	13.72		$	9.64

Total return⁴		12.81	%^2,3		5.75	%		0.51	%		47.07	%		(16.11	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	174,222		$	197,879		$	263,835		$	310	⁵	$	260	⁵
Ratio of expenses to average net assets⁶		1.17	%		1.19	%		1.22	%		1.22	%		1.24	%
Ratio of expenses to average net assets prior to fees waived⁶		1.25	%		1.33	%		1.25	%		1.24	%		1.25	%
Ratio of net investment income to average net assets		1.20	%		1.25	%		1.41	%		2.16	%		2.43	%
Ratio of net investment income to average net assets prior to fees waived		1.12	%		1.11	%		1.38	%		2.14	%		2.42	%
Portfolio turnover		121	%⁷		25	%		111	%		39	%		43	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%.
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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

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Financial highlights

Delaware Global Equity Fund II Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	7.98		$	12.69		$	13.72		$	9.64		$	11.90

Income (loss) from investment operations:
Net investment income¹		0.04	²		0.05			0.09			0.16			0.21
Net realized and unrealized gain (loss)		0.91	³		0.11			(0.08	)		4.23			(2.13	)
Total from investment operations		0.95			0.16			0.01			4.39			(1.92	)

Less dividends and distributions from:
Net investment income		(0.08	)		(0.07	)		(0.33	)		(0.13	)		(0.22	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)
Total dividends and distributions		(0.08	)		(4.87	)		(1.04	)		(0.31	)		(0.34	)

Net asset value, end of period	$	8.85		$	7.98		$	12.69		$	13.72		$	9.64

Total return⁴		12.00	%^2,3,5		4.84	%⁵		(0.32	%)		45.88	%		(16.75	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,881		$	2,384		$	4,780		$	7	⁶	$	10	⁶
Ratio of expenses to average net assets⁷		1.92	%		2.04	%		2.04	%		2.03	%		2.00	%
Ratio of expenses to average net assets prior to fees waived⁷		2.00	%		2.27	%		2.04	%		2.03	%		2.00	%
Ratio of net investment income to average net assets		0.47	%		0.44	%		0.64	%		1.34	%		1.76	%
Ratio of net investment income to average net assets prior to fees waived		0.39	%		0.21	%		0.64	%		1.34	%		1.76	%
Portfolio turnover		121	%⁸		25	%		111	%		39	%		43	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.13%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.13%.
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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁸	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

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Delaware Global Equity Fund II Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.09		$	12.74		$	13.73		$	9.64		$	11.91

Income (loss) from investment operations:
Net investment income¹		0.12	²		0.16			0.24			0.29			0.33
Net realized and unrealized gain (loss)		0.93	³		0.12			(0.07	)		4.24			(2.14	)
Total from investment operations		1.05			0.28			0.17			4.53			(1.81	)

Less dividends and distributions from:
Net investment income		(0.16	)		(0.13	)		(0.45	)		(0.26	)		(0.34	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)
Total dividends and distributions		(0.16	)		(4.93	)		(1.16	)		(0.44	)		(0.46	)

Net asset value, end of period	$	8.98		$	8.09		$	12.74		$	13.73		$	9.64

Total return⁴		13.12	%^2,3		5.99	%		0.81	%		47.60	%		(15.90	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	83,354		$	117,590		$	205,264		$	268	⁵	$	242	⁵
Ratio of expenses to average net assets⁶		0.92	%		0.92	%		0.92	%		0.92	%		0.92	%
Ratio of expenses to average net assets prior to fees waived⁶		1.00	%		0.93	%		0.94	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		1.52	%		1.58	%		1.72	%		2.46	%		2.76	%
Ratio of net investment income to average net assets prior to fees waived		1.44	%		1.57	%		1.70	%		2.43	%		2.73	%
Portfolio turnover		121	%⁷		25	%		111	%		39	%		43	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented 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 year ended March 31, 2024 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.

195

Table of Contents

Financial highlights

Delaware Global Equity Fund II Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.04		$	12.72		$	13.73		$	9.65		$	11.91

Income (loss) from investment operations:
Net investment income¹		0.07	²		0.10			0.15			0.22			0.26
Net realized and unrealized gain (loss)		0.94	³		0.12			(0.07	)		4.23			(2.13	)
Total from investment operations		1.01			0.22			0.08			4.45			(1.87	)

Less dividends and distributions from:
Net investment income		(0.13	)		(0.10	)		(0.38	)		(0.19	)		(0.27	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)
Total dividends and distributions		(0.13	)		(4.90	)		(1.09	)		(0.37	)		(0.39	)

Net asset value, end of period	$	8.92		$	8.04		$	12.72		$	13.73		$	9.65

Total return⁴		12.63	%^2,3,5		5.37	%⁵		0.18	%		46.59	%		(16.36	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	260		$	232		$	308		$	—	^6,7	$	1	⁶
Ratio of expenses to average net assets⁸		1.42	%		1.47	%		1.54	%		1.54	%		1.53	%
Ratio of expenses to average net assets prior to fees waived⁸		1.50	%		1.48	%		1.54	%		1.54	%		1.53	%
Ratio of net investment income to average net assets		0.89	%		0.92	%		1.09	%		1.89	%		2.14	%
Ratio of net investment income to average net assets prior to fees waived		0.81	%		0.91	%		1.09	%		1.89	%		2.14	%
Portfolio turnover		121	%⁹		25	%		111	%		39	%		43	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%.
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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁶	Net assets reported in millions.
⁷	Rounds to less than $500 thousands.
⁸	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁹	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

196

Table of Contents

Delaware Global Equity Fund II Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.12		$	12.76		$	13.74		$	9.65		$	11.92

Income (loss) from investment operations:
Net investment income¹		0.12	²		0.19			0.26			0.30			0.35
Net realized and unrealized gain (loss)		0.94	³		0.10			(0.06	)		4.24			(2.14	)
Total from investment operations		1.06			0.29			0.20			4.54			(1.79	)

Less dividends and distributions from:
Net investment income		(0.18	)		(0.13	)		(0.47	)		(0.27	)		(0.36	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)
Total dividends and distributions		(0.18	)		(4.93	)		(1.18	)		(0.45	)		(0.48	)

Net asset value, end of period	$	9.00		$	8.12		$	12.76		$	13.74		$	9.65

Total return⁴		13.15	%^2,3,5		6.09	%		0.99	%		47.70	%		(15.76	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,349		$	1,130		$	14,281		$	24	⁶	$	17	⁶
Ratio of expenses to average net assets⁷		0.80	%		0.83	%		0.79	%		0.79	%		0.79	%
Ratio of expenses to average net assets prior to fees waived⁷		0.85	%		0.83	%		0.79	%		0.79	%		0.79	%
Ratio of net investment income to average net assets		1.47	%		1.68	%		1.90	%		2.54	%		2.87	%
Ratio of net investment income to average net assets prior to fees waived		1.42	%		1.68	%		1.90	%		2.54	%		2.87	%
Portfolio turnover		121	%⁸		25	%		111	%		39	%		43	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%.
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 presented 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.
⁸	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

197

Table of Contents

Financial highlights

Delaware Global Equity Fund II Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.06		$	12.72		$	13.72		$	9.64		$	11.90

Income (loss) from investment operations:
Net investment income¹		0.10	²		0.13			0.20			0.26			0.30
Net realized and unrealized gain (loss)		0.93	³		0.12			(0.07	)		4.23			(2.13	)
Total from investment operations		1.03			0.25			0.13			4.49			(1.83	)

Less dividends and distributions from:
Net investment income		(0.15	)		(0.11	)		(0.42	)		(0.23	)		(0.31	)
Net realized gain		—			(4.80	)		(0.71	)		(0.18	)		(0.12	)
Total dividends and distributions		(0.15	)		(4.91	)		(1.13	)		(0.41	)		(0.43	)

Net asset value, end of period	$	8.94		$	8.06		$	12.72		$	13.72		$	9.64

Total return⁴		12.84	%^2,3,5		5.74	%⁵		0.53	%		47.11	%		(16.06	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,273		$	1,409		$	1,612		$	2	⁶	$	5	⁶
Ratio of expenses to average net assets⁷		1.17	%		1.18	%		1.18	%		1.18	%		1.19	%
Ratio of expenses to average net assets prior to fees waived⁷		1.25	%		1.19	%		1.18	%		1.18	%		1.19	%
Ratio of net investment income to average net assets		1.19	%		1.26	%		1.45	%		2.25	%		2.49	%
Ratio of net investment income to average net assets prior to fees waived		1.11	%		1.25	%		1.45	%		2.25	%		2.49	%
Portfolio turnover		121	%⁸		25	%		111	%		39	%		43	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.01 and total return by 0.12%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.12%.
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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁶	Net assets reported in millions.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁸	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

198

Table of Contents

Delaware International Equity Fund II Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	14.91		$	16.57		$	18.54		$	11.08		$	14.93

Income (loss) from investment operations:
Net investment income¹		0.19	²		0.16			0.21			0.16			0.32
Net realized and unrealized gain (loss)		0.63			(0.31	)		(1.76	)		7.48			(3.81	)
Total from investment operations		0.82			(0.15	)		(1.55	)		7.64			(3.49	)

Less dividends and distributions from:
Net investment income		(0.21	)		—			(0.42	)		(0.18	)		(0.36	)
Net realized gain		—			(1.51	)		—			—			—
Total dividends and distributions		(0.21	)		(1.51	)		(0.42	)		(0.18	)		(0.36	)

Net asset value, end of period	$	15.52		$	14.91		$	16.57		$	18.54		$	11.08

Total return³		5.60	%^2,4		0.23	%⁴		(8.50	%)		69.18	%⁴		(24.08	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	35,659		$	41,665		$	53,118		$	66	⁵	$	45	⁵
Ratio of expenses to average net assets⁶		1.10	%		1.37	%		1.45	%		1.55	%		1.56	%
Ratio of expenses to average net assets prior to fees waived⁶		1.75	%		1.79	%		1.45	%		1.76	%		1.77	%
Ratio of net investment income to average net assets		1.25	%		1.10	%		1.13	%		1.08	%		2.19	%
Ratio of net investment income to average net assets prior to fees waived		0.60	%		0.68	%		1.13	%		0.87	%		1.98	%
Portfolio turnover		121	%⁷		36	%		119	%		20	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.20%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

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Table of Contents

Financial highlights

Delaware International Equity Fund II Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	13.53		$	15.29		$	17.16		$	10.28		$	13.89

Income (loss) from investment operations:
Net investment income¹		0.07	²		0.06			0.04			0.02			0.22
Net realized and unrealized gain (loss)		0.57			(0.31	)		(1.62	)		6.95			(3.55	)
Total from investment operations		0.64			(0.25	)		(1.58	)		6.97			(3.33	)

Less dividends and distributions from:
Net investment income		(0.10	)		—			(0.29	)		(0.09	)		(0.28	)
Net realized gain		—			(1.51	)		—			—			—
Total dividends and distributions		(0.10	)		(1.51	)		(0.29	)		(0.09	)		(0.28	)

Net asset value, end of period	$	14.07		$	13.53		$	15.29		$	17.16		$	10.28

Total return³		4.78	%^2,4		(0.42	%)⁴		(9.30	%)		67.92	%⁴		(24.55	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	323		$	396		$	650		$	1	⁵	$	1	⁵
Ratio of expenses to average net assets⁶		1.85	%		2.12	%		2.28	%		2.31	%		2.20	%
Ratio of expenses to average net assets prior to fees waived⁶		2.50	%		2.52	%		2.28	%		2.52	%		2.41	%
Ratio of net investment income to average net assets		0.54	%		0.44	%		0.23	%		0.18	%		1.57	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.11	%)		0.04	%		0.23	%		(0.03	%)		1.36	%
Portfolio turnover		121	%⁷		36	%		119	%		20	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and total return by 0.15%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

200

Table of Contents

Delaware International Equity Fund II Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	15.43		$	17.03		$	19.05		$	11.37		$	15.30

Income (loss) from investment operations:
Net investment income¹		0.28	²		0.24			0.30			0.22			0.39
Net realized and unrealized gain (loss)		0.62			(0.33	)		(1.83	)		7.70			(3.89	)
Total from investment operations		0.90			(0.09	)		(1.53	)		7.92			(3.50	)

Less dividends and distributions from:
Net investment income		(0.19	)		—			(0.49	)		(0.24	)		(0.43	)
Net realized gain		—			(1.51	)		—			—			—
Total dividends and distributions		(0.19	)		(1.51	)		(0.49	)		(0.24	)		(0.43	)

Net asset value, end of period	$	16.14		$	15.43		$	17.03		$	19.05		$	11.37

Total return³		5.91	%^2,4		0.58	%⁴		(8.21	%)		69.97	%⁴		(23.71	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	20,048		$	40,058		$	66,566		$	92	⁵	$	74	⁵
Ratio of expenses to average net assets⁶		0.85	%		1.06	%		1.08	%		1.12	%		1.11	%
Ratio of expenses to average net assets prior to fees waived⁶		1.50	%		1.26	%		1.08	%		1.33	%		1.32	%
Ratio of net investment income to average net assets		1.80	%		1.62	%		1.54	%		1.48	%		2.60	%
Ratio of net investment income to average net assets prior to fees waived		1.15	%		1.42	%		1.54	%		1.27	%		2.39	%
Portfolio turnover		121	%⁷		36	%		119	%		20	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.19%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented 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 year ended March 31, 2024 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.

201

Table of Contents

Financial highlights

Delaware International Equity Fund II Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	14.84		$	16.52		$	18.50		$	11.06		$	14.90

Income (loss) from investment operations:
Net investment income¹		0.06	²		0.07			0.50			0.14			0.30
Net realized and unrealized gain (loss)		0.71			(0.24	)		(2.10	)		7.47			(3.79	)
Total from investment operations		0.77			(0.17	)		(1.60	)		7.61			(3.49	)

Less dividends and distributions from:
Net investment income		(0.32	)		—			(0.38	)		(0.17	)		(0.35	)
Net realized gain		—			(1.51	)		—			—			—
Total dividends and distributions		(0.32	)		(1.51	)		(0.38	)		(0.17	)		(0.35	)

Net asset value, end of period	$	15.29		$	14.84		$	16.52		$	18.50		$	11.06

Total return³		5.32	%^2,4		0.10	%⁴		(8.79	%)		68.98	%⁴		(24.13	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	363		$	132		$	6		$	—	^5,6	$	—	^5,6
Ratio of expenses to average net assets⁷		1.35	%		1.47	%		1.75	%		1.69	%		1.67	%
Ratio of expenses to average net assets prior to fees waived⁷		2.00	%		1.89	%		1.75	%		1.90	%		1.88	%
Ratio of net investment income to average net assets		0.43	%		0.52	%		2.66	%		0.98	%		2.03	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.22	%)		0.10	%		2.66	%		0.77	%		1.82	%
Portfolio turnover		121	%⁸		36	%		119	%		20	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.20%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁸	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

202

Table of Contents

Delaware International Equity Fund II Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	15.48		$	17.08		$	19.11		$	11.40		$	15.34

Income (loss) from investment operations:
Net investment income¹		0.25	²		0.23			0.32			0.24			0.43
Net realized and unrealized gain (loss)		0.66			(0.32	)		(1.83	)		7.74			(3.91	)
Total from investment operations		0.91			(0.09	)		(1.51	)		7.98			(3.48	)

Less dividends and distributions from:
Net investment income		(0.24	)		—			(0.52	)		(0.27	)		(0.46	)
Net realized gain		—			(1.51	)		—			—			—
Total dividends and distributions		(0.24	)		(1.51	)		(0.52	)		(0.27	)		(0.46	)

Net asset value, end of period	$	16.15		$	15.48		$	17.08		$	19.11		$	11.40

Total return³		6.00	%^2,4		0.58	%⁴		(8.08	%)		70.31	%⁴		(23.58	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	34,614		$	44,969		$	66,050		$	90	⁵	$	84	⁵
Ratio of expenses to average net assets⁶		0.76	%		1.03	%		0.92	%		0.94	%		0.93	%
Ratio of expenses to average net assets prior to fees waived⁶		1.31	%		1.16	%		0.92	%		1.15	%		1.14	%
Ratio of net investment income to average net assets		1.59	%		1.51	%		1.69	%		1.62	%		2.84	%
Ratio of net investment income to average net assets prior to fees waived		1.04	%		1.38	%		1.69	%		1.41	%		2.63	%
Portfolio turnover		121	%⁷		36	%		119	%		20	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.19%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented 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 year ended March 31, 2024 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.

203

Table of Contents

Financial highlights

Delaware International Equity Fund II Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	15.22		$	16.85		$	18.85		$	11.26		$	15.16

Income (loss) from investment operations:
Net investment income¹		0.19	²		0.18			0.23			0.20			0.38
Net realized and unrealized gain (loss)		0.65			(0.30	)		(1.79	)		7.60			(3.89	)
Total from investment operations		0.84			(0.12	)		(1.56	)		7.80			(3.51	)

Less dividends and distributions from:
Net investment income		(0.22	)		—			(0.44	)		(0.21	)		(0.39	)
Net realized gain		—			(1.51	)		—			—			—
Total dividends and distributions		(0.22	)		(1.51	)		(0.44	)		(0.21	)		(0.39	)

Net asset value, end of period	$	15.84		$	15.22		$	16.85		$	18.85		$	11.26

Total return³		5.62	%^2,4		0.41	%⁴		(8.43	%)		69.55	%⁴		(23.93	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	546		$	689		$	953		$	1	⁵	$	1	⁵
Ratio of expenses to average net assets⁶		1.10	%		1.29	%		1.34	%		1.36	%		1.41	%
Ratio of expenses to average net assets prior to fees waived⁶		1.75	%		1.50	%		1.34	%		1.57	%		1.62	%
Ratio of net investment income to average net assets		1.23	%		1.24	%		1.23	%		1.32	%		2.52	%
Ratio of net investment income to average net assets prior to fees waived		0.58	%		1.03	%		1.23	%		1.11	%		2.31	%
Portfolio turnover		121	%⁷		36	%		119	%		20	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and total return by 0.20%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	The Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2024 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.

204

Table of Contents

Delaware Ivy Core Bond Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66

Income (loss) from investment operations:
Net investment income¹		0.40			0.30			0.18			0.20			0.27
Net realized and unrealized gain (loss)		(0.18	)		(0.80	)		(0.59	)		0.57			(0.07	)
Total from investment operations		0.22			(0.50	)		(0.41	)		0.77			0.20

Less dividends and distributions from:
Net investment income		(0.39	)		(0.31	)		(0.20	)		(0.22	)		(0.28	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)
Total dividends and distributions		(0.39	)		(0.31	)		(0.23	)		(0.47	)		(0.37	)

Net asset value, end of period	$	9.17		$	9.34		$	10.15		$	10.79		$	10.49

Total return²		2.53	%		(4.91	%)		(3.95	%)		7.32	%		1.79	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	119,818		$	135,039		$	177,936		$	219	³	$	199	³
Ratio of expenses to average net assets⁴		0.69	%		0.78	%		0.86	%		0.87	%		1.00	%
Ratio of expenses to average net assets prior to fees waived⁴		0.95	%		1.09	%		0.98	%		0.97	%		1.02	%
Ratio of net investment income to average net assets		4.37	%		3.12	%		1.65	%		1.77	%		2.48	%
Ratio of net investment income to average net assets prior to fees waived		4.11	%		2.81	%		1.53	%		1.67	%		2.46	%
Portfolio turnover		96	%		128	%		86	%		98	%		118	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

205

Table of Contents

Financial highlights

Delaware Ivy Core Bond Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66

Income (loss) from investment operations:
Net investment income¹		0.33			0.21			0.09			0.11			0.19
Net realized and unrealized gain (loss)		(0.17	)		(0.79	)		(0.59	)		0.58			(0.07	)
Total from investment operations		0.16			(0.58	)		(0.50	)		0.69			0.12

Less dividends and distributions from:
Net investment income		(0.33	)		(0.23	)		(0.11	)		(0.14	)		(0.20	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)
Total dividends and distributions		(0.33	)		(0.23	)		(0.14	)		(0.39	)		(0.29	)

Net asset value, end of period	$	9.17		$	9.34		$	10.15		$	10.79		$	10.49

Total return²		1.77	%		(5.69	%)		(4.71	%)		6.50	%		1.02	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,601		$	4,022		$	6,362		$	11	³	$	14	³
Ratio of expenses to average net assets⁴		1.44	%		1.61	%		1.66	%		1.64	%		1.75	%
Ratio of expenses to average net assets prior to fees waived⁴		1.70	%		2.02	%		1.76	%		1.74	%		1.77	%
Ratio of net investment income to average net assets		3.62	%		2.27	%		0.85	%		1.01	%		1.73	%
Ratio of net investment income to average net assets prior to fees waived		3.36	%		1.86	%		0.75	%		0.91	%		1.71	%
Portfolio turnover		96	%		128	%		86	%		98	%		118	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Table of Contents

Delaware Ivy Core Bond Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66

Income (loss) from investment operations:
Net investment income¹		0.42			0.32			0.22			0.24			0.32
Net realized and unrealized gain (loss)		(0.17	)		(0.79	)		(0.59	)		0.58			(0.07	)
Total from investment operations		0.25			(0.47	)		(0.37	)		0.82			0.25

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

Net asset value, end of period	$	9.17		$	9.34		$	10.15		$	10.79		$	10.49

Total return²		2.79	%		(4.61	%)		(3.55	%)		7.77	%		2.25	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	150,193		$	250,769		$	493,000		$	772	³	$	742	³
Ratio of expenses to average net assets⁴		0.44	%		0.45	%		0.45	%		0.45	%		0.54	%
Ratio of expenses to average net assets prior to fees waived⁴		0.70	%		0.64	%		0.71	%		0.72	%		0.73	%
Ratio of net investment income to average net assets		4.62	%		3.37	%		2.06	%		2.20	%		2.93	%
Ratio of net investment income to average net assets prior to fees waived		4.36	%		3.18	%		1.80	%		1.93	%		2.74	%
Portfolio turnover		96	%		128	%		86	%		98	%		118	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

207

Table of Contents

Financial highlights

Delaware Ivy Core Bond Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66

Income (loss) from investment operations:
Net investment income¹		0.37			0.28			0.14			0.16			0.24
Net realized and unrealized gain (loss)		(0.17	)		(0.81	)		(0.59	)		0.57			(0.07	)
Total from investment operations		0.20			(0.53	)		(0.45	)		0.73			0.17

Less dividends and distributions from:
Net investment income		(0.37	)		(0.28	)		(0.16	)		(0.18	)		(0.25	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)
Total dividends and distributions		(0.37	)		(0.28	)		(0.19	)		(0.43	)		(0.34	)

Net asset value, end of period	$	9.17		$	9.34		$	10.15		$	10.79		$	10.49

Total return²		2.27	%		(5.17	%)		(4.28	%)		6.97	%		1.48	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	939		$	891		$	863		$	1	³	$	1	³
Ratio of expenses to average net assets⁴		0.94	%		1.03	%		1.21	%		1.20	%		1.30	%
Ratio of expenses to average net assets prior to fees waived⁴		1.20	%		1.20	%		1.34	%		1.30	%		1.32	%
Ratio of net investment income to average net assets		4.12	%		2.95	%		1.30	%		1.46	%		2.18	%
Ratio of net investment income to average net assets prior to fees waived		3.86	%		2.78	%		1.17	%		1.36	%		2.16	%
Portfolio turnover		96	%		128	%		86	%		98	%		118	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy Core Bond Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66

Income (loss) from investment operations:
Net investment income¹		0.43			0.32			0.22			0.24			0.32
Net realized and unrealized gain (loss)		(0.18	)		(0.79	)		(0.59	)		0.58			(0.07	)
Total from investment operations		0.25			(0.47	)		(0.37	)		0.82			0.25

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

Net asset value, end of period	$	9.17		$	9.34		$	10.15		$	10.79		$	10.49

Total return²		2.86	%		(4.60	%)		(3.55	%)		7.77	%		2.25	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	57,890		$	74,458		$	147,696		$	184	³	$	133	³
Ratio of expenses to average net assets⁴		0.37	%		0.45	%		0.45	%		0.45	%		0.54	%
Ratio of expenses to average net assets prior to fees waived⁴		0.63	%		0.62	%		0.58	%		0.57	%		0.58	%
Ratio of net investment income to average net assets		4.69	%		3.35	%		2.06	%		2.20	%		2.94	%
Ratio of net investment income to average net assets prior to fees waived		4.43	%		3.18	%		1.93	%		2.08	%		2.90	%
Portfolio turnover		96	%		128	%		86	%		98	%		118	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Table of Contents

Financial highlights

Delaware Ivy Core Bond Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.34		$	10.15		$	10.79		$	10.49		$	10.66

Income (loss) from investment operations:
Net investment income¹		0.40			0.30			0.18			0.20			0.27
Net realized and unrealized gain (loss)		(0.18	)		(0.80	)		(0.59	)		0.57			(0.07	)
Total from investment operations		0.22			(0.50	)		(0.41	)		0.77			0.20

Less dividends and distributions from:
Net investment income		(0.39	)		(0.31	)		(0.20	)		(0.22	)		(0.28	)
Net realized gain		—			—			(0.03	)		(0.25	)		(0.09	)
Total dividends and distributions		(0.39	)		(0.31	)		(0.23	)		(0.47	)		(0.37	)

Net asset value, end of period	$	9.17		$	9.34		$	10.15		$	10.79		$	10.49

Total return²		2.53	%		(4.90	%)		(3.94	%)		7.33	%		1.82	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,893		$	4,909		$	6,186		$	7	³	$	10	³
Ratio of expenses to average net assets⁴		0.69	%		0.76	%		0.86	%		0.87	%		0.96	%
Ratio of expenses to average net assets prior to fees waived⁴		0.95	%		0.95	%		0.99	%		0.97	%		0.98	%
Ratio of net investment income to average net assets		4.37	%		3.16	%		1.65	%		1.78	%		2.48	%
Ratio of net investment income to average net assets prior to fees waived		4.11	%		2.97	%		1.52	%		1.68	%		2.46	%
Portfolio turnover		96	%		128	%		86	%		98	%		118	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy Core Equity Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	14.69		$	18.10		$	18.01		$	11.73		$	13.47

Income (loss) from investment operations:
Net investment income¹		0.03			0.05			0.04			0.06			0.06
Net realized and unrealized gain (loss)		4.29			(1.36	)		2.56			6.65			(0.29	)
Total from investment operations		4.32			(1.31	)		2.60			6.71			(0.23	)

Less dividends and distributions from:
Net investment income		(0.06	)		(0.08	)		(0.09	)		(0.04	)		(0.09	)
Net realized gain		(1.84	)		(2.02	)		(2.42	)		(0.39	)		(1.42	)
Total dividends and distributions		(1.90	)		(2.10	)		(2.51	)		(0.43	)		(1.51	)

Net asset value, end of period	$	17.11		$	14.69		$	18.10		$	18.01		$	11.73

Total return²		31.18	%³		(6.71	%)³		13.88	%		57.58	%		(3.57	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,846,374		$	2,574,630		$	3,424,139		$	3,411	⁴	$	2,409	⁴
Ratio of expenses to average net assets⁵		1.00	%		1.00	%		0.97	%		1.00	%		1.03	%
Ratio of expenses to average net assets prior to fees waived⁵		1.00	%		1.03	%		0.97	%		1.00	%		1.03	%
Ratio of net investment income to average net assets		0.18	%		0.32	%		0.19	%		0.36	%		0.42	%
Ratio of net investment income to average net assets prior to fees waived		0.18	%		0.29	%		0.19	%		0.36	%		0.42	%
Portfolio turnover		35	%		37	%		36	%		49	%		66	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

211

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Financial highlights

Delaware Ivy Core Equity Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	11.09		$	14.27		$	14.65		$	9.63		$	11.31

Income (loss) from investment operations:
Net investment loss¹		(0.07	)²		(0.06	)		(0.11	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss)		3.17			(1.10	)		2.10			5.45			(0.22	)
Total from investment operations		3.10			(1.16	)		1.99			5.39			(0.27	)

Less dividends and distributions from:
Net investment income		(0.01	)		—			(0.01	)		—			(0.01	)
Net realized gain		(1.84	)		(2.02	)		(2.36	)		(0.37	)		(1.40	)
Total dividends and distributions		(1.85	)		(2.02	)		(2.37	)		(0.37	)		(1.41	)

Net asset value, end of period	$	12.34		$	11.09		$	14.27		$	14.65		$	9.63

Total return³		30.19	%⁴		(7.48	%)⁴		12.85	%		56.31	%		(4.44	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	18,101		$	17,253		$	27,556		$	33	⁵	$	37	⁵
Ratio of expenses to average net assets⁶		1.75	%		1.84	%		1.85	%		1.88	%		1.89	%
Ratio of expenses to average net assets prior to fees waived⁶		1.75	%		1.99	%		1.85	%		1.88	%		1.89	%
Ratio of net investment loss to average net assets		(0.57	%)		(0.52	%)		(0.70	%)		(0.51	%)		(0.44	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.57	%)		(0.67	%)		(0.70	%)		(0.51	%)		(0.44	%)
Portfolio turnover		35	%		37	%		36	%		49	%		66	%

¹	Calculated using average shares outstanding.
²	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.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy Core Equity Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.67		$	21.24		$	20.77		$	13.47		$	15.27

Income (loss) from investment operations:
Net investment income¹		0.08			0.10			0.08			0.10			0.10
Net realized and unrealized gain (loss)		5.22			(1.57	)		2.93			7.66			(0.37	)
Total from investment operations		5.30			(1.47	)		3.01			7.76			(0.27	)

Less dividends and distributions from:
Net investment income		(0.07	)		(0.08	)		(0.12	)		(0.07	)		(0.11	)
Net realized gain		(1.84	)		(2.02	)		(2.42	)		(0.39	)		(1.42	)
Total dividends and distributions		(1.91	)		(2.10	)		(2.54	)		(0.46	)		(1.53	)

Net asset value, end of period	$	21.06		$	17.67		$	21.24		$	20.77		$	13.47

Total return²		31.50	%³		(6.46	%)		14.00	%		57.92	%		(3.38	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	764,906		$	744,911		$	1,070,912		$	1,101	⁴	$	861	⁴
Ratio of expenses to average net assets⁵		0.75	%		0.78	%		0.79	%		0.81	%		0.83	%
Ratio of expenses to average net assets prior to fees waived⁵		0.75	%		0.78	%		0.79	%		0.81	%		0.83	%
Ratio of net investment income to average net assets		0.43	%		0.55	%		0.37	%		0.55	%		0.63	%
Ratio of net investment income to average net assets prior to fees waived		0.43	%		0.55	%		0.37	%		0.55	%		0.63	%
Portfolio turnover		35	%		37	%		36	%		49	%		66	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented 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.

213

Table of Contents

Financial highlights

Delaware Ivy Core Equity Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	14.47		$	17.88		$	17.82		$	11.62		$	13.36

Income (loss) from investment operations:
Net investment income (loss)¹		(0.01	)²		0.01			(0.04	)		(0.01	)		0.01
Net realized and unrealized gain (loss)		4.22			(1.35	)		2.53			6.59			(0.30	)
Total from investment operations		4.21			(1.34	)		2.49			6.58			(0.29	)

Less dividends and distributions from:
Net investment income		—			(0.05	)		(0.04	)		—			(0.03	)
Net realized gain		(1.84	)		(2.02	)		(2.39	)		(0.38	)		(1.42	)
Total dividends and distributions		(1.84	)		(2.07	)		(2.43	)		(0.38	)		(1.45	)

Net asset value, end of period	$	16.84		$	14.47		$	17.88		$	17.82		$	11.62

Total return³		30.84	%⁴		(6.98	%)⁴		13.42	%		56.93	%		(3.93	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	161		$	231		$	212		$	1	⁵	$	—	^5,6
Ratio of expenses to average net assets⁷		1.25	%		1.30	%		1.39	%		1.40	%		1.42	%
Ratio of expenses to average net assets prior to fees waived⁷		1.25	%		1.31	%		1.39	%		1.40	%		1.42	%
Ratio of net investment income (loss) to average net assets		(0.07	%)		0.03	%		(0.22	%)		(0.04	%)		0.04	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.07	%)		0.02	%		(0.22	%)		(0.04	%)		0.04	%
Portfolio turnover		35	%		37	%		36	%		49	%		66	%

¹	Calculated using average shares outstanding.
²	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.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy Core Equity Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.73		$	21.31		$	20.82		$	13.50		$	15.30

Income (loss) from investment operations:
Net investment income¹		0.09			0.12			0.12			0.12			0.13
Net realized and unrealized gain (loss)		5.24			(1.59	)		2.94			7.68			(0.37	)
Total from investment operations		5.33			(1.47	)		3.06			7.80			(0.24	)

Less dividends and distributions from:
Net investment income		(0.09	)		(0.09	)		(0.15	)		(0.09	)		(0.14	)
Net realized gain		(1.84	)		(2.02	)		(2.42	)		(0.39	)		(1.42	)
Total dividends and distributions		(1.93	)		(2.11	)		(2.57	)		(0.48	)		(1.56	)

Net asset value, end of period	$	21.13		$	17.73		$	21.31		$	20.82		$	13.50

Total return²		31.60	%³		(6.44	%)		14.23	%		58.14	%		(3.23	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	70,743		$	48,677		$	91,633		$	90	⁴	$	31	⁴
Ratio of expenses to average net assets⁵		0.70	%		0.69	%		0.64	%		0.66	%		0.67	%
Ratio of expenses to average net assets prior to fees waived⁵		0.70	%		0.69	%		0.64	%		0.66	%		0.67	%
Ratio of net investment income to average net assets		0.48	%		0.64	%		0.52	%		0.68	%		0.78	%
Ratio of net investment income to average net assets prior to fees waived		0.48	%		0.64	%		0.52	%		0.68	%		0.78	%
Portfolio turnover		35	%		37	%		36	%		49	%		66	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented 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.

215

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Financial highlights

Delaware Ivy Core Equity Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.83		$	20.38		$	20.01		$	13.00		$	14.78

Income (loss) from investment operations:
Net investment income¹		0.03			0.07			0.07			0.09			0.09
Net realized and unrealized gain (loss)		4.95			(1.52	)		2.83			7.37			(0.34	)
Total from investment operations		4.98			(1.45	)		2.90			7.46			(0.25	)

Less dividends and distributions from:
Net investment income		(0.04	)		(0.08	)		(0.11	)		(0.06	)		(0.11	)
Net realized gain		(1.84	)		(2.02	)		(2.42	)		(0.39	)		(1.42	)
Total dividends and distributions		(1.88	)		(2.10	)		(2.53	)		(0.45	)		(1.53	)

Net asset value, end of period	$	19.93		$	16.83		$	20.38		$	20.01		$	13.00

Total return²		31.13	%		(6.63	%)³		13.99	%³		57.75	%³		(3.37	%)³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	30,813		$	25,065		$	29,855		$	26	⁴	$	23	⁴
Ratio of expenses to average net assets⁵		1.00	%		0.94	%		0.84	%		0.85	%		0.84	%
Ratio of expenses to average net assets prior to fees waived⁵		1.00	%		0.97	%		1.04	%		1.05	%		1.08	%
Ratio of net investment income to average net assets		0.18	%		0.39	%		0.32	%		0.50	%		0.60	%
Ratio of net investment income to average net assets prior to fees waived		0.18	%		0.36	%		0.12	%		0.30	%		0.36	%
Portfolio turnover		35	%		37	%		36	%		49	%		66	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Table of Contents

Delaware Ivy Global Bond Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.09		$	9.57		$	10.26		$	9.26		$	9.71

Income (loss) from investment operations:
Net investment income¹		0.32			0.24			0.25			0.32			0.34
Net realized and unrealized gain (loss)		0.05			(0.44	)		(0.69	)		0.95			(0.59	)
Total from investment operations		0.37			(0.20	)		(0.44	)		1.27			(0.25	)

Less dividends and distributions from:
Net investment income		(0.31	)		(0.28	)		(0.25	)		(0.27	)		(0.20	)
Total dividends and distributions		(0.31	)		(0.28	)		(0.25	)		(0.27	)		(0.20	)

Net asset value, end of period	$	9.15		$	9.09		$	9.57		$	10.26		$	9.26

Total return²		4.19	%		(2.00	%)		(4.39	%)		13.77	%		(2.69	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	96,400		$	111,266		$	150,133		$	178	³	$	170	³
Ratio of expenses to average net assets^4,5		0.97	%		0.96	%		0.96	%		0.96	%		0.99	%
Ratio of expenses to average net assets prior to fees waived^4,5		1.09	%		1.24	%		1.19	%		1.20	%		1.22	%
Ratio of net investment income to average net assets		3.58	%		2.64	%		2.46	%		3.18	%		3.43	%
Ratio of net investment income to average net assets prior to fees waived		3.46	%		2.36	%		2.23	%		2.94	%		3.20	%
Portfolio turnover		181	%		124	%		50	%		43	%		38	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁵	The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.96% and 1.08%, respectively.

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

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Table of Contents

Financial highlights

Delaware Ivy Global Bond Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.09		$	9.57		$	10.25		$	9.26		$	9.71

Income (loss) from investment operations:
Net investment income¹		0.25			0.17			0.17			0.25			0.26
Net realized and unrealized gain (loss)		0.05			(0.43	)		(0.68	)		0.94			(0.59	)
Total from investment operations		0.30			(0.26	)		(0.51	)		1.19			(0.33	)

Less dividends and distributions from:
Net investment income		(0.25	)		(0.22	)		(0.17	)		(0.20	)		(0.12	)
Total dividends and distributions		(0.25	)		(0.22	)		(0.17	)		(0.20	)		(0.12	)

Net asset value, end of period	$	9.14		$	9.09		$	9.57		$	10.25		$	9.26

Total return²		3.36	%		(2.68	%)		(5.04	%)		12.81	%		(3.42	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,729		$	2,675		$	3,499		$	4	³	$	6	³
Ratio of expenses to average net assets^4,5		1.72	%		1.71	%		1.72	%		1.72	%		1.74	%
Ratio of expenses to average net assets prior to fees waived^4,5		1.84	%		2.06	%		1.97	%		1.96	%		1.98	%
Ratio of net investment income to average net assets		2.83	%		1.91	%		1.69	%		2.45	%		2.68	%
Ratio of net investment income to average net assets prior to fees waived		2.71	%		1.56	%		1.44	%		2.21	%		2.44	%
Portfolio turnover		181	%		124	%		50	%		43	%		38	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁵	The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 1.71% and 1.83%, respectively.

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

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Delaware Ivy Global Bond Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.09		$	9.57		$	10.25		$	9.26		$	9.71

Income (loss) from investment operations:
Net investment income¹		0.34			0.26			0.27			0.35			0.36
Net realized and unrealized gain (loss)		0.05			(0.43	)		(0.68	)		0.93			(0.59	)
Total from investment operations		0.39			(0.17	)		(0.41	)		1.28			(0.23	)

Less dividends and distributions from:
Net investment income		(0.34	)		(0.31	)		(0.27	)		(0.29	)		(0.22	)
Total dividends and distributions		(0.34	)		(0.31	)		(0.27	)		(0.29	)		(0.22	)

Net asset value, end of period	$	9.14		$	9.09		$	9.57		$	10.25		$	9.26

Total return²		4.44	%		(1.76	%)		(4.08	%)		13.90	%		(2.45	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	210,566		$	179,446		$	198,358		$	241	³	$	204	³
Ratio of expenses to average net assets^4,5		0.72	%		0.72	%		0.74	%		0.74	%		0.74	%
Ratio of expenses to average net assets prior to fees waived^4,5		0.84	%		0.75	%		0.86	%		0.89	%		0.89	%
Ratio of net investment income to average net assets		3.83	%		2.91	%		2.67	%		3.39	%		3.67	%
Ratio of net investment income to average net assets prior to fees waived		3.71	%		2.88	%		2.55	%		3.24	%		3.52	%
Portfolio turnover		181	%		124	%		50	%		43	%		38	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁵	The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.71% and 0.83%, respectively.

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

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Table of Contents

Financial highlights

Delaware Ivy Global Bond Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.07		$	9.55		$	10.23		$	9.24		$	9.69

Income (loss) from investment operations:
Net investment income¹		0.30			0.21			0.20			0.28			0.29
Net realized and unrealized gain (loss)		0.05			(0.43	)		(0.68	)		0.93			(0.59	)
Total from investment operations		0.35			(0.22	)		(0.48	)		1.21			(0.30	)

Less dividends and distributions from:
Net investment income		(0.29	)		(0.26	)		(0.20	)		(0.22	)		(0.15	)
Total dividends and distributions		(0.29	)		(0.26	)		(0.20	)		(0.22	)		(0.15	)

Net asset value, end of period	$	9.13		$	9.07		$	9.55		$	10.23		$	9.24

Total return²		3.98	%³		(2.31	%)³		(4.77	%)		13.13	%		(3.16	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	342		$	257		$	260		$	—	^4,5	$	1	⁴
Ratio of expenses to average net assets^6,7		1.22	%		1.29	%		1.45	%		1.46	%		1.47	%
Ratio of expenses to average net assets prior to fees waived^6,7		1.34	%		1.31	%		1.45	%		1.46	%		1.47	%
Ratio of net investment income to average net assets		3.33	%		2.35	%		1.96	%		2.77	%		2.95	%
Ratio of net investment income to average net assets prior to fees waived		3.21	%		2.33	%		1.96	%		2.77	%		2.95	%
Portfolio turnover		181	%		124	%		50	%		43	%		38	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁴	Net assets reported in millions.
⁵	Rounds to less than $500 thousands.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁷	The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 1.21% and 1.33%, respectively.

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

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Table of Contents

Delaware Ivy Global Bond Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.09		$	9.57		$	10.26		$	9.26		$	9.71

Income (loss) from investment operations:
Net investment income¹		0.35			0.26			0.27			0.34			0.36
Net realized and unrealized gain (loss)		0.05			(0.43	)		(0.68	)		0.95			(0.58	)
Total from investment operations		0.40			(0.17	)		(0.41	)		1.29			(0.22	)

Less dividends and distributions from:
Net investment income		(0.36	)		(0.31	)		(0.28	)		(0.29	)		(0.23	)
Total dividends and distributions		(0.36	)		(0.31	)		(0.28	)		(0.29	)		(0.23	)

Net asset value, end of period	$	9.13		$	9.09		$	9.57		$	10.26		$	9.26

Total return²		4.50	%³		(1.75	%)		(4.14	%)		14.02	%		(2.42	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	171,002		$	132,679		$	143,870		$	62	⁴	$	23	⁴
Ratio of expenses to average net assets^5,6		0.64	%		0.73	%		0.70	%		0.72	%		0.73	%
Ratio of expenses to average net assets prior to fees waived^5,6		0.74	%		0.73	%		0.70	%		0.72	%		0.73	%
Ratio of net investment income to average net assets		3.91	%		2.90	%		2.65	%		3.32	%		3.69	%
Ratio of net investment income to average net assets prior to fees waived		3.81	%		2.90	%		2.65	%		3.32	%		3.69	%
Portfolio turnover		181	%		124	%		50	%		43	%		38	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented 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 ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.63% and 0.73%, respectively.

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

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Financial highlights

Delaware Ivy Global Bond Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.09		$	9.58		$	10.26		$	9.26		$	9.71

Income (loss) from investment operations:
Net investment income¹		0.32			0.25			0.25			0.32			0.34
Net realized and unrealized gain (loss)		0.05			(0.45	)		(0.68	)		0.95			(0.59	)
Total from investment operations		0.37			(0.20	)		(0.43	)		1.27			(0.25	)

Less dividends and distributions from:
Net investment income		(0.31	)		(0.29	)		(0.25	)		(0.27	)		(0.20	)
Total dividends and distributions		(0.31	)		(0.29	)		(0.25	)		(0.27	)		(0.20	)

Net asset value, end of period	$	9.15		$	9.09		$	9.58		$	10.26		$	9.26

Total return²		4.21	%		(2.06	%)		(4.29	%)		13.76	%		(2.69	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,999		$	1,879		$	881		$	1	³	$	1	³
Ratio of expenses to average net assets^4,5		0.97	%		0.96	%		0.96	%		0.96	%		0.99	%
Ratio of expenses to average net assets prior to fees waived^4,5		1.09	%		0.99	%		1.11	%		1.12	%		1.23	%
Ratio of net investment income to average net assets		3.58	%		2.74	%		2.42	%		3.18	%		3.46	%
Ratio of net investment income to average net assets prior to fees waived		3.46	%		2.71	%		2.27	%		3.02	%		3.22	%
Portfolio turnover		181	%		124	%		50	%		43	%		38	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁵	The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.96% and 1.08%, respectively.

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

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Delaware Ivy Global Growth Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	29.35		$	54.30		$	56.56		$	37.75		$	43.12

Income (loss) from investment operations:
Net investment income (loss)¹		0.21	²		0.22			0.08			(0.04	)		0.05
Net realized and unrealized gain (loss)		7.03			(3.65	)		1.81			21.67			(4.97	)
Total from investment operations		7.24			(3.43	)		1.89			21.63			(4.92	)

Less dividends and distributions from:
Net investment income		(0.20	)		—			(0.19	)		—			(0.09	)
Net realized gain		(1.71	)		(21.52	)		(3.96	)		(2.82	)		(0.36	)
Total dividends and distributions		(1.91	)		(21.52	)		(4.15	)		(2.82	)		(0.45	)

Net asset value, end of period	$	34.68		$	29.35		$	54.30		$	56.56		$	37.75

Total return³		25.48	%^2,4		(4.48	%)⁴		2.84	%		57.85	%		(11.62	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	346,465		$	333,400		$	481,991		$	531	⁵	$	369	⁵
Ratio of expenses to average net assets⁶		1.18	%		1.28	%		1.27	%		1.34	%		1.36	%
Ratio of expenses to average net assets prior to fees waived⁶		1.19	%		1.39	%		1.27	%		1.34	%		1.36	%
Ratio of net investment income (loss) to average net assets		0.68	%		0.53	%		0.14	%		(0.08	%)		0.11	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.67	%		0.42	%		0.14	%		(0.08	%)		0.11	%
Portfolio turnover		47	%		39	%		45	%		32	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income (loss) per share by $0.05 and total return by 0.17%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

223

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Financial highlights

Delaware Ivy Global Growth Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.40		$	43.16		$	45.65		$	31.11		$	35.84

Income (loss) from investment operations:
Net investment loss¹		(0.02	)^2,3		(0.10	)		(0.40	)		(0.41	)		(0.28	)
Net realized and unrealized gain (loss)		4.29			(3.14	)		1.51			17.77			(4.09	)
Total from investment operations		4.27			(3.24	)		1.11			17.36			(4.37	)

Less dividends and distributions from:
Net investment income		(0.19	)		—			—			—			—
Net realized gain		(1.71	)		(21.52	)		(3.60	)		(2.82	)		(0.36	)
Total dividends and distributions		(1.90	)		(21.52	)		(3.60	)		(2.82	)		(0.36	)

Net asset value, end of period	$	20.77		$	18.40		$	43.16		$	45.65		$	31.11

Total return⁴		24.49	%^2,5		(5.30	%)⁵		1.88	%		56.45	%		(12.42	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,164		$	2,187		$	3,530		$	5	⁶	$	5	⁶
Ratio of expenses to average net assets⁷		1.94	%		2.17	%		2.22	%		2.25	%		2.24	%
Ratio of expenses to average net assets prior to fees waived⁷		1.95	%		2.51	%		2.22	%		2.25	%		2.24	%
Ratio of net investment loss to average net assets		(0.08	%)		(0.35	%)		(0.84	%)		(1.00	%)		(0.76	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.09	%)		(0.69	%)		(0.84	%)		(1.00	%)		(0.76	%)
Portfolio turnover		47	%		39	%		45	%		32	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment loss per share by $0.03 and total return by 0.16%. See Note 1 in “Notes to financial statements.”
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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Table of Contents

Delaware Ivy Global Growth Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	30.86		$	55.82		$	58.10		$	38.63		$	44.10

Income (loss) from investment operations:
Net investment income¹		0.31	²		0.37			0.20			0.10			0.18
Net realized and unrealized gain (loss)		7.41			(3.75	)		1.89			22.20			(5.07	)
Total from investment operations		7.72			(3.38	)		2.09			22.30			(4.89	)

Less dividends and distributions from:
Net investment income		(0.23	)		(0.06	)		(0.41	)		(0.01	)		(0.22	)
Net realized gain		(1.71	)		(21.52	)		(3.96	)		(2.82	)		(0.36	)
Total dividends and distributions		(1.94	)		(21.58	)		(4.37	)		(2.83	)		(0.58	)

Net asset value, end of period	$	36.64		$	30.86		$	55.82		$	58.10		$	38.63

Total return³		25.81	%²		(4.25	%)		3.09	%		58.28	%		(11.35	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	177,272		$	196,155		$	379,099		$	494	⁴	$	346	⁴
Ratio of expenses to average net assets⁵		0.94	%		1.01	%		1.06	%		1.06	%		1.06	%
Ratio of expenses to average net assets prior to fees waived⁵		0.95	%		1.03	%		1.07	%		1.09	%		1.10	%
Ratio of net investment income to average net assets		0.94	%		0.85	%		0.33	%		0.19	%		0.40	%
Ratio of net investment income to average net assets prior to fees waived		0.93	%		0.83	%		0.32	%		0.16	%		0.36	%
Portfolio turnover		47	%		39	%		45	%		32	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.05 and total return by 0.16%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented 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.

225

Table of Contents

Financial highlights

Delaware Ivy Global Growth Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	28.46		$	53.50		$	55.69		$	37.32		$	42.69

Income (loss) from investment operations:
Net investment income (loss)¹		0.12	²		0.09			(0.15	)		(0.21	)		(0.08	)
Net realized and unrealized gain (loss)		6.80			(3.61	)		1.78			21.40			(4.93	)
Total from investment operations		6.92			(3.52	)		1.63			21.19			(5.01	)

Less dividends and distributions from:
Net investment income		(0.14	)		—			(0.01	)		—			—
Net realized gain		(1.71	)		(21.52	)		(3.81	)		(2.82	)		(0.36	)
Total dividends and distributions		(1.85	)		(21.52	)		(3.82	)		(2.82	)		(0.36	)

Net asset value, end of period	$	33.53		$	28.46		$	53.50		$	55.69		$	37.32

Total return³		25.13	%^2,4		(4.74	%)⁴		2.46	%		57.33	%		(11.92	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	772		$	716		$	835		$	1	⁵	$	1	⁵
Ratio of expenses to average net assets⁶		1.44	%		1.55	%		1.66	%		1.68	%		1.68	%
Ratio of expenses to average net assets prior to fees waived⁶		1.45	%		1.57	%		1.66	%		1.68	%		1.68	%
Ratio of net investment income (loss) to average net assets		0.41	%		0.23	%		(0.25	%)		(0.42	%)		(0.18	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.40	%		0.21	%		(0.25	%)		(0.42	%)		(0.18	%)
Portfolio turnover		47	%		39	%		45	%		32	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income (loss) per share by $0.04 and total return by 0.14%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Table of Contents

Delaware Ivy Global Growth Fund Class R6

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

	Year ended
	3/31/24				3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	31.04			$	56.21		$	58.51		$	38.85		$	44.35

Income (loss) from investment operations:
Net investment income¹		0.29	²			0.31			0.23			0.16			0.24
Net realized and unrealized gain (loss)		7.48				(3.70	)		1.96			22.35			(5.10	)
Total from investment operations		7.77				(3.39	)		2.19			22.51			(4.86	)

Less dividends and distributions from:
Net investment income		(0.36	)			(0.26	)		(0.53	)		(0.03	)		(0.28	)
Net realized gain		(1.71	)			(21.52	)		(3.96	)		(2.82	)		(0.36	)
Total dividends and distributions		(2.07	)			(21.78	)		(4.49	)		(2.85	)		(0.64	)

Net asset value, end of period	$	36.74			$	31.04		$	56.21		$	58.51		$	38.85

Total return³		25.87	%	^2,4		(4.20	%)⁴		3.22	%		58.50	%		(11.26	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	14,681			$	2,908		$	2,633		$	19	⁵	$	16	⁵
Ratio of expenses to average net assets⁶		0.85	%			0.98	%		0.91	%		0.94	%		0.94	%
Ratio of expenses to average net assets prior to fees waived⁶		0.92	%			1.00	%		0.91	%		0.94	%		0.94	%
Ratio of net investment income to average net assets		0.87	%			0.73	%		0.37	%		0.31	%		0.53	%
Ratio of net investment income to average net assets prior to fees waived		0.80	%			0.71	%		0.37	%		0.31	%		0.53	%
Portfolio turnover		47	%			39	%		45	%		32	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.05 and total return by 0.16%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented 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.

227

Table of Contents

Financial highlights

Delaware Ivy Global Growth Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	29.66		$	54.63		$	56.88		$	37.95		$	43.35

Income (loss) from investment operations:
Net investment income (loss)¹		0.24	²		0.21			0.07			(0.05	)		0.08
Net realized and unrealized gain (loss)		7.08			(3.66	)		1.83			21.80			(5.03	)
Total from investment operations		7.32			(3.45	)		1.90			21.75			(4.95	)

Less dividends and distributions from:
Net investment income		(0.23	)		—			(0.19	)		—			(0.09	)
Net realized gain		(1.71	)		(21.52	)		(3.96	)		(2.82	)		(0.36	)
Total dividends and distributions		(1.94	)		(21.52	)		(4.15	)		(2.82	)		(0.45	)

Net asset value, end of period	$	35.04		$	29.66		$	54.63		$	56.88		$	37.95

Total return³		25.48	%²		(4.50	%)		2.85	%		57.86	%		(11.63	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,860		$	1,483		$	1,962		$	3	⁴	$	2	⁴
Ratio of expenses to average net assets⁵		1.19	%		1.28	%		1.28	%		1.34	%		1.36	%
Ratio of expenses to average net assets prior to fees waived⁵		1.20	%		1.32	%		1.32	%		1.36	%		1.38	%
Ratio of net investment income (loss) to average net assets		0.64	%		0.51	%		0.11	%		(0.09	%)		0.19	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.63	%		0.47	%		0.07	%		(0.11	%)		0.17	%
Portfolio turnover		47	%		39	%		45	%		32	%		26	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income (loss) per share by $0.05 and total return by 0.17%. See Note 1 in “Notes to financial statements.”
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Table of Contents

Delaware Ivy High Income Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20

Income (loss) from investment operations:
Net investment income¹		0.43			0.44			0.46			0.41			0.49
Net realized and unrealized gain (loss)		0.21			(0.86	)		(0.38	)		1.21			(1.29	)
Total from investment operations		0.64			(0.42	)		0.08			1.62			(0.80	)

Less dividends and distributions from:
Net investment income		(0.43	)		(0.44	)		(0.45	)		(0.43	)		(0.49	)
Total dividends and distributions		(0.43	)		(0.44	)		(0.45	)		(0.43	)		(0.49	)

Net asset value, end of period	$	6.08		$	5.87		$	6.73		$	7.10		$	5.91

Total return²		11.36	%		(6.02	%)³		1.09	%⁴		28.16	%		(12.03	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,109,865		$	1,196,375		$	1,576,813		$	1,816	⁵	$	1,465	⁵
Ratio of expenses to average net assets⁶		0.89	%		1.00	%		0.95	%		0.97	%		0.95	%
Ratio of expenses to average net assets prior to fees waived⁶		0.89	%		1.02	%		0.95	%		0.97	%		0.95	%
Ratio of net investment income to average net assets		7.27	%		7.38	%		6.44	%		6.16	%		6.89	%
Ratio of net investment income to average net assets prior to fees waived		7.27	%		7.36	%		6.44	%		6.16	%		6.89	%
Portfolio turnover		30	%		50	%		48	%		59	%		30	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁴	Payments from affiliates had no impact on net asset value and total return.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

229

Table of Contents

Financial highlights

Delaware Ivy High Income Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20

Income (loss) from investment operations:
Net investment income¹		0.39			0.40			0.40			0.36			0.44
Net realized and unrealized gain (loss)		0.20			(0.86	)		(0.37	)		1.22			(1.29	)
Total from investment operations		0.59			(0.46	)		0.03			1.58			(0.85	)

Less dividends and distributions from:
Net investment income		(0.38	)		(0.40	)		(0.40	)		(0.39	)		(0.44	)
Total dividends and distributions		(0.38	)		(0.40	)		(0.40	)		(0.39	)		(0.44	)

Net asset value, end of period	$	6.08		$	5.87		$	6.73		$	7.10		$	5.91

Total return²		10.53	%		(6.70	%)³		0.38	%^3,4		27.28	%³		(12.66	%)³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	111,787		$	141,497		$	221,601		$	321	⁵	$	447	⁵
Ratio of expenses to average net assets⁶		1.64	%		1.71	%		1.66	%		1.66	%		1.66	%
Ratio of expenses to average net assets prior to fees waived⁶		1.64	%		1.81	%		1.70	%		1.70	%		1.68	%
Ratio of net investment income to average net assets		6.52	%		6.64	%		5.72	%		5.50	%		6.17	%
Ratio of net investment income to average net assets prior to fees waived		6.52	%		6.54	%		5.68	%		5.46	%		6.15	%
Portfolio turnover		30	%		50	%		48	%		59	%		30	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁴	Payments from affiliates had no impact on net asset value and total return.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

230

Table of Contents

Delaware Ivy High Income Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20

Income (loss) from investment operations:
Net investment income¹		0.44			0.45			0.47			0.43			0.50
Net realized and unrealized gain (loss)		0.21			(0.85	)		(0.37	)		1.21			(1.29	)
Total from investment operations		0.65			(0.40	)		0.10			1.64			(0.79	)

Less dividends and distributions from:
Net investment income		(0.44	)		(0.46	)		(0.47	)		(0.45	)		(0.50	)
Total dividends and distributions		(0.44	)		(0.46	)		(0.47	)		(0.45	)		(0.50	)

Net asset value, end of period	$	6.08		$	5.87		$	6.73		$	7.10		$	5.91

Total return²		11.63	%		(5.79	%)		1.31	%³		28.44	%		(11.83	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,013,680		$	1,035,891		$	1,454,150		$	1,868	⁴	$	1,487	⁴
Ratio of expenses to average net assets⁵		0.64	%		0.75	%		0.74	%		0.75	%		0.73	%
Ratio of expenses to average net assets prior to fees waived⁵		0.64	%		0.75	%		0.74	%		0.75	%		0.73	%
Ratio of net investment income to average net assets		7.52	%		7.61	%		6.66	%		6.38	%		7.11	%
Ratio of net investment income to average net assets prior to fees waived		7.52	%		7.61	%		6.66	%		6.38	%		7.11	%
Portfolio turnover		30	%		50	%		48	%		59	%		30	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Payments from affiliates had no impact on net asset value and total return.
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.

231

Table of Contents

Financial highlights

Delaware Ivy High Income Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20

Income (loss) from investment operations:
Net investment income¹		0.41			0.42			0.43			0.39			0.46
Net realized and unrealized gain (loss)		0.21			(0.85	)		(0.37	)		1.21			(1.29	)
Total from investment operations		0.62			(0.43	)		0.06			1.60			(0.83	)

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

Net asset value, end of period	$	6.08		$	5.87		$	6.73		$	7.10		$	5.91

Total return²		11.08	%		(6.29	%)		0.71	%³		27.67	%		(12.36	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	32,778		$	34,322		$	44,613		$	48	⁴	$	45	⁴
Ratio of expenses to average net assets⁵		1.14	%		1.28	%		1.34	%		1.35	%		1.32	%
Ratio of expenses to average net assets prior to fees waived⁵		1.14	%		1.28	%		1.34	%		1.35	%		1.32	%
Ratio of net investment income to average net assets		7.02	%		7.09	%		6.05	%		5.79	%		6.52	%
Ratio of net investment income to average net assets prior to fees waived		7.02	%		7.09	%		6.05	%		5.79	%		6.52	%
Portfolio turnover		30	%		50	%		48	%		59	%		30	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Payments from affiliates had no impact on net asset value and total return.
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.

232

Table of Contents

Delaware Ivy High Income Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20

Income (loss) from investment operations:
Net investment income¹		0.45			0.46			0.48			0.44			0.51
Net realized and unrealized gain (loss)		0.20			(0.86	)		(0.37	)		1.21			(1.29	)
Total from investment operations		0.65			(0.40	)		0.11			1.65			(0.78	)

Less dividends and distributions from:
Net investment income		(0.44	)		(0.46	)		(0.48	)		(0.46	)		(0.51	)
Total dividends and distributions		(0.44	)		(0.46	)		(0.48	)		(0.46	)		(0.51	)

Net asset value, end of period	$	6.08		$	5.87		$	6.73		$	7.10		$	5.91

Total return²		11.64	%		(5.68	%)		1.45	%³		28.63	%		(11.69	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	53,111		$	59,659		$	64,630		$	67	⁴	$	64	⁴
Ratio of expenses to average net assets⁵		0.62	%		0.64	%		0.60	%		0.60	%		0.58	%
Ratio of expenses to average net assets prior to fees waived⁵		0.62	%		0.64	%		0.60	%		0.60	%		0.58	%
Ratio of net investment income to average net assets		7.57	%		7.78	%		6.78	%		6.54	%		7.27	%
Ratio of net investment income to average net assets prior to fees waived		7.57	%		7.78	%		6.78	%		6.54	%		7.27	%
Portfolio turnover		30	%		50	%		48	%		59	%		30	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Payments from affiliates had no impact on net asset value and total return.
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.

233

Table of Contents

Financial highlights

Delaware Ivy High Income Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	5.87		$	6.73		$	7.10		$	5.91		$	7.20

Income (loss) from investment operations:
Net investment income¹		0.43			0.44			0.45			0.41			0.49
Net realized and unrealized gain (loss)		0.21			(0.86	)		(0.37	)		1.21			(1.29	)
Total from investment operations		0.64			(0.42	)		0.08			1.62			(0.80	)

Less dividends and distributions from:
Net investment income		(0.43	)		(0.44	)		(0.45	)		(0.43	)		(0.49	)
Total dividends and distributions		(0.43	)		(0.44	)		(0.45	)		(0.43	)		(0.49	)

Net asset value, end of period	$	6.08		$	5.87		$	6.73		$	7.10		$	5.91

Total return²		11.35	%		(6.02	%)		1.09	%^3,4		28.17	%⁴		(12.03	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	56,376		$	68,758		$	99,847		$	138	⁵	$	133	⁵
Ratio of expenses to average net assets⁶		0.89	%		1.00	%		0.96	%		0.97	%		0.95	%
Ratio of expenses to average net assets prior to fees waived⁶		0.89	%		1.00	%		0.99	%		1.00	%		0.98	%
Ratio of net investment income to average net assets		7.27	%		7.34	%		6.37	%		6.17	%		6.87	%
Ratio of net investment income to average net assets prior to fees waived		7.27	%		7.34	%		6.34	%		6.14	%		6.84	%
Portfolio turnover		30	%		50	%		48	%		59	%		30	%

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

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

234

Table of Contents

Delaware Ivy International Core Equity Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.83		$	19.09		$	19.82		$	13.29		$	16.75

Income (loss) from investment operations:
Net investment income¹		0.39	²		0.38			0.18			0.23			0.26
Net realized and unrealized gain (loss)		2.28	³		(0.50	)		(0.41	)		6.48			(3.30	)
Total from investment operations		2.67			(0.12	)		(0.23	)		6.71			(3.04	)

Less dividends and distributions from:
Net investment income		(0.51	)		(0.14	)		(0.50	)		(0.18	)		(0.42	)
Total dividends and distributions		(0.51	)		(0.14	)		(0.50	)		(0.18	)		(0.42	)

Net asset value, end of period	$	20.99		$	18.83		$	19.09		$	19.82		$	13.29

Total return⁴		14.36	%^2,3		(0.55	%)		(1.28	%)		50.62	%		(18.72	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	293,102		$	278,607		$	329,081		$	388	⁵	$	322	⁵
Ratio of expenses to average net assets⁶		1.04	%		1.11	%		1.23	%		1.23	%		1.25	%
Ratio of expenses to average net assets prior to fees waived⁶		1.26	%		1.42	%		1.36	%		1.35	%		1.31	%
Ratio of net investment income to average net assets		2.01	%		2.20	%		0.89	%		1.33	%		1.57	%
Ratio of net investment income to average net assets prior to fees waived		1.79	%		1.89	%		0.76	%		1.21	%		1.51	%
Portfolio turnover		42	%		43	%		71	%		76	%		62	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%.
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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Financial highlights

Delaware Ivy International Core Equity Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.39		$	16.62		$	17.33		$	11.65		$	14.75

Income (loss) from investment operations:
Net investment income¹		0.23	²		0.22			0.04			0.09			0.14
Net realized and unrealized gain (loss)		1.95	³		(0.43	)		(0.36	)		5.68			(2.91	)
Total from investment operations		2.18			(0.21	)		(0.32	)		5.77			(2.77	)

Less dividends and distributions from:
Net investment income		(0.33	)		(0.02	)		(0.39	)		(0.09	)		(0.33	)
Total dividends and distributions		(0.33	)		(0.02	)		(0.39	)		(0.09	)		(0.33	)

Net asset value, end of period	$	18.24		$	16.39		$	16.62		$	17.33		$	11.65

Total return⁴		13.47	%^2,3		(1.23	%)		(1.97	%)		49.63	%		(19.30	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	18,338		$	28,549		$	45,987		$	67	⁵	$	77	⁵
Ratio of expenses to average net assets⁶		1.79	%		1.84	%		1.92	%		1.92	%		1.93	%
Ratio of expenses to average net assets prior to fees waived⁶		2.01	%		2.20	%		2.06	%		2.05	%		1.99	%
Ratio of net investment income to average net assets		1.34	%		1.46	%		0.23	%		0.58	%		0.94	%
Ratio of net investment income to average net assets prior to fees waived		1.12	%		1.10	%		0.09	%		0.45	%		0.88	%
Portfolio turnover		42	%		43	%		71	%		76	%		62	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.06 and total return by 0.37%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.12%.
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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy International Core Equity Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	19.00		$	19.24		$	19.98		$	13.39		$	16.86

Income (loss) from investment operations:
Net investment income¹		0.45	²		0.45			0.28			0.29			0.35
Net realized and unrealized gain (loss)		2.28	³		(0.50	)		(0.42	)		6.55			(3.32	)
Total from investment operations		2.73			(0.05	)		(0.14	)		6.84			(2.97	)

Less dividends and distributions from:
Net investment income		(0.55	)		(0.19	)		(0.60	)		(0.25	)		(0.50	)
Total dividends and distributions		(0.55	)		(0.19	)		(0.60	)		(0.25	)		(0.50	)

Net asset value, end of period	$	21.18		$	19.00		$	19.24		$	19.98		$	13.39

Total return⁴		14.59	%^2,3		(0.17	%)		(0.88	%)		51.27	%		(18.30	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	693,391		$	723,002		$	1,024,716		$	1,408	⁵	$	1,483	⁵
Ratio of expenses to average net assets⁶		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%
Ratio of expenses to average net assets prior to fees waived⁶		1.01	%		0.94	%		1.02	%		1.03	%		0.98	%
Ratio of net investment income to average net assets		2.27	%		2.54	%		1.34	%		1.72	%		2.08	%
Ratio of net investment income to average net assets prior to fees waived		2.05	%		2.39	%		1.11	%		1.48	%		1.89	%
Portfolio turnover		42	%		43	%		71	%		76	%		62	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented 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.

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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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.81		$	19.07		$	19.80		$	13.29		$	16.75

Income (loss) from investment operations:
Net investment income¹		0.34	²		0.33			0.12			0.17			0.20
Net realized and unrealized gain (loss)		2.27	³		(0.49	)		(0.41	)		6.48			(3.28	)
Total from investment operations		2.61			(0.16	)		(0.29	)		6.65			(3.08	)

Less dividends and distributions from:
Net investment income		(0.45	)		(0.10	)		(0.44	)		(0.14	)		(0.38	)
Total dividends and distributions		(0.45	)		(0.10	)		(0.44	)		(0.14	)		(0.38	)

Net asset value, end of period	$	20.97		$	18.81		$	19.07		$	19.80		$	13.29

Total return⁴		14.06	%^2,3		(0.78	%)		(1.57	%)		50.08	%		(18.93	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	40,627		$	41,758		$	47,807		$	55	⁵	$	47	⁵
Ratio of expenses to average net assets⁶		1.29	%		1.37	%		1.53	%		1.53	%		1.53	%
Ratio of expenses to average net assets prior to fees waived⁶		1.51	%		1.51	%		1.63	%		1.62	%		1.57	%
Ratio of net investment income to average net assets		1.77	%		1.92	%		0.58	%		1.02	%		1.21	%
Ratio of net investment income to average net assets prior to fees waived		1.55	%		1.78	%		0.48	%		0.93	%		1.17	%
Portfolio turnover		42	%		43	%		71	%		76	%		62	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy International Core Equity Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	19.05		$	19.30		$	20.03		$	13.43		$	16.91

Income (loss) from investment operations:
Net investment income¹		0.46	²		0.45			0.29			0.29			0.36
Net realized and unrealized gain (loss)		2.29	³		(0.51	)		(0.42	)		6.56			(3.34	)
Total from investment operations		2.75			(0.06	)		(0.13	)		6.85			(2.98	)

Less dividends and distributions from:
Net investment income		(0.56	)		(0.19	)		(0.60	)		(0.25	)		(0.50	)
Total dividends and distributions		(0.56	)		(0.19	)		(0.60	)		(0.25	)		(0.50	)

Net asset value, end of period	$	21.24		$	19.05		$	19.30		$	20.03		$	13.43

Total return⁴		14.69	%^2,3		(0.22	%)		(0.83	%)		51.19	%		(18.31	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	244,996		$	243,848		$	347,008		$	497	⁵	$	620	⁵
Ratio of expenses to average net assets⁶		0.71	%		0.79	%		0.79	%		0.79	%		0.79	%
Ratio of expenses to average net assets prior to fees waived⁶		0.93	%		0.93	%		0.88	%		0.88	%		0.83	%
Ratio of net investment income to average net assets		2.36	%		2.55	%		1.37	%		1.69	%		2.09	%
Ratio of net investment income to average net assets prior to fees waived		2.14	%		2.41	%		1.28	%		1.60	%		2.05	%
Portfolio turnover		42	%		43	%		71	%		76	%		62	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.10%.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented 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.

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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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.99		$	19.24		$	19.98		$	13.39		$	16.87

Income (loss) from investment operations:
Net investment income¹		0.40	²		0.39			0.21			0.22			0.27
Net realized and unrealized gain (loss)		2.27	³		(0.49	)		(0.43	)		6.56			(3.32	)
Total from investment operations		2.67			(0.10	)		(0.22	)		6.78			(3.05	)

Less dividends and distributions from:
Net investment income		(0.50	)		(0.15	)		(0.52	)		(0.19	)		(0.43	)
Total dividends and distributions		(0.50	)		(0.15	)		(0.52	)		(0.19	)		(0.43	)

Net asset value, end of period	$	21.16		$	18.99		$	19.24		$	19.98		$	13.39

Total return⁴		14.27	%^2,3		(0.46	%)		(1.26	%)		50.76	%		(18.65	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	38,817		$	41,120		$	49,433		$	91	⁵	$	176	⁵
Ratio of expenses to average net assets⁶		1.04	%		1.09	%		1.18	%		1.17	%		1.18	%
Ratio of expenses to average net assets prior to fees waived⁶		1.26	%		1.24	%		1.28	%		1.29	%		1.23	%
Ratio of net investment income to average net assets		2.01	%		2.20	%		0.99	%		1.33	%		1.62	%
Ratio of net investment income to average net assets prior to fees waived		1.79	%		2.05	%		0.89	%		1.21	%		1.57	%
Portfolio turnover		42	%		43	%		71	%		76	%		62	%

¹	Calculated using average shares outstanding.
²	Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.”
³	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy Large Cap Growth Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	25.18		$	31.11		$	29.35		$	20.52		$	22.73

Income (loss) from investment operations:
Net investment loss¹		(0.07	)		(0.06	)		(0.12	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss)		8.48			(2.99	)		5.20			10.80			0.85
Total from investment operations		8.41			(3.05	)		5.08			10.73			0.83

Less dividends and distributions from:
Net realized gain		(0.91	)		(2.88	)		(3.32	)		(1.90	)		(3.04	)
Total dividends and distributions		(0.91	)		(2.88	)		(3.32	)		(1.90	)		(3.04	)

Net asset value, end of period	$	32.68		$	25.18		$	31.11		$	29.35		$	20.52

Total return²		33.90	%³		(9.24	%)³		16.52	%		52.78	%		2.18	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,532,714		$	2,127,513		$	2,834,191		$	2,740	⁴	$	1,936	⁴
Ratio of expenses to average net assets⁵		0.89	%		0.93	%		0.94	%		0.98	%		1.01	%
Ratio of expenses to average net assets prior to fees waived⁵		0.99	%		1.00	%		0.94	%		0.98	%		1.01	%
Ratio of net investment loss to average net assets		(0.25	%)		(0.22	%)		(0.36	%)		(0.24	%)		(0.07	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.35	%)		(0.29	%)		(0.28	%)		(0.36	%)		(0.24	%)
Portfolio turnover		9	%		20	%		12	%		23	%		33	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.46		$	22.78		$	22.15		$	15.94		$	18.30

Income (loss) from investment operations:
Net investment loss¹		(0.20	)		(0.19	)		(0.30	)		(0.22	)		(0.17	)
Net realized and unrealized gain (loss)		5.82			(2.25	)		3.96			8.33			0.75
Total from investment operations		5.62			(2.44	)		3.66			8.11			0.58

Less dividends and distributions from:
Net realized gain		(0.91	)		(2.88	)		(3.03	)		(1.90	)		(2.94	)
Total dividends and distributions		(0.91	)		(2.88	)		(3.03	)		(1.90	)		(2.94	)

Net asset value, end of period	$	22.17		$	17.46		$	22.78		$	22.15		$	15.94

Total return²		32.90	%³		(9.97	%)³		15.55	%		51.46	%		1.38	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	61,156		$	44,773		$	63,666		$	69	⁴	$	69	⁴
Ratio of expenses to average net assets⁵		1.64	%		1.73	%		1.80	%		1.82	%		1.83	%
Ratio of expenses to average net assets prior to fees waived⁵		1.74	%		1.90	%		1.80	%		1.82	%		1.83	%
Ratio of net investment loss to average net assets		(1.00	%)		(1.03	%)		(1.23	%)		(1.07	%)		(0.89	%)
Ratio of net investment loss to average net assets prior to fees waived		(1.10	%)		(1.20	%)		(1.23	%)		(1.07	%)		(0.89	%)
Portfolio turnover		9	%		20	%		12	%		23	%		33	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Delaware Ivy Large Cap Growth Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	27.53		$	33.61		$	31.48		$	21.90		$	24.09

Income (loss) from investment operations:
Net investment income (loss)¹		—	²		0.02			(0.02	)		0.03			0.06
Net realized and unrealized gain (loss)		9.30			(3.22	)		5.56			11.52			0.89
Total from investment operations		9.30			(3.20	)		5.54			11.55			0.95

Less dividends and distributions from:
Net investment income		—			—			—			(0.01	)		(0.07	)
Net realized gain		(0.91	)		(2.88	)		(3.41	)		(1.96	)		(3.07	)
Total dividends and distributions		(0.91	)		(2.88	)		(3.41	)		(1.97	)		(3.14	)

Net asset value, end of period	$	35.92		$	27.53		$	33.61		$	31.48		$	21.90

Total return³		34.24	%		(8.99	%)		16.87	%		53.25	%		2.51	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,830,418		$	2,723,101		$	2,626,992		$	2,527	⁴	$	1,819	⁴
Ratio of expenses to average net assets⁵		0.64	%		0.64	%		0.64	%		0.64	%		0.69	%
Ratio of expenses to average net assets prior to fees waived⁵		0.74	%		0.66	%		0.77	%		0.79	%		0.80	%
Ratio of net investment income (loss) to average net assets		—	⁶		0.07	%		(0.06	%)		0.09	%		0.24	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.10	%)		0.05	%		(0.19	%)		(0.06	%)		0.13	%
Portfolio turnover		9	%		20	%		12	%		23	%		33	%

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based 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 presented 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	Amount is less than 0.005%.

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

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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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	23.26		$	29.09		$	27.57		$	19.43		$	21.69

Income (loss) from investment operations:
Net investment loss¹		(0.13	)		(0.12	)		(0.24	)		(0.16	)		(0.10	)
Net realized and unrealized gain (loss)		7.81			(2.83	)		4.89			10.20			0.82
Total from investment operations		7.68			(2.95	)		4.65			10.04			0.72

Less dividends and distributions from:
Net realized gain		(0.91	)		(2.88	)		(3.13	)		(1.90	)		(2.98	)
Total dividends and distributions		(0.91	)		(2.88	)		(3.13	)		(1.90	)		(2.98	)

Net asset value, end of period	$	30.03		$	23.26		$	29.09		$	27.57		$	19.43

Total return²		33.56	%³		(9.55	%)³		16.07	%		52.17	%		1.75	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	34,190		$	10,598		$	12,298		$	13	⁴	$	13	⁴
Ratio of expenses to average net assets⁵		1.14	%		1.23	%		1.37	%		1.38	%		1.40	%
Ratio of expenses to average net assets prior to fees waived⁵		1.24	%		1.24	%		1.37	%		1.38	%		1.40	%
Ratio of net investment loss to average net assets		(0.50	%)		(0.51	%)		(0.79	%)		(0.63	%)		(0.46	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.60	%)		(0.52	%)		(0.79	%)		(0.63	%)		(0.46	%)
Portfolio turnover		9	%		20	%		12	%		23	%		33	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Delaware Ivy Large Cap Growth Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	27.78		$	33.89		$	31.71		$	22.05		$	24.25

Income (loss) from investment operations:
Net investment income (loss)¹		0.02			0.03			(0.02	)		0.03			0.07
Net realized and unrealized gain (loss)		9.38			(3.26	)		5.61			11.61			0.89
Total from investment operations		9.40			(3.23	)		5.59			11.64			0.96

Less dividends and distributions from:
Net investment income		—			—			—			(0.02	)		(0.09	)
Net realized gain		(0.91	)		(2.88	)		(3.41	)		(1.96	)		(3.07	)
Total dividends and distributions		(0.91	)		(2.88	)		(3.41	)		(1.98	)		(3.16	)

Net asset value, end of period	$	36.27		$	27.78		$	33.89		$	31.71		$	22.05

Total return²		34.29	%³		(9.01	%)³		16.90	%		53.28	%		2.54	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	313,272		$	185,287		$	166,623		$	164	⁴	$	107	⁴
Ratio of expenses to average net assets⁵		0.58	%		0.64	%		0.64	%		0.64	%		0.66	%
Ratio of expenses to average net assets prior to fees waived⁵		0.65	%		0.66	%		0.64	%		0.64	%		0.66	%
Ratio of net investment income (loss) to average net assets		0.06	%		0.09	%		(0.06	%)		0.10	%		0.28	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.01	%)		0.07	%		(0.06	%)		0.10	%		0.28	%
Portfolio turnover		9	%		20	%		12	%		23	%		33	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented 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.

245

Table of Contents

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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	26.24		$	32.29		$	30.36		$	21.18		$	23.37

Income (loss) from investment operations:
Net investment loss¹		(0.07	)		(0.06	)		(0.13	)		(0.07	)		(0.02	)
Net realized and unrealized gain (loss)		8.84			(3.11	)		5.37			11.15			0.86
Total from investment operations		8.77			(3.17	)		5.24			11.08			0.84

Less dividends and distributions from:
Net realized gain		(0.91	)		(2.88	)		(3.31	)		(1.90	)		(3.03	)
Total dividends and distributions		(0.91	)		(2.88	)		(3.31	)		(1.90	)		(3.03	)

Net asset value, end of period	$	34.10		$	26.24		$	32.29		$	30.36		$	21.18

Total return²		33.90	%		(9.28	%)		16.51	%		52.78	%		2.19	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	32,584		$	24,849		$	35,926		$	31	³	$	26	³
Ratio of expenses to average net assets⁴		0.89	%		0.95	%		0.95	%		0.98	%		1.01	%
Ratio of expenses to average net assets prior to fees waived⁴		0.99	%		0.96	%		1.02	%		1.04	%		1.05	%
Ratio of net investment loss to average net assets		(0.25	%)		(0.24	%)		(0.37	%)		(0.24	%)		(0.08	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.35	%)		(0.25	%)		(0.44	%)		(0.30	%)		(0.12	%)
Portfolio turnover		9	%		20	%		12	%		23	%		33	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy Managed International Opportunities Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.35		$	11.31		$	12.52		$	7.80		$	10.18

Income (loss) from investment operations:
Net investment income¹		0.19			0.07			0.26			0.08			0.18
Net realized and unrealized gain (loss)		0.87			(0.62	)		(1.16	)		4.73			(1.88	)
Total from investment operations		1.06			(0.55	)		(0.90	)		4.81			(1.70	)

Less dividends and distributions from:
Net investment income		(0.24	)		—			(0.28	)		(0.09	)		(0.20	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)
Total dividends and distributions		(0.24	)		(1.41	)		(0.31	)		(0.09	)		(0.68	)

Net asset value, end of period	$	10.17		$	9.35		$	11.31		$	12.52		$	7.80

Total return²		11.57	%		(3.79	%)³		(7.34	%)³		61.81	%³		(18.31	%)³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,221		$	36,341		$	51,379		$	64	⁴	$	45	⁴
Ratio of expenses to average net assets⁵		0.66	%		0.68	%		0.46	%		0.46	%		0.48	%
Ratio of expenses to average net assets prior to fees waived⁵		0.66	%		0.73	%		0.59	%		0.50	%		0.51	%
Ratio of net investment income to average net assets		1.99	%		0.73	%		2.06	%		0.80	%		1.82	%
Ratio of net investment income to average net assets prior to fees waived		1.99	%		0.68	%		1.93	%		0.76	%		1.79	%
Portfolio turnover		16	%		19	%		36	%		17	%		10	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

247

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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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.96		$	10.99		$	12.22		$	7.53		$	9.92

Income (loss) from investment operations:
Net investment income (loss)¹		0.10			(0.02	)		0.17			—	²		0.10
Net realized and unrealized gain (loss)		0.85			(0.60	)		(1.16	)		4.73			(1.86	)
Total from investment operations		0.95			(0.62	)		(0.99	)		4.73			(1.76	)

Less dividends and distributions from:
Net investment income		(0.15	)		—			(0.21	)		(0.04	)		(0.15	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)
Total dividends and distributions		(0.15	)		(1.41	)		(0.24	)		(0.04	)		(0.63	)

Net asset value, end of period	$	9.76		$	8.96		$	10.99		$	12.22		$	7.53

Total return³		10.75	%		(4.57	%)⁴		(8.22	%)⁴		62.89	%⁴		(19.36	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	288		$	566		$	876		$	1	⁵	$	1	⁵
Ratio of expenses to average net assets⁶		1.41	%		1.56	%		1.25	%		1.25	%		1.29	%
Ratio of expenses to average net assets prior to fees waived⁶		1.41	%		1.67	%		1.48	%		1.36	%		1.36	%
Ratio of net investment income (loss) to average net assets		1.07	%		(0.21	%)		1.34	%		0.01	%		0.98	%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.07	%		(0.32	%)		1.11	%		(0.10	%)		0.91	%
Portfolio turnover		16	%		19	%		36	%		17	%		10	%

¹	Calculated using average shares outstanding.
²	Amount is less than $(0.005) per share.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy Managed International Opportunities Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.47		$	11.40		$	12.61		$	7.87		$	10.24

Income (loss) from investment operations:
Net investment income¹		0.20			—	²		0.29			0.12			0.22
Net realized and unrealized gain (loss)		0.90			(0.52	)		(1.16	)		4.74			(1.88	)
Total from investment operations		1.10			(0.52	)		(0.87	)		4.86			(1.66	)

Less dividends and distributions from:
Net investment income		(0.26	)		—			(0.31	)		(0.12	)		(0.23	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)
Total dividends and distributions		(0.26	)		(1.41	)		(0.34	)		(0.12	)		(0.71	)

Net asset value, end of period	$	10.31		$	9.47		$	11.40		$	12.61		$	7.87

Total return³		11.89	%		(3.50	%)⁴		(7.08	%)⁴		61.80	%⁴		(17.91	%)⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,897		$	41,079		$	80,847		$	112	⁵	$	90	⁵
Ratio of expenses to average net assets⁶		0.41	%		0.34	%		0.16	%		0.16	%		0.16	%
Ratio of expenses to average net assets prior to fees waived⁶		0.41	%		0.39	%		0.20	%		0.19	%		0.19	%
Ratio of net investment income to average net assets		2.11	%		0.01	%		2.23	%		1.10	%		2.19	%
Ratio of net investment income (loss) to average net assets prior to fees waived		2.11	%		(0.04	%)		2.19	%		1.07	%		2.16	%
Portfolio turnover		16	%		19	%		36	%		17	%		10	%

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based 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 presented 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.

249

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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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.27		$	11.25		$	12.47		$	7.75		$	10.14

Income (loss) from investment operations:
Net investment income¹		0.22			0.17			0.15			0.02			0.18
Net realized and unrealized gain (loss)		0.80			(0.74	)		(1.08	)		4.78			(1.90	)
Total from investment operations		1.02			(0.57	)		(0.93	)		4.80			(1.72	)

Less dividends and distributions from:
Net investment income		(0.25	)		—			(0.26	)		(0.08	)		(0.19	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)
Total dividends and distributions		(0.25	)		(1.41	)		(0.29	)		(0.08	)		(0.67	)

Net asset value, end of period	$	10.04		$	9.27		$	11.25		$	12.47		$	7.75

Total return²		11.27	%		(4.01	%)³		(7.58	%)³		62.03	%³		(18.59	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	120		$	91		$	75		$	—	^4,5	$	1	⁴
Ratio of expenses to average net assets⁶		0.91	%		0.90	%		0.67	%		0.66	%		0.67	%
Ratio of expenses to average net assets prior to fees waived⁶		0.91	%		0.92	%		0.70	%		0.67	%		0.67	%
Ratio of net investment income to average net assets		2.35	%		1.71	%		1.18	%		0.23	%		1.77	%
Ratio of net investment income to average net assets prior to fees waived		2.35	%		1.69	%		1.15	%		0.22	%		1.77	%
Portfolio turnover		16	%		19	%		36	%		17	%		10	%

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

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

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Delaware Ivy Managed International Opportunities Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.48		$	11.41		$	12.62		$	7.88		$	10.25

Income (loss) from investment operations:
Net investment income¹		0.20			0.24			0.23			0.12			0.23
Net realized and unrealized gain (loss)		0.95			(0.76	)		(1.10	)		4.74			(1.89	)
Total from investment operations		1.15			(0.52	)		(0.87	)		4.86			(1.66	)

Less dividends and distributions from:
Net investment income		(0.26	)		—			(0.31	)		(0.12	)		(0.23	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)
Total dividends and distributions		(0.26	)		(1.41	)		(0.34	)		(0.12	)		(0.71	)

Net asset value, end of period	$	10.37		$	9.48		$	11.41		$	12.62		$	7.88

Total return²		12.39	%		(3.48	%)³		(7.07	%)³		61.72	%³		(17.90	%)³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	14		$	76		$	81		$	1	⁴	$	—	^4,5
Ratio of expenses to average net assets⁶		0.25	%		0.43	%		0.16	%		0.16	%		0.16	%
Ratio of expenses to average net assets prior to fees waived⁶		0.25	%		0.45	%		0.21	%		0.18	%		0.19	%
Ratio of net investment income to average net assets		2.08	%		2.47	%		1.82	%		1.08	%		2.25	%
Ratio of net investment income to average net assets prior to fees waived		2.08	%		2.45	%		1.77	%		1.06	%		2.22	%
Portfolio turnover		16	%		19	%		36	%		17	%		10	%

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

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

251

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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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.37		$	11.32		$	12.53		$	7.81		$	10.18

Income (loss) from investment operations:
Net investment income¹		0.20			0.04			0.28			0.09			0.10
Net realized and unrealized gain (loss)		0.86			(0.58	)		(1.17	)		4.73			(1.78	)
Total from investment operations		1.06			(0.54	)		(0.89	)		4.82			(1.68	)

Less dividends and distributions from:
Net investment income		(0.24	)		—			(0.29	)		(0.10	)		(0.21	)
Net realized gain		—			(1.41	)		(0.03	)		—			(0.48	)
Total dividends and distributions		(0.24	)		(1.41	)		(0.32	)		(0.10	)		(0.69	)

Net asset value, end of period	$	10.19		$	9.37		$	11.32		$	12.53		$	7.81

Total return²		11.60	%		(3.70	%)³		(7.27	%)³		61.81	%³		(18.15	%)³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	86		$	96		$	135		$	—	^4,5	$	—	^4,5
Ratio of expenses to average net assets⁶		0.66	%		0.61	%		0.38	%		0.38	%		0.38	%
Ratio of expenses to average net assets prior to fees waived⁶		0.66	%		0.66	%		0.48	%		0.44	%		0.76	%
Ratio of net investment income to average net assets		2.12	%		0.36	%		2.16	%		0.82	%		0.95	%
Ratio of net investment income to average net assets prior to fees waived		2.12	%		0.31	%		2.06	%		0.76	%		0.57	%
Portfolio turnover		16	%		19	%		36	%		17	%		10	%

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

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

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Delaware Ivy Mid Cap Growth Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	26.14		$	32.31		$	37.42		$	22.28		$	25.28

Income (loss) from investment operations:
Net investment loss¹		(0.13	)		(0.16	)		(0.29	)		(0.23	)		(0.15	)
Net realized and unrealized gain (loss)		3.90			(3.20	)		0.11			19.03			(1.42	)
Total from investment operations		3.77			(3.36	)		(0.18	)		18.80			(1.57	)

Less dividends and distributions from:
Net realized gain		(1.75	)		(2.81	)		(4.93	)		(3.66	)		(1.43	)
Total dividends and distributions		(1.75	)		(2.81	)		(4.93	)		(3.66	)		(1.43	)

Net asset value, end of period	$	28.16		$	26.14		$	32.31		$	37.42		$	22.28

Total return²		15.44	%³		(10.07	%)³		(1.90	%)		85.37	%³		(7.20	%)³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,549,167		$	1,582,726		$	2,158,678		$	2,453	⁴	$	1,391	⁴
Ratio of expenses to average net assets⁵		1.04	%		1.09	%		1.12	%		1.16	%		1.20	%
Ratio of expenses to average net assets prior to fees waived⁵		1.23	%		1.21	%		1.12	%		1.17	%		1.23	%
Ratio of net investment loss to average net assets		(0.49	%)		(0.59	%)		(0.76	%)		(0.68	%)		(0.55	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.68	%)		(0.71	%)		(0.76	%)		(0.69	%)		(0.58	%)
Portfolio turnover		27	%		23	%		27	%		33	%		22	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

253

Table of Contents

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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	19.16		$	24.74		$	29.76		$	18.26		$	21.02

Income (loss) from investment operations:
Net investment loss¹		(0.23	)		(0.28	)		(0.48	)		(0.39	)		(0.28	)
Net realized and unrealized gain (loss)		2.76			(2.49	)		0.20			15.51			(1.15	)
Total from investment operations		2.53			(2.77	)		(0.28	)		15.12			(1.43	)

Less dividends and distributions from:
Net realized gain		(1.75	)		(2.81	)		(4.74	)		(3.62	)		(1.33	)
Total dividends and distributions		(1.75	)		(2.81	)		(4.74	)		(3.62	)		(1.33	)

Net asset value, end of period	$	19.94		$	19.16		$	24.74		$	29.76		$	18.26

Total return²		14.56	%³		(10.79	%)³		(2.67	%)		83.95	%³		(7.88	%)³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	68,708		$	75,826		$	121,668		$	170	⁴	$	143	⁴
Ratio of expenses to average net assets⁵		1.79	%		1.88	%		1.93	%		1.92	%		1.95	%
Ratio of expenses to average net assets prior to fees waived⁵		1.98	%		2.06	%		1.93	%		1.94	%		1.98	%
Ratio of net investment loss to average net assets		(1.24	%)		(1.38	%)		(1.57	%)		(1.43	%)		(1.30	%)
Ratio of net investment loss to average net assets prior to fees waived		(1.43	%)		(1.56	%)		(1.57	%)		(1.45	%)		(1.33	%)
Portfolio turnover		27	%		23	%		27	%		33	%		22	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

254

Table of Contents

Delaware Ivy Mid Cap Growth Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	29.84		$	36.32		$	41.48		$	24.41		$	27.52

Income (loss) from investment operations:
Net investment loss¹		(0.07	)		(0.09	)		(0.18	)		(0.12	)		(0.04	)
Net realized and unrealized gain (loss)		4.50			(3.58	)		0.07			20.89			(1.57	)
Total from investment operations		4.43			(3.67	)		(0.11	)		20.77			(1.61	)

Less dividends and distributions from:
Net realized gain		(1.75	)		(2.81	)		(5.05	)		(3.70	)		(1.50	)
Total dividends and distributions		(1.75	)		(2.81	)		(5.05	)		(3.70	)		(1.50	)

Net asset value, end of period	$	32.52		$	29.84		$	36.32		$	41.48		$	24.41

Total return²		15.74	%		(9.80	%)		(1.56	%)		86.00	%		(6.75	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,054,252		$	2,887,695		$	3,577,939		$	3,609	³	$	1,898	³
Ratio of expenses to average net assets⁴		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%
Ratio of expenses to average net assets prior to fees waived⁴		0.98	%		0.84	%		0.95	%		0.97	%		1.00	%
Ratio of net investment loss to average net assets		(0.24	%)		(0.28	%)		(0.43	%)		(0.31	%)		(0.15	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.43	%)		(0.33	%)		(0.59	%)		(0.49	%)		(0.36	%)
Portfolio turnover		27	%		23	%		27	%		33	%		22	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

255

Table of Contents

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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	24.71		$	30.81		$	35.92		$	21.54		$	24.51

Income (loss) from investment operations:
Net investment loss¹		(0.18	)		(0.22	)		(0.44	)		(0.35	)		(0.23	)
Net realized and unrealized gain (loss)		3.66			(3.07	)		0.14			18.37			(1.37	)
Total from investment operations		3.48			(3.29	)		(0.30	)		18.02			(1.60	)

Less dividends and distributions from:
Net realized gain		(1.75	)		(2.81	)		(4.81	)		(3.64	)		(1.37	)
Total dividends and distributions		(1.75	)		(2.81	)		(4.81	)		(3.64	)		(1.37	)

Net asset value, end of period	$	26.44		$	24.71		$	30.81		$	35.92		$	21.54

Total return²		15.15	%		(10.34	%)		(2.30	%)		84.62	%		(7.47	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	54,529		$	58,839		$	74,908		$	88	³	$	46	³
Ratio of expenses to average net assets⁴		1.29	%		1.38	%		1.54	%		1.55	%		1.55	%
Ratio of expenses to average net assets prior to fees waived⁴		1.48	%		1.42	%		1.55	%		1.56	%		1.58	%
Ratio of net investment loss to average net assets		(0.74	%)		(0.87	%)		(1.18	%)		(1.07	%)		(0.90	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.93	%)		(0.91	%)		(1.19	%)		(1.08	%)		(0.93	%)
Portfolio turnover		27	%		23	%		27	%		33	%		22	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

256

Table of Contents

Delaware Ivy Mid Cap Growth Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	30.21		$	36.73		$	41.89		$	24.63		$	27.76

Income (loss) from investment operations:
Net investment loss¹		(0.05	)		(0.08	)		(0.18	)		(0.13	)		(0.04	)
Net realized and unrealized gain (loss)		4.56			(3.63	)		0.07			21.09			(1.59	)
Total from investment operations		4.51			(3.71	)		(0.11	)		20.96			(1.63	)

Less dividends and distributions from:
Net realized gain		(1.75	)		(2.81	)		(5.05	)		(3.70	)		(1.50	)
Total dividends and distributions		(1.75	)		(2.81	)		(5.05	)		(3.70	)		(1.50	)

Net asset value, end of period	$	32.97		$	30.21		$	36.73		$	41.89		$	24.63

Total return²		15.82	%		(9.80	%)		(1.54	%)		86.00	%		(6.77	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,292,279		$	1,048,374		$	980,539		$	736	³	$	256	³
Ratio of expenses to average net assets⁴		0.72	%		0.79	%		0.79	%		0.79	%		0.79	%
Ratio of expenses to average net assets prior to fees waived⁴		0.86	%		0.83	%		0.80	%		0.82	%		0.85	%
Ratio of net investment loss to average net assets		(0.18	%)		(0.28	%)		(0.43	%)		(0.33	%)		(0.15	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.32	%)		(0.32	%)		(0.44	%)		(0.36	%)		(0.21	%)
Portfolio turnover		27	%		23	%		27	%		33	%		22	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

257

Table of Contents

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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	28.04		$	34.43		$	39.57		$	23.45		$	26.53

Income (loss) from investment operations:
Net investment loss¹		(0.14	)		(0.17	)		(0.31	)		(0.24	)		(0.15	)
Net realized and unrealized gain (loss)		4.21			(3.41	)		0.09			20.02			(1.50	)
Total from investment operations		4.07			(3.58	)		(0.22	)		19.78			(1.65	)

Less dividends and distributions from:
Net realized gain		(1.75	)		(2.81	)		(4.92	)		(3.66	)		(1.43	)
Total dividends and distributions		(1.75	)		(2.81	)		(4.92	)		(3.66	)		(1.43	)

Net asset value, end of period	$	30.36		$	28.04		$	34.43		$	39.57		$	23.45

Total return²		15.46	%		(10.09	%)		(1.89	%)		85.29	%		(7.14	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	226,978		$	223,692		$	284,480		$	363	³	$	215	³
Ratio of expenses to average net assets⁴		1.04	%		1.09	%		1.13	%		1.16	%		1.20	%
Ratio of expenses to average net assets prior to fees waived⁴		1.23	%		1.13	%		1.19	%		1.21	%		1.24	%
Ratio of net investment loss to average net assets		(0.49	%)		(0.59	%)		(0.77	%)		(0.68	%)		(0.55	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.68	%)		(0.63	%)		(0.83	%)		(0.73	%)		(0.59	%)
Portfolio turnover		27	%		23	%		27	%		33	%		22	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

258

Table of Contents

Delaware Ivy Mid Cap Income Opportunities Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.26		$	18.81		$	18.38		$	10.98		$	13.98

Income (loss) from investment operations:
Net investment income¹		0.29			0.27			0.18			0.21			0.25
Net realized and unrealized gain (loss)		3.08			(1.15	)		0.89			7.40			(2.96	)
Total from investment operations		3.37			(0.88	)		1.07			7.61			(2.71	)

Less dividends and distributions from:
Net investment income		(0.33	)		(0.27	)		(0.18	)		(0.21	)		(0.24	)
Net realized gain		(0.64	)		(0.40	)		(0.46	)		—			(0.05	)
Total dividends and distributions		(0.97	)		(0.67	)		(0.64	)		(0.21	)		(0.29	)

Net asset value, end of period	$	19.66		$	17.26		$	18.81		$	18.38		$	10.98

Total return²		20.24	%		(4.73	%)		5.71	%		69.70	%		(19.84	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	164,478		$	171,183		$	188,631		$	178	³	$	111	³
Ratio of expenses to average net assets⁴		1.08	%		1.12	%		1.21	%		1.24	%		1.27	%
Ratio of expenses to average net assets prior to fees waived⁴		1.25	%		1.26	%		1.26	%		1.31	%		1.34	%
Ratio of net investment income to average net assets		1.63	%		1.58	%		0.95	%		1.42	%		1.70	%
Ratio of net investment income to average net assets prior to fees waived		1.46	%		1.44	%		0.90	%		1.35	%		1.63	%
Portfolio turnover		17	%		29	%		20	%		23	%		25	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

259

Table of Contents

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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.22		$	18.71		$	18.30		$	10.93		$	13.92

Income (loss) from investment operations:
Net investment income¹		0.16			0.14			0.04			0.10			0.14
Net realized and unrealized gain (loss)		3.07			(1.14	)		0.87			7.37			(2.95	)
Total from investment operations		3.23			(1.00	)		0.91			7.47			(2.81	)

Less dividends and distributions from:
Net investment income		(0.19	)		(0.09	)		(0.04	)		(0.10	)		(0.13	)
Net realized gain		(0.64	)		(0.40	)		(0.46	)		—			(0.05	)
Total dividends and distributions		(0.83	)		(0.49	)		(0.50	)		(0.10	)		(0.18	)

Net asset value, end of period	$	19.62		$	17.22		$	18.71		$	18.30		$	10.93

Total return²		19.36	%		(5.42	%)		4.85	%		68.61	%		(20.50	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	18,742		$	20,280		$	27,245		$	24	³	$	15	³
Ratio of expenses to average net assets⁴		1.83	%		1.88	%		1.96	%		2.00	%		2.02	%
Ratio of expenses to average net assets prior to fees waived⁴		2.00	%		2.02	%		2.01	%		2.07	%		2.09	%
Ratio of net investment income to average net assets		0.88	%		0.82	%		0.21	%		0.66	%		0.95	%
Ratio of net investment income to average net assets prior to fees waived		0.71	%		0.68	%		0.16	%		0.59	%		0.88	%
Portfolio turnover		17	%		29	%		20	%		23	%		25	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

260

Table of Contents

Delaware Ivy Mid Cap Income Opportunities Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.27		$	18.84		$	18.42		$	10.99		$	14.00

Income (loss) from investment operations:
Net investment income¹		0.33			0.33			0.26			0.27			0.31
Net realized and unrealized gain (loss)		3.09			(1.16	)		0.88			7.43			(2.97	)
Total from investment operations		3.42			(0.83	)		1.14			7.70			(2.66	)

Less dividends and distributions from:
Net investment income		(0.37	)		(0.34	)		(0.26	)		(0.27	)		(0.30	)
Net realized gain		(0.64	)		(0.40	)		(0.46	)		—			(0.05	)
Total dividends and distributions		(1.01	)		(0.74	)		(0.72	)		(0.27	)		(0.35	)

Net asset value, end of period	$	19.68		$	17.27		$	18.84		$	18.42		$	10.99

Total return²		20.58	%		(4.42	%)		6.05	%		70.58	%		(19.53	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	865,423		$	996,722		$	1,399,865		$	1,224	³	$	401	³
Ratio of expenses to average net assets⁴		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Ratio of expenses to average net assets prior to fees waived⁴		1.00	%		0.89	%		1.07	%		1.06	%		1.08	%
Ratio of net investment income to average net assets		1.88	%		1.87	%		1.34	%		1.78	%		2.13	%
Ratio of net investment income to average net assets prior to fees waived		1.71	%		1.81	%		1.10	%		1.55	%		1.88	%
Portfolio turnover		17	%		29	%		20	%		23	%		25	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

261

Table of Contents

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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.26		$	18.77		$	18.35		$	10.96		$	13.96

Income (loss) from investment operations:
Net investment income¹		0.23			0.22			0.12			0.16			0.20
Net realized and unrealized gain (loss)		3.10			(1.15	)		0.87			7.39			(2.96	)
Total from investment operations		3.33			(0.93	)		0.99			7.55			(2.76	)

Less dividends and distributions from:
Net investment income		(0.30	)		(0.18	)		(0.11	)		(0.16	)		(0.19	)
Net realized gain		(0.64	)		(0.40	)		(0.46	)		—			(0.05	)
Total dividends and distributions		(0.94	)		(0.58	)		(0.57	)		(0.16	)		(0.24	)

Net asset value, end of period	$	19.65		$	17.26		$	18.77		$	18.35		$	10.96

Total return²		20.00	%		(4.99	%)		5.28	%		69.22	%		(20.15	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	13,117		$	1,131		$	1,205		$	1	³	$	3	³
Ratio of expenses to average net assets⁴		1.33	%		1.41	%		1.58	%		1.58	%		1.59	%
Ratio of expenses to average net assets prior to fees waived⁴		1.50	%		1.47	%		1.63	%		1.64	%		1.66	%
Ratio of net investment income to average net assets		1.31	%		1.29	%		0.60	%		1.16	%		1.38	%
Ratio of net investment income to average net assets prior to fees waived		1.14	%		1.23	%		0.55	%		1.10	%		1.31	%
Portfolio turnover		17	%		29	%		20	%		23	%		25	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Table of Contents

Delaware Ivy Mid Cap Income Opportunities Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.28		$	18.84		$	18.42		$	10.99		$	14.01

Income (loss) from investment operations:
Net investment income¹		0.35			0.33			0.26			0.27			0.32
Net realized and unrealized gain (loss)		3.08			(1.15	)		0.88			7.43			(2.98	)
Total from investment operations		3.43			(0.82	)		1.14			7.70			(2.66	)

Less dividends and distributions from:
Net investment income		(0.39	)		(0.34	)		(0.26	)		(0.27	)		(0.31	)
Net realized gain		(0.64	)		(0.40	)		(0.46	)		—			(0.05	)
Total dividends and distributions		(1.03	)		(0.74	)		(0.72	)		(0.27	)		(0.36	)

Net asset value, end of period	$	19.68		$	17.28		$	18.84		$	18.42		$	10.99

Total return²		20.63	%		(4.37	%)		6.05	%		70.58	%		(19.57	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	95,789		$	89,010		$	112,720		$	103	³	$	65	³
Ratio of expenses to average net assets⁴		0.76	%		0.83	%		0.83	%		0.83	%		0.83	%
Ratio of expenses to average net assets prior to fees waived⁴		0.93	%		0.89	%		0.89	%		0.92	%		0.93	%
Ratio of net investment income to average net assets		1.95	%		1.87	%		1.34	%		1.80	%		2.15	%
Ratio of net investment income to average net assets prior to fees waived		1.78	%		1.81	%		1.28	%		1.71	%		2.05	%
Portfolio turnover		17	%		29	%		20	%		23	%		25	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

263

Table of Contents

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:

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.37		$	18.81		$	18.39		$	10.98		$	13.98

Income (loss) from investment operations:
Net investment income¹		0.29			0.27			0.18			0.21			0.25
Net realized and unrealized gain (loss)		3.10			(1.14	)		0.88			7.41			(2.96	)
Total from investment operations		3.39			(0.87	)		1.06			7.62			(2.71	)

Less dividends and distributions from:
Net investment income		(0.34	)		(0.17	)		(0.18	)		(0.21	)		(0.24	)
Net realized gain		(0.64	)		(0.40	)		(0.46	)		—			(0.05	)
Total dividends and distributions		(0.98	)		(0.57	)		(0.64	)		(0.21	)		(0.29	)

Net asset value, end of period	$	19.78		$	17.37		$	18.81		$	18.39		$	10.98

Total return²		20.21	%		(4.68	%)		5.63	%		69.84	%		(19.89	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	14,885		$	11,656		$	27,888		$	38	³	$	13	³
Ratio of expenses to average net assets⁴		1.08	%		1.15	%		1.22	%		1.24	%		1.26	%
Ratio of expenses to average net assets prior to fees waived⁴		1.25	%		1.22	%		1.30	%		1.31	%		1.33	%
Ratio of net investment income to average net assets		1.63	%		1.52	%		0.92	%		1.40	%		1.71	%
Ratio of net investment income to average net assets prior to fees waived		1.46	%		1.45	%		0.84	%		1.33	%		1.64	%
Portfolio turnover		17	%		29	%		20	%		23	%		25	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

264

Table of Contents

Delaware Ivy Small Cap Growth Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	11.67		$	14.47		$	22.28		$	13.27		$	17.19

Income (loss) from investment operations:
Net investment loss¹		(0.09	)		(0.07	)		(0.16	)		(0.18	)		(0.15	)
Net realized and unrealized gain (loss)		1.99	²		(2.12	)		(1.56	)		11.15			(2.59	)
Total from investment operations		1.90			(2.19	)		(1.72	)		10.97			(2.74	)

Less dividends and distributions from:
Net investment income		—			—			(0.19	)		—			—
Net realized gain		(0.60	)		(0.61	)		(5.90	)		(1.96	)		(1.18	)
Total dividends and distributions		(0.60	)		(0.61	)		(6.09	)		(1.96	)		(1.18	)

Net asset value, end of period	$	12.97		$	11.67		$	14.47		$	22.28		$	13.27

Total return³		16.98	%^2,4		(14.90	%)⁴		(8.23	%)		84.34	%		(17.35	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	647,245		$	681,798		$	1,030,905		$	1,318	⁵	$	788	⁵
Ratio of expenses to average net assets⁶		1.14	%		1.21	%		1.24	%		1.26	%		1.31	%
Ratio of expenses to average net assets prior to fees waived⁶		1.25	%		1.34	%		1.24	%		1.26	%		1.31	%
Ratio of net investment loss to average net assets		(0.80	%)		(0.58	%)		(0.81	%)		(0.93	%)		(0.87	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.91	%)		(0.71	%)		(0.81	%)		(0.93	%)		(0.87	%)
Portfolio turnover		55	%		51	%		40	%		57	%		40	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.09%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

265

Table of Contents

Financial highlights

Delaware Ivy Small Cap Growth Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	6.67		$	8.66		$	15.96		$	9.92		$	13.23

Income (loss) from investment operations:
Net investment loss¹		(0.10	)		(0.09	)		(0.22	)		(0.24	)		(0.21	)
Net realized and unrealized gain (loss)		1.09			(1.29	)		(1.07	)		8.24			(1.92	)
Total from investment operations		0.99			(1.38	)		(1.29	)		8.00			(2.13	)

Less dividends and distributions from:
Net investment income		—			—			(0.11	)		—			—
Net realized gain		(0.60	)		(0.61	)		(5.90	)		(1.96	)		(1.18	)
Total dividends and distributions		(0.60	)		(0.61	)		(6.01	)		(1.96	)		(1.18	)

Net asset value, end of period	$	7.06		$	6.67		$	8.66		$	15.96		$	9.92

Total return²		16.04	%³		(15.56	%)³		(8.89	%)³		82.81	%		(17.94	%)³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16,724		$	20,607		$	36,063		$	57	⁴	$	51	⁴
Ratio of expenses to average net assets⁵		1.89	%		1.95	%		2.04	%		2.04	%		2.05	%
Ratio of expenses to average net assets prior to fees waived⁵		2.00	%		2.28	%		2.11	%		2.04	%		2.09	%
Ratio of net investment loss to average net assets		(1.55	%)		(1.33	%)		(1.62	%)		(1.69	%)		(1.62	%)
Ratio of net investment loss to average net assets prior to fees waived		(1.66	%)		(1.66	%)		(1.69	%)		(1.69	%)		(1.66	%)
Portfolio turnover		55	%		51	%		40	%		57	%		40	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

266

Table of Contents

Delaware Ivy Small Cap Growth Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	19.39		$	23.48		$	32.06		$	18.51		$	23.43

Income (loss) from investment operations:
Net investment loss¹		(0.11	)		(0.05	)		(0.14	)		(0.15	)		(0.11	)
Net realized and unrealized gain (loss)		3.38	²		(3.43	)		(2.28	)		15.66			(3.63	)
Total from investment operations		3.27			(3.48	)		(2.42	)		15.51			(3.74	)

Less dividends and distributions from:
Net investment income		—			—			(0.26	)		—			—
Net realized gain		(0.60	)		(0.61	)		(5.90	)		(1.96	)		(1.18	)
Total dividends and distributions		(0.60	)		(0.61	)		(6.16	)		(1.96	)		(1.18	)

Net asset value, end of period	$	22.06		$	19.39		$	23.48		$	32.06		$	18.51

Total return³		17.29	%²		(14.68	%)		(7.88	%)		85.00	%		(16.99	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	468,025		$	560,403		$	904,112		$	1,216	⁴	$	778	⁴
Ratio of expenses to average net assets⁵		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%
Ratio of expenses to average net assets prior to fees waived⁵		1.00	%		0.92	%		1.02	%		1.03	%		1.04	%
Ratio of net investment loss to average net assets		(0.55	%)		(0.26	%)		(0.46	%)		(0.55	%)		(0.46	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.66	%)		(0.29	%)		(0.59	%)		(0.69	%)		(0.61	%)
Portfolio turnover		55	%		51	%		40	%		57	%		40	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%.
³	Total return is based 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 presented 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.

267

Table of Contents

Financial highlights

Delaware Ivy Small Cap Growth Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	11.02		$	13.75		$	21.50		$	12.89		$	16.78

Income (loss) from investment operations:
Net investment loss¹		(0.11	)		(0.10	)		(0.23	)		(0.24	)		(0.20	)
Net realized and unrealized gain (loss)		1.87	²		(2.02	)		(1.49	)		10.81			(2.51	)
Total from investment operations		1.76			(2.12	)		(1.72	)		10.57			(2.71	)

Less dividends and distributions from:
Net investment income		—			—			(0.13	)		—			—
Net realized gain		(0.60	)		(0.61	)		(5.90	)		(1.96	)		(1.18	)
Total dividends and distributions		(0.60	)		(0.61	)		(6.03	)		(1.96	)		(1.18	)

Net asset value, end of period	$	12.18		$	11.02		$	13.75		$	21.50		$	12.89

Total return³		16.70	%^2,4		(15.18	%)⁴		(8.57	%)		83.70	%		(17.60	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	44,935		$	43,146		$	56,050		$	70	⁵	$	43	⁵
Ratio of expenses to average net assets⁶		1.39	%		1.48	%		1.61	%		1.62	%		1.63	%
Ratio of expenses to average net assets prior to fees waived⁶		1.50	%		1.50	%		1.61	%		1.62	%		1.63	%
Ratio of net investment loss to average net assets		(1.05	%)		(0.84	%)		(1.19	%)		(1.29	%)		(1.19	%)
Ratio of net investment loss to average net assets prior to fees waived		(1.16	%)		(0.86	%)		(1.19	%)		(1.29	%)		(1.19	%)
Portfolio turnover		55	%		51	%		40	%		57	%		40	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.09%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

268

Table of Contents

Delaware Ivy Small Cap Growth Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	19.58		$	23.70		$	32.30		$	18.63		$	23.58

Income (loss) from investment operations:
Net investment loss¹		(0.09	)		(0.05	)		(0.13	)		(0.15	)		(0.10	)
Net realized and unrealized gain (loss)		3.41	²		(3.46	)		(2.30	)		15.78			(3.67	)
Total from investment operations		3.32			(3.51	)		(2.43	)		15.63			(3.77	)

Less dividends and distributions from:
Net investment income		—			—			(0.27	)		—			—
Net realized gain		(0.60	)		(0.61	)		(5.90	)		(1.96	)		(1.18	)
Total dividends and distributions		(0.60	)		(0.61	)		(6.17	)		(1.96	)		(1.18	)

Net asset value, end of period	$	22.30		$	19.58		$	23.70		$	32.30		$	18.63

Total return³		17.38	%^2,4		(14.67	%)⁴		(7.88	%)		85.10	%		(17.01	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	175,469		$	157,251		$	209,855		$	252	⁵	$	161	⁵
Ratio of expenses to average net assets⁶		0.80	%		0.89	%		0.87	%		0.87	%		0.89	%
Ratio of expenses to average net assets prior to fees waived⁶		0.91	%		0.91	%		0.87	%		0.87	%		0.89	%
Ratio of net investment loss to average net assets		(0.46	%)		(0.25	%)		(0.44	%)		(0.54	%)		(0.44	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.57	%)		(0.27	%)		(0.44	%)		(0.54	%)		(0.44	%)
Portfolio turnover		55	%		51	%		40	%		57	%		40	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%.
³	Total return is based 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 presented 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.

269

Table of Contents

Financial highlights

Delaware Ivy Small Cap Growth Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.31		$	21.10		$	29.47		$	17.17		$	21.90

Income (loss) from investment operations:
Net investment loss¹		(0.14	)		(0.10	)		(0.22	)		(0.23	)		(0.18	)
Net realized and unrealized gain (loss)		2.99	²		(3.08	)		(2.08	)		14.49			(3.37	)
Total from investment operations		2.85			(3.18	)		(2.30	)		14.26			(3.55	)

Less dividends and distributions from:
Net investment income		—			—			(0.17	)		—			—
Net realized gain		(0.60	)		(0.61	)		(5.90	)		(1.96	)		(1.18	)
Total dividends and distributions		(0.60	)		(0.61	)		(6.07	)		(1.96	)		(1.18	)

Net asset value, end of period	$	19.56		$	17.31		$	21.10		$	29.47		$	17.17

Total return³		16.93	%^2,4		(14.91	%)⁴		(8.19	%)⁴		84.34	%		(17.36	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	34,019		$	72,634		$	99,698		$	135	⁵	$	91	⁵
Ratio of expenses to average net assets⁶		1.14	%		1.19	%		1.23	%		1.26	%		1.28	%
Ratio of expenses to average net assets prior to fees waived⁶		1.25	%		1.21	%		1.26	%		1.26	%		1.28	%
Ratio of net investment loss to average net assets		(0.80	%)		(0.56	%)		(0.81	%)		(0.93	%)		(0.84	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.91	%)		(0.58	%)		(0.84	%)		(0.93	%)		(0.84	%)
Portfolio turnover		55	%		51	%		40	%		57	%		40	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.06%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

270

Table of Contents

Delaware Ivy Smid Cap Core Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	13.21		$	18.43		$	22.43		$	12.88		$	16.87

Income (loss) from investment operations:
Net investment income (loss)¹		0.04			0.05			(0.04	)		(0.06	)		(0.04	)
Net realized and unrealized gain (loss)		2.69			(1.44	)		(0.18	)		9.61			(3.83	)
Total from investment operations		2.73			(1.39	)		(0.22	)		9.55			(3.87	)

Less dividends and distributions from:
Net investment income		(0.11	)		(0.05	)		—			—			—
Net realized gain		—			(3.78	)		(3.78	)		—			(0.12	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.12	)		(3.83	)		(3.78	)		—			(0.12	)

Net asset value, end of period	$	15.82		$	13.21		$	18.43		$	22.43		$	12.88

Total return²		20.70	%		(7.02	%)		(1.21	%)		74.15	%		(23.13	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	115,867		$	111,950		$	151,380		$	176	³	$	114	³
Ratio of expenses to average net assets⁴		1.14	%		1.23	%		1.33	%		1.37	%		1.38	%
Ratio of expenses to average net assets prior to fees waived⁴		1.27	%		1.44	%		1.36	%		1.41	%		1.41	%
Ratio of net investment income (loss) to average net assets		0.29	%		0.33	%		(0.19	%)		(0.37	%)		(0.24	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.16	%		0.12	%		(0.22	%)		(0.41	%)		(0.27	%)
Portfolio turnover		13	%		13	%		122	%		127	%		138	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

271

Table of Contents

Financial highlights

Delaware Ivy Smid Cap Core Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.82		$	14.84		$	18.75		$	10.85		$	14.32

Income (loss) from investment operations:
Net investment loss¹		(0.05	)²		(0.05	)		(0.17	)		(0.15	)		(0.14	)
Net realized and unrealized gain (loss)		1.99			(1.18	)		(0.14	)		8.05			(3.21	)
Total from investment operations		1.94			(1.23	)		(0.31	)		7.90			(3.35	)

Less dividends and distributions from:
Net investment income		(0.07	)		(0.01	)		—			—			—
Net realized gain		—			(3.78	)		(3.60	)		—			(0.12	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.08	)		(3.79	)		(3.60	)		—			(0.12	)

Net asset value, end of period	$	11.68		$	9.82		$	14.84		$	18.75		$	10.85

Total return³		19.77	%		(7.71	%)		(1.93	%)		72.81	%		(23.62	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,117		$	12,188		$	17,505		$	22	⁴	$	20	⁴
Ratio of expenses to average net assets⁵		1.89	%		1.98	%		2.07	%		2.09	%		2.10	%
Ratio of expenses to average net assets prior to fees waived⁵		2.02	%		2.18	%		2.10	%		2.12	%		2.12	%
Ratio of net investment loss to average net assets		(0.46	%)		(0.42	%)		(0.94	%)		(1.07	%)		(0.96	%)
Ratio of net investment loss to average net assets prior to fees waived		(0.59	%)		(0.62	%)		(0.97	%)		(1.10	%)		(0.98	%)
Portfolio turnover		13	%		13	%		122	%		127	%		138	%

¹	Calculated using average shares outstanding.
²	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.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

272

Table of Contents

Delaware Ivy Smid Cap Core Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	15.28		$	20.60		$	24.68		$	14.10		$	18.40

Income (loss) from investment operations:
Net investment income¹		0.09			0.12			0.06			0.02			0.05
Net realized and unrealized gain (loss)		3.11			(1.60	)		(0.21	)		10.56			(4.19	)
Total from investment operations		3.20			(1.48	)		(0.15	)		10.58			(4.14	)

Less dividends and distributions from:
Net investment income		(0.12	)		(0.06	)		—			—			(0.02	)
Net realized gain		—			(3.78	)		(3.93	)		—			(0.14	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.13	)		(3.84	)		(3.93	)		—			(0.16	)

Net asset value, end of period	$	18.35		$	15.28		$	20.60		$	24.68		$	14.10

Total return²		21.01	%		(6.69	%)		(0.79	%)		75.04	%		(22.74	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	144,334		$	159,794		$	316,727		$	451	³	$	304	³
Ratio of expenses to average net assets⁴		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%
Ratio of expenses to average net assets prior to fees waived⁴		1.02	%		0.97	%		1.07	%		1.09	%		1.10	%
Ratio of net investment income to average net assets		0.54	%		0.68	%		0.25	%		0.11	%		0.25	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.41	%		0.60	%		0.07	%		(0.09	%)		0.04	%
Portfolio turnover		13	%		13	%		122	%		127	%		138	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

273

Table of Contents

Financial highlights

Delaware Ivy Smid Cap Core Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	13.01		$	18.22		$	22.20		$	12.78		$	16.78

Income (loss) from investment operations:
Net investment income (loss)¹		—	²		0.01			(0.11	)		(0.11	)		(0.09	)
Net realized and unrealized gain (loss)		2.65			(1.42	)		(0.19	)		9.53			(3.79	)
Total from investment operations		2.65			(1.41	)		(0.30	)		9.42			(3.88	)

Less dividends and distributions from:
Net investment income		(0.08	)		(0.02	)		—			—			—
Net realized gain		—			(3.78	)		(3.68	)		—			(0.12	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.09	)		(3.80	)		(3.68	)		—			(0.12	)

Net asset value, end of period	$	15.57		$	13.01		$	18.22		$	22.20		$	12.78

Total return³		20.38	%		(7.21	%)		(1.57	%)		73.71	%		(23.32	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,641		$	18,550		$	22,950		$	25	⁴	$	15	⁴
Ratio of expenses to average net assets⁵		1.39	%		1.48	%		1.64	%		1.64	%		1.65	%
Ratio of expenses to average net assets prior to fees waived⁵		1.52	%		1.54	%		1.67	%		1.67	%		1.67	%
Ratio of net investment income (loss) to average net assets		0.04	%		0.08	%		(0.50	%)		(0.64	%)		(0.52	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.09	%)		0.02	%		(0.53	%)		(0.67	%)		(0.54	%)
Portfolio turnover		13	%		13	%		122	%		127	%		138	%

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Table of Contents

Delaware Ivy Smid Cap Core Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	15.48		$	20.80		$	24.88		$	14.22		$	18.55

Income (loss) from investment operations:
Net investment income¹		0.10			0.12			0.06			0.02			0.05
Net realized and unrealized gain (loss)		3.16			(1.62	)		(0.21	)		10.64			(4.22	)
Total from investment operations		3.26			(1.50	)		(0.15	)		10.66			(4.17	)

Less dividends and distributions from:
Net investment income		(0.13	)		(0.04	)		—			—			(0.02	)
Net realized gain		—			(3.78	)		(3.93	)		—			(0.14	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.14	)		(3.82	)		(3.93	)		—			(0.16	)

Net asset value, end of period	$	18.60		$	15.48		$	20.80		$	24.88		$	14.22

Total return²		21.17	%		(6.73	%)		(0.79	%)		74.96	%		(22.72	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	40,997		$	39,951		$	82,144		$	77	³	$	59	³
Ratio of expenses to average net assets⁴		0.80	%		0.89	%		0.89	%		0.89	%		0.89	%
Ratio of expenses to average net assets prior to fees waived⁴		0.99	%		0.96	%		0.94	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		0.63	%		0.67	%		0.25	%		0.11	%		0.24	%
Ratio of net investment income to average net assets prior to fees waived		0.44	%		0.60	%		0.20	%		0.05	%		0.18	%
Portfolio turnover		13	%		13	%		122	%		127	%		138	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

275

Table of Contents

Financial highlights

Delaware Ivy Smid Cap Core Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	14.42		$	19.71		$	23.73		$	13.62		$	17.81

Income (loss) from investment operations:
Net investment income (loss)¹		0.04			0.06			(0.04	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		2.94			(1.53	)		(0.19	)		10.16			(4.04	)
Total from investment operations		2.98			(1.47	)		(0.23	)		10.11			(4.07	)

Less dividends and distributions from:
Net investment income		(0.09	)		(0.04	)		—			—			—
Net realized gain		—			(3.78	)		(3.79	)		—			(0.12	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.10	)		(3.82	)		(3.79	)		—			(0.12	)

Net asset value, end of period	$	17.30		$	14.42		$	19.71		$	23.73		$	13.62

Total return²		20.73	%		(7.00	%)		(1.19	%)		74.23	%		(23.08	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,772		$	5,348		$	8,110		$	9	³	$	7	³
Ratio of expenses to average net assets⁴		1.14	%		1.20	%		1.30	%		1.30	%		1.32	%
Ratio of expenses to average net assets prior to fees waived⁴		1.27	%		1.27	%		1.33	%		1.34	%		1.35	%
Ratio of net investment income (loss) to average net assets		0.29	%		0.35	%		(0.17	%)		(0.28	%)		(0.19	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.16	%		0.28	%		(0.20	%)		(0.32	%)		(0.22	%)
Portfolio turnover		13	%		13	%		122	%		127	%		138	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

276

Table of Contents

Delaware Ivy Systematic Emerging Markets Equity Fund Class A^f

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.37		$	22.54		$	28.07		$	15.61		$	19.15

Income (loss) from investment operations:
Net investment income (loss)¹		0.45			0.68			0.15			(0.01	)		0.12
Net realized and unrealized gain (loss)		1.30			(3.40	)		(5.54	)		12.68			(3.51	)
Total from investment operations		1.75			(2.72	)		(5.39	)		12.67			(3.39	)

Less dividends and distributions from:
Net investment income		(0.57	)		(0.20	)		(0.14	)		(0.21	)		(0.15	)
Net realized gain		—			(2.25	)		—			—			—
Total dividends and distributions		(0.57	)		(2.45	)		(0.14	)		(0.21	)		(0.15	)

Net asset value, end of period	$	18.55		$	17.37		$	22.54		$	28.07		$	15.61

Total return²		10.31	%³		(11.42	%)³		(19.25	%)³		81.21	%		(17.87	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	158,396		$	179,755		$	263,968		$	377	⁴	$	229	⁴
Ratio of expenses to average net assets⁵		1.09	%		1.15	%		1.35	%		1.39	%		1.46	%
Ratio of expenses to average net assets prior to fees waived⁵		1.51	%		1.57	%		1.37	%		1.39	%		1.46	%
Ratio of net investment income (loss) to average net assets		2.54	%		3.59	%		0.55	%		(0.03	%)		0.61	%
Ratio of net investment income (loss) to average net assets prior to fees waived		2.12	%		3.17	%		0.53	%		(0.03	%)		0.61	%
Portfolio turnover		30	%		65	%		38	%		39	%		32	%

^f	Consolidated financial highlights.
¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

277

Table of Contents

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class C^f

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	14.26		$	19.07		$	23.86		$	13.31		$	16.39

Income (loss) from investment operations:
Net investment income (loss)¹		0.27			0.47			(0.04	)		(0.15	)		(0.01	)
Net realized and unrealized gain (loss)		1.05			(2.90	)		(4.68	)		10.79			(2.99	)
Total from investment operations		1.32			(2.43	)		(4.72	)		10.64			(3.00	)

Less dividends and distributions from:
Net investment income		(0.47	)		(0.13	)		(0.07	)		(0.09	)		(0.08	)
Net realized gain		—			(2.25	)		—			—			—
Total dividends and distributions		(0.47	)		(2.38	)		(0.07	)		(0.09	)		(0.08	)

Net asset value, end of period	$	15.11		$	14.26		$	19.07		$	23.86		$	13.31

Total return²		9.48	%³		(12.02	%)³		(19.83	%)³		80.00	%		(18.43	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16,558		$	23,136		$	39,227		$	57	⁴	$	43	⁴
Ratio of expenses to average net assets⁵		1.80	%		1.84	%		2.07	%		2.10	%		2.16	%
Ratio of expenses to average net assets prior to fees waived⁵		2.26	%		2.29	%		2.09	%		2.10	%		2.16	%
Ratio of net investment income (loss) to average net assets		1.88	%		2.95	%		(0.17	%)		(0.73	%)		(0.07	%)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.42	%		2.50	%		(0.19	%)		(0.73	%)		(0.07	%)
Portfolio turnover		30	%		65	%		38	%		39	%		32	%

^f	Consolidated financial highlights.
¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

278

Table of Contents

Delaware Ivy Systematic Emerging Markets Equity Fund Class I^f

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.12		$	23.33		$	29.05		$	16.13		$	19.77

Income (loss) from investment operations:
Net investment income¹		0.52			0.79			0.26			0.09			0.21
Net realized and unrealized gain (loss)		1.35			(3.53	)		(5.74	)		13.12			(3.61	)
Total from investment operations		1.87			(2.74	)		(5.48	)		13.21			(3.40	)

Less dividends and distributions from:
Net investment income		(0.62	)		(0.22	)		(0.24	)		(0.29	)		(0.24	)
Net realized gain		—			(2.25	)		—			—			—
Total dividends and distributions		(0.62	)		(2.47	)		(0.24	)		(0.29	)		(0.24	)

Net asset value, end of period	$	19.37		$	18.12		$	23.33		$	29.05		$	16.13

Total return²		10.55	%		(11.08	%)		(18.96	%)		82.02	%		(17.50	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	432,708		$	532,766		$	912,326		$	1,548	³	$	826	³
Ratio of expenses to average net assets⁴		0.80	%		0.81	%		0.98	%		0.99	%		0.99	%
Ratio of expenses to average net assets prior to fees waived⁴		1.26	%		1.08	%		1.08	%		1.10	%		1.14	%
Ratio of net investment income to average net assets		2.85	%		4.00	%		0.93	%		0.37	%		1.09	%
Ratio of net investment income to average net assets prior to fees waived		2.39	%		3.73	%		0.83	%		0.26	%		0.94	%
Portfolio turnover		30	%		65	%		38	%		39	%		32	%

^f	Consolidated financial highlights.
¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

279

Table of Contents

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class R^f

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.12		$	22.26		$	27.75		$	15.44		$	18.95

Income (loss) from investment operations:
Net investment income (loss)¹		0.40			0.61			0.06			(0.07	)		0.07
Net realized and unrealized gain (loss)		1.27			(3.33	)		(5.46	)		12.53			(3.47	)
Total from investment operations		1.67			(2.72	)		(5.40	)		12.46			(3.40	)

Less dividends and distributions from:
Net investment income		(0.54	)		(0.17	)		(0.09	)		(0.15	)		(0.11	)
Net realized gain		—			(2.25	)		—			—			—
Total dividends and distributions		(0.54	)		(2.42	)		(0.09	)		(0.15	)		(0.11	)

Net asset value, end of period	$	18.25		$	17.12		$	22.26		$	27.75		$	15.44

Total return²		9.99	%³		(11.57	%)³		(19.51	%)³		80.73	%		(18.07	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,880		$	6,070		$	7,540		$	11	⁴	$	9	⁴
Ratio of expenses to average net assets⁵		1.30	%		1.37	%		1.67	%		1.69	%		1.72	%
Ratio of expenses to average net assets prior to fees waived⁵		1.76	%		1.64	%		1.68	%		1.69	%		1.72	%
Ratio of net investment income (loss) to average net assets		2.32	%		3.30	%		0.22	%		(0.32	%)		0.39	%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.86	%		3.03	%		0.21	%		(0.32	%)		0.39	%
Portfolio turnover		30	%		65	%		38	%		39	%		32	%

^f	Consolidated financial highlights.
¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Delaware Ivy Systematic Emerging Markets Equity Fund Class R6^f

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.22		$	23.46		$	29.21		$	16.22		$	19.88

Income (loss) from investment operations:
Net investment income¹		0.54			0.78			0.28			0.10			0.21
Net realized and unrealized gain (loss)		1.37			(3.53	)		(5.77	)		13.19			(3.63	)
Total from investment operations		1.91			(2.75	)		(5.49	)		13.29			(3.42	)

Less dividends and distributions from:
Net investment income		(0.64	)		(0.24	)		(0.26	)		(0.30	)		(0.24	)
Net realized gain		—			(2.25	)		—			—			—
Total dividends and distributions		(0.64	)		(2.49	)		(0.26	)		(0.30	)		(0.24	)

Net asset value, end of period	$	19.49		$	18.22		$	23.46		$	29.21		$	16.22

Total return²		10.74	%³		(11.06	%)³		(18.89	%)³		82.01	%		(17.46	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	120,493		$	144,999		$	254,340		$	353⁴		$	200	⁴
Ratio of expenses to average net assets⁵		0.69	%		0.76	%		0.92	%		0.95	%		0.99	%
Ratio of expenses to average net assets prior to fees waived⁵		1.11	%		1.05	%		0.93	%		0.95	%		0.99	%
Ratio of net investment income to average net assets		2.92	%		3.94	%		0.98	%		0.40	%		1.05	%
Ratio of net investment income to average net assets prior to fees waived		2.50	%		3.65	%		0.97	%		0.40	%		1.05	%
Portfolio turnover		30	%		65	%		38	%		39	%		32	%

^f	Consolidated financial highlights.
¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented 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.

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Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund Class Y^f

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	17.79		$	23.01		$	28.65		$	15.92		$	19.53

Income (loss) from investment operations:
Net investment income¹		0.46			0.67			0.16			0.01			0.14
Net realized and unrealized gain (loss)		1.32			(3.44	)		(5.65	)		12.94			(3.58	)
Total from investment operations		1.78			(2.77	)		(5.49	)		12.95			(3.44	)

Less dividends and distributions from:
Net investment income		(0.57	)		(0.20	)		(0.15	)		(0.22	)		(0.17	)
Net realized gain		—			(2.25	)		—			—			—
Total dividends and distributions		(0.57	)		(2.45	)		(0.15	)		(0.22	)		(0.17	)

Net asset value, end of period	$	19.00		$	17.79		$	23.01		$	28.65		$	15.92

Total return²		10.25	%³		(11.38	%)³		(19.23	%)³		81.40	%		(17.80	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,993		$	27,664		$	29,380		$	40	⁴	$	31	⁴
Ratio of expenses to average net assets⁵		1.09	%		1.14	%		1.31	%		1.34	%		1.37	%
Ratio of expenses to average net assets prior to fees waived⁵		1.51	%		1.41	%		1.32	%		1.34	%		1.37	%
Ratio of net investment income to average net assets		2.55	%		3.50	%		0.59	%		0.04	%		0.70	%
Ratio of net investment income to average net assets prior to fees waived		2.13	%		3.23	%		0.58	%		0.04	%		0.70	%
Portfolio turnover		30	%		65	%		38	%		39	%		32	%

^f	Consolidated financial highlights.
¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Delaware Ivy Value Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	21.02		$	27.62		$	26.18		$	16.79		$	22.61

Income (loss) from investment operations:
Net investment income¹		0.28			0.25			0.31			0.29			0.41
Net realized and unrealized gain (loss)		2.43	²		(2.01	)		4.14			9.86			(3.98	)
Total from investment operations		2.71			(1.76	)		4.45			10.15			(3.57	)

Less dividends and distributions from:
Net investment income		(0.30	)		(0.45	)		(0.44	)		(0.29	)		(0.33	)
Net realized gain		(5.61	)		(4.39	)		(2.57	)		(0.47	)		(1.92	)
Total dividends and distributions		(5.91	)		(4.84	)		(3.01	)		(0.76	)		(2.25	)

Net asset value, end of period	$	17.82		$	21.02		$	27.62		$	26.18		$	16.79

Total return³		15.83	%^2,4		(6.47	%)⁴		17.35	%		61.22	%⁴		(18.67	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	258,766		$	318,903		$	405,826		$	359	⁵	$	251	⁵
Ratio of expenses to average net assets⁶		1.08	%		1.10	%		1.09	%		1.19	%		1.21	%
Ratio of expenses to average net assets prior to fees waived⁶		1.18	%		1.14	%		1.09	%		1.20	%		1.21	%
Ratio of net investment income to average net assets		1.41	%		1.01	%		1.07	%		1.36	%		1.68	%
Ratio of net investment income to average net assets prior to fees waived		1.31	%		0.97	%		1.07	%		1.35	%		1.68	%
Portfolio turnover		32	%		103	%		64	%		60	%		68	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.10%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Financial highlights

Delaware Ivy Value Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	19.65		$	26.19		$	24.95		$	16.02		$	21.69

Income (loss) from investment operations:
Net investment income¹		0.12			0.05			0.05			0.13			0.22
Net realized and unrealized gain (loss)		2.23	²		(1.90	)		3.95			9.39			(3.79	)
Total from investment operations		2.35			(1.85	)		4.00			9.52			(3.57	)

Less dividends and distributions from:
Net investment income		(0.17	)		(0.30	)		(0.19	)		(0.12	)		(0.18	)
Net realized gain		(5.61	)		(4.39	)		(2.57	)		(0.47	)		(1.92	)
Total dividends and distributions		(5.78	)		(4.69	)		(2.76	)		(0.59	)		(2.10	)

Net asset value, end of period	$	16.22		$	19.65		$	26.19		$	24.95		$	16.02

Total return³		14.96	%^2,4		(7.24	%)⁴		16.32	%		59.94	%		(19.29	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,794		$	6,143		$	6,611		$	7	⁵	$	8	⁵
Ratio of expenses to average net assets⁶		1.83	%		1.88	%		1.97	%		1.99	%		1.99	%
Ratio of expenses to average net assets prior to fees waived⁶		1.93	%		1.98	%		1.97	%		1.99	%		1.99	%
Ratio of net investment income to average net assets		0.66	%		0.23	%		0.18	%		0.65	%		0.94	%
Ratio of net investment income to average net assets prior to fees waived		0.56	%		0.13	%		0.18	%		0.65	%		0.94	%
Portfolio turnover		32	%		103	%		64	%		60	%		68	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Delaware Ivy Value Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	21.18		$	27.78		$	26.31		$	16.88		$	22.72

Income (loss) from investment operations:
Net investment income¹		0.33			0.36			0.37			0.35			0.47
Net realized and unrealized gain (loss)		2.46	²		(2.07	)		4.17			9.91			(4.00	)
Total from investment operations		2.79			(1.71	)		4.54			10.26			(3.53	)

Less dividends and distributions from:
Net investment income		(0.34	)		(0.50	)		(0.50	)		(0.36	)		(0.39	)
Net realized gain		(5.61	)		(4.39	)		(2.57	)		(0.47	)		(1.92	)
Total dividends and distributions		(5.95	)		(4.89	)		(3.07	)		(0.83	)		(2.31	)

Net asset value, end of period	$	18.02		$	21.18		$	27.78		$	26.31		$	16.88

Total return³		16.11	%^2,4		(6.25	%)		17.61	%		61.66	%⁴		(18.40	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	226,257		$	346,249		$	938,672		$	829	⁵	$	522	⁵
Ratio of expenses to average net assets⁶		0.83	%		0.86	%		0.88	%		0.91	%		0.92	%
Ratio of expenses to average net assets prior to fees waived⁶		0.93	%		0.86	%		0.88	%		0.92	%		0.92	%
Ratio of net investment income to average net assets		1.66	%		1.45	%		1.28	%		1.62	%		1.94	%
Ratio of net investment income to average net assets prior to fees waived		1.56	%		1.45	%		1.28	%		1.61	%		1.94	%
Portfolio turnover		32	%		103	%		64	%		60	%		68	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.09%.
³	Total return is based 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 presented 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.

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Financial highlights

Delaware Ivy Value Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	20.92		$	27.54		$	26.11		$	16.74		$	22.56

Income (loss) from investment operations:
Net investment income¹		0.22			0.12			0.08			0.21			0.33
Net realized and unrealized gain (loss)		2.43	²		(2.00	)		4.28			9.83			(3.98	)
Total from investment operations		2.65			(1.88	)		4.36			10.04			(3.65	)

Less dividends and distributions from:
Net investment income		(0.21	)		(0.35	)		(0.36	)		(0.20	)		(0.25	)
Net realized gain		(5.61	)		(4.39	)		(2.57	)		(0.47	)		(1.92	)
Total dividends and distributions		(5.82	)		(4.74	)		(2.93	)		(0.67	)		(2.17	)

Net asset value, end of period	$	17.75		$	20.92		$	27.54		$	26.11		$	16.74

Total return³		15.54	%^2,4		(6.95	%)⁴		16.99	%		60.59	%		(18.94	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7		$	20		$	14		$	—	^5,6	$	—	^5,6
Ratio of expenses to average net assets⁷		1.33	%		1.56	%		1.53	%		1.57	%		1.55	%
Ratio of expenses to average net assets prior to fees waived⁷		1.43	%		1.80	%		1.53	%		1.57	%		1.55	%
Ratio of net investment income to average net assets		1.10	%		0.49	%		0.29	%		0.96	%		1.34	%
Ratio of net investment income to average net assets prior to fees waived		1.00	%		0.25	%		0.29	%		0.96	%		1.34	%
Portfolio turnover		32	%		103	%		64	%		60	%		68	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.10%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

286

Table of Contents

Delaware Ivy Value Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	21.38		$	27.89		$	26.40		$	16.94		$	22.80

Income (loss) from investment operations:
Net investment income¹		0.36			0.44			0.41			0.39			0.51
Net realized and unrealized gain (loss)		2.48	²		(2.13	)		4.19			9.94			(4.02	)
Total from investment operations		2.84			(1.69	)		4.60			10.33			(3.51	)

Less dividends and distributions from:
Net investment income		(0.36	)		(0.43	)		(0.54	)		(0.40	)		(0.43	)
Net realized gain		(5.61	)		(4.39	)		(2.57	)		(0.47	)		(1.92	)
Total dividends and distributions		(5.97	)		(4.82	)		(3.11	)		(0.87	)		(2.35	)

Net asset value, end of period	$	18.25		$	21.38		$	27.89		$	26.40		$	16.94

Total return³		16.20	%^2,4		(6.18	%)		17.81	%		61.93	%		(18.29	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,737		$	4,247		$	126,573		$	146⁵		$	113	⁵
Ratio of expenses to average net assets⁶		0.78	%		0.74	%		0.72	%		0.76	%		0.77	%
Ratio of expenses to average net assets prior to fees waived⁶		0.82	%		0.74	%		0.72	%		0.76	%		0.77	%
Ratio of net investment income to average net assets		1.74	%		1.70	%		1.42	%		1.81	%		2.13	%
Ratio of net investment income to average net assets prior to fees waived		1.70	%		1.70	%		1.42	%		1.81	%		2.13	%
Portfolio turnover		32	%		103	%		64	%		60	%		68	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.09%.
³	Total return is based 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 presented 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.

287

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Financial highlights

Delaware Ivy Value Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	20.97		$	27.57		$	26.14		$	16.77		$	22.65

Income (loss) from investment operations:
Net investment income¹		0.22			0.25			0.28			0.33			0.46
Net realized and unrealized gain (loss)		2.47	²		(2.01	)		4.16			9.80			(4.09	)
Total from investment operations		2.69			(1.76	)		4.44			10.13			(3.63	)

Less dividends and distributions from:
Net investment income		(0.29	)		(0.45	)		(0.44	)		(0.29	)		(0.33	)
Net realized gain		(5.61	)		(4.39	)		(2.57	)		(0.47	)		(1.92	)
Total dividends and distributions		(5.90	)		(4.84	)		(3.01	)		(0.76	)		(2.25	)

Net asset value, end of period	$	17.76		$	20.97		$	27.57		$	26.14		$	16.77

Total return³		15.77	%^2,4		(6.49	%)		17.32	%⁴		61.18	%		(18.89	%)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	83		$	87		$	108		$	—	^5,6	$	—	^5,6
Ratio of expenses to average net assets⁷		1.08	%		1.11	%		1.11	%		1.18	%		1.19	%
Ratio of expenses to average net assets prior to fees waived⁷		1.18	%		1.11	%		1.14	%		1.18	%		1.19	%
Ratio of net investment income to average net assets		1.22	%		1.01	%		1.03	%		1.61	%		1.93	%
Ratio of net investment income to average net assets prior to fees waived		1.12	%		1.01	%		1.00	%		1.61	%		1.93	%
Portfolio turnover		32	%		103	%		64	%		60	%		68	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Rounds to less than $500 thousands.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Notes to financial statements

Ivy Funds

March 31, 2024

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.

Each Fund offers Class A, Class C, Class I, Class R, Class R6 and Class Y shares. On June 13, 2022, all Class E shares were liquidated. 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, credit default swap (CDS) contracts, interest rate swap (IRS) contracts, CDS and IRS options contracts (swaptions) 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 and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and the ask prices, which approximates fair value. 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

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1. Significant Accounting Policies (continued)

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. Certain Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00pm ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). 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 year ended March 31, 2024, and for all open tax years (years ended March 31, 2021–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 year ended March 31, 2024, the Funds did not incur any interest or tax penalties.

As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned (EU tax reclaims). These filings are subject to various administrative proceedings by each local jurisdiction’s tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have be recognized, if any, are reflected as “Other income” in the “Statements of operations.” Related receivables, if any, are reflected as EU tax reclaims receivable in the “Statements of assets and liabilities.” Generally unless fund management believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund’s net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, reduce the amount of foreign taxes, if any, that a Fund may elect to pass-through to its shareholders from a US federal tax perspective. In certain circumstances and to the extent that EU tax reclaims recognized by a Fund were previously passed-through as a foreign tax credits to its US taxable shareholders, a Fund may enter into a closing agreement with the US Internal Revenue Service (the IRS). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, it is expected that Delaware Global Equity Fund II, Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges to Delaware Global Equity Fund II, Delaware Ivy Global Growth Fund and Delaware Ivy International Core Equity Fund’s closing agreement liability are presented as a reduction of “IRS compliance fee for foreign withholding tax claims (see Note 1)” in the “Statements of operations” and its estimated closing agreement liability is presented as “IRS compliance fee for foreign withholding tax claims (see Note 1)” in the “Statements of assets and liabilities.”

Underlying Funds — Each Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Fund may invest include ETFs. Each Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.

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.

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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 realized 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 capital gain distributions from any 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. 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. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, 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. Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The “Statements of operations” include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 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

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Notes to financial statements

Ivy Funds

1. Significant Accounting Policies (continued)

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.

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.

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Fund		Management Fee (annual rate as a percentage of average daily net assets)
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.

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.

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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 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.

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.

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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 serves 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, effective October 1, 2023, 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: 0.0050% 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 (Total Fee). Prior to October 1, 2023, DIFSC’s annual rates were: 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. 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 year ended March 31, 2024, each Fund paid for these services as follows:

Fund	Fees
Delaware Global Equity Fund II	$	14,138
Delaware International Equity Fund II		7,861
Delaware Ivy Core Bond Fund		18,206
Delaware Ivy Core Equity Fund		127,725
Delaware Ivy Global Bond Fund		19,914
Delaware Ivy Global Growth Fund		22,433
Delaware Ivy High Income Fund		91,089
Delaware Ivy International Core Equity Fund		51,496
Delaware Ivy Large Cap Growth Fund		220,446
Delaware Ivy Managed International Opportunities Fund		6,358
Delaware Ivy Mid Cap Growth Fund		214,808
Delaware Ivy Mid Cap Income Opportunities Fund		45,838
Delaware Ivy Small Cap Growth Fund		54,534
Delaware Ivy Smid Cap Core Fund		15,717
Delaware Ivy Systematic Emerging Markets Equity Fund		33,066
Delaware Ivy Value Fund		24,292

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 year ended March 31, 2024, each Fund paid for these services as follows:

Fund	Fees
Delaware Global Equity Fund II	$	18,493
Delaware International Equity Fund II		7,101
Delaware Ivy Core Bond Fund		25,944
Delaware Ivy Core Equity Fund		222,678
Delaware Ivy Global Bond Fund		28,576
Delaware Ivy Global Growth Fund		33,310
Delaware Ivy High Income Fund		157,672
Delaware Ivy International Core Equity Fund		85,864

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Ivy Funds

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

Fund	Fees
Delaware Ivy Large Cap Growth Fund	$	385,479
Delaware Ivy Managed International Opportunities Fund		4,337
Delaware Ivy Mid Cap Growth Fund		379,664
Delaware Ivy Mid Cap Income Opportunities Fund		75,970
Delaware Ivy Small Cap Growth Fund		91,696
Delaware Ivy Smid Cap Core Fund		21,165
Delaware Ivy Systematic Emerging Markets Equity Fund		52,935
Delaware Ivy Value Fund		37,246

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 are calculated daily and paid as invoices 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. Certain shares in accounts that established positions in Class A shares of Delaware Ivy Global Growth Fund prior to January 1, 1992 are not subject to an ongoing 12b-1 fee. This arrangement results in a 12b-1 fee rate that is lower than 0.25% of the net assets attributable to outstanding Class A shares of the Fund, and leads to a current blended rate of 0.24% of the average daily net assets. 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 its investment advisory 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
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	%

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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 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	%

Prior to July 31, 2023, the expense limitations for each Fund were as follows:

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	%		n/a
Delaware International Equity Fund II		0.95	%		n/a
Delaware Ivy Core Bond Fund		0.45	%		0.45	%
Delaware Ivy Core Equity Fund		0.75	%		n/a
Delaware Ivy Global Bond Fund		0.71	%		n/a
Delaware Ivy Global Growth Fund		0.97	%		n/a
Delaware Ivy High Income Fund		0.75	%		n/a
Delaware Ivy International Core Equity Fund		0.79	%		0.79	%
Delaware Ivy Large Cap Growth Fund		0.64	%		0.64	%
Delaware Ivy Managed International Opportunities Fund		n/a			n/a
Delaware Ivy Mid Cap Growth Fund		0.79	%		0.79	%
Delaware Ivy Mid Cap Income Opportunities Fund		0.83	%		0.83	%
Delaware Ivy Small Cap Growth Fund		0.89	%		0.89	%
Delaware Ivy Smid Cap Core Fund		0.89	%		0.89	%
Delaware Ivy Systematic Emerging Markets Equity Fund		0.80	%		0.76	%
Delaware Ivy Value Fund		0.83	%		n/a

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Notes to financial statements

Ivy Funds

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

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 July 31, 2023 through July 30, 2024, unless terminated by agreement of DMC and the Fund, 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 exceeding the following percentages of each Fund’s average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC, DDLP, DIFSC and/or each Fund. The waivers and reimbursements 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	%
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	%

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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 year ended March 31, 2024, 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	$	7,541
Delaware International Equity Fund II		5,562
Delaware Ivy Core Bond Fund		8,690
Delaware Ivy Core Equity Fund		86,229
Delaware Ivy Global Bond Fund		17,905
Delaware Ivy Global Growth Fund		13,352
Delaware Ivy High Income Fund		68,073
Delaware Ivy International Core Equity Fund		35,981
Delaware Ivy Large Cap Growth Fund		151,654
Delaware Ivy Managed International Opportunities Fund		3,533
Delaware Ivy Mid Cap Growth Fund		154,936
Delaware Ivy Mid Cap Income Opportunities Fund		33,274
Delaware Ivy Small Cap Growth Fund		37,895
Delaware Ivy Smid Cap Core Fund		8,241
Delaware Ivy Systematic Emerging Markets Equity Fund		20,947
Delaware Ivy Value Fund		15,353

For the year ended March 31, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Global Equity Fund II	$	7,045
Delaware International Equity Fund II		2,026
Delaware Ivy Core Bond Fund		7,861
Delaware Ivy Core Equity Fund		128,898
Delaware Ivy Global Bond Fund		3,207
Delaware Ivy Global Growth Fund		9,995
Delaware Ivy High Income Fund		91,752
Delaware Ivy International Core Equity Fund		10,556
Delaware Ivy Large Cap Growth Fund		249,781
Delaware Ivy Managed International Opportunities Fund		1,850
Delaware Ivy Mid Cap Growth Fund		132,238
Delaware Ivy Mid Cap Income Opportunities Fund		16,926
Delaware Ivy Small Cap Growth Fund		51,584
Delaware Ivy Smid Cap Core Fund		8,803
Delaware Ivy Systematic Emerging Markets Equity Fund		15,215
Delaware Ivy Value Fund		20,190

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Notes to financial statements

Ivy Funds

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

For the year ended March 31, 2024, 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	$	153	$	162
Delaware International Equity Fund II		14		26
Delaware Ivy Core Bond Fund		376		120
Delaware Ivy Core Equity Fund		5,745		2,956
Delaware Ivy Global Bond Fund		96		176
Delaware Ivy Global Growth Fund		1,341		209
Delaware Ivy High Income Fund		30,900		7,278
Delaware Ivy International Core Equity Fund		627		728
Delaware Ivy Large Cap Growth Fund		7,547		5,214
Delaware Ivy Managed International Opportunities Fund		123		86
Delaware Ivy Mid Cap Growth Fund		5,986		3,325
Delaware Ivy Mid Cap Income Opportunities Fund		363		966
Delaware Ivy Small Cap Growth Fund		4,921		1,552
Delaware Ivy Smid Cap Core Fund		345		547
Delaware Ivy Systematic Emerging Markets Equity Fund		1,228		801
Delaware Ivy Value Fund		5,709		956

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 year ended March 31, 2024, 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 year ended March 31, 2024, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Ivy Small Cap Growth Fund	$	323,358	$	—	$	—
Delaware Ivy Smid Cap Core Fund		5,033,328		—		—
Delaware Ivy Value Fund		1,255,017		—		—

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A summary of the transactions in affiliated companies during the year ended March 31, 2024 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		Income distributions
Delaware Ivy High Income Fund
Common Stocks—2.30%
BIS Industries Holdings ^=,†
	$	—	$	—	$	—		$	—	$	—		$	—		19,682,813	$	—
Foresight Energy ^=,†
		19,096,599		—		—			—		1,597,902			20,694,501		1,117,414		—
Larchmont Resources ^=,†
		213,461		—		—			—		550			214,011		18,338		—
Maritime Finance ^=,†
		3,585,521		—		(3,645,000	)		—		659,554			600,075		1,750,000		—
New Cotai ^=,†
		20,699,983		—		—			—		7,545			20,707,528		20,316,462		—
True Religion Apparel ^=,†
		6,549,308		—		—			—		5,964,169			12,513,477		—		—
		50,144,872		—		(3,645,000	)		—		8,229,720			54,729,592				—
Preferred Stock—0.09%
True Religion Apparel^=,†,ω
		2,050,430		—		—			—		—			2,050,430		410		—
Convertible Bond—2.56%
New Cotai ⁼
		58,691,628		1,127,113		—			—		1,121,602			60,940,343		23,915,789		1,381,412
Loan Agreements—0.31%
Foresight Energy Operating Tranche A ^•
		7,399,377		—		(94,177	)		—		(35,120	)		7,270,080		7,494,928		—
Total	$	118,286,307	$	1,127,113	$	(3,739,177	)	$	—	$	9,316,202		$	124,990,445			$	1,381,412

	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		Income distributions
Delaware Ivy Managed International Opportunities Fund
Affiliated Mutual Funds—99.44%
Delaware International Equity Fund II Class R6
	$	16,182,372	$	435,848	$	(8,752,005	)	$	(448,957	)	$	871,116		$	8,288,374		513,212	$	194,257
Delaware Ivy International Core Equity Fund Class R6
		38,532,783		9,100,244		(26,122,113	)		2,958,735			484,283			24,953,932		1,174,855		1,075,692
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		796,780		(13,086,894	)		4,254,638			(3,248,652	)		8,150,099		418,383		431,674
Total	$	77,934,648	$	10,379,169	$	(51,901,498	)	$	6,294,362		$	(1,314,276	)	$	41,392,405			$	1,701,623

⁽¹⁾	The amount shown included return of capital.
ω	Perpetual security with no stated maturity date.

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Notes to financial statements

Ivy Funds

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

=	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 March 31, 2024. 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 year ended March 31, 2024, 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	$	338,697,816	$	—	$	427,325,330	$	—
Delaware International Equity Fund II		129,211,726		—		169,073,928		—
Delaware Ivy Core Bond Fund		82,051,933		295,066,805		192,580,474		304,553,671
Delaware Ivy Core Equity Fund		1,172,755,899		—		1,612,181,709		—
Delaware Ivy Global Bond Fund		534,264,830		258,863,555		537,601,446		217,438,127
Delaware Ivy Global Growth Fund		238,336,863		—		345,914,920		—
Delaware Ivy High Income Fund		720,805,136		—		944,716,381		—
Delaware Ivy International Core Equity Fund		539,607,362		—		723,906,950		—
Delaware Ivy Large Cap Growth Fund		532,835,652		—		600,308,194		—
Delaware Ivy Managed International Opportunities Fund		10,379,167		—		51,901,496		—
Delaware Ivy Mid Cap Growth Fund		1,589,449,491		—		2,049,059,209		—
Delaware Ivy Mid Cap Income Opportunities Fund		198,188,980		—		505,003,069		—
Delaware Ivy Small Cap Growth Fund		766,407,760		—		1,127,509,464		—
Delaware Ivy Smid Cap Core Fund		42,850,737		—		111,739,551		—
Delaware Ivy Systematic Emerging Markets Equity Fund		244,150,844		—		455,784,434		—
Delaware Ivy Value Fund		181,705,512		—		438,518,653		—

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The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes 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	$	227,418,802	$	40,965,690	$	(7,911,300	)	$	33,054,390
Delaware International Equity Fund II		80,652,982		13,263,487		(4,387,024	)		8,876,463
Delaware Ivy Core Bond Fund		344,258,522		3,574,759		(15,658,484	)		(12,083,725	)
Delaware Ivy Core Equity Fund		1,958,009,290		1,805,227,034		(29,046,199	)		1,776,180,835
Delaware Ivy Global Bond Fund		464,204,616		9,098,975		(11,451,835	)		(2,352,860	)
Delaware Ivy Global Growth Fund		364,458,692		196,324,578		(16,582,913	)		179,741,665
Delaware Ivy High Income Fund		2,716,477,296		90,456,889		(420,987,883	)		(330,530,994	)
Delaware Ivy International Core Equity Fund		1,027,309,922		361,018,897		(89,490,092	)		271,528,805
Delaware Ivy Large Cap Growth Fund		2,724,289,077		4,063,948,062		(18,966,666	)		4,044,981,396
Delaware Ivy Managed International Opportunities Fund		32,277,347		12,315,867		(2,989,030	)		9,326,837
Delaware Ivy Mid Cap Growth Fund		4,288,844,153		2,212,744,874		(248,697,307	)		1,964,047,567
Delaware Ivy Mid Cap Income Opportunities Fund		785,687,642		404,407,038		(19,812,173	)		384,594,865
Delaware Ivy Small Cap Growth Fund		1,073,374,813		365,687,228		(54,458,919	)		311,228,309
Delaware Ivy Smid Cap Core Fund		284,276,099		80,219,096		(24,110,771	)		56,108,325
Delaware Ivy Systematic Emerging Markets Equity Fund		626,223,772		211,477,863		(79,145,660	)		132,332,203
Delaware Ivy Value Fund		432,244,430		64,752,272		(7,051,948	)		57,700,324

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)

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Ivy Funds

3. Investments (continued)

comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2024:

	Delaware Global Equity Fund II
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks
Austria	$	2,466,866	$	—	$	2,466,866
Brazil		6,362,519		—		6,362,519
Canada		10,909,908		—		10,909,908
China		4,408,795		—		4,408,795
Denmark		—		4,018,304		4,018,304
France		19,442,362		—		19,442,362
Germany		7,991,411		—		7,991,411
India		4,760,561		—		4,760,561
Japan		15,972,424		—		15,972,424
Netherlands		6,594,657		—		6,594,657
Switzerland		6,088,356		—		6,088,356
Taiwan		8,289,799		—		8,289,799
United Kingdom		9,374,535		—		9,374,535
United States		152,381,884		—		152,381,884
Short-Term Investments		1,436,286		—		1,436,286
Total Value of Securities	$	256,480,363	$	4,018,304	$	260,498,667

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	Delaware International Equity Fund II
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks
Austria	$	1,235,221	$	—	$	1,235,221
Brazil		2,802,424		—		2,802,424
Canada		3,300,876		—		3,300,876
China		2,112,456		—		2,112,456
Denmark		—		3,681,412		3,681,412
Finland		9,955		—		9,955
France		15,068,221		—		15,068,221
Germany		9,725,447		—		9,725,447
India		2,709,431		—		2,709,431
Ireland		717,925		—		717,925
Japan		13,266,776		—		13,266,776
Netherlands		7,251,452		—		7,251,452
Republic of Korea		1,567,357		—		1,567,357
Singapore		526,734		—		526,734
Spain		2,471,001		—		2,471,001
Switzerland		4,877,368		—		4,877,368
Taiwan		2,905,484		—		2,905,484
United Kingdom		9,463,123		—		9,463,123
United States		5,020,723		—		5,020,723
Preferred Stock		832,311		—		832,311
Total Value of Securities	$	85,864,285	$	3,681,412	$	89,545,697

	Delaware Ivy Core Bond Fund
	Level 1		Level 2		Level 3			Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	636,529	$	—	¹	$	636,529
Agency Mortgage-Backed Securities		—		94,676,004		—			94,676,004
Collateralized Debt Obligations		—		9,290,557		—			9,290,557
Corporate Bonds		—		120,626,341		—			120,626,341
Government Agency Obligations		—		2,898,661		—			2,898,661
Municipal Bonds		—		4,254,536		—			4,254,536
Non-Agency Asset-Backed Securities		—		19,656,621		—			19,656,621
Non-Agency Collateralized Mortgage Obligations		—		12,312,224		—			12,312,224
Non-Agency Commercial Mortgage-Backed Securities		—		25,279,222		—			25,279,222
Sovereign Bonds		—		3,212,715		—			3,212,715
US Treasury Obligations		—		37,314,812		—			37,314,812
Short-Term Investments		1,987,839		—		—			1,987,839
Total Value of Securities	$	1,987,839	$	330,158,222	$	—		$	332,146,061

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Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy Core Bond Fund
	Level 1			Level 2			Level 3		Total
Derivatives²
Assets:
Futures Contracts	$	170,396		$	—		$	—	$	170,396
Liabilities:
Centrally Cleared Credit Default Swap Contracts	$	—		$	(83,501	)	$	—	$	(83,501	)
Futures Contracts		(57,105	)		—			—		(57,105	)

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

²Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

	Delaware Ivy
	Core Equity
	Fund
	Level 1
Securities
Assets:
Common Stocks	$	3,730,083,460
Short-Term Investments		4,106,665
Total Value of Securities	$	3,734,190,125

	Delaware Ivy Global Bond Fund
	Level 1		Level 2			Total
Securities
Assets:
Agency Mortgage-Backed Securities	$	—	$	59,598,934		$	59,598,934
Corporate Bonds		—		159,662,643			159,662,643
Government Agency Obligations		—		12,055,734			12,055,734
Sovereign Bonds		—		129,610,031			129,610,031
Supranational Banks		—		5,366,350			5,366,350
US Treasury Obligations		—		80,179,413			80,179,413
Options Purchased		—		17,869			17,869
Short-Term Investments		16,742,032		—			16,742,032
Total Value of Securities Before Options Written	$	16,742,032	$	446,490,974		$	463,233,006
Liabilities:
Options Written	$	—	$	(7,374	)	$	(7,374	)

Derivatives¹
Assets:
Centrally Cleared Interest Rate Swap Contracts	$	—	$	230,193		$	230,193

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	Delaware Ivy Global Bond Fund
	Level 1			Level 2			Total
Forward Foreign Currency Exchange Contracts	$	—		$	149,003		$	149,003
Futures Contracts		563,749			—			563,749
Liabilities:
Centrally Cleared Interest Rate Swap Contracts	$	—		$	(3,688	)	$	(3,688	)
Forward Foreign Currency Exchange Contracts		—			(901,947	)		(901,947	)
Futures Contracts		(1,535,525	)		—			(1,535,525	)
Over-The-Counter Credit Default Swap Contracts		—			(155,381	)		(155,381	)

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

	Delaware Ivy Global Growth Fund
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks
Austria	$	6,729,937	$	—	$	6,729,937
Brazil		7,762,620		—		7,762,620
Canada		7,188,504		—		7,188,504
China		6,941,599		—		6,941,599
Denmark		—		7,617,147		7,617,147
France		43,310,796		—		43,310,796
Germany		15,541,327		—		15,541,327
India		18,974,184		—		18,974,184
Italy		8,757,643		—		8,757,643
Japan		19,879,808		—		19,879,808
Netherlands		11,762,987		—		11,762,987
Republic of Korea		6,020,082		—		6,020,082
Singapore		2,861,347		—		2,861,347
Taiwan		15,594,576		—		15,594,576
United Kingdom		7,647,793		—		7,647,793
United States		350,699,851		—		350,699,851
Preferred Stock		3,905,252		—		3,905,252
Short-Term Investments		3,829,128		—		3,829,128
Total Value of Securities	$	537,407,434	$	7,617,147	$	545,024,581

	Delaware Ivy High Income Fund
	Level 1		Level 2		Level 3			Total
Securities
Assets:
Common Stocks
Basic Industry	$	—	$	—	$	20,701,917		$	20,701,917
Consumer Goods		—		—		—	¹		—
Energy		—		—		606,746			606,746
Financial Services		—		—		20,707,528			20,707,528
Leisure		39,251,097		—		—			39,251,097

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Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy High Income Fund
	Level 1		Level 2		Level 3		Total
Retail	$	—	$	—	$	12,513,477	$	12,513,477
Utilities		—		—		214,011		214,011
Convertible Bond		—		—		60,940,343		60,940,343
Corporate Bonds		—		1,903,259,946		—		1,903,259,946
Loan Agreements		—		268,382,077		—		268,382,077
Preferred Stock		—		—		2,050,430		2,050,430
Warrants		787,661		—		—		787,661
Short-Term Investments		56,531,070		—		—		56,531,070
Total Value of Securities	$	96,569,828	$	2,171,642,023	$	117,734,452	$	2,385,946,303

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
Austria	$	22,107,725	$	—	$	22,107,725
Brazil		70,503,613		—		70,503,613
Canada		37,548,270		—		37,548,270
China		53,445,550		—		53,445,550
Denmark		—		52,765,569		52,765,569
France		195,559,849		—		195,559,849
Germany		139,169,076		—		139,169,076
India		92,084,508		—		92,084,508
Ireland		28,074,420		—		28,074,420
Japan		159,895,838		—		159,895,838
Netherlands		101,261,837		—		101,261,837
Republic of Korea		60,323,523		—		60,323,523
Singapore		12,017,989		—		12,017,989
Spain		36,011,290		—		36,011,290
Switzerland		32,545,769		—		32,545,769
Taiwan		47,696,814		—		47,696,814
United Kingdom		55,468,822		—		55,468,822
United States		66,472,244		—		66,472,244
Preferred Stocks		33,411,605		—		33,411,605
Short-Term Investments		5,540,502		—		5,540,502
Total Value of Securities	$	1,249,139,244	$	52,765,569	$	1,301,904,813

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	Delaware Ivy Large Cap Growth Fund
	Level 1
Securities
Assets:
Common Stocks	$	6,769,270,473


	Delaware Ivy Managed International Opportunities Fund
	Level 1
Securities
Assets:
Affiliated Mutual Funds	$	41,392,405
Short-Term Investments		211,780
Total Value of Securities	$	41,604,185


	Delaware Ivy Mid Cap Growth Fund
	Level 1
Securities
Assets:
Common Stocks	$	6,148,935,152
Short-Term Investments		103,956,567
Total Value of Securities	$	6,252,891,719


	Delaware Ivy Mid Cap Income Opportunities Fund
	Level 1
Securities
Assets:
Common Stocks	$	1,158,322,605
Short-Term Investments		11,959,902
Total Value of Securities	$	1,170,282,507

309

Table of Contents

Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy Small Cap Growth Fund
	Level 1
Securities
Assets:
Common Stocks	$	1,378,114,063
Short-Term Investments		6,489,058
Total Value of Securities	$	1,384,603,121

	Delaware Ivy Smid Cap Core Fund
	Level 1		Level 3		Total
Securities
Assets:
Common Stocks
Basic Materials	$	29,692,284	$	—	$	29,692,284
Business Services		17,104,908		—		17,104,908
Capital Goods		39,800,594		—		39,800,594
Consumer Discretionary		17,484,042		—		17,484,042
Consumer Services		8,165,811		—		8,165,811
Consumer Staples		10,173,785		—		10,173,785
Credit Cyclicals		11,136,077		—		11,136,077
Energy		16,849,576		—		16,849,576
Financials		45,524,806		—		45,524,806
Healthcare		46,079,959		—1		46,079,959
Media		5,712,224		—		5,712,224
Real Estate Investment Trusts		20,659,544		—		20,659,544
Technology		48,411,727		—		48,411,727
Transportation		12,200,817		—		12,200,817
Utilities		5,133,508		—		5,133,508
Short-Term Investments		6,254,762		—		6,254,762
Total Value of Securities	$	340,384,424	$	—	$	340,384,424

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 Systematic Emerging Markets Equity Fund
	Level 1		Level 3			Total
Securities
Assets:
Common Stocks
Communication Services	$	77,068,594	$	—		$	77,068,594
Consumer Discretionary		121,219,427		—			121,219,427
Consumer Staples		49,704,962		—	¹		49,704,962
Energy		48,682,323		—	¹		48,682,323
Financials		176,375,878		—	^1,2		176,375,878

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	Delaware Ivy Systematic Emerging Markets Equity Fund
	Level 1		Level 3			Total
Healthcare	$	2,408,755	$	—		$	2,408,755
Industrials		26,492,483		—			26,492,483
Information Technology		229,120,293		—			229,120,293
Materials		14,950,565		—			14,950,565
Real Estate		5,263,606		—	²		5,263,606
Preferred Stock		7,724,750		—			7,724,750
Short-Term Investments		5,333,005		—			5,333,005
Total Value of Securities	$	764,344,641	$	—		$	764,344,641

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 security for which Management has determined include significant unobservable inputs as of March 31, 2024.

	Delaware Ivy Value Fund
	Level 1
Securities
Assets:
Common Stocks	$	477,601,612
Short-Term Investments		12,343,142
Total Value of Securities	$	489,944,754

During the year ended March 31, 2024, 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 year.

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 year 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 Core Bond Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Delaware Ivy Core Bond Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the end of the year. As of March 31, 2024, Delaware Global Equity Fund II, Delaware International Equity Fund II, Delaware Ivy Core Equity Fund, Delaware Ivy Global Bond 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, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, and Delaware Ivy Value Fund had no level 3 investments.

311

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Notes to financial statements

Ivy Funds

3. Investments (continued)

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

	Convertible Bond		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
Restructure of security		58,691,628		(58,691,628	)		—			—		—
Corporate actions		959,402		—			—			—		959,402
Sales		—		(7,293,000	)		(7,002,215	)		—		(14,295,215	)
Net realized gain (loss)		—		7,293,000			1,920,962			—		9,213,962
Amortization		167,711		—			—			—		167,711
Return of capital		—		—			(3,645,000	)		—		(3,645,000	)
Net change in unrealized appreciation (depreciation)		1,121,602		—			5,740,571			—		6,862,173
Balance as of 3/31/24	$	60,940,343	$	—		$	54,743,679		$	2,050,430	$	117,734,452
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 3/31/24	$	1,121,602	$	—		$	7,735,353		$	—	$	8,856,955

When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/ dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

Assets	Value		Valuation Techniques	Unobservable Inputs	Input Value
Common Stocks	$	214,011	Liquidation approach	Liquidity discount	10%
Common Stocks		12,513,477	Market approach	EV/Revenue multiple	0.41x
				EV/EBITDA multiple	6.71x
Common Stocks		20,694,501	Market approach	EV/Revenue multiple	0.90x
				EV/EBITDA multiple	2.56x
Common Stocks		20,707,528	Market approach	Control premium	20%
Common Stocks		600,075	Market approach	Sum of parts (Adjusted book value)	N/A
Common Stocks		6,671	Net asset value / liquidation	Adjusted net asset value	$14.1 million
Convertible Bond		60,940,343	Market approach	Control premium	20%
Preferred Stock		2,050,430	Market approach	EV/Revenue multiple	0.41x
				EV/EBITDA multiple	6.71x

Level 3 securities with a total value of $7,416 have been valued using third party pricing information without adjustment and are excluded from the table above.

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4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2024 and 2023 were as follows:

	Ordinary income		Long-term capital gains		Return of capital		Total
Year ended March 31, 2024:
Delaware Global Equity Fund II	$	4,981,701	$	—	$	—	$	4,981,701
Delaware International Equity Fund II		1,418,544		—		—		1,418,544
Delaware Ivy Core Bond Fund		17,958,247		—		—		17,958,247
Delaware Ivy Core Equity Fund		25,528,185		346,381,919		—		371,910,104
Delaware Ivy Global Bond Fund		16,516,146		—		—		16,516,146
Delaware Ivy Global Growth Fund		3,186,483		25,726,050		—		28,912,533
Delaware Ivy High Income Fund		177,689,185		—		—		177,689,185
Delaware Ivy International Core Equity Fund		34,887,279		—		—		34,887,279
Delaware Ivy Large Cap Growth Fund		—		178,156,110		—		178,156,110
Delaware Ivy Managed International Opportunities Fund		1,630,868		—		—		1,630,868
Delaware Ivy Mid Cap Growth Fund		—		346,310,618		—		346,310,618
Delaware Ivy Mid Cap Income Opportunities Fund		23,249,827		38,797,197		—		62,047,024
Delaware Ivy Small Cap Growth Fund		—		54,912,934		—		54,912,934
Delaware Ivy Smid Cap Core Fund		2,294,747		—		221,937		2,516,684
Delaware Ivy Systematic Emerging Markets Equity Fund		25,724,264		—		—		25,724,264
Delaware Ivy Value Fund		8,915,709		136,501,172		—		145,416,881

Year ended March 31, 2023:
Delaware Global Equity Fund II		22,649,837		114,745,645		—		137,395,482
Delaware International Equity Fund II		2,024,961		9,275,416		—		11,300,377
Delaware Ivy Core Bond Fund		19,495,262		—		—		19,495,262
Delaware Ivy Core Equity Fund		15,564,921		419,618,950		—		435,183,871
Delaware Ivy Global Bond Fund		13,975,951		—		—		13,975,951
Delaware Ivy Global Growth Fund		266,255		255,038,090		—		255,304,345
Delaware Ivy High Income Fund		207,506,677		—		—		207,506,677
Delaware Ivy International Core Equity Fund		13,136,426		—		—		13,136,426
Delaware Ivy Large Cap Growth Fund		29,826,075		431,832,898		—		461,658,973
Delaware Ivy Managed International Opportunities Fund		3,178		11,405,075		—		11,408,253
Delaware Ivy Mid Cap Growth Fund		—		536,444,250		—		536,444,250
Delaware Ivy Mid Cap Income Opportunities Fund		34,260,987		23,771,318		—		58,032,305
Delaware Ivy Small Cap Growth Fund		—		65,188,713		—		65,188,713
Delaware Ivy Smid Cap Core Fund		1,270,514		83,792,388		—		85,062,902
Delaware Ivy Systematic Emerging Markets Equity Fund		10,423,187		108,370,040		—		118,793,227
Delaware Ivy Value Fund		46,307,593		165,681,156		—		211,988,749

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Notes to financial statements

Ivy Funds

5. Components of Net Assets on a Tax Basis

As of March 31, 2024, the components of net assets on a tax basis were as follows:

	Delaware Global Equity Fund II			Delaware International Equity Fund II			Delaware Ivy Core Bond Fund			Delaware Ivy Core Equity Fund
Shares of beneficial interest	$	250,440,722		$	104,294,845		$	449,293,920		$	1,805,479,142
Undistributed ordinary income		—			1,371,033			732,263			23,920,755
Undistributed long-term capital gains		—			—			—			125,865,723
Qualified late year loss deferrals		(18,075	)		—			—			—
Distributions payable		—			—			(6,932	)		—
Capital loss carryforwards		(21,081,593	)		(22,963,264	)		(101,575,699	)		—
Deferred directors fees		(55,273	)		(26,369	)		(25,379	)		(348,700	)
Unamortized organizational costs		(918	)		—			—			—
Unrealized appreciation (depreciation) of investments,foreign currencies and derivatives		33,054,390			8,876,463			(12,083,725	)		1,776,180,835
Net assets	$	262,339,253		$	91,552,708		$	336,334,448		$	3,731,097,755

	Delaware Ivy Global Bond Fund			Delaware Ivy Global Growth Fund			Delaware Ivy High Income Fund			Delaware Ivy International Core Equity Fund
Shares of beneficial interest	$	588,231,687		$	339,985,782		$	4,374,470,427		$	1,108,036,118
Undistributed ordinary income		—			5,399,310			—			6,045,929
Undistributed long-term capital gains		—			18,166,231			—			—
Qualified late year loss deferrals		(164,692	)		—			—			—
Distributions payable		—			—			(205,250	)		—
Capital loss carryforwards		(103,628,158	)		—			(1,665,947,647	)		(56,252,416	)
Deferred directors fees		(47,856	)		(79,301	)		(189,068	)		(87,307	)
Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives		(2,352,860	)		179,741,665			(330,530,994	)		271,528,805
Net assets	$	482,038,121		$	543,213,687		$	2,377,597,468		$	1,329,271,129

	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
Shares of beneficial interest	$	2,626,778,586		$	27,051,744		$	4,150,041,492		$	753,242,275
Undistributed ordinary income		2,584,546			565,554			—			620,892
Undistributed long-term capital gains		130,186,686			4,686,784			137,867,334			33,990,739
Qualified late year loss deferrals		—			—			(5,875,261	)		—
Deferred directors fees		(197,160	)		(4,763	)		(168,096	)		(5,571	)
Unamortized organizational costs		—			—			—			(9,171	)
Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives		4,044,981,396			9,326,837			1,964,047,567			384,594,865
Net assets	$	6,804,334,054		$	41,626,156		$	6,245,913,036		$	1,172,434,029

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	Delaware Ivy Small Cap Growth Fund			Delaware Ivy Smid Cap Core Fund			Delaware Ivy Systematic Emerging Markets Equity Fund			Delaware Ivy Value Fund
Shares of beneficial interest	$	1,015,792,723		$	289,028,387		$	650,221,880		$	440,072,078
Undistributed ordinary income		4,263,093			—			13,049,415			—
Undistributed long-term capital gains		55,250,064			—			—			—
Capital loss carryforwards		—			(5,395,859	)		(34,543,679	)		(6,075,845	)
Deferred directors fees		(117,647	)		(12,958	)		(32,015	)		(52,523	)
Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives		311,228,309			56,108,325			132,332,203			57,700,324
Net assets	$	1,386,416,542		$	339,727,895		$	761,027,804		$	491,644,034

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral of losses on straddles, mark-to-market of forward foreign currency exchange contracts, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, partnership interest and investment held with the wholly-owned subsidiary.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2024 through March 31, 2024 and November 1, 2023 through March 31, 2024, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to write-off of net operating losses, tax treatment of partnerships, gain (loss) on foreign currency transactions, fund level overdistributions, swap contracts, earnings and profits distributed to shareholders on the redemption of shares, paydown gains (losses) of asset- and mortgage-backed securities, realized gain on passive foreign investment companies, foreign capital gains taxes and non-deductible tax liabilities. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2024, the Funds recorded the following reclassifications:

	Paid-in capital			Total distributable earnings (loss)
Delaware Global Equity Fund II	$	(157,646	)		157,646
Delaware Ivy High Income Fund		(14,834,338	)		14,834,338
Delaware Ivy International Core Equity Fund		(519,011	)		519,011
Delaware Ivy Mid Cap Growth Fund		(17,289,464	)		17,289,464
Delaware Ivy Value Fund		(199,926	)		199,926

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 Large Cap Growth Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund did not have any reclassifications for the year ended March 31, 2024.

315

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Notes to financial statements

Ivy Funds

5. Components of Net Assets on a Tax Basis (continued)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2024, the Funds utilized the following capital loss carryforwards:

Delaware Ivy International Core Equity Fund	$	5,207,277
Delaware Ivy Managed International Opportunities Fund		141,418
Delaware Ivy Smid Cap Core Fund		5,725,135

At March 31, 2024, capital loss carryforwards available to offset future realized capital gains are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Global Equity Fund II	$	15,278,507	$	5,803,086	$	21,081,593
Delaware International Equity Fund II		12,422,743		10,540,521		22,963,264
Delaware Ivy Core Bond Fund		46,410,981		55,164,718		101,575,699
Delaware Ivy Global Bond Fund		56,681,406		46,946,752		103,628,158
Delaware Ivy High Income Fund		243,659,795		1,422,287,852		1,665,947,647
Delaware Ivy International Core Equity Fund		56,252,416		—		56,252,416
Delaware Ivy Smid Cap Core Fund		5,395,859		—		5,395,859
Delaware Ivy Systematic Emerging Markets Equity Fund		34,543,679		—		34,543,679
Delaware Ivy Value Fund		6,075,845		—		6,075,845

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6. Capital Shares

Transactions in capital shares were as follows:

	Delaware Global Equity Fund II						Delaware International Equity Fund II						Delaware Ivy Core Bond Fund
	Year ended						Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23			3/31/24			3/31/23
Shares sold:
Class A		801,526			946,030			108,992			102,325			1,883,610			2,118,999
Class C		31,360			39,759			3,667			2,289			54,828			80,032
Class E¹		—			2,825			—			—			—			11,585
Class I		1,689,107			1,644,621			433,636			941,585			3,290,442			5,143,104
Class R		667			2,735			17,535			9,690			5,628			9,618
Class R6		50,550			37,951			243,896			554,556			410,963			1,450,072
Class Y		12,800			20,578			3,260			4,050			74,099			84,790

Shares issued upon reinvestment of dividends and distributions:
Class A		365,169			10,772,445			35,242			300,241			592,845			501,672
Class C		2,539			185,306			186			3,884			12,799			11,802
Class E¹		—			2,617			—			—			—			1,449
Class I		212,297			6,753,797			17,344			232,408			1,013,661			1,213,398
Class R		104			2,923			568			260			4,037			2,780
Class R6		3,042			493,195			40,155			284,118			322,767			336,877
Class Y		2,512			61,990			676			5,046			22,480			18,883
		3,171,673			20,966,772			905,157			2,440,452			7,688,159			10,985,061

Shares redeemed:
Class A		(6,236,789	)		(7,899,675	)		(641,253	)		(814,900	)		(3,864,971	)		(5,686,132	)
Class C		(120,139	)		(302,897	)		(10,131	)		(19,449	)		(214,567	)		(287,802	)
Class E¹		—			(377,166	)		—			—			—			(424,744	)
Class I		(7,157,154	)		(9,971,917	)		(1,804,445	)		(2,486,241	)		(14,766,515	)		(28,061,535	)
Class R		(389	)		(1,129	)		(3,301	)		(1,398	)		(2,575	)		(2,089	)
Class R6		(42,943	)		(1,511,438	)		(1,045,027	)		(1,801,114	)		(2,390,681	)		(8,359,920	)
Class Y		(47,807	)		(34,411	)		(14,714	)		(20,323	)		(88,382	)		(187,306	)
		(13,605,221	)		(20,098,633	)		(3,518,871	)		(5,143,425	)		(21,327,691	)		(43,009,528	)
Net increase (decrease)		(10,433,548	)		868,139			(2,613,714	)		(2,702,973	)		(13,639,532	)		(32,024,467	)

317

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Notes to financial statements

Ivy Funds

6. Capital Shares (continued)

	Delaware Ivy Core Equity Fund						Delaware Ivy Global Bond Fund						Delaware Ivy Global Growth Fund
	Year ended						Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23			3/31/24			3/31/23
Shares sold:
Class A		4,618,905			5,664,102			952,264			971,840			399,382			250,983
Class C		328,467			260,572			42,553			96,205			13,482			9,764
Class E¹		—			30,338			—			—			—			—
Class I		6,348,871			9,719,353			10,793,272			8,670,881			787,848			1,190,101
Class R		615			5,696			15,720			13,813			511			700
Class R6		1,342,371			707,512			6,170,536			3,035,570			351,120			36,838
Class Y		149,018			85,056			68,144			137,530			7,827			3,435

Shares issued upon reinvestment of dividends and distributions:
Class A		19,372,670			24,210,173			385,638			419,165			602,684			5,420,865
Class C		233,844			277,116			5,725			7,359			10,789			78,369
Class I		3,616,051			4,808,986			771,548			610,925			289,638			3,246,704
Class R		931			1,215			996			820			1,422			11,773
Class R6		316,814			304,066			672,010			495,984			4,838			29,549
Class Y		151,484			175,581			7,508			2,896			3,122			22,487
		36,480,041			46,249,766			19,885,914			14,462,988			2,472,663			10,301,568

Shares redeemed:
Class A		(32,870,315	)		(43,823,230	)		(3,040,969	)		(4,834,589	)		(2,371,970	)		(3,188,523	)
Class C		(651,031	)		(913,362	)		(153,562	)		(174,702	)		(38,959	)		(51,054	)
Class E¹		—			(1,065,074	)		—			—			—			—
Class I		(15,798,253	)		(22,780,577	)		(8,266,748	)		(10,264,231	)		(2,594,218	)		(4,873,426	)
Class R		(7,976	)		(2,809	)		(7,563	)		(13,483	)		(4,061	)		(2,921	)
Class R6		(1,055,599	)		(2,567,325	)		(2,711,717	)		(3,962,500	)		(50,040	)		(19,534	)
Class Y		(244,028	)		(236,161	)		(63,829	)		(25,824	)		(7,859	)		(11,824	)
		(50,627,202	)		(71,388,538	)		(14,244,388	)		(19,275,329	)		(5,067,107	)		(8,147,282	)
Net increase (decrease)		(14,147,161	)		(25,138,772	)		5,641,526			(4,812,341	)		(2,594,444	)		2,154,286

318

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	Delaware Ivy High Income Fund						Delaware Ivy International Core Equity Fund						Delaware Ivy Large Cap Growth Fund
	Year ended						Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23			3/31/24			3/31/23
Shares sold:
Class A		15,705,268			21,521,185			1,778,021			1,715,939			5,731,399			6,997,654
Class C		1,623,841			1,956,685			106,988			68,725			927,521			474,476
Class E¹		—			11,753			—			3,809			—			18,523
Class I		45,776,972			61,354,987			6,539,054			6,880,534			35,747,035			50,607,900
Class R		265,948			173,192			82,605			117,834			812,035			114,906
Class R6		2,671,246			3,616,197			2,583,610			1,685,375			4,325,811			3,891,542
Class Y		4,370,920			5,039,853			331,181			368,862			387,095			110,683

Shares issued upon reinvestment of dividends and distributions:
Class A		13,665,816			15,755,345			348,815			125,330			2,450,339			9,751,628
Class C		1,380,473			1,813,001			23,247			3,188			120,396			411,826
Class E¹		—			13,889			—			—			—			—
Class I		12,861,237			14,655,833			918,553			428,628			3,000,727			7,668,405
Class R		393,808			451,171			46,130			14,084			38,360			49,102
Class R6		637,836			731,120			345,646			146,053			188,121			584,623
Class Y		717,805			890,874			50,833			19,975			28,365			108,299
		100,071,170			127,985,085			13,154,683			11,578,336			53,757,204			80,789,567

Shares redeemed:
Class A		(50,704,568	)		(67,831,222	)		(2,953,227	)		(4,288,005	)		(15,166,880	)		(23,343,189	)
Class C		(8,732,708	)		(12,602,999	)		(866,781	)		(1,096,662	)		(853,507	)		(1,116,503	)
Class E¹		—			(1,253,077	)		—			(392,689	)		—			(1,121,521	)
Class I		(68,444,869	)		(115,686,036	)		(12,776,814	)		(22,500,038	)		(31,010,207	)		(37,526,076	)
Class R		(1,117,737	)		(1,408,491	)		(410,956	)		(418,535	)		(167,584	)		(131,160	)
Class R6		(4,740,568	)		(3,789,604	)		(4,196,054	)		(7,012,615	)		(2,546,655	)		(2,723,715	)
Class Y		(7,533,038	)		(9,059,782	)		(713,811	)		(791,830	)		(406,855	)		(384,633	)
		(141,273,488	)		(211,631,211	)		(21,917,643	)		(36,500,374	)		(50,151,688	)		(66,346,797	)
Net increase (decrease)		(41,202,318	)		(83,646,126	)		(8,762,960	)		(24,922,038	)		3,605,516			14,442,770

319

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Notes to financial statements

Ivy Funds

6. Capital Shares (continued)

	Delaware Ivy Managed International Opportunities Fund						Delaware Ivy Mid Cap Growth Fund						Delaware Ivy Mid Cap Income Opportunities Fund
	Year ended						Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23			3/31/24			3/31/23
Shares sold:
Class A		116,130			209,633			3,853,493			4,472,771			615,484			2,277,685
Class C		3,153			5,620			432,653			403,369			64,574			141,366
Class E¹		—			—			—			7,521			—			—
Class I		528,942			1,152,757			20,650,986			27,392,818			9,403,939			15,027,963
Class R		1,816			1,810			353,202			356,176			659,487			7,179
Class R6		80			6,085			12,847,432			13,069,664			1,130,445			1,707,628
Class Y		36			295			1,205,789			1,100,761			250,217			111,122

Shares issued upon reinvestment of dividends and distributions:
Class A		80,956			590,861			3,863,763			6,500,367			479,882			371,379
Class C		752			9,918			337,475			589,436			48,091			34,686
Class I		91,057			710,336			5,624,465			8,704,362			2,564,914			2,585,954
Class R		309			1,323			165,346			260,919			29,577			2,115
Class R6		141			1,464			2,318,269			2,674,744			267,127			220,268
Class Y		220			1,520			500,143			778,557			39,240			24,819
		823,592			2,691,622			52,153,016			66,311,465			15,552,977			22,512,164

Shares redeemed:
Class A		(1,800,778	)		(1,457,615	)		(13,258,007	)		(17,227,391	)		(2,646,023	)		(2,763,164	)
Class C		(37,523	)		(32,065	)		(1,282,570	)		(1,953,603	)		(334,919	)		(454,679	)
Class E¹		—			—			—			(625,672	)		—			—
Class I		(3,222,044	)		(4,618,409	)		(29,124,818	)		(37,826,781	)		(25,691,849	)		(34,208,643	)
Class R		(2	)		(3	)		(837,471	)		(667,231	)		(86,889	)		(8,021	)
Class R6		(6,950	)		(6,617	)		(10,671,599	)		(7,734,193	)		(1,681,502	)		(2,758,059	)
Class Y		(2,093	)		(3,426	)		(2,206,360	)		(2,165,158	)		(208,109	)		(947,318	)
		(5,069,390	)		(6,118,135	)		(57,380,825	)		(68,200,029	)		(30,649,291	)		(41,139,884	)
Net decrease		(4,245,798	)		(3,426,513	)		(5,227,809	)		(1,888,564	)		(15,096,314	)		(18,627,720	)

320

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	Delaware Ivy Small Cap Growth Fund						Delaware Ivy Smid Cap Core Fund						Delaware Ivy Systematic Emerging Markets Equity Fund
	Year ended						Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23			3/31/24			3/31/23
Shares sold:
Class A		2,619,833			3,551,182			820,792			930,462			751,326			726,610
Class C		205,904			273,918			96,067			83,983			53,843			73,840
Class E¹		—			11,061			—			—			—			—
Class I		5,285,925			7,754,908			1,369,882			2,630,478			3,900,466			8,492,067
Class R		335,919			348,740			208,225			112,367			56,410			83,272
Class R6		2,037,627			1,450,957			363,227			422,747			1,182,942			1,254,874
Class Y		392,923			477,499			53,236			60,447			404,902			644,276

Shares issued upon reinvestment of dividends and distributions:
Class A		2,613,631			3,257,801			58,992			2,046,136			288,725			1,418,172
Class C		231,085			305,543			6,837			384,714			40,304			274,998
Class I		754,848			921,867			63,216			2,438,040			773,725			3,537,690
Class R		205,596			222,179			8,139			345,269			9,875			44,025
Class R6		245,182			263,723			19,271			809,901			229,152			1,140,114
Class Y		99,864			153,711			2,144			69,584			44,926			46,353
		15,028,337			18,993,089			3,070,028			10,334,128			7,736,596			17,736,291

Shares redeemed:
Class A		(13,754,232	)		(19,599,553	)		(2,031,718	)		(2,716,861	)		(2,845,770	)		(3,510,339	)
Class C		(1,159,017	)		(1,654,505	)		(392,729	)		(406,980	)		(620,635	)		(783,935	)
Class E¹		—			(946,425	)		—			—			—			—
Class I		(13,722,907	)		(18,281,878	)		(4,026,804	)		(9,983,238	)		(11,742,505	)		(21,732,308	)
Class R		(766,891	)		(732,333	)		(252,861	)		(290,777	)		(98,730	)		(111,439	)
Class R6		(2,445,309	)		(2,537,411	)		(758,487	)		(2,602,096	)		(3,185,553	)		(5,279,853	)
Class Y		(2,950,795	)		(1,159,136	)		(92,569	)		(170,622	)		(584,309	)		(412,328	)
		(34,799,151	)		(44,911,241	)		(7,555,168	)		(16,170,574	)		(19,077,502	)		(31,830,202	)
Net decrease		(19,770,814	)		(25,918,152	)		(4,485,140	)		(5,836,446	)		(11,340,906	)		(14,093,911	)

321

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Notes to financial statements

Ivy Funds

6. Capital Shares (continued)

	Delaware Ivy
	Value Fund
	Year ended
		3/31/24		3/31/23
Shares sold:
Class A		947,340		2,443,219
Class C		51,834		155,737
Class I		2,572,653		6,223,766
Class R		84		276
Class R6		16,776		347,447
Class Y		102,925		1,202

Shares issued upon reinvestment of dividends and distributions:
Class A		4,263,308		2,997,298
Class C		96,325		64,817
Class I		4,380,242		6,217,698
Class R		93		171
Class R6		28,788		526,918
Class Y		18,878		755
		12,479,246		18,979,304

Shares redeemed:
Class A		(5,859,735	)	(4,960,038	)
Class C		(165,151	)	(160,441	)
Class I		(10,743,584	)	(29,885,797	)
Class R		(747	)	(3	)
Class R6		(149,015	)	(5,214,751	)
Class Y		(121,267	)	(1,728	)
		(17,039,499	)	(40,222,758	)
Net decrease		(4,560,253	)	(21,243,454	)

¹On 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 in shares sold and shares redeemed in the tables above and on the previous pages and on the “Statements of changes in net assets.” For the years ended March 31, 2024 and 2023, each Fund had the following exchange transactions:

	Year ended March 31, 2024						Year ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Delaware Global Equity Fund II					$	279,180					$	3,295,720
Class A		10,426		23,603				271,660		35,662
Class C		19,732		—				34,073		—
Class I		4,091		9,614				6,751		271,328
Class R6		—		766				—		4,638
Delaware International Equity Fund II					$	21,569					$	600,836
Class A		431		1,020				37,159		3,183

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	Year ended March 31, 2024						Year ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Class C		1,126		—				2,944		—
Class I		—		415				619		35,958
Class R6		—		—				—		148
Delaware Ivy Core Bond Fund					$	121,419					$	2,900,691
Class A		1,690		11,870				232,365		62,877
Class C		7,966		—				37,273		—
Class I		3,900		1,544				31,186		231,011
Class R6		—		147				—		7,065
Delaware Ivy Core Equity Fund					$	2,749,709					$	51,739,268
Class A		98,168		78,449				3,125,978		166,321
Class C		50,013		—				211,751		—
Class I		34,447		76,907				39,339		2,561,919
Class R6		—		4,139				—		97,093
Delaware Ivy Global Bond Fund					$	173,461					$	2,039,684
Class A		3,960		15,493				203,533		17,954
Class C		3,227		—				16,751		—
Class I		12,270		3,965				1,344		202,932
Class R6		—		—				—		748
Delaware Ivy Global Growth Fund					$	397,391					$	7,344,087
Class A		5,730		7,282				200,562		7,061
Class C		3,785		—				7,687		—
Class I		4,716		5,440				3,336		192,677
Class R6		—		—				—		1,300
Delaware Ivy High Income Fund					$	2,601,988					$	31,873,099
Class A		77,141		285,761				2,173,088		2,568,449
Class C		147,907		—				2,597,510		3,959
Class I		170,091		147,151				346,224		2,264,784
Class R6		—		9,352				2,575		291,646
Class Y		46,828		—				7,127		742
Delaware Ivy International Core Equity Fund					$	1,437,039					$	9,824,756
Class A		18,962		22,272				262,146		178,308
Class C		30,730		—				212,712		—
Class I		8,002		45,787				52,475		348,394
Class R6		—		5,363				15,123		16,870
Class Y		20,029		—				31,091		—
Delaware Ivy Large Cap Growth Fund					$	4,833,422					$	45,749,858
Class A		85,424		54,213				1,560,072		154,813
Class C		40,953		—				167,743		—
Class I		49,412		72,905				85,786		1,427,674
Class R6		—		32,990				—		62,489
Class Y		2,705		—				102		—
Delaware Ivy Managed International Opportunities Fund					$	19,071					$	885,892
Class A		599		1,357				73,451		9,745
Class C		1,419		—				10,866		—
Class I		—		591				806		73,649
Class R6		—		—				—		748
Delaware Ivy Mid Cap Growth Fund					$	2,454,988					$	42,258,437
Class A		57,671		31,631				1,159,074		294,343
Class C		23,946		—				340,741		—

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Notes to financial statements

Ivy Funds

6. Capital Shares (continued)

	Year ended March 31, 2024						Year ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Class I		14,693		54,141				111,992		994,731
Class R6		84		1,475				3,624		118,397
Class Y		3,100		—				1,843		—
Delaware Ivy Mid Cap Income Opportunities Fund					$	2,113,300					$	14,172,200
Class A		117,372		959				178,065		35,619
Class C		1,508		—				57,991		—
Class I		1,670		54,040				424,756		346,583
Class R6		173		1,669				—		402,002
Class Y		—		63,611				151,733		27,372
Delaware Ivy Small Cap Growth Fund					$	1,411,096					$	19,282,180
Class A		75,469		16,375				1,309,874		155,193
Class C		31,380		—				268,714		—
Class I		4,175		57,434				8,292		844,551
Class R6		—		4,015				—		4,612
Class Y		13,132		—				59,775		—
Delaware Ivy Smid Cap Core Fund					$	396,726					$	4,687,942
Class A		5,296		4,777				179,334		37,637
Class C		25,761		—				94,833		—
Class I		2,655		19,442				38,510		193,627
Class R6		—		127				—		35,849
Class Y		—		—				402		—
Delaware Ivy Systematic Emerging Markets Equity Fund					$	2,743,960					$	6,353,727
Class A		6,708		22,786				216,275		51,246
Class C		19,057		—				49,960		—
Class I		127,162		11,131				68,143		224,215
Class R		840		—				—		—
Class R6		—		115,665				—		43,046
Delaware Ivy Value Fund					$	343,480					$	8,647,748
Class A		10,134		6,386				315,332		30,511
Class C		6,408		—				27,532		—
Class I		436		10,051				7,270		313,977
Class R6		—		—				—		2,108

7. 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.

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See the table below for details regarding the structure, incorporation, and relationship as of March 31, 2024 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		$	761,027,804			$	315,579				0.04	%

8. Line of Credit

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

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 above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 28, 2024.

Each Fund had no amounts outstanding as of March 31, 2024, or at any time during the year then ended.

9. 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 9) 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 year ended March 31, 2024.

10. 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 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 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 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 each Funds’ exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are

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Notes to financial statements

Ivy Funds

10. Derivatives (continued)

disclosed on the “Schedules of investments.” At March 31, 2024, Delaware Ivy Global Bond Fund posted $1,606,819 and received $190,000 cash as collateral for open forward foreign currency exchange contracts, which is included in “Cash collateral due from brokers” and “Cash collateral due to brokers”, respectively on the “Statements of assets and liabilities.”

During the year ended March 31, 2024, 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 year ended March 31, 2024, 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 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 March 31, 2024, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond Fund posted $1,169,993 and $5,465,406, 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 year ended March 31, 2024, 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. Open option contracts, if any, are disclosed on the “Schedules of investments.”

During the year ended March 31, 2024, Delaware Ivy Core Bond Fund and 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.

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Swap Contracts — Each Fund may enter into CDS and IRS contracts in the normal course of pursuing its investment objective. Each 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. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).

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 year ended March 31, 2024, Delaware Ivy Global Bond 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 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 year ended March 31, 2024, Delaware Ivy Core Bond Fund and Delaware Ivy Global Bond 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 IRS 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 IRS 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. IRS 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 IRS 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 year ended March 31, 2024, 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.

At March 31, 2024, Delaware Ivy Core Bond and Delaware Ivy Global Bond Fund posted $174,573 and $937,628 cash collateral for certain centrally cleared derivatives, respectively, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”

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Notes to financial statements

Ivy Funds

10. Derivatives (continued)

Fair values of derivative instruments as of March 31, 2024 were as follows:

	Delaware Ivy Core Bond Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Interest Rate Contracts
Variation margin due to broker on futures contracts*	$	170,396

	Delaware Ivy Core Bond Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Interest Rate Contracts			Credit Contracts			Total
Variation margin due to broker on futures contracts*	$	(57,105	)	$	—		$	(57,105	)
Variation margin due from brokers on centrally cleared credit default swap contracts*		—			(83,501	)		(83,501	)
Total	$	(57,105	)	$	(83,501	)	$	(140,606	)

	Delaware Ivy Global 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	$	149,003		$	—		$	149,003
Variation margin due from broker on futures contracts*		—			563,749			563,749
Variation margin due to brokers on centrally cleared interest rate swap contracts*		—			230,193			230,193
Options purchased, at value**		17,869			—			17,869
Total	$	166,872		$	793,942		$	960,814

	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	$	(901,947	)	$	—		$	—		$	(901,947	)
Variation margin due from broker on futures contracts*		—			(1,535,525	)		—			(1,535,525	)
Variation margin due to brokers on centrally cleared interest rate swap contracts*		—			(3,688	)		—			(3,688	)
Unrealized depreciation on over-the-counter credit default swap contracts		—			—			(155,381	)		(155,381	)
Options written, at value		(7,374	)		—			—			(7,374	)
Total	$	(909,321	)	$	(1,539,213	)	$	(155,381	)	$	(2,603,915	)

*	Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared CDS contracts, and centrally cleared IRS contracts from the date the contracts were opened through March 31, 2024. Only current day variation margin is reported on each Fund’s “Statements of assets and liabilities.”
**	Included with “Investments, at value.”

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The effect of derivative instruments on the “Statements of operations” for the year ended March 31, 2024 was as follows:

Delaware Ivy Core Bond Fund	Net Realized Gain (Loss) on:
	Forward Foreign Currency Exchange Contracts			Futures Contracts			Options Written		Swap Contracts		Total
Currency contracts	$	(105,962	)	$	(1,429,644	)	$	—	$	—	$	(1,535,606	)
Interest rate contracts		—			—			13,853		—		13,853
Credit contracts		—			—			—		84,041		84,041
Total	$	(105,962	)	$	(1,429,644	)	$	13,853	$	84,041	$	(1,437,712	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts			Swap Contracts			Total
Interest rate contracts	$	(1,369,970	)	$	—		$	(1,369,970	)
Credit contracts		—			(198,437	)		(198,437	)
Total	$	(1,369,970	)	$	(198,437	)	$	(1,568,407	)

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	$	4,900,016	$	—		$	(270,981	)	$	33,497	$	313,076		$	4,975,608
Interest rate contracts		—		(1,858,144	)		(17,927	)		447,250		353,839			(1,074,982	)
Equity contracts		—		1,391,133			—			—		—			1,391,133
Credit contracts		—		—			(600,180	)		916,996		(364,579	)		(47,763	)
Total	$	4,900,016	$	(467,011	)	$	(889,088	)	$	1,397,743	$	302,336		$	5,243,996

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Notes to financial statements

Ivy Funds

10. Derivatives (continued)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased		Options Written			Swap Contracts			Total
Currency contracts	$	(1,340,306	)	$	—		$	258,523	$	(153,509	)	$	—		$	(1,235,292	)
Interest rate contracts		—			(1,836,129	)		—		—			109,502			(1,726,627	)
Credit contracts		—			—			—		—			(3,542	)		(3,542	)
Total	$	(1,340,306	)	$	(1,836,129	)	$	258,523	$	(153,509	)	$	105,960		$	(2,965,461	)

The tables below summarize the average daily balance of derivative holdings by certain Funds during the year ended March 31, 2024:

	Long Derivative Volume
	Delaware Ivy Core Bond Fund		Delaware Ivy Global Bond Fund
Forward foreign currency exchange contracts (average notional value)	$	—	$	10,912,057
Futures contracts (average notional value)		76,982,689		378,652,320
Options contracts (average notional value)*		—		358,473
CDS contracts (average notional value)**		1,522,526		30,110,908
Interest rate swap contracts (average notional value)	AUD	—	AUD	24,478,313
Interest rate swap contracts (average notional value)	EUR	—	EUR	4,241,727
Interest rate swap contracts (average notional value)	GBP	—	GBP	1,115,116
Interest rate swap contracts (average notional value)	JPY	—	JPY	8,707,630,522
Interest rate swap contracts (average notional value)	USD	—	USD	1,228,779

	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)	$	1,849,653	$	135,276,545	$	2,242,029
Futures contracts (average notional value)		9,399,594		238,521,298		—
Options contracts (average notional value)*		383		175,928		—

*	Long represents purchased options and short represents written options.
**	Long represents buying protection and short represents selling protection.

11. Offsetting

Certain Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help certain Funds mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between certain Funds and a counterparty that governs over-the-counter 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.

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For financial reporting purposes, certain Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At March 31, 2024, 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 Global Bond Fund
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Citigroup	$	96,600	$	(223,340	)	$	(126,740	)
JPMorgan Chase Bank		340,592		(587,116	)		(246,524	)
TD Bank		544		(617,973	)		(617,429	)
Morgan Stanley		—		(42,396	)		(42,396	)
Total	$	437,736	$	(1,470,825	)	$	(1,033,089	)

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)
CITI Bank	$	(126,740	)	$	—	$	—	$	—	$	126,740	$	—
JPMorgan Chase Bank		(246,524	)		—		—		—		—		(246,524	)
TD Bank		(617,429	)		—		—		—		617,429		—
Morgan Stanley		(42,396	)		—		—		—		42,396		—
Total	$	(1,033,089	)	$	—	$	—	$	—	$	786,565	$	(246,524	)

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

12. 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.

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Notes to financial statements

Ivy Funds

12. Securities Lending (continued)

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 March 31, 2024, each Fund had no securities out on loan.

13. Credit and Market Risks

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.

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 each Fund invests will cause the NAV of each Fund 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 Standard & Poor’s Financial Services LLC and Baa3 by Moody’s Investor Services, Inc, 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.

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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 may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Fund to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Fund could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes “subprime” loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, a Fund’s investments in CMOs, real estate mortgage investment conduits (“REMICs”), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (“IOs”) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (“POs”) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

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 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.

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Notes to financial statements

Ivy Funds

13. Credit and Market Risks (continued)

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 year ended March 31, 2024.

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 year ended March 31, 2024. 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.

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the “Statements of assets and liabilities”, if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

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.”

14. 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.

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15. Reorganizations

On January 16, 2024, the Board approved the reorganization of each Fund below into and with a substantially similar fund and class of another Delaware Fund (each a “Reorganization”). Each Reorganization is subject to the approval of Acquired Fund shareholders.

Acquired Fund	Acquiring Fund
Delaware Global Equity Fund II, a series of the Trust*	Delaware Ivy Global Growth Fund, a series of the Trust
Delaware International Equity Fund II, a series of the Trust**	Delaware Ivy International Core Equity Fund, a series of the Trust
Delaware Ivy Core Bond Fund, a series of the Trust***	Delaware Diversified Income Fund, a series of Delaware Group Adviser Funds
Delaware Ivy Value Fund, a series of the Trust*	Delaware Value Fund, a series of Delaware Group Equity Funds II

* If shareholder approval is obtained, then each Reorganization is anticipated to occur in the third quarter of 2024.

** On March 25, 2024, Delaware International Equity Fund II shareholders approved the Reorganization of Delaware International Equity Fund II into Delaware Ivy International Core Equity Fund. The Reorganization occured on May 3, 2024.

*** On April 30, 2024, Delaware Ivy Core Bond Fund shareholders approved the Reorganization of Delaware Ivy Core Bond Fund into Delaware Diversified Income Fund. The Reorganization is anticipated to occur on or about July 26, 2024.

16. Subsequent Events

Management has determined that no other material events or transactions occurred subsequent to March 31, 2024, that would require recognition or disclosure in the Funds’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Ivy Funds and Shareholders of 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 Ivy Core Bond Fund, Delaware Ivy Global Bond Fund, Delaware Ivy High Income Fund, Delaware Global Equity Fund II, Delaware International Equity Fund II, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Systematic Emerging Markets Equity Fund and Delaware Ivy Managed International Opportunities Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (sixteen of the funds constituting Ivy Funds, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Delaware Ivy Core Equity Fund⁽¹⁾	Delaware Ivy Global Bond Fund⁽¹⁾
Delaware Ivy Large Cap Growth Fund⁽¹⁾	Delaware Ivy High Income Fund⁽¹⁾
Delaware Ivy Mid Cap Growth Fund⁽¹⁾	Delaware Global Equity Fund II⁽¹⁾
Delaware Ivy Mid Cap Income Opportunities Fund⁽¹⁾	Delaware International Equity Fund II⁽¹⁾
Delaware Ivy Small Cap Growth Fund⁽¹⁾	Delaware Ivy Global Growth Fund⁽¹⁾
Delaware Ivy Smid Cap Core Fund⁽¹⁾	Delaware Ivy International Core Equity Fund⁽¹⁾
Delaware Ivy Value Fund⁽¹⁾	Delaware Ivy Systematic Emerging Markets Equity Fund⁽²⁾
Delaware Ivy Core Bond Fund⁽¹⁾	Delaware Ivy Managed International Opportunities Fund⁽¹⁾

⁽¹⁾Statement of assets and liabilities, including the schedule of investments, as of March 31, 2024, the related statement of operations for the year ended March 31, 2024, the statement of changes in net assets for each of the two years in the period ended March 31, 2024 and the financial highlights for each of the four years in the period ended March 31, 2024.

⁽²⁾Consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of March 31, 2024, the related consolidated statement of operations for the year ended March 31, 2024, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2024 and the consolidated financial highlights for each of the four years in the period ended March 31, 2024.

The financial statements of the Funds as of and for the year ended March 31, 2020 and the financial highlights for the year ended March 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated May 18, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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Report of independent
registered public accounting firm

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agents, portfolio company investees, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
May 28, 2024

We have served as the auditor of one or more Macquarie investment companies since 2010.

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Other Fund information (Unaudited)

Ivy Funds

Tax Information

The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2024, each Fund reports distributions paid during the year as follows:

	(A) Long-Term Capital Gains Distributions (Tax Basis)			(B) Ordinary Income Distributions* (Tax Basis)			(C) Return of Capital (Tax Basis)			Total Distributions (Tax Basis)			(D) Qualifying Dividends¹
Delaware Global Equity Fund II		—			100.00	%		—			100.00	%		32.12	%
Delaware International Equity Fund II		—			100.00	%		—			100.00	%		1.18	%
Delaware Ivy Core Bond Fund		—			100.00	%		—			100.00	%		—
Delaware Ivy Core Equity Fund		93.14	%		6.86	%		—			100.00	%		100.00	%
Delaware Ivy Global Bond Fund		—			100.00	%		—			100.00	%		—
Delaware Ivy Global Growth Fund		88.98	%		11.02	%		—			100.00	%		84.37	%
Delaware Ivy High Income Fund		—			100.00	%		—			100.00	%		—
Delaware Ivy International Core Equity Fund		—			100.00	%		—			100.00	%		0.75	%
Delaware Ivy Large Cap Growth Fund		100.00	%		—			—			100.00	%		—
Delaware Ivy Managed International Opportunities Fund		—			100.00	%		—			100.00	%		—
Delaware Ivy Mid Cap Growth Fund		100.00	%		—			—			100.00	%		—
Delaware Ivy Mid Cap Income Opportunities Fund		62.53	%		37.47	%		—			100.00	%		100.00	%
Delaware Ivy Small Cap Growth Fund		100.00	%		—			—			100.00	%		—
Delaware Ivy Smid Cap Core Fund		—			91.18	%		8.82	%		100.00	%		100.00	%
Delaware Ivy Systematic Emerging Markets Equity Fund		—			100.00	%		—			100.00	%		0.09	%
Delaware Ivy Value Fund		93.87	%		6.13	%		—			100.00	%		100.00	%

(A), (B) and (C) are based on a percentage of each Fund’s total distributions.

(D) is based on each Fund’s ordinary income distributions.

¹Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

*For the fiscal year ended March 31, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Funds from ordinary income reported as qualified income are reported in the following table. Complete information will be computed and reported in conjunction with your 2024 Form 1099-DIV.

	Percentage
Delaware Global Equity Fund II		100.00	%
Delaware International Equity Fund II		100.00	%
Delaware Ivy Core Bond Fund		0.95	%
Delaware Ivy Core Equity Fund		100.00	%
Delaware Ivy Global Bond Fund		—
Delaware Ivy Global Growth Fund		100.00	%
Delaware Ivy High Income Fund		—
Delaware Ivy International Core Equity Fund		88.93	%
Delaware Ivy Large Cap Growth Fund		—

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	Percentage
Delaware Ivy Managed International Opportunities Fund		47.13	%
Delaware Ivy Mid Cap Growth Fund		—
Delaware Ivy Mid Cap Income Opportunities Fund		100.00	%
Delaware Ivy Small Cap Growth Fund		—
Delaware Ivy Smid Cap Core Fund		100.00	%
Delaware Ivy Systematic Emerging Markets Equity Fund		50.65	%
Delaware Ivy Value Fund		100.00	%

For the fiscal year ended March 31, 2024, certain distributions paid by the Funds, determined to be Qualified Short-Term Capital Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2024, the Funds have reported maximum distributions of Qualified Short-Term Capital Gains as follows:

	Qualified Short-Term Capital Gains
Delaware Ivy Core Equity Fund	$	38,782,134
Delaware Ivy Global Growth Fund		4,083,431
Delaware Ivy Large Cap Growth Fund		2,584,546
Delaware Ivy Small Cap Growth Fund		4,263,093

Certain Funds intend to pass through foreign tax credits. The gross foreign source income earned during the fiscal year March 31, 2024 is as follows:

	Foreign Tax Credits		Gross Foreign Source Income Earned
Delaware International Equity Fund II	$	180,552	$	3,196,206
Delaware Ivy Managed International Opportunities Fund		186,344		1,887,967
Delaware Ivy Systematic Emerging Markets Equity Fund		5,486,511		33,935,794

The percentage of the ordinary dividends reported is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is as follows:

	Percentage
Delaware Ivy Core Bond Fund		90.90	%
Delaware Ivy Global Bond Fund		97.66	%
Delaware Ivy High Income Fund		99.10	%

Proxy Results

On March 25, 2024, Delaware International Equity Fund II shareholders approved the reorganization of Delaware International Equity Fund II into Delaware Ivy International Core Equity Fund. The reorganization occurred on May 3, 2024. The results of the voting at the special shareholder meeting were as follows:

For		Against		Abstain
3,214,747		22,277		50,442

On April 30, 2024, Delaware Ivy Core Bond Fund shareholders approved the reorganization of Delaware Ivy Core Bond Fund into Delaware Diversified Income Fund. The reorganization is anticipated to occur on or about July 26, 2024. The results of the voting at the special shareholder meeting were as follows:

For		Against		Abstain
17,131,442		243,981		2,282,957

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Other Fund information (Unaudited)

Ivy Funds

Form N-PORT and proxy voting information

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Forms 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, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that 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.

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

A mutual fund is governed by a Board of Trustees (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Interested Trustee

Shawn K. Lytle² 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1970	President, Chief Executive Officer, and Trustee	President and Chief Executive Officer since August 2015 Trustee since September 2015	89	Macquarie Asset Management³ (2015–Present) -Head of Equities & Multi-Asset (2023–Present) -Head of Americas of Macquarie Group (2017–Present) -Global Head of Public Investments (2019–2023)	None

Independent Trustees

Jerome D. Abernathy 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959	Trustee	Since January 2019	89	Stonebrook Capital Management, LLC (financial technology: macro factors and databases) -Managing Member (1993-Present)	None

Ann D. Borowiec 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1958	Trustee	Since March 2015	89	J.P. Morgan Chase & Co. (1987-2013) -Chief Executive Officer, Private Wealth Management (2011– 2013)	Banco Santander International (2016–2019) Santander Bank, N.A. (2016-2019)

Joseph W. Chow 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1953	Trustee	Since January 2013	89	Private Investor (2011–Present) State Street Bank and Trust Company (1996-2011) -Executive Vice President of Enterprise Risk Management and Emerging Economies Strategy; and Chief Risk and Corporate Administration Officer	None

H. Jeffrey Dobbs 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1955	Trustee	Since April 2019⁴	89	KPMG LLP (2002-2015) -Global Sector Chairman, Industrial Manufacturing (2010-2015)	TechAccel LLC (2015–Present) PatientsVoices, Inc. (2018–Present) Valparaiso University Board (2012-Present) Ivy Funds Complex (2019- 2021)

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

John A. Fry 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1960	Trustee	Since January 2001	89	Drexel University -President (2010–Present)	Federal Reserve Bank of Philadelphia (2020–Present) Kresge Foundation (2018-Present) FS Credit Real Estate Income Trust, Inc. (2018–Present) vTv Therapeutics Inc. (2017–Present) Community Health Systems (2004–Present) Drexel Morgan & Co. (2015–2019)

Joseph Harroz, Jr. 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1967	Trustee	Since November 1998⁴	89	University of Oklahoma -President (2020–Present) -Interim President (2019–2020) -Vice President and Dean, College of Law (2010–2019) Brookhaven Investments LLC (commercial enterprises) -Managing Member (2019–Present) St. Clair, LLC (commercial enterprises) -Managing Member (2019–Present)	OU Medicine, Inc. (2020–Present) Big 12 Athletic Conference (2019-Present) Valliance Bank (2007–Present) Ivy Funds Complex (1998-2021)

Sandra A.J. Lawrence 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1957	Trustee	Since April 2019⁴	89	Children’s Mercy Hospitals and Clinics (2005–2019) -Chief Administrative Officer (2016–2019)	Brixmor Property Group Inc. (2021-Present) Sera Prognostics Inc. (biotechnology) (2021-Present) Recology (resource recovery) (2021-2023) Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018-Present) National Association of Corporate Directors (2017-Present) American Shared Hospital Services (medical device) (2017-2021) Ivy Funds Complex (2019- 2021)

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Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Frances A. Sevilla-Sacasa 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956	Trustee	Since September 2011	89	Banco Itaú International -Chief Executive Officer (2012–2016) US Trust Bank of America Private Wealth Management -President (2007-2008) U.S. Trust Corp. -President & CEO (2005-2007)	Invitation Homes Inc. (2023-Present) Florida Chapter of National Association of Corporate Directors (2021-Present) Callon Petroleum Company (2019-Present) Camden Property Trust (2011-Present) New Senior Investment Group Inc. (REIT) (2021) Carrizo Oil & Gas, Inc. (2018-2019)

Thomas K. Whitford 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956	Chair and Trustee	Trustee since January 2013 Chair since January 2023	89	PNC Financial Services Group (1983–2013) -Vice Chairman (2009- 2013)	HSBC USA Inc. (2014–2022) HSBC North America Holdings Inc. (2013–2022)

Christianna Wood 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959	Trustee	Since January 2019	89	Gore Creek Capital, Ltd. -Chief Executive Officer and President (2009–Present) Capital Z Asset Management -Chief Executive Officer (2008-2009) California Public Employees’ Retirement System (CalPERS) -Senior Investment Officer of Global Equity (2002-2008)	The Merger Fund (2013–2021), The Merger Fund VL (2013–2021), WCM Alternatives: Event- Driven Fund (2013–2021), and WCM Alternatives: Credit Event Fund (2017–2021) Grange Insurance (2013–Present) H&R Block Corporation (2008–2022)

Officers

David F. Connor 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963	Senior Vice President, General Counsel, and Secretary	Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005	89	David F. Connor has served in various capacities at different times at Macquarie Asset Management.	None⁵

Daniel V. Geatens 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1972	Senior Vice President and Treasurer	Senior Vice President and Treasurer since October 2007	89	Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management.	None⁵

Richard Salus 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963	Senior Vice President and Chief Financial Officer	Senior Vice President and Chief Financial Officer since November 2006	89	Richard Salus has served in various capacities at different times at Macquarie Asset Management.	None⁵

¹“Length of Time Served” refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

²Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Funds’ investment advisor.

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Delaware Funds by Macquarie^®

³Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds’ investment advisor, principal underwriter, and transfer agent.

⁴Includes time served on the Board of the Ivy Funds complex prior to the date when the Ivy Funds joined the Delaware Funds complex.

⁵David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Connor also serves as Senior Vice President and Assistant Secretary for the three portfolios of the Macquarie ETF Trust, which have the same investment manager as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and as Senior Vice President and Treasurer for the Macquarie ETF Trust. Mr. Salus serves in a similar capacity for the Macquarie ETF Trust.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

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Annual 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

March 31, 2024

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

Table of Contents

Table of contents

Portfolio management reviews	1
Performance summaries	16
Disclosure of Fund expenses	41
Security type / sector / country allocations and top 10 equity holdings	44
Schedules of investments	51
Statements of assets and liabilities	75
Statements of operations	79
Statements of changes in net assets	82
Financial highlights	90
Notes to financial statements	132
Report of independent registered public accounting firm	162
Other Fund information	164
Board of trustees and officers addendum	166

Experience Delaware Funds by Macquarie^®

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

The Funds are governed by US laws and regulations.

This annual 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 applicable fund's current prospectus or summary prospectus. These documents are available at delawarefunds.com/literature.

The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
All third-party marks cited are the property of their respective owners.
© 2024 Macquarie Management Holdings, Inc.

Table of Contents

Portfolio management reviews

Delaware Climate Solutions Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Climate Solutions Fund (Class I shares)	1-year return	-3.69%
Delaware Climate Solutions Fund (Class A shares)	1-year return	-3.92%
MSCI ACWI Investable Market Index (net) (benchmark)	1-year return	+22.45%
MSCI ACWI Investable Market Index (gross) (benchmark)	1-year return	+23.04%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Climate Solutions Fund, please see the table on page 16.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 19 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks 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.

Market review

During the fiscal year ended March 31, 2024, strong economic data fueled a 22.45% gain in worldwide equity markets as measured by the MSCI ACWI (All Country World) Investable Market Index (IMI) (net). Inflation remained elevated throughout the period despite aggressive monetary tightening campaigns from global central banks in 2022 and maintained through 2023 and into 2024. Investors expecting rate cuts were disappointed, leading to a sharp reversal in rate-sensitive equities, notably those related to renewable energy and precious metals. As the fiscal year ended, the US Federal Reserve indicated rate cuts in 2024 were likely, igniting a strong rally in rate-sensitive equities and commodities.

The commercialization of artificial intelligence (AI) was another key driver of performance during the period. Shares of the “Magnificent Seven” – Amazon.com Inc., Alphabet Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., and Tesla Inc. – accounting for 29% of the S&P 500^®Index, rose significantly during the period as investors poured money into companies that seemed poised to benefit the most from opportunities tied to AI.

Clean energy-related stocks significantly underperformed during the fiscal year as the S&P Global Clean Energy Select Index declined 30.40% for the one-year period ended April 2, 2024. Commodities were mixed during the year. Oil performed well, rising 16.25% as OPEC remained disciplined and Saudia Arabia pushed out long-term growth plans. Natural gas prices fell 20.44% as supply surged into mild winter weather. Fertilizer pricing also fell on lower natural gas input costs. Urea fell 18.44% for the year. Battery metals came under significant pressure as investors questioned the pace of adoption for key energy-transition facilitators such as electric vehicles. Among battery metals, lithium and nickel were notable underperformers, falling 22.91% and 28.01% on significant supply overhangs despite curtailments.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Climate Solutions Fund underperformed its benchmark, the MSCI ACWI IMI. The Fund’s Class I shares declined 3.69%. The Fund’s Class A shares declined 3.92% at net asset value (NAV) and fell 9.42% at maximum offering price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 22.45% (net). For complete, annualized performance of Delaware Climate Solutions Fund, please see the table on page 16.

The Fund, given its strategy, lacked exposure to the Magnificent Seven and similar technology stocks. Combined with the underperformance of clean energy stocks overall, the Fund significantly underperformed the broad-market index during the period.

While we differentiate portfolio investments as either reducers or facilitators according to their role in mitigating greenhouse gas (GHG) emissions, as described further in the Fund's prospectus, these investments can also be classified as either cyclical or defensive depending upon how they typically behave under varying economic conditions. The Fund’s portfolio contains a blend of both cyclical and defensive stocks. Given our investment strategy of building a portfolio of both reducers and facilitators to be held for the long term, we do not typically make material changes in our approach to the market environment.

The energy sector was the leading contributor to performance during the fiscal period. The Fund’s overexposure to energy, a strong-performing sector in the benchmark, was beneficial. The Fund’s focus on companies that target significant reductions in GHG

Table of Contents

Portfolio management reviews

Delaware Climate Solutions Fund

emissions as well as the companies that provide the products and services to aid in these reductions typically results in overexposure to this sector.

The information technology (IT) sector was the leading detractor, due to the Fund’s significant underweight concurrent with the AI-fueled runup in technology stocks, most notably the Magnificent Seven. The Fund is typically underweight this sector compared to the benchmark, given its strategy of targeting the reducers and facilitators that have a role solving the GHG emissions problem. Those companies are usually found within the energy, industrials, materials, and utilities sectors.

Schneider Electric SE was the largest individual contributor to performance during the Fund’s fiscal year. Schneider engages in the digital transformation of energy management and automation and benefited from the AI-based rally. During its Capital Markets Day in the fourth quarter of 2023, Schneider announced a multi-year agreement with Compass Datacenters, extending the companies’ existing relationship. Schneider and Compass have integrated their respective supply chains to manufacture and deliver prefabricated modular datacenter solutions. The generation and consumption of data is skyrocketing, in large part due to the burgeoning AI market, and requires a new breed of datacenters with standardized designs that can be constructed efficiently and quickly at low cost. Just since the agreement, Schneider has manufactured and delivered about 150 modular datacenters to Compass from its operation in West Chester, Ohio. As demand for more datacenters increases, a new 110,000 square-foot operation in Red Oak, Texas, which the companies jointly announced in the summer, could support projected growth.

The Fund’s largest detractor during the fiscal year was Li-Cycle Holdings Corp., a lithium-ion battery recycling and resource recovery company. Li-Cycle’s main battery recycling hub in Rochester, New York, was scheduled to begin operations in the fourth quarter of 2023 after considerable capital investment. Unfortunately, after significant cost overruns and a failure to gain additional funding, the company was forced to indefinitely suspend construction activity. As the facility was essential to Li-Cycle achieving profitability, this was a significant negative development. We exited the position during the fourth quarter of 2023.

Climate Solutions engagement

In 2023, the Fund's investment team met with the management of all portfolio holdings at least once, and in some cases multiple times.

These engagements are often strategic in nature and provide additional insights into management quality, business drivers, financial strategy, financial and non-financial performance and risks, and capital structure.

One objective of these meetings is to further our understanding of the companies’ material environmental, social, and governance (ESG) issues. During these engagements, the Climate Solutions team will often encourage companies to provide additional carbon-related disclosures and the adoption of science-based targets to align their carbon reduction goals with industry standards. For Fund portfolio holding companies that the Fund's investment team considers to be "facilitators," engagements are often conducted to assess a company’s available and proposed solutions to address climate change, determine the capital investment necessary to provide these solutions, and gauge potential customer demand.

Through active engagement with company management, we communicate to companies that GHG emissions reduction and related products and services are a significant factor in attracting and retaining the Fund as an investor. The underlying aim of the engagement dialogue is always to preserve and enhance the value of assets on behalf of the Fund's shareholders.

Measuring our portfolio companies’ impact

The reducers in our portfolio are collectively estimated to not only meet but exceed the requirements of The Glasgow Pact of 2021, which set a goal of a 45% GHG reduction by the year 2030 from a 2010 base and net-zero emissions by the year 2050.

From December 31, 2019, to December 31, 2022, portfolio reducers collectively reduced their own emissions by approximately 11%, while global emissions stayed relatively flat.

In 2022, we estimate that the facilitators within the Fund's portfolio helped avoid 202 million tons of GHG emissions through the use of their products and services, an approximately 9% increase compared with 2021. As the investment in the energy transition accelerates, this contribution has the potential to continue to grow.

Our estimates are based on company disclosures of emissions savings as well as our own calculations that use company-disclosed product usage data and the Environmental Protection Agency’s GHG Equivalencies Calculator to provide a GHG equivalent.

Table of Contents

Portfolio management reviews

Delaware Global Real Estate Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Global Real Estate Fund (Class I shares)	1-year return	+7.21%
Delaware Global Real Estate Fund (Class A shares)	1-year return	+6.91%
FTSE EPRA Nareit Developed Index (benchmark)	1-year return	+8.57%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Global Real Estate Fund, please see the table on page 21.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 23 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide total return through long-term capital appreciation and current income.

Significant Fund event

On January 16, 2024, the Board unanimously voted to approve a proposal to liquidate and dissolve Delaware Global Real Estate Fund. The Fund liquidation and dissolution occurred on April 19, 2024.

Market review

In the wake of the fastest rate hiking cycle over the past 40 years, capital-intensive assets such as listed real estate have understandably had a difficult run. 2023 saw a slowdown in inflation, with US policymakers announcing no further interest rate rises for the first time since March 2021. US real estate investment trust (REIT) markets rallied 6.3% from that announcement to the end of December. Despite this, listed real estate still screens as inexpensive relative to both history and the S&P 500^®Index.

Looking forward, as inflation and interest rates continue to normalize, we believe that real estate fundamentals could become an important driver of risk/return and that enduring structural factors will continue to dominate over the long term.

In property, there were several significant events over the fiscal year, possibly the most defining of which was the market’s realization of the scale of opportunity available in the data center segment. NVIDIA Corp.’s strong earnings results and the current craze around ChatGPT has taken the world by storm and shown us just how powerful artificial intelligence (AI) could become. Data centers are a mission-critical piece of real estate supporting all forms of data use, including generative AI. AI models require large-scale datasets housed in data centers and substantial computing power for training. In fact, AI applications have higher power requirements than applications of previous generations and require graphics processing units (GPUs) rather than less-intensive central processing units (CPUs). This translates to at least two times more power usage, not only because of AI, but also big data analytics, graphics rendering, and cloud gaming. Given this increased power requirement, and that data centers are leased on a per-kilowatt hourly basis, we believe the opportunity for the sector is bright over the long run. Recent short reports from Hindenburg Research have weighed on the sector, most recently with the report alleging that Equinix has understated maintenance capital expenditures, oversold power at the facility level, and that hyperscalers (large cloud service providers) are competing and potentially cannibalizing Equinix’s core business. We believe this narrative is not new information and inaccurately represents Equinix’s growth potential and quality of cash flow.

The work-from-home revolution in 2023 hit office landlords hardest. Landlords then resorted to “handing back the keys,” meaning the landlord either stops paying the mortgage on the office building or declines to refinance it, forcing the bank or investor who made the loan to repossess the building. Brookfield Corp. and Blackstone Inc. were among those that defaulted on mortgages and have started or completed the process of handing back the keys. About 23% of office space in the US was vacant or available for sublet at the end of November compared with 16% before the pandemic.

The impact of aging populations globally continues to be felt in healthcare-related real estate. With the number of adults aged 85 and over in the US predicted to quadruple between 2000 and 2040, we believe there will be an increased need for senior living facilities, assisted living communities, nursing homes, and life science spaces. Today, there is a significant mismatch between the supply and demand of senior housing facilities, with construction starts down 80% from peak levels yet demand still robust with net absorption (the net difference in space that has become occupied compared with space that has gone vacant) currently at +129% compared with the pre-pandemic average.

In Australia, Goodman Group was added to the FTSE EPRA Developed Index on March 15 and saw a large amount of volume and buyer demand in the lead up to and after its inclusion in the index.

Table of Contents

Portfolio management reviews

Delaware Global Real Estate Fund

In storage, Extra Space Storage Inc. announced in July that it completed its merger with Life Storage Inc., thus making the combined company the largest storage operator in the country, with more than 3,500 locations, approximately 270 million square feet of rentable storage space, and more than two million customers.

In the lodging sector, KSL Capital Partners announced in August that it would acquire Hersha Hospitality Trust (HT) in an all-cash transaction valued at $1.4 billion, or roughly $365,000 per key.

The Canadian government made a renewed commitment to increase the flow of immigrants into Canada over the next three years. This should directly affect an already very tight housing market. We believe the combination of lower overall supply growth, clear shelter demands, and a reduction in regulation risk will equate to stronger profit margins, higher occupancy, and sustainable earnings growth in the mid- to high-single-digit range for Canadian multifamily for the foreseeable future.

Sources: Bloomberg, Avison Young, Welltower 2023.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Global Real Estate Fund underperformed its benchmark, the FTSE EPRA Nareit Developed Index. The Fund’s Class I shares rose 7.21%. The Fund’s Class A shares rose 6.91% at net asset value (NAV) and gained 0.72% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 8.57%. For complete annualized performance of Delaware Global Real Estate Fund, please see the table on page 21.

At the sector level, a key contributor to the Fund’s performance was an overweight to healthcare and data centers. Welltower Inc. invests in and facilitates healthcare real estate infrastructure, particularly senior housing facilities. Welltower contributed to the Fund’s performance, posting year-over-year, same-store net operating income growth of 14.1%. Its high-quality assets continue to be sought in a market where supply is constrained and demand is viewed to be structurally supported by aging demographics. Digital Realty Trust Inc., which operates and invests in carrier-neutral data centers, performed well as the market came to grips with the significant incremental demand driven by the continued development of AI. Digital Realty Trust announced record interconnection signings and its highest average leasing rate since 2016.

Key detractors at the sector level included underweights to retail and self-storage. Extra Space Storage was among the largest detractors. The company experienced a volatile year, showing weakness in the first half of the year due to slowing fundamentals after a strong operating period during the COVID-19 pandemic. However, Extra Space Storage ended the year strong, rebounding from expectations of a softening rate environment in 2024. In retail, the largest detractor was an underweight to Simon Property Group Inc., which performed well in the second half of the year as a softening macroeconomic environment and relatively stable fundamentals helped it outperform the benchmark over the period.

As a team, we continue to seek real estate that can deliver sustained rental income (and therefore earnings growth). Since the beginning of 2022, interest rates have risen at the fastest pace on record, which has affected all risk assets that have liquidity. Listed real estate is no different and has been repriced to reflect our current higher-cost-of-capital environment. It now trades at a meaningful discount to its private real estate peers and general equities. At the end of the Fund’s fiscal year, we think that we are closer to the end of the rate-hiking cycle and believe that real estate fundamentals should become increasingly important in the macroeconomic-driven environment of recent times.

Investing in real estate that has a sustained profile of growth remains key, in our opinion. With that in mind, we are focused on real estate sectors that have continued to evolve structurally with the economy and we have stayed away from those that are more cyclical and economically sensitive. At the sector level, we are attracted to real estate aligned to the digitalization of the economy and a generational shift in consumer behavior, including data center, cold storage, and last-mile demand, where we view fundamentals as best in class and where there is outsized demand for the best-located assets.

In addition, necessity real estate, such as healthcare and aged care, align to current demographic changes that we believe should continue to deliver solid growth even as the economy slows. This also holds true for affordable housing, in what continues to be an expensive mortgage and rental market.

No different from prior periods, as inflation and interest rates stay elevated, we remain focused on long-term sustainable growth that has the potential to prosper in such an environment, especially with continued near-term concerns about economic growth.

Table of Contents

Portfolio management reviews

Delaware Ivy Asset Strategy Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Asset Strategy Fund (Class I shares)	1-year return	+20.49%
Delaware Ivy Asset Strategy Fund (Class A shares)	1-year return	+20.14%
MSCI ACWI (All Country World Index) (net) (benchmark)	1-year return	+23.22%
MSCI ACWI (All Country World Index) (gross) (benchmark)	1-year return	+23.81%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Asset Strategy Fund, please see the table on page 24.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 27 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide total return.

Market review

The Fund’s fiscal year ended March 31, 2024 marked a solid recovery for global markets. The US was particularly strong, with the proliferation of artificial intelligence (AI) and fading concerns of a US recession. International markets fell significantly behind high-flying US equities, but they still produced reasonable double-digit gains. International equities didn’t benefit from the immediate launch of AI as the US did. The market recovered in earnest beginning in the fall of 2023, driven by softer central bank rhetoric. Toward the end of the Fund’s fiscal year, incrementally positive macroeconomic data and investor sentiment drove international markets. Investor excitement surrounding AI ultimately bled into the international rally as it broadened into other parts of the tech sector with a more global presence.

With that, information technology (IT) was the strongest-performing sector, and countries with leading tech companies performed well. This benefited the US, Taiwan, and Netherlands. Japan, still experiencing positive structural change, and Denmark, driven by glucagon-like peptide-1 (GLP-1) maker Novo Nordisk A/S, also performed well. India was a bright spot within global markets as it had one of the strongest economies in the world. China, and associated Hong Kong-based holdings, performed the weakest as macroeconomic issues lingered.

Fixed income markets were positive but with varying levels of return. The Bloomberg US Aggregate Index was up 1.7%, hindered by rising rates during portions of the year. Duration was a drag on performance, although investment grade credit did well, and high yield generated 11% returns.

At a macro level, the US economy remained strong, although certain areas experienced a downturn. US consumers and governments carried growth forward, driven by services on the consumer side and considerable spending by local governments. While contracting by many economic measures throughout the year, Europe began to slightly improve toward the end of the Fund’s reporting period. The services sector remained the area of growth. In Japan, the economic picture was mixed. The corporate landscape was quite sound, however, and inflation, while increasing, remained in check. Japan’s central bank abandoned its negative rate policy after many years, but it kept a ceiling on rates. China continued to struggle in its post-COVID-19-pandemic recovery. The Chinese government was cautious about stimulating the economy as it had in prior periods of weakness, and the property market, a critical economic driver, was under immense pressure. Toward the end of the fiscal year, the country improved slightly in some sectors, mainly as a result of higher export activity.

Global interest rates were volatile during the year. They rose sharply in the first six months before rolling over as US central bank rhetoric became more dovish. Late in the fiscal year, however, rates rose again as inflation remained elevated. The price of oil was volatile but ended nearly flat for the fiscal year.

Sources: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Asset Strategy Fund provided strong double-digit returns but modestly underperformed its benchmark, the MSCI All Country World Index (ACWI). The Fund’s Class I shares gained 20.49%. The Fund’s Class A shares gained 20.14% at net asset value (NAV) and advanced 13.25% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark rose 23.22% (net). For complete, annualized performance of Delaware Ivy Asset Strategy Fund, please see the table on page 24.

The Fund’s performance reflected the mix of returns in the underlying asset classes during the period and their allocation weightings.

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Portfolio management reviews

Delaware Ivy Asset Strategy Fund

Although all asset classes had positive returns in the period, equities broadly outperformed fixed income. Within equities, domestic (US) outperformed international stocks, large-cap outperformed small-cap, and growth outperformed value. Within fixed income, high yield was the strongest, followed by investment grade fixed income. The Fund benefited from positive selection effects across asset classes, including equities and fixed income, while also benefiting from contributions to returns from the Fund’s position in gold bullion. During the fiscal year, the Fund undertook modest changes in the weightings of underlying assets to manage exposures commensurate with the Fund’s investment objectives.

Within equities, strong stock selection drove positive relative performance, particularly in the energy, utilities, IT, and industrials sectors. Stock selection in communication services and consumer staples detracted the most from performance. From a country perspective, the US, India, and Japan were leading contributors while China, Denmark, and UK holdings performed relatively poorly.

On an individual stock basis, Eli Lilly and Co., NTPC Ltd., and KLA Corp. performed the strongest relative to the benchmark. US pharmaceutical company Eli Lilly is responsible for many products, including those used for diabetes. Its development of GLP-1s has been a major growth driver and has drawn significant investor attention. The stock rallied, primarily, on this new class of drug. India-based utility NTPC rode several tailwinds throughout the year. Although it is a global leader in clean energy, it has also maintained strong production of coal-based energy as both are necessary in the highly populated and highly polluted country of India. Impressive economic growth and wealth creation in India also has created greater demand for energy. The stock of semiconductor capital equipment manufacturer KLA was significantly undervalued, particularly as this part of the industry has very few competitors. The stock rallied as the market appreciated that KLA would benefit from the cyclical recovery in semiconductors, which also ties to the growth and infrastructure needs of AI.

China Mengniu Dairy Ltd., Genmab A/S, and Aptiv PLC detracted the most individually from performance. China Mengniu, one of the largest dairy manufacturers in China, experienced weakness in its stock performance as a large part of the Chinese population has struggled within a difficult macroeconomic environment. Despite the difficult backdrop, the company modestly grew sales and maintained a dominant position in staple products. Concerns about Danish biopharmaceutical company Genmab, including delays in a trial due to recruitment risks as well as higher spending needs for several phase 3 starts, weakened the stock. In our opinion, the stock is significantly undervalued, and we remain optimistic about the company’s robust pipeline and ability to generate significant growth and cash flow through current commercialized products. Aptiv, a vehicle component manufacturer, executed well in a difficult environment, generating positive 2023 sales and earnings growth in a tough auto environment. Unfortunately, even with the company’s robust internal combustion engine part sales, investors tied this stock’s success to the growth of electric vehicles (EVs), which has disappointed. We lost confidence that the market would reward this stock without EV growth and we sold the Fund's position.

The portfolio had several changes, including exiting the Fund’s position in Aptiv, mentioned above, and initiating a position in Kion Group AG, a German industrial truck and supply chain solutions business. Industrial trucks primarily include machinery such as forklifts and other warehouse solutions. The business is tied to the global supply chain, which had been suffering from a cyclical slowdown as inventories were elevated across the global economy. Due to this weakness, the stock was depressed on a historical basis. As the supply chain market improves and the company works through some unprofitable fixed contracts, we expect the skies to clear and we believe Kion Group will be well positioned.

The Fund’s use of futures contracts, options contracts, and foreign exchange (FX) currency positions had a limited effect. Overall, derivatives were immaterial to the Fund’s performance during the fiscal year.

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Portfolio management reviews

Delaware Ivy Balanced Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Balanced Fund (Class I shares)	1-year return	+19.63%
Delaware Ivy Balanced Fund (Class A shares)	1-year return	+19.36%
S&P 500^®Index (benchmark)	1-year return	+29.88%
Bloomberg US Aggregate Index (benchmark)	1-year return	+1.70%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Balanced Fund, please see the table on page 28.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 30 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide total return through a combination of capital appreciation and current income.

Market review

A strong November was followed by a similarly robust December in most equity regions and bond classes. This two-month-long, year-end rally even accounted for almost all the market’s gains in 2023. Only commodities were weak in December (and for 2023 as a whole). Falling energy prices dragged the broad asset class down despite the unresolved Middle East conflict, in which other forces, such as the Yemeni Houthi rebels, were increasingly involved. The gold price, on the other hand, continued to rise, growing by double digits over the year.

Yields fell significantly in November and December 2023 on both sides of the Atlantic, and the narrowing of risk premiums for corporate bonds (both investment grade and high yield) and especially for emerging markets (EM) hard currency bonds continued unabated. The rate of inflation continued to fall in the major economies, but while the economic situation remained gloomy in Europe, it was solid

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Portfolio management reviews

Delaware Ivy Balanced Fund

in the US. In China, an upward trend emerged in the country’s recently disappointing economy.

Equities had strong returns across all (MSCI) regions including EM in December, although both China’s (as an EM heavyweight) and Japan’s equity markets suffered losses. However, over the Fund’s full fiscal year, Japan and the US led performance, while Chinese equities continued their months-long downward trend. Although the Japanese yen gained against the euro at this time, it was only able to make up for a small part of the annual loss. The US dollar also depreciated against a broad basket of currencies including the euro in 2023, with losses increasing in December.

Global stock markets once again recorded strong price gains in February. Several major indices, such as the S&P 500 Index in the US, the German Deutscher Aktien Index (DAX) (despite the weakening German economy), and – for the first time since 1989 – the Japanese Nikkei reached new all-time highs. NVIDIA Corp. led this surge, marking strong sales and profit growth. Chinese stocks also saw gains, breaking a six-month streak of declines. The earnings season for the fourth quarter of 2023 was notably positive for S&P 500 companies, contributing to an optimistic outlook for the US. In contrast, economic weakness continued in Germany, the UK, and Japan.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Balanced Fund underperformed its primary benchmark, the S&P 500 Index, and outperformed its other benchmark, the Bloomberg US Aggregate Index. The Fund’s Class I shares gained 19.63%. The Fund’s Class A shares advanced 19.36% at net asset value (NAV) and gained 12.50% at maximum offer price. During the same period, the S&P 500 Index gained 29.88% and the Bloomberg US Aggregate Index gained 1.70%. For complete, annualized performance of Delaware Ivy Balanced Fund, please see the table on page 28. The performance of the Fund reflects the mix of returns in the underlying assets during the fiscal period and their allocation weightings.

The leading contributor to overall performance came from positive security selection in equities as well as allocation effects from the opportunistic sleeve. The Fund’s allocation to fixed income investments contributed significantly less to overall performance than investments in equities, given muted returns in fixed income markets.

Within equities, stock selection drove roughly 60% of the relative outperformance versus the sleeve’s benchmark, while sector allocation drove the remaining 40% of relative performance. Stock selection was strongest within financials, where KKR & Co. Inc., Allstate Corp., and Capital One Financial Corp. outperformed. Selection was also positive in consumer staples, where Costco Wholesale Corp. outpaced market gains, and in industrials, specifically with United Rentals Inc., Howmet Aerospace Inc., and Airbus SE. Stock selection within information technology (IT) detracted from relative performance, driven by the Fund’s underweight NVIDIA, its ownership in Verisign Inc., and its lack of ownership in Broadcom Inc. In total, selection was positive or neutral in 7 of 11 S&P sectors.

From a sector allocation standpoint, the Fund’s underweight to consumer staples (which underperformed the benchmark) and its significant overweight to the outperforming financial sector aided relative returns, while modest holdings in cash and an underweight to communications services detracted from performance. In total, sector allocation was positive in 8 of 11 S&P 500 Index sectors.

For the 1-year period ended March 31, 2024, the strongest contributors to relative returns included the following companies:

● KKR & Co (overweight) – Shares in this alternative asset manager advanced through the year on strong earnings, improved capital market conditions, and expectations that the company was on the cusp of an accelerated fundraising cycle over the next 24 months.

● United Rentals (overweight) – As the largest player in the US construction rental equipment market, the company’s shares continue to perform well on more evidence of a sustained non-residential building cycle – megaprojects tied to electrification/grid

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investments, more onshore manufacturing capacity, and infrastructure spending.

● Apple Inc. (underweight) – Apple shares underperformed on reduced future earnings expectations tied to slowing iPhone demand globally. While key competitive advantages still exist, growth is expected to be modest given a mature revenue base.

● Tesla Inc. (not owned) – Tesla shares declined on a sharp downgrade in delivery and earnings expectations associated with slowing demand in the US and China. The company continues to battle intense competition globally within electric vehicles (EVs), with eroding market share and profit margins susceptible to steep declines.

● Applied Materials Inc. (overweight) – Shares in this semiconductor capital equipment provider posted strong gains on positive business trends and expectations for a pending upcycle in equipment needs to power artificial intelligence (AI) computing capacity.

Somewhat offsetting these positive decisions, the most significant detractors from relative performance included:

● NVIDIA (underweight) – While owned in the portfolio, the 225%+ advance on strong earnings upgrades associated with growing AI demand detracted from performance.

● Aptiv PLC (overweight) – An auto parts supplier heavily involved in enabling new vehicle technologies, such as adaptive safety and electrification of the power trains, the company underperformed on reductions in EV demand within developed markets and continued input cost pressures.

● NextEra Energy Inc. (overweight) – As a largely regulated utility (Florida) with an unregulated renewables business, NextEra Energy was subject to a reduced valuation level associated with higher interest rates despite no change in longer-term earnings expectations.

● Meta Platforms Inc. (underweight) – While purchase of this security in the past year benefited the Fund’s shareholders, its underweight hurt relative performance as the equity appreciated over 125% for the full year. Meta benefited from significant cost cutting during late 2022 and early 2023, as well as accelerating monetization of some of its key social media investments (namely, Instagram Reels).

● UnitedHealth Group Inc. (overweight) – The largest US health insurer declined on signs of elevated healthcare utilization after two years of below-normal demand associated with seniors’ deferring care and elective medical procedures.

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Portfolio management reviews

Delaware Ivy Natural Resources Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Natural Resources Fund (Class I shares)	1-year return	+4.93%
Delaware Ivy Natural Resources Fund (Class A shares)	1-year return	+4.63%
S&P^®Global Natural Resources Index (net) (benchmark)	1-year return	+5.02%
S&P North American Natural Resources Sector TR Index (former benchmark)	1-year return	+18.57%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Natural Resources Fund, please see the table on page 32.
Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 34 for a description of the indices. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide capital growth and appreciation.

Significant Fund event

Effective April 28, 2023, the Fund’s benchmark changed to the S&P Global Natural Resources Index and the Fund’s limit in foreign securities investments changed. Please see the prospectus as amended for further information.

Market review

Global economies and markets rose during the fiscal year ended March 31, 2024, benefiting from strong economic data. Following global central banks’ aggressive monetary tightening campaigns during 2022 and 2023, inflation data remained elevated, diminishing the likelihood of imminent rate cuts. That led to a sharp reversal in rate-sensitive equities, notably renewable energy and precious metal equities. As the fiscal year ended, dovish commentary from the US Federal Reserve indicated a high likelihood of rate cuts later in 2024, prompting a strong rally in rate-sensitive equities and commodities.

The S&P 500^®Index rose 29.86% during the period led by the technology sector. The S&P Global Natural Resources Index gained 5.02% (net), while the more energy-dominant S&P North American Natural Resources Sector Index advanced 18.57%.

Commodities were mixed during the year. Gold rose 11.85% with steady demand as central banks continued to buy and investors anticipated rate cuts. Oil also performed well, rising 16.25% as OPEC remained disciplined and Saudi Arabia pushed out long-term growth plans. Copper closed the year down slightly at -2.95%, despite significant supply issues caused by inflation and geopolitics. Despite economic weakness in China, iron ore prices rose 21.23%. Natural gas prices fell 20.44% as supply surged into mild winter weather. Fertilizer pricing also fell on lower natural gas input costs with urea falling 18.44% for the year. Agricultural products, notably corn and soybeans, came under pressure on increased yields and modest demand, falling 33.08% and 20.86%, respectively. Battery metals came under significant pressure as investors began to question the pace of adoption for key energy transition facilitators such as electric vehicles (EVs). Among battery metals, lithium and nickel were notable underperformers, falling 22.91% and 28.01%, respectively on significant supply overhangs despite curtailments.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Natural Resources Fund underperformed its benchmark, the S&P Global Natural Resources Index, which advanced. The Fund’s Class I shares gained 4.93%. The Fund’s Class A shares gained 4.63% at net asset value and declined 1.38% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the benchmark gained 5.02%. For complete, annualized performance of Delaware Ivy Natural Resources Fund, please see the table on page 32.

As the Fed’s commentary softened during the period, yields declined, the dollar weakened, and gold prices rallied. Two gold equities were the Fund’s strongest contributors during the period: Wheaton Precious Metals Corp., a precious metals streaming company, and Kinross Gold Corp., a gold miner with diverse group assets in Canada, the US, Brazil, Chile, Mauritania, and Ghana.

Wheaton was the largest contributor to performance and has considerable silver exposure, which benefits from both precious and industrial demand. Industrial demand is poised to increase significantly given the use of silver in renewable energy, primarily in solar panels. As a streamer, Wheaton exposes the Fund to precious metals without the operating costs and risks of a traditional miner.

Kinross was the Fund’s second-largest contributor to performance. The company suffered from several years of underperformance when it was forced to divest its Russian assets cheaply following the outbreak of the Russian-Ukrainian war. Kinross took on a high-priced

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acquisition and then struggled operationally. This led to a very low valuation and an attractive entry point for the Fund as management tried to right the ship, executing extremely well during 2023. With gold providing a strong tailwind, we expect this to continue.

Li-Cycle Holdings Corp., a lithium-ion battery recycling and resource recovery solutions company, was the largest detractor during the period. Li-Cycle’s main battery recycling hub in Rochester, New York, was scheduled to begin operations in the fourth quarter of 2023 following considerable capital investment. Unfortunately, after significant cost overruns and a failure to gain additional funding, it was forced to indefinitely suspend construction. As the facility was the key component to Li-Cycle achieving profitability, this was a significant setback. We exited the Fund’s position during the period.

GrafTech International Ltd., a manufacturer of synthetic graphite, petroleum needle coke, and graphite electrodes used in electric arc furnaces for the steel industry, was the second-largest detractor from performance during the period. The graphite electrode market has been under substantial pressure as steel industry utilization, primarily in Europe, remains at subdued levels. GrafTech was forced to cut its dividend to preserve liquidity. We recently entered the position at distressed levels, as we believe there will be substantial demand for the company’s graphite electrodes. Furthermore, the company produces needle coke and can make synthetic graphite, which is used in batteries. We believe that, as with rare earths, graphite is likely to be another key material that is subsidized due to national security concerns. While the industry remains depressed, we feel the company has adequate liquidity to navigate the downturn and thrive due to these changing industry dynamics.

Although we have been bullish on copper for some time now, the fundamental outlook improved much more rapidly than we originally anticipated. This was acutely seen in the copper space during the fourth quarter 2023 when operations at First Quantum Minerals Ltd.’s Cobre Panama mine were indefinitely suspended by the Panamanian government. The mine, which recently began operation after a more than $10 billion investment, represented 1.5% of global copper supply. The copper supply outlook grew more dire during the first quarter 2024 when numerous companies announced significant capital-expenditure increases at several greenfield and brownfield projects. To achieve an acceptable return on these new projects, a higher copper price will be required. Notably, it will take five years to bring on a brownfield project and 10 years to bring on a new greenfield project. These supply issues are running into rebounding global growth and incremental demand from the energy transition. We are witnessing an incredibly tight market for copper with negligible inventories and a tight market for copper concentrate. Copper concentrate markets are so tight that it has led to the shuttering of numerous copper smelters as treatment charges collapsed.

While the future of renewable energy remains bright, renewable-energy equities are volatile and heavily correlated to changes in interest rates. Late in the fourth quarter 2023, renewable energy companies staged a strong rally in anticipation of Fed rate cuts early in 2023. During the first quarter of 2024, inflation proved persistent, which pushed out expectations for the number and likelihood of rate cuts. This led to severe pressure on several renewable-energy sub-industries, notably in the solar sector.

Despite investor skepticism regarding the pace of deployment of key energy transition facilitators such as electric vehicles, we continue to forecast a robust market for several battery metals. We see the most upside in synthetic graphite and rare earths such as neodymium and praseodymium, which currently trade at very depressed levels. We also expect uranium prices to remain firm given substantial capacity constraints into rising global demand.

Despite the strong performance of crude oil over the last year, we are tepid on the outlook. The strength of non-OPEC oil supply growth was a major surprise during 2023. We also remain concerned with the significant OPEC spare capacity and a market largely being held up by Saudi supply cuts. With non-OPEC supply growth, even excluding the US, expected to increase again this year, we remain concerned about a battle for market share. On the bullish side, we’ll pay close attention to rebounding global economic growth into a relatively tight OECD (Organisation for Economic Co-operation and Development) inventories and geopolitical risk in the Middle East.

Refining crack spreads remained elevated throughout the year as the much-anticipated global supply glut from new refineries in Mexico and Nigeria that preoccupied Wall Street failed to materialize. While we projected this outcome, we did not anticipate the pace at which it would be priced into refining equities. What we referred to as “the cheapest names in the energy sector, with substantial balance sheet strength” now appear more reasonably valued to us. We continue to favor the sector given the strong shareholder return policies but believe much of the extreme valuation disconnect has closed.

North American natural gas supply continued to surprise to the negative during the year. Strong associated gas volumes from the Permian basin, alongside resilient natural gas-focused rig counts, overwhelmed lackluster winter demand. Despite the natural gas-focused rig count falling materially and notable supply curtailments from several exploration and production companies, the supply outlook remains bleak. However, with gas prices in many areas approaching shut-in levels, this should lead to a favorable setup in 2025, in our view, as moderating supply meets a steep change in demand from incremental liquefied natural gas facilities. Despite the subdued outlook, several natural gas-levered equities boast strong balance sheets to weather a potential 2024 storm.

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Portfolio management reviews

Delaware Ivy Science and Technology Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Ivy Science and Technology Fund (Class I shares)	1-year return	+41.20%*
Delaware Ivy Science and Technology Fund (Class A shares)	1-year return	+40.88%
S&P North American Technology Sector TR Index (benchmark)	1-year return	+52.97%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Ivy Science and Technology Fund, please see the table on page 35.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 37 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide growth of capital.

Market review

After a dismal fiscal 2023, fiscal 2024 turned out to be a strong year in the equity markets. If the 2023 fiscal period was about rising inflation and rapid US Federal Reserve interest rate increases, then 2024 was about moderating inflation and an end to the current Fed tightening cycle. The combination of these actions drove increased investor confidence that further tightening of monetary policy wouldn’t be necessary. Tightness in the labor markets moderated as well over the course of the year. Even with some broader economic weakening, the housing market remained relatively tight due to supply constraints and the unwillingness of many homeowners to move with mortgage rates still in the 7-8% range through most of the year.

While the focused efforts of the Fed to rapidly tighten monetary policy appeared to succeed in engineering an economic “soft landing,” the hangover from COVID-19-induced supply chain disruptions still forced many companies to make large inventory adjustments and write-offs. Supply chain normalization worked its way through different industries at various speeds but appeared close to the end for all but the longest-cycle businesses. Even with tighter economic conditions and some weakening in parts of the market, consumer spending remained relatively resilient over the course of the year.

Politically, headlines focused on the chaotic battle for the US House speakership, Donald Trump’s ongoing legal battles, and the presidential election in November 2024. There was little economically sensitive legislation passed during the fiscal period, save for that which averted potential government shutdowns.

Internationally, the Israel-Hamas war broke out and the Russia-Ukraine war continued. Both wars have had a massive humanitarian impact but put little pressure on financial markets. China’s relaxation of its aggressive COVID-19 lockdown policies failed to reinvigorate markets due to the country’s broader economic malaise. Additionally, the ratcheting up of tensions between the US and China over Taiwan’s sovereignty and advancements in artificial intelligence (AI) added another layer of geopolitical concerns.

During the Fund’s 2024 fiscal year, information technology (IT) stocks rebounded from the prior year’s challenges. Excitement over AI and electrification drove investor sentiment even as recessionary fears remained. Within IT, the semiconductor, software, and media subsectors performed the strongest. While still positive on an absolute basis, the hardware, communications equipment, and IT services subsectors underperformed the broader sector. The healthcare sector meaningfully underperformed the technology universe.

Source: Bloomberg, unless otherwise noted.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Ivy Science and Technology Fund significantly advanced, although it underperformed its benchmark, the S&P North American Technology Sector Index. The Fund’s Class l shares increased 41.20%. The Fund's Class A shares gained 40.88% at net asset value (NAV) and advanced 32.77% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the benchmark gained 52.97%. For complete, annualized performance of Delaware Ivy Science and Technology Fund, please see the table on page 35.

ARM Holdings PLC, Amazon.com Inc., Netflix Inc., and Micron Technology Inc. outperformed relative to the benchmark in the technology sector. Our decisions to be meaningfully underweight Apple Inc. and not to own Cisco Systems Inc., Texas Instruments Inc., and Accenture PLC also contributed to relative performance. Positions in WNS Holdings Ltd., Zebra Technologies

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Corp., and Ambarella Inc. detracted significantly from performance, while underweight positions in Meta Platforms Inc. and NVIDIA Corp. hurt relative performance.

During the fiscal year, our broader exposure to innovation outside of technology, notably healthcare and applied science and technology, contributed to underperformance relative to the all-technology benchmark. Since these sectors are not represented in the benchmark, our allocation to them is an important distinction when comparing performance metrics. Additionally, we maintained a low-single-digit average cash position during the Fund’s fiscal year, which detracted from relative performance due to the technology market’s strong advance.

As the Fund’s fiscal year began, we were concerned about inflation and tighter monetary policy but expected rate increases to slow during the year. This expectation of a more sanguine rate environment led us to broaden our allocations down the market-cap spectrum since we expected returns to broaden as well. Contrary to this positioning, the market was extremely narrow in terms of returns until the very end of the year. For example, almost 60% of the benchmark’s returns in fiscal 2024 came from the six largest stocks – all mega-cap technology stocks. While we had exposure to these mega-caps during the year, we were relatively underweight – the key reason for our underperformance relative to the benchmark. A few important examples of this dynamic, as mentioned above, were our holdings in NVIDIA, which gained 225%, and Meta Platforms, up 129%. In fiscal year 2023, the Fund's position size in these companies averaged 5.8% and 4.5% respectively, while the benchmark weights were 8.8% and 7.1%.

The portfolio had approximately 67.0% of its equity exposure in the IT sector as of March 31, 2024. The overall exposure in IT is more appropriately assessed by including the communication services sector, which includes many companies previously in the IT sector. The portfolio had approximately 18.8% of its equity assets in the communication services sector at year end, for a total of 85.8% of assets exposed to the IT and communications services sectors.

At the end of the reporting period, 3.9% of the portfolio’s equity assets were in the healthcare sector. Our lower healthcare exposure compared with historical averages is primarily a result of reducing the biotechnology weighting. In developing markets, as the standard of living increases, we believe the demand for quality healthcare should increase. In our opinion, biotechnology, healthcare IT systems, and pharmaceuticals are among the leading innovators and early adopters of new science and technology, so we continue to focus on companies in those areas.

Our “applied science and technology” holdings span several industries and sectors and, along with the consumer discretionary sector (largely Amazon), make up the remainder of the portfolio’s equity composition. At the end of the Fund’s fiscal year, the cash position was 0.6% of net assets. We consistently have some cash on hand to take advantage of potential opportunities.

We had high conviction in our positioning at the end of the Fund’s fiscal year. While the portfolio was up significantly in the fiscal year on an absolute basis, we were not positioned for such a narrow market, largely led by multiple expansion in the mega-caps. We think market dynamics should potentially change with market performance expanding to a broader set of innovative companies and outperformance in the mega-caps becoming more selective.

We are particularly excited about the innovations in AI and the opportunities for both incumbent and new companies to capitalize economically. As always, we will continue to carefully examine the macroeconomic factors underlying our investment universe. We believe that our attention to bottom-up (stock by stock) research, coupled with the innovation happening across the globe, will continue to provide attractive investment opportunities. We view our long-term investment horizon and concentrated portfolio as compelling advantages for long-term investment performance.

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Portfolio management reviews

Delaware Real Estate Securities Fund

March 31, 2024 (Unaudited)

Performance preview (for the year ended March 31, 2024)
Delaware Real Estate Securities Fund (Class I shares)	1-year return	+6.78%*
Delaware Real Estate Securities Fund (Class A shares)	1-year return	+6.55%
FTSE Nareit Equity REITs Index (benchmark)	1-year return	+10.54%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Real Estate Securities Fund, please see the table on page 38.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no distribution and service fee. The performance of Class A shares excludes the applicable sales charge. The performance of both Class I shares and Class A shares reflects the reinvestment of all distributions. Please see page 40 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks to provide total return through capital appreciation and current income.

Market review

In property, there were several significant events over the fiscal year, possibly the most defining of which was the market’s realization of the scale of opportunity available in the data center segment. NVIDIA Corp.’s strong earnings results and the current craze around ChatGPT has taken the world by storm and shown us just how powerful artificial intelligence (AI) could become. Data centers are a mission-critical piece of real estate supporting all forms of data use, including generative AI. AI models require large-scale datasets housed in data centers and substantial computing power for training. In fact, AI applications have higher power requirements than applications of previous generations and require graphics processing units (GPUs) rather than less-intensive central processing units (CPUs). This translates to at least two times more power usage, not only because of AI, but also big data analytics, graphics rendering, and cloud gaming. Given this increased power requirement, and that data centers are leased on a per-kilowatt hourly basis, we believe the opportunity for the sector is bright over the long run. Recent short reports from Hindenburg Research have weighed on the sector most recently with the report alleging that Equinix Inc. has understated maintenance capital expenditures, oversold power at the facility level, and that hyperscalers (large cloud service providers) are competing and potentially cannibalizing Equinix’s core business. We believe this narrative is not new information and inaccurately represents Equinix’s growth potential and quality of cash flow.

In storage, Extra Space Storage Inc. announced in July that it completed its merger with Life Storage Inc., thus making the combined company the largest storage operator in the country, with more than 3,500 locations, approximately 270 million square feet of rentable storage space, and more than two million customers.

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In the lodging sector, KSL Capital Partners announced in August that it would acquire Hersha Hospitality Trust (HT) in an all-cash transaction valued at $1.4 billion, or roughly $365,000 per key.

The Canadian government made a renewed commitment to increase the flow of immigrants into Canada over the next three years. This should directly impact an already very tight housing market. We believe the combination of lower overall supply growth, clear shelter demands, and a reduction in regulation risk will equate to stronger profit margins, higher occupancy, and sustainable earnings growth in the mid- to high-single-digit range for Canadian multifamily for the foreseeable future.

Sources: Bloomberg, Avison Young, Welltower 2023.

Within the Fund

For the fiscal year ended March 31, 2024, Delaware Real Estate Securities Fund gained, although it underperformed its benchmark, the FTSE Nareit Equity REITs Index. The Fund’s Class I shares rose 6.78%. The Fund’s Class A shares rose 6.55% at net asset value (NAV) and gained 0.43% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark returned 10.54%. For complete annualized performance of Delaware Real Estate Securities Fund, please the table on page 38.

At the sector level, a key contributor to the Fund’s performance was an overweight to healthcare and data centers. Welltower Inc. invests in and facilitates healthcare real estate infrastructure, particularly senior housing facilities. Welltower contributed to the Fund’s performance, posting year-over-year, same-store net operating income growth of 14.1%. Its high-quality assets continue to be sought in a market where supply is constrained and demand is viewed to be structurally supported by aging demographics. Digital Realty Trust Inc., which operates and invests in carrier-neutral data centers, performed well as the market came to grips with the significant incremental demand driven by the continued development of AI. Digital Realty Trust announced record interconnection signings and its highest average leasing rate since 2016.

Key detractors at the sector level included underweights to retail and self-storage. Extra Space Storage was among the largest detractors. The company experienced a volatile year, showing weakness in the first half of the year due to slowing fundamentals after a strong operating period during the COVID-19 pandemic. However, Extra Space Storage ended the year strong, rebounding from expectations of a softening rate environment in 2024. In retail, the largest detractor was an underweight to Simon Property Group Inc., which performed well in the second half of the year as a softening macroeconomic environment and relatively stable fundamentals helped it outperform the benchmark over the period.

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Performance summaries

Delaware Climate Solutions Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. April 3, 2006)
Excluding sales charge	-3.92%	+1.16%	-4.77%	—
Including sales charge	-9.42%	-0.03%	-5.33%	—
Class C (Est. April 3, 2006)
Excluding sales charge	-4.57%	+0.44%	-5.30%	—
Including sales charge	-5.51%	+0.44%	-5.30%	—
Class I (Est. April 2, 2007)
Excluding sales charge	-3.69%	+1.52%	-4.43%	—
Including sales charge	-3.69%	+1.52%	-4.43%	—
Class R (Est. December 19, 2012)
Excluding sales charge	-4.14%	+0.83%	-5.04%	—
Including sales charge	-4.14%	+0.83%	-5.04%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	-3.58%	+1.54%	—	-5.20%
Including sales charge	-3.58%	+1.54%	—	-5.20%
Class Y (Est. April 3, 2006)
Excluding sales charge	-3.89%	+1.19%	-4.71%	—
Including sales charge	-3.89%	+1.19%	-4.71%	—
MSCI ACWI Investable Market Index (net)	+22.45%	+10.57%	+8.43%	—
MSCI ACWI Investable Market Index (gross)	+23.04%	+11.10%	+8.98%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 18. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Using environmental, social, and governance (ESG) criteria in the investment process may exclude certain companies for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG factors. In addition, because companies’ greenhouse gas (GHG) emissions data are not standardized (and are further subject to estimation error when not company-reported), the data sets the Fund must rely on may imperfectly represent companies’ true GHG emissions. Also, the company emissions targets that the Manager sets are based on model assumptions and estimations that carry the inherent risk associated with any modeling or estimating process.

Investing in energy securities may include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, changing demand for different types of energy, changes in methods for conserving energy, the uncertain success rates for exploration projects, tax and other governmental regulations, and other risks associated with generating or distributing energy.

The Fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the portfolio. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a non-diversified portfolio may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

The Fund’s focus on securities of issuers that seek to reduce, displace, and/or sequester GHG emissions or help others to do so may affect the Fund’s exposure to certain sectors or types of investments. The Fund’s relative investment performance may also be impacted depending on whether such sectors or investments are in or out of favor with the market. Certain investments may be dependent on US and foreign government policies, including tax incentives and subsidies, as well as on political support for certain environmental initiatives and developments affecting companies focused on sustainable energy and climate change solutions generally.

The Fund may invest in initial public offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be replicated in the future.

Table of Contents

Performance summaries

Delaware Climate Solutions Fund

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.48%	2.17%	1.00%	1.57%	0.97%	1.29%
Net expenses (including fee waivers, if any)	1.24%	1.99%	0.99%	1.49%	0.83%	1.24%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value			Ending value
MSCI ACWI Investable Market Index (gross)		$	10,000		$	23,622
MSCI ACWI Investable Market Index (net)		$	10,000		$	22,464
Delaware Climate Solutions Fund – Class I shares		$	10,000		$	6,356
Delaware Climate Solutions Fund – Class A shares		$	9,425		$	5,779

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 18. Please note additional details on pages 16 through 20.

The graph also assumes $10,000 invested in the MSCI ACWI Investable Market Index as of March 31, 2014. The MSCI ACWI (All Country World) Investable Market Index (IMI) represents large-, mid-, and small-cap stocks across 23 developed market countries and 24 emerging market countries. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The S&P Global Clean Energy Select Index, mentioned on page 1, measures the performance of 30 of the largest and most liquid companies with businesses related to clean energy production and associated technology and equipment globally, from both developed and emerging markets.

Performance of other Fund classes will vary due to different charges and expenses.

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Performance summaries

Delaware Climate Solutions Fund

	Nasdaq symbols	CUSIPs
Class A	IEYAX	466000395
Class C	IEYCX	466000379
Class I	IVEIX	466000148
Class R	IYEFX	465899367
Class R6	IENRX	46600A807
Class Y	IEYYX	466000361

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Performance summaries

Delaware Global Real Estate Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. April 1, 2013)
Excluding sales charge	+6.91%	+0.86%	+3.29%	—
Including sales charge	+0.72%	-0.32%	+2.68%	—
Class C (Est. April 1, 2013)
Excluding sales charge	+6.13%	+0.14%	+2.55%	—
Including sales charge	+5.13%	+0.14%	+2.55%	—
Class I (Est. April 1, 2013)
Excluding sales charge	+7.21%	+1.25%	+3.55%	—
Including sales charge	+7.21%	+1.25%	+3.55%	—
Class R (Est. April 1, 2013)
Excluding sales charge	+6.73%*	+0.57%	+2.86%	—
Including sales charge	+6.60%	+0.57%	+2.86%	—
Class R6 (Est. July 5, 2017)
Excluding sales charge	+7.25%	+1.25%	—	+3.21%
Including sales charge	+7.25%	+1.25%	—	+3.21%
Class Y (Est. April 1, 2013)
Excluding sales charge	+6.90%	+0.89%	+3.35%	—
Including sales charge	+6.90%	+0.89%	+3.35%	—
FTSE EPRA Nareit Developed Index	+8.57%	+0.74%	+4.00%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 22. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Performance summaries

Delaware Global Real Estate Fund

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Investing in the real estate industry includes risks such as declines in real estate value, lack of availability of mortgage funds, overbuilding, extended vacancies, increases in property taxes, changes in zoning laws, costs from cleanup of environmental problems, uninsured damages, variations in rents, and changes in interest rates.

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	2.14%	3.22%	1.59%	2.18%	1.54%	1.89%
Net expenses (including fee waivers, if any)	1.29%	2.04%	1.04%	1.54%	0.89%	1.29%

Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value			Ending value
FTSE EPRA Nareit Developed Index		$	10,000		$	14,806
Delaware Global Real Estate Fund – Class I shares		$	10,000		$	14,180
Delaware Global Real Estate Fund – Class A shares		$	9,425		$	13,026

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2024, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 22. Please note additional details on pages 21 through 23.

The graph also assumes $10,000 invested in the FTSE EPRA Nareit Developed Index as of March 31, 2024. The FTSE EPRA Nareit Developed Index tracks the performance of listed real estate companies and real estate investment trusts (REITs) worldwide, based in US dollars.

The S&P 500 Index, mentioned on page 3, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IREAX	465899359
Class C	IRECX	465899334
Class I	IRESX	465899326
Class R	IRERX	465899318
Class R6	IRENX	46600A245
Class Y	IREYX	465899292

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Performance summaries

Delaware Ivy Asset Strategy Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. July 10, 2000)
Excluding sales charge	+20.14%	+9.22%	+4.71%	—
Including sales charge	+13.25%	+7.93%	+4.09%	—
Class C (Est. October 4, 1999)
Excluding sales charge	+19.26%	+8.33%	+4.10%	—
Including sales charge	+18.26%	+8.33%	+4.10%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+20.49%	+9.50%	+4.98%	—
Including sales charge	+20.49%	+9.50%	+4.98%	—
Class R (Est. July 31, 2008)
Excluding sales charge	+19.88%	+8.89%	+4.38%	—
Including sales charge	+19.88%	+8.89%	+4.38%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+20.45%	+9.63%	—	+5.32%
Including sales charge	+20.45%	+9.63%	—	+5.32%
Class Y (Est. December 29, 1995)
Excluding sales charge	+20.15%	+9.25%	+4.74%	—
Including sales charge	+20.15%	+9.25%	+4.74%	—
MSCI ACWI Index (net)	+23.22%	+10.92%	+8.66%	—
MSCI ACWI Index (gross)	+23.81%	+11.45%	+9.22%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 26. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities.

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Performance summaries

Delaware Ivy Asset Strategy Fund

Fund expense ratios	Class A	Class C	Class I	Class R	Class R6	Class Y
Total annual operating expenses (without fee waivers)	1.16%	2.19%	0.91%	1.48%	0.78%	1.12%
Net expenses (including fee waivers, if any)	1.16%	2.19%	0.91%	1.48%	0.78%	1.12%

Type of waiver	n/a	n/a	n/a	n/a	n/a	n/a

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Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value			Ending value
MSCI ACWI Index (gross)		$	10,000		$	24,154
MSCI ACWI Index (net)		$	10,000		$	22,948
Delaware Ivy Asset Strategy Fund – Class I shares		$	10,000		$	16,266
Delaware Ivy Asset Strategy Fund – Class A shares		$	9,425		$	14,935

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 26. Please note additional details on pages 24 through 27.

The graph also assumes $10,000 invested in the MSCI ACWI Index as of March 31, 2014. The MSCI ACWI (All Country World Index) represents large- and mid-cap stocks across developed and emerging markets worldwide. The index covers approximately 85% of the global investable equity opportunity set. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate. Index “gross” return approximates the maximum possible dividend reinvestment.

The Bloomberg US Aggregate Index, mentioned on page 5, is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	WASAX	466000759
Class C	WASCX	466000734
Class I	IVAEX	466001864
Class R	IASRX	466000114
Class R6	IASTX	46600A104
Class Y	WASYX	466000726

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Performance summaries

Delaware Ivy Balanced Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year	5 year	10 year	Lifetime
Class A (Est. November 16, 1987)
Excluding sales charge	+19.36%	+9.22%	+7.05%	—
Including sales charge	+12.50%	+7.93%	+6.41%	—
Class C (Est. December 8, 2003)
Excluding sales charge	+18.51%*	+8.38%	+6.44%	—
Including sales charge	+17.51%	+8.38%	+6.44%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+19.63%	+9.47%	+7.30%	—
Including sales charge	+19.63%	+9.47%	+7.30%	—
Class R (Est. December 19, 2012)
Excluding sales charge	+19.04%	+8.85%	+6.69%	—
Including sales charge	+19.04%	+8.85%	+6.69%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+19.72%	+9.60%	—	+7.57%
Including sales charge	+19.72%	+9.60%	—	+7.57%
Class Y (Est. December 8, 2003)
Excluding sales charge	+19.35%	+9.22%	+7.05%	—
Including sales charge	+19.35%	+9.22%	+7.05%	—
S&P 500 Index	+29.88%	+15.05%	+12.96%	—
Bloomberg US Aggregate Index	+1.70%	+0.36%	+1.54%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 29. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

There is no guarantee that dividend-paying stocks will continue to pay dividends.

Fund expense ratios	Class A		Class C		Class I		Class R		Class R6		Class Y
Total annual operating expenses (without fee waivers)	1.10	%	1.98	%	0.88	%	1.38	%	0.75	%	1.07	%
Net expenses (including fee waivers, if any)	1.05	%	1.80	%	0.80	%	1.30	%	0.71	%	1.05	%
Type of waiver	Contractual		Contractual		Contractual		Contractual		Contractual		Contractual

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Performance summaries

Delaware Ivy Balanced Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
S&P 500 Index	$	10,000	$	33,826
Delaware Ivy Balanced Fund – Class I shares	$	10,000	$	20,237
Delaware Ivy Balanced Fund – Class A shares	$	9,425	$	18,621
Bloomberg US Aggregate Index	$	10,000	$	11,657

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 29. Please note additional details on pages 28 through 31.

The graph also assumes $10,000 invested in the S&P 500 Index and the Bloomberg US Aggregate Index as of March 31, 2014. The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market. The Bloomberg US Aggregate Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

The Deutscher Aktien Index (DAX) or the GER40, mentioned on page 8, is a stock index that represents 40 of the largest and most liquid German companies that trade on the Frankfurt Exchange. The prices used to calculate the DAX Index come through Xetra, an electronic trading system. A free-float methodology is used to calculate the index weightings along with a measure of the average trading volume.

The Nikkei Stock Average (often referred to as the Nikkei 225 or the Nikkei), mentioned on page 8, is a price-weighted index that comprises 225 of the largest Japanese companies traded on the Tokyo Stock Exchange.

Performance of other Fund classes will vary due to different charges and expenses.

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	Nasdaq symbols	CUSIPs
Class A	IBNAX	465898625
Class C	IBNCX	465898591
Class I	IYBIX	465898146
Class R	IYBFX	465899375
Class R6	IBARX	46600A203
Class Y	IBNYX	465898583

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Performance summaries

Delaware Ivy Natural Resources Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year		5 year		10 year		Lifetime
Class A (Est. January 2, 1997)
Excluding sales charge	+4.63	%	+5.49	%	-0.81	%	—
Including sales charge	-1.38	%	+4.25	%	-1.39	%	—
Class C (Est. January 2, 1997)
Excluding sales charge	+3.89	%	+4.76	%	-1.31	%	—
Including sales charge	+2.89	%	+4.76	%	-1.31	%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+4.93	%	+6.02	%	-0.31	%	—
Including sales charge	+4.93	%	+6.02	%	-0.31	%	—
Class R (Est. December 29, 2005)
Excluding sales charge	+4.33	%	+5.43	%	-0.88	%	—
Including sales charge	+4.33	%	+5.43	%	-0.88	%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+4.89	%	+6.15	%	—		-0.81	%
Including sales charge	+4.89	%	+6.15	%	—		-0.81	%
Class Y (Est. July 24, 2003)
Excluding sales charge	+4.60	%	+5.75	%	-0.55	%	—
Including sales charge	+4.60	%	+5.75	%	-0.55	%	—
S&P Global Natural Resources Index (net)	+5.02	%	+8.31	%	+4.70	%	—
S&P North American Natural Resources Sector Index	+18.57	%	+12.13	%	+3.66	%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 33. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

Table of Contents

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Because the Fund invests significantly in natural resources securities, there is the risk that the Fund will perform poorly during a downturn in the natural resource sector.

Fund expense ratios	Class A		Class C		Class I		Class R		Class R6		Class Y
Total annual operating expenses (without fee waivers)	1.68	%	2.45	%	1.17	%	1.69	%	1.10	%	1.41	%
Net expenses (including fee waivers, if any)	1.36	%	2.11	%	1.11	%	1.61	%	0.95	%	1.36	%
Type of waiver	Contractual		Contractual		Contractual		Contractual		Contractual		Contractual

Table of Contents

Performance summaries

Delaware Ivy Natural Resources Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
S&P Global Natural Resources Index (net)	$	10,000	$	15,829
S&P North American Natural Resources Sector Index	$	10,000	$	14,331
Delaware Ivy Natural Resources Fund – Class I shares	$	10,000	$	9,694
Delaware Ivy Natural Resources Fund – Class A shares	$	9,425	$	8,692

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 33. Please note additional details on pages 32 through 34.

The graph also assumes $10,000 invested in the S&P Global Natural Resources Index and the S&P North American Natural Resources Sector Index as of March 31, 2014. The S&P Global Natural Resources Index includes 90 of the largest publicly traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across three primary commodity-related sectors: agribusiness, energy, and metals and mining. The S&P North American Natural Resources Sector Index provides investors with a benchmark that represents US traded securities that are classified under the GICS^®energy and materials sector, excluding the chemicals industry and steel subindustry.

The S&P 500 Index, mentioned on page 10, measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IGNAX	465897429
Class C	IGNCX	465897395
Class I	IGNIX	465899508
Class R	IGNRX	465898310
Class R6	INRSX	46600A849
Class Y	IGNYX	465897122

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Performance summaries

Delaware Ivy Science and Technology Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year		5 year		10 year		Lifetime
Class A (Est. July 3, 2000)
Excluding sales charge	+40.88	%	+16.30	%	+12.77	%	—
Including sales charge	+32.77	%	+14.93	%	+12.11	%	—
Class C (Est. October 4, 1999)
Excluding sales charge	+39.82	%	+15.37	%	+12.11	%	—
Including sales charge	+38.82	%	+15.37	%	+12.11	%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+41.20	%*	+16.54	%	+13.04	%	—
Including sales charge	+41.20	%	+16.54	%	+13.04	%	—
Class R (Est. December 29, 2005)
Excluding sales charge	+40.50	%*	+15.88	%	+12.39	%	—
Including sales charge	+40.50	%	+15.88	%	+12.39	%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+41.31	%	+16.69	%	—		+13.61	%
Including sales charge	+41.31	%	+16.69	%	—		+13.61	%
Class Y (Est. June 9, 1998)
Excluding sales charge	+40.88	%	+16.30	%	+12.79	%	—
Including sales charge	+40.88	%	+16.30	%	+12.79	%	—
S&P North American Technology Sector TR Index	+52.97	%	+21.25	%	+20.19	%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 36. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

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Performance summaries

Delaware Ivy Science and Technology Fund

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Because the Fund invests more than 25% of its total assets in the science and technology industry, the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in this industry.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. In addition, the Fund's performance may be more volatile than an investment in a portfolio of broad market securities and may underperform the market as a whole, due to the relatively limited number of issuers of science and technology related securities. Investment risks associated with investing in science and technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants, and obsolescence of existing technology.

Fund expense ratios	Class A		Class C		Class I		Class R		Class R6		Class Y
Total annual operating expenses (without fee waivers)	1.22	%	2.15	%	1.00	%	1.58	%	0.87	%	1.24	%
Net expenses (including fee waivers, if any)	1.22	%	2.15	%	1.00	%	1.58	%	0.87	%	1.24	%
Type of waiver	n/a		n/a		n/a		n/a		n/a		n/a

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Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
S&P North American Technology Sector TR Index	$	10,000	$	62,922
Delaware Ivy Science and Technology Fund – Class I shares	$	10,000	$	34,065
Delaware Ivy Science and Technology Fund – Class A shares	$	9,425	$	31,359

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 36. Please note additional details on pages 35 through 37.

The graph also assumes $10,000 invested in the S&P North American Technology Sector Index as of March 31, 2014. The S&P North American Technology Sector Index is a modified-capitalization weighted index providing investors with a benchmark that represents US securities classified under the GICS^®technology sector and internet retail sub-industry.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	WSTAX	466000718
Class C	WSTCX	466000684
Class I	ISTIX	466001807
Class R	WSTRX	466000437
Class R6	ISTNX	46600A740
Class Y	WSTYX	466000676

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Performance summaries

Delaware Real Estate Securities Fund

March 31, 2024 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through March 31, 2024
	1 year		5 year		10 year		Lifetime
Class A (Est. February 25, 1999)
Excluding sales charge	+6.55	%	+4.14	%	+6.09	%	—
Including sales charge	+0.43	%	+2.92	%	+5.46	%	—
Class C (Est. December 8, 2003)
Excluding sales charge	+5.72	%*	+3.27	%	+5.42	%	—
Including sales charge	+4.77	%	+3.27	%	+5.42	%	—
Class I (Est. April 2, 2007)
Excluding sales charge	+6.78	%*	+4.47	%	+6.47	%	—
Including sales charge	+6.78	%	+4.47	%	+6.47	%	—
Class R (Est. December 29, 2005)
Excluding sales charge	+6.26	%*	+3.89	%	+5.84	%	—
Including sales charge	+6.26	%	+3.89	%	+5.84	%	—
Class R6 (Est. July 31, 2014)
Excluding sales charge	+6.94	%	+4.60	%	—		+6.10	%
Including sales charge	+6.94	%	+4.60	%	—		+6.10	%
Class Y (Est. December 8, 2003)
Excluding sales charge	+6.51	%*	+4.23	%	+6.22	%	—
Including sales charge	+6.51	%	+4.23	%	+6.22	%	—
FTSE Nareit Equity REITs Index	+10.54	%	+4.15	%	+6.61	%	—

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 39. Performance would have been lower had expense limitations not been in effect.

Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class I shares pay no 12b-1 fee.

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Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class Y shares are available only to certain investors. Class Y shares have an annual 12b-1 fee of 0.25% of average daily net assets.

Fund expense ratios	Class A		Class C		Class I		Class R		Class R6		Class Y
Total annual operating expenses (without fee waivers)	1.57	%	2.76	%	1.09	%	1.65	%	1.06	%	1.29	%
Net expenses (including fee waivers, if any)	1.20	%	1.95	%	0.95	%	1.45	%	0.80	%	1.20	%
Type of waiver	Contractual		Contractual		Contractual		Contractual		Contractual		Contractual

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Performance summaries

Delaware Real Estate Securities Fund

Performance of a $10,000 investment¹

For the period March 31, 2014 through March 31, 2024

	Starting value		Ending value
FTSE Nareit Equity REITs Index	$	10,000	$	18,957
Delaware Real Estate Securities Fund – Class I shares	$	10,000	$	18,711
Delaware Real Estate Securities Fund – Class A shares	$	9,425	$	17,015

¹The “Performance of a $10,000 investment” graph assumes $10,000 invested in Class I and Class A shares of the Fund on March 31, 2014, and includes the effect of a 5.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations may have been in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 39. Please note additional details on pages 38 through 40.

The graph also assumes $10,000 invested in the FTSE Nareit Equity REITs Index as of March 31, 2014. The FTSE Nareit Equity REITs Index contains all tax-qualified real estate investment trusts (REITs) traded on US exchanges, excluding timber and infrastructure REITs, with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.

The S&P 500 Index, mentioned on page 14, measures the performance of 500 mostly large-cap stocks weighted by market value and is often used to represent performance of the US stock market.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols	CUSIPs
Class A	IRSAX	465898476
Class C	IRSCX	465898450
Class I	IREIX	465899839
Class R	IRSRX	465898294
Class R6	IRSEX	46600A757
Class Y	IRSYX	465898443

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Disclosure of Fund expenses

For the six-month period from October 1, 2023 to March 31, 2024 (Unaudited)

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2023 to March 31, 2024.

Actual expenses

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on a 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

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/23 to
	10/1/23		3/31/24		Ratio			3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,048.90		1.24	%	$ 6.35
Class C		1,000.00		1,044.50		1.99	%	10.17
Class I		1,000.00		1,049.40		0.99	%	5.07
Class R		1,000.00		1,046.70		1.49	%	7.62
Class R6		1,000.00		1,050.20		0.83	%	4.25
Class Y		1,000.00		1,048.50		1.24	%	6.35
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		1,020.85		0.83	%	4.19
Class Y		1,000.00		1,018.80		1.24	%	6.26

Delaware Global Real Estate Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/23 to
	10/1/23		3/31/24		Ratio			3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,130.50		1.29	%	$ 6.87
Class C		1,000.00		1,125.70		2.04	%	10.84
Class I		1,000.00		1,132.20		1.04	%	5.54
Class R		1,000.00		1,129.10		1.54	%	8.20
Class R6		1,000.00		1,133.30		0.89	%	4.75
Class Y		1,000.00		1,130.80		1.29	%	6.87
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.55		1.29	%	$ 6.51
Class C		1,000.00		1,014.80		2.04	%	10.28
Class I		1,000.00		1,019.80		1.04	%	5.25
Class R		1,000.00		1,017.30		1.54	%	7.77
Class R6		1,000.00		1,020.55		0.89	%	4.50
Class Y		1,000.00		1,018.55		1.29	%	6.51

Table of Contents

Disclosure of Fund expenses

Delaware Ivy Asset Strategy Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/23 to
	10/1/23		3/31/24		Ratio			3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,186.70		0.97	%		$5.30
Class C		1,000.00		1,182.30		1.72	%		9.38
Class I		1,000.00		1,188.60		0.72	%		3.94
Class R		1,000.00		1,185.90		1.22	%		6.67
Class R6		1,000.00		1,188.70		0.70	%		3.83
Class Y		1,000.00		1,186.80		0.97	%		5.30
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,020.15		0.97	%		$4.90
Class C		1,000.00		1,016.40		1.72	%		8.67
Class I		1,000.00		1,021.40		0.72	%		3.64
Class R		1,000.00		1,018.90		1.22	%		6.16
Class R6		1,000.00		1,021.50		0.70	%		3.54
Class Y		1,000.00		1,020.15		0.97	%		4.90

Delaware Ivy Balanced Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/23 to
	10/1/23		3/31/24		Ratio			3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,186.90		1.05	%		$5.74
Class C		1,000.00		1,182.70		1.80	%		9.82
Class I		1,000.00		1,188.20		0.80	%		4.38
Class R		1,000.00		1,185.80		1.30	%		7.10
Class R6		1,000.00		1,189.40		0.71	%		3.89
Class Y		1,000.00		1,186.90		1.05	%		5.74
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.75		1.05	%		$5.30
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		1,021.45		0.71	%		3.59
Class Y		1,000.00		1,019.75		1.05	%		5.30

Delaware Ivy Natural Resources Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/23 to
	10/1/23		3/31/24		Ratio			3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,037.80		1.20	%		$6.11
Class C		1,000.00		1,034.10		1.95	%		9.92
Class I		1,000.00		1,039.20		0.95	%		4.84
Class R		1,000.00		1,036.00		1.45	%		7.38
Class R6		1,000.00		1,038.90		0.92	%		4.69
Class Y		1,000.00		1,037.70		1.20	%		6.11
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 Ivy Science and Technology Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/23 to
	10/1/23		3/31/24		Ratio			3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,374.40		1.11	%		$ 6.59
Class C		1,000.00		1,369.50		1.86	%		11.02
Class I		1,000.00		1,376.00		0.86	%		5.11
Class R		1,000.00		1,372.50		1.36	%		8.07
Class R6		1,000.00		1,376.50		0.78	%		4.63
Class Y		1,000.00		1,374.40		1.12	%		6.65
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.45		1.11	%		$ 5.60
Class C		1,000.00		1,015.70		1.86	%		9.37
Class I		1,000.00		1,020.70		0.86	%		4.34
Class R		1,000.00		1,018.20		1.36	%		6.86
Class R6		1,000.00		1,021.10		0.78	%		3.94
Class Y		1,000.00		1,019.40		1.12	%		5.65

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Delaware Real Estate Securities Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/23 to
	10/1/23		3/31/24		Ratio			3/31/24*
Actual Fund return^†
Class A	$	1,000.00	$	1,127.80		1.20	%		$ 6.38
Class C		1,000.00		1,123.20		1.95	%		10.35
Class I		1,000.00		1,128.60		0.95	%		5.06
Class R		1,000.00		1,126.20		1.45	%		7.71
Class R6		1,000.00		1,129.60		0.80	%		4.26
Class Y		1,000.00		1,127.00		1.20	%		6.38
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		1,021.00		0.80	%		4.04
Class Y		1,000.00		1,019.00		1.20	%		6.06

^†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.

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Security type / sector allocations and top 10 equity holdings

Delaware Climate Solutions Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks	99.87%
Consumer Staples	3.16%
Energy	13.69%
Industrials	21.64%
Information Technology	3.37%
Materials	16.72%
Real Estate	4.36%
Utilities*	36.93%
Total Value of Securities	99.87%
Receivables and Other Assets Net of Liabilities	0.13%
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 March 31, 2024, such amounts, as a percentage of total net assets were 20.03%, 10.13%, and 6.77%, 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%.

Top 10 equity 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.

	Percentage
Top 10 equity holdings	of net assets
Kingspan Group	4.58%
Weyerhaeuser	4.36%
Waste Management	4.11%
Valero Energy	4.03%
Schneider Electric	4.03%
Cummins	4.00%
Terna - Rete Elettrica Nazionale	3.71%
NextEra Energy	3.65%
Alcoa	3.64%
CMS Energy	3.56%

Table of Contents

Security type / country and sector allocations

Delaware Global Real Estate Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / country	of net assets
Common Stocks by Country	97.87%
Australia	4.77%
Belgium	0.87%
Canada	1.62%
France	0.61%
Germany	1.82%
Hong Kong	2.54%
Japan	10.80%
Mexico	0.93%
Singapore	3.01%
Spain	2.57%
Sweden	1.38%
Tanzania	0.10%
United Kingdom	4.06%
United States	62.79%
Total Value of Securities	97.87%
Receivables and Other Assets Net of Liabilities	2.13%
Total Net Assets	100.00%

	Percentage
Common stocks by sector	of net assets
Diversified Real Estate Activities	5.25%
Home Builders	0.38%
Integrated Telecommunication Services	1.40%
Internet Services & Infrastructure	0.60%
Real Estate Operating Companies/Developer	6.13%
Real Estate Services	0.53%
REIT Diversified	18.85%
REIT Healthcare	8.36%
REIT Hotel	1.50%
REIT Industrial	16.03%
REIT Multifamily	16.46%
REIT Office	5.42%
REIT Retail	12.87%
REIT Self-Storage	4.09%
Total	97.87%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Asset Strategy Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Agency Collateralized Mortgage Obligations	0.37%
Agency Mortgage-Backed Securities	4.42%
Convertible Bond	0.30%
Corporate Bonds	13.39%
Banking	1.77%
Basic Industry	0.19%
Brokerage	0.13%
Capital Goods	0.07%
Communication Services	2.59%
Communications	0.65%
Consumer Cyclical	0.27%
Consumer Discretionary	1.77%
Consumer Non-Cyclical	0.60%
Electric	0.85%
Energy	1.64%
Finance Companies	0.24%
Healthcare	0.00%
Industrials	0.65%
Information Technology	0.45%
Insurance	0.70%
Materials	0.06%
Natural Gas	0.01%
Real Estate Investment Trusts	0.12%
Technology	0.57%
Transportation	0.06%
Government Agency Obligation	0.12%
Municipal Bonds	0.07%
Non-Agency Collateralized Mortgage Obligations	0.36%
Non-Agency Commercial Mortgage-Backed Securities	1.05%
Loan Agreements	1.80%
US Treasury Obligations	1.37%

	Percentage
Security type / sector	of net assets
Common Stocks	67.15%
Communication Services	6.73%
Consumer Discretionary	6.90%
Consumer Staples	4.78%
Energy	3.01%
Financials	10.88%
Healthcare	7.62%
Industrials	8.25%
Information Technology	16.99%
Materials	0.84%
Utilities	1.15%
Preferred Stock	0.49%
Exchange-Traded Funds	3.10%
Bullion	3.95%
Short-Term Investments	0.84%
Total Value of Securities	98.78%
Receivables and Other Assets Net of Liabilities	1.22%
Total Net Assets	100.00%

Top 10 equity 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.

	Percentage
Top 10 equity holdings	of net assets
Microsoft	3.85%
Alphabet Class A	2.49%
NVIDIA	2.29%
Amazon.com	2.26%
Taiwan Semiconductor Manufacturing	1.94%
Salesforce	1.68%
Apple	1.66%
Mastercard Class A	1.61%
Eli Lilly & Co.	1.54%
Airbus	1.51%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Balanced Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Agency Collateralized Mortgage Obligations	1.32%
Agency Mortgage-Backed Securities	10.82%
Corporate Bonds	10.74%
Banking	2.66%
Basic Industry	0.23%
Brokerage	0.13%
Capital Goods	0.33%
Communications	1.24%
Consumer Cyclical	0.34%
Consumer Non-Cyclical	0.73%
Electric	1.34%
Energy	1.05%
Finance Companies	0.45%
Insurance	0.94%
Natural Gas	0.02%
Real Estate Investment Trusts	0.34%
Technology	0.83%
Transportation	0.11%
Non-Agency Asset-Backed Securities	0.50%
Non-Agency Collateralized Mortgage Obligations	0.21%
Non-Agency Commercial Mortgage-Backed Securities	2.81%
US Treasury Obligations	9.25%
Common Stocks	60.74%
Communication Services	4.49%
Consumer Discretionary	4.58%
Consumer Staples	2.33%
Energy	1.33%

	Percentage
Security type / sector	of net assets
Financials	14.65%
Healthcare	7.03%
Industrials	4.10%
Information Technology	18.70%
Materials	3.11%
Utilities	0.42%
Exchange-Traded Funds	2.95%
Short-Term Investments	0.43%
Total Value of Securities	99.77%
Receivables and Other Assets Net of Liabilities	0.23%
Total Net Assets	100.00%

Top 10 equity 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.

	Percentage
Top 10 equity holdings	of net assets
Microsoft	5.21%
NVIDIA	2.45%
Amazon.com	2.26%
UnitedHealth Group	2.16%
HCA Healthcare	1.90%
Apple	1.90%
KKR & Co.	1.80%
Capital One Financial	1.76%
Alphabet Class A	1.72%
Airbus ADR	1.64%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Natural Resources Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Closed-Ended Trust	2.06%
Common Stocks	97.86%
Agriculture	5.60%
Aluminum	2.63%
Construction & Engineering	2.66%
Construction Materials	0.49%
Copper	2.53%
Diversified Metals & Mining	14.69%
Electrical Components & Equipment	1.24%
Fertilizers & Agricultural Chemicals	8.23%
Forest Products	3.95%
Gold	13.19%
Heavy Electrical Equipment	0.64%
Industrial Gases	1.02%
Integrated Oil & Gas	10.40%
Oil & Gas Drilling	2.44%
Oil & Gas Equipment & Services	3.37%
Oil & Gas Exploration & Production	14.63%
Oil & Gas Refining & Marketing	2.23%
Paper Products	1.51%
REIT Specialty	3.06%
Renewable Electricity	0.50%
Specialty Chemicals	2.33%
Steel	0.52%
Short-Term Investments	0.42%
Total Value of Securities	100.34%
Liabilities Net of Receivables and Other Assets	(0.34)%
Total Net Assets	100.00%

Top 10 equity 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.

	Percentage
Top 10 equity holdings	of net assets
Shell	6.35%
Newmont	5.88%
CF Industries Holdings	4.99%
Anglo American	4.91%
Wheaton Precious Metals	3.85%
Glencore	3.74%
Bunge Global	3.59%
Hudbay Minerals	3.49%
Endeavour Mining	3.46%
Schlumberger	3.37%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Science and Technology Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks	99.59%
Communication Services	18.67%
Consumer Discretionary	8.13%
Healthcare	3.96%
Industrials	1.66%
Information Technology*	67.17%
Short-Term Investments	0.41%
Total Value of Securities	100.00%
Liabilities Net of Receivables and Other Assets	(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, Internet, Office/Business Equipment, Semiconductors, Software, and Telecommunications. As of March 31, 2024, such amounts, as a percentage of total net assets were 7.20%, 0.31%, 1.05%, 0.83%, 3.11%, 34.67%, 19.27%, and 0.73%, 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%.

Top 10 equity 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.

	Percentage
Top 10 equity holdings	of net assets
NVIDIA	9.53%
Microsoft	8.90%
Meta Platforms Class A	8.85%
Seagate Technology Holdings	5.28%
Amazon.com	5.24%
Broadcom	5.03%
ASML Holding	4.04%
Lam Research	3.85%
Pinterest Class A	3.85%
Cadence Design Systems	3.30%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Real Estate Securities Fund

As of March 31, 2024 (Unaudited)

	Percentage
Security type / sector	of net assets
Common Stocks	99.21%
Real Estate Operating Companies/Developer	3.07%
Real Estate Services	1.05%
REIT Healthcare	11.70%
REIT Hotel	2.28%
REIT Industrial	11.33%
REIT Information Technology	21.31%
REIT Manufactured Housing	5.88%
REIT Multifamily	15.74%
REIT Office	4.43%
REIT Retail	17.29%
REIT Self-Storage	5.13%
Short-Term Investments	0.86%
Total Value of Securities	100.07%
Liabilities Net of Receivables and Other Assets	(0.07)%
Total Net Assets	100.00%

Top 10 equity 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.

	Percentage
Top 10 equity holdings	of net assets
Welltower	10.07%
Equinix	9.81%
Prologis	9.16%
Public Storage	5.13%
Digital Realty Trust	4.53%
Alexandria Real Estate Equities	4.43%
VICI Properties	4.38%
AvalonBay Communities	4.35%
Invitation Homes	4.06%
Simon Property Group	4.03%

Table of Contents

Schedules of investments

Delaware Climate Solutions Fund

March 31, 2024

	Number of
	shares		Value (US $)
Common Stocks — 99.87%t
Consumer Staples — 3.16%
Darling Ingredients †		100,535	$	4,675,883
				4,675,883
Energy — 13.69%
Equinor		150,104		4,024,949
Occidental Petroleum		81,074		5,268,999
Schlumberger		90,878		4,981,023
Valero Energy		34,918		5,960,154
				20,235,125
Industrials — 21.64%
AP Moller - Maersk Class B		1,410		1,838,421
Cummins		20,059		5,910,384
Kingspan Group		74,235		6,764,269
Net Power †		216,227		2,462,826
Schneider Electric		26,318		5,952,629
Sunrun †		226,236		2,981,790
Waste Management		28,484		6,071,365
				31,981,684
Information Technology — 3.37%
First Solar †		29,528		4,984,326
				4,984,326
Materials — 16.72%
Alcoa		159,325		5,383,592
Anglo American		207,936		5,122,429
CF Industries Holdings		56,836		4,729,324
Holcim †		48,975		4,434,549
Nutrien		92,961		5,048,712
				24,718,606
Real Estate — 4.36%
Weyerhaeuser		179,628		6,450,441
				6,450,441
Utilities — 36.93%
AES		251,019		4,500,771
Ameren		64,064		4,738,174
American Electric Power		57,767		4,973,739
CMS Energy		87,333		5,269,673
NextEra Energy		84,373		5,392,278
Northland Power		222,231		3,630,705
Orsted 144A #, †		80,044		4,472,768
ReNew Energy Global Class A †		420,786		2,524,716
RWE		127,115		4,314,362
SSE		246,234		5,127,940
Terna - Rete Elettrica Nazionale		662,776		5,477,175
Xcel Energy		77,437		4,162,239
				54,584,540
Total Common Stocks
(cost $150,201,551)				147,630,605
Total Value of Securities—99.87%
(cost $150,201,551)			$	147,630,605

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 March 31, 2024, the aggregate value of Rule 144A securities was $4,472,768, which represents 3.03% of the Fund’s net assets. See Note 13 in “Notes to financial statements.”

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

Table of Contents

Schedules of investments

Delaware Global Real Estate Fund

March 31, 2024

	Number of
	shares		Value (US $)
Common Stocks – 97.87%Δ
Australia – 4.77%
Charter Hall Group		15,695	$	140,630
Goodman Group		12,991		286,221
Lifestyle Communities		5,625		57,439
National Storage REIT		39,720		62,121
NEXTDC †		6,826		79,133
				625,544
Belgium – 0.87%
Warehouses De Pauw CVA		3,972		113,386
				113,386
Canada – 1.62%
Boardwalk Real Estate Investment Trust		1,344		77,472
Canadian Apartment Properties REIT		1,835		62,980
InterRent Real Estate Investment Trust		7,197		72,047
				212,499
France – 0.61%
Gecina		788		80,465
				80,465
Germany – 1.82%
LEG Immobilien †		857		73,577
Vonovia		5,591		165,273
				238,850
Hong Kong – 2.54%
CK Asset Holdings		7,000		28,798
Link REIT		39,498		169,813
Sun Hung Kai Properties		7,500		72,299
Wharf Real Estate Investment		19,000		61,780
				332,690
Japan – 10.80%
Advance Residence Investment		63		139,418
Mitsubishi Estate		19,450		352,690
Mitsubishi Estate Logistics REIT Investment		36		91,558
Nippon Building Fund		37		147,873
Nippon Prologis REIT		93		165,628
Sekisui House		2,200		49,906
Sumitomo Realty & Development		7,100		263,401
Tokyu REIT		62		65,940
United Urban Investment		138		140,297
				1,416,711
Mexico – 0.93%
Corp Inmobiliaria Vesta ADR		3,095		121,448
				121,448
Singapore – 3.01%
CapitaLand Ascendas REIT		72,200		148,116
Frasers Centrepoint Trust		78,516		127,347
Mapletree Logistics Trust		109,783		118,707
				394,170
Spain – 2.57%
Cellnex Telecom 144A #		4,834		170,901
Inmobiliaria Colonial Socimi		10,748		63,659
Merlin Properties Socimi		9,551		102,783
				337,343
Sweden – 1.38%
Castellum †		4,142		54,522
Fabege		4,610		43,111
Fastighets Balder Class B †		7,412		54,482
Wihlborgs Fastigheter		3,100		28,730
				180,845
Tanzania – 0.10%
Helios Towers †		11,305		13,541
				13,541
United Kingdom – 4.06%
Big Yellow Group		7,021		94,287
Derwent London		1,527		41,784
Land Securities Group		9,825		81,621
Segro		13,976		159,428
Shaftesbury Capital		20,654		37,617
UNITE Group		9,531		117,649
				532,386
United States – 62.79%
Agree Realty		4,253		242,931
Alexandria Real Estate Equities		2,923		376,804
American Healthcare REIT		6,510		96,023
American Homes 4 Rent Class A		6,707		246,683
American Tower		1,124		222,091
AvalonBay Communities		2,043		379,099
CBRE Group Class A †		715		69,527
Digital Realty Trust		2,924		421,173
DigitalBridge Group		5,929		114,252
Equinix		1,092		901,260
Equity LifeStyle Properties		2,622		168,857
Equity Residential		3,840		242,342
Federal Realty Investment Trust		1,888		192,803
First Industrial Realty Trust		5,651		296,904
Invitation Homes		9,517		338,900
Kite Realty Group Trust		13,087		283,726
Prologis		5,541		721,549
Public Storage		1,308		379,398
Realty Income		7,389		399,745
Ryman Hospitality Properties		875		101,159
Simon Property Group		1,478		231,292
Sun Communities		2,426		311,935
Sunstone Hotel Investors		7,611		84,787
VICI Properties		13,390		398,888
Welltower		10,711		1,000,836

Table of Contents


	Number of
		shares		Value (US $)
Common StocksΔ (continued)
United States (continued)
Xenia Hotels & Resorts		711	$	10,672
				8,233,636
Total Common Stocks
(cost $10,445,743)				12,833,514
Total Value of Securities-97.87%
(cost $10,445,743)			$	12,833,514

Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 45 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 March 31, 2024, the aggregate value of Rule 144A securities was $170,901, which represents 1.30% of the Fund’s net assets. See Note 13 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.

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

March 31, 2024

	Principal
	amount^°		Value (US $)
Agency Collateralized Mortgage Obligations — 0.37%
Connecticut Avenue Securities Trust
Series 2023-R08 1M1 144A
6.82% (SOFR + 1.50%) 10/25/43 #, •		1,447,254	$	1,453,529
Fannie Mae REMICs
Series 2015-18 NS 0.685%
(6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, •		3,569,218		364,454
Series 2015-37 SB 0.185%
(5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, •		7,394,711		600,200
Series 2016-48 US 0.665%
(5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, •		8,305,597		550,406
Series 2017-33 AI 4.50% 5/25/47 Σ		3,109,873		434,843
Series 2019-13 IP 5.00% 3/25/49 Σ		2,294,181		449,807
Series 4740 SB 0.717%
(6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, •		3,549,343		357,567
Freddie Mac Structured Agency
Credit Risk REMIC Trust
Series 2023-HQA3 A1 144A
7.17% (SOFR + 1.85%) 11/25/43 #, •		490,928		496,609
GNMA
Series 2021-162 IN 3.00% 9/20/51 Σ		14,692,199		2,198,940
Total Agency Collateralized Mortgage Obligations
(cost $8,998,804)				6,906,355

Agency Mortgage-Backed Securities — 4.42%
Fannie Mae S.F. 15 yr
2.00% 3/1/37		1,002,314		894,688
2.50% 8/1/36		944,327		860,618
3.00% 11/1/33		348,159		328,745
Fannie Mae S.F. 30 yr
2.00% 3/1/51		3,717,979		2,953,521
2.00% 9/1/51		1,336,375		1,061,241
2.50% 11/1/51		101,781		84,702
2.50% 2/1/52		4,774,417		3,977,624
2.50% 4/1/52		120,022		99,820
3.00% 4/1/47		1,820,438		1,595,974
3.00% 12/1/51		2,058,247		1,790,405
3.00% 2/1/52		387,915		336,275
3.00% 5/1/52		392,404		339,948
3.00% 6/1/52		794,310		688,716
Fannie Mae S.F. 30 yr
3.50% 1/1/48		343,530		314,263
3.50% 7/1/50		537,740		488,546
3.50% 6/1/52		3,239,941		2,901,333
3.50% 9/1/52		4,235,000		3,822,986
4.50% 1/1/50		901,687		884,297
4.50% 10/1/52		2,987,631		2,844,911
4.50% 2/1/53		1,346,096		1,281,792
5.00% 8/1/53		307,900		300,395
5.50% 8/1/52		2,062,456		2,056,675
5.50% 7/1/53		377,654		375,750
6.00% 6/1/53		1,692,200		1,707,492
6.00% 7/1/53		485,202		499,466
6.00% 9/1/53		431,720		435,621
Fannie Mae S.F. 30 yr TBA
5.50% 4/1/54		6,004,000		5,974,198
Freddie Mac S.F. 20 yr
2.00% 8/1/42		1,561,371		1,318,813
2.50% 2/1/42		1,040,340		903,133
3.00% 3/1/37		814,232		747,397
Freddie Mac S.F. 30 yr
2.00% 2/1/52		727,283		575,865
2.00% 3/1/52		1,712,503		1,356,329
2.50% 11/1/50		58,547		49,220
2.50% 1/1/52		4,614,965		3,839,608
3.00% 12/1/46		1,805,404		1,587,492
3.00% 1/1/52		385,639		331,918
3.50% 4/1/52		2,282,277		2,050,247
4.00% 9/1/49		581,279		548,470
4.00% 8/1/52		2,470,795		2,302,212
4.00% 9/1/52		2,249,968		2,091,969
4.50% 9/1/52		4,790,077		4,574,638
4.50% 10/1/52		3,215,143		3,061,554
5.00% 9/1/52		2,388,377		2,350,800
5.00% 6/1/53		2,248,840		2,193,965
5.50% 9/1/52		471,540		473,386
5.50% 2/1/53		3,197,625		3,206,211
5.50% 6/1/53		647,576		644,312
5.50% 9/1/53		862,769		864,139
GNMA II S.F. 30 yr
3.00% 12/20/51		616,202		543,619
3.00% 1/20/52		2,338,699		2,062,280
5.00% 9/20/52		2,155,742		2,119,932
5.50% 5/20/53		1,762,361		1,761,202
5.50% 2/20/54		672,433		675,720
6.00% 2/20/54		527,034		531,951
Total Agency Mortgage-Backed Securities
(cost $83,008,564)				81,666,384

Table of Contents

	Principal
	amount^°		Value (US $)
Convertible Bond — 0.30%
New Cotai 0.000% exercise price $0.40, maturity date 2/2/27 =		2,141,631	$	5,457,136
Total Convertible Bond
(cost $2,093,922)				5,457,136

Corporate Bonds — 13.39%
Banking — 1.77%
Banco de Credito del Peru 144A 3.125% 7/1/30 #, µ		1,562,000		1,496,955
Banco Santander
5.538% 3/14/30 µ		400,000		400,104
5.588% 8/8/28		400,000		405,879
Bank of America
2.482% 9/21/36 µ		580,000		464,221
5.468% 1/23/35 µ		550,000		553,793
5.819% 9/15/29 µ		495,000		507,726
5.872% 9/15/34 µ		255,000		264,588
6.204% 11/10/28 µ		470,000		486,414
Bank of Montreal 7.70%
5/26/84 µ		885,000		897,612
Bank of New York Mellon 4.70%
9/20/25 µ, y		455,000		447,599
Barclays
6.224% 5/9/34 µ		684,000		705,850
7.385% 11/2/28 µ		305,000		323,583
Citibank 5.488% 12/4/26		1,385,000		1,400,163
Citigroup 5.61% 9/29/26 µ		88,000		88,162
Citizens Bank 6.064%
10/24/25 µ		840,000		836,757
Credit Agricole
144A 5.365% 3/11/34 #		605,000		607,065
144A 5.514% 7/5/33 #		915,000		939,594
Deutsche Bank
3.729% 1/14/32 µ		301,000		253,726
6.72% 1/18/29 µ		939,000		971,660
6.819% 11/20/29 µ		815,000		852,469
7.146% 7/13/27 µ		355,000		364,962
Fifth Third Bancorp 6.361%
10/27/28 µ		1,099,000		1,125,120
Fifth Third Bank 5.852%
10/27/25 µ		625,000		624,582
Goldman Sachs Group
1.542% 9/10/27 µ		1,970,000		1,800,576
6.484% 10/24/29 µ		555,000		584,106
Huntington Bancshares 6.208%
8/21/29 µ		545,000		558,158
Huntington National Bank
4.552% 5/17/28 µ		1,946,000		1,887,620
5.65% 1/10/30		330,000		331,998
ING Groep 6.083% 9/11/27 µ		260,000		263,303
JPMorgan Chase & Co.
1.764% 11/19/31 µ		705,000		571,409
1.953% 2/4/32 µ		410,000		334,194
5.012% 1/23/30 µ		920,000		916,611
5.336% 1/23/35 µ		610,000		612,615
6.254% 10/23/34 µ		246,000		262,937
KeyBank
4.15% 8/8/25		1,195,000		1,161,986
5.00% 1/26/33		710,000		658,586
5.85% 11/15/27		205,000		203,411
Morgan Stanley
2.484% 9/16/36 µ		730,000		577,675
5.164% 4/20/29 µ		780,000		779,604
5.173% 1/16/30 µ		330,000		330,385
5.25% 4/21/34 µ		81,000		80,396
5.466% 1/18/35 µ		365,000		368,401
6.138% 10/16/26 µ		340,000		344,003
6.296% 10/18/28 µ		575,000		595,088
6.407% 11/1/29 µ		365,000		382,884
6.627% 11/1/34 µ		495,000		541,856
PNC Financial Services Group
5.676% 1/22/35 µ		340,000		343,250
6.875% 10/20/34 µ		615,000		673,794
Popular 7.25% 3/13/28		320,000		328,153
State Street 4.993% 3/18/27		520,000		521,161
SVB Financial Group 4.57%
4/29/33 ‡		390,000		247,406
UBS Group 144A 5.699%
2/8/35 #, µ		200,000		201,103
US Bancorp
4.653% 2/1/29 µ		411,000		403,007
5.384% 1/23/30 µ		155,000		155,725
5.678% 1/23/35 µ		345,000		348,502
5.727% 10/21/26 µ		120,000		120,683
6.787% 10/26/27 µ		220,000		227,874
				32,737,044
Basic Industry — 0.19%
BHP Billiton Finance USA 5.25% 9/8/30		122,000		124,129
Freeport-McMoRan 5.45% 3/15/43		775,000		742,632
LYB International Finance III
3.625% 4/1/51		395,000		280,076
5.50% 3/1/34		1,210,000		1,212,724
Sherwin-Williams 2.90%
3/15/52		1,650,000		1,075,717
				3,435,278

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Principal
	amount^°		Value (US $)
Corporate Bonds (continued)
Brokerage — 0.13%
Jefferies Financial Group
2.625% 10/15/31		2,195,000	$	1,809,523
5.875% 7/21/28		135,000		137,504
6.05% 3/12/25		485,000		485,545
				2,432,572
Capital Goods — 0.07%
Boeing 2.196% 2/4/26		800,000		749,301
Northrop Grumman 5.20% 6/1/54		625,000		609,187
				1,358,488
Communication Services — 2.59%
Altice France Holding 144A 10.50% 5/15/27 #		6,387,000		2,395,707
CCO Holdings 144A 4.50% 8/15/30 #		8,000,000		6,709,378
Connect Finco 144A 6.75% 10/1/26 #		7,000,000		6,866,686
Consolidated Communications
144A 5.00% 10/1/28 #		2,500,000		2,086,084
144A 6.50% 10/1/28 #		2,500,000		2,190,054
Directv Financing 144A 5.875% 8/15/27 #		7,420,000		7,024,226
Frontier Communications Holdings
5.875% 11/1/29		7,927,781		6,707,378
144A 6.00% 1/15/30 #		461,000		390,987
Gray Television
144A 4.75% 10/15/30 #		4,830,000		3,171,492
144A 5.375% 11/15/31 #		4,780,000		3,138,904
Sirius XM Radio 144A 4.125% 7/1/30 #		8,155,000		7,133,938
				47,814,834
Communications — 0.65%
American Tower
2.30% 9/15/31		310,000		253,194
5.20% 2/15/29		1,410,000		1,410,010
5.45% 2/15/34		465,000		465,934
AT&T 3.50% 9/15/53		3,130,000		2,210,045
Cellnex Finance 144A 3.875% 7/7/41 #		355,000		278,860
Charter Communications
Operating 3.85% 4/1/61		1,790,000		1,063,260
Comcast
3.375% 8/15/25		1,545,000		1,510,430
4.55% 1/15/29		295,000		292,771
Crown Castle 1.05% 7/15/26		560,000		509,272
Discovery Communications 4.00% 9/15/55		530,000		363,008
Rogers Communications
5.00% 2/15/29		575,000		571,247
5.30% 2/15/34		640,000		634,532
T-Mobile USA 5.75% 1/15/34		1,730,000		1,802,527
Verizon Communications
2.875% 11/20/50		495,000		323,583
5.50% 2/23/54		235,000		237,709
				11,926,382
Consumer Cyclical — 0.27%
Amazon.com 2.50% 6/3/50		1,322,000		844,517
Aptiv 3.10% 12/1/51		1,435,000		905,944
Ford Motor Credit 5.80% 3/5/27		1,060,000		1,064,372
General Motors
5.40% 4/1/48		404,000		370,928
5.95% 4/1/49		135,000		133,240
General Motors Financial 5.75% 2/8/31		180,000		182,014
VICI Properties 4.95% 2/15/30		1,595,000		1,543,624
				5,044,639
Consumer Discretionary — 1.77%
Bath & Body Works 6.875% 11/1/35		7,245,000		7,414,055
Carnival 144A 7.625% 3/1/26 #		7,735,000		7,831,216
Ford Motor 6.10% 8/19/32		7,000,000		7,097,648
Light & Wonder International 144A 7.25% 11/15/29 #		1,610,000		1,653,859
Royal Caribbean Cruises 144A 5.50% 4/1/28 #		7,565,000		7,482,004
Staples 144A 7.50% 4/15/26 #		1,209,000		1,181,116
				32,659,898
Consumer Non-Cyclical — 0.60%
AbbVie
4.95% 3/15/31		1,195,000		1,204,126
5.35% 3/15/44		230,000		234,674
Amgen
5.15% 3/2/28		285,000		286,964
5.25% 3/2/33		2,043,000		2,061,110
Bunge Limited Finance 2.75% 5/14/31		870,000		749,582
Cardinal Health 5.125% 2/15/29		750,000		751,791
Gilead Sciences 5.55% 10/15/53		360,000		372,901
HCA
3.50% 7/15/51		329,000		227,443
5.45% 4/1/31		305,000		306,697
6.00% 4/1/54		1,025,000		1,041,266
JBS USA LUX 3.625% 1/15/32		2,000,000		1,712,520

Table of Contents

	Principal
	amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Royalty Pharma 3.35% 9/2/51		2,960,000	$	1,948,655
Zoetis 5.40% 11/14/25		165,000		165,271
				11,063,000
Electric — 0.85%
AEP Texas 5.40% 6/1/33		185,000		184,706
American Electric Power 5.699% 8/15/25		980,000		982,382
Appalachian Power 4.50% 8/1/32		925,000		868,378
Berkshire Hathaway Energy 2.85% 5/15/51		1,725,000		1,112,157
Constellation Energy Generation 5.75% 3/15/54		535,000		536,276
DTE Energy 5.10% 3/1/29		440,000		438,426
Duke Energy Carolinas 4.95% 1/15/33		1,325,000		1,318,690
Exelon 5.30% 3/15/33		245,000		245,870
National Rural Utilities
Cooperative Finance 5.80% 1/15/33		80,000		83,285
NextEra Energy Capital Holdings
3.00% 1/15/52		425,000		275,086
5.55% 3/15/54		490,000		487,175
5.749% 9/1/25		170,000		170,786
NRG Energy 144A 2.00% 12/2/25 #		3,470,000		3,258,581
Oglethorpe Power 144A 6.20% 12/1/53 #		110,000		115,737
Pacific Gas & Electric 4.95% 7/1/50		2,560,000		2,204,288
PacifiCorp
5.10% 2/15/29		110,000		110,877
5.45% 2/15/34		190,000		190,708
5.80% 1/15/55		175,000		172,741
Southern California Edison 5.20% 6/1/34		1,305,000		1,292,510
Vistra Operations 144A 6.95% 10/15/33 #		1,620,000		1,730,625
				15,779,284
Energy — 1.64%
BP Capital Markets America
2.721% 1/12/32		530,000		456,854
2.939% 6/4/51		1,255,000		838,542
Cheniere Energy Partners
4.50% 10/1/29		840,000		800,291
Diamondback Energy
3.125% 3/24/31		1,280,000		1,134,626
4.25% 3/15/52		680,000		551,098
Enbridge 6.70% 11/15/53		485,000		548,610
Energy Transfer
5.75% 2/15/33		1,680,000		1,707,830
5.95% 5/15/54		730,000		728,957
6.75% 5/15/25 µ, y		5,879,000		5,799,214
9.597% 4/15/24 y, •		5,000,000		4,984,981
Enterprise Products Operating
3.30% 2/15/53		1,425,000		1,012,527
5.35% 1/31/33		105,000		107,231
Hilcorp Energy I
144A 6.00% 2/1/31 #		3,725,000		3,635,869
144A 6.25% 4/15/32 #		3,487,000		3,441,706
Kinder Morgan
5.00% 2/1/29		165,000		164,424
5.20% 6/1/33		380,000		374,432
Occidental Petroleum 6.125% 1/1/31		1,478,000		1,532,051
ONEOK
5.65% 11/1/28		165,000		168,758
5.80% 11/1/30		225,000		231,974
6.05% 9/1/33		150,000		156,516
Targa Resources Partners
5.00% 1/15/28		1,935,000		1,908,732
				30,285,223
Finance Companies — 0.24%
AerCap Ireland Capital DAC 3.65% 7/21/27		1,810,000		1,712,443
Air Lease
4.625% 10/1/28		769,000		748,847
5.10% 3/1/29		556,000		552,752
Aviation Capital Group 144A 3.50% 11/1/27 #		1,605,000		1,494,517
				4,508,559
Healthcare — 0.00%
Humana 5.75% 3/1/28		85,000		86,888
				86,888
Industrials — 0.65%
AerCap Holdings 5.875% 10/10/79 µ		10,000,000		9,936,073
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡		6,543,000		2,126,475
				12,062,548
Information Technology — 0.45%
NCR Voyix
144A 5.00% 10/1/28 #		1,000,000		933,263
144A 5.125% 4/15/29 #		7,705,000		7,154,924
Workday
3.50% 4/1/27		55,000		52,679
3.70% 4/1/29		110,000		103,771

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Principal
	amount^°		Value (US $)
Corporate Bonds (continued)
Information Technology (continued)
Workday 3.80% 4/1/32		110,000	$	100,219
				8,344,856
Insurance — 0.70%
AIA Group
144A 3.20% 9/16/40 #		1,432,000		1,070,555
144A 3.375% 4/7/30 #		1,960,000		1,797,849
American International Group 5.125% 3/27/33		615,000		611,980
Aon 5.00% 9/12/32		1,605,000		1,591,695
Aon North America
5.30% 3/1/31		710,000		715,806
5.75% 3/1/54		115,000		118,006
Athene Holding
3.45% 5/15/52		985,000		647,224
3.95% 5/25/51		440,000		323,717
6.25% 4/1/54		255,000		259,101
Berkshire Hathaway Finance 3.85% 3/15/52		293,000		237,146
Marsh & McLennan 5.70% 9/15/53		975,000		1,013,001
New York Life Global Funding 144A 5.45% 9/18/26 #		710,000		716,048
UnitedHealth Group
4.50% 4/15/33		2,106,000		2,039,275
4.90% 4/15/31		475,000		475,432
5.05% 4/15/53		513,000		498,607
5.375% 4/15/54		765,000		778,623
				12,894,065
Materials — 0.06%
First Quantum Minerals 144A 6.875% 10/15/27 #		1,100,000		1,055,912
				1,055,912
Natural Gas — 0.01%
Atmos Energy 2.85% 2/15/52		385,000		251,203
				251,203
Real Estate Investment Trusts — 0.12%
American Homes 4 Rent
3.625% 4/15/32		220,000		193,538
5.50% 2/1/34		445,000		443,828
CIBANCO Institucion de Banca
Multiple Trust 144A 4.375% 7/22/31 #		1,000,000		816,525
Extra Space Storage 5.40% 2/1/34		725,000		722,084
				2,175,975
Technology — 0.57%
Apple
1.40% 8/5/28		365,000		320,959
2.40% 8/20/50		3,122,000		1,973,439
Broadcom 144A 3.469% 4/15/34 #		1,970,000		1,688,803
CDW
2.67% 12/1/26		1,310,000		1,217,766
3.276% 12/1/28		1,035,000		945,281
Entegris 144A 4.75% 4/15/29 #		385,000		369,393
Oracle
3.60% 4/1/50		665,000		480,827
4.65% 5/6/30		810,000		794,602
Tencent Holdings 144A 3.24% 6/3/50 #		3,910,000		2,664,034
				10,455,104
Transportation — 0.06%
Burlington Northern Santa Fe 2.875% 6/15/52		835,000		547,552
ERAC USA Finance
144A 4.90% 5/1/33 #		255,000		250,112
144A 5.00% 2/15/29 #		225,000		225,507
				1,023,171
Total Corporate Bonds
(cost $252,699,003)				247,394,923

Government Agency Obligation — 0.12%
Petroleos Mexicanos 6.70% 2/16/32		2,595,000		2,159,734
Total Government Agency Obligation
(cost $2,605,344)				2,159,734

Municipal Bonds — 0.07%
Commonwealth of Puerto Rico
(Restructured)
Series A-1 3.045% 7/1/24 ^		30,657		30,354
Series A-1 4.00% 7/1/35		137,232		134,905
Series A-1 4.00% 7/1/37		145,770		141,094
GDB Debt Recovery Authority of Puerto Rico Revenue 7.50% 8/20/40		1,081,411		1,038,154
Total Municipal Bonds
(cost $1,340,371)				1,344,507

Non-Agency Collateralized Mortgage Obligations — 0.36%
COLT Mortgage Loan Trust Series 2021-3 B1 144A 3.059% 9/27/66 #, •		2,000,000		1,259,113
CSMC Trust Series 2020-NQM1 B1 144A 4.462% 5/25/65 #, •		4,968,250		4,409,222

Table of Contents

	Principal
	amount^°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Verus Securitization Trust Series 2019-INV2 B1 144A 4.452% 7/25/59 #, •		1,097,000	$	1,040,225

Total Non-Agency Collateralized Mortgage Obligations
(cost $8,271,423)				6,708,560

Non-Agency Commercial Mortgage-Backed Securities — 1.05%
BANK Series 2020-BN25 A5 2.649% 1/15/63		2,163,000		1,884,756
BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53		1,250,000		1,052,997
Benchmark Mortgage Trust
Series 2018-B1 A5 3.666% 1/15/51 •		2,000,000		1,871,703
Series 2020-B20 A5 2.034% 10/15/53		2,000,000		1,600,521
Series 2021-B24 A5 2.584% 3/15/54		2,250,000		1,869,338
Series 2021-B25 A5 2.577% 4/15/54		4,000,000		3,266,662
Series 2022-B35 A5 4.444% 5/15/55 •		2,000,000		1,870,915
Citigroup Commercial Mortgage Trust Series 2020-555 A 144A 2.647% 12/10/41 #		2,000,000		1,701,917
Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 #		2,225,000		1,808,924
GS Mortgage Securities Trust Series 2020-GC47 A5 2.377% 5/12/53		2,813,000		2,396,035
Total Non-Agency Commercial Mortgage- Backed Securities
(cost $20,113,684)				19,323,768

Loan Agreements — 1.80%
Advantage Sales & Marketing Tranche B-1 9.823% (SOFR03M + 4.76%) 10/28/27 •		2,992,936		3,002,496
Jones DesLauriers Insurance Management 8.805% (SOFR03M + 3.50%) 3/15/30 •		12,000,000		12,024,996
MLN US HoldCo 1st Lien12.11% (SOFR03M + 6.80%) 10/18/27 •		7,567,274		1,513,455
PetSmart 9.18% (SOFR01M + 3.85%) 2/11/28 •		6,728,203		6,718,588
White Cap Buyer 9.08% (SOFR01M + 3.75%) 10/19/27 •		10,012,573		10,053,775
Total Loan Agreements
(cost $38,428,637)				33,313,310

US Treasury Obligations — 1.37%
US Treasury Bonds
4.25% 2/15/54		305,000		300,020
4.50% 2/15/44		365,000		367,110
US Treasury Floating Rate Note
5.545% (USBMMY3M + 0.25%) 1/31/26 •		15,625,000		15,642,608
US Treasury Notes
3.375% 5/15/33		5,000		4,685
4.00% 1/31/31		350,000		345,488
4.00% 2/15/34		390,000		383,602
4.25% 3/15/27		1,795,000		1,786,867
4.25% 2/28/29		5,230,000		5,237,763
4.25% 2/28/31		995,000		996,943
4.50% 9/30/28		35,000		35,509
4.50% 11/15/33		250,000		255,605
Total US Treasury Obligations
(cost $25,339,984)				25,356,200

		Number of
		shares
Common Stocks — 67.15%
Communication Services — 6.73%
Alphabet Class A †		304,229		45,917,283
Deutsche Telekom		847,770		20,578,875
Meta Platforms Class A		39,066		18,969,669
Netflix †		30,725		18,660,214
New Cotai =		1,819,823		1,854,852
Pinterest Class A †		339,750		11,779,133
Sea ADR †		122,568		6,583,127
				124,343,153
Consumer Discretionary — 6.90%
Amazon.com †		231,430		41,745,343
Darden Restaurants		111,618		18,656,949
DraftKings Class A †		141,318		6,417,250
Ferrari		46,027		20,061,116
Home Depot		48,108		18,454,229
LVMH Moet Hennessy Louis Vuitton		21,199		19,067,170
Media Group Holdings Series H <<, =, †		640,301		554,181
Media Group Holdings Series T <<, =, †		80,253		0

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

	Number of
	shares		Value (US $)
Common Stocks (continued)
Consumer Discretionary (continued)
Studio City International Holdings †		184,458	$	1,278,294
Studio City International Holdings ADR †		163,034		1,129,826
				127,364,358
Consumer Staples — 4.78%
Asahi Group Holdings		353,000		12,927,943
Casey's General Stores		64,091		20,409,779
China Mengniu Dairy		7,389,687		15,861,547
Coca-Cola		295,224		18,061,804
Procter & Gamble		129,876		21,072,381
				88,333,454
Energy — 3.01%
Canadian Natural Resources		218,229		16,655,237
ConocoPhillips		141,841		18,053,523
Schlumberger		192,979		10,577,179
Shell		310,123		10,356,806
				55,642,745
Financials — 10.88%
Adyen 144A #, †		9,833		16,633,865
Aon Class A		42,894		14,314,586
Banco do Brasil		1,577,270		17,825,032
Blue Owl Capital		819,209		15,450,282
BNP Paribas		280,360		19,920,436
Discover Financial Services		118,056		15,475,961
ICICI Bank		1,716,112		22,496,031
Intercontinental Exchange		128,387		17,644,225
KB Financial Group		259,175		13,533,892
Mastercard Class A		61,615		29,671,935
Mitsubishi UFJ Financial Group		1,772,200		17,970,188
				200,936,433
Healthcare — 7.62%
AstraZeneca		130,958		17,649,521
Biogen †		23,807		5,133,503
Danaher		60,512		15,111,057
Eli Lilly & Co.		36,502		28,397,096
Genmab †		58,903		17,660,808
Thermo Fisher Scientific		25,657		14,912,105
UnitedHealth Group		40,134		19,854,290
Vertex Pharmaceuticals †		52,928		22,124,433
				140,842,813
Industrials — 8.25%
Airbus		151,850		27,967,926
CSX		488,383		18,104,358
Howmet Aerospace		324,506		22,205,946
Ingersoll Rand		231,262		21,958,327
ITOCHU		337,400		14,407,145
Siemens		79,544		15,186,007
Thales		102,027		17,396,852
Vinci		117,944		15,111,484
				152,338,045
Information Technology — 16.99%
Apple		179,304		30,747,050
Intuit		33,846		21,999,900
KLA		39,565		27,638,922
Lam Research		19,285		18,736,728
Microchip Technology		235,209		21,100,599
Microsoft		169,133		71,157,636
NVIDIA		46,806		42,292,029
Salesforce		102,972		31,013,107
Synopsys †		23,272		13,299,948
Taiwan Semiconductor Manufacturing		1,493,550		35,887,948
				313,873,867
Materials — 0.84%
Mondi		881,271		15,522,093
				15,522,093
Utilities — 1.15%
NTPC		5,261,375		21,183,654
				21,183,654
Total Common Stocks
(cost $1,458,948,245)				1,240,380,615

Preferred Stock — 0.49%
Petroleo Brasileiro 8.44% ω		1,210,217		9,048,757
Total Preferred Stock
(cost $7,349,392)				9,048,757

Exchange-Traded Funds — 3.10%
iShares Core U.S. Aggregate Bond ETF		285,114		27,924,065
Vanguard Russell 2000 ETF		344,761		29,325,371
Total Exchange-Traded Funds
(cost $54,046,837)				57,249,436

		Troy
		Ounces
Bullion — 3.95%
Gold		32,846		72,959,812
Total Bullion
(cost $38,406,159)				72,959,812

Table of Contents

	Number of
	shares		Value (US $)
Short-Term Investments — 0.84%
Money Market Mutual Funds — 0.84%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		3,884,030	$	3,884,030
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		3,884,030		3,884,030
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		3,884,030		3,884,030
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		3,884,030		3,884,030
Total Short-Term Investments
(cost $15,536,120)				15,536,120
Total Value of Securities—98.78%
(cost $2,017,186,489)			$	1,824,805,617

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

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $126,129,067, which represents 6.83% of the Fund’s net assets. See Note 13 in “Notes to financial statements.”

•

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2024. 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.

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.

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.”

Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2024. Rate will reset at a future date.

Perpetual security. Maturity date represents next call date.

‡

Non-income producing security. Security is currently in default.

Zero-coupon security. The rate shown is the effective yield at the time of purchase.

†

Non-income producing security.

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

Perpetual security with no stated maturity date.

The following forward foreign currency exchange contracts and futures contracts were outstanding at March 31, 2024:¹

Forward Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Appreciation

Depreciation

JPMCB

JPY

203,380,000

USD

(1,365,666

)

5/23/24

—

(10,113

)

Futures Contracts
Exchange-Traded

															Variation
															Margin
					Notional					Value/		Value/			Due from
		Notional			Cost			Expiration		Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date		Appreciation		Depreciation			Brokers
359	US Treasury 5 yr Notes	$	38,418,611		$	38,399,342			6/28/24	$	19,269	$	—		$	(42,067	)
	US Treasury 10 yr Ultra
(28)	Notes		(3,209,063	)		(3,177,711	)		6/18/24		—		(31,352	)		(438	)

Table of Contents

Consolidated schedules of investments

Delaware Ivy Asset Strategy Fund

Futures Contracts
Exchange-Traded

															Variation
															Margin
					Notional					Value/		Value/			Due from
		Notional			Cost			Expiration		Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date		Appreciation		Depreciation			Brokers
(17)	US Treasury Long Bonds	$	(2,047,437	)	$	(2,007,284	)		6/18/24	$	—	$	(40,153	)	$	(4,250	)
Total Futures Contracts					$	33,214,347				$	19,269	$	(71,505	)	$	(46,755	)

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 10 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

DAC – Designated Activity Company

ETF – Exchange-Traded Fund

GNMA – Government National Mortgage Association

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

TBA – To be announced

USBMMY3M – US Treasury 3 Month Bill Money Market Yield

yr – Year

Summary of currencies:

JPY – Japanese Yen

USD – US Dollar

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

Table of Contents

Delaware Ivy Balanced Fund

March 31, 2024

	Principal
	amount^°		Value (US $)
Agency Collateralized Mortgage Obligations — 1.32%
Connecticut Avenue Securities Trust
Series 2022-R01 1M2 144A 7.22% (SOFR + 1.90%) 12/25/41 #, •		1,750,000	$	1,762,086
Series 2023-R08 1M1 144A 6.82% (SOFR + 1.50%) 10/25/43 #, •		4,160,856		4,178,895
Fannie Mae REMICs
Series 2016-36 VB 3.50% 6/25/29		3,148,406		3,054,233
Series 2016-71 NB 3.00% 10/25/46		4,387,535		3,974,030
Freddie Mac REMICs
Series 4616 HW 3.00% 6/15/45		2,534,912		2,370,381
Freddie Mac Structured Agency
Credit Risk REMIC Trust
Series 2021-HQA2 M2 144A 7.37% (SOFR + 2.05%) 12/25/33 #, •		4,491,757		4,548,045
Series 2023-HQA3 A1 144A 7.17% (SOFR + 1.85%) 11/25/43 #, •		1,080,042		1,092,539
Total Agency Collateralized Mortgage Obligations
(cost $21,683,951)				20,980,209

Agency Mortgage-Backed Securities — 10.82%
Fannie Mae S.F. 15 yr
2.00% 3/1/37		2,337,795		2,086,767
2.50% 8/1/36		2,356,178		2,147,317
3.00% 11/1/33		806,368		761,404
Fannie Mae S.F. 20 yr 2.00% 5/1/41		2,106,845		1,777,984
Fannie Mae S.F. 30 yr
2.00% 3/1/51		1,938,771		1,540,138
2.00% 9/1/51		4,835,184		3,839,713
2.50% 8/1/50		1,756,039		1,482,721
2.50% 11/1/51		622,562		518,093
2.50% 1/1/52		1,903,529		1,577,731
2.50% 2/1/52		1,434,836		1,198,453
2.50% 4/1/52		2,010,816		1,672,355
3.00% 12/1/51		3,292,533		2,864,073
3.00% 5/1/52		2,452,998		2,125,083
3.00% 6/1/52		1,965,382		1,704,110
3.50% 7/1/50		5,498,008		4,995,032
3.50% 8/1/51		3,930,879		3,538,350
3.50% 6/1/52		5,601,533		5,074,939
3.50% 9/1/52		4,430,000		3,999,015
4.00% 6/1/52		2,850,827		2,644,290
Fannie Mae S.F. 30 yr
4.50% 5/1/49		1,696,511		1,636,642
4.50% 1/1/50		1,953,626		1,915,948
4.50% 10/1/52		8,300,197		7,903,694
4.50% 2/1/53		8,099,410		7,712,492
5.00% 8/1/53		4,167,798		4,080,335
5.50% 10/1/52		3,978,072		3,967,006
5.50% 11/1/52		1,721,854		1,727,214
6.00% 6/1/53		1,071,301		1,080,982
6.00% 9/1/53		4,228,005		4,266,211
6.50% 10/1/28		5,355		5,402
6.50% 2/1/29		1,026		1,037
6.50% 2/1/32		9,169		9,554
6.50% 9/1/32		7,923		8,181
7.00% 11/1/31		8,727		8,998
7.00% 2/1/32		9,022		9,302
7.00% 3/1/32		3,780		3,898
7.00% 7/1/32		4,904		5,056
Fannie Mae S.F. 30 yr TBA 5.50% 4/1/54		5,159,000		5,133,392
Freddie Mac S.F. 20 yr
2.00% 3/1/41		7,598,155		6,415,484
2.50% 2/1/42		3,164,161		2,746,851
3.00% 3/1/37		1,964,465		1,803,214
Freddie Mac S.F. 30 yr
2.00% 2/1/52		6,072,319		4,808,083
2.00% 3/1/52		3,000,931		2,376,784
2.50% 11/1/50		356,542		299,746
2.50% 12/1/51		1,651,063		1,386,778
2.50% 1/1/52		10,645,455		8,889,691
3.00% 8/1/51		319,023		277,191
3.00% 1/1/52		11,464,857		9,867,752
3.50% 4/1/52		2,978,998		2,681,128
4.00% 9/1/49		1,024,913		967,065
4.00% 8/1/52		6,347,497		5,914,404
4.00% 9/1/52		2,354,467		2,184,017
4.50% 9/1/52		3,553,715		3,385,404
4.50% 10/1/52		4,394,089		4,184,182
5.00% 9/1/52		2,696,678		2,654,250
5.00% 6/1/53		6,519,260		6,360,179
5.50% 9/1/52		1,210,786		1,215,528
5.50% 11/1/52		928,070		928,752
5.50% 2/1/53		1,811,683		1,816,547
5.50% 3/1/53		1,999,715		2,007,524
5.50% 6/1/53		1,364,676		1,357,798
5.50% 9/1/53		2,020,022		2,023,230
6.50% 12/1/31		11,290		11,610
6.50% 1/1/32		8,254		8,512
GNMA II S.F. 30 yr
3.00% 12/20/51		1,561,809		1,377,842
3.00% 1/20/52		1,541,113		1,358,963

Table of Contents

Schedules of investments

Delaware Ivy Balanced Fund

	Principal
	amount^°		Value (US $)
Agency Mortgage-Backed Securities (continued)
GNMA II S.F. 30 yr
5.00% 9/20/52		1,504,935	$	1,479,936
5.50% 5/20/53		3,167,073		3,164,990
5.50% 2/20/54		1,453,613		1,460,719
6.00% 2/20/54		1,333,556		1,345,999
Total Agency Mortgage-Backed Securities
(cost $178,570,830)				171,783,065

Corporate Bonds — 10.74%
Banking — 2.66%
Banco Santander
5.538% 3/14/30 µ		400,000		400,104
5.588% 8/8/28		400,000		405,879
Bank of America
2.482% 9/21/36 µ		1,370,000		1,096,521
5.468% 1/23/35 µ		710,000		714,897
5.819% 9/15/29 µ		1,001,000		1,026,734
6.204% 11/10/28 µ		2,555,000		2,644,227
Bank of Montreal 7.70% 5/26/84 µ		625,000		633,907
Bank of New York Mellon 4.70% 9/20/25 µ, y		1,675,000		1,647,753
Barclays
6.224% 5/9/34 µ		406,000		418,969
7.385% 11/2/28 µ		443,000		469,991
Citibank 5.488% 12/4/26		1,010,000		1,021,058
Citizens Bank 6.064% 10/24/25 µ		2,585,000		2,575,020
Credit Agricole
144A 5.301% 7/12/28 #		435,000		439,658
144A 5.365% 3/11/34 #		775,000		777,646
144A 6.316% 10/3/29 #, µ		1,325,000		1,374,329
Deutsche Bank
3.729% 1/14/32 µ		718,000		605,233
6.72% 1/18/29 µ		1,232,000		1,274,851
6.819% 11/20/29 µ		852,000		891,170
7.146% 7/13/27 µ		420,000		431,786
Fifth Third Bancorp 6.361% 10/27/28 µ		170,000		174,040
Fifth Third Bank 5.852% 10/27/25 µ		1,430,000		1,429,044
Goldman Sachs Group
1.542% 9/10/27 µ		205,000		187,370
6.484% 10/24/29 µ		2,095,000		2,204,868
Huntington Bancshares 6.208% 8/21/29 µ		645,000		660,573
Huntington National Bank
4.552% 5/17/28 µ		250,000		242,500
5.65% 1/10/30		430,000		432,604
ING Groep 6.083% 9/11/27 µ		305,000		308,874

JPMorgan Chase & Co.
1.953% 2/4/32 µ		605,000		493,140
5.00% 8/1/24 µ, y		2,476,000		2,469,460
5.012% 1/23/30 µ		520,000		518,085
5.336% 1/23/35 µ		790,000		793,387
6.254% 10/23/34 µ		249,000		266,143
KeyBank
4.15% 8/8/25		250,000		243,093
5.85% 11/15/27		479,000		475,286
KeyCorp 6.401% 3/6/35 µ		400,000		408,728
Morgan Stanley
2.484% 9/16/36 µ		790,000		625,155
5.173% 1/16/30 µ		425,000		425,496
5.25% 4/21/34 µ		193,000		191,560
5.466% 1/18/35 µ		470,000		474,379
6.138% 10/16/26 µ		1,085,000		1,097,774
6.296% 10/18/28 µ		728,000		753,434
6.407% 11/1/29 µ		420,000		440,579
6.627% 11/1/34 µ		575,000		629,429
PNC Financial Services Group
5.676% 1/22/35 µ		440,000		444,206
6.875% 10/20/34 µ		1,860,000		2,037,815
Popular 7.25% 3/13/28		375,000		384,554
State Street 4.993% 3/18/27		680,000		681,518
SVB Financial Group 4.57% 4/29/33 ‡		1,413,000		896,372
UBS Group 144A 5.699% 2/8/35 #, µ		250,000		251,379
US Bancorp
3.10% 4/27/26		1,320,000		1,266,383
4.653% 2/1/29 µ		508,000		498,120
5.384% 1/23/30 µ		200,000		200,935
5.678% 1/23/35 µ		450,000		454,568
6.787% 10/26/27 µ		255,000		264,127
				42,174,711
Basic Industry — 0.23%
BHP Billiton Finance USA 5.25% 9/8/30		289,000		294,044
Celanese US Holdings 6.05% 3/15/25		545,000		546,185
Freeport-McMoRan 5.45% 3/15/43		260,000		249,141
LYB International Finance III
3.625% 4/1/51		510,000		361,618
5.50% 3/1/34		895,000		897,015
Sherwin-Williams 3.30%
5/15/50		1,775,000		1,256,175
				3,604,178

Table of Contents

	Principal
	amount^°		Value (US $)
Corporate Bonds (continued)
Brokerage — 0.13%
Jefferies Financial Group
5.875% 7/21/28		1,472,000	$	1,499,300
6.05% 3/12/25		625,000		625,702
				2,125,002
Capital Goods — 0.33%
Boeing 2.196% 2/4/26		1,265,000		1,184,832
Northrop Grumman 5.20% 6/1/54		810,000		789,506
Standard Industries 144A 4.375% 7/15/30 #		883,000		794,029
Waste Management 3.15% 11/15/27		2,660,000		2,522,585
				5,290,952
Communications — 1.24%
American Tower
2.30% 9/15/31		1,765,000		1,441,569
5.20% 2/15/29		400,000		400,003
5.45% 2/15/34		350,000		350,703
AT&T 3.50% 9/15/53		2,550,000		1,800,516
CCO Holdings 144A 4.25% 1/15/34 #		1,730,000		1,307,411
Charter Communications Operating 3.85% 4/1/61		2,635,000		1,565,191
Comcast 3.45% 2/1/50		4,325,000		3,165,657
Crown Castle 1.05% 7/15/26		735,000		668,420
Discovery Communications 4.00% 9/15/55		915,000		626,703
Frontier Communications Holdings 144A 5.00% 5/1/28 #		475,000		441,245
Rogers Communications
5.00% 2/15/29		745,000		740,137
5.30% 2/15/34		830,000		822,909
Sprint Capital 6.875% 11/15/28		780,000		831,817
T-Mobile USA
3.875% 4/15/30		4,425,000		4,146,565
5.75% 1/15/34		270,000		281,319
Verizon Communications
2.875% 11/20/50		1,135,000		741,953
5.50% 2/23/54		305,000		308,516
				19,640,634
Consumer Cyclical — 0.34%
Amazon.com 2.50% 6/3/50		750,000		479,114
Carnival 144A 4.00% 8/1/28 #		455,000		424,137
Ford Motor Credit
5.80% 3/5/27		585,000		587,413
5.80% 3/8/29		430,000		431,910
6.798% 11/7/28		200,000		208,873
6.95% 6/10/26		425,000		434,354
General Motors
5.40% 4/1/48		521,000		478,350
5.95% 4/1/49		174,000		171,731
General Motors Financial 5.75% 2/8/31		230,000		232,574
VICI Properties 4.95% 2/15/30		2,075,000		2,008,163
				5,456,619
Consumer Non-Cyclical — 0.73%
AbbVie
4.95% 3/15/31		770,000		775,881
5.35% 3/15/44		295,000		300,995
Amgen
5.15% 3/2/28		1,930,000		1,943,302
5.25% 3/2/30		320,000		324,985
5.25% 3/2/33		2,408,000		2,429,346
Cardinal Health 5.125% 2/15/29		665,000		666,588
HCA
3.50% 7/15/51		400,000		276,527
5.45% 4/1/31		390,000		392,169
6.00% 4/1/54		545,000		553,649
Merck & Co. 2.75% 12/10/51		3,750,000		2,453,886
Royalty Pharma 3.55% 9/2/50		1,834,000		1,264,598
Zoetis 5.40% 11/14/25		215,000		215,353
				11,597,279
Electric — 1.34%
AEP Texas 5.40% 6/1/33		220,000		219,651
Ameren Illinois 3.25% 3/15/50		2,000,000		1,424,555
Appalachian Power 4.50% 8/1/32		1,195,000		1,121,851
Berkshire Hathaway Energy 4.60% 5/1/53		3,000,000		2,600,553
Commonwealth Edison 2.20% 3/1/30		2,070,000		1,777,650
Constellation Energy Generation 5.75% 3/15/54		680,000		681,622
DTE Energy 5.10% 3/1/29		565,000		562,979
Duke Energy Carolinas 4.95% 1/15/33		1,345,000		1,338,595
Entergy
2.80% 6/15/30		1,765,000		1,543,792
3.75% 6/15/50		700,000		514,425
Fells Point Funding Trust 144A 3.046% 1/31/27 #		1,185,000		1,112,134
Florida Power & Light 3.15% 10/1/49		2,575,000		1,815,534
National Rural Utilities Cooperative Finance 5.80% 1/15/33		95,000		98,901

Table of Contents

Schedules of investments

Delaware Ivy Balanced Fund

	Principal
	amount^°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
NextEra Energy Capital Holdings
3.00% 1/15/52		635,000	$	411,011
5.55% 3/15/54		635,000		631,339
5.749% 9/1/25		1,370,000		1,376,335
Oglethorpe Power
5.05% 10/1/48		1,584,000		1,426,655
144A 6.20% 12/1/53 #		145,000		152,562
PacifiCorp
5.10% 2/15/29		145,000		146,156
5.45% 2/15/34		245,000		245,913
5.80% 1/15/55		225,000		222,095
Southern California Edison 5.20% 6/1/34		540,000		534,832
Vistra Operations 144A 6.95% 10/15/33 #		1,310,000		1,399,456
				21,358,596
Energy — 1.05%
BP Capital Markets 4.875% 3/22/30 µ, y		785,000		751,359
BP Capital Markets America
2.721% 1/12/32		760,000		655,112
4.812% 2/13/33		305,000		301,167
Cheniere Energy Partners 4.50% 10/1/29		680,000		647,854
ConocoPhillips 5.05% 9/15/33		1,360,000		1,373,190
Diamondback Energy
3.125% 3/24/31		555,000		491,967
4.25% 3/15/52		731,000		592,430
Enbridge
5.70% 3/8/33		880,000		901,599
6.70% 11/15/53		285,000		322,379
Energy Transfer
5.95% 5/15/54		440,000		439,371
6.10% 12/1/28		1,070,000		1,110,232
6.25% 4/15/49		985,000		1,011,923
6.50% 11/15/26 µ, y		950,000		933,510
Enterprise Products Operating
3.30% 2/15/53		1,025,000		728,309
5.35% 1/31/33		1,975,000		2,016,960
Kinder Morgan
5.00% 2/1/29		210,000		209,266
5.20% 6/1/33		460,000		453,259
Occidental Petroleum 6.125% 1/1/31		766,000		794,013
ONEOK
5.65% 11/1/28		195,000		199,441
5.80% 11/1/30		265,000		273,214
6.05% 9/1/33		178,000		185,732
Targa Resources Partners 5.00% 1/15/28		2,335,000		2,303,302
				16,695,589
Finance Companies — 0.45%
AerCap Ireland Capital DAC 6.50% 7/15/25		2,605,000		2,631,027
Air Lease
4.625 % 10/1/28		608,000		592,066
5.10% 3/1/29		439,000		436,436
American Tower Trust #1 144A 3.652% 3/15/48 #		2,000,000		1,895,007
Aviation Capital Group 144A 3.50% 11/1/27 #		1,635,000		1,522,452
				7,076,988
Insurance — 0.94%
American International Group 5.125% 3/27/33		750,000		746,318
Aon 5.00% 9/12/32		2,080,000		2,062,757
Aon North America
5.30% 3/1/31		910,000		917,441
5.75% 3/1/54		150,000		153,921
Athene Global Funding 144A 1.985% 8/19/28 #		170,000		146,934
Athene Holding
3.45% 5/15/52		1,275,000		837,777
3.95% 5/25/51		565,000		415,682
6.25% 4/1/54		325,000		330,227
New York Life Global Funding 144A 5.45% 9/18/26 #		1,630,000		1,643,884
Northwestern Mutual Life Insurance 144A 3.85% 9/30/47 #		5,000,000		3,919,743
UnitedHealth Group
4.50% 4/15/33		2,594,000		2,511,813
4.90% 4/15/31		600,000		600,546
5.375% 4/15/54		570,000		580,151
				14,867,194
Natural Gas — 0.02%
Atmos Energy 2.85% 2/15/52		495,000		322,975
				322,975
Real Estate Investment Trusts — 0.34%
American Homes 4 Rent
3.625% 4/15/32		1,395,000		1,227,210
5.50% 2/1/34		580,000		578,472
Extra Space Storage 2.35% 3/15/32		4,400,000		3,523,210
				5,328,892

Table of Contents

	Principal
	amount^°		Value (US $)
Corporate Bonds (continued)
Technology — 0.83%
Apple
1.40% 8/5/28		445,000	$	391,307
2.70% 8/5/51		430,000		284,876
Autodesk
2.40% 12/15/31		605,000		506,957
2.85% 1/15/30		2,305,000		2,061,378
Broadcom 144A 3.469% 4/15/34 #		1,450,000		1,243,027
CDW 3.276% 12/1/28		325,000		296,827
CoStar Group 144A 2.80% 7/15/30 #		2,650,000		2,261,570
Entegris 144A 4.75% 4/15/29 #		535,000		513,312
Oracle
3.60% 4/1/50		2,136,000		1,544,430
4.65% 5/6/30		205,000		201,103
TSMC Global 144A 1.75% 4/23/28 #		4,400,000		3,916,495
				13,221,282
Transportation — 0.11%
Burlington Northern Santa Fe 2.875% 6/15/52		1,845,000		1,209,861
ERAC USA Finance
144A 4.90% 5/1/33 #		310,000		304,058
144A 5.00% 2/15/29 #		295,000		295,664
				1,809,583
Total Corporate Bonds
(cost $179,780,688)				170,570,474

Non-Agency Asset-Backed Securities — 0.50%
GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 #		2,500,000		2,509,932
Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 #		3,000,000		3,012,522
Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27		2,500,000		2,503,668
Total Non-Agency Asset-Backed Securities
(cost $7,999,275)				8,026,122

Non-Agency Collateralized Mortgage Obligations — 0.21%
PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, •		3,576,634		3,421,830
Total Non-Agency Collateralized Mortgage Obligations
(cost $3,414,470)				3,421,830


Non-Agency Commercial Mortgage-Backed Securities — 2.81%
BANK
Series 2021-BN32 A5 2.643% 4/15/54	7,060,000	6,058,587
Series 2021-BN36 A5 2.47% 9/15/64	10,096,000	8,494,637
Series 2022-BNK39 B 3.239% 2/15/55 •	588,000	471,753
Series 2022-BNK39 C 3.27% 2/15/55 •	432,000	322,802
Series 2022-BNK40 A4 3.393% 3/15/64 •	8,150,000	7,275,472
Series 2022-BNK40 B 3.393% 3/15/64 •	1,000,000	829,006
Benchmark Mortgage Trust
Series 2022-B32 A5 3.002% 1/15/55 •	9,000,000	7,505,729
Series 2022-B32 B 3.202% 1/15/55 •	975,000	758,550
Series 2022-B32 C 3.454% 1/15/55 •	1,196,000	893,775
Series 2022-B33 A5 3.458% 3/15/55	8,100,000	7,214,945
Series 2022-B33 B 3.615% 3/15/55 •	500,000	406,415
Series 2022-B33 C 3.615% 3/15/55 •	500,000	385,962
BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 •	4,500,000	4,003,326

Total Non-Agency Commercial Mortgage-Backed Securities
(cost $52,923,630)		44,620,959

US Treasury Obligations — 9.25%
US Treasury Bonds
1.75% 8/15/41	5,655,000	3,818,451
3.875% 2/15/43	17,225,000	15,928,416
4.25% 2/15/54	6,220,000	6,118,439
4.375% 2/15/38	2,030,000	2,071,472
4.75% 11/15/43	115,000	119,331
US Treasury Notes
3.75% 12/31/28	7,050,000	6,900,876
4.00% 1/31/31	31,455,000	31,049,526
4.00% 2/15/34	1,240,000	1,219,656
4.25% 3/15/27	4,045,000	4,026,671
4.25% 2/28/29	34,240,000	34,290,826
4.25% 2/28/31	6,160,000	6,172,031
4.50% 11/15/33	33,790,000	34,547,636
4.625% 2/28/26	635,000	634,529
Total US Treasury Obligations
(cost $149,519,019)		146,897,860

Table of Contents

Schedules of investments

Delaware Ivy Balanced Fund

	Number of
	shares		Value (US $)
Common Stocks — 60.74%
Communication Services — 4.49%
Alphabet Class A †		180,899	$	27,303,086
Alphabet Class C †		121,616		18,517,252
AT&T		246,314		4,335,126
Meta Platforms Class A		43,448		21,097,480
				71,252,944
Consumer Discretionary — 4.58%
Amazon.com †		198,994		35,894,538
AutoZone †		6,205		19,555,988
Home Depot		45,022		17,270,439
				72,720,965
Consumer Staples — 2.33%
Costco Wholesale		32,125		23,535,739
Procter & Gamble		83,483		13,545,117
				37,080,856
Energy — 1.33%
ConocoPhillips		138,413		17,617,207
Schlumberger		63,278		3,468,267
				21,085,474
Financials — 14.65%
Allstate		97,913		16,939,928
American Express		68,026		15,488,840
Aon Class A		47,509		15,854,703
Blackstone		106,324		13,967,784
Capital One Financial		187,373		27,897,966
CME Group		80,687		17,371,104
Discover Financial Services		36,478		4,781,901
Fiserv †		151,237		24,170,697
JPMorgan Chase & Co.		78,422		15,707,927
KKR & Co.		284,534		28,618,430
Mastercard Class A		37,734		18,171,562
Morgan Stanley		205,703		19,368,995
Progressive		69,594		14,393,431
				232,733,268
Healthcare — 7.03%
Abbott Laboratories		156,761		17,817,455
Danaher		64,186		16,028,528
HCA Healthcare		90,613		30,222,154
UnitedHealth Group		69,487		34,375,219
Vertex Pharmaceuticals †		31,743		13,268,891
				111,712,247
Industrials — 4.10%
Airbus ADR		564,970		26,079,015
Howmet Aerospace		266,493		18,236,116
United Rentals		28,921		20,855,223
				65,170,354
Information Technology — 18.70%
Apple		176,126		30,202,087
Applied Materials		117,940		24,322,766
Intuit		14,834		9,642,100
Microchip Technology		123,511		11,080,172
Micron Technology		47,880		5,644,573
Microsoft		196,850		82,818,732
NVIDIA		43,104		38,947,050
Salesforce		47,000		14,155,460
Seagate Technology Holdings		97,901		9,109,688
Taiwan Semiconductor Manufacturing ADR		140,182		19,071,761
TE Connectivity		149,247		21,676,634
VeriSign †		58,853		11,153,232
Zebra Technologies Class A †		63,507		19,143,550
				296,967,805
Materials — 3.11%
Crown Holdings		134,947		10,695,899
Linde		47,192		21,912,190
Sherwin-Williams		48,339		16,789,585
				49,397,674
Utilities — 0.42%
NextEra Energy		103,761		6,631,366
				6,631,366
Total Common Stocks
(cost $605,109,374)				964,752,953

Exchange-Traded Funds — 2.95%
iShares Latin America 40 ETF		136,080		3,870,115
iShares MSCI China ETF		137,353		5,457,035
iShares MSCI Emerging Markets Asia ETF		92,535		6,302,559
Vanguard Russell 2000 ETF		366,507		31,175,085
Total Exchange-Traded Funds
(cost $44,176,964)				46,804,794

Short-Term Investments — 0.43%
Money Market Mutual Funds — 0.43%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		1,689,197		1,689,197
Fidelity Investments Money
Market Government Portfolio – Class I (seven-day effective yield 5.21%)		1,689,197		1,689,197
Goldman Sachs Financial
Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		1,689,197		1,689,197

Table of Contents

	Number of
	shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional
Liquidity Funds Government
Portfolio – Institutional Class
(seven-day effective yield 5.22%)		1,689,197	$	1,689,197
Total Short-Term Investments
(cost $6,756,788)				6,756,788
Total Value of Securities—99.77%
(cost $1,249,934,989)			$	1,584,615,054

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

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2024, the aggregate value of Rule 144A securities was $46,661,981, which represents 2.94% of the Fund’s net assets. See Note 13 in “Notes to financial statements.”

•

Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2024. Rate will reset at a future date.

Perpetual security. Maturity date represents next call date.

‡

Non-income producing security. Security is currently in default.

†

Non-income producing security.

The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at March 31, 2024:¹

Forward Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Appreciation

Depreciation

JPMCB

JPY

426,300,000

USD

(2,862,541

)

5/23/24

—

(21,197

)

Futures Contracts
Exchange-Traded

															Variation
															Margin
					Notional					Value/		Value/			Due from
		Notional			Cost			Expiration		Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date		Appreciation		Depreciation			Brokers
905	US Treasury 5 yr Notes	$	96,849,145		$	96,731,088			6/28/24	$	118,057	$	—		$	(106,048	)
	US Treasury 10 yr
(37)	Notes		(4,099,485	)		(4,071,352	)		6/18/24		—		(28,133	)		2,891
	US Treasury 10 yr Ultra
(186)	Notes		(21,317,345	)		(21,109,079	)		6/18/24		—		(208,266	)		(2,907	)
	US Treasury Long
(40)	Bonds		(4,817,500	)		(4,723,022	)		6/18/24		—		(94,478	)		(10,000	)
	US Treasury Ultra
11	Bonds		1,419,000			1,384,912			6/18/24		34,088		—			5,156
Total Futures Contracts					$	68,212,547				$	152,145	$	(330,877	)	$	(110,908	)

Table of Contents

Schedules of investments

Delaware Ivy Balanced Fund

Swap Contracts

CDS Contracts²

Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³		Annual Protection Payments			Value			Amortized Upfront Payments Paid (Received)			Unrealized Depreciation⁴			Variation Margin Due from (Due to) Brokers
Centrally Cleared:
Protection Purchased/Moody’s Ratings:
CDX.NA.HY.41⁵ 12/20/28-Quarterly		5,544,000		5.000	%	$	(408,152	)	$	(288,253	)	$	(119,899	)	$	1,190

See Note 10 in “Notes to financial statements."

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.

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 $(9,240).

⁵

Markit's North American High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.

Summary of abbreviations:

ADR – American Depositary Receipt

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

DAC – Designated Activity Company

ETF – Exchange-Traded Fund

GNMA – Government National Mortgage Association

JPMCB – JPMorgan Chase Bank

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

TBA – To be announced

yr – Year

Summary of currencies:

JPY – Japanese Yen

USD – US Dollar

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

Table of Contents

Delaware Ivy Natural Resources Fund

March 31, 2024

	Number of
	shares		Value (US $)
Closed-Ended Trust — 2.06%
Sprott Physical Uranium Trust †		201,019	$	4,162,698
Total Closed-Ended Trust
(cost $2,493,157)				4,162,698

Common Stocks — 97.86%
Agriculture — 5.60%
Bunge Global		70,889		7,267,540
Darling Ingredients †		87,928		4,089,531
				11,357,071
Aluminum — 2.63%
Alcoa		157,992		5,338,550
				5,338,550
Construction & Engineering — 2.66%
Arcosa		62,812		5,393,038
				5,393,038
Construction Materials — 0.49%
CRH		11,588		998,649
				998,649
Copper — 2.53%
ERO Copper †		265,444		5,118,598
				5,118,598
Diversified Metals & Mining — 14.69%
Anglo American		403,997		9,952,322
China Metal Recycling Holdings =, †		30,000,000		0
Glencore †		1,379,787		7,580,742
Hudbay Minerals		1,011,314		7,079,198
Lifezone Holdings †		180,029		1,380,822
MP Materials †		263,387		3,766,434
				29,759,518
Electrical Components & Equipment — 1.24%
GrafTech International		702,341		969,231
Sunrun †		116,589		1,536,643
				2,505,874
Fertilizers & Agricultural Chemicals — 8.23%
CF Industries Holdings		121,634		10,121,165
Nutrien		120,541		6,546,582
				16,667,747
Forest Products — 3.95%
Louisiana-Pacific		56,765		4,763,151
West Fraser Timber		37,614		3,247,819
				8,010,970
Gold — 13.19%
Endeavour Mining		345,487		7,016,148
Newmont		332,746		11,925,616
Wheaton Precious Metals		165,413		7,795,915
				26,737,679
Heavy Electrical Equipment — 0.64%
Net Power †		113,834		1,296,569
				1,296,569
Industrial Gases — 1.02%
Air Products and Chemicals		8,506		2,060,749
				2,060,749
Integrated Oil & Gas — 10.40%
BP ADR		108,909		4,103,691
Shell		388,212		12,862,022
Unit		111,299		4,118,063
				21,083,776
Oil & Gas Drilling — 2.44%
Valaris †		65,754		4,948,646
				4,948,646
Oil & Gas Equipment & Services — 3.37%
Schlumberger		124,459		6,821,598
				6,821,598
Oil & Gas Exploration & Production — 14.63%
Chesapeake Energy		69,278		6,153,965
Chord Energy		29,474		5,253,446
Kimbell Royalty Partners		376,748		5,847,129
Parex Resources		117,385		1,875,317
Permian Resources		354,821		6,266,139
Tourmaline Oil		90,889		4,249,382
				29,645,378
Oil & Gas Refining & Marketing — 2.23%
Valero Energy		26,529		4,528,235
				4,528,235
Paper Products — 1.51%
Sylvamo		49,581		3,061,131
				3,061,131
REIT Specialty — 3.06%
Weyerhaeuser		172,638		6,199,431
				6,199,431
Renewable Electricity — 0.50%
Spruce Power Holding †		257,643		1,022,843
				1,022,843
Specialty Chemicals — 2.33%
Corteva		81,693		4,711,235
				4,711,235
Steel — 0.52%
Metallus †		47,219		1,050,623
				1,050,623
Total Common Stocks
(cost $224,857,803)				198,317,908

Table of Contents

Schedules of investments

Delaware Ivy Natural Resources Fund

	Number of
	shares		Value (US $)
Short-Term Investments — 0.42%
Money Market Mutual Funds — 0.42%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		214,044	$	214,044
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		214,043		214,043
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		214,043		214,043
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		214,044		214,044
Total Short-Term Investments
(cost $856,174)				856,174
Total Value of Securities—100.34%
(cost $228,207,134)			$	203,336,780

†

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

REIT – Real Estate Investment Trust

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

Table of Contents

Delaware Ivy Science and Technology Fund

March 31, 2024

	Number of
	shares		Value (US $)
Common Stocks — 99.59% t
Communication Services — 18.67%
Meta Platforms Class A		1,053,931	$	511,767,815
Netflix †		297,486		180,672,172
Pinterest Class A †		6,421,143		222,621,028
Take-Two Interactive Software †		550,454		81,736,915
T-Mobile US		511,383		83,467,933
				1,080,265,863
Consumer Discretionary — 8.13%
Amazon.com †		1,681,692		303,343,603
DraftKings Class A †		1,884,322		85,567,062
Luminar Technologies †		7,068,682		13,925,304
MercadoLibre †		44,796		67,729,760
				470,565,729
Healthcare — 3.96%
Exact Sciences †		205,248		14,174,427
Intuitive Surgical †		306,382		122,273,992
Ionis Pharmaceuticals †		1,340,222		58,098,624
Repligen †		188,309		34,633,791
				229,180,834
Industrials — 1.66%
Copart †		1,181,334		68,422,865
WNS Holdings †		546,664		27,622,932
				96,045,797
Information Technology — 67.17%
Advanced Micro Devices †		813,062		146,749,560
Ambarella †		1,070,724		54,360,657
Analog Devices		300,130		59,362,713
Apple		649,305		111,342,821
Arista Networks †		144,876		42,011,142
ARM Holdings ADR †		453,159		56,640,343
ASML Holding		240,804		233,693,058
Autodesk †		409,053		106,525,582
Broadcom		219,399		290,793,629
Cadence Design Systems †		614,142		191,170,122
Intuit		276,183		179,518,950
Keysight Technologies †		386,460		60,434,615
Lam Research		229,143		222,628,465
Microchip Technology		686,508		61,586,633
Micron Technology		1,247,669		147,087,698
Microsoft		1,224,084		514,996,621
NVIDIA		609,923		551,102,026
ON Semiconductor †		620,569		45,642,850
Seagate Technology Holdings		3,281,515		305,344,971
Shopify Class A †		619,695		47,821,863
Taiwan Semiconductor Manufacturing ADR		999,510		135,983,336
Universal Display		107,223		18,061,714
Workday Class A †		450,637		122,911,242
Zebra Technologies Class A †		597,676		180,163,453
				3,885,934,064
Total Common Stocks
(cost $3,210,666,129)				5,761,992,287

Short-Term Investments — 0.41%
Money Market Mutual Funds — 0.41%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		5,942,151		5,942,151
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		5,942,151		5,942,151
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		5,942,151		5,942,151
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		5,942,152		5,942,152
Total Short-Term Investments
(cost $23,768,605)				23,768,605
Total Value of Securities—100.00%
(cost $3,234,434,734)			$	5,785,760,892

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.

Table of Contents

Schedules of investments

Delaware Real Estate Securities Fund

March 31, 2024

	Number of
	shares		Value (US $)
Common Stocks — 99.21%
Real Estate Operating Companies/Developer — 3.07%
Corp Inmobiliaria Vesta ADR		43,942	$	1,724,284
DigitalBridge Group		96,405		1,857,724
				3,582,008
Real Estate Services — 1.05%
CBRE Group Class A †		12,592		1,224,446
				1,224,446
REIT Healthcare — 11.70%
American Healthcare REIT		128,943		1,901,909
Welltower		125,712		11,746,529
				13,648,438
REIT Hotel — 2.28%
Ryman Hospitality Properties		13,271		1,534,260
Sunstone Hotel Investors		90,667		1,010,031
Xenia Hotels & Resorts		7,194		107,982
				2,652,273
REIT Industrial — 11.33%
First Industrial Realty Trust		48,140		2,529,275
Prologis		82,049		10,684,421
				13,213,696
REIT Information Technology — 21.31%
American Tower		15,277		3,018,583
Digital Realty Trust		36,678		5,283,099
Equinix		13,861		11,439,899
VICI Properties		171,641		5,113,185
				24,854,766
REIT Manufactured Housing — 5.88%
Equity LifeStyle Properties		35,425		2,281,370
Sun Communities		35,541		4,569,862
				6,851,232
REIT Multifamily — 15.74%
American Homes 4 Rent Class A		86,549		3,183,272
AvalonBay Communities		27,331		5,071,540
Boardwalk Real Estate Investment Trust		15,225		877,611
Canadian Apartment Properties REIT		12,840		440,686
Equity Residential		51,517		3,251,238
InterRent Real Estate Investment Trust		78,717		788,013
Invitation Homes		133,096		4,739,549
				18,351,909
REIT Office — 4.43%
Alexandria Real Estate Equities		40,083		5,167,099
				5,167,099
REIT Retail — 17.29%
Agree Realty		70,834		4,046,038
Federal Realty Investment Trust		30,405		3,104,959
Kite Realty Group Trust		179,784		3,897,717
Realty Income		81,603		4,414,722
Simon Property Group		29,999		4,694,544
				20,157,980
REIT Self-Storage — 5.13%
Public Storage		20,629		5,983,648
				5,983,648
Total Common Stocks
(cost $66,052,260)				115,687,495

Short-Term Investments — 0.86%
Money Market Mutual Funds — 0.86%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%)		250,723		250,723
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%)		250,723		250,723
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%)		250,723		250,723
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%)		250,724		250,724
Total Short-Term Investments
(cost $1,002,893)				1,002,893
Total Value of Securities—100.07%
(cost $67,055,153)			$	116,690,388

†

Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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

Table of Contents

Statements of assets and liabilities

Ivy	Funds March 31, 2024

				Delaware
	Delaware			Global			Delaware Ivy			Delaware Ivy
	Climate			Real Estate			Asset Strategy			Balanced
	Solutions Fund			Fund			Fundf			Fund
Assets:
Investments, at value*	$	147,630,605		$	12,833,514		$	1,751,291,624		$	1,584,615,054
Investments of affiliated issuers, at value**		—			—			554,181			—
Bullion, at value^‡		—			—			72,959,812			—
Foreign currencies, at value^D		—			18,220			7,058,316			—
Cash		—			—			11,134,749			140,259
Cash collateral due from brokers		—			—			449,400			1,186,664
Receivable for securities sold		810,792			615,151			22,119,312			22,661,316
Receivable for fund shares sold		522,945			15,370			1,413,723			1,390,716
Foreign tax reclaims receivable		261,338			41,204			1,306,204			90,412
Dividends and interest receivable		222,159			60,626			6,367,405			4,390,707
Prepaid expenses		75,734			71,385			102,232			92,501
Variation margin due from brokers on centrally cleared credit default swap contracts		—			—			—			1,190
Other assets		26,897			19,296			55,155			100,182
Total Assets		149,550,470			13,674,766			1,874,812,113			1,614,669,001
Liabilities:
Due to custodian		785,105			207,030			—			2,369
Payable for fund shares redeemed		693,647			44,248			2,683,675			2,365,774
Other accrued expenses		133,965			58,353			772,036			443,127
Administration expenses payable to affiliates		45,106			20,336			210,409			210,409
Investment management fees payable to affiliates		44,528			55,292			1,056,270			1,027,030
Distribution fees payable to affiliates		25,722			1,351			338,681			282,839
Payable for securities purchased		—			175,099			21,520,788			21,913,600
Unrealized depreciation on forward foreign currency exchange contracts		—			—			10,113			21,197
Variation margin due to broker on futures contracts		—			—			46,755			110,908
Swap payments payable		—			—			—			9,240
IRS compliance fee for foreign withholding tax claims (see Note 1)		—			—			861,629			—
Total Liabilities		1,728,073			561,709			27,500,356			26,386,493
Total Net Assets	$	147,822,397		$	13,113,057		$	1,847,311,757		$	1,588,282,508

Net Assets Consist of:
Paid-in capital	$	312,209,838		$	14,501,643		$	2,077,119,197		$	1,380,987,068
Total distributable earnings (loss)		(164,387,441	)		(1,388,586	)		(229,807,440	)		207,295,440
Total Net Assets	$	147,822,397		$	13,113,057		$	1,847,311,757		$	1,588,282,508

Table of Contents

Statements of assets and liabilities

Ivy Funds

				Delaware
	Delaware			Global			Delaware Ivy			Delaware Ivy
	Climate			Real Estate			Asset Strategy			Balanced
	Solutions Fund			Fund			Fundf			Fund
Net Asset Value

Class A:
Net assets	$	60,979,849		$	3,587,600		$	1,327,361,413		$	1,140,284,852
Shares of beneficial interest outstanding, unlimited authorization, no par		6,591,426			411,150			61,269,780			51,785,994
Net asset value per share	$	9.25		$	8.73		$	21.66		$	22.02
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%

Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.81		$	9.26		$	22.98		$	23.36

Class C:
Net assets	$	4,902,276		$	100,659		$	37,710,150		$	43,117,762
Shares of beneficial interest outstanding, unlimited authorization, no par		578,048			11,691			1,929,914			1,996,577
Net asset value per share	$	8.48		$	8.61		$	19.54		$	21.60

Class I:
Net assets	$	55,024,132		$	7,909,127		$	358,335,689		$	375,021,402
Shares of beneficial interest outstanding, unlimited authorization, no par		5,678,645			900,095			16,162,760			17,021,781
Net asset value per share	$	9.69		$	8.79		$	22.17		$	22.03

Class R:
Net assets	$	19,602,067		$	536,888		$	21,731,699		$	9,502,659
Shares of beneficial interest outstanding, unlimited authorization, no par		2,146,560			62,019			1,023,839			433,298
Net asset value per share	$	9.13		$	8.66		$	21.23		$	21.93

Class R6:
Net assets	$	2,879,095		$	3,793		$	20,788,327		$	9,905,878
Shares of beneficial interest outstanding, unlimited authorization, no par		295,896			421			935,040			448,455
Net asset value per share	$	9.73		$	9.01		$	22.23		$	22.09

Class Y:
Net assets	$	4,434,978		$	974,990		$	81,384,479		$	10,449,955
Shares of beneficial interest outstanding, unlimited authorization, no par		469,052			110,329			3,738,548			474,460
Net asset value per share	$	9.46		$	8.84		$	21.77		$	22.02

*Investments, at cost	$	150,201,551		$	10,445,743		$	1,365,991,013		$	1,249,934,989
**Investments of affiliated issuers, at cost		—			—			612,789,317			—
‡Bullion, at cost		—			—			38,406,159			—
^DForeign currencies, at cost		—			18,270			7,119,926			—

^fConsolidated statement of assets and liabilities.

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

Table of Contents

	Delaware Ivy			Delaware Ivy		Delaware
	Natural			Science and		Real Estate
	Resources			Technology		Securities
	Fund			Fund		Fund
Assets:
Investments, at value*	$	203,336,780		$	5,785,760,892	$	116,690,388
Cash		570			2,919,465		100,228
Receivable for fund shares sold		282,074			3,676,191		71,707
Dividends and interest receivable		268,680			2,907,240		439,512
Foreign tax reclaims receivable		94,341			1,095,824		2,035
Prepaid expenses		70,280			54,147		71,512
Receivable for securities sold		—			14,849,874		724,218
Other assets		43,446			188,387		50,920
Total Assets		204,096,171			5,811,452,020		118,150,520
Liabilities:
Payable for fund shares redeemed		550,406			9,665,015		259,308
Investment management fees payable to affiliates		535,920			3,915,515		249,776
Other accrued expenses		276,041			1,585,452		106,776
Administration expenses payable to affiliates		49,083			209,594		72,989
Distribution fees payable to affiliates		32,998			979,378		16,287
Payable for securities purchased		—			9,383,539		830,801
Total Liabilities		1,444,448			25,738,493		1,535,937
Total Net Assets	$	202,651,723		$	5,785,713,527	$	116,614,583

Net Assets Consist of:
Paid-in capital	$	818,057,231		$	2,955,258,763	$	69,159,970
Total distributable earnings (loss)		(615,405,508	)		2,830,454,764		47,454,613
Total Net Assets	$	202,651,723		$	5,785,713,527	$	116,614,583

Table of Contents

Statements of assets and liabilities

Ivy Funds

	Delaware Ivy			Delaware Ivy			Delaware
	Natural			Science and			Real Estate
	Resources			Technology			Securities
	Fund			Fund			Fund
Net Asset Value

Class A:
Net assets	$	123,471,818		$	3,743,632,514		$	70,391,093
Shares of beneficial interest outstanding, unlimited authorization, no par		7,640,419			70,546,892			4,471,924
Net asset value per share	$	16.16		$	53.07		$	15.74
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	17.15		$	56.31		$	16.70

Class C:
Net assets	$	2,394,363		$	88,951,988		$	577,103
Shares of beneficial interest outstanding, unlimited authorization, no par		184,359			3,176,774			38,831
Net asset value per share	$	12.99		$	28.00		$	14.86

Class I:
Net assets	$	51,823,658		$	1,403,119,648		$	40,262,394
Shares of beneficial interest outstanding, unlimited authorization, no par		3,050,597			20,115,293			2,509,490
Net asset value per share	$	16.99		$	69.75		$	16.04

Class R:
Net assets	$	9,011,059		$	109,957,369		$	477,314
Shares of beneficial interest outstanding, unlimited authorization, no par		565,532			2,318,701			30,461
Net asset value per share	$	15.93		$	47.42		$	15.67

Class R6:
Net assets	$	5,445,438		$	155,573,050		$	1,938,204
Shares of beneficial interest outstanding, unlimited authorization, no par		321,109			2,183,984			120,612
Net asset value per share	$	16.96		$	71.23		$	16.07

Class Y:
Net assets	$	10,505,387		$	284,478,958		$	2,968,475
Shares of beneficial interest outstanding, unlimited authorization, no par		631,622			4,616,694			186,320
Net asset value per share	$	16.63		$	61.62		$	15.93

*Investments, at cost	$	228,207,134		$	3,234,434,734		$	67,055,153

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

Table of Contents

Statements of operations

Ivy Funds

Year ended March 31, 2024

	Delaware Climate			Delaware Global			Delaware Ivy			Delaware Ivy
	Solutions Fund			Real Estate Fund			Asset Strategy Fund^f			Balanced Fund
Investment Income:
Dividends	$	4,418,038		$	853,255		$	26,217,092		$	12,875,088
Reclaim income		215,797			—			6,402,555			—
Interest		—			—			29,259,241			23,539,645
IRS compliance fee for foreign withholding tax claims (see Note 1)		—			—			(861,629	)		—
Foreign tax withheld		(337,009	)		(27,210	)		(1,603,300	)		(72,653	)
		4,296,826			826,045			59,413,959			36,342,080

Expenses:
Management fees		1,605,343			279,940			12,026,017			10,489,537
Distribution expenses — Class A		177,424			12,733			3,136,110			2,708,133
Distribution expenses — Class C		67,247			1,453			405,309			505,532
Distribution expenses — Class R		124,191			2,891			101,393			43,620
Distribution expenses — Class Y		13,300			2,299			195,025			24,415
Dividend disbursing and transfer agent fees and expenses		337,087			21,553			827,283			1,426,890
Registration fees		94,524			63,085			103,338			112,807
Accounting and administration expenses		57,120			34,195			293,173			227,259
Audit and tax fees		42,994			35,170			61,240			53,063
Reports and statements to shareholders expenses		27,777			19,441			220,050			63,086
Custodian fees		26,940			21,307			79,794			28,083
Trustees’ fees and expenses		14,044			2,733			173,692			95,495
Legal fees		13,665			2,898			377,973			114,135
Other		12,640			12,816			51,398			58,996
		2,614,296			512,514			18,051,795			15,951,051
Less expenses waived		(365,173	)		(194,525	)		(7,923	)		(152,548	)
Less expenses paid indirectly		(784	)		(304	)		(3,261	)		(3,031	)
Total operating expenses		2,248,339			317,685			18,040,611			15,795,472
Net Investment Income (Loss)		2,048,487			508,360			41,373,348			20,546,608

Table of Contents

Statements of operations

Ivy Funds

	Delaware Climate			Delaware Global			Delaware Ivy			Delaware Ivy
	Solutions Fund			Real Estate Fund			Asset Strategy Fund^f			Balanced Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments^*,¹	$	(1,363,757	)	$	(1,327,339	)	$	87,370,968		$	9,449,955
Foreign currencies		(48,459	)		(10,235	)		(1,174,343	)		191,053
Forward foreign currency exchange contracts		—			—			(57,479	)		(185,660	)
Futures contracts		—			—			(911,393	)		(859,181	)
Options purchased		—			—			—			(67,830	)
Options written		—			—			8,411			256,500
Swap contracts		—			—			—			91,325
Net realized gain (loss)		(1,412,216	)		(1,337,574	)		85,236,164			8,876,162

Net change in unrealized appreciation (depreciation) on:
Investments		(11,438,492	)		2,256,213			199,752,223			243,080,153
Affiliated investments		—			—			1,370,083			—
Foreign currencies		4,440			2,478			(76,272	)		13
Forward foreign currency exchange contracts		—			—			(10,113	)		(21,197	)
Futures contracts		—			—			(462,541	)		(373,908	)
Options purchased		—			—			—			19,809
Options written		—			—			—			(73,753	)
Swap contracts		—			—			—			(256,462	)
Net change in unrealized appreciation (depreciation)		(11,434,052	)		2,258,691			200,573,380			242,374,655
Net Realized and Unrealized Gain (Loss)		(12,846,268	)		921,117			285,809,544			251,250,817
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(10,797,781	)	$	1,429,477		$	327,182,892		$	271,797,425

^*	Includes $126,156 and $ 2,449,846 in proceeds received from the settlement of class action litigation for Delaware Climate Solutions Fund and Delaware Ivy Balanced Fund, respectively.
^f	Consolidated statement of operations.
¹	Includes $(20,357) capital gains tax paid for Delaware Ivy Asset Strategy Fund.

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

Table of Contents

							Delaware
	Delaware Ivy			Delaware Ivy			Real Estate
	Natural Resources Fund			Science and Technology Fund			Securities Fund
Investment Income:
Dividends	$	8,598,563		$	31,799,430		$	3,815,982
Reclaim income		—			2,297,061			—
Foreign tax withheld		(128,326	)		(409,861	)		(14,538	)
		8,470,237			33,686,630			3,801,444

Expenses:
Management fees		1,923,421			40,748,570			1,204,499
Distribution expenses — Class A		333,582			8,194,353			191,624
Distribution expenses — Class C		28,992			923,060			6,213
Distribution expenses — Class R		49,020			483,007			2,096
Distribution expenses — Class Y		27,838			604,877			7,214
Accounting and administration expenses		51,539			736,772			27,211
Trustees’ fees and expenses		36,708			312,024			11,626
Audit and tax fees		35,982			41,890			43,212
Registration fees		34,152			65,779			62,575
Dividend disbursing and transfer agent fees and expenses		31,976			3,289,989			120,213
Legal fees		12,667			333,177			9,689
Reports and statements to shareholders expenses		9,594			426,677			28,014
Custodian fees		9,471			40,161			11,646
Other		11,682			164,013			10,387
		2,596,624			56,364,349			1,736,219
Less expenses waived		—			—			(259,018	)
Less expenses paid indirectly		(1,059	)		(7,319	)		(860	)
Total operating expenses		2,595,565			56,357,030			1,476,341
Net Investment Income (Loss)		5,874,672			(22,670,400	)		2,325,103

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments^*		2,584,329			432,447,282			5,081,605
Foreign currencies		(51,777	)		14,363			(1,615	)
Net realized gain (loss)		2,532,552			432,461,645			5,079,990

Net change in unrealized appreciation (depreciation) on:
Investments		(334,127	)		1,380,414,727			143,032
Foreign currencies		1,360			(2,732	)		(101	)
Net change in unrealized appreciation (depreciation)		(332,767	)		1,380,411,995			142,931
Net Realized and Unrealized Gain (Loss)		2,199,785			1,812,873,640			5,222,921
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,074,457		$	1,790,203,240		$	7,548,024

^*	Includes $4,429,355 in proceeds received from the settlement of class action litigation for Delaware Ivy Science and Technology Fund.

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

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Climate						Delaware Global
	Solutions Fund						Real Estate Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,048,487		$	5,015,789		$	508,360		$	1,002,160
Net realized gain (loss)		(1,412,216	)		67,376,957			(1,337,574	)		214,438
Net change in unrealized appreciation (depreciation)		(11,434,052	)		(65,037,071	)		2,258,691			(15,099,156	)
Net increase (decrease) in net assets resulting from operations		(10,797,781	)		7,355,675			1,429,477			(13,882,558	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,677,303	)		(1,674,353	)		(125,766	)		(813,026	)
Class C		(90,456	)		(142,972	)		(2,578	)		(38,504	)
Class I		(2,003,299	)		(1,910,696	)		(306,136	)		(2,983,116	)
Class R		(497,708	)		(579,941	)		(16,328	)		(85,965	)
Class R6		(97,430	)		(107,100	)		(103,565	)		(1,685,050	)
Class Y		(109,689	)		(108,504	)		(30,284	)		(124,066	)

Return of capital:
Class A		—			—			(27,303	)		—
Class C		—			—			(779	)		—
Class I		—			—			(67,303	)		—
Class R		—			—			(3,099	)		—
Class R6		—			—			(54,548	)		—
Class Y		—			—			(4,930	)		—
		(4,475,885	)		(4,523,566	)		(742,619	)		(5,729,727	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		4,368,512			33,904,823			941,462			847,362
Class C		257,285			2,851,350			7,493			32,513
Class I		11,508,925			64,816,483			1,205,141			2,326,977
Class R		1,661,970			13,223,829			32,607			17,302
Class R6		1,756,156			3,759,496			1,735,607			1,331,405
Class Y		555,629			5,301,106			49			—

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,670,129			1,665,927			152,950			811,067
Class C		89,839			142,083			3,317			38,303
Class I		1,623,425			1,635,342			373,274			2,980,572
Class R		497,640			579,892			19,427			85,965
Class R6		70,586			107,100			158,113			1,685,050
Class Y		108,793			107,967			35,214			124,066
		24,168,889			128,095,398			4,664,654			10,280,582

Table of Contents

	Delaware Climate						Delaware Global
	Solutions Fund						Real Estate Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(30,919,405	)	$	(49,320,690	)	$	(3,028,932	)	$	(4,155,915	)
Class C		(4,790,609	)		(6,736,229	)		(107,880	)		(242,092	)
Class I		(49,341,479	)		(81,731,515	)		(10,419,524	)		(21,611,463	)
Class R		(14,079,163	)		(16,573,419	)		(160,404	)		(68,216	)
Class R6		(2,076,974	)		(6,939,537	)		(13,753,021	)		(8,378,702	)
Class Y		(3,096,385	)		(9,464,274	)		(11,585	)		(38,569	)
		(104,304,015	)		(170,765,664	)		(27,481,346	)		(34,494,957	)
Decrease in net assets derived from capital share transactions		(80,135,126	)		(42,670,266	)		(22,816,692	)		(24,214,375	)
Net Decrease in Net Assets		(95,408,792	)		(39,838,157	)		(22,129,834	)		(43,826,660	)

Net Assets:
Beginning of year		243,231,189			283,069,346			35,242,891			79,069,551
End of year	$	147,822,397		$	243,231,189		$	13,113,057		$	35,242,891

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

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Ivy						Delaware Ivy
	Asset Strategy Fund^f						Balanced Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	41,373,348		$	32,231,534		$	20,546,608		$	18,445,637
Net realized gain (loss)		85,236,164			9,345,631			8,876,162			(114,245,195	)
Net change in unrealized appreciation (depreciation)		200,573,380			(174,728,261	)		242,374,655			(79,945,663	)
Net increase (decrease) in net assets resulting from operations		327,182,892			(133,151,096	)		271,797,425			(175,745,221	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(39,270,395	)		(198,200,145	)		(23,910,606	)		(239,823,165	)
Class C		(1,067,484	)		(8,862,743	)		(615,876	)		(15,608,600	)
Class E¹		—			(138,326	)		—			—
Class I		(11,636,024	)		(65,268,076	)		(8,940,097	)		(98,263,451	)
Class R		(603,151	)		(3,097,220	)		(176,136	)		(1,837,021	)
Class R6		(621,952	)		(2,204,079	)		(237,448	)		(1,669,943	)
Class Y		(2,423,940	)		(12,448,555	)		(215,763	)		(2,201,984	)
		(55,622,946	)		(290,219,144	)		(34,095,926	)		(359,404,164	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		44,931,480			70,991,325			81,275,122			104,011,965
Class C		3,426,376			3,997,654			4,320,755			5,573,674
Class E¹		—			311,695			—			—
Class I		33,052,991			58,677,325			63,991,794			64,476,235
Class R		2,126,693			2,098,446			1,087,361			570,783
Class R6		2,964,290			5,633,693			1,912,560			3,396,821
Class Y		3,871,765			3,788,156			1,301,139			901,963

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		38,690,447			184,407,759			23,715,226			231,207,512
Class C		1,066,659			8,851,448			615,665			15,567,233
Class E¹		—			136,389			—			—
Class I		11,540,884			63,369,252			8,896,319			97,522,283
Class R		603,151			2,963,840			176,082			1,833,012
Class R6		595,961			2,198,192			228,572			1,668,083
Class Y		2,412,694			12,012,298			215,251			1,948,405
		145,283,391			419,437,472			187,735,846			528,677,969

Table of Contents

	Delaware Ivy						Delaware Ivy
	Asset Strategy Fund^f						Balanced Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(208,660,883	)	$	(248,055,924	)	$	(235,831,690	)	$	(370,808,272	)
Class C		(20,744,272	)		(39,296,049	)		(32,723,525	)		(49,314,290	)
Class E¹		—			(35,354,533	)		—			—
Class I		(134,531,404	)		(225,672,990	)		(161,584,942	)		(346,775,406	)
Class R		(4,202,310	)		(4,368,412	)		(1,775,742	)		(1,975,980	)
Class R6		(3,611,221	)		(3,440,969	)		(2,962,231	)		(3,620,638	)
Class Y		(15,775,675	)		(16,289,861	)		(2,782,488	)		(2,251,540	)
		(387,525,765	)		(572,478,738	)		(437,660,618	)		(774,746,126	)
Decrease in net assets derived from capital share transactions		(242,242,374	)		(153,041,266	)		(249,924,772	)		(246,068,157	)
Net Increase (Decrease) in Net Assets		29,317,572			(576,411,506	)		(12,223,273	)		(781,217,542	)

Net Assets:
Beginning of year		1,817,994,185			2,394,405,691			1,600,505,781			2,381,723,323
End of year	$	1,847,311,757		$	1,817,994,185		$	1,588,282,508		$	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.

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware Ivy						Delaware Ivy
	Natural Resources Fund						Science and Technology Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	5,874,672		$	6,155,929		$	(22,670,400	)	$	(26,960,026	)
Net realized gain (loss)		2,532,552			13,667,191			432,461,645			722,903,011
Net change in unrealized appreciation (depreciation)		(332,767	)		(35,372,764	)		1,380,411,995			(1,884,827,407	)
Net increase (decrease) in net assets resulting from operations		8,074,457			(15,549,644	)		1,790,203,240			(1,188,884,422	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,524,051	)		(3,199,467	)		(355,376,805	)		(782,618,874	)
Class C		(43,309	)		(96,004	)		(16,181,874	)		(45,179,380	)
Class I		(1,200,289	)		(1,651,226	)		(107,732,191	)		(303,978,643	)
Class R		(150,136	)		(260,792	)		(11,620,540	)		(23,301,889	)
Class R6		(121,575	)		(68,096	)		(10,701,010	)		(25,974,492	)
Class Y		(188,509	)		(265,312	)		(23,082,328	)		(49,230,989	)
		(4,227,869	)		(5,540,897	)		(524,694,748	)		(1,230,284,267	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		3,498,832			26,773,852			139,037,583			177,282,686
Class C		599,592			2,380,151			6,895,026			8,396,050
Class E¹		—			56,482			—			833,192
Class I		7,951,354			28,169,210			203,842,581			445,523,362
Class R		1,380,948			5,434,088			11,120,824			13,281,156
Class R6		2,877,230			3,467,180			40,792,680			31,227,613
Class Y		1,547,040			4,530,890			44,331,959			30,515,678

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,484,496			3,155,342			352,856,784			776,653,782
Class C		42,833			95,887			16,176,948			45,119,637
Class I		1,194,060			1,584,800			107,191,200			302,239,275
Class R		150,136			260,792			11,618,702			23,286,268
Class R6		88,720			68,096			10,282,229			25,429,104
Class Y		188,339			265,106			23,026,908			48,881,615
		22,003,580			76,241,876			967,173,424			1,928,669,418

Table of Contents

	Delaware Ivy						Delaware Ivy
	Natural Resources Fund						Science and Technology Fund
	Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(35,559,107	)	$	(37,617,901	)	$	(729,084,455	)	$	(1,248,499,762	)
Class C		(2,096,537	)		(1,742,377	)		(57,471,373	)		(99,434,772	)
Class E¹		—			(3,604,681	)		—			(47,478,791	)
Class I		(34,512,105	)		(31,750,609	)		(526,628,929	)		(1,161,941,145	)
Class R		(4,813,266	)		(6,758,540	)		(28,920,233	)		(24,041,061	)
Class R6		(1,858,746	)		(1,325,926	)		(39,217,747	)		(70,859,889	)
Class Y		(4,109,178	)		(5,393,400	)		(75,210,729	)		(101,864,828	)
		(82,948,939	)		(88,193,434	)		(1,456,533,466	)		(2,754,120,248	)
Decrease in net assets derived from capital share transactions		(60,945,359	)		(11,951,558	)		(489,360,042	)		(825,450,830	)
Net Increase (Decrease) in Net Assets		(57,098,771	)		(33,042,099	)		776,148,450			(3,244,619,519	)

Net Assets:
Beginning of year		259,750,494			292,792,593			5,009,565,077			8,254,184,596
End of year	$	202,651,723		$	259,750,494		$	5,785,713,527		$	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.

Table of Contents

Statements of changes in net assets

Ivy Funds

	Delaware
	Real Estate
	Securities Fund
	Year ended
	3/31/24			3/31/23
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,325,103		$	3,931,155
Net realized gain (loss)		5,079,990			37,215,993
Net change in unrealized appreciation (depreciation)		142,931			(114,365,447	)
Net increase (decrease) in net assets resulting from operations		7,548,024			(73,218,299	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(7,712,823	)		(24,763,072	)
Class C		(59,796	)		(242,070	)
Class I		(4,925,373	)		(19,385,867	)
Class R		(44,515	)		(95,212	)
Class R6		(201,693	)		(556,795	)
Class Y		(295,078	)		(1,549,753	)
		(13,239,278	)		(46,592,769	)

Capital Share Transactions (See Note 6):
Proceeds from shares sold:
Class A		2,151,589			3,569,395
Class C		34,159			86,384
Class E¹		—			21,550
Class I		6,274,295			17,888,895
Class R		123,752			238,766
Class R6		542,464			1,609,172
Class Y		273,773			3,272,891

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		7,690,370			24,611,672
Class C		59,794			241,328
Class I		4,918,755			19,368,967
Class R		44,515			95,212
Class R6		201,693			556,795
Class Y		295,078			1,367,436
		22,610,237			72,928,463

Table of Contents

	Delaware
	Real Estate
	Securities Fund
	Year ended
	3/31/24			3/31/23
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
Class A	$	(22,975,290	)	$	(32,271,177	)
Class C		(298,554	)		(653,661	)
Class E¹		—			(2,513,515	)
Class I		(33,299,075	)		(60,994,295	)
Class R		(171,596	)		(167,550	)
Class R6		(708,040	)		(665,821	)
Class Y		(929,171	)		(71,224,094	)
		(58,381,726	)		(168,490,113	)
Decrease in net assets derived from capital share transactions		(35,771,489	)		(95,561,650	)
Net Decrease in Net Assets		(41,462,743	)		(215,372,718	)

Net Assets:
Beginning of year		158,077,326			373,450,044
End of year	$	116,614,583		$	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.

Table of Contents

Financial highlights

Delaware Climate Solutions Fund Class A

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

	Year ended
		3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period		$	9.88		$	9.69		$	6.18		$	3.25		$	9.45

Income (loss) from investment operations:
Net investment income¹			0.09			0.18			0.11			0.07			0.04
Net realized and unrealized gain (loss)			(0.48	)²		0.18			3.51			2.97			(6.24	)
Total from investment operations			(0.39	)		0.36			3.62			3.04			(6.20	)

Less dividends and distributions from:
Net investment income			(0.24	)		(0.17	)		(0.11	)		(0.11	)		—
Total dividends and distributions			(0.24	)		(0.17	)		(0.11	)		(0.11	)		—

Net asset value, end of period		$	9.25		$	9.88		$	9.69		$	6.18		$	3.25

Total return³			(3.92	)%²		3.68	%		59.24	%		94.23	%		(65.61	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	60,980		$	91,379		$	104,280		$	72	⁴	$	40	⁴
Ratio of expenses to average net assets⁵			1.24	%		1.28	%		1.35	%		1.35	%		1.41	%
Ratio of expenses to average net assets prior to fees waived⁵			1.43	%		1.48	%		1.72	%		1.87	%		1.71	%
Ratio of net investment income to average net assets			1.00	%		1.80	%		1.60	%		1.52	%		0.52	%
Ratio of net investment income to average net assets prior to fees waived			0.81	%		1.60	%		1.23	%		1.00	%		0.22	%
Portfolio turnover			13	%		108	%		113	%		30	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁴	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Delaware Climate Solutions Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.03		$	8.88		$	5.68		$	2.97		$	8.70

Income (loss) from investment operations:
Net investment income (loss)¹		0.03			0.09			0.06			0.03			(0.01	)
Net realized and unrealized gain (loss)		(0.44	)²		0.17			3.21			2.73			(5.72	)
Total from investment operations		(0.41	)		0.26			3.27			2.76			(5.73	)

Less dividends and distributions from:
Net investment income		(0.14	)		(0.11	)		(0.07	)		(0.05	)		—
Total dividends and distributions		(0.14	)		(0.11	)		(0.07	)		(0.05	)		—

Net asset value, end of period	$	8.48		$	9.03		$	8.88		$	5.68		$	2.97

Total return³		(4.57	)%²		2.88	%		57.97	%		93.07	%		(65.86	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,902		$	9,909		$	13,503		$	9	⁴	$	6	⁴
Ratio of expenses to average net assets⁵		1.99	%		2.03	%		2.09	%		2.09	%		2.11	%
Ratio of expenses to average net assets prior to fees waived⁵		2.18	%		2.17	%		2.34	%		2.44	%		2.31	%
Ratio of net investment income (loss) to average net assets		0.32	%		1.00	%		0.87	%		0.77	%		(0.20	)%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.13	%		0.86	%		0.62	%		0.42	%		(0.40	)%
Portfolio turnover		13	%		108	%		113	%		30	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁴	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Financial highlights

Delaware Climate Solutions Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	10.34		$	10.13		$	6.45		$	3.40		$	9.85

Income (loss) from investment operations:
Net investment income¹		0.13			0.22			0.14			0.09			0.08
Net realized and unrealized gain (loss)		(0.51	)²		0.18			3.67			3.11			(6.53	)
Total from investment operations		(0.38	)		0.40			3.81			3.20			(6.45	)

Less dividends and distributions from:
Net investment income		(0.27	)		(0.19	)		(0.13	)		(0.15	)		—
Total dividends and distributions		(0.27	)		(0.19	)		(0.13	)		(0.15	)		—

Net asset value, end of period	$	9.69		$	10.34		$	10.13		$	6.45		$	3.40

Total return³		(3.69	)%²		3.97	%		59.90	%		95.08	%		(65.48	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	55,024		$	97,636		$	110,841		$	97	⁴	$	52	⁴
Ratio of expenses to average net assets⁵		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets prior to fees waived⁵		1.18	%		1.00	%		1.14	%		1.20	%		1.17	%
Ratio of net investment income to average net assets		1.32	%		2.09	%		1.93	%		1.87	%		0.95	%
Ratio of net investment income to average net assets prior to fees waived		1.13	%		2.08	%		1.78	%		1.66	%		0.77	%
Portfolio turnover		13	%		108	%		113	%		30	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.
³	Total return is based 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 presented 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.

Table of Contents

Delaware Climate Solutions Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	9.74		$	9.57		$	6.10		$	3.20		$	9.34

Income (loss) from investment operations:
Net investment income¹		0.07			0.15			0.09			0.05			0.01
Net realized and unrealized gain (loss)		(0.48	)²		0.17			3.46			2.93			(6.15	)
Total from investment operations		(0.41	)		0.32			3.55			2.98			(6.14	)

Less dividends and distributions from:
Net investment income		(0.20	)		(0.15	)		(0.08	)		(0.08	)		—
Total dividends and distributions		(0.20	)		(0.15	)		(0.08	)		(0.08	)		—

Net asset value, end of period	$	9.13		$	9.74		$	9.57		$	6.10		$	3.20

Total return³		(4.14	)%^2,4		3.31	%⁴		58.80	%		93.40	%⁴		(65.74	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	19,602		$	33,606		$	36,368		$	24	⁵	$	7	⁵
Ratio of expenses to average net assets⁶		1.49	%		1.56	%		1.73	%		1.75	%		1.74	%
Ratio of expenses to average net assets prior to fees waived⁶		1.68	%		1.57	%		1.73	%		1.77	%		1.74	%
Ratio of net investment income to average net assets		0.77	%		1.49	%		1.23	%		1.06	%		0.19	%
Ratio of net investment income to average net assets prior to fees waived		0.58	%		1.48	%		1.23	%		1.04	%		0.19	%
Portfolio turnover		13	%		108	%		113	%		30	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Financial highlights

Delaware Climate Solutions Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	10.39		$	10.18		$	6.49		$	3.42		$	9.90

Income (loss) from investment operations:
Net investment income¹		0.13			0.22			0.16			0.09			0.08
Net realized and unrealized gain (loss)		(0.51	)²		0.19			3.66			3.13			(6.56	)
Total from investment operations		(0.38	)		0.41			3.82			3.22			(6.48	)

Less dividends and distributions from:
Net investment income		(0.28	)		(0.20	)		(0.13	)		(0.15	)		—
Total dividends and distributions		(0.28	)		(0.20	)		(0.13	)		(0.15	)		—

Net asset value, end of period	$	9.73		$	10.39		$	10.18		$	6.49		$	3.42

Total return³		(3.58	)%^2,4		4.03	%⁴		59.68	%⁴		95.11	%⁴		(65.45	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,879		$	3,411		$	6,610		$	3	⁵	$	2	⁵
Ratio of expenses to average net assets⁶		0.88	%		0.96	%		0.98	%		0.99	%		0.99	%
Ratio of expenses to average net assets prior to fees waived⁶		1.07	%		0.97	%		0.99	%		1.02	%		0.99	%
Ratio of net investment income to average net assets		1.35	%		2.09	%		2.07	%		1.84	%		0.95	%
Ratio of net investment income to average net assets prior to fees waived		1.16	%		2.08	%		2.06	%		1.81	%		0.95	%
Portfolio turnover		13	%		108	%		113	%		30	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.
³	Total return is based 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 presented 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.

Table of Contents

Delaware Climate Solutions Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	10.08		$	9.85		$	6.28		$	3.30		$	9.59

Income (loss) from investment operations:
Net investment income¹		0.10			0.18			0.12			0.07			0.04
Net realized and unrealized gain (loss)		(0.49	)²		0.19			3.56			3.02			(6.33	)
Total from investment operations		(0.39	)		0.37			3.68			3.09			(6.29	)

Less dividends and distributions from:
Net investment income		(0.23	)		(0.14	)		(0.11	)		(0.11	)		—
Total dividends and distributions		(0.23	)		(0.14	)		(0.11	)		(0.11	)		—

Net asset value, end of period	$	9.46		$	10.08		$	9.85		$	6.28		$	3.30

Total return³		(3.89	)%²		3.69	%		59.24	%		94.31	%		(65.59	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,435		$	7,290		$	11,467		$	8	⁴	$	4	⁴
Ratio of expenses to average net assets⁵		1.24	%		1.28	%		1.35	%		1.35	%		1.41	%
Ratio of expenses to average net assets prior to fees waived⁵		1.43	%		1.29	%		1.38	%		1.42	%		1.42	%
Ratio of net investment income to average net assets		1.03	%		1.81	%		1.61	%		1.50	%		0.46	%
Ratio of net investment income to average net assets prior to fees waived		0.84	%		1.80	%		1.58	%		1.43	%		0.45	%
Portfolio turnover		13	%		108	%		113	%		30	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁴	Net assets reported in millions.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Financial highlights

Delaware Global Real Estate Fund Class A

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

	Year ended
		3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period		$	8.47		$	12.23		$	10.86		$	8.16		$	11.22

Income (loss) from investment operations:
Net investment income¹			0.11			0.17			0.16			0.12			0.15
Net realized and unrealized gain (loss)			0.46			(2.64	)		1.58			2.88			(2.57	)
Total from investment operations			0.57			(2.47	)		1.74			3.00			(2.42	)

Less dividends and distributions from:
Net investment income			(0.26	)		(0.17	)		(0.37	)		(0.30	)		(0.38	)
Net realized gain			—			(1.12	)		—			—			(0.26	)
Return of capital			(0.05	)		—			—			—			—
Total dividends and distributions			(0.31	)		(1.29	)		(0.37	)		(0.30	)		(0.64	)

Net asset value, end of period		$	8.73		$	8.47		$	12.23		$	10.86		$	8.16

Total return²			6.91	%		(20.45	)%		16.12	%		37.08	%		(22.88	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	3,587		$	5,413		$	10,754		$	11	³	$	11	³
Ratio of expenses to average net assets⁴			1.29	%		1.38	%		1.48	%		1.48	%		1.51	%
Ratio of expenses to average net assets prior to fees waived⁴			1.95	%		2.14	%		1.76	%		1.79	%		1.68	%
Ratio of net investment income to average net assets			1.28	%		1.70	%		1.38	%		1.23	%		1.44	%
Ratio of net investment income to average net assets prior to fees waived			0.62	%		0.94	%		1.10	%		0.92	%		1.27	%
Portfolio turnover			44	%		109	%		88	%		90	%		88	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Delaware Global Real Estate Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.35		$	12.10		$	10.76		$	8.11		$	11.15

Income (loss) from investment operations:
Net investment income¹		0.05			0.10			0.08			0.05			0.08
Net realized and unrealized gain (loss)		0.45			(2.62	)		1.56			2.86			(2.55	)
Total from investment operations		0.50			(2.52	)		1.64			2.91			(2.47	)

Less dividends and distributions from:
Net investment income		(0.19	)		(0.11	)		(0.30	)		(0.26	)		(0.31	)
Net realized gain		—			(1.12	)		—			—			(0.26	)
Return of capital		(0.05	)		—			—			—			—
Total dividends and distributions		(0.24	)		(1.23	)		(0.30	)		(0.26	)		(0.57	)

Net asset value, end of period	$	8.61		$	8.35		$	12.10		$	10.76		$	8.11

Total return²		6.13	%		(21.14	)%		15.28	%		36.12	%		(23.32	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	101		$	196		$	499		$	3	³	$	3	³
Ratio of expenses to average net assets⁴		2.04	%		2.16	%		2.15	%		2.15	%		2.17	%
Ratio of expenses to average net assets prior to fees waived⁴		2.70	%		3.22	%		2.21	%		2.31	%		2.26	%
Ratio of net investment income to average net assets		0.56	%		0.99	%		0.64	%		0.52	%		0.75	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.10	)%		(0.07	)%		0.58	%		0.36	%		0.66	%
Portfolio turnover		44	%		109	%		88	%		90	%		88	%

¹	Calculated using average shares outstanding.
²	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
³	Net assets reported in millions.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Financial highlights

Delaware Global Real Estate Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.52		$	12.29		$	10.91		$	8.19		$	11.24

Income (loss) from investment operations:
Net investment income¹		0.14			0.21			0.21			0.16			0.21
Net realized and unrealized gain (loss)		0.46			(2.66	)		1.59			2.89			(2.57	)
Total from investment operations		0.60			(2.45	)		1.80			3.05			(2.36	)

Less dividends and distributions from:
Net investment income		(0.28	)		(0.20	)		(0.42	)		(0.33	)		(0.43	)
Net realized gain		—			(1.12	)		—			—			(0.26	)
Return of capital		(0.05	)		—			—			—			—
Total dividends and distributions		(0.33	)		(1.32	)		(0.42	)		(0.33	)		(0.69	)

Net asset value, end of period	$	8.79		$	8.52		$	12.29		$	10.91		$	8.19

Total return²		7.21	%		(20.24	)%		16.62	%		37.55	%		(22.41	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,909		$	16,455		$	43,193		$	63	³	$	60	³
Ratio of expenses to average net assets⁴		1.04	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets prior to fees waived⁴		1.70	%		1.59	%		1.36	%		1.41	%		1.34	%
Ratio of net investment income to average net assets		1.62	%		2.09	%		1.77	%		1.64	%		1.90	%
Ratio of net investment income to average net assets prior to fees waived		0.96	%		1.55	%		1.46	%		1.28	%		1.61	%
Portfolio turnover		44	%		109	%		88	%		90	%		88	%

Calculated using average shares outstanding.

Total return is based 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 presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

Net assets reported in millions.

⁴

Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Delaware Global Real Estate Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.42		$	12.18		$	10.82		$	8.14		$	11.19

Income (loss) from investment operations:
Net investment income¹		0.07			0.13			0.12			0.15			0.12
Net realized and unrealized gain (loss)		0.47			(2.61	)		1.58			2.81			(2.56	)
Total from investment operations		0.54			(2.48	)		1.70			2.96			(2.44	)

Less dividends and distributions from:
Net investment income		(0.25	)		(0.16	)		(0.34	)		(0.28	)		(0.35	)
Net realized gain		—			(1.12	)		—			—			(0.26	)
Return of capital		(0.05	)		—			—			—			—
Total dividends and distributions		(0.30	)		(1.28	)		(0.34	)		(0.28	)		(0.61	)

Net asset value, end of period	$	8.66		$	8.42		$	12.18		$	10.82		$	8.14

Total return²		6.60	%		(20.66	)%		15.74	%		36.66	%		(23.08	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	537		$	631		$	857		$	1	³	$	3	³
Ratio of expenses to average net assets⁴		1.54	%		1.64	%		1.80	%		1.80	%		1.80	%
Ratio of expenses to average net assets prior to fees waived⁴		2.20	%		2.18	%		1.97	%		1.98	%		1.93	%
Ratio of net investment income to average net assets		0.84	%		1.28	%		1.03	%		1.66	%		1.16	%
Ratio of net investment income to average net assets prior to fees waived		0.18	%		0.74	%		0.86	%		1.48	%		1.03	%
Portfolio turnover		44	%		109	%		88	%		90	%		88	%

Calculated using average shares outstanding.

Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

Net assets reported in millions.

⁴

Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Financial highlights

Delaware Global Real Estate Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.52		$	12.30		$	10.92		$	8.19		$	11.26

Income (loss) from investment operations:
Net investment income¹		0.19			0.20			0.23			0.16			0.20
Net realized and unrealized gain (loss)		0.42			(2.65	)		1.57			2.90			(2.58	)
Total from investment operations		0.61			(2.45	)		1.80			3.06			(2.38	)

Less dividends and distributions from:
Net investment income		(0.07	)		(0.21	)		(0.42	)		(0.33	)		(0.43	)
Net realized gain		—			(1.12	)		—			—			(0.26	)
Return of capital		(0.05	)		—			—			—			—
Total dividends and distributions		(0.12	)		(1.33	)		(0.42	)		(0.33	)		(0.69	)

Net asset value, end of period	$	9.01		$	8.52		$	12.30		$	10.92		$	8.19

Total return²		7.25	%		(20.21	)%		16.60	%		37.67	%		(22.53	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4		$	11,624		$	22,562		$	15	³	$	22	³
Ratio of expenses to average net assets⁴		0.95	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets prior to fees waived⁴		1.61	%		1.54	%		1.30	%		1.22	%		1.16	%
Ratio of net investment income to average net assets		2.22	%		1.94	%		1.92	%		1.71	%		1.90	%
Ratio of net investment income to average net assets prior to fees waived		1.56	%		1.45	%		1.67	%		1.54	%		1.79	%
Portfolio turnover		44	%		109	%		88	%		90	%		88	%

Calculated using average shares outstanding.

Net assets reported in millions.

⁴

Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

100

Table of Contents

Delaware Global Real Estate Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	8.59		$	12.40		$	11.00		$	8.27		$	11.35

Income (loss) from investment operations:
Net investment income¹		0.08			0.16			0.17			0.20			0.16
Net realized and unrealized gain (loss)		0.50			(2.67	)		1.61			2.83			(2.59	)
Total from investment operations		0.58			(2.51	)		1.78			3.03			(2.43	)

Less dividends and distributions from:
Net investment income		(0.28	)		(0.18	)		(0.38	)		(0.30	)		(0.39	)
Net realized gain		—			(1.12	)		—			—			(0.26	)
Return of capital		(0.05	)		—			—			—			—
Total dividends and distributions		(0.33	)		(1.30	)		(0.38	)		(0.30	)		(0.65	)

Net asset value, end of period	$	8.84		$	8.59		$	12.40		$	11.00		$	8.27

Total return²		6.90	%		(20.49	)%		16.21	%		36.96	%		(22.73	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	975		$	924		$	1,205		$	1	³	$	4	³
Ratio of expenses to average net assets⁴		1.29	%		1.36	%		1.47	%		1.45	%		1.46	%
Ratio of expenses to average net assets prior to fees waived⁴		1.95	%		1.89	%		1.65	%		1.61	%		1.55	%
Ratio of net investment income to average net assets		0.97	%		1.55	%		1.39	%		2.15	%		1.46	%
Ratio of net investment income to average net assets prior to fees waived		0.31	%		1.02	%		1.21	%		1.99	%		1.37	%
Portfolio turnover		44	%		109	%		88	%		90	%		88	%

Calculated using average shares outstanding.

Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

Net assets reported in millions.

⁴

Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

101

Table of Contents

Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.60		$	23.05		$	24.45		$	17.41		$	20.63

Income (loss) from investment operations:
Net investment income¹		0.45	²		0.32			0.29			0.29			0.43
Net realized and unrealized gain (loss)		3.23			(1.53	)		1.12			7.39			(2.42	)
Total from investment operations		3.68			(1.21	)		1.41			7.68			(1.99	)

Less dividends and distributions from:
Net investment income		(0.62	)		(0.27	)		(0.55	)		(0.39	)		(0.42	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)
Total dividends and distributions		(0.62	)		(3.24	)		(2.81	)		(0.64	)		(1.23	)

Net asset value, end of period	$	21.66		$	18.60		$	23.05		$	24.45		$	17.41

Total return³		20.14	%²		(4.79	)%		5.33	%⁴		44.79	%		(10.69	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,327,361		$	1,259,211		$	1,531,209		$	1,601	⁵	$	1,128	⁵
Ratio of expenses to average net assets⁶		1.05	%		1.15	%		1.11	%		1.07	%		1.13	%
Ratio of expenses to average net assets prior to fees waived⁶		1.05	%		1.15	%		1.11	%		1.07	%		1.13	%
Ratio of net investment income to average net assets		2.29	%		1.61	%		1.16	%		1.33	%		2.03	%
Ratio of net investment income to average net assets prior to fees waived		2.29	%		1.61	%		1.16	%		1.33	%		2.03	%
Portfolio turnover		54	%		74	%		33	%		40	%		44	%

Calculated using average shares outstanding.

Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.38%. See Note 1 in “Notes to financial statements.”

Total return is based 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

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.

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Delaware Ivy Asset Strategy Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.84		$	21.25		$	22.75		$	16.24		$	19.33

Income (loss) from investment operations:
Net investment income¹		0.28	²		0.11			0.08			0.13			0.27
Net realized and unrealized gain (loss)		2.91			(1.44	)		1.05			6.87			(2.26	)
Total from investment operations		3.19			(1.33	)		1.13			7.00			(1.99	)

Less dividends and distributions from:
Net investment income		(0.49	)		(0.11	)		(0.37	)		(0.24	)		(0.29	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)
Total dividends and distributions		(0.49	)		(3.08	)		(2.63	)		(0.49	)		(1.10	)

Net asset value, end of period	$	19.54		$	16.84		$	21.25		$	22.75		$	16.24

Total return³		19.26	%²		(5.80	)%		4.49	%⁴		43.70	%		(11.37	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	37,710		$	48,216		$	89,955		$	146	⁵	$	298	⁵
Ratio of expenses to average net assets⁶		1.80	%		2.18	%		1.92	%		1.86	%		1.88	%
Ratio of expenses to average net assets prior to fees waived⁶		1.80	%		2.18	%		1.92	%		1.86	%		1.88	%
Ratio of net investment income to average net assets		1.58	%		0.58	%		0.35	%		0.63	%		1.34	%
Ratio of net investment income to average net assets prior to fees waived		1.58	%		0.58	%		0.35	%		0.63	%		1.34	%
Portfolio turnover		54	%		74	%		33	%		40	%		44	%

Calculated using average shares outstanding.

Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.06 and total return by 0.36%. See Note 1 in “Notes to financial statements.”

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.

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Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	19.01		$	23.48		$	24.85		$	17.68		$	20.93

Income (loss) from investment operations:
Net investment income¹		0.51	²		0.38			0.36			0.35			0.50
Net realized and unrealized gain (loss)		3.31			(1.57	)		1.14			7.51			(2.46	)
Total from investment operations		3.82			(1.19	)		1.50			7.86			(1.96	)

Less dividends and distributions from:
Net investment income		(0.66	)		(0.31	)		(0.61	)		(0.44	)		(0.48	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)
Total dividends and distributions		(0.66	)		(3.28	)		(2.87	)		(0.69	)		(1.29	)

Net asset value, end of period	$	22.17		$	19.01		$	23.48		$	24.85		$	17.68

Total return³		20.49	%²		(4.58	)%		5.59	%⁴		45.16	%		(10.44	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	358,336		$	393,751		$	597,362		$	713	⁵	$	586	⁵
Ratio of expenses to average net assets⁶		0.80	%		0.90	%		0.88	%		0.83	%		0.87	%
Ratio of expenses to average net assets prior to fees waived⁶		0.80	%		0.90	%		0.88	%		0.83	%		0.87	%
Ratio of net investment income to average net assets		2.56	%		1.86	%		1.39	%		1.59	%		2.31	%
Ratio of net investment income to average net assets prior to fees waived		2.56	%		1.86	%		1.39	%		1.59	%		2.31	%
Portfolio turnover		54	%		74	%		33	%		40	%		44	%

Calculated using average shares outstanding.

Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.”

Total return is based 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.

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Delaware Ivy Asset Strategy Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.24		$	22.68		$	24.09		$	17.17		$	20.35

Income (loss) from investment operations:
Net investment income¹		0.39	²		0.25			0.20			0.22			0.36
Net realized and unrealized gain (loss)		3.18			(1.51	)		1.11			7.27			(2.37	)
Total from investment operations		3.57			(1.26	)		1.31			7.49			(2.01	)

Less dividends and distributions from:
Net investment income		(0.58	)		(0.21	)		(0.46	)		(0.32	)		(0.36	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)
Total dividends and distributions		(0.58	)		(3.18	)		(2.72	)		(0.57	)		(1.17	)

Net asset value, end of period	$	21.23		$	18.24		$	22.68		$	24.09		$	17.17

Total return³		19.88	%²		(5.10	)%		4.98	%⁴		44.26	%		(10.93	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,732		$	20,073		$	23,787		$	28	⁵	$	28	⁵
Ratio of expenses to average net assets⁶		1.30	%		1.47	%		1.46	%		1.42	%		1.46	%
Ratio of expenses to average net assets prior to fees waived⁶		1.30	%		1.47	%		1.46	%		1.42	%		1.46	%
Ratio of net investment income to average net assets		2.04	%		1.29	%		0.81	%		1.02	%		1.72	%
Ratio of net investment income to average net assets prior to fees waived		2.04	%		1.29	%		0.81	%		1.02	%		1.72	%
Portfolio turnover		54	%		74	%		33	%		40	%		44	%

Calculated using average shares outstanding.

Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.38%. See Note 1 in “Notes to financial statements.”

Total return is based 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.

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Table of Contents

Consolidated financial highlights

Delaware Ivy Asset Strategy Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	19.08		$	23.55		$	24.92		$	17.73		$	20.99

Income (loss) from investment operations:
Net investment income¹		0.51	²		0.41			0.40			0.37			0.51
Net realized and unrealized gain (loss)		3.32			(1.56	)		1.14			7.54			(2.45	)
Total from investment operations		3.83			(1.15	)		1.54			7.91			(1.94	)

Less dividends and distributions from:
Net investment income		(0.68	)		(0.35	)		(0.65	)		(0.47	)		(0.51	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)
Total dividends and distributions		(0.68	)		(3.32	)		(2.91	)		(0.72	)		(1.32	)

Net asset value, end of period	$	22.23		$	19.08		$	23.55		$	24.92		$	17.73

Total return³		20.45	%²		(4.39	)%		5.73	%⁴		45.35	%		(10.32	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	20,788		$	17,914		$	16,520		$	19	⁵	$	8	⁵
Ratio of expenses to average net assets⁶		0.77	%		0.77	%		0.72	%		0.67	%		0.72	%
Ratio of expenses to average net assets prior to fees waived⁶		0.77	%		0.77	%		0.72	%		0.67	%		0.72	%
Ratio of net investment income to average net assets		2.56	%		1.99	%		1.56	%		1.62	%		2.35	%
Ratio of net investment income to average net assets prior to fees waived		2.56	%		1.99	%		1.56	%		1.62	%		2.35	%
Portfolio turnover		54	%		74	%		33	%		40	%		44	%

Calculated using average shares outstanding.

Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.”

Total return is based 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.

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Delaware Ivy Asset Strategy Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.69		$	23.14		$	24.53		$	17.47		$	20.69

Income (loss) from investment operations:
Net investment income¹		0.45	²		0.33			0.30			0.30			0.44
Net realized and unrealized gain (loss)		3.25			(1.53	)		1.12			7.40			(2.42	)
Total from investment operations		3.70			(1.20	)		1.42			7.70			(1.98	)

Less dividends and distributions from:
Net investment income		(0.62	)		(0.28	)		(0.55	)		(0.39	)		(0.43	)
Net realized gain		—			(2.97	)		(2.26	)		(0.25	)		(0.81	)
Total dividends and distributions		(0.62	)		(3.25	)		(2.81	)		(0.64	)		(1.24	)

Net asset value, end of period	$	21.77		$	18.69		$	23.14		$	24.53		$	17.47

Total return³		20.15	%²		(4.72	)%		5.35	%^4,5		44.75	%⁵		(10.64	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	81,385		$	78,829		$	96,913		$	109	⁶	$	98	⁶
Ratio of expenses to average net assets⁷		1.05	%		1.11	%		1.09	%		1.07	%		1.11	%
Ratio of expenses to average net assets prior to fees waived⁷		1.05	%		1.11	%		1.11	%		1.08	%		1.11	%
Ratio of net investment income to average net assets		2.30	%		1.65	%		1.17	%		1.36	%		2.08	%
Ratio of net investment income to average net assets prior to fees waived		2.30	%		1.65	%		1.15	%		1.35	%		2.08	%
Portfolio turnover		54	%		74	%		33	%		40	%		44	%

Calculated using average shares outstanding.

Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.07 and total return by 0.37%. See Note 1 in “Notes to financial statements.”

Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Table of Contents

Financial highlights

Delaware Ivy Balanced Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.85		$	25.53		$	27.29		$	20.43		$	23.58

Income (loss) from investment operations:
Net investment income¹		0.26			0.21			0.12			0.24			0.31
Net realized and unrealized gain (loss)		3.36	²		(2.06	)		1.28			8.38			(1.57	)
Total from investment operations		3.62			(1.85	)		1.40			8.62			(1.26	)

Less dividends and distributions from:
Net investment income		(0.45	)		(0.15	)		(0.12	)		(0.28	)		(0.34	)
Net realized gain		—			(4.68	)		(3.04	)		(1.48	)		(1.55	)
Total dividends and distributions		(0.45	)		(4.83	)		(3.16	)		(1.76	)		(1.89	)

Net asset value, end of period	$	22.02		$	18.85		$	25.53		$	27.29		$	20.43

Total return³		19.36	%^2,4		(6.71	)%		4.57	%		42.81	%		(6.55	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,140,285		$	1,102,496		$	1,485,004		$	1,509	⁵	$	1,086	⁵
Ratio of expenses to average net assets⁶		1.06	%		1.10	%		1.04	%		1.07	%		1.10	%
Ratio of expenses to average net assets prior to fees waived⁶		1.07	%		1.10	%		1.04	%		1.07	%		1.10	%
Ratio of net investment income to average net assets		1.30	%		0.97	%		0.44	%		0.95	%		1.27	%
Ratio of net investment income to average net assets prior to fees waived		1.29	%		0.97	%		0.44	%		0.95	%		1.27	%
Portfolio turnover		73	%		82	%		94	%		52	%		43	%

Calculated using average shares outstanding.

Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%.

⁴

Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

⁵

Net assets reported in millions.

⁶

Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Table of Contents

Delaware Ivy Balanced Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.49		$	25.21		$	26.98		$	20.24		$	23.38

Income (loss) from investment operations:
Net investment income (loss)¹		0.11			0.01			(0.09	)		0.06			0.13
Net realized and unrealized gain (loss)		3.29	²		(2.03	)		1.25			8.30			(1.55	)
Total from investment operations		3.40			(2.02	)		1.16			8.36			(1.42	)

Less dividends and distributions from:
Net investment income		(0.29	)		(0.02	)		—			(0.14	)		(0.17	)
Net realized gain		—			(4.68	)		(2.93	)		(1.48	)		(1.55	)
Total dividends and distributions		(0.29	)		(4.70	)		(2.93	)		(1.62	)		(1.72	)

Net asset value, end of period	$	21.60		$	18.49		$	25.21		$	26.98		$	20.24

Total return³		18.44	%^2,4		(7.53	)%		3.77	%		41.82	%		(7.24	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	43,118		$	63,537		$	117,058		$	183	⁵	$	243	⁵
Ratio of expenses to average net assets⁶		1.81	%		1.98	%		1.82	%		1.82	%		1.83	%
Ratio of expenses to average net assets prior to fees waived⁶		1.82	%		1.98	%		1.82	%		1.82	%		1.83	%
Ratio of net investment income (loss) to average net assets		0.55	%		0.06	%		(0.34	)%		0.23	%		0.54	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.54	%		0.06	%		(0.34	)%		0.23	%		0.54	%
Portfolio turnover		73	%		82	%		94	%		52	%		43	%

Calculated using average shares outstanding.

⁴

Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

⁵

Net assets reported in millions.

⁶

Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Table of Contents

Financial highlights

Delaware Ivy Balanced Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.86		$	25.54		$	27.29		$	20.42		$	23.57

Income (loss) from investment operations:
Net investment income¹		0.31			0.26			0.18			0.29			0.36
Net realized and unrealized gain (loss)		3.36	²		(2.06	)		1.28			8.39			(1.57	)
Total from investment operations		3.67			(1.80	)		1.46			8.68			(1.21	)

Less dividends and distributions from:
Net investment income		(0.50	)		(0.20	)		(0.17	)		(0.33	)		(0.39	)
Net realized gain		—			(4.68	)		(3.04	)		(1.48	)		(1.55	)
Total dividends and distributions		(0.50	)		(4.88	)		(3.21	)		(1.81	)		(1.94	)

Net asset value, end of period	$	22.03		$	18.86		$	25.54		$	27.29		$	20.42

Total return³		19.63	%^2,4		(6.52	)%		4.82	%		43.15	%		(6.32	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	375,021		$	406,338		$	745,878		$	846	⁵	$	671	⁵
Ratio of expenses to average net assets⁶		0.81	%		0.88	%		0.84	%		0.86	%		0.86	%
Ratio of expenses to average net assets prior to fees waived⁶		0.82	%		0.88	%		0.84	%		0.86	%		0.86	%
Ratio of net investment income to average net assets		1.55	%		1.17	%		0.64	%		1.17	%		1.51	%
Ratio of net investment income to average net assets prior to fees waived		1.54	%		1.17	%		0.64	%		1.17	%		1.51	%
Portfolio turnover		73	%		82	%		94	%		52	%		43	%

Calculated using average shares outstanding.

Total return is based 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 presented 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.

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Table of Contents

Delaware Ivy Balanced Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.78		$	25.46		$	27.22		$	20.39		$	23.54

Income (loss) from investment operations:
Net investment income¹		0.21			0.15			0.01			0.15			0.22
Net realized and unrealized gain (loss)		3.35	²		(2.05	)		1.26			8.36			(1.57	)
Total from investment operations		3.56			(1.90	)		1.27			8.51			(1.35	)

Less dividends and distributions from:
Net investment income		(0.41	)		(0.10	)		(0.01	)		(0.20	)		(0.25	)
Net realized gain		—			(4.68	)		(3.02	)		(1.48	)		(1.55	)
Total dividends and distributions		(0.41	)		(4.78	)		(3.03	)		(1.68	)		(1.80	)

Net asset value, end of period	$	21.93		$	18.78		$	25.46		$	27.22		$	20.39

Total return³		19.04	%^2,4		(6.97	)%		4.15	%		42.31	%		(6.90	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,503		$	8,650		$	10,852		$	11	⁵	$	11	⁵
Ratio of expenses to average net assets⁶		1.31	%		1.38	%		1.44	%		1.45	%		1.45	%
Ratio of expenses to average net assets prior to fees waived⁶		1.32	%		1.38	%		1.44	%		1.45	%		1.45	%
Ratio of net investment income to average net assets		1.05	%		0.70	%		0.04	%		0.60	%		0.91	%
Ratio of net investment income to average net assets prior to fees waived		1.04	%		0.70	%		0.04	%		0.60	%		0.91	%
Portfolio turnover		73	%		82	%		94	%		52	%		43	%

Calculated using average shares outstanding.

Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

⁵

Net assets reported in millions.

⁶

Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Table of Contents

Financial highlights

Delaware Ivy Balanced Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.91		$	25.60		$	27.36		$	20.47		$	23.62

Income (loss) from investment operations:
Net investment income¹		0.32			0.29			0.22			0.33			0.40
Net realized and unrealized gain (loss)		3.38	²		(2.07	)		1.27			8.40			(1.57	)
Total from investment operations		3.70			(1.78	)		1.49			8.73			(1.17	)

Less dividends and distributions from:
Net investment income		(0.52	)		(0.23	)		(0.21	)		(0.36	)		(0.43	)
Net realized gain		—			(4.68	)		(3.04	)		(1.48	)		(1.55	)
Total dividends and distributions		(0.52	)		(4.91	)		(3.25	)		(1.84	)		(1.98	)

Net asset value, end of period	$	22.09		$	18.91		$	25.60		$	27.36		$	20.47

Total return³		19.72	%²		(6.39	)%		4.93	%		43.34	%		(6.16	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,906		$	9,291		$	10,232		$	11	⁴	$	7	⁴
Ratio of expenses to average net assets⁵		0.76	%		0.75	%		0.70	%		0.71	%		0.71	%
Ratio of expenses to average net assets prior to fees waived⁵		0.77	%		0.75	%		0.70	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		1.61	%		1.33	%		0.78	%		1.30	%		1.65	%
Ratio of net investment income to average net assets prior to fees waived		1.60	%		1.33	%		0.78	%		1.30	%		1.65	%
Portfolio turnover		73	%		82	%		94	%		52	%		43	%

Calculated using average shares outstanding.

Total return is based 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.

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Delaware Ivy Balanced Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	18.85		$	25.54		$	27.29		$	20.43		$	23.58

Income (loss) from investment operations:
Net investment income¹		0.26			0.22			0.12			0.24			0.31
Net realized and unrealized gain (loss)		3.36	²		(2.07	)		1.28			8.38			(1.57	)
Total from investment operations		3.62			(1.85	)		1.40			8.62			(1.26	)

Less dividends and distributions from:
Net investment income		(0.45	)		(0.16	)		(0.11	)		(0.28	)		(0.34	)
Net realized gain		—			(4.68	)		(3.04	)		(1.48	)		(1.55	)
Total dividends and distributions		(0.45	)		(4.84	)		(3.15	)		(1.76	)		(1.89	)

Net asset value, end of period	$	22.02		$	18.85		$	25.54		$	27.29		$	20.43

Total return³		19.35	%^2,4		(6.71	)%		4.59	%⁴		42.81	%⁴		(6.55	)%⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,450		$	10,194		$	12,699		$	16	⁵	$	14	⁵
Ratio of expenses to average net assets⁶		1.06	%		1.07	%		1.04	%		1.07	%		1.10	%
Ratio of expenses to average net assets prior to fees waived⁶		1.07	%		1.07	%		1.08	%		1.10	%		1.11	%
Ratio of net investment income to average net assets		1.31	%		1.01	%		0.44	%		0.97	%		1.27	%
Ratio of net investment income to average net assets prior to fees waived		1.30	%		1.01	%		0.40	%		0.94	%		1.26	%
Portfolio turnover		73	%		82	%		94	%		52	%		43	%

Calculated using average shares outstanding.

Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

⁵

Net assets reported in millions.

⁶

Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Table of Contents

Financial highlights

Delaware Ivy Natural Resources Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	15.75		$	16.92		$	12.42		$	7.85		$	13.45

Income (loss) from investment operations:
Net investment income¹		0.39			0.35			0.21			0.09			0.13
Net realized and unrealized gain (loss)		0.33			(1.20	)		4.61			4.51			(5.51	)
Total from investment operations		0.72			(0.85	)		4.82			4.60			(5.38	)

Less dividends and distributions from:
Net investment income		(0.31	)		(0.32	)		(0.32	)		(0.03	)		(0.22	)
Total dividends and distributions		(0.31	)		(0.32	)		(0.32	)		(0.03	)		(0.22	)

Net asset value, end of period	$	16.16		$	15.75		$	16.92		$	12.42		$	7.85

Total return²		4.63	%		(5.03	)%³		39.47	%		58.68	%		(40.58	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	123,472		$	150,383		$	170,746		$	136	⁴	$	102	⁴
Ratio of expenses to average net assets⁵		1.20	%		1.44	%		1.82	%		1.84	%		1.77	%
Ratio of expenses to average net assets prior to fees waived⁵		1.20	%		1.65	%		1.82	%		1.84	%		1.77	%
Ratio of net investment income to average net assets		2.54	%		2.20	%		1.57	%		0.82	%		1.05	%
Ratio of net investment income to average net assets prior to fees waived		2.54	%		1.99	%		1.57	%		0.82	%		1.05	%
Portfolio turnover		37	%		48	%		116	%		52	%		44	%

Calculated using average shares outstanding.

Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Delaware Ivy Natural Resources Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	12.71		$	13.81		$	10.22		$	6.48		$	11.13

Income (loss) from investment operations:
Net investment income¹		0.21			0.19			0.09			0.01			0.03
Net realized and unrealized gain (loss)		0.28			(0.98	)		3.77			3.74			(4.55	)
Total from investment operations		0.49			(0.79	)		3.86			3.75			(4.52	)

Less dividends and distributions from:
Net investment income		(0.21	)		(0.31	)		(0.27	)		(0.01	)		(0.13	)
Total dividends and distributions		(0.21	)		(0.31	)		(0.27	)		(0.01	)		(0.13	)

Net asset value, end of period	$	12.99		$	12.71		$	13.81		$	10.22		$	6.48

Total return²		3.89	%		(5.76	)%³		38.45	%		57.83	%		(41.02	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,394		$	3,846		$	3,460		$	3	⁴	$	5	⁴
Ratio of expenses to average net assets⁵		1.95	%		2.20	%		2.52	%		2.49	%		2.48	%
Ratio of expenses to average net assets prior to fees waived⁵		1.95	%		2.42	%		2.52	%		2.49	%		2.48	%
Ratio of net investment income to average net assets		1.72	%		1.46	%		0.84	%		0.07	%		0.30	%
Ratio of net investment income to average net assets prior to fees waived		1.72	%		1.24	%		0.84	%		0.07	%		0.03	%
Portfolio turnover		37	%		48	%		116	%		52	%		44	%

Calculated using average shares outstanding.

Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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

Table of Contents

Financial highlights

Delaware Ivy Natural Resources Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.52		$	17.72		$	12.99		$	8.18		$	14.06

Income (loss) from investment operations:
Net investment income¹		0.45			0.42			0.31			0.16			0.21
Net realized and unrealized gain (loss)		0.35			(1.25	)		4.82			4.73			(5.74	)
Total from investment operations		0.80			(0.83	)		5.13			4.89			(5.53	)

Less dividends and distributions from:
Net investment income		(0.33	)		(0.37	)		(0.40	)		(0.08	)		(0.35	)
Total dividends and distributions		(0.33	)		(0.37	)		(0.40	)		(0.08	)		(0.35	)

Net asset value, end of period	$	16.99		$	16.52		$	17.72		$	12.99		$	8.18

Total return²		4.93	%		(4.73	)%³		40.30	%		59.85	%		(40.26	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	51,824		$	76,474		$	84,343		$	71	⁴	$	54	⁴
Ratio of expenses to average net assets⁵		0.95	%		1.11	%		1.21	%		1.20	%		1.19	%
Ratio of expenses to average net assets prior to fees waived⁵		0.95	%		1.14	%		1.21	%		1.20	%		1.19	%
Ratio of net investment income to average net assets		2.78	%		2.52	%		2.17	%		1.46	%		1.63	%
Ratio of net investment income to average net assets prior to fees waived		2.78	%		2.49	%		2.17	%		1.46	%		1.63	%
Portfolio turnover		37	%		48	%		116	%		52	%		44	%

Calculated using average shares outstanding.

Total return is based 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 presented 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.

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Table of Contents

Delaware Ivy Natural Resources Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	15.52		$	16.69		$	12.25		$	7.75		$	13.26

Income (loss) from investment operations:
Net investment income¹		0.35			0.32			0.22			0.09			0.13
Net realized and unrealized gain (loss)		0.31			(1.19	)		4.54			4.45			(5.42	)
Total from investment operations		0.66			(0.87	)		4.76			4.54			(5.29	)

Less dividends and distributions from:
Net investment income		(0.25	)		(0.30	)		(0.32	)		(0.04	)		(0.22	)
Total dividends and distributions		(0.25	)		(0.30	)		(0.32	)		(0.04	)		(0.22	)

Net asset value, end of period	$	15.93		$	15.52		$	16.69		$	12.25		$	7.75

Total return²		4.33	%		(5.21	)%³		39.60	%		58.67	%		(40.53	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,011		$	12,202		$	14,145		$	12	⁴	$	7	⁴
Ratio of expenses to average net assets⁵		1.45	%		1.64	%		1.78	%		1.77	%		1.76	%
Ratio of expenses to average net assets prior to fees waived⁵		1.45	%		1.66	%		1.78	%		1.77	%		1.76	%
Ratio of net investment income to average net assets		2.28	%		2.03	%		1.60	%		0.90	%		1.06	%
Ratio of net investment income to average net assets prior to fees waived		2.28	%		2.01	%		1.60	%		0.90	%		1.06	%
Portfolio turnover		37	%		48	%		116	%		52	%		44	%

Calculated using average shares outstanding.

Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). 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

Table of Contents

Financial highlights

Delaware Ivy Natural Resources Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.56		$	17.79		$	13.03		$	8.21		$	14.12

Income (loss) from investment operations:
Net investment income¹		0.48			0.42			0.36			0.18			0.23
Net realized and unrealized gain (loss)		0.31			(1.24	)		4.82			4.73			(5.75	)
Total from investment operations		0.79			(0.82	)		5.18			4.91			(5.52	)

Less dividends and distributions from:
Net investment income		(0.39	)		(0.41	)		(0.42	)		(0.09	)		(0.39	)
Total dividends and distributions		(0.39	)		(0.41	)		(0.42	)		(0.09	)		(0.39	)

Net asset value, end of period	$	16.96		$	16.56		$	17.79		$	13.03		$	8.21

Total return²		4.89	%		(4.63	)%³		40.61	%		59.94	%		(40.11	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,446		$	4,213		$	2,228		$	1	⁴	$	3	⁴
Ratio of expenses to average net assets⁵		0.92	%		1.03	%		1.04	%		0.99	%		1.02	%
Ratio of expenses to average net assets prior to fees waived⁵		0.92	%		1.07	%		1.04	%		0.99	%		1.02	%
Ratio of net investment income to average net assets		2.93	%		2.49	%		2.46	%		1.64	%		1.81	%
Ratio of net investment income to average net assets prior to fees waived		2.93	%		2.45	%		2.46	%		1.64	%		1.81	%
Portfolio turnover		37	%		48	%		116	%		52	%		44	%

Calculated using average shares outstanding.

Total return is based 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 presented 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.

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Delaware Ivy Natural Resources Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.19		$	17.38		$	12.74		$	8.04		$	13.79

Income (loss) from investment operations:
Net investment income¹		0.40			0.38			0.28			0.13			0.17
Net realized and unrealized gain (loss)		0.33			(1.24	)		4.73			4.63			(5.63	)
Total from investment operations		0.73			(0.86	)		5.01			4.76			(5.46	)

Less dividends and distributions from:
Net investment income		(0.29	)		(0.33	)		(0.37	)		(0.06	)		(0.29	)
Total dividends and distributions		(0.29	)		(0.33	)		(0.37	)		(0.06	)		(0.29	)

Net asset value, end of period	$	16.63		$	16.19		$	17.38		$	12.74		$	8.04

Total return²		4.60	%		(4.95	)%³		40.08	%		59.33	%		(40.40	)%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,505		$	12,632		$	14,348		$	11⁴		$	8⁴
Ratio of expenses to average net assets⁵		1.20	%		1.35	%		1.42	%		1.42	%		1.42	%
Ratio of expenses to average net assets prior to fees waived⁵		1.20	%		1.38	%		1.42	%		1.42	%		1.42	%
Ratio of net investment income to average net assets		2.54	%		2.27	%		1.97	%		1.23	%		1.39	%
Ratio of net investment income to average net assets prior to fees waived		2.54	%		2.24	%		1.97	%		1.23	%		1.39	%
Portfolio turnover		37	%		48	%		116	%		52	%		44	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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

Table of Contents

Financial highlights

Delaware Ivy Science and Technology Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	42.38		$	63.48		$	92.04		$	59.85		$	65.00

Income (loss) from investment operations:
Net investment loss¹		(0.23	)		(0.24	)		(0.66	)		(0.55	)		(0.38	)
Net realized and unrealized gain (loss)		16.25	²		(8.49	)		2.73			40.68			3.45
Total from investment operations		16.02			(8.73	)		2.07			40.13			3.07

Less dividends and distributions from:
Net realized gain		(5.33	)		(12.37	)		(30.63	)		(7.94	)		(8.22	)
Total dividends and distributions		(5.33	)		(12.37	)		(30.63	)		(7.94	)		(8.22	)

Net asset value, end of period	$	53.07		$	42.38		$	63.48		$	92.04		$	59.85

Total return³		40.88	%²		(12.32	)%		(0.21	)%		67.65	%		2.98	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,743,633		$	3,186,208		$	4,958,005		$	5,696	⁴	$	3,626	⁴
Ratio of expenses to average net assets⁵		1.16	%		1.21	%		1.13	%		1.14	%		1.18	%
Ratio of expenses to average net assets prior to fees waived⁵		1.16	%		1.21	%		1.13	%		1.14	%		1.18	%
Ratio of net investment loss to average net assets		(0.50	)%		(0.51	)%		(0.76	)%		(0.66	)%		(0.54	)%
Ratio of net investment loss to average net assets prior to fees waived		(0.50	)%		(0.51	)%		(0.76	)%		(0.66	)%		(0.54	)%
Portfolio turnover		29	%		51	%		53	%		9	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.04 and total return by 0.09%.
³	Total return is based 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.

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Table of Contents

Delaware Ivy Science and Technology Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	24.76		$	43.75		$	72.44		$	48.52		$	54.26

Income (loss) from investment operations:
Net investment loss¹		(0.32	)		(0.46	)		(1.04	)		(0.95	)		(0.76	)
Net realized and unrealized gain (loss)		8.89	²		(6.16	)		2.62			32.81			3.07
Total from investment operations		8.57			(6.62	)		1.58			31.86			2.31

Less dividends and distributions from:
Net realized gain		(5.33	)		(12.37	)		(30.27	)		(7.94	)		(8.05	)
Total dividends and distributions		(5.33	)		(12.37	)		(30.27	)		(7.94	)		(8.05	)

Net asset value, end of period	$	28.00		$	24.76		$	43.75		$	72.44		$	48.52

Total return³		39.82	%²		(13.14	)%		(1.00	)%		66.37	%		2.17	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	88,952		$	109,544		$	237,610		$	413	⁴	$	407	⁴
Ratio of expenses to average net assets⁵		1.91	%		2.14	%		1.92	%		1.92	%		1.95	%
Ratio of expenses to average net assets prior to fees waived⁵		1.91	%		2.14	%		1.92	%		1.92	%		1.95	%
Ratio of net investment loss to average net assets		(1.25	)%		(1.45	)%		(1.56	)%		(1.45	)%		(1.31	)%
Ratio of net investment loss to average net assets prior to fees waived		(1.25	)%		(1.45	)%		(1.56	)%		(1.45	)%		(1.31	)%
Portfolio turnover		29	%		51	%		53	%		9	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.08%.
³	Total return is based 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.

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Financial highlights

Delaware Ivy Science and Technology Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	54.09		$	76.68		$	105.32		$	67.65		$	72.51

Income (loss) from investment operations:
Net investment loss¹		(0.15	)		(0.17	)		(0.60	)		(0.45	)		(0.27	)
Net realized and unrealized gain (loss)		21.14	²		(10.05	)		2.83			46.06			3.71
Total from investment operations		20.99			(10.22	)		2.23			45.61			3.44

Less dividends and distributions from:
Net realized gain		(5.33	)		(12.37	)		(30.87	)		(7.94	)		(8.30	)
Total dividends and distributions		(5.33	)		(12.37	)		(30.87	)		(7.94	)		(8.30	)

Net asset value, end of period	$	69.75		$	54.09		$	76.68		$	105.32		$	67.65

Total return³		41.23	%²		(12.14	)%		(0.04	)%		67.96	%		3.17	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,403,120		$	1,281,422		$	2,354,813		$	2,878	⁴	$	1,938	⁴
Ratio of expenses to average net assets⁵		0.91	%		0.99	%		0.96	%		0.96	%		0.98	%
Ratio of expenses to average net assets prior to fees waived⁵		0.91	%		0.99	%		0.96	%		0.96	%		0.98	%
Ratio of net investment loss to average net assets		(0.25	)%		(0.29	)%		(0.59	)%		(0.48	)%		(0.34	)%
Ratio of net investment loss to average net assets prior to fees waived		(0.25	)%		(0.29	)%		(0.59	)%		(0.48	)%		(0.34	)%
Portfolio turnover		29	%		51	%		53	%		9	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and total return by 0.09%.
³	Total return is based 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.

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Delaware Ivy Science and Technology Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	38.46		$	59.21		$	87.86		$	57.58		$	62.89

Income (loss) from investment operations:
Net investment loss¹		(0.31	)		(0.38	)		(0.97	)		(0.85	)		(0.63	)
Net realized and unrealized gain (loss)		14.60	²		(8.00	)		2.69			39.07			3.37
Total from investment operations		14.29			(8.38	)		1.72			38.22			2.74

Less dividends and distributions from:
Net realized gain		(5.33	)		(12.37	)		(30.37	)		(7.94	)		(8.05	)
Total dividends and distributions		(5.33	)		(12.37	)		(30.37	)		(7.94	)		(8.05	)

Net asset value, end of period	$	47.42		$	38.46		$	59.21		$	87.86		$	57.58

Total return³		40.53	%²		(12.65	)%		(0.63	)%		66.99	%		2.57	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	109,957		$	94,005		$	120,945		$	151	⁴	$	110	⁴
Ratio of expenses to average net assets⁵		1.41	%		1.57	%		1.55	%		1.55	%		1.57	%
Ratio of expenses to average net assets prior to fees waived⁵		1.41	%		1.57	%		1.55	%		1.55	%		1.57	%
Ratio of net investment loss to average net assets		(0.75	)%		(0.86	)%		(1.18	)%		(1.08	)%		(0.93	)%
Ratio of net investment loss to average net assets prior to fees waived		(0.75	)%		(0.86	)%		(1.18	)%		(1.08	)%		(0.93	)%
Portfolio turnover		29	%		51	%		53	%		9	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.04 and total return by 0.10%.
³	Total return is based 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.

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Financial highlights

Delaware Ivy Science and Technology Fund Class R6

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

	Year ended
		3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period		$	55.11		$	77.75		$	106.48		$	68.24		$	73.03

Income (loss) from investment operations:
Net investment loss¹			(0.11	)		(0.09	)		(0.45	)		(0.32	)		(0.15	)
Net realized and unrealized gain (loss)			21.56	²		(10.18	)		2.84			46.50			3.75
Total from investment operations			21.45			(10.27	)		2.39			46.18			3.60

Less dividends and distributions from:
Net realized gain			(5.33	)		(12.37	)		(31.12	)		(7.94	)		(8.39	)
Total dividends and distributions			(5.33	)		(12.37	)		(31.12	)		(7.94	)		(8.39	)

Net asset value, end of period		$	71.23		$	55.11		$	77.75		$	106.48		$	68.24

Total return³			41.31	%²		(12.02	)%		0.10	%		68.22	%		3.34	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	155,573		$	108,424		$	173,276		$	192	⁴	$	96	⁴
Ratio of expenses to average net assets⁵			0.84	%		0.86	%		0.81	%		0.81	%		0.83	%
Ratio of expenses to average net assets prior to fees waived⁵			0.84	%		0.86	%		0.81	%		0.81	%		0.83	%
Ratio of net investment loss to average net assets			(0.18	)%		(0.15	)%		(0.44	)%		(0.33	)%		(0.20	)%
Ratio of net investment income (loss) to average net assets prior to fees waived			(0.18	)%		(0.15	)%		(0.44	)%		(0.33	)%		(0.20	)%
Portfolio turnover			29	%		51	%		53	%		9	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and total return by 0.09%.
³	Total return is based 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.

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Delaware Ivy Science and Technology Fund Class Y

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

	Year ended
		3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period		$	48.45		$	70.42		$	98.99		$	64.00		$	69.01

Income (loss) from investment operations:
Net investment loss¹			(0.26	)		(0.28	)		(0.74	)		(0.58	)		(0.40	)
Net realized and unrealized gain (loss)			18.76	²		(9.32	)		2.79			43.51			3.60
Total from investment operations			18.50			(9.60	)		2.05			42.93			3.20

Less dividends and distributions from:
Net realized gain			(5.33	)		(12.37	)		(30.62	)		(7.94	)		(8.21	)
Total dividends and distributions			(5.33	)		(12.37	)		(30.62	)		(7.94	)		(8.21	)

Net asset value, end of period		$	61.62		$	48.45		$	70.42		$	98.99		$	64.00

Total return³			40.88	%²		(12.34	)%		(0.22	)%⁴		67.64	%⁴		2.98	%⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	284,479		$	229,962		$	351,136		$	455	⁵	$	340	⁵
Ratio of expenses to average net assets⁶			1.16	%		1.23	%		1.14	%		1.14	%		1.18	%
Ratio of expenses to average net assets prior to fees waived⁶			1.16	%		1.23	%		1.20	%		1.20	%		1.22	%
Ratio of net investment loss to average net assets			(0.50	)%		(0.53	)%		(0.78	)%		(0.66	)%		(0.54	)%
Ratio of net investment loss to average net assets prior to fees waived			(0.50	)%		(0.53	)%		(0.84	)%		(0.72	)%		(0.58	)%
Portfolio turnover			29	%		51	%		53	%		9	%		23	%

¹	Calculated using average shares outstanding.
²	Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and total return by 0.10%.
³	Total return is based 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 presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁵	Net assets reported in millions.
⁶	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

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Financial highlights

Delaware Real Estate Securities Fund Class A

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.43		$	27.72		$	24.82		$	18.83		$	24.45

Income (loss) from investment operations:
Net investment income¹		0.26			0.30			0.21			0.17			0.30
Net realized and unrealized gain (loss)		0.79			(5.87	)		6.44			6.22			(3.61	)
Total from investment operations		1.05			(5.57	)		6.65			6.39			(3.31	)

Less dividends and distributions from:
Net investment income		(0.55	)		(0.40	)		(0.14	)		(0.25	)		(0.32	)
Net realized gain		(1.19	)		(5.32	)		(3.61	)		(0.15	)		(1.99	)
Total dividends and distributions		(1.74	)		(5.72	)		(3.75	)		(0.40	)		(2.31	)

Net asset value, end of period	$	15.74		$	16.43		$	27.72		$	24.82		$	18.83

Total return²		6.55	%³		(20.26	)%³		26.90	%		34.24	%³		(15.35	)%³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	70,391		$	86,795		$	143,562		$	130	⁴	$	122	⁴
Ratio of expenses to average net assets⁵		1.20	%		1.29	%		1.38	%		1.45	%		1.43	%
Ratio of expenses to average net assets prior to fees waived⁵		1.39	%		1.57	%		1.38	%		1.55	%		1.53	%
Ratio of net investment income to average net assets		1.62	%		1.39	%		0.74	%		0.79	%		1.21	%
Ratio of net investment income to average net assets prior to fees waived		1.43	%		1.11	%		0.74	%		0.69	%		1.11	%
Portfolio turnover		36	%		57	%		43	%		76	%		59	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Delaware Real Estate Securities Fund Class C

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	15.60		$	26.73		$	24.11		$	18.32		$	23.86

Income (loss) from investment operations:
Net investment income (loss)¹		0.13			0.10			(0.07	)		0.06			0.12
Net realized and unrealized gain (loss)		0.76			(5.66	)		6.27			5.96			(3.52	)
Total from investment operations		0.89			(5.56	)		6.20			6.02			(3.40	)

Less dividends and distributions from:
Net investment income		(0.44	)		(0.25	)		—			(0.08	)		(0.15	)
Net realized gain		(1.19	)		(5.32	)		(3.58	)		(0.15	)		(1.99	)
Total dividends and distributions		(1.63	)		(5.57	)		(3.58	)		(0.23	)		(2.14	)

Net asset value, end of period	$	14.86		$	15.60		$	26.73		$	24.11		$	18.32

Total return²		5.79	%³		(21.00	)%³		25.74	%		33.03	%³		(15.99	)%³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	577		$	815		$	1,707		$	2	⁴	$	3	⁴
Ratio of expenses to average net assets⁵		1.95	%		2.19	%		2.33	%		2.33	%		2.25	%
Ratio of expenses to average net assets prior to fees waived⁵		2.14	%		2.76	%		2.33	%		2.43	%		2.35	%
Ratio of net investment income (loss) to average net assets		0.83	%		0.49	%		(0.24	)%		0.27	%		0.50	%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.64	%		(0.08	)%		(0.24	)%		0.17	%		0.40	%
Portfolio turnover		36	%		57	%		43	%		76	%		59	%

¹	Calculated using average shares outstanding.
²	Total return is based 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.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Financial highlights

Delaware Real Estate Securities Fund Class I

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.70		$	28.05		$	25.05		$	18.99		$	24.63

Income (loss) from investment operations:
Net investment income¹		0.32			0.38			0.29			0.25			0.38
Net realized and unrealized gain (loss)		0.79			(5.97	)		6.52			6.27			(3.62	)
Total from investment operations		1.11			(5.59	)		6.81			6.52			(3.24	)

Less dividends and distributions from:
Net investment income		(0.58	)		(0.44	)		(0.20	)		(0.31	)		(0.41	)
Net realized gain		(1.19	)		(5.32	)		(3.61	)		(0.15	)		(1.99	)
Total dividends and distributions		(1.77	)		(5.76	)		(3.81	)		(0.46	)		(2.40	)

Net asset value, end of period	$	16.04		$	16.70		$	28.05		$	25.05		$	18.99

Total return²		6.84	%³		(20.07	)%³		27.32	%		34.68	%³		(15.01	)%³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	40,263		$	64,516		$	133,161		$	127	⁴	$	121	⁴
Ratio of expenses to average net assets⁵		0.95	%		1.00	%		1.09	%		1.08	%		1.08	%
Ratio of expenses to average net assets prior to fees waived⁵		1.14	%		1.09	%		1.09	%		1.18	%		1.18	%
Ratio of net investment income to average net assets		1.94	%		1.74	%		1.01	%		1.15	%		1.54	%
Ratio of net investment income to average net assets prior to fees waived		1.75	%		1.65	%		1.01	%		1.05	%		1.44	%
Portfolio turnover		36	%		57	%		43	%		76	%		59	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented 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.

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Delaware Real Estate Securities Fund Class R

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.36		$	27.66		$	24.78		$	18.81		$	24.42

Income (loss) from investment operations:
Net investment income¹		0.19			0.20			0.12			0.13			0.27
Net realized and unrealized gain (loss)		0.82			(5.82	)		6.44			6.20			(3.62	)
Total from investment operations		1.01			(5.62	)		6.56			6.33			(3.35	)

Less dividends and distributions from:
Net investment income		(0.51	)		(0.36	)		(0.07	)		(0.21	)		(0.27	)
Net realized gain		(1.19	)		(5.32	)		(3.61	)		(0.15	)		(1.99	)
Total dividends and distributions		(1.70	)		(5.68	)		(3.68	)		(0.36	)		(2.26	)

Net asset value, end of period	$	15.67		$	16.36		$	27.66		$	24.78		$	18.81

Total return²		6.33	%³		(20.50	)%³		26.55	%		33.88	%³		(15.51	)%³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	477		$	497		$	555		$	—	^4,5	$	—	^4,5
Ratio of expenses to average net assets⁶		1.45	%		1.54	%		1.69	%		1.67	%		1.69	%
Ratio of expenses to average net assets prior to fees waived⁶		1.64	%		1.65	%		1.69	%		1.77	%		1.79	%
Ratio of net investment income to average net assets		1.22	%		0.93	%		0.42	%		0.61	%		1.07	%
Ratio of net investment income to average net assets prior to fees waived		1.03	%		0.82	%		0.42	%		0.51	%		0.97	%
Portfolio turnover		36	%		57	%		43	%		76	%		59	%

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

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

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Financial highlights

Delaware Real Estate Securities Fund Class R6

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.74		$	28.10		$	25.09		$	19.02		$	24.66

Income (loss) from investment operations:
Net investment income¹		0.31			0.28			0.36			0.28			0.43
Net realized and unrealized gain (loss)		0.82			(5.86	)		6.50			6.28			(3.64	)
Total from investment operations		1.13			(5.58	)		6.86			6.56			(3.21	)

Less dividends and distributions from:
Net investment income		(0.61	)		(0.46	)		(0.24	)		(0.34	)		(0.44	)
Net realized gain		(1.19	)		(5.32	)		(3.61	)		(0.15	)		(1.99	)
Total dividends and distributions		(1.80	)		(5.78	)		(3.85	)		(0.49	)		(2.43	)

Net asset value, end of period	$	16.07		$	16.74		$	28.10		$	25.09		$	19.02

Total return²		6.94	%³		(19.99	)%³		27.48	%		34.84	%³		(14.86	)%³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,938		$	1,973		$	1,112		$	1	⁴	$	—	^4,5
Ratio of expenses to average net assets⁶		0.85	%		0.99	%		0.93	%		0.94	%		0.94	%
Ratio of expenses to average net assets prior to fees waived⁶		1.09	%		1.06	%		0.93	%		1.04	%		1.04	%
Ratio of net investment income to average net assets		1.90	%		1.38	%		1.26	%		1.26	%		1.70	%
Ratio of net investment income to average net assets prior to fees waived		1.66	%		1.31	%		1.26	%		1.16	%		1.60	%
Portfolio turnover		36	%		57	%		43	%		76	%		59	%

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

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

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Delaware Real Estate Securities Fund Class Y

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

	Year ended
	3/31/24			3/31/23			3/31/22			3/31/21			3/31/20
Net asset value, beginning of period	$	16.60		$	27.79		$	24.87		$	18.86		$	24.48

Income (loss) from investment operations:
Net investment income¹		0.25			0.43			0.23			0.21			0.33
Net realized and unrealized gain (loss)		0.81			(6.02	)		6.45			6.23			(3.60	)
Total from investment operations		1.06			(5.59	)		6.68			6.44			(3.27	)

Less dividends and distributions from:
Net investment income		(0.54	)		(0.28	)		(0.15	)		(0.28	)		(0.36	)
Net realized gain		(1.19	)		(5.32	)		(3.61	)		(0.15	)		(1.99	)
Total dividends and distributions		(1.73	)		(5.60	)		(3.76	)		(0.43	)		(2.35	)

Net asset value, end of period	$	15.93		$	16.60		$	27.79		$	24.87		$	18.86

Total return²		6.57	%³		(20.27	)%³		26.98	%		34.45	%³		(15.21	)%³

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,969		$	3,481		$	90,376		$	70	⁴	$	63	⁴
Ratio of expenses to average net assets⁵		1.20	%		1.25	%		1.31	%		1.30	%		1.29	%
Ratio of expenses to average net assets prior to fees waived⁵		1.39	%		1.29	%		1.31	%		1.40	%		1.39	%
Ratio of net investment income to average net assets		1.52	%		1.79	%		0.82	%		0.95	%		1.35	%
Ratio of net investment income to average net assets prior to fees waived		1.33	%		1.75	%		0.82	%		0.85	%		1.25	%
Portfolio turnover		36	%		57	%		43	%		76	%		59	%

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
³	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). 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.

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Notes to financial statements

Ivy Funds

March 31, 2024

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

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, credit default swap (CDS) contracts and CDS 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, CDS contracts and swaptions 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 and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and the ask prices, which approximates fair value. 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. Certain Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among

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other things, most foreign markets close well before the Funds value their securities, generally as of 4:00pm ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities and private placements are valued at fair value.

As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned (EU tax reclaims). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have be recognized, if any, are reflected as "Other income" in the "Statements of operations." Related receivables, if any, are reflected as EU tax reclaims receivable in the “Statements of assets and liabilities.” Generally unless fund management believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, reduce the amount of foreign taxes, if any, that a Fund may elect to pass-through to its shareholders from a US federal tax perspective. In certain circumstances and to the extent that EU tax reclaims recognized by a Fund were previously passed-through as a foreign tax credits to its US taxable shareholders, a Fund may enter into a closing agreement with the US Internal Revenue Service (the IRS). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, it is expected that Delaware Ivy Asset Strategy Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges to Delaware Ivy Asset Strategy Fund's closing agreement liability is presented as a reduction of "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the "Consolidated Statements of operations" and its estimated closing agreement liability is presented as "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the “Consolidated Statements of assets and liabilities.” IVY ASF III (SBP), LLC is subject to U.S. federal and state income taxes. This taxable entity is not consolidated for income tax purposes and may generate income tax assets or liabilities that reflect the net tax effect of temporary differences between the carrying amount of the assets and liabilities for financial reporting and tax purposes and tax loss carryforwards.

IVY ASF III (SBP), LLC income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):

Tax Expense/(Benefit):	Current		Deferred			Total
Federal	$	—	$	(128,569,379	)	$	(128,569,379	)
State		—		(17,884,500	)		(17,884,500	)
Valuation allowance		—		146,453,879			146,453,879
Total Tax Expense/(Benefit)	$	—	$	—		$	—

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Notes to financial statements

Ivy Funds

1. Significant Accounting Policies (continued)

Components of IVY ASF III (SBP), LLC’s deferred tax assets and liabilities as of March 31, 2024 are as follows:

Deferred Tax Assets/(Liabilities):
Basis in partnerships	$	62,121,781
Net Operating Loss		98,951,823
Other		1,045
Total net deferred tax asset/(liability) before valuation allowance		161,074,649
Less: Valuation Allowance		(161,074,649	)
Net deferred tax asset/(liability)	$	—

Net operating loss carryforwards are available to offset future taxable income of IVY ASF III (SBP), LLC. IVY ASF III (SBP), LLC had cumulative net operating loss carryforwards as of its most recent tax year ending March 31, 2024, of $395,807,291. Net operating loss carryforwards from 2014 – 2017 expire within 20 years and any net operating loss carryforwards from 2018 and forward do not expire as they pertain to federal income tax. Net operating loss carryforwards in Kansas expire starting in 2024.

The difference between the statutory income tax rate, 21%, and the actual effective tax rate, as reported for the year ended March 31, 2024, are as follows:

Pre-tax income/(loss) at the statutory rate	$	(128,569,379	)
Adjustment to prior year deferred taxes		—
State income tax expense, net of federal benefit		(17,884,500	)
Less: valuation allowance		146,453,879
Total income tax expense/(benefit)	$	—

The IVY ASF III (SBP), LLC recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the IVY ASF III (SBP), LLC’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns filed since inception of the IVY ASF III (SBP), LLC. The IVY ASF III (SBP), LLC is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Underlying Funds — Each Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Fund may invest include ETFs. Each Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.

To Be Announced Trades (TBA) — The Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

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 realized gains (losses), attributable to changes in foreign exchange rates, is included on the

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“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.

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 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. 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. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, 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. Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Each Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The “Statements of operations” include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 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.

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Notes to financial statements

Ivy Funds

1. Significant Accounting Policies (continued)

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

Fund		Management Fee (annual rate as a percentage of average daily net assets)
Delaware Climate Solutions Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.75% of net assets over $5 billion and up to $10 billion;
		0.74% of net assets over $10 billion.

Delaware Global Real Estate Fund		0.95% of net assets up to $1 billion;
		0.92% of net assets over $1 billion and up to $2 billion;
		0.87% of net assets over $2 billion and up to $3 billion;
		0.84% of net assets over $3 billion and up to $5 billion;
		0.82% of net assets over $5 billion and up to $10 billion;
		0.80% of net assets over $10 billion.

Delaware Ivy Asset Strategy Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.60% of net assets over $2 billion and up to $3 billion;
		0.55% of net assets over $3 billion and up to $28 billion;
		0.545% of net assets over $28 billion and up to $53 billion;
		0.54% of net assets over $53 billion.

Delaware Ivy Balanced Fund		0.70% of net assets up to $1 billion;
		0.65% of net assets over $1 billion and up to $2 billion;
		0.60% of net assets over $2 billion and up to $3 billion;
		0.55% of net assets over $3 billion and up to $5 billion;
		0.54% of net assets over $5 billion and up to $10 billion;
		0.53% of net assets over $10 billion.

Delaware Ivy Natural Resources Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $5 billion;
		0.73% of net assets over $5 billion and up to $10 billion;
		0.70% of net assets over $10 billion.

Delaware Ivy Science and Technology Fund		0.85% of net assets up to $1 billion;
		0.83% of net assets over $1 billion and up to $2 billion;
		0.80% of net assets over $2 billion and up to $3 billion;
		0.76% of net assets over $3 billion and up to $8 billion;
		0.755% of net assets over $8 billion and up to $13 billion;
		0.75% of net assets over $13 billion.

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Fund		Management Fee (annual rate as a percentage of average daily net assets)

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 serves as sub-advisor to Delaware Ivy Climate Solutions, Delaware Ivy Asset Strategy, Delaware Ivy Balanced, Delaware Ivy Natural Resources and Delaware Ivy Science and Technology Funds, executing security trades on behalf of DMC. MIMGL also exercises investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL's specialized market knowledge for Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund.

Fund	Fees
Delaware Climate Solutions Fund	$	10,639
Delaware Global Real Estate Fund		5,041
Delaware Ivy Asset Strategy Fund		68,052
Delaware Ivy Balanced Fund		59,439
Delaware Ivy Natural Resources Fund		12,045
Delaware Ivy Science and Technology Fund		189,524
Delaware Real Estate Securities Fund		8,762

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Notes to financial statements

Ivy Funds

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

Fund	Fees
Delaware Climate Solutions Fund	$	12,284
Delaware Global Real Estate Fund		1,920
Delaware Ivy Asset Strategy Fund		115,487
Delaware Ivy Balanced Fund		100,078
Delaware Ivy Natural Resources Fund		14,733
Delaware Ivy Science and Technology Fund		332,057
Delaware Real Estate Securities Fund		8,710

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 are calculated daily and paid as invoices on a monthly or quarterly basis.

DMC has contractually agreed to waive all or a portion of its investment advisory 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.

	Operating expense
	limitation as a
	percentage of average		Operating expense
	daily		limitation as
	net assets		a percentage
	all share classes		of average
	other than		daily net assets
Fund	Class R6		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/a³		n/a
Delaware Ivy Balanced Fund		0.80%⁴		0.71%⁴
Delaware Ivy Natural Resources Fund		1.08%		0.92%⁵
Delaware Ivy Science and Technology Fund		n/a		n/a
Delaware Real Estate Securities Fund		0.95%		0.80%⁶

¹	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was 0.99%.
²	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was 1.05%.
³	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class Y shares was 1.11%.

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⁴	Effective 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 were n/a, n/a, n/a, 1.34%, n/a, and 1.07%, respectively.
⁵	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was n/a.
⁶	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation was n/a.

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, unless terminated by agreement of DMC and the Fund, 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/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

Delaware Real Estate Securities Fund

1.20%

1.95%

0.95%

1.45%

0.80%⁶

1.20%

¹	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was 0.99%.
²	Effective 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.
³	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class Y shares was 1.11%.
⁴	Effective 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 were n/a, n/a, n/a, 1.34%, n/a, and 1.07%, respectively.
⁵	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was n/a.
⁶	Effective July 31, 2023. Prior to July 31, 2023, the expense limitation for Class R6 shares was n/a.

Fund	Fees
Delaware Climate Solutions Fund	$	4,984
Delaware Global Real Estate Fund		666
Delaware Ivy Asset Strategy Fund		51,025
Delaware Ivy Balanced Fund		39,083
Delaware Ivy Natural Resources Fund		5,857
Delaware Ivy Science and Technology Fund		128,003
Delaware Real Estate Securities Fund		2,915

For the year ended March 31, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Climate Solutions Fund	$	8,311
Delaware Global Real Estate Fund		542
Delaware Ivy Asset Strategy Fund		44,027
Delaware Ivy Balanced Fund		91,261
Delaware Ivy Natural Resources Fund		6,840
Delaware Ivy Science and Technology Fund		231,804
Delaware Real Estate Securities Fund		4,504

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Notes to financial statements
Ivy Funds

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

For the year ended March 31, 2024, 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	$	1,255	$	2,179
Delaware Global Real Estate Fund		7		5
Delaware Ivy Asset Strategy Fund		1,015		1,789
Delaware Ivy Balanced Fund		2,029		3,079
Delaware Ivy Natural Resources Fund		897		166
Delaware Ivy Science and Technology Fund		12,593		8,443
Delaware Real Estate Securities Fund		149		16

A summary of the transactions in affiliated companies during the year ended March 31, 2024 was as follows:

								Net
								realized		Net change in
								gain (loss)		unrealized
	Value,							on		appreciation		Value,
	beginning		Gross		Gross			affiliated		(depreciation)		end of					Capital gain
	of period		additions		reductions⁽¹⁾			investments		on affiliated investments		period		Shares			distributions
Delaware Ivy Asset Strategy Fund
Common Stocks—0.03%
Media Group Holdings Series H ^=,†
	$	—	$	—	$	(815,902	)	$	—	$	1,370,083	$	554,181		640,301	$	—
Media Group Holdings Series T ^=,†
		—		—		—			—		—		—		80,253		—
Total	$	—	$	—	$	(815,902	)	$	—	$	1,370,083	$	554,181			$	—

⁽¹⁾	The amount shown includes return of capital.
=	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.

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3. Investments

For the year ended March 31, 2024, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	Purchases				Sales
	other than		Purchases of		other than		Sales of
	US government		US government		US government		US government
Fund	securities		securities		securities		securities
Delaware Climate Solutions Fund	$	25,099,526	$	—	$	104,281,348	$	—
Delaware Global Real Estate Fund		12,673,055		—		35,686,608		—
Delaware Ivy Asset Strategy Fund		762,231,873		188,201,096		1,016,890,471		185,514,477
Delaware Ivy Balanced Fund		458,468,569		645,834,982		691,118,425		619,729,677
Delaware Ivy Natural Resources Fund		84,185,291		—		140,851,136		—
Delaware Ivy Science and Technology Fund		1,474,779,854		—		2,137,332,303		—
Delaware Real Estate Securities Fund		47,198,032		—		89,255,576		—

			Aggregate		Aggregate			Net unrealized
			unrealized		unrealized			appreciation
	Cost of		appreciation		depreciation			(depreciation)
	investments		of investments		of investments			of investments
Fund	and derivatives		and derivatives		and derivatives			and derivatives
Delaware Climate Solutions Fund	$	154,226,706	$	22,843,658	$	(29,441,138	)	$	(6,597,480	)
Delaware Global Real Estate Fund		11,164,420		2,878,850		(1,211,497	)		1,667,353
Delaware Ivy Asset Strategy Fund		2,589,408,543		451,737,292		(1,215,912,541	)		(764,175,249	)
Delaware Ivy Balanced Fund		1,260,676,505		371,476,461		(47,858,602	)		323,617,859
Delaware Ivy Natural Resources Fund		233,180,407		31,532,200		(61,379,086	)		(29,846,886	)
Delaware Ivy Science and Technology Fund		3,263,320,929		2,723,015,469		(200,604,646	)		2,522,410,823
Delaware Real Estate Securities Fund		70,422,365		49,396,093		(3,128,165	)		46,267,928

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)

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Notes to financial statements

Ivy Funds

3. Investments (continued)

Level 3 -

Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2024:

	Delaware Climate Solutions Fund
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks	$	137,294,467	$	10,336,138	$	147,630,605

	Delaware
	Global Real
	Estate Fund
	Level 1
Securities
Assets:
Common Stocks	$	12,833,514

	Delaware Ivy Asset Strategy Fund
	Level 1		Level 2		Level 3		Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	6,906,355	$	—	$	6,906,355
Agency Mortgage-Backed Securities		—		81,666,384		—		81,666,384
Bullion		72,959,812		—		—		72,959,812
Common Stocks
Communication Services		122,488,301		—		1,854,852		124,343,153
Consumer Discretionary		126,810,177		—		554,181¹		127,364,358
Consumer Staples		88,333,454		—		—		88,333,454
Energy		55,642,745		—		—		55,642,745
Financials		200,936,433		—		—		200,936,433
Healthcare		123,182,005		17,660,808		—		140,842,813
Industrials		152,338,045		—		—		152,338,045
Information Technology		313,873,867		—		—		313,873,867
Materials		15,522,093		—		—		15,522,093

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	Delaware Ivy Asset Strategy Fund
	Level 1			Level 2			Level 3		Total
Utilities	$	21,183,654		$	—		$	—	$	21,183,654
Convertible Bond		—			—			5,457,136		5,457,136
Corporate Bonds		—			247,394,923			—		247,394,923
Exchange-Traded Funds		57,249,436			—			—		57,249,436
Government Agency Obligation		—			2,159,734			—		2,159,734
Loan Agreements		—			33,313,310			—		33,313,310
Municipal Bonds		—			1,344,507			—		1,344,507
Non-Agency Collateralized Mortgage Obligations		—			6,708,560			—		6,708,560
Non-Agency Commercial Mortgage-Backed Securities		—			19,323,768			—		19,323,768
Preferred Stock		9,048,757			—			—		9,048,757
US Treasury Obligations		—			25,356,200			—		25,356,200
Short-Term Investments		15,536,120			—			—		15,536,120
Total Value of Securities	$	1,375,104,899		$	441,834,549		$	7,866,169	$	1,824,805,617

Derivatives²
Assets:
Futures Contracts	$	19,269		$	—		$	—	$	19,269
Liabilities:
Forward Foreign Currency Exchange Contracts	$	—		$	(10,113	)	$	—	$	(10,113	)
Futures Contracts		(71,505	)		—			—		(71,505	)

¹	The security that has been valued at zero on the “Consolidated schedules of investments” is considered to be Level 3 investment in this table.
²	Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

	Delaware Ivy Balanced Fund
	Level 1		Level 2		Total
Securities
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	20,980,209	$	20,980,209
Agency Mortgage-Backed Securities		—		171,783,065		171,783,065
Common Stocks		964,752,953		—		964,752,953
Corporate Bonds		—		170,570,474		170,570,474
Exchange-Traded Funds		46,804,794		—		46,804,794
Non-Agency Asset-Backed Securities		—		8,026,122		8,026,122
Non-Agency Collateralized Mortgage Obligations		—		3,421,830		3,421,830
Non-Agency Commercial Mortgage-Backed Securities		—		44,620,959		44,620,959
US Treasury Obligations		—		146,897,860		146,897,860
Short-Term Investments		6,756,788		—		6,756,788
Total Value of Securities	$	1,018,314,535	$	566,300,519	$	1,584,615,054

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Notes to financial statements

Ivy Funds

3. Investments (continued)

	Delaware Ivy Balanced Fund
	Level 1			Level 2			Total
Derivatives¹
Assets:
Futures Contracts	$	152,145		$	—		$	152,145
Liabilities:
Centrally Cleared Credit Default Swap Contracts	$	—		$	(119,899	)	$	(119,899	)
Forward Foreign Currency Exchange Contracts		—			(21,197	)		(21,197	)
Futures Contracts		(330,877	)		—			(330,877	)

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

	Delaware Ivy Natural Resources Fund
	Level 1		Level 3			Total
Securities
Assets:
Closed-Ended Trust	$	4,162,698	$	—		$	4,162,698
Common Stocks
Agriculture		11,357,071		—			11,357,071
Aluminum		5,338,550		—			5,338,550
Construction & Engineering		5,393,038		—			5,393,038
Construction Materials		998,649		—			998,649
Copper		5,118,598		—			5,118,598
Diversified Metals & Mining		29,759,518		—	¹		29,759,518
Electrical Components & Equipment		2,505,874		—			2,505,874
Fertilizers & Agricultural Chemicals		16,667,747		—			16,667,747
Forest Products		8,010,970		—			8,010,970
Gold		26,737,679		—			26,737,679
Heavy Electrical Equipment		1,296,569		—			1,296,569
Industrial Gases		2,060,749		—			2,060,749
Integrated Oil & Gas		21,083,776		—			21,083,776
Oil & Gas Drilling		4,948,646		—			4,948,646
Oil & Gas Equipment & Services		6,821,598		—			6,821,598
Oil & Gas Exploration & Production		29,645,378		—			29,645,378
Oil & Gas Refining & Marketing		4,528,235		—			4,528,235
Paper Products		3,061,131		—			3,061,131
REIT Specialty		6,199,431		—			6,199,431
Renewable Electricity		1,022,843		—			1,022,843
Specialty Chemicals		4,711,235		—			4,711,235
Steel		1,050,623		—			1,050,623
Short-Term Investments		856,174		—			856,174
Total Value of Securities	$	203,336,780	$	—		$	203,336,780

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

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	Delaware Ivy
	Science and
	Technology
	Fund
	Level 1
Securities
Assets:
Common Stocks	$	5,761,992,287
Short-Term Investments		23,768,605
Total Value of Securities	$	5,785,760,892

	Delaware Real
	Estate
	Securities Fund
	Level 1
Securities
Assets:
Common Stocks	$	115,687,495
Short-Term Investments		1,002,893
Total Value of Securities	$	116,690,388

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 year 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 year. 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 year. As of March 31, 2024, Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Ivy Balanced Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund had no Level 3 investments.

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Notes to financial statements

Ivy Funds

4. Dividend and Distribution Information

			Long-term
	Ordinary		capital		Return of
	income		gains		capital		Total
Year ended March 31, 2024:
Delaware Climate Solutions Fund	$	4,475,885	$	—	$	—	$	4,475,885
Delaware Global Real Estate Fund		584,657		—		157,962		742,619
Delaware Ivy Asset Strategy Fund		55,622,946		—		—		55,622,946
Delaware Ivy Balanced Fund		34,095,926		—		—		34,095,926
Delaware Ivy Natural Resources Fund		4,227,869		—		—		4,227,869
Delaware Ivy Science and Technology Fund		—		524,694,748		—		524,694,748
Delaware Real Estate Securities Fund		3,221,464		10,017,814		—		13,239,278

Year ended March 31, 2023:
Delaware Climate Solutions Fund		4,523,566		—		—		4,523,566
Delaware Global Real Estate Fund		951,365		4,778,362		—		5,729,727
Delaware Ivy Asset Strategy Fund		58,380,197		231,838,947		—		290,219,144
Delaware Ivy Balanced Fund		13,370,266		346,033,898		—		359,404,164
Delaware Ivy Natural Resources Fund		5,540,897		—		—		5,540,897
Delaware Ivy Science and Technology Fund		—		1,230,284,267		—		1,230,284,267
Delaware Real Estate Securities Fund		7,474,865		39,117,904		—		46,592,769

5. Components of Net Assets on a Tax Basis

As of March 31, 2024, the components of net assets on a tax basis were as follows:

				Delaware
	Delaware			Global			Delaware Ivy
	Climate			Real Estate			Asset Strategy			Delaware Ivy
	Solutions Fund			Fund			Fund			Balanced Fund
Shares of beneficial interest	$	312,209,838		$	14,501,643		$	2,077,119,197		$	1,380,987,068
Undistributed ordinary income		1,105,163			—			24,173,975			—
Undistributed long-term capital gains		—			—			21,022,048			—
Qualified late year loss deferrals		—			—			—			(8,841	)
Capital loss carryforwards		(158,878,094	)		(3,054,287	)		—			(116,198,248	)
Deferred directors fees		(17,030	)		(1,652	)		(336,235	)		(115,330	)
Unrealized appreciation (depreciation) of investments,
foreign currencies and derivatives		(6,597,480	)		1,667,353			(274,667,228	)		323,617,859
Net assets	$	147,822,397		$	13,113,057		$	1,847,311,757		$	1,588,282,508

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	Delaware Ivy			Delaware Ivy
	Natural			Science and			Delaware
	Resources			Technology			Real Estate
	Fund			Fund			Securities Fund
Shares of beneficial interest	$	818,057,231		$	2,955,258,763		$	69,159,970
Undistributed ordinary income		9,362,756			23,781,607			—
Undistributed long-term capital gains		—			284,560,966			1,209,685
Capital loss carryforwards		(594,780,850	)		—			—
Deferred directors fees		(140,528	)		(298,632	)		(23,000	)
Unrealized appreciation (depreciation) of investments, foreign currencies and derivatives		(29,846,886	)		2,522,410,823			46,267,928
Net assets	$	202,651,723		$	5,785,713,527		$	116,614,583

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral losses on straddles, investments held within the wholly-owned subsidiary, mark-to market of forward foreign currency exchange contracts, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, tax treatment of REITs, and tax treatment of partnerships.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to Fund level overdistribution, nondeductible taxes paid, tax treatment of partnerships, gain (loss) on foreign currency transactions, swap contracts, tax treatment of REITs, passive foreign investment companies (PFICs) and securities no longer deemed to be PFICs. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2024, the Funds recorded the following reclassifications:

	Delaware
	Global			Delaware Ivy						Delaware
	Real Estate			Asset Strategy			Delaware Ivy			Real Estate
	Fund			Fund			Balanced Fund			Securities Fund
Paid-in capital	$	(2,514	)	$	(1,017	)	$	(280,728	)	$	(16,995	)
Total distributable earnings (loss)		2,514			1,017			280,728			16,995

Delaware Climate Solutions Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy Science and Technology Fund did not have any reclassifications for the year ended March 31, 2024.

Delaware Ivy Balanced Fund		$	1,895,963
Delaware Ivy Natural Resources Fund			2,854,950

At March 31, 2024, capital loss carryforwards available to offset future realized capital gains are as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Climate Solutions Fund	$	55,996,216	$	102,881,878	$	158,878,094
Delaware Global Real Estate Fund		2,833,630		220,657		3,054,287
Delaware Ivy Balanced Fund		114,128,499		2,069,749		116,198,248
Delaware Ivy Natural Resources Fund		274,360,750		320,420,100		594,780,850

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Notes to financial statements

Ivy Funds

6. Capital Shares

Transactions in capital shares were as follows:

	Delaware Climate						Delaware Global						Delaware Ivy
	Solutions Fund						Real Estate Fund						Asset Strategy Fund
	Year ended						Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23			3/31/24			3/31/23
Shares sold:
Class A		468,984			3,360,135			109,865			80,517			2,303,722			3,600,067
Class C		30,143			305,099			894			3,279			194,326			218,910
Class E¹		—			—			—			—			—			14,181
Class I		1,175,921			6,148,059			142,992			227,717			1,657,808			2,863,384
Class R		181,764			1,323,253			3,973			1,806			111,364			108,368
Class R6		176,282			349,217			212,406			133,466			145,932			288,876
Class Y		58,528			508,801			1			—			201,189			188,761

Shares issued upon reinvestment of dividends and distributions:
Class A		182,528			166,426			18,225			91,800			1,952,697			10,128,431
Class C		10,695			15,477			399			4,424			59,696			537,801
Class E¹		—			—			—			—			—			6,259
Class I		169,637			156,193			44,261			334,598			570,492			3,400,804
Class R		55,049			58,694			2,321			9,834			31,042			166,158
Class R6		7,345			10,181			19,229			189,759			29,243			117,659
Class Y		11,635			10,575			4,119			13,901			121,266			656,827
		2,528,511			12,412,110			558,685			1,091,101			7,378,777			22,296,486

Shares redeemed:
Class A		(3,310,736	)		(5,034,974	)		(356,246	)		(412,115	)		(10,684,583	)		(12,448,492	)
Class C		(559,682	)		(743,495	)		(13,006	)		(25,556	)		(1,187,449	)		(2,126,624	)
Class E¹		—			—			—			—			—			(1,688,882	)
Class I		(5,113,424	)		(7,801,503	)		(1,218,443	)		(2,146,084	)		(6,774,904	)		(10,997,515	)
Class R		(1,540,303	)		(1,733,467	)		(19,270	)		(7,025	)		(219,048	)		(222,826	)
Class R6		(216,166	)		(680,008	)		(1,595,881	)		(792,676	)		(179,195	)		(168,804	)
Class Y		(324,659	)		(960,111	)		(1,352	)		(3,512	)		(802,481	)		(814,275	)
		(11,064,970	)		(16,953,558	)		(3,204,198	)		(3,386,968	)		(19,847,660	)		(28,467,418	)
Net decrease		(8,536,459	)		(4,541,448	)		(2,645,513	)		(2,295,867	)		(12,468,883	)		(6,170,932	)

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	Delaware Ivy						Delaware Ivy						Delaware Ivy
	Balanced Fund						Natural Resources Fund						Science and Technology Fund
	Year ended						Year ended						Year ended
	3/31/24			3/31/23			3/31/24			3/31/23			3/31/24			3/31/23
Shares sold:
Class A		4,086,333			4,972,586			225,612			1,614,322			3,048,006			3,891,255
Class C		220,523			265,487			47,480			180,503			268,784			274,707
Class E¹		—			—			—			3,220			—			15,280
Class I		3,233,319			2,975,259			487,910			1,671,380			3,442,734			7,422,586
Class R		55,004			26,228			89,926			347,154			268,831			286,923
Class R6		96,996			167,428			175,519			205,121			672,947			539,044
Class Y		63,958			43,816			96,948			269,789			832,171			572,209

Shares issued upon reinvestment of dividends and distributions:
Class A		1,130,535			12,523,810			160,913			198,574			8,275,253			19,667,101
Class C		29,345			862,921			3,446			7,456			717,381			1,949,854
Class E¹		—			—			—			—			—			—
Class I		426,137			5,275,245			73,662			95,126			1,914,128			6,000,379
Class R		8,375			99,859			9,858			16,643			304,713			649,004
Class R6		10,913			89,913			5,476			4,080			179,854			495,694
Class Y		10,253			105,532			11,853			16,224			465,096			1,082,649
		9,371,691			27,408,084			1,388,603			4,629,592			20,389,898			42,846,685

Shares redeemed:
Class A		(11,913,265	)		(17,171,517	)		(2,294,363	)		(2,354,474	)		(15,960,329	)		(26,476,477	)
Class C		(1,690,424	)		(2,335,250	)		(169,114	)		(135,876	)		(2,233,759	)		(3,231,415	)
Class E¹		—			—			—			(205,467	)		—			(953,424	)
Class I		(8,182,966	)		(15,913,958	)		(2,139,981	)		(1,896,750	)		(8,930,874	)		(20,441,504	)
Class R		(90,650	)		(91,719	)		(320,592	)		(424,877	)		(698,771	)		(534,567	)
Class R6		(150,751	)		(165,689	)		(114,378	)		(79,972	)		(636,208	)		(1,296,102	)
Class Y		(140,413	)		(105,862	)		(257,541	)		(331,182	)		(1,426,829	)		(1,894,782	)
		(22,168,469	)		(35,783,995	)		(5,295,969	)		(5,428,598	)		(29,886,770	)		(54,828,271	)
Net decrease		(12,796,778	)		(8,375,911	)		(3,907,366	)		(799,006	)		(9,496,872	)		(11,981,586	)

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Notes to financial statements

Ivy Funds

6. Capital Shares (continued)

	Delaware
	Real Estate Securities Fund
	Year ended
	3/31/24			3/31/23
Shares sold:
Class A		134,537			169,507
Class C		2,240			4,359
Class E¹		—			849
Class I		385,120			792,851
Class R		7,674			12,254
Class R6		33,288			78,473
Class Y		16,691			139,644

Shares issued upon reinvestment of dividends and distributions:
Class A		484,633			1,466,631
Class C		3,983			15,179
Class I		304,132			1,133,716
Class R		2,819			5,699
Class R6		12,462			32,765
Class Y		18,387			73,372
		1,405,966			3,925,299

Shares redeemed:
Class A		(1,430,947	)		(1,531,092	)
Class C		(19,597	)		(31,187	)
Class E¹		—			(108,075	)
Class I		(2,041,999	)		(2,811,727	)
Class R		(10,382	)		(7,676	)
Class R6		(43,003	)		(32,944	)
Class Y		(58,425	)		(3,255,252	)
		(3,604,353	)		(7,777,953	)
Net decrease		(2,198,387	)		(3,852,654	)

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

	Year ended March 31, 2024						Year ended March 31, 2023
	Exchange Redemptions		Exchange Subscriptions		Value		Exchange Redemptions		Exchange Subscriptions		Value
Delaware Climate Solutions Fund					$	135,824					$	2,688,406
Class A		6,392		7,873				179,306		50,142
Class C		6,641		—				86,971		—
Class I		1,990		6,767				907		200,575

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	Year ended March 31, 2024						Year ended March 31, 2023
	Exchange		Exchange				Exchange		Exchange
	Redemptions		Subscriptions		Value		Redemptions		Subscriptions		Value
Class R6		—		—				—		17
Class Y		399		—				—		—
Delaware Global Real Estate Fund					$	82,180					$	356,167
Class A		—		10,463				26,312		6,804
Class C		4,342		—				7,572		—
Class I		6,141		—				961		26,825
Class R6		—		—				—		961
Delaware Ivy Asset Strategy Fund					$	3,475,355					$	29,036,328
Class A		74,045		101,888				495,262		745,847
Class C		109,780		—				803,534		—
Class I		4,735		74,988				181,475		491,352
Class R6		—		1,413				—		171,608
Class Y		1,942		—				3,390		—
Delaware Ivy Balanced Fund					$	3,439,675					$	26,464,453
Class A		48,619		119,956				557,378		509,401
Class C		96,593		—				519,898		—
Class I		29,811		50,624				117,983		577,669
Class R6		—		3,779				—		107,515
Class Y		1,276		—				7,224		440
Delaware Ivy Natural Resources Fund					$	165,576					$	3,947,855
Class A		7,354		3,335				134,876		15,461
Class C		3,575		—				15,452		—
Class I		435		7,004				87,011		131,445
Class R6		—		—				—		82,558
Class Y		—		—				1,241		—
Delaware Ivy Science and Technology
Fund					$	5,960,503					$	84,882,252
Class A		62,814		58,609				1,069,466		450,782
Class C		92,651		—				682,317		—
Class I		10,028		49,344				133,928		914,702
Class R6		—		5,239				970		133,678
Class Y		750		—				49,891		—
Delaware Real Estate Securities Fund					$	123,116					$	2,131,329
Class A		4,516		3,211				88,911		7,374
Class C		3,384		—				9,394		—
Class I		—		4,438				346		89,033
Class R6		—		—				—		542

7. Basis of consolidation for Delaware Ivy Asset Strategy Fund

Ivy ASF II, Ltd. (the Subsidiary), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Delaware Ivy Asset Strategy Fund (referred to as the Fund in this subsection). Ivy ASF III (SBP), LLC (the Company), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Fund. The Subsidiary and the Company act as investment vehicles for the Fund, in order to affect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI.

The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund, its Subsidiary and the Company. The consolidated financial statements include the accounts of the Fund, and its Subsidiary and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice

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Notes to financial statements

Ivy Funds

7. Basis of consolidation for Delaware Ivy Asset Strategy Fund (continued)

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 March 31, 2024 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	$	1,847,513,989	$	73,230,414	3.96%
Ivy ASF lll (SBP), LLC	4-9-13	4-23-13	$	1,847,513,989	$	675,402	0.04%

8. Line of Credit

Each Fund had no amounts outstanding as of March 31, 2024, or at any time during the year then ended.

9. Interfund Lending Program

10. Derivatives

Forward Foreign Currency Exchange Contracts — Each Fund may enter into forward foreign 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.

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

During the year ended March 31, 2024, 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 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 $449,400 and $925,566, 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 year ended March 31, 2024, 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 and as a cash management tool.

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. No options contracts were outstanding at March 31, 2024.

During the year ended March 31, 2024, Delaware Ivy Asset Strategy Fund and 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.

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Notes to financial statements
Ivy Funds

10. Derivatives (continued)

Swap Contracts — Delaware Ivy Balanced Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody's) or is determined to be of equivalent credit quality by DMC.

During the year ended March 31, 2024, 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 year ended March 31, 2024, Delaware Ivy Balanced Fund used CDS contracts to gain exposure to certain securities or markets.

At March 31, 2024, Delaware Ivy Balanced Fund posted $261,098 cash collateral for certain centrally cleared derivatives, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”

Fair values of derivative instruments as of March 31, 2024 were as follows:

	Delaware Ivy Asset Strategy Fund Asset Derivatives Fair Value
	Interest
Statements of Assets and	Rate
Liabilities Location	Contracts
Variation margin due to broker on futures contracts*	$	19,269

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	Delaware Ivy Asset Strategy Fund
	Liability Derivatives Fair Value
Statements of Assets and	Currency			Interest Rate
Liabilities Location	Contracts			Contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	(10,113	)	$	—
Variation margin due to broker on futures contracts*		—			(71,505	)
Total	$	(10,113	)	$	(71,505	)

	Delaware Ivy Balanced Fund Asset Derivatives Fair Value
Statements of Assets and	Interest Rate
Liabilities Location	Contracts
Variation margin due to broker on futures contracts*	$	152,145

	Delaware Ivy Balanced Fund
	Liability Derivatives Fair Value
Statements of Assets and	Currency			Interest Rate			Credit
Liabilities Location	Contracts			Contracts			Contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	(21,197	)	$	—		$	—
Variation margin due to broker on futures contracts*		—			(330,877	)		—
Variation margin due from brokers on centrally cleared credit default swap contracts*		—			—			(119,899	)
Total	$	(21,197	)	$	(330,877	)	$	(119,899	)

*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared CDS contracts from the date the contracts were opened through March 31, 2024. 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 year ended March 31, 2024 was as follows:

Delaware Ivy Asset Strategy Fund	Net Realized Gain (Loss) on:
	Forward Foreign Currency Exchange Contracts			Futures Contracts			Options Written		Total
Currency contracts	$	(57,479	)	$	—		$	—	$	(57,479	)
Interest rate contracts		—			(911,393	)		8,411		(902,982	)
Total	$	(57,479	)	$	(911,393	)	$	8,411	$	(960,461	)

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Notes to financial statements

Ivy Funds

10. Derivatives (continued)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Exchange Contracts			Futures Contracts			Total
Currency contracts	$	(10,113	)	$	—		$	(10,113	)
Interest rate contracts		—			(462,541	)		(462,541	)
Total	$	(10,113	)	$	(462,541	)	$	(472,654	)

Delaware Ivy Balanced
Fund	Net Realized Gain (Loss) on:
	Forward Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased			Options Written		Swap Contracts		Total
Currency contracts	$	(185,660	)	$	—		$	—		$	—	$	—	$	(185,660	)
Interest rate contracts		—			(859,181	)		—			21,275		—		(837,906	)
Credit contracts		—			—			(67,830	)		235,225		91,325		258,720
Total	$	(185,660	)	$	(859,181	)	$	(67,830	)	$	256,500	$	91,325	$	(764,846	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased		Options Written			Swap Contracts			Total
Currency contracts	$	(21,197	)	$	—		$	—	$	—		$	—		$	(21,197	)
Interest rate contracts		—			(373,908	)		—		—			—			(373,908	)
Credit contracts		—			—			19,809		(73,753	)		(256,462	)		(310,406	)
Total	$	(21,197	)	$	(373,908	)	$	19,809	$	(73,753	)	$	(256,462	)	$	(705,511	)

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The tables below summarize the average daily balance of derivative holdings by certain Funds during the year ended March 31, 2024:

	Long Derivative Volume
	Delaware Ivy Asset Strategy Fund		Delaware Ivy Balanced Fund
Forward foreign currency exchange contracts (average notional value)	$	43,924	$	92,068
Futures contracts (average notional value)		34,509,813		85,112,046
Options contracts (average notional value)*		—		35,314
CDS contracts (average notional value)**		—		2,082,876

	Short Derivative Volume
	Delaware Ivy Asset Strategy Fund		Delaware Ivy Balanced Fund
Forward foreign currency exchange contracts (average notional value)	$	1,004,560	$	2,235,667
Futures contracts (average notional value)		3,408,114		36,381,289
Options contracts (average notional value)*		233		14,086

*Long represents purchased options and short represents written options.

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

11. 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 March 31, 2024, 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	$	—	$	(10,113	)	$	(10,113	)

				Fair Value of				Fair Value of
				Non-Cash		Cash Collateral		Non-Cash		Cash Collateral
Counterparty	Net Position			Collateral Received		Received		Collateral Pledged		Pledged		Net Exposure^(a)
JPMorgan Chase Bank	$	(10,113	)	$	—	$	—	$	—	$	—	$	(10,113	)

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Notes to financial statements

Ivy Funds

11. Offsetting (continued)

Delaware Ivy

Balanced Fund

Counterparty		Gross Value of Derivative Asset				Gross Value of Derivative Liability				Net Position
JPMorgan Chase Bank		$	—			$	(21,197	)		$	(21,197	)

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		$	(21,197	)		$	—			$	—			$	—			$	—			$	(21,197	)

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

12. Securities Lending

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At March 31, 2024, each Fund had no securities out on loan.

13. Credit and Market Risks

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.

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.

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Notes to financial statements
Ivy Funds

13. Credit and Market Risks (continued)

income securities. For example, a Fund’s investments in CMOs, real estate mortgage investment conduits (“REMICs”), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (“IOs”) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (“POs”) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

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.

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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.”

14. 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.

15. Subsequent Events

On January 16, 2024, the Board unanimously voted to approve a proposal to liquidate and dissolve Delaware Global Real Estate Fund. The Fund liquidation and dissolution occurred on April 19, 2024.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2024, that would require recognition or disclosure in the Funds’ financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Ivy Funds and Shareholders of 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, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting Ivy Funds, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Delaware Climate Solutions Fund⁽¹⁾	Delaware Real Estate Securities Fund⁽¹⁾
Delaware Global Real Estate Fund⁽¹⁾	Delaware Ivy Asset Strategy Fund⁽²⁾
Delaware Ivy Natural Resources Fund⁽¹⁾	Delaware Ivy Balanced Fund⁽¹⁾
Delaware Ivy Science and Technology Fund⁽¹⁾

Basis for Opinions

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Report of independent
registered public accounting firm

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 28, 2024

We have served as the auditor of one or more Macquarie investment companies since 2010.

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Other Fund information (Unaudited)

Ivy Funds

Tax Information

Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

For the year ended March 31, 2024, each Fund reports distributions paid during the year as follows:

	(A) Long-Term Capital Gains Distributions (Tax Basis)			(B) Ordinary Income Distributions* (Tax Basis)			(C) Return of Capital (Tax Basis)			Total Distributions (Tax Basis)			(D) Qualifying Dividends¹
Delaware Climate Solutions Fund		—			100.00	%		—			100.00	%		39.21	%
Delaware Global Real Estate Fund		—			78.73	%		21.27	%		100.00	%		2.18	%
Delaware Ivy Asset Strategy Fund		—			100.00	%		—			100.00	%		11.37	%
Delaware Ivy Balanced Fund		—			100.00	%		—			100.00	%		25.54	%
Delaware Ivy Natural Resources Fund		—			100.00	%		—			100.00	%		100.00	%
Delaware Ivy Science and Technology Fund		100.00	%		—			—			100.00	%		—
Delaware Real Estate Securities Fund		75.67	%		24.33	%		—			100.00	%		—

(A), (B) and (C) are based on a percentage of each Fund’s total distributions.

(D) is based on each Fund's ordinary income distributions.

¹Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

	Percentage
Delaware Climate Solutions Fund	100.00	%
Delaware Global Real Estate Fund	21.29	%
Delaware Ivy Asset Strategy Fund	35.34	%
Delaware Ivy Balanced Fund	32.63	%
Delaware Ivy Natural Resources Fund	100.00	%
Delaware Ivy Science and Technology Fund	—
Delaware Real Estate Securities Fund	—

For the fiscal year ended March 31, 2024, certain distributions paid by the Funds, determined to be Qualified Short-Term Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004: the Tax Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For fiscal year ended March 31, 2024, the Funds have reported maximum distributions of Qualified Short-Term Capital Gains as follows:

Delaware Ivy Asset Strategy Fund		$	11,917,287
Delaware Ivy Science and Technology Fund			23,781,607

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Form N-PORT and proxy voting information

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 914-0278; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds' most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
Interested Trustee
Shawn K. Lytle²100 Independence 610 Market Street Philadelphia, PA 19106-2354 1970	President, Chief Executive Officer, and Trustee	President and Chief Executive Officer since August 2015 Trustee since September 2015	89	Macquarie Asset Management³(2015–Present) -Head of Equities & Multi-Asset (2023–Present) -Head of Americas of Macquarie Group (2017–Present) -Global Head of Public Investments (2019–2023)	None
Independent Trustees
Jerome D. Abernathy 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959	Trustee	Since January 2019	89	Stonebrook Capital Management, LLC (financial technology: macro factors and databases) -Managing Member (1993-Present)	None

Ann D. Borowiec 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1958	Trustee	Since March 2015	89	J.P. Morgan Chase & Co. (1987-2013) -Chief Executive Officer, Private Wealth Management (2011– 2013)	Banco Santander International (2016–2019) Santander Bank, N.A. (2016-2019)

Joseph W. Chow 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1953	Trustee	Since January 2013	89	Private Investor (2011–Present) State Street Bank and Trust Company (1996-2011) -Executive Vice President of Enterprise Risk Management and Emerging Economies Strategy; and Chief Risk and Corporate Administration Officer	None

H. Jeffrey Dobbs 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1955	Trustee	Since April 2019⁴	89	KPMG LLP (2002-2015) -Global Sector Chairman, Industrial Manufacturing (2010-2015)	TechAccel LLC (2015–Present) PatientsVoices, Inc. (2018–Present) Valparaiso University Board (2012-Present) Ivy Funds Complex (2019- 2021)

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Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years
John A. Fry 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1960	Trustee	Since January 2001	89	Drexel University -President (2010–Present)	Federal Reserve Bank of Philadelphia (2020–Present) Kresge Foundation (2018-Present) FS Credit Real Estate Income Trust, Inc. (2018–Present) vTv Therapeutics Inc. (2017–Present) Community Health Systems (2004–Present) Drexel Morgan & Co. (2015–2019)

Joseph Harroz, Jr. 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1967	Trustee	Since November 1998⁴	89	University of Oklahoma -President (2020–Present) -Interim President (2019–2020) -Vice President and Dean, College of Law (2010–2019) Brookhaven Investments LLC (commercial enterprises) -Managing Member (2019–Present) St. Clair, LLC (commercial enterprises) -Managing Member (2019–Present)	OU Medicine, Inc. (2020–Present) Big 12 Athletic Conference (2019-Present) Valliance Bank (2007–Present) Ivy Funds Complex (1998-2021)

Sandra A.J. Lawrence 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1957	Trustee	Since April 2019⁴	89	Children’s Mercy Hospitals and Clinics (2005–2019) -Chief Administrative Officer (2016–2019)	Brixmor Property Group Inc. (2021-Present) Sera Prognostics Inc. (biotechnology) (2021-Present) Recology (resource recovery) (2021-2023) Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018-Present) National Association of Corporate Directors (2017-Present) American Shared Hospital Services (medical device) (2017-2021) Ivy Funds Complex (2019- 2021)

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Board of trustees and officers addendum

Delaware Funds by Macquarie^®

Name, Address, and Birth Year	Position(s) Held with the Trust	Length of Time Served¹	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During the Past Five Years	Other Directorships Held by Trustee During the Past Five Years

Frances A. Sevilla-Sacasa 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956	Trustee	Since September 2011	89	Banco Itaú International -Chief Executive Officer (2012–2016) US Trust Bank of America Private Wealth Management -President (2007-2008) U.S. Trust Corp. -President & CEO (2005-2007)	Invitation Homes Inc. (2023-Present) Florida Chapter of National Association of Corporate Directors (2021-Present) Callon Petroleum Company (2019-Present) Camden Property Trust (2011-Present) New Senior Investment Group Inc. (REIT) (2021) Carrizo Oil & Gas, Inc. (2018-2019)

Thomas K. Whitford 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1956	Chair and Trustee	Trustee since January 2013 Chair since January 2023	89	PNC Financial Services Group (1983–2013) -Vice Chairman (2009- 2013)	HSBC USA Inc. (2014–2022) HSBC North America Holdings Inc. (2013–2022)

Christianna Wood 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1959	Trustee	Since January 2019	89	Gore Creek Capital, Ltd. -Chief Executive Officer and President (2009–Present) Capital Z Asset Management -Chief Executive Officer (2008-2009) California Public Employees' Retirement System (CalPERS) -Senior Investment Officer of Global Equity (2002-2008)	The Merger Fund (2013–2021), The Merger Fund VL (2013–2021), WCM Alternatives: Event- Driven Fund (2013–2021), and WCM Alternatives: Credit Event Fund (2017–2021) Grange Insurance (2013–Present) H&R Block Corporation (2008–2022)
Officers
David F. Connor 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963	Senior Vice President, General Counsel, and Secretary	Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005	89	David F. Connor has served in various capacities at different times at Macquarie Asset Management.	None⁵

Daniel V. Geatens 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1972	Senior Vice President and Treasurer	Senior Vice President and Treasurer since October 2007	89	Daniel V. Geatens has served in various capacities at different times at Macquarie Asset Management.	None⁵

Richard Salus 100 Independence 610 Market Street Philadelphia, PA 19106-2354 1963	Senior Vice President and Chief Financial Officer	Senior Vice President and Chief Financial Officer since November 2006	89	Richard Salus has served in various capacities at different times at Macquarie Asset Management.	None⁵

¹“Length of Time Served” refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

²Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Funds' investment advisor.

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³Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds' investment advisor, principal underwriter, and transfer agent.

⁴Includes time served on the Board of the Ivy Funds complex prior to the date when the Ivy Funds joined the Delaware Funds complex.

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

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Item 2. Code of Ethics

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds by Macquarie^®Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:

An understanding of generally accepted accounting principles and financial statements;

The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;

An understanding of internal controls and procedures for financial reporting; and

An understanding of audit committee functions.

An “audit committee financial expert” shall have acquired such attributes through:

Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

Other relevant experience.

The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting,

advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

H. Jeffrey Dobbs

Frances Sevilla-Sacasa, Chair

Christianna Woods

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $757,705 for the fiscal year ended March 31, 2024.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2024.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $1,362,878 for the registrant’s fiscal year ended March 31, 2024. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $2,050,189 for the registrant’s fiscal year ended March 31, 2023. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $144,658 for the fiscal year ended March 31, 2024. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2024. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $157,658 for the fiscal year ended March 31, 2023. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2023. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2024.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2024. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds by Macquarie^®.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

Service	Range of Fees
Non-Audit Services
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters	up to $10,000 in the aggregate

The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $24,428,000 and $9,044,000 for the registrant’s fiscal years ended March 31, 2024 and March 31, 2023, respectively.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.

(i)

Not applicable.

(j)

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. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 14. Exhibits

(a)

(1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

IVY FUNDS

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 5, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 5, 2024

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 5, 2024