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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
Ivy Funds
(Exact name of registrant as specified in charter)

610 Market Street
Philadelphia, PA 19106
Registrant's telephone number, including area code:
(800) 523-1918
Date of fiscal year end:
March 31
Date of reporting period:
September 30, 2024
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Delaware logo
Macquarie Logo
Delaware Ivy Core Equity Fund
Class A: WCEAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
53
1.00
%
*
Annualized
Fund statistics
(
as
of September 30, 2024)
Fund net assets
$
3,880,535,664
Total number of portfolio holdings 49
Total advisory fees paid
$
11,540,258
Portfolio turnover rate 10
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with e
ach cat
egory representing a percentage of the total net asse
ts
of the Fund.
Sector allocation
Information Technology 29.47
%
Financials 20.86
%
Healthcare 11.40
%
Communication Services 8.50
%
Industrials 8.49
%
Consumer Discretionary 7.21
%
Materials 5.05
%
Consumer Staples 3.92
%
Energy 1.36
%
Utilities 1.23
%
 
 
Top 10
equity
holdings
Microsoft 7.37
%
NVIDIA 4.91
%
Apple 4.70
%
Alphabet Class A 4.63
%
Amazon.com 3.48
%
UnitedHealth Group 3.36
%
HCA Healthcare 3.21
%
Taiwan Semiconductor Manufacturing ADR 2.68
%
Costco Wholesale 2.56
%
Fiserv 2.54
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory
co
mpliance purposes.

Availability of additional information
You can find additional information
about
the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or
contac
t
 your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Core Equity Fund
Class C: WTRCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
92
1.75
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
3,880,535,664
Total number of portfolio holdings 49
Total advisory fees paid
$
11,540,258
Portfolio turnover rate 10
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 29.47
%
Financials 20.86
%
Healthcare 11.40
%
Communication Services 8.50
%
Industrials 8.49
%
Consumer Discretionary 7.21
%
Materials 5.05
%
Consumer Staples 3.92
%
Energy 1.36
%
Utilities 1.23
%
 
 
 
Top 10 equity holdings
Microsoft 7.37
%
NVIDIA 4.91
%
Apple 4.70
%
Alphabet Class A 4.63
%
Amazon.com 3.48
%
UnitedHealth Group 3.36
%
HCA Healthcare 3.21
%
Taiwan Semiconductor Manufacturing ADR 2.68
%
Costco Wholesale 2.56
%
Fiserv 2.54
%
Categorizations used for financial reporting purposes may differ from categorizations used fo
r r
egulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Core Equity Fund
Class I: ICIEX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
40
0.75
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
3,880,535,664
Total number of portfolio holdings 49
Total advisory fees paid
$
11,540,258
Portfolio turnover rate 10
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 29.47
%
Financials 20.86
%
Healthcare 11.40
%
Communication Services 8.50
%
Industrials 8.49
%
Consumer Discretionary 7.21
%
Materials 5.05
%
Consumer Staples 3.92
%
Energy 1.36
%
Utilities 1.23
%
 
 
 
 
Top 10 equity holdings
Microsoft 7.37
%
NVIDIA 4.91
%
Apple 4.70
%
Alphabet Class A 4.63
%
Amazon.com 3.48
%
UnitedHealth Group 3.36
%
HCA Healthcare 3.21
%
Taiwan Semiconductor Manufacturing ADR 2.68
%
Costco Wholesale 2.56
%
Fiserv 2.54
%
Categorizations used for financial reporting purposes may differ from categorizations
u
sed for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
 
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Core Equity Fund
Class R: IYCEX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
66
1.25
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
3,880,535,664
Total number of portfolio holdings 49
Total advisory fees paid
$
11,540,258
Portfolio turnover rate 10
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 29.47
%
Financials 20.86
%
Healthcare 11.40
%
Communication Services 8.50
%
Industrials 8.49
%
Consumer Discretionary 7.21
%
Materials 5.05
%
Consumer Staples 3.92
%
Energy 1.36
%
Utilities 1.23
%
 
 
 
 
Top 10 equity holdings
Microsoft 7.37
%
NVIDIA 4.91
%
Apple 4.70
%
Alphabet Class A 4.63
%
Amazon.com 3.48
%
UnitedHealth Group 3.36
%
HCA Healthcare 3.21
%
Taiwan Semiconductor Manufacturing ADR 2.68
%
Costco Wholesale 2.56
%
Fiserv 2.54
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also
request
this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these
d
ocuments through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Core Equity Fund
Class R6: ICEQX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000
investment
*
Class R6
$
35
0.67
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
3,880,535,664
Total number of portfolio holdings 49
Total advisory fees paid
$
11,540,258
Portfolio turnover rate 10
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 29.47
%
Financials 20.86
%
Healthcare 11.40
%
Communication Services 8.50
%
Industrials 8.49
%
Consumer Discretionary 7.21
%
Materials 5.05
%
Consumer Staples 3.92
%
Energy 1.36
%
Utilities 1.23
%
 
 
 
 
Top 10 equity holdings
Microsoft 7.37
%
NVIDIA 4.91
%
Apple 4.70
%
Alphabet Class A 4.63
%
Amazon.com 3.48
%
UnitedHealth Group 3.36
%
HCA Healthcare 3.21
%
Taiwan Semiconductor Manufacturing ADR 2.68
%
Costco Wholesale 2.56
%
Fiserv 2.54
%
Categorizations used for financial reporting purposes may differ fro
m
categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a
single
copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Core Equity Fund
Class Y: WCEYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
53
1.00
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
3,880,535,664
Total number of portfolio holdings 49
Total advisory fees paid
$
11,540,258
Portfolio turnover rate 10
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each
category
representing
a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 29.47
%
Financials 20.86
%
Healthcare 11.40
%
Communication Services 8.50
%
Industrials 8.49
%
Consumer Discretionary 7.21
%
Materials 5.05
%
Consumer Staples 3.92
%
Energy 1.36
%
Utilities 1.23
%
 
 
 
 
Top 10 equity holdings
Microsoft 7.37
%
NVIDIA 4.91
%
Apple 4.70
%
Alphabet Class A 4.63
%
Amazon.com 3.48
%
UnitedHealth Group 3.36
%
HCA Healthcare 3.21
%
Taiwan Semiconductor Manufacturing ADR 2.68
%
Costco Wholesale 2.56
%
Fiserv 2.54
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, an
d
proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Bond Fund
Class A: IVSAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Bond Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
49
0.96
%
*
Annualized
Fund statistics
(as of September
30
, 2024)
Fund net assets
$
511,641,858
Total number of portfolio holdings 330
Total advisory fees paid
$
1,168,733
Portfolio turnover rate 115
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
United States 40.21
%
United Kingdom 9.30
%
Australia 7.78
%
France 4.55
%
Spain 3.41
%
Ireland 3.34
%
Netherlands 3.19
%
Italy 2.56
%
Germany 2.45
%
Japan 1.83
%
 
 
 
 
Sector allocation
Banking 14.09
%
Energy 3.10
%
Electric 3.01
%
Consumer Non-Cyclical 2.71
%
Finance Companies 2.46
%
Communications 2.15
%
Capital Goods 2.09
%
Insurance 1.84
%
Consumer Cyclical 1.71
%
Technology 1.65
%
 
 
 
 

Availability of additi
on
al information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Bond Fund
Class C: IVSCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Bond Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
87
1.71
%
*
Annualized
Fund statistics
(as of September 30, 2
02
4)
Fund net assets
$
511,641,858
Total number of portfolio holdings 330
Total advisory fees paid
$
1,168,733
Portfolio turnover rate 115
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
United States 40.21
%
United Kingdom 9.30
%
Australia 7.78
%
France 4.55
%
Spain 3.41
%
Ireland 3.34
%
Netherla
nd
s
3.19
%
Italy 2.56
%
Germany 2.45
%
Japan 1.83
%
 
 
 
 
Sector allocation
Banking 14.09
%
Energy 3.10
%
Electric 3.01
%
Consumer Non-Cyclical 2.71
%
Finance Companies 2.46
%
Communications 2.15
%
Capital Goods 2.09
%
Insurance 1.84
%
Consumer Cyclical 1.71
%
Technology 1.65
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Bond Fund
Class I: IVSIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Bond Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
36
0.71
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
511,641,858
Total number of portfolio hold
ing
s
330
Total advisory fees paid
$
1,168,733
Portfolio turnover rate 115
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
United States 40.21
%
United Kingdom 9.30
%
Australia 7.78
%
France 4.55
%
Spain 3.41
%
Ireland 3.34
%
Netherlands 3.19
%
Italy 2.56
%
Germany 2.45
%
Japan 1.83
%
 
 
 
 
Sector allocation
Banking 14.09
%
Energy 3.10
%
Electric 3.01
%
Consumer Non-Cyclical 2.71
%
Finance Companies 2.46
%
Communications 2.15
%
Capital Goods 2.09
%
Insurance 1.84
%
Consumer Cyclical 1.71
%
Technology 1.65
%
 
 
 
 

Availability of additional info
r
mation
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Bond Fund
Class R: IYGOX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Bond Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
62
1.21
%
*
Annualized
Fund statistics
(as of Se
pte
mber 30, 2024)
Fund net assets
$
511,641,858
Total number of portfolio holdings 330
Total advisory fees paid
$
1,168,733
Portfolio turnover rate 115
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
United States 40.21
%
United Kingdom 9.30
%
Australia 7.78
%
France 4.55
%
Spain 3.41
%
Ireland 3.34
%
Netherlands 3.19
%
Italy 2.56
%
Germany 2.45
%
Japan 1.83
%
 
 
 
 
Sector allocation
Banking 14.09
%
Energy 3.10
%
Electric 3.01
%
Consumer Non-Cyclical 2.71
%
Finance Companies 2.46
%
Communications 2.15
%
Capital Goods 2.09
%
Insurance 1.84
%
Consumer Cyclical 1.71
%
Technology 1.65
%
 
 
 
 

Availability of ad
diti
onal information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Bond Fund
Class R6: IVBDX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Bond Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
30
0.58
%
*
Annualized
Fund statistics
(as of September 30,
20
24)
Fund net assets
$
511,641,858
Total number of portfolio holdings 330
Total advisory fees paid
$
1,168,733
Portfolio turnover rate 115
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
United States 40.21
%
United Kingdom 9.30
%
Australia 7.78
%
France 4.55
%
Spain 3.41
%
Ireland 3.34
%
Netherlands 3.19
%
Italy 2.56
%
Germany 2.45
%
Ja
pa
n
1.83
%
 
 
 
 
Sector allocation
Banking 14.09
%
Energy 3.10
%
Electric 3.01
%
Consumer Non-Cyclical 2.71
%
Finance Companies 2.46
%
Communications 2.15
%
Capital Goods 2.09
%
Insurance 1.84
%
Consumer Cyclical 1.71
%
Technology 1.65
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Bond Fund
Class Y: IVSYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Bond Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
49
0.96
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
511,641,858
Total number of portfolio ho
ld
ings
330
Total advisory fees paid
$
1,168,733
Portfolio turnover rate 115
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
United States 40.21
%
United Kingdom 9.30
%
Australia 7.78
%
France 4.55
%
Spain 3.41
%
Ireland 3.34
%
Netherlands 3.19
%
Italy 2.56
%
Germany 2.45
%
Japan 1.83
%
 
 
 
 
Sector allocation
Banking 14.09
%
Energy 3.10
%
Ele
c
tric
3.01
%
Consumer Non-Cyclical 2.71
%
Finance Companies 2.46
%
Communications 2.15
%
Capital Goods 2.09
%
Insurance 1.84
%
Consumer Cyclical 1.71
%
Technology 1.65
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Growth Fund
Class A: IVINX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six mon
ths?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
58
1.13
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
955,624,243
Total number of portfolio holdings 58
Total advisory fees paid
$
2,729,855
Portfolio turnover rate 34
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net as
s
ets of the Fund.
Country allocation
United States 64.11
%
France 7.39
%
Germany 5.23
%
Japan 4.77
%
India 3.51
%
Taiwan 2.90
%
Italy 1.64
%
Singapore 1.50
%
United Kingdom 1.27
%
South Korea 1.24
%
 
 
 
 
Sector allocation
Information Technology 25.20
%
Financials 16.03
%
Healthcare 12.73
%
Industrials 12.58
%
Communication Services 10.09
%
Consumer Discretionary 9.65
%
Consumer Staples 6.24
%
Materials 2.61
%
Energy 2.19
%
Utilities 1.63
%
 
 
 
 
Top 10 equity ho
ldings
Microsoft 5.50
%
NVIDIA 4.03
%
Alphabet Class A 3.36
%
Amazon.com 3.28
%
Apple 3.17
%
Taiwan Semiconductor Manufacturing 2.90
%
Mastercard Class A 2.30
%
Home Depot 2.24
%
Eli Lilly & Co. 2.21
%
Salesforce 2.13
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance pur
p
oses.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Growth Fund
Class C: IVNCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six month
s?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
98
1.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
955,624,243
Total number of portfolio holdings 58
Total advisory fees paid
$
2,729,855
Portfolio turnover rate 34
%
Fund holdings
(as of September 30, 2024)
The tables below show the investmen
t ma
keup of the Fund, with each category representing a percentage of the total net asset
s
of the Fu
n
d.
Country allocation
United States 64.11
%
France 7.39
%
Germany 5.23
%
Japan 4.77
%
India 3.51
%
Taiwan 2.90
%
Italy 1.64
%
Singapore 1.50
%
United Kingdom 1.27
%
South Korea 1.24
%
 
 
 
 
Sector allocation
Information Technology 25.20
%
Financials 16.03
%
Healthcare 12.73
%
Industrials 12.58
%
Communication Services 10.09
%
Consumer Discretionary 9.65
%
Consumer Staples 6.24
%
Materials 2.61
%
Energy 2.19
%
Utilities 1.63
%
 
 
 
 
Top 10 equity holdings
Microsoft 5.50
%
NVIDIA 4.03
%
Alphabet Class A 3.36
%
Amazon.com 3.28
%
Apple 3.17
%
Taiwan Semiconductor Manufacturing 2.90
%
Mastercard Class A 2.30
%
Home Depot 2.24
%
Eli Lilly & Co. 2.21
%
Salesforce 2.13
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance
p
urposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Growth Fund
Class I: IGIIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
46
0.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
955,624,243
Total number of portfolio holdings 58
Total advisory fees paid
$
2,729,855
Portfolio turnover rate 34
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
United States 64.11
%
France 7.39
%
Germany 5.23
%
Japan 4.77
%
India 3.51
%
Taiwan 2.90
%
Italy 1.64
%
Singapore 1.50
%
United Kingdom 1.27
%
South Korea 1.24
%
 
 
 
 
Sector allocation
Information Technology 25.20
%
Financials 16.03
%
Healthcare 12.73
%
Industrials 12.58
%
Communication Services 10.09
%
Consumer Discretionary 9.65
%
Consumer Staples 6.24
%
Materials 2.61
%
Energy 2.19
%
Utilities 1.63
%
 
 
 
 
Top 10 equity holdin
gs
Microsoft 5.50
%
NVIDIA 4.03
%
Alphabet Class A 3.36
%
Amazon.com 3.28
%
Apple 3.17
%
Taiwan Semiconductor Manufacturing 2.90
%
Mastercard Class A 2.30
%
Home Depot 2.24
%
Eli Lilly & Co. 2.21
%
Salesforce 2.13
%
Categorizations used for financial reporting purposes may differ from categorizations used for
regulatory
compliance purposes.

Availability of additional informatio
n
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Growth Fund
Class R: IYIGX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
72
1.39
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
955,624,243
Total number of portfolio holdings 58
Total advisory fees paid
$
2,729,855
Portfolio turnover rate 34
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total ne
t as
set
s
of the Fund.
Country allocation
United States 64.11
%
France 7.39
%
Germany 5.23
%
Japan 4.77
%
India 3.51
%
Taiwan 2.90
%
Italy 1.64
%
Singapore 1.50
%
United Kingdom 1.27
%
South Korea 1.24
%
 
 
 
 
Sector allocation
Information Technology 25.20
%
Financials 16.03
%
Healthcare 12.73
%
Industrials 12.58
%
Communication Services 10.09
%
Consumer Discretionary 9.65
%
Consumer Staples 6.24
%
Materials 2.61
%
Energy 2.19
%
Utilities 1.63
%
 
 
 
 
Top 10 equity holdi
ng
s
Microsoft 5.50
%
NVIDIA 4.03
%
Alphabet Class A 3.36
%
Amazon.com 3.28
%
Apple 3.17
%
Taiwan Semiconductor Manufacturing 2.90
%
Mastercard Class A 2.30
%
Home Depot 2.24
%
Eli Lilly & Co. 2.21
%
Salesforce 2.13
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory
compliance
purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Growth Fund
Class R6: ITGRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
41
0.79
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
955,624,243
Total number of portfolio holdings 58
Total advisory fees paid
$
2,729,855
Portfolio turnover rate 34
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
United States 64.11
%
France 7.39
%
Germany 5.23
%
Japan 4.77
%
India 3.51
%
Taiwan 2.90
%
Italy 1.64
%
Singapore 1.50
%
United Kingdom 1.27
%
South Korea 1.24
%
 
 
 
 
Sector allocation
Information Technology 25.20
%
Financials 16.03
%
Healthcare 12.73
%
Industrials 12.58
%
Communication Services 10.09
%
Consumer Discretionary 9.65
%
Consumer Staples 6.24
%
Materials 2.61
%
Energy 2.19
%
Utilities 1.63
%
 
 
 
 
Top 10 equity hold
ings
Microsoft 5.50
%
NVIDIA 4.03
%
Alphabet Class A 3.36
%
Amazon.com 3.28
%
Apple 3.17
%
Taiwan Semiconductor Manufacturing 2.90
%
Mastercard Class A 2.30
%
Home Depot 2.24
%
Eli Lilly & Co. 2.21
%
Salesforce 2.13
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermed
iary
.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other
communication
to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Global Growth Fund
Class Y: IVIYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Global Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
59
1.14
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
955,624,243
Total number of portfolio holdings 58
Total advisory fees paid
$
2,729,855
Portfolio turnover rate 34
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the tot
al n
et assets of the Fund.
Country allocation
United States 64.11
%
France 7.39
%
Germany 5.23
%
Japan 4.77
%
India 3.51
%
Taiwan 2.90
%
Italy 1.64
%
Singapore 1.50
%
United Kingdom 1.27
%
South Korea 1.24
%
 
 
 
 
Sector allocation
Information Technology 25.20
%
Financials 16.03
%
Healthcare 12.73
%
Industrials 12.58
%
Communication Services 10.09
%
Consumer Discretionary 9.65
%
Consumer Staples 6.24
%
Materials 2.61
%
Energy 2.19
%
Utilities 1.63
%
 
 
 
 
Top 10 equity holdi
ngs
Microsoft 5.50
%
NVIDIA 4.03
%
Alphabet Class A 3.36
%
Amazon.com 3.28
%
Apple 3.17
%
Taiwan Semiconductor Manufacturing 2.90
%
Mastercard Class A 2.30
%
Home Depot 2.24
%
Eli Lilly & Co. 2.21
%
Salesforce 2.13
%
Categorizations used for financial reporting purposes
may
differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy High Income Fund
Class A
:
WHIAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy High Income Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
46
0.89
%
*
Annualiz
ed
Fund statistics
(as of September 30, 2024)
Fund net assets
$
2,754,919,482
Total number of portfolio holdings 249
Total advisory fees paid
$
6,460,916
Portfolio turnover rate 31
%
Fund holdings
(as of September 30, 2024)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Energy 12.84
%
Media 9.74
%
Basic Industry 9.25
%
Healthcare 8.09
%
Telecommunications 7.71
%
Capital Goods 7.70
%
Leisure 7.62
%
Services 6.41
%
Technology & Electronics 5.60
%
Financial Services 4.42
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy High Income Fund
Class C: WRHIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy High Income Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last
six
months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
84
1.64
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
2,754,919,482
Total number of portfolio holdings 249
Total advisory fees paid
$
6,460,916
Portfolio turnover rate 31
%
Fund holdings
(as of September 30, 2024)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Energy 12.84
%
Media 9.74
%
Basic Industry 9.25
%
Healthcare 8.09
%
Telecommunications 7.71
%
Capital Goods 7.70
%
Leisure 7.62
%
Services 6.41
%
Technology & Electronics 5.60
%
Financial Services 4.42
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy High Income Fund
Class I: IVHIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy High Income Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last
six
months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
33
0.64
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
2,754,919,482
Total number of portfolio holdings 249
Total advisory fees paid
$
6,460,916
Portfolio turnover rate 31
%
Fund holdings
(as of September 30, 2024)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Energy 12.84
%
Media 9.74
%
Basic Industry 9.25
%
Healthcare 8.09
%
Telecommunications 7.71
%
Capital Goods 7.70
%
Leisure 7.62
%
Services 6.41
%
Technology & Electronics 5.60
%
Financial Services 4.42
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy High Income Fund
Class R: IYHIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy High Income Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based
on
a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
59
1.14
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
2,754,919,482
Total number of portfolio holdings 249
Total advisory fees paid
$
6,460,916
Portfolio turnover rate 31
%
Fund holdings
(as of September 30, 2024)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Energy 12.84
%
Media 9.74
%
Basic Industry 9.25
%
Healthcare 8.09
%
Telecommunications 7.71
%
Capital Goods 7.70
%
Leisure 7.62
%
Services 6.41
%
Technology & Electronics 5.60
%
Financial Services 4.42
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy High Income Fund
Class R6: IHIFX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy High Income Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last
six
months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
28
0.55
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
2,754,919,482
Total number of portfolio holdings 249
Total advisory fees paid
$
6,460,916
Portfolio turnover rate 31
%
Fund holdings
(as of September 30, 2024)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Energy 12.84
%
Media 9.74
%
Basic Industry 9.25
%
Healthcare 8.09
%
Telecommunications 7.71
%
Capital Goods 7.70
%
Leisure 7.62
%
Services 6.41
%
Technology & Electronics 5.60
%
Financial Services 4.42
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy High Income Fund
Class Y: WHIYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy High Income Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investm
ent)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
46
0.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
2,754,919,482
Total number of portfolio holdings 249
Total advisory fees paid
$
6,460,916
Portfolio turnover rate 31
%
Fund holdings
(as of September 30, 2024)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Energy 12.84
%
Media 9.74
%
Basic Industry 9.25
%
Healthcare 8.09
%
Telecommunications 7.71
%
Capital Goods 7.70
%
Leisure 7.62
%
Services 6.41
%
Technology & Electronics 5.60
%
Financial Services 4.42
%
 
 
 
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy International Core Equity Fund
Class A: IVIAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy International Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
53
1.03
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,616,067,129
Total number of portfolio holdings 58
Total advisory fees paid
$
4,539,354
Portfolio turnover rate 41
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
France 12.31
%
Japan 11.92
%
Germany 11.12
%
China 8.99
%
United Kingdom 7.85
%
India 6.86
%
Netherlands 6.82
%
South Korea 4.43
%
Brazil 4.41
%
Taiwan 4.24
%
 
 
 
 
Sector allocation
Financials 19.85
%
Industrials 15.30
%
Consumer Discretionary 14.08
%
Information Technology 14.08
%
Healthcare 12.13
%
Communication Services 9.03
%
Consumer Staples 6.98
%
Materials 3.41
%
Energy 2.62
%
Utilities 1.36
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor
Manufacturing
4.24
%
MercadoLibre 3.37
%
SAP 2.95
%
Airbus 2.67
%
KB Financial Group 2.57
%
Thales 2.56
%
Sea ADR 2.46
%
Banco Bilbao Vizcaya Argentaria 2.40
%
HDFC Bank 2.36
%
Deutsche Telekom 2.27
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by
contacting
us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy International Core Equity Fund
Class C: IVIFX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy International Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
91
1.78
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,616,067,129
Total number of portfolio holdings 58
Total advisory fees paid
$
4,539,354
Portfolio turnover rate 41
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing
a
percentage of the total net
assets
of the Fund.
Country allocation
France 12.31
%
Japan 11.92
%
Germany 11.12
%
China 8.99
%
United Kingdom 7.85
%
India 6.86
%
Netherlands 6.82
%
South Korea 4.43
%
Brazil 4.41
%
Taiwan 4.24
%
 
 
 
 
Sector allocation
Financials 19.85
%
Industrials 15.30
%
Consumer Discretionary 14.08
%
Information Technology 14.08
%
Healthcare 12.13
%
Communication Services 9.03
%
Consumer Staples 6.98
%
Materials 3.41
%
Energy 2.62
%
Utilities 1.36
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 4.24
%
MercadoLibre 3.37
%
SAP 2.95
%
Airbus 2.67
%
KB Financial Group 2.57
%
Thales 2.56
%
Sea ADR 2.46
%
Banco Bilbao Vizcaya Argentaria 2.40
%
HDFC Bank 2.36
%
Deutsche Telekom 2.27
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy International Core Equity Fund
Class I: ICEIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy International Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six m
o
n
ths
?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
40
0.78
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,616,067,129
Total number of portfolio holdings 58
Total advisory fees paid
$
4,539,354
Portfolio turnover rate 41
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing
a
percentage
of
the total net
assets
of the Fund.
Country allocation
France 12.31
%
Japan 11.92
%
Germany 11.12
%
China 8.99
%
United Kingdom 7.85
%
India 6.86
%
Netherlands 6.82
%
South Korea 4.43
%
Brazil 4.41
%
Taiwan 4.24
%
 
 
 
 
Sector allocation
Financials 19.85
%
Industrials 15.30
%
Consumer Discretionary 14.08
%
Information Technology 14.08
%
Healthcare 12.13
%
Communication Services 9.03
%
Consumer Staples 6.98
%
Materials 3.41
%
Energy 2.62
%
Utilities 1.36
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 4.24
%
MercadoLibre 3.37
%
SAP 2.95
%
Airbus 2.67
%
KB Financial Group 2.57
%
Thales 2.56
%
Sea ADR 2.46
%
Banco Bilbao Vizcaya Argentaria 2.40
%
HDFC Bank 2.36
%
Deutsche Telekom 2.27
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy International Core Equity Fund
Class R: IYITX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy International Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
65
1.28
%
*
Annualized
Fund statistics
(as
of
September
30
, 2024)
Fund net assets
$
1,616,067,129
Total number of portfolio holdings 58
Total advisory fees paid
$
4,539,354
Portfolio turnover rate 41
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of
the
total
net
assets
of the Fund.
Country allocation
France 12.31
%
Japan 11.92
%
Germany 11.12
%
China 8.99
%
United Kingdom 7.85
%
India 6.86
%
Netherlands 6.82
%
South Korea 4.43
%
Brazil 4.41
%
Taiwan 4.24
%
 
 
 
 
Sector allocation
Financials 19.85
%
Industrials 15.30
%
Consumer Discretionary 14.08
%
Information Technology 14.08
%
Healthcare 12.13
%
Communication Services 9.03
%
Consumer Staples 6.98
%
Materials 3.41
%
Energy 2.62
%
Utilities 1.36
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 4.24
%
MercadoLibre 3.37
%
SAP 2.95
%
Airbus 2.67
%
KB Financial Group 2.57
%
Thales 2.56
%
Sea ADR 2.46
%
Banco Bilbao Vizcaya Argentaria 2.40
%
HDFC Bank 2.36
%
Deutsche Telekom 2.27
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy International Core Equity Fund
Class R6: IINCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy International Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
34
0.66
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,616,067,129
Total number of portfolio holdings 58
Total advisory fees paid
$
4,539,354
Portfolio turnover rate 41
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment
m
akeup of the Fund, with each category representing a percentage of the tot
al
net assets of the Fund.
Country allocation
France 12.31
%
Japan 11.92
%
Germany 11.12
%
China 8.99
%
United Kingdom 7.85
%
India 6.86
%
Netherlands 6.82
%
South Korea 4.43
%
Brazil 4.41
%
Taiwan 4.24
%
 
 
 
 
Sector allocation
Financials 19.85
%
Industrials 15.30
%
Consumer Discretionary 14.08
%
Information Technology 14.08
%
Healthcare 12.13
%
Communication Services 9.03
%
Consumer Staples 6.98
%
Materials 3.41
%
Energy 2.62
%
Utilities 1.36
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 4.24
%
MercadoLibre 3.37
%
SAP 2.95
%
Airbus 2.67
%
KB Financial Group 2.57
%
Thales 2.56
%
Sea ADR 2.46
%
Banco Bilbao Vizcaya Argentaria 2.40
%
HDFC Bank 2.36
%
Deutsche Telekom 2.27
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy International Core Equity Fund
Class Y: IVVYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy International Core Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
53
1.03
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,616,067,129
Total number of portfolio holdings 58
Total advisory fees paid
$
4,539,354
Portfolio turnover rate 41
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
France 12.31
%
Japan 11.92
%
Germany 11.12
%
China 8.99
%
United Kingdom 7.85
%
India 6.86
%
Netherlands 6.82
%
South Korea 4.43
%
Brazil 4.41
%
Taiwan 4.24
%
 
 
 
 
Sector allocation
Financials 19.85
%
Industrials 15.30
%
Consumer Discretionary 14.08
%
Information Technology 14.08
%
Healthcare 12.13
%
Communication Services 9.03
%
Consumer Staples 6.98
%
Materials 3.41
%
Energy 2.62
%
Utilities 1.36
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 4.24
%
MercadoLibre 3.37
%
SAP 2.95
%
Airbus 2.67
%
KB Financial Group 2.57
%
Thales 2.56
%
Sea ADR 2.46
%
Banco Bilbao Vizcaya Argentaria 2.40
%
HDFC Bank 2.36
%
Deutsche Telekom 2.27
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Large Cap Growth Fund
Class A: WLGAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Large Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
47
0.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
8,420,888,668
Total number of portfolio holdings 36
Total advisory fees paid
$
19,859,522
Portfolio turnover rate 9
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 43.12
%
Healthcare 11.52
%
Financials 11.35
%
Consumer Discretionary 11.23
%
Communication Services 8.46
%
Industrials 8.15
%
Real Estate 3.22
%
Consumer Staples 2.49
%
 
 
 
 
Top 10 equity holdings
Microsoft 13.04
%
NVIDIA 9.98
%
Apple 7.04
%
Amazon.com 6.59
%
Alphabet Class A 5.71
%
Visa Class A 5.24
%
UnitedHealth Group 4.16
%
Intercontinental Exchange 3.15
%
Motorola Solutions 2.99
%
Danaher 2.80
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such
as
the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Large Cap Growth Fund
Class C: WLGCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Large Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
86
1.64
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
8,420,888,668
Total number of portfolio holdings 36
Total advisory fees paid
$
19,859,522
Portfolio turnover rate 9
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 43.12
%
Healthcare 11.52
%
Financials 11.35
%
Consumer Discretionary 11.23
%
Communication Services 8.46
%
Industrials 8.15
%
Real Estate 3.22
%
Consumer Staples 2.49
%
 
 
 
 
Top 10 equity holdings
Microsoft 13.04
%
NVIDIA 9.98
%
Apple 7.04
%
Amazon.com 6.59
%
Alphabet Class A 5.71
%
Visa Class A 5.24
%
UnitedHealth Group 4.16
%
Intercontinental Exchange 3.15
%
Motorola Solutions 2.99
%
Danaher 2.80
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance
purposes
.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Large Cap Growth Fund
Class I: IYGIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Large Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
34
0.64
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
8,420,888,668
Total number of portfolio holdings 36
Total advisory fees paid
$
19,859,522
Portfolio turnover rate 9
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 43.12
%
Healthcare 11.52
%
Financials 11.35
%
Consumer Discretionary 11.23
%
Communication Services 8.46
%
Industrials 8.15
%
Real Estate 3.22
%
Consumer Staples 2.49
%
 
 
 
 
Top 10 equity holdings
Microsoft 13.04
%
NVIDIA 9.98
%
Apple 7.04
%
Amazon.com 6.59
%
Alphabet Class A 5.71
%
Visa Class A 5.24
%
UnitedHealth Group 4.16
%
Intercontinental Exchange 3.15
%
Motorola Solutions 2.99
%
Danaher 2.80
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance
purposes
.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Large Cap Growth Fund
Class R: WLGRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Large Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
60
1.14
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
8,420,888,668
Total number of portfolio holdings 36
Total advisory fees paid
$
19,859,522
Portfolio turnover rate 9
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 43.12
%
Healthcare 11.52
%
Financials 11.35
%
Consumer Discretionary 11.23
%
Communication Services 8.46
%
Industrials 8.15
%
Real Estate 3.22
%
Consumer Staples 2.49
%
 
 
 
 
Top 10 equity holdings
Microsoft 13.04
%
NVIDIA 9.98
%
Apple 7.04
%
Amazon.com 6.59
%
Alphabet Class A 5.71
%
Visa Class A 5.24
%
UnitedHealth Group 4.16
%
Intercontinental Exchange 3.15
%
Motorola Solutions 2.99
%
Danaher 2.80
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory
compliance
purposes.

Availability of additional information
You can find additional infor
ma
tion about the Fund, su
ch
as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Large Cap Growth Fund
Class R6: ILGRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Large Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
29
0.56
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
8,420,888,668
Total number of portfolio holdings 36
Total advisory fees paid
$
19,859,522
Portfolio turnover rate 9
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the F
u
nd, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 43.12
%
Healthcare 11.52
%
Financials 11.35
%
Consumer Discretionary 11.23
%
Communication Services 8.46
%
Industrials 8.15
%
Real Estate 3.22
%
Consumer Staples 2.49
%
 
 
 
 
Top 10 equity holdings
Microsoft 13.04
%
NVIDIA 9.98
%
Apple 7.04
%
Amazon.com 6.59
%
Alphabet Class A 5.71
%
Visa Class A 5.24
%
UnitedHealth Group 4.16
%
Intercontinental Exchange 3.15
%
Motorola Solutions 2.99
%
Danaher 2.80
%
Categorizations used for financial reporting purposes may differ from
categorizations
used for regulatory compliance purposes.

Availability of additional information
You can find additional infor
mati
on about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Large Cap Growth Fund
Class Y: WLGYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Large Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
47
0.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
8,420,888,668
Total number of portfolio holdings 36
Total advisory fees paid
$
19,859,522
Portfolio turnover rate 9
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 43.12
%
Healthcare 11.52
%
Financials 11.35
%
Consumer Discretionary 11.23
%
Communication Services 8.46
%
Industrials 8.15
%
Real Estate 3.22
%
Consumer Staples 2.49
%
 
 
 
 
Top 10 equity holdings
Microsoft 13.04
%
NVIDIA 9.98
%
Apple 7.04
%
Amazon.com 6.59
%
Alphabet Class A 5.71
%
Visa Class A 5.24
%
UnitedHealth Group 4.16
%
Intercontinental Exchange 3.15
%
Motorola Solutions 2.99
%
Danaher 2.80
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory
compliance
purposes.

Availability of additional information
You can find additional information about the Fund, such as the p
rosp
ectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your fina
nci
al intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Growth Fund
Class A: WMGAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
52
1.04
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
6,674,049,585
Total number of portfolio holdings 66
Total advisory fees paid
$
20,036,342
Portfolio turnover rate 19
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 25.82
%
Healthcare 20.20
%
Industrials 18.53
%
Consumer Discretionary 14.39
%
Financials 8.19
%
Communication Services 4.74
%
Real Estate 3.74
%
Consumer Staples 2.34
%
Materials 1.56
%
 
 
 
 
Top 10 equity holdings
CoStar Group 3.74
%
Floor & Decor Holdings Class A 2.68
%
Trade Desk Class A 2.54
%
MarketAxess Holdings 2.52
%
Monolithic Power Systems 2.52
%
IDEXX Laboratories 2.31
%
Pinterest Class A 2.21
%
Pool 2.17
%
HEICO Class A 2.10
%
Veeva Systems Class A 2.06
%
Categorizations used for financial reporting purposes may differ from categorizations used for
regulatory
compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Growth Fund
Class C: WMGCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
89
1.79
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
6,674,049,585
Total number of portfolio holdings 66
Total advisory fees paid
$
20,036,342
Portfolio turnover rate 19
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 25.82
%
Healthcare 20.20
%
Industrials 18.53
%
Consumer Discretionary 14.39
%
Financials 8.19
%
Communication Services 4.74
%
Real Estate 3.74
%
Consumer Staples 2.34
%
Materials 1.56
%
 
 
 
 
Top 10 equity holdings
CoStar Group 3.74
%
Floor & Decor Holdings Class A 2.68
%
Trade Desk Class A 2.54
%
MarketAxess Holdings 2.52
%
Monolithic Power Systems 2.52
%
IDEXX Laboratories 2.31
%
Pinterest Class A 2.21
%
Pool 2.17
%
HEICO Class A 2.10
%
Veeva Systems Class A 2.06
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance
purposes
.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Growth Fund
Class I: IYMIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
40
0.79
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
6,674,049,585
Total number of portfolio holdings 66
Total advisory fees paid
$
20,036,342
Portfolio turnover rate 19
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 25.82
%
Healthcare 20.20
%
Industrials 18.53
%
Consumer Discretionary 14.39
%
Financials 8.19
%
Communication Services 4.74
%
Real Estate 3.74
%
Consumer Staples 2.34
%
Materials 1.56
%
 
 
 
 
Top 10 equity holdings
CoStar Group 3.74
%
Floor & Decor Holdings Class A 2.68
%
Trade Desk Class A 2.54
%
MarketAxess Holdings 2.52
%
Monolithic Power Systems 2.52
%
IDEXX Laboratories 2.31
%
Pinterest Class A 2.21
%
Pool 2.17
%
HEICO Class A 2.10
%
Veeva Systems Class A 2.06
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30
days
of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Growth Fund
Class R: WMGRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
64
1.29
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
6,674,049,585
Total number of portfolio holdings 66
Total advisory fees paid
$
20,036,342
Portfolio turnover rate 19
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 25.82
%
Healthcare 20.20
%
Industrials 18.53
%
Consumer Discretionary 14.39
%
Financials 8.19
%
Communication Services 4.74
%
Real Estate 3.74
%
Consumer Staples 2.34
%
Materials 1.56
%
 
 
 
 
Top 10 equity holdings
CoStar Group 3.74
%
Floor & Decor Holdings Class A 2.68
%
Trade Desk Class A 2.54
%
MarketAxess Holdings 2.52
%
Monolithic Power Systems 2.52
%
IDEXX Laboratories 2.31
%
Pinterest Class A 2.21
%
Pool 2.17
%
HEICO Class A 2.10
%
Veeva Systems Class A 2.06
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus,
financial
information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Growth Fund
Class R6: IGRFX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
35
0.69
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
6,674,049,585
Total number of portfolio holdings 66
Total advisory fees paid
$
20,036,342
Portfolio turnover rate 19
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 25.82
%
Healthcare 20.20
%
Industrials 18.53
%
Consumer Discretionary 14.39
%
Financials 8.19
%
Communication Services 4.74
%
Real Estate 3.74
%
Consumer Staples 2.34
%
Materials 1.56
%
 
 
 
 
Top 10 equity holdings
CoStar Group 3.74
%
Floor & Decor Holdings Class A 2.68
%
Trade Desk Class A 2.54
%
MarketAxess Holdings 2.52
%
Monolithic Power Systems 2.52
%
IDEXX Laboratories 2.31
%
Pinterest Class A 2.21
%
Pool 2.17
%
HEICO Class A 2.10
%
Veeva Systems Class A 2.06
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial
information
, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Growth Fund
Class Y: WMGYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
52
1.04
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
6,674,049,585
Total number of portfolio holdings 66
Total advisory fees paid
$
20,036,342
Portfolio turnover rate 19
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 25.82
%
Healthcare 20.20
%
Industrials 18.53
%
Consumer Discretionary 14.39
%
Financials 8.19
%
Communication Services 4.74
%
Real Estate 3.74
%
Consumer Staples 2.34
%
Materials 1.56
%
 
 
 
 
Top 10 equity holdings
CoStar Group 3.74
%
Floor & Decor Holdings Class A 2.68
%
Trade Desk Class A 2.54
%
MarketAxess Holdings 2.52
%
Monolithic Power Systems 2.52
%
IDEXX Laboratories 2.31
%
Pinterest Class A 2.21
%
Pool 2.17
%
HEICO Class A 2.10
%
Veeva Systems Class A 2.06
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory
compliance
purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Income Opportunities Fund
Class A: IVOAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Income Opportunities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A $55 1.08
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,128,335,560
Total number of portfolio holdings 35
Total advisory fees paid
$
3,527,477
Portfolio turnover rate 15
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net
assets
of the Fund.
Sector allocation
Industrials 31.27
%
Consumer Discretionary 19.68
%
Materials 14.05
%
Financials 8.57
%
Information Technology 8.43
%
Healthcare 5.65
%
Consumer Staples 5.62
%
Real Estate 5.49
%
 
 
 
 
Top 10 equity holdings
L3Harris Technologies 2.91
%
Extra Space Storage 2.89
%
Tractor Supply 2.89
%
First American Financial 2.88
%
Levi Strauss & Co. Class A 2.87
%
Broadridge Financial Solutions 2.87
%
Arthur J Gallagher & Co. 2.86
%
Rollins 2.86
%
Stanley Black & Decker 2.86
%
TE Connectivity 2.86
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial
information
, holdings, and proxy voting information, at delawarefunds.com/literature. You can also
request
this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Income Opportunities Fund
Class C: IVOCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Income Opportunities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
C
l
ass
Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
94
1.83
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,128,335,560
Total number of portfolio holdings 35
Total advisory fees paid
$
3,527,477
Portfolio turnover rate 15
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Industrials 31.27
%
Consumer Discretionary 19.68
%
Materials 14.05
%
Financials 8.57
%
Information Technology 8.43
%
Healthcare 5.65
%
Consumer Staples 5.62
%
Real Estate 5.49
%
 
 
 
 
Top 10 equity holdings
L3Harris Technologies 2.91
%
Extra Space Storage 2.89
%
Tractor Supply 2.89
%
First American Financial 2.88
%
Levi Strauss & Co. Class A 2.87
%
Broadridge Financial Solutions 2.87
%
Arthur J Gallagher & Co. 2.86
%
Rollins 2.86
%
Stanley Black & Decker 2.86
%
TE Connectivity 2.86
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance
purposes
.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and
proxy
voting
information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
,
weekdays
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Income Opportunities Fund
Class I: IVOIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Income Opportunities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
43
0.83
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,128,335,560
Total number of portfolio holdings 35
Total advisory fees paid
$
3,527,477
Portfolio turnover rate 15
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net
assets
of the Fund.
Sector allocation
Industrials 31.27
%
Consumer Discretionary 19.68%
Materials 14.05
%
Financials 8.57
%
Information Technology 8.43
%
Healthcare 5.65
%
Consumer Staples 5.62%
Real Estate 5.49
%
 
 
 
 
Top 10 equity holdings
L3Harris Technologies 2.91
%
Extra Space Storage 2.89
%
Tractor Supply 2.89
%
First American Financial 2.88
%
Levi Strauss & Co. Class A 2.87
%
Broadridge Financial Solutions 2.87
%
Arthur J Gallagher & Co. 2.86
%
Rollins 2.86
%
Stanley Black & Decker 2.86
%
TE Connectivity 2.86
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory
compliance
purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy
voting
information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Income Opportunities Fund
Class R: IVORX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Income Opportunities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
68
1.33
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,128,335,560
Total number of portfolio holdings 35
Total advisory fees paid
$
3,527,477
Portfolio turnover rate 15
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Industrials 31.27
%
Consumer Discretionary 19.68
%
Materials 14.05
%
Financials 8.57
%
Information Technology 8.43
%
Healthcare 5.65
%
Consumer Staples 5.62
%
Real Estate 5.49
%
 
 
 
 
Top 10 equity holdings
L3Harris Technologies 2.91
%
Extra Space Storage 2.89
%
Tractor Supply 2.89
%
First American Financial 2.88
%
Levi Strauss & Co. Class A 2.87
%
Broadridge Financial Solutions 2.87
%
Arthur J Gallagher & Co. 2.86
%
Rollins 2.86
%
Stanley Black & Decker 2.86
%
TE Connectivity 2.86
%
Categorizations used for financial reporting purposes may differ from categorizations
used
for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy
voting
information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Income Opportunities Fund
Class R6: IVOSX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Income Opportunities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
37
0.72
%
*
Annualized
Fund statistics
(a
s o
f September 30, 2024)
Fund net assets
$
1,128,335,560
Total number of portfolio holdings 35
Total advisory fees paid
$
3,527,477
Portfolio turnover rate 15
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Industrials 31.27
%
Consumer Discretionary 19.68
%
Materials 14.05
%
Financials 8.57
%
Information Technology 8.43
%
Healthcare 5.65
%
Consumer Staples 5.62
%
Real Estate 5.49
%
 
 
 
 
Top 10 equity holdings
L3Harris Technologies 2.91
%
Extra Space Storage 2.89
%
Tractor Supply 2.89
%
First American Financial 2.88
%
Levi Strauss & Co. Class A 2.87
%
Broadridge Financial Solutions 2.87
%
Arthur J Gallagher & Co. 2.86
%
Rollins 2.86
%
Stanley Black & Decker 2.86
%
TE Connectivity 2.86
%
Categorizations used for financial reporting purposes may differ from
categorizations
used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdin
g
s, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Mid Cap Income Opportunities Fund
Class Y: IVOYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Mid Cap Income Opportunities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
55
1.08
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,128,335,560
Total number of portfolio holdings 35
Total advisory fees paid
$
3,527,477
Portfolio turnover rate 15
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percenta
ge
of the to
tal
net assets of the Fund.
Sector allocation
Industrials 31.27
%
Consumer Discretionary 19.68
%
Materials 14.05
%
Financials 8.57
%
Information Technology 8.43
%
Healthcare 5.65
%
Consumer Staples 5.62
%
Real Estate 5.49
%
 
 
 
 
Top 10 equity holdings
L3Harris Technologies 2.91
%
Extra Space Storage 2.89
%
Tractor Supply 2.89
%
First American Financial 2.88
%
Levi Strauss & Co. Class A 2.87
%
Broadridge Financial Solutions 2.87
%
Arthur J Gallagher & Co. 2.86
%
Rollins 2.86
%
Stanley Black & Decker 2.86
%
TE Connectivity 2.86
%
Categorizations used for financial reporting purposes may differ from
categorizations
used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Small Cap Growth Fund
Class A: WSGAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Small Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000
investment
)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
58
1.14
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,308,789,809
Total number of portfolio holdings 77
Total advisory fees paid
$
4,463,165
Portfolio turnover rate 33
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each
category
representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare 24.45
%
Information Technology 22.93
%
Industrials 21.78
%
Consumer Discretionary 12.74
%
Financials 7.86
%
Materials 3.75
%
Consumer Staples 2.72
%
Communication Services 1.76
%
Energy 1.61
%
 
 
 
 
Top 10 equity holdings
CyberArk Software 3.87
%
Parsons 3.13
%
Federal
Signal
3.02
%
ATI 2.95
%
Clean Harbors 2.72
%
Varonis Systems 2.41
%
Verra Mobility 2.24
%
Integer Holdings 2.23
%
Red Rock Resorts Class A 2.13
%
Vericel 2.08
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
 your financial
intermediary
.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Small Cap Growth Fund
Class C: WRGCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Small Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000
investment
*
Class C
$
95
1.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,308,789,809
Total number of portfolio holdings 77
Total advisory fees paid
$
4,463,165
Portfolio turnover rate 33
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare 24.45
%
Information Technology 22.93
%
Industrials 21.78
%
Consumer Discretionary 12.74
%
Financials 7.86
%
Materials 3.75
%
Consumer Staples 2.72
%
Communication Services 1.76
%
Energy 1.61
%
 
 
 
 
Top 10 equity holdings
CyberArk Software 3.87
%
Parsons 3.13
%
Federal Signal 3.02
%
ATI 2.95
%
Clean Harbors 2.72
%
Varonis Systems 2.41
%
Verra Mobility 2.24
%
Integer Holdings 2.23
%
Red Rock Resorts Class A 2.13
%
Vericel 2.08
%

Availability of additional information
You can find additional information about the Fund,
such
as the
prospectus
, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us
at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Small Cap Growth Fund
Class I: IYSIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Small Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
45
0.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,308,789,809
Total number of portfolio holdings 77
Total advisory fees paid
$
4,463,165
Portfolio turnover rate 33
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare 24.45
%
Information Technology 22.93
%
Industrials 21.78
%
Consumer Discretionary 12.74
%
Financials 7.86
%
Materials 3.75
%
Consumer Staples 2.72
%
Communication Services 1.76
%
Energy 1.61
%
 
 
 
 
Top 10 equity holdings
CyberArk Software 3.87
%
Parsons 3.13
%
Federal Signal 3.02
%
ATI 2.95
%
Clean Harbors 2.72
%
Varonis Systems 2.41
%
Verra Mobility 2.24
%
Integer Holdings 2.23
%
Red Rock Resorts Class A 2.13
%
Vericel 2.08
%

Availability of additional information
You can find additional information ab
out t
he Fund, such as the pro
spectus
, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Small Cap Growth Fund
Class R: WSGRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Small Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
70
1.39
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,308,789,809
Total number of portfolio holdings 77
Total advisory fees paid
$
4,463,165
Portfolio turnover rate 33
%
Fund holdings
(as of September 30, 2024)
The tables below show the
investment
makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare 24.45
%
Information Technology 22.93
%
Industrials 21.78
%
Consumer Discretionary 12.74
%
Financials 7.86
%
Materials 3.75
%
Consumer Staples 2.72
%
Communication Services 1.76
%
Energy 1.61
%
 
 
 
 
Top 10 equity holdings
CyberArk Software 3.87
%
Parsons 3.13
%
Federal Signal 3.02
%
ATI 2.95
%
Clean Harbors 2.72
%
Varonis Systems 2.41
%
Verra Mobility 2.24
%
Integer Holdings 2.23
%
Red Rock Resorts Class A 2.13
%
Vericel 2.08
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Small Cap Growth Fund
Class R6: IRGFX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Small Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000
investment
)
Class Costs of a $10,000 investment Costs paid
as
a percentage of a $10,000 investment
*
Class R6
$
38
0.76
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,308,789,809
Total number of portfolio holdings 77
Total advisory fees paid
$
4,463,165
Portfolio turnover rate 33
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare 24.45
%
Information Technology 22.93
%
Industrials 21.78
%
Consumer Discretionary 12.74
%
Financials 7.86
%
Materials 3.75
%
Consumer Staples 2.72
%
Communication Services 1.76
%
Energy 1.61
%
 
 
 
 
Top 10 equity holdings
CyberArk Software 3.87
%
Parsons 3.13
%
Federal Signal 3.02
%
ATI 2.95
%
Clean Harbors 2.72
%
Varonis Systems 2.41
%
Verra Mobility 2.24
%
Integer Holdings 2.23
%
Red Rock Resorts Class A 2.13
%
Vericel 2.08
%

Availability of additional information
You can find additional information about the Fund, such as
the
prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Small Cap Growth Fund
Class Y: WSCYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Small Cap Growth Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six
months
?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
58
1.14
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,308,789,809
Total number of portfolio holdings 77
Total advisory fees paid
$
4,463,165
Portfolio turnover rate 33
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Healthcare 24.45
%
Information Technology 22.93
%
Industrials 21.78
%
Consumer Discretionary 12.74
%
Financials 7.86
%
Materials 3.75
%
Consumer
Staples
2.72
%
Communication Services 1.76
%
Energy 1.61
%
 
 
 
 
Top 10 equity holdings
CyberArk Software 3.87
%
Parsons 3.13
%
Federal Signal 3.02
%
ATI 2.95
%
Clean Harbors 2.72
%
Varonis Systems 2.41
%
Verra Mobility 2.24
%
Integer Holdings 2.23
%
Red Rock Resorts Class A 2.13
%
Vericel 2.08
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Smid Cap Core Fund
Class A: IYSAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Smid Cap Core Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
59
1.14
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
352,906,045
Total number of portfolio holdings 128
Total advisory fees paid
$
1,047,484
Portfolio turnover rate 8
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 14.50
%
Technology 13.88
%
Healthcare 13.19
%
Capital Goods 11.90
%
Real Estate Investment Trusts 7.51
%
Basic Materials 7.25
%
Business Services 5.16
%
Energy 4.86
%
Consumer Discretionary 4.27
%
Credit Cyclicals 3.71
%
 
 
 
 
Top 10 equity
holdings
East West Bancorp 1.58
%
Chesapeake Energy 1.47
%
Boise Cascade 1.39
%
Carlisle 1.35
%
Casey's General Stores 1.34
%
Liberty Energy 1.34
%
Webster Financial 1.33
%
Stifel Financial 1.33
%
Steven Madden 1.30
%
Guidewire Software 1.30
%

Availability of additional information
You can find additional information
about
the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Smid Cap Core Fund
Class C: IYSCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Smid Cap Core Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
97
1.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
352,906,045
Total number of portfolio holdings 128
Total advisory fees paid
$
1,047,484
Portfolio turnover rate 8
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 14.50
%
Technology 13.88
%
Healthcare 13.19
%
Capital Goods 11.90
%
Real Estate Investment Trusts 7.51
%
Basic Materials 7.25
%
Business Services 5.16
%
Energy 4.86
%
Consumer Discretionary 4.27
%
Credit Cyclicals 3.71
%
 
 
 
 
Top 10 equity
holdings
East West Bancorp 1.58
%
Chesapeake Energy 1.47
%
Boise Cascade 1.39
%
Carlisle 1.35
%
Casey's General Stores 1.34
%
Liberty Energy 1.34
%
Webster Financial 1.33
%
Stifel Financial 1.33
%
Steven Madden 1.30
%
Guidewire Software 1.30
%

Availability of additional information
You can find additional information about the Fund, such
as
the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Smid Cap Core Fund
Class I: IVVIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Smid Cap Core Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
46
0.89
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
352,906,045
Total number of portfolio holdings 128
Total advisory fees paid
$
1,047,484
Portfolio turnover rate 8
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net ass
ets
of the Fund.
Sector allocation
Finance 14.50
%
Technology 13.88
%
Healthcare 13.19
%
Capital Goods 11.90
%
Real Estate Investment Trusts 7.51
%
Basic Materials 7.25
%
Business Services 5.16
%
Energy 4.86
%
Consumer Discretionary 4.27
%
Credit Cyclicals 3.71
%
 
 
 
 
Top 10 equity holdings
East West Bancorp 1.58
%
Chesapeake Energy 1.47
%
Boise Cascade 1.39
%
Carlisle 1.35
%
Casey's General Stores 1.34
%
Liberty Energy 1.34
%
Webster Financial 1.33
%
Stifel Financial 1.33
%
Steven Madden 1.30
%
Guidewire Software 1.30
%

Availability of additional information
You can find additional information about the Fund, such as the
prospectus
, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Smid Cap Core Fund
Class R: IYSMX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Smid Cap Core Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
72
1.39
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
352,906,045
Total number of portfolio holdings 128
Total advisory fees paid
$
1,047,484
Portfolio turnover rate 8
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 14.50
%
Technology 13.88
%
Healthcare 13.19
%
Capital Goods 11.90
%
Real Estate Investment Trusts 7.51
%
Basic Materials 7.25
%
Business Services 5.16
%
Energy 4.86
%
Consumer Discretionary 4.27
%
Credit Cyclicals 3.71
%
 
 
 
 
Top 10 equity holdings
East West Bancorp 1.58
%
Chesapeake Energy 1.47
%
Boise Cascade 1.39
%
Carlisle 1.35
%
Casey's General Stores 1.34
%
Liberty Energy 1.34
%
Webster Financial 1.33
%
Stifel Financial 1.33
%
Steven Madden 1.30
%
Guidewire Software 1.30
%

Availability of additional information
You can find additional information about the Fund,
such
as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Smid Cap Core Fund
Class R6: ISPVX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Smid Cap Core Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
39
0.76
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
352,906,045
Total number of portfolio holdings 128
Total advisory fees paid
$
1,047,484
Portfolio turnover rate 8
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 14.50
%
Technology 13.88
%
Healthcare 13.19
%
Capital Goods 11.90
%
Real Estate Investment Trusts 7.51
%
Basic Materials 7.25
%
Business Services 5.16
%
Energy 4.86
%
Consumer Discretionary 4.27
%
Credit Cyclicals 3.71
%
 
 
 
 
Top 10 equity holdings
East West Bancorp 1.58
%
Chesapeake Energy 1.47
%
Boise Cascade 1.39
%
Carlisle 1.35
%
Casey's General Stores 1.34
%
Liberty Energy 1.34
%
Webster Financial 1.33
%
Stifel Financial 1.33
%
Steven Madden 1.30
%
Guidewire Software 1.30
%

Availability of additional
information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Smid Cap Core Fund
Class Y: IYSYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Smid Cap Core Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
59
1.14
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
352,906,045
Total number of portfolio holdings 128
Total advisory fees paid
$
1,047,484
Portfolio turnover rate 8
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Finance 14.50
%
Technology 13.88
%
Healthcare 13.19
%
Capital Goods 11.90
%
Real Estate Investment Trusts 7.51
%
Basic Materials 7.25
%
Business Services 5.16
%
Energy 4.86
%
Consumer Discretionary 4.27
%
Credit Cyclicals 3.71
%
Top 10 equity holdings
East West Bancorp 1.58
%
Chesapeake Energy 1.47
%
Boise Cascade 1.39
%
Carlisle 1.35
%
Casey's General Stores 1.34
%
Liberty Energy 1.34
%
Webster Financial 1.33
%
Stifel Financial 1.33
%
Steven Madden 1.30
%
Guidewire Software 1.30
%

Availability of additional information
You can find additional information about the Fund, such as the
prospectus
, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Systematic Emerging Markets Equity Fund
Class A: IPOAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Systematic Emerging Markets Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
55
1.05
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
736,764,288
Total number of portfolio holdings 99
Total advisory fees paid
$
1,816,672
Portfolio turnover rate 17
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
China 32.46
%
India 22.86
%
Taiwan 18.48
%
South Korea 8.73
%
Indonesia 5.05
%
Brazil 4.86
%
South Africa 2.71
%
Türkiye 2.63
%
Mexico 2.19
%
Saudi Arabia 0.15
%
 
 
 
 
Sector allocation
Information Technology 28.51
%
Financials 21.33
%
Consumer Discretionary 15.96
%
Communication Services 10.67
%
Energy 9.07
%
Industrials 5.54
%
Consumer Staples 4.96
%
Healthcare 1.83
%
Materials 1.58
%
Utilities 0.57
%
Real Estate 0.10
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 9.71
%
Tencent Holdings 5.42
%
Samsung Electronics 4.52
%
ICICI Bank 4.01
%
Infosys 2.94
%
NetEase 2.89
%
Tata Consultancy Services 2.70
%
Hero MotoCorp 2.62
%
Alibaba Group Holding 2.56
%
Bank Central Asia 2.47
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional
information
You can find additional information about the Fund, such as the prospectus, financial information, holdings,
and
proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Systematic Emerging Markets Equity Fund
Class C: IPOCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Systematic Emerging Markets Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
94
1.80
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
736,764,288
Total number of portfolio holdings 99
Total advisory fees paid
$
1,816,672
Portfolio turnover rate 17
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
China 32.46
%
India 22.86
%
Taiwan 18.48
%
South Korea 8.73
%
Indonesia 5.05
%
Brazil 4.86
%
South Africa 2.71
%
Türkiye 2.63
%
Mexico 2.19
%
Saudi Arabia 0.15
%
 
 
 
 
Sector allocation
Information Technology 28.51
%
Financials 21.33
%
Consumer Discretionary 15.96
%
Communication Services 10.67
%
Energy 9.07
%
Industrials 5.54
%
Consumer Staples 4.96
%
Healthcare 1.83
%
Materials 1.58
%
Utilities 0.57
%
Real Estate 0.10
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 9.71
%
Tencent Holdings 5.42
%
Samsung Electronics 4.52
%
ICICI Bank 4.01
%
Infosys 2.94
%
NetEase 2.89
%
Tata Consultancy Services 2.70
%
Hero MotoCorp 2.62
%
Alibaba Group Holding 2.56
%
Bank Central Asia 2.47
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information,
holdings
, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Systematic Emerging Markets Equity Fund
Class I: IPOIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Systematic Emerging Markets Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
42
0.80
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
736,764,288
Total number of portfolio holdings 99
Total advisory fees paid
$
1,816,672
Portfolio turnover rate 17
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
China 32.46
%
India 22.86
%
Taiwan 18.48
%
South Korea 8.73
%
Indonesia 5.05
%
Brazil 4.86
%
South Africa 2.71
%
Türkiye 2.63
%
Mexico 2.19
%
Saudi Arabia 0.15
%
 
 
 
 
Sector allocation
Information Technology 28.51
%
Financials 21.33
%
Consumer Discretionary 15.96
%
Communication Services 10.67
%
Energy 9.07
%
Industrials 5.54
%
Consumer Staples 4.96
%
Healthcare 1.83
%
Materials 1.58
%
Utilities 0.57
%
Real Estate 0.10
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 9.71
%
Tencent Holdings 5.42
%
Samsung Electronics 4.52
%
ICICI Bank 4.01
%
Infosys 2.94
%
NetEase 2.89
%
Tata Consultancy Services 2.70
%
Hero MotoCorp 2.62
%
Alibaba Group Holding 2.56
%
Bank Central Asia 2.47
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information
about
the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Systematic Emerging Markets Equity Fund
Class R: IYPCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Systematic Emerging Markets Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
68
1.30
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
736,764,288
Total number of portfolio holdings 99
Total advisory fees paid
$
1,816,672
Portfolio turnover rate 17
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each
category
representing a percentage of the total net assets of the Fund.
Country allocation
China 32.46
%
India 22.86
%
Taiwan 18.48
%
South Korea 8.73
%
Indonesia 5.05
%
Brazil 4.86
%
South Africa 2.71
%
Türkiye 2.63
%
Mexico 2.19
%
Saudi Arabia 0.15
%
 
 
 
 
Sector allocation
Information Technology 28.51
%
Financials 21.33
%
Consumer Discretionary 15.96
%
Communication Services 10.67
%
Energy 9.07
%
Industrials 5.54
%
Consumer Staples 4.96
%
Healthcare 1.83
%
Materials 1.58
%
Utilities 0.57
%
Real Estate 0.10
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 9.71
%
Tencent Holdings 5.42
%
Samsung Electronics 4.52
%
ICICI Bank 4.01
%
Infosys 2.94
%
NetEase 2.89
%
Tata Consultancy Services 2.70
%
Hero MotoCorp 2.62
%
Alibaba Group Holding 2.56
%
Bank Central Asia 2.47
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
y
s from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Systematic Emerging Markets Equity Fund
Class R6: IMEGX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Systematic Emerging Markets Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
34
0.65
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
736,764,288
Total number of portfolio holdings 99
Total advisory fees paid
$
1,816,672
Portfolio turnover rate 17
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
China 32.46
%
India 22.86
%
Taiwan 18.48
%
South Korea 8.73
%
Indonesia 5.05
%
Brazil 4.86
%
South Africa 2.71
%
Türkiye 2.63
%
Mexico 2.19
%
Saudi Arabia 0.15
%
 
 
 
 
Sector allocation
Information Technology 28.51
%
Financials 21.33
%
Consumer Discretionary 15.96
%
Communication Services 10.67
%
Energy 9.07
%
Industrials 5.54
%
Consumer Staples 4.96
%
Healthcare 1.83
%
Materials 1.58
%
Utilities 0.57
%
Real Estate 0.10
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 9.71
%
Tencent Holdings 5.42
%
Samsung Electronics 4.52
%
ICICI Bank 4.01
%
Infosys 2.94
%
NetEase 2.89
%
Tata Consultancy Services 2.70
%
Hero MotoCorp 2.62
%
Alibaba Group Holding 2.56
%
Bank Central Asia 2.47
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the
Fund
, such as the prospectus, financial information, holdings, and proxy votin
g
information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Ivy Systematic Emerging Markets Equity Fund
Class Y: IPOYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Systematic Emerging Markets Equity Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
55
1.05
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
736,764,288
Total number of portfolio holdings 99
Total advisory fees paid
$
1,816,672
Portfolio turnover rate 17
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a
percentage
of the total net assets of the Fund.
Country allocation
China 32.46
%
India 22.86
%
Taiwan 18.48
%
South Korea 8.73
%
Indonesia 5.05
%
Brazil 4.86
%
South Africa 2.71
%
Türkiye 2.63
%
Mexico 2.19
%
Saudi Arabia 0.15
%
 
 
 
 
Sector allocation
Information Technology 28.51
%
Financials 21.33
%
Consumer Discretionary 15.96
%
Communication Services 10.67
%
Energy 9.07
%
Industrials 5.54
%
Consumer Staples 4.96
%
Healthcare 1.83
%
Materials 1.58
%
Utilities 0.57
%
Real Estate 0.10
%
 
 
 
 
Top 10 equity holdings
Taiwan Semiconductor Manufacturing 9.71
%
Tencent Holdings 5.42
%
Samsung Electronics 4.52
%
ICICI Bank 4.01
%
Infosys 2.94
%
NetEase 2.89
%
Tata Consultancy Services 2.70
%
Hero MotoCorp 2.62
%
Alibaba Group Holding 2.56
%
Bank Central Asia 2.47
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3989354)
Delaware logo
Macquarie Logo
Delaware Climate Solutions Fund
Class A: IEYAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Climate Solutions Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
65
1.24
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
132,150,208
Total number of portfolio holdings 31
Total advisory fees paid
$
373,341
Portfolio turnover rate 4
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Utilities 35.48
%
Industrials 22.54
%
Materials 17.89
%
Energy 12.45
%
Information Technology 4.23
%
Real Estate 3.89
%
Consumer Staples 3.04
%
 
 
 
 
Top 10 equity holdings
First Solar 4.23
%
Cummins 4.22
%
Alcoa 4.15
%
Kingspan Group 4.11
%
Anglo American 4.09
%
Schneider Electric 4.09
%
Waste Management 3.99
%
Weyerhaeuser 3.89
%
Ameren 3.78
%
CMS Energy 3.78
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus,
financial
information
, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Climate Solutions Fund
Class C: IEYCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Climate Solutions Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
104
1.99
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
132,150,208
Total number of portfolio holdings 31
Total advisory fees paid
$
373,341
Portfolio turnover rate 4
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Utilities 35.48
%
Industrials 22.54
%
Materials 17.89
%
Energy 12.45
%
Information Technology 4.23
%
Real Estate 3.89
%
Consumer Staples 3.04
%
 
 
 
 
Top 10 equity holdings
First Solar 4.23
%
Cummins 4.22
%
Alcoa 4.15
%
Kingspan Group 4.11
%
Anglo American 4.09
%
Schneider Electric 4.09
%
Waste Management 3.99
%
Weyerhaeuser 3.89
%
Ameren 3.78
%
CMS Energy 3.78
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your
financial
intermediary
.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication
to
shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Climate Solutions Fund
Class I: IVEIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Climate Solutions Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
52
0.99
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
132,150,208
Total number of portfolio holdings 31
Total advisory fees paid
$
373,341
Portfolio turnover rate 4
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Utilities 35.48
%
Industrials 22.54
%
Materials 17.89
%
Energy 12.45
%
Information Technology 4.23
%
Real Estate 3.89
%
Consumer Staples 3.04
%
 
 
 
 
Top 10 equity holdings
First Solar 4.23
%
Cummins 4.22
%
Alcoa 4.15
%
Kingspan Group 4.11
%
Anglo American 4.09
%
Schneider Electric 4.09
%
Waste
Management
3.99
%
Weyerhaeuser 3.89
%
Ameren 3.78
%
CMS Energy 3.78
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the
prospectus
, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekd
ays
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Climate Solutions Fund
Class R: IYEFX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Climate Solutions Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
78
1.49
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
132,150,208
Total number of portfolio holdings 31
Total advisory fees paid
$
373,341
Portfolio turnover rate 4
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Utilities 35.48
%
Industrials 22.54
%
Materials 17.89
%
Energy 12.45
%
Information Technology 4.23
%
Real Estate 3.89
%
Consumer Staples 3.04
%
 
 
 
 
Top 10 equity holdings
First Solar 4.23
%
Cummins 4.22
%
Alcoa 4.15
%
Kingspan Group 4.11
%
Anglo American 4.09
%
Schneider Electric 4.09
%
Waste Management 3.99
%
Weyerhaeuser 3.89
%
Ameren 3.78
%
CMS Energy 3.78
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus,
financial
information
, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Climate Solutions Fund
Class R6: IENRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Climate Solutions Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
43
0.83
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
132,150,208
Total number of portfolio holdings 31
Total advisory fees paid
$
373,341
Portfolio turnover rate 4
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Utilities 35.48
%
Industrials 22.54
%
Materials 17.89
%
Energy 12.45
%
Information Technology 4.23
%
Real Estate 3.89
%
Consumer Staples 3.04
%
 
 
 
 
Top 10 equity holdings
First Solar 4.23
%
Cummins 4.22
%
Alcoa 4.15
%
Kingspan Group 4.11
%
Anglo American 4.09
%
Schneider Electric 4.09
%
Waste Management 3.99
%
Weyerhaeuser 3.89
%
Ameren 3.78
%
CMS Energy 3.78
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also
request
this
information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Climate Solutions Fund
Class Y: IEYYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Climate Solutions Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
65
1.24
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
132,150,208
Total number of portfolio holdings 31
Total advisory fees paid
$
373,341
Portfolio turnover rate 4
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Utilities 35.48
%
Industrials 22.54
%
Materials 17.89
%
Energy 12.45
%
Information Technology 4.23
%
Real Estate 3.89
%
Consumer Staples 3.04
%
 
 
 
 
Top 10 equity holdings
First Solar 4.23
%
Cummins 4.22
%
Alcoa 4.15
%
Kingspan Group 4.11
%
Anglo American 4.09
%
Schneider Electric 4.09
%
Waste Management 3.99
%
Weyerhaeuser 3.89
%
Ameren 3.78
%
CMS Energy 3.78
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the
prospectus
,
financial
information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication t
o
shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Asset Strategy Fund
Class A: WASAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Asset Strategy Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
58
1.12
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,845,864,558
Total number of portfolio holdings 404
Total advisory fees paid
$
6,192,547
Portfolio turnover rate 24
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 66.71
%
Corporate Bonds 14.41
%
Bullion 4.68
%
Agency Mortgage-Backed Securities 4.36
%
Short-Term Investments 3.19
%
Loan Agreements 1.57
%
Exchange-Traded Funds 1.50
%
Non-Agency Commercial Mortgage-Backed Securities 1.09
%
US Treasury Obligations 0.75
%
Non-Agency Collateralized Mortgage Obligations 0.45
%
Top 10 equity holdings
Microsoft
3.72
%
NVIDIA
2.72
%
Alphabet
Class A
2.27
%
Amazon.com
2.21
%
Apple
2.14
%
Taiwan Semiconductor Manufacturing
1.95
%
Mastercard
Class A
1.56
%
Home Depot
1.51
%
Eli Lilly & Co.
1.49
%
Salesforce
1.44
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information,
holdings
,
and
proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Asset Strategy Fund
Class C: WASCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Asset Strategy Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
97
1.87
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,845,864,558
Total number of portfolio holdings 404
Total advisory fees paid
$
6,192,547
Portfolio turnover rate 24
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 66.71
%
Corporate Bonds 14.41
%
Bullion 4.68
%
Agency Mortgage-Backed Securities 4.36
%
Short-Term Investments 3.19
%
Loan Agreements 1.57
%
Exchange-Traded Funds 1.50
%
Non-Agency Commercial Mortgage-Backed Securities 1.09
%
US Treasury Obligations 0.75
%
Non-Agency Collateralized Mortgage Obligations 0.45
%
Top 10 equity holdings
Microsoft
3.72
%
NVIDIA
2.72
%
Alphabet
Class A
2.27
%
Amazon.com
2.21
%
Apple
2.14
%
Taiwan Semiconductor Manufacturing
1.95
%
Mastercard
Class A
1.56
%
Home Depot
1.51
%
Eli Lilly & Co.
1.49
%
Salesforce
1.44
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial
information
,
holdings
, and
proxy
voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Asset Strategy Fund
Class I: IVAEX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Asset Strategy Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
45
0.87
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,845,864,558
Total number of portfolio holdings 404
Total advisory fees paid
$
6,192,547
Portfolio turnover rate 24
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 66.71
%
Corporate Bonds 14.41
%
Bullion 4.68
%
Agency Mortgage-Backed Securities 4.36
%
Short-Term Investments 3.19
%
Loan Agreements 1.57
%
Exchange-Traded Funds 1.50
%
Non-Agency Commercial Mortgage-Backed Securities 1.09
%
US Treasury Obligations 0.75
%
Non-Agency Collateralized Mortgage Obligations 0.45
%
Top 10 equity holdings
Microsoft
3.72
%
NVIDIA
2.72
%
Alphabet
Class A
2.27
%
Amazon.com
2.21
%
Apple
2.14
%
Taiwan Semiconductor Manufacturing
1.95
%
Mastercard
Class A
1.56
%
Home Depot
1.51
%
Eli Lilly & Co.
1.49
%
Salesforce
1.44
%

Availability of additional information
You can find additional information about the Fund, such as the
prospectus
,
financial
information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Asset Strategy Fund
Class R: IASRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Asset Strategy Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
71
1.37
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,845,864,558
Total number of portfolio holdings 404
Total advisory fees paid
$
6,192,547
Portfolio turnover rate 24
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 66.71
%
Corporate Bonds 14.41
%
Bullion 4.68
%
Agency Mortgage-Backed Securities 4.36
%
Short-Term Investments 3.19
%
Loan Agreements 1.57
%
Exchange-Traded Funds 1.50
%
Non-Agency Commercial Mortgage-Backed Securities 1.09
%
US Treasury Obligations 0.75
%
Non-Agency Collateralized Mortgage Obligations 0.45
%
Top 10 equity holdings
Microsoft
3.72
%
NVIDIA
2.72
%
Alphabet
Class A
2.27
%
Amazon.com
2.21
%
Apple
2.14
%
Taiwan Semiconductor Manufacturing
1.95
%
Mastercard
Class A
1.56
%
Home Depot
1.51
%
Eli Lilly & Co.
1.49
%
Salesforce
1.44
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to
receive
individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Asset Strategy Fund
Class R6: IASTX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Asset Strategy Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for t
he l
ast six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
40
0.77
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,845,864,558
Total number of portfolio holdings 404
Total advisory fees paid
$
6,192,547
Portfolio turnover rate 24
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percent
a
ge of the total
net
assets of the Fund.
Portfolio composition
Common Stocks 66.71
%
Corporate Bonds 14.41
%
Bullion 4.68
%
Agency Mortgage-Backed Securities 4.36
%
Short-Term Investments 3.19
%
Loan Agreements 1.57
%
Exchange-Traded Funds 1.50
%
Non-Agency Commercial Mortgage-Backed Securities 1.09
%
US Treasury Obligations 0.75
%
Non-Agency Collateralized Mortgage Obligations 0.45
%
Top 10 equity holdings
Microsoft
3.72
%
NVIDIA
2.72
%
Alphabet
Class A
2.27
%
Amazon.com
2.21
%
Apple
2.14
%
Taiwan Semiconductor Manufacturing
1.95
%
Mastercard
Class A
1.56
%
Home Depot
1.51
%
Eli Lilly & Co.
1.49
%
Salesforce
1.44
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential
address
, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Asset Strategy Fund
Class Y: WASYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Asset Strategy Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
58
1.12
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,845,864,558
Total number of portfolio holdings 404
Total advisory fees paid
$
6,192,547
Portfolio turnover rate 24
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with
each
category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 66.71
%
Corporate Bonds 14.41
%
Bullion 4.68
%
Agency Mortgage-Backed Securities 4.36
%
Short-Term Investments 3.19
%
Loan Agreements 1.57
%
Exchange-Traded Funds 1.50
%
Non-Agency Commercial Mortgage-Backed Securities 1.09
%
US Treasury Obligations 0.75
%
Non-Agency Collateralized Mortgage Obligations 0.45
%
Top 10 equity holdings
Microsoft
3.72
%
NVIDIA
2.72
%
Alphabet
Class A
2.27
%
Amazon.com
2.21
%
Apple
2.14
%
Taiwan Semiconductor Manufacturing
1.95
%
Mastercard
Class A
1.56
%
Home Depot
1.51
%
Eli Lilly & Co.
1.49
%
Salesforce
1.44
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Balanced Fund
Class A: IBNAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Balanced Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
55
1.05
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,577,247,586
Total number of portfolio holdings 375
Total advisory fees paid
$
4,944,463
Portfolio turnover rate 38
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a
percentage
of the total net assets of the Fund.
Portfolio composition
Common Stocks 60.10
%
Corporate Bonds 10.87
%
Agency Mortgage-Backed Securities 9.70
%
US Treasury Obligations 6.21
%
Short-Term Investments 4.29
%
Non-Agency Commercial Mortgage-Backed Securities 2.95
%
Exchange-Traded Fund 2.82
%
Non-Agency Asset-Backed Securities 1.13
%
Agency Collateralized Mortgage Obligations 0.91
%
Non-Agency Collateralized Mortgage Obligations 0.55
%
Loan Agreements 0.38
%
Top 10 equity holdings
Microsoft
4.50
%
NVIDIA
3.01
%
Apple
2.89
%
Amazon.com
2.13
%
UnitedHealth Group
2.06
%
HCA Healthcare
2.02
%
Alphabet
Class A
1.73
%
Taiwan Semiconductor Manufacturing ADR
1.65
%
Costco Wholesale
1.58
%
Fiserv
1.56
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial
intermediary
.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to
receive
individual mailings, please call
800 523-1918
or contact your financial intermediary. Your
instructions
will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Balanced Fund
Class C: IBNCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Balanced Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
94
1.80
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,577,247,586
Total number of portfolio holdings 375
Total advisory fees paid
$
4,944,463
Portfolio turnover rate 38
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 60.10
%
Corporate Bonds 10.87
%
Agency Mortgage-Backed Securities 9.70
%
US Treasury Obligations 6.21
%
Short-Term Investments 4.29
%
Non-Agency Commercial Mortgage-Backed Securities 2.95
%
Exchange-Traded Fund 2.82
%
Non-Agency Asset-Backed Securities 1.13
%
Agency Collateralized Mortgage Obligations 0.91
%
Non-Agency Collateralized Mortgage Obligations 0.55
%
Loan Agreements 0.38
%
Top 10 equity holdings
Microsoft
4.50
%
NVIDIA
3.01
%
Apple
2.89
%
Amazon.com
2.13
%
UnitedHealth Group
2.06
%
HCA Healthcare
2.02
%
Alphabet
Class A
1.73
%
Taiwan Semiconductor Manufacturing ADR
1.65
%
Costco Wholesale
1.58
%
Fiserv
1.56
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will
continue
to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial
intermediary
. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Balanced Fund
Class I: IYBIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Balanced Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
42
0.80
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,577,247,586
Total number of portfolio holdings 375
Total advisory fees paid
$
4,944,463
Portfolio turnover rate 38
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a
percentage
of the total net assets of the Fund.
Portfolio composition
Common Stocks 60.10
%
Corporate Bonds 10.87
%
Agency Mortgage-Backed Securities 9.70
%
US Treasury Obligations 6.21
%
Short-Term Investments 4.29
%
Non-Agency Commercial Mortgage-Backed Securities 2.95
%
Exchange-Traded Fund 2.82
%
Non-Agency Asset-Backed Securities 1.13
%
Agency Collateralized Mortgage Obligations 0.91
%
Non-Agency Collateralized Mortgage Obligations 0.55
%
Loan Agreements 0.38
%
Top 10 equity holdings
Microsoft
4.50
%
NVIDIA
3.01
%
Apple
2.89
%
Amazon.com
2.13
%
UnitedHealth Group
2.06
%
HCA Healthcare
2.02
%
Alphabet
Class A
1.73
%
Taiwan Semiconductor Manufacturing ADR
1.65
%
Costco Wholesale
1.58
%
Fiserv
1.56
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you
would
like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Balanced Fund
Class R: IYBFX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Balanced Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
68
1.30
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,577,247,586
Total number of portfolio holdings 375
Total advisory fees paid
$
4,944,463
Portfolio turnover rate 38
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category
representing
a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 60.10
%
Corporate Bonds 10.87
%
Agency Mortgage-Backed Securities 9.70
%
US Treasury Obligations 6.21
%
Short-Term Investments 4.29
%
Non-Agency Commercial Mortgage-Backed Securities 2.95
%
Exchange-Traded Fund 2.82
%
Non-Agency Asset-Backed Securities 1.13
%
Agency Collateralized Mortgage Obligations 0.91
%
Non-Agency Collateralized Mortgage Obligations 0.55
%
Loan Agreements 0.38
%
Top 10 equity holdings
Microsoft
4.50
%
NVIDIA
3.01
%
Apple
2.89
%
Amazon.com
2.13
%
UnitedHealth Group
2.06
%
HCA Healthcare
2.02
%
Alphabet
Class A
1.73
%
Taiwan Semiconductor Manufacturing ADR
1.65
%
Costco Wholesale
1.58
%
Fiserv
1.56
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you
choose
, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Balanced Fund
Class R6: IBARX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Balanced Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
37
0.71
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,577,247,586
Total number of portfolio holdings 375
Total advisory fees paid
$
4,944,463
Portfolio turnover rate 38
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 60.10
%
Corporate Bonds 10.87
%
Agency Mortgage-Backed Securities 9.70
%
US Treasury Obligations 6.21
%
Short-Term Investments 4.29
%
Non-Agency Commercial Mortgage-Backed Securities 2.95
%
Exchange-Traded Fund 2.82
%
Non-Agency Asset-Backed Securities 1.13
%
Agency Collateralized Mortgage Obligations 0.91
%
Non-Agency Collateralized Mortgage Obligations 0.55
%
Loan Agreements 0.38
%
Top 10 equity holdings
Microsoft
4.50
%
NVIDIA
3.01
%
Apple
2.89
%
Amazon.com
2.13
%
UnitedHealth Group
2.06
%
HCA Healthcare
2.02
%
Alphabet
Class A
1.73
%
Taiwan Semiconductor Manufacturing ADR
1.65
%
Costco Wholesale
1.58
%
Fiserv
1.56
%

Availability of additional information
You can find additional information about the Fund,
such
as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Balanced Fund
Class Y: IBNYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Balanced Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
55
1.05
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
1,577,247,586
Total number of portfolio holdings 375
Total advisory fees paid
$
4,944,463
Portfolio turnover rate 38
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Portfolio composition
Common Stocks 60.10
%
Corporate Bonds 10.87
%
Agency Mortgage-Backed Securities 9.70
%
US Treasury Obligations 6.21
%
Short-Term Investments 4.29
%
Non-Agency Commercial Mortgage-Backed Securities 2.95
%
Exchange-Traded Fund 2.82
%
Non-Agency Asset-Backed Securities 1.13
%
Agency Collateralized Mortgage Obligations 0.91
%
Non-Agency Collateralized Mortgage Obligations 0.55
%
Loan Agreements 0.38
%
Top 10 equity holdings
Microsoft
4.50
%
NVIDIA
3.01
%
Apple
2.89
%
Amazon.com
2.13
%
UnitedHealth Group
2.06
%
HCA Healthcare
2.02
%
Alphabet
Class A
1.73
%
Taiwan Semiconductor Manufacturing ADR
1.65
%
Costco Wholesale
1.58
%
Fiserv
1.56
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last
name
or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Natural Resources Fund
Class A: IGNAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Natural Resources Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
71
1.38
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
190,848,085
Total number of portfolio holdings 39
Total advisory fees paid
$
711,917
Portfolio turnover rate 16
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with e
ach catego
ry representing a percentage of the total net assets of the Fund.
Sector allocation
Oil & Gas Exploration & Production 15.51
%
Gold 15.08
%
Diversified Metals & Mining 11.72
%
Fertilizers & Agricultural Chemicals 8.57
%
Integrated Oil & Gas 7.45
%
Construction Materials 4.65
%
Oil & Gas Equipment & Services 4.00
%
Forest Products 3.94
%
Aluminum 3.62
%
Copper 3.22
%
 
 
 
Top 10 eq
uit
y holdings
Newmont 7.66
%
Shell 5.73
%
CF Industries Holdings 5.55
%
Anglo American 5.18
%
CRH 4.65
%
Schlumberger 4.00
%
Wheaton Precious Metals 3.90
%
Hudbay Minerals 3.65
%
Alcoa 3.62
%
Endeavour Mining 3.52
%
 

Availability of additional information
You can find additional information abou
t th
e Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Natural Resources Fund
Class C: IGNCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Natural Resources Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
109
2.13
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
190,848,085
Total number of portfolio holdings 39
Total advisory fees paid
$
711,917
Portfolio turnover rate 16
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Oil & Gas Exploration & Production 15.51
%
Gold 15.08
%
Diversified Metals & Mining 11.72
%
Fertilizers & Agricultural Chemicals 8.57
%
Integrated Oil & Gas 7.45
%
Construction Materials 4.65
%
Oil & Gas Equipment & Services 4.00
%
Forest Products 3.94
%
Aluminum 3.62
%
Copper 3.22
%
 
 
 
Top 10
equity
holdings
Newmont 7.66
%
Shell 5.73
%
CF Industries Holdings 5.55
%
Anglo American 5.18
%
CRH 4.65
%
Schlumberger 4.00
%
Wheaton Precious Metals 3.90
%
Hudbay Minerals 3.65
%
Alcoa 3.62
%
Endeavour Mining 3.52
%
 

Availability of additional information
You can find additional information about the Fund, such as
the prosp
ectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Natural Resources Fund
Class I: IGNIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Natural Resources Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
58
1.13
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
190,848,085
Total number of portfolio holdings 39
Total advisory fees paid
$
711,917
Portfolio turnover rate 16
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each
category
representing a percentage of the total net assets of the Fund.
Sector allocation
Oil & Gas Exploration & Production 15.51
%
Gold 15.08
%
Diversified Metals & Mining 11.72
%
Fertilizers & Agricultural Chemicals 8.57
%
Integrated Oil & Gas 7.45
%
Construction Materials 4.65
%
Oil & Gas Equipment & Services 4.00
%
Forest Products 3.94
%
Aluminum 3.62
%
Copper 3.22
%
 
 
 
Top 10 equity holdings
Newmont 7.66
%
Shell 5.73
%
CF Industries Holdings 5.55
%
Anglo American 5.18
%
CRH 4.65
%
Schlumberger 4.00
%
Wheaton Precious Metals 3.90
%
Hudbay Minerals 3.65
%
Alcoa 3.62
%
Endeavour Mining 3.52
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Natural Resources Fund
Class R: IGNRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Natural Resources Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage
of
a $10,000 investment
*
Class R
$
83
1.63
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
190,848,085
Total number of portfolio holdings 39
Total advisory fees paid
$
711,917
Portfolio turnover rate 16
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each c
ategor
y representing a percentage of the total net assets of the Fund.
Sector allocation
Oil & Gas Exploration & Production 15.51
%
Gold 15.08
%
Diversified Metals & Mining 11.72
%
Fertilizers & Agricultural Chemicals 8.57
%
Integrated Oil & Gas 7.45
%
Construction Materials 4.65
%
Oil & Gas Equipment & Services 4.00
%
Forest Products 3.94
%
Aluminum 3.62
%
Copper 3.22
%
 
 
 
 
Top 10 eq
uity
holdings
Newmont 7.66
%
Shell 5.73
%
CF Industries Holdings 5.55
%
Anglo American 5.18
%
CRH 4.65
%
Schlumberger 4.00
%
Wheaton Precious Metals 3.90
%
Hudbay Minerals 3.65
%
Alcoa 3.62
%
Endeavour Mining 3.52
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Natural Resources Fund
Class R6: INRSX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Natural Resources Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
50
0.97
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
190,848,085
Total number of portfolio holdings 39
Total advisory fees paid
$
711,917
Portfolio turnover rate 16
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Oil & Gas Exploration & Production 15.51
%
Gold 15.08
%
Diversified Metals & Mining 11.72
%
Fertilizers & Agricultural Chemicals 8.57
%
Integrated Oil & Gas 7.45
%
Construction Materials 4.65
%
Oil & Gas Equipment & Services 4.00
%
Forest Products 3.94
%
Aluminum 3.62
%
Copper 3.22
%
 
 
 
 
Top 10 e
quity
holdings
Newmont 7.66
%
Shell 5.73
%
CF Industries Holdings 5.55
%
Anglo American 5.18
%
CRH 4.65
%
Schlumberger 4.00
%
Wheaton Precious Metals 3.90
%
Hudbay Minerals 3.65
%
Alcoa 3.62
%
Endeavour Mining 3.52
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3
97
5505)
Delaware logo
Macquarie Logo
Delaware Ivy Natural Resources Fund
Class Y: IGNYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Natural Resources Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
71
1.38
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
190,848,085
Total number of portfolio holdings 39
Total advisory fees paid
$
711,917
Portfolio turnover rate 16
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category re
presentin
g a percentage of the total net assets of the Fund.
Sector allocation
Oil & Gas Exploration & Production 15.51
%
Gold 15.08
%
Diversified Metals & Mining 11.72
%
Fertilizers & Agricultural Chemicals 8.57
%
Integrated Oil & Gas 7.45
%
Construction Materials 4.65
%
Oil & Gas Equipment & Services 4.00
%
Forest Products 3.94
%
Aluminum 3.62
%
Copper 3.22
%
 
 
 
 
Top 10 equity holdings
Newmont 7.66
%
Shell 5.73
%
CF Industries Holdings 5.55
%
Anglo American 5.18
%
CRH 4.65
%
Schlumberger 4.00
%
Wheaton Precious Metals 3.90
%
Hudbay Minerals 3.65
%
Alcoa 3.62
%
Endeavour Mining 3.52
%

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive
t
hese documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Science and Technology Fund
Class A: WSTAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Science and Technology Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
63
1.18
%
*
Annualized
Fund statistics
(as of September 30,
2024
)
Fund net assets
$
5,964,974,936
Total number of portfolio holdings 35
Total advisory fees paid
$
23,027,965
Portfolio turnover rate 21
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 66.99
%
Communication Services 13.39
%
Consumer Discretionary 10.27
%
Healthcare 5.52
%
Industrials 3.51
%
 
 
 
 
Top 10 e
qu
ity holdings
Meta Platforms Class A 9.87
%
NVIDIA 8.03
%
Microsoft 7.36
%
Seagate Technology Holdings 5.98
%
Broadcom 5.60
%
Zebra Technologies Class A 4.81
%
Amazon.com 4.63
%
SAP ADR 3.66
%
Taiwan Semiconductor Manufacturing ADR 3.65
%
ASML Holding 3.34
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Science and Technology Fund
Class C: WSTCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Science and Technology Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
102
1.93
%
*
Annualized
Fund statistics
(as of
September
30, 2024)
Fund net assets
$
5,964,974,936
Total number of portfolio holdings 35
Total advisory fees paid
$
23,027,965
Portfolio turnover rate 21
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 66.99
%
Communication Services 13.39
%
Consumer Discretionary 10.27
%
Healthcare 5.52
%
Industrials 3.51
%
 
 
 
 
Top 10 equity holdings
Meta Platforms Class A 9.87
%
NVIDIA 8.03
%
Microsoft 7.36
%
Seagate Technology Holdings 5.98
%
Broadcom 5.60
%
Zebra Technologies Class A 4.81
%
Amazon.com 4.63
%
SAP ADR 3.66
%
Taiwan Semiconductor Manufacturing ADR 3.65
%
ASML Holding 3.34
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the
prospectus
, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Science and Technology Fund
Class
I
: ISTIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Science and Technology Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
49
0.93
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
5,964,974,936
Total number of portfolio holdings 35
Total advisory fees paid
$
23,027,965
Portfolio turnover rate 21
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 66.99
%
Communication Services 13.39
%
Consumer Discretionary 10.27
%
Healthcare 5.52
%
Industrials 3.51
%
 
 
 
 
Top 10 equity holdings
Meta Platforms Class A 9.87
%
NVIDIA 8.03
%
Microsoft 7.36
%
Seagate Technology Holdings 5.98
%
Broadcom 5.60
%
Zebra Technologies Class A 4.81
%
Amazon.com 4.63
%
SAP ADR 3.66
%
Taiwan Semiconductor Manufacturing ADR 3.65
%
ASML Holding 3.34
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund,
such
as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Science and Technology Fund
Class R: WSTRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Science and Technology Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
76
1.43
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
5,964,974,936
Total number of portfolio holdings 35
Total advisory fees paid
$
23,027,965
Portfolio turnover rate 21
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 66.99
%
Communication Services 13.39
%
Consumer Discretionary 10.27
%
Healthcare 5.52
%
Industrials 3.51
%
 
 
 
 
Top 10 equity holdings
Meta Platforms Class A 9.87
%
NVIDIA 8.03
%
Microsoft 7.36
%
Seagate Technology Holdings 5.98
%
Broadcom 5.60
%
Zebra Technologies Class A 4.81
%
Amazon.com 4.63
%
SAP ADR 3.66
%
Taiwan Semiconductor Manufacturing ADR 3.65
%
ASML Holding 3.34
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the
Fund
, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekda
ys
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Science and Technology Fund
Class R6: ISTNX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Science and Technology Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
45
0.85
%
*
Annualized
Fund statistics
(as of September 30,
2024
)
Fund net assets
$
5,964,974,936
Total number of portfolio holdings 35
Total advisory fees paid
$
23,027,965
Portfolio turnover rate 21
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
Information Technology 66.99
%
Communication Services 13.39
%
Consumer Discretionary 10.27
%
Healthcare 5.52
%
Industrials 3.51
%
 
 
 
 
Top 10 equity holdings
Meta Platforms Class A 9.87
%
NVIDIA 8.03
%
Microsoft 7.36
%
Seagate Technology Holdings 5.98
%
Broadcom 5.60
%
Zebra Technologies Class A 4.81
%
Amazon.com 4.63
%
SAP ADR 3.66
%
Taiwan Semiconductor Manufacturing ADR 3.65
%
ASML Holding 3.34
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekday
s
from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Ivy Science and Technology Fund
Class Y: WSTYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Ivy Science and Technology Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
63
1.18
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
5,964,974,936
Total number of portfolio holdings 35
Total advisory fees paid
$
23,027,965
Portfolio turnover rate 21
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector
allocati
on
Information Technology 66.99
%
Communication Services 13.39
%
Consumer Discretionary 10.27
%
Healthcare 5.52
%
Industrials 3.51
%
 
 
 
 
Top 10 equity holdings
Meta Platforms Class A 9.87
%
NVIDIA 8.03
%
Microsoft 7.36
%
Seagate Technology Holdings 5.98
%
Broadcom 5.60
%
Zebra Technologies Class A 4.81
%
Amazon.com 4.63
%
SAP ADR 3.66
%
Taiwan Semiconductor Manufacturing ADR 3.65
%
ASML Holding 3.34
%
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication t
o
shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Real Estate Securities Fund
Class A: IRSAX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Real Estate Securities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class A
$
64
1.20
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
114,688,210
Total number of portfolio holdings 32
Total advisory fees paid
$
243,597
Portfolio turnover rate 22
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of
the
Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
REIT Healthcare 18.38
%
REIT Data Center 16.76
%
REIT Retail 14.38
%
REIT Multifamily 11.23
%
REIT Industrial 10.89
%
REIT Single Family 6.53
%
REIT Self-Storage 4.91
%
REIT Specialty 4.60
%
REIT Diversified 3.20
%
REIT Hotel 2.36
%
 
 
 
Top 10 equ
it
y holdings
Equinix 13.07
%
Welltower 11.94
%
Public Storage 4.91
%
Agree Realty 4.84
%
AvalonBay Communities 4.74
%
VICI Properties 4.61
%
Prologis 4.25
%
Invitation Homes 4.04
%
Alexandria Real Estate
Equities
3.71
%
Digital Realty Trust 3.69
%
 

Availability of additional information
You can find additional information about
the
Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
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Delaware logo
Macquarie Logo
Delaware Real Estate Securities Fund
Class C: IRSCX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Real Estate Securities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class C
$
104
1.95
%
*
Annualized
Fund statistics
(as of
September
30, 2024)
Fund net assets
$
114,688,210
Total number of portfolio holdings 32
Total advisory fees paid
$
243,597
Portfolio turnover rate 22
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
REIT Healthcare 18.38
%
REIT Data Center 16.76
%
REIT Retail 14.38
%
REIT Multifamily 11.23
%
REIT Industrial 10.89
%
REIT Single Family 6.53
%
REIT Self-Storage 4.91
%
REIT Specialty 4.60
%
REIT Diversified 3.20
%
REIT Hotel 2.36
%
 
 
 
Top 10 equ
it
y holdi
n
gs
Equinix 13.07
%
Welltower 11.94
%
Public Storage 4.91
%
Agree Realty 4.84
%
AvalonBay Communities 4.74
%
VICI Properties 4.61
%
Prologis 4.25
%
Invitation Homes 4.04
%
Alexandria Real Estate Equities 3.71
%
Digital Realty Trust 3.69
%
 

Availability of additional
information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
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(3975505)
Delaware logo
Macquarie Logo
Delaware Real Estate Securities Fund
Class I: IREIX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Real Estate Securities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class I
$
51
0.95
%
*
Annualized
Fund
statistics
(as of September 30, 2024)
Fund net assets
$
114,688,210
Total number of portfolio holdings 32
Total advisory fees paid
$
243,597
Portfolio turnover rate 22
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
REIT Healthcare 18.38
%
REIT Data Center 16.76
%
REIT Retail 14.38
%
REIT Multifamily 11.23
%
REIT Industrial 10.89
%
REIT Single Family 6.53
%
REIT Self-Storage 4.91
%
REIT Specialty 4.60
%
REIT Diversified 3.20
%
REIT Hotel 2.36
%
 
 
 
Top 10 eq
u
ity holdings
Equinix 13.07
%
Welltower 11.94
%
Public Storage 4.91
%
Agree Realty 4.84
%
AvalonBay Communities 4.74
%
VICI Properties 4.61
%
Prologis 4.25
%
Invitation Homes 4.04
%
Alexandria Real Estate Equities 3.71
%
Digital Realty Trust 3.69
%
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
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(3975505)
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Macquarie Logo
Delaware Real Estate Securities Fund
Class R: IRSRX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Real Estate Securities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R
$
78
1.45
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund net assets
$
114,688,210
Total number of portfolio holdings 32
Total advisory fees paid
$
243,597
Portfolio turnover rate 22
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
REIT Healthcare 18.38
%
REIT Data Center 16.76
%
REIT Retail 14.38
%
REIT Multifamily 11.23
%
REIT Industrial 10.89
%
REIT Single Family 6.53
%
REIT Self-Storage 4.91
%
REIT Specialty 4.60
%
REIT Diversified 3.20
%
REIT Hotel 2.36
%
 
 
 
Top 10 eq
ui
ty holdings
Equinix 13.07
%
Welltower 11.94
%
Public Storage 4.91
%
Agree Realty 4.84
%
AvalonBay Communities 4.74
%
VICI Properties 4.61
%
Prologis 4.25
%
Invitation Homes 4.04
%
Alexandria Real Estate
Equities
3.71
%
Digital Realty Trust 3.69
%
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Real Estate Securities Fund
Class R6: IRSEX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Real Estate Securities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class R6
$
43
0.80
%
*
Annualized
Fund statistics
(as of Septem
b
er 30, 2024)
Fund net assets
$
114,688,210
Total number of portfolio holdings 32
Total advisory fees paid
$
243,597
Portfolio turnover rate 22
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
REIT Healthcare 18.38
%
REIT Data Center 16.76
%
REIT Retail 14.38
%
REIT Multifamily 11.23
%
REIT Industrial 10.89
%
REIT Single Family 6.53
%
REIT Self-Storage 4.91
%
REIT Specialty 4.60
%
REIT Diversified 3.20
%
REIT Hotel 2.36
%
 
 
 
Top 10 equity h
old
ings
Equinix 13.07
%
Welltower 11.94
%
Public Storage 4.91
%
Agree Realty 4.84
%
AvalonBay Communities 4.74
%
VICI Properties 4.61
%
Prologis 4.25
%
Invitation Homes 4.04
%
Alexandria Real Estate
Equities
3.71
%
Digital Realty Trust 3.69
%
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)
Delaware logo
Macquarie Logo
Delaware Real Estate Securities Fund

Class Y
:
IRSYX
Semiannual shareholder report | September 30, 2024
This
semiannual shareholder report
contains important information about Delaware Real Estate Securities Fund (Fund) for the period of
April 1, 2024,
to September 30, 2024.
You can find additional information about the Fund at
delawarefunds.com/literature.
You can also request this information by contacting us at
800 523-1918
, weekdays from
8:30am to 6:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
*
Class Y
$
64
1.20
%
*
Annualized
Fund statistics
(as of September 30, 2024)
Fund
ne
t assets
$
114,688,210
Total number of portfolio holdings 32
Total advisory fees paid
$
243,597
Portfolio turnover rate 22
%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
REIT Healthcare 18.38
%
REIT Data Center 16.76
%
REIT Retail 14.38
%
REIT Multifamily 11.23
%
REIT Industrial 10.89
%
REIT Single Family 6.53
%
REIT Self-Storage 4.91
%
REIT Specialty 4.60
%
REIT Diversified 3.20
%
REIT Hotel 2.36
%
 
 
 
Top 10 equity hol
di
ngs
Equinix 13.07
%
Welltower 11.94
%
Public Storage 4.91
%
Agree Realty 4.84
%
AvalonBay Communities 4.74
%
VICI Properties 4.61
%
Prologis 4.25
%
Invitation Homes 4.04
%
Alexandria Real Estate Equities 3.71
%
Digital Realty Trust 3.69
%
 

Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at
800 523-1918
, weekdays from 8:30am to 6:00pm ET, or
by contacting
your financial intermediary.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call
800 523-1918
or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie
®
or your financial intermediary. If you choose, you may receive these documents through electronic delivery.
TSR - QR Code - Delaware
For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.
(3975505)


  (b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

 

  (a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

 

  (b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

  (a)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

 

  (b)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

 


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
Fixed income funds
Delaware Ivy Global Bond Fund
Delaware Ivy High Income Fund
Global / international equity funds
Delaware Ivy Global Growth Fund
Delaware Ivy International Core Equity Fund
Delaware Ivy Systematic Emerging Markets Equity Fund
 
Financial statements and other information
For the six months ended September 30, 2024

 

Table of contents

1

38

44

50

62

128

168
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
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 Form N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

 

Table of Contents
Schedules of investments
Delaware Ivy Core Equity Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 97.49%♦
Communication Services — 8.50%
Alphabet Class A     1,082,610 $  179,550,868
AT&T     2,726,072     59,973,584
Meta Platforms Class A       158,040    90,468,418
    329,992,870
Consumer Discretionary — 7.21%
Amazon.com †      724,911    135,072,667
AutoZone †       22,598     71,184,604
Home Depot       181,416    73,509,763
    279,767,034
Consumer Staples — 3.92%
Costco Wholesale       112,102     99,380,665
Procter & Gamble       304,366    52,716,191
    152,096,856
Energy — 1.36%
ConocoPhillips       501,313    52,778,233
     52,778,233
Financials — 20.86%
Allstate       356,300     67,572,295
Ally Financial       510,290     18,161,221
American Express       246,273     66,789,238
Aon Class A       125,095     43,281,619
Blackstone       497,281     76,148,640
Capital One Financial       516,545     77,342,283
CME Group       226,375     49,949,644
Fiserv †      549,602     98,735,999
JPMorgan Chase & Co.       122,219     25,771,098
KKR & Co.       721,946     94,271,709
Mastercard Class A       103,498     51,107,312
Morgan Stanley       725,244     75,599,435
Progressive       254,852    64,671,243
    809,401,736
Healthcare — 11.40%
Abbott Laboratories       680,150     77,543,901
Danaher       232,403     64,612,682
HCA Healthcare       306,320    124,497,638
UnitedHealth Group       223,254    130,532,149
Vertex Pharmaceuticals †       96,912    45,071,833
    442,258,203
Industrials — 8.49%
Airbus ADR     1,061,369     38,771,810
Howmet Aerospace       969,233     97,165,608
Hubbell        91,361     39,134,484
Lockheed Martin        80,864     47,269,860
TE Connectivity       567,901     85,747,372
United Rentals        26,335    21,324,239
    329,413,373
    Number of
shares
Value (US $)
Common Stocks♦ (continued)
Information Technology — 29.47%
Apple       782,866 $  182,407,778
Applied Materials       405,076     81,845,606
CDW        85,808     19,418,350
Microchip Technology       376,519     30,230,711
Micron Technology       303,714     31,498,179
Microsoft       664,355    285,871,957
NVIDIA     1,567,732    190,385,374
Salesforce       171,975     47,071,277
SAP ADR       126,704     29,027,886
Seagate Technology Holdings       420,777     46,087,705
Taiwan Semiconductor Manufacturing ADR       599,487    104,112,907
Zebra Technologies Class A †      257,885    95,499,973
  1,143,457,703
Materials — 5.05%
Crown Holdings       631,622     60,559,918
Linde       143,272     68,320,686
Sherwin-Williams       176,290    67,284,604
    196,165,208
Utilities — 1.23%
NextEra Energy       564,487    47,716,086
     47,716,086
Total Common Stocks
(cost $1,849,738,259)
3,783,047,302
 
Short-Term Investments — 2.70%
Money Market Mutual Funds — 2.70%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)   26,173,451     26,173,451
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   26,173,451     26,173,451
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)   26,173,451     26,173,451
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   26,173,451    26,173,451
Total Short-Term Investments
(cost $104,693,804)
  104,693,804
Total Value of Securities—100.19%
(cost $1,954,432,063)
    $3,887,741,106
    
    1

 

Table of Contents
Schedules of investments
Delaware Ivy Core Equity Fund   
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
Non-income producing security.
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
2    

 

Table of Contents
Delaware Ivy Global Bond Fund  
September 30, 2024 (Unaudited)
    Principal
amount°
Value (US $)
Agency Mortgage-Backed Securities — 7.55%
Fannie Mae S.F. 20 yr
4.00% 8/1/42
         515,814 $    505,760
Fannie Mae S.F. 30 yr      
2.00% 9/1/51        3,146,933    2,608,413
2.50% 2/1/52        2,396,287    2,071,187
3.00% 5/1/51        2,493,421    2,241,388
3.50% 7/1/47        3,034,157    2,899,011
3.50% 6/1/52        2,108,925    1,965,271
4.00% 5/1/51        1,096,761    1,066,790
4.50% 1/1/50           75,696       76,367
4.50% 4/1/50          847,707      847,363
4.50% 10/1/52          303,382      298,365
5.00% 9/1/52          989,529      990,936
5.00% 2/1/53          942,968      943,168
5.50% 10/1/52        2,250,457    2,282,227
5.50% 3/1/53          399,963      405,159
Freddie Mac S.F. 15 yr
5.00% 6/1/38
       2,103,158   2,131,260
Freddie Mac S.F. 20 yr
5.50% 6/1/43
       1,546,256    1,582,049
Freddie Mac S.F. 30 yr      
2.50% 2/1/52          133,370      116,130
3.00% 12/1/46        1,411,818    1,292,647
4.00% 8/1/52        1,196,174    1,154,871
4.50% 9/1/52        1,454,177    1,432,168
4.50% 10/1/52        2,515,046    2,472,337
5.00% 6/1/53        2,654,011    2,673,764
5.50% 2/1/54        2,402,096    2,454,968
6.00% 12/1/52          877,424      899,831
6.00% 3/1/53        1,384,334    1,416,657
6.00% 9/1/53          463,250      473,597
GNMA II S.F. 30 yr
3.00% 12/20/51
       1,446,472   1,319,363
Total Agency Mortgage-Backed Securities
(cost $37,752,436)
 38,621,047
 
Corporate Bonds — 40.64%Δ
Australia — 6.78%
Amcor UK Finance
3.95% 5/29/32
EUR        700,000      796,183
Ampol      
7.816% 12/2/81 ■, • AUD      1,000,000      713,335
8.005% 12/9/80 ■, • AUD      3,500,000    2,483,073
APA Infrastructure 2.00%
7/15/30 ■
EUR      1,000,000    1,033,229
AusNet Services
Holdings Pty 7.562% 10/6/80 ■, •
AUD      2,000,000    1,401,076
Charter Hall LWR Pty
2.086% 3/3/28 ■
AUD      3,850,000    2,404,178
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
Australia (continued)
Commonwealth Bank of
Australia 6.86% 11/9/32 μ
AUD      6,400,000 $  4,668,305
CPIF Finance Pty
2.485% 10/28/30 ■
AUD      3,000,000    1,751,556
FMG Resources August
2006
     
144A 5.875% 4/15/30 #          255,000      258,520
144A 6.125% 4/15/32 #          255,000      261,097
National Australia Bank      
5.74% 2/9/34 μ AUD      4,949,000    3,494,266
6.322% 8/3/32 μ AUD      7,992,000    5,729,373
6.342% 6/6/39 μ, ■ AUD      2,000,000    1,444,756
NSW Electricity Networks
Finance Pty 2.543% 9/23/30
AUD      3,500,000    2,057,395
QIC Finance Town
Centre Fund Pty 5.80% 5/21/31 ■
AUD      4,000,000    2,845,680
WestConnex Finance
3.15% 3/31/31 ■
AUD      3,200,000    1,956,841
Worley Financial
Services Pty 5.95% 10/13/28 ■
AUD      2,000,000   1,407,395
   34,706,258
Brazil — 0.24%
LD Celulose International
144A 7.95% 1/26/32 #
         400,000      410,750
Raizen Fuels Finance
144A 6.45% 3/5/34 #
         385,000      407,731
Rumo Luxembourg 144A
5.25% 1/10/28 #
         435,000     432,420
    1,250,901
Canada — 0.26%
Bank of Montreal 7.70%
5/26/84 μ
         540,000      571,202
Bombardier      
144A 7.00% 6/1/32 #          250,000      261,797
144A 7.25% 7/1/31 #          250,000      264,609
Enbridge 5.75%
7/15/80 μ
         220,000     216,253
    1,313,861
Chile — 0.32%
AES Andes      
144A 6.30% 3/15/29 #          600,000      624,645
144A 8.15% 6/10/55 #, μ          400,000      413,717
    3

 

Table of Contents
Schedules of investments
Delaware Ivy Global Bond Fund   
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
Chile (continued)
Sociedad Quimica y
Minera de Chile 144A 6.50% 11/7/33 #
         540,000 $    582,645
    1,621,007
China — 0.16%
ENN Energy Holdings
144A 2.625% 9/17/30 #
         909,000     828,044
      828,044
Denmark — 0.09%
Danfoss Finance II 0.75%
4/28/31 ■
EUR        500,000     470,984
      470,984
France — 3.03%
Arkema 4.25% 5/20/30 ■ EUR        700,000      824,742
BPCE      
2.25% 3/2/32 μ, ■ EUR        500,000      538,466
3.50% 1/25/28 ■ EUR      1,500,000    1,703,040
144A 5.125% 1/18/28 #        3,215,000    3,281,584
Credit Agricole      
1.625% 6/5/30 μ, ■ EUR      2,900,000    3,180,356
144A 6.316% 10/3/29 #, μ        1,265,000    1,345,598
Edenred 3.625%
6/13/31 ■
EUR      1,100,000    1,243,765
Engie      
0.50% 10/24/30 ■ EUR      1,600,000    1,535,882
144A 5.25% 4/10/29 #          350,000      362,336
144A 5.625% 4/10/34 #          325,000      341,687
Kering 3.625% 9/5/31 ■ EUR      1,000,000   1,140,970
   15,498,426
Germany — 1.77%
Allianz 2.625%
10/30/30 μ, ψ, ■
EUR        200,000      184,321
Aroundtown      
1.45% 7/9/28 ■ EUR        900,000      909,881
1.625% 1/31/28 ■ EUR      1,700,000    1,747,008
Deutsche Bank      
4.00% 6/24/32 μ, ■ EUR        500,000      556,258
6.72% 1/18/29 μ          950,000    1,005,924
6.819% 11/20/29 μ          740,000      796,758
7.146% 7/13/27 μ          360,000      374,816
E.ON 4.00% 8/29/33 ■ EUR      1,300,000    1,525,111
Heidelberg Materials
Finance Luxembourg 4.875% 11/21/33 ■
EUR        500,000      607,697
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
Germany (continued)
Volkswagen International
Finance 3.875% 3/29/26 ■
EUR      1,200,000 $  1,347,618
    9,055,392
Guatemala — 0.12%
Central American Bottling
144A 5.25% 4/27/29 #
         655,000     637,565
      637,565
Hong Kong — 0.31%
AIA Group 144A 5.375%
4/5/34 #
         600,000      619,699
Cheung Kong
Infrastructure Finance 1.00% 12/12/24 ■
EUR        875,000     968,319
    1,588,018
India — 0.20%
Summit Digitel
Infrastructure 144A 2.875% 8/12/31 #
       1,158,000   1,007,256
    1,007,256
Ireland — 0.52%
AerCap Ireland Capital
DAC
     
3.00% 10/29/28        1,595,000    1,507,193
4.95% 9/10/34          585,000      582,071
5.10% 1/19/29          555,000     567,477
    2,656,741
Italy — 0.58%
Aeroporti di Roma 1.75%
7/30/31 ■
EUR      1,000,000    1,000,355
Autostrade per l'Italia      
2.00% 12/4/28 ■ EUR        300,000      318,085
2.00% 1/15/30 ■ EUR      1,200,000    1,244,402
Eni 144A 5.50%
5/15/34 #
         400,000     414,531
    2,977,373
Jamaica — 0.04%
Kingston Airport Revenue
Finance 144A 6.75% 12/15/36 #
         200,000     207,448
      207,448
Kuwait — 0.31%
NBK SPC      
144A 1.625% 9/15/27 #, μ          887,000      837,094
144A 5.50% 6/6/30 #, μ          700,000     728,255
    1,565,349
 
4    

 

Table of Contents
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
Mexico — 0.64%
Banco Santander Mexico
144A 7.525% 10/1/28 #, μ
         850,000 $    897,384
BBVA Bancomer 144A
5.875% 9/13/34 #, μ
       1,700,000    1,655,484
Cemex 144A 9.125%
3/14/28 #, μ, ψ
         660,000     720,338
    3,273,206
Netherlands — 0.50%
ING Groep 2.125%
5/26/31 μ, ■
EUR      1,500,000    1,635,030
Koninklijke Philips 3.75%
5/31/32 ■
EUR        800,000     907,980
    2,543,010
Peru — 0.22%
Banco de Credito del
Peru 144A 3.125% 7/1/30 #, μ
         375,000      366,568
Banco Internacional del
Peru 144A 3.25% 10/4/26 #
         800,000     778,269
    1,144,837
South Africa — 0.07%
Bidvest Group UK 144A
3.625% 9/23/26 #
         387,000     377,357
      377,357
Spain — 0.45%
Banco Bilbao Vizcaya
Argentaria 4.875% 2/8/36 μ, ■
EUR      1,000,000    1,158,545
Banco Santander 3.50%
1/9/28 μ, ■
EUR      1,000,000   1,127,706
    2,286,251
Switzerland — 1.64%
ELM for Firmenich
International 3.75% 9/3/25 μ, ψ, ■
EUR        100,000      110,900
Holcim Finance
Luxembourg 0.50% 4/23/31 ■
EUR      1,400,000    1,307,006
Lonza Finance
International 3.875% 4/24/36 ■
EUR        900,000    1,034,789
Sika Capital 3.75%
11/3/26 ■
EUR        900,000    1,021,603
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
Switzerland (continued)
UBS Group      
0.65% 1/14/28 μ, ■ EUR      2,500,000 $  2,634,368
4.375% 1/11/31 μ, ■ EUR        800,000      937,475
144A 4.751% 5/12/28 #, μ          800,000      805,242
144A 5.699% 2/8/35 #, μ          205,000      216,474
144A 6.85% 9/10/29 #, μ, ψ          305,000     309,394
    8,377,251
Türkiye — 0.28%
TAV Havalimanlari
Holding 144A 8.50% 12/7/28 #
         700,000      737,109
Turkiye Garanti Bankasi
144A 8.375% 2/28/34 #, μ
         700,000     720,490
    1,457,599
Ukraine — 0.05%
MHP Lux 6.95% 4/3/26 ■          275,000     241,942
      241,942
United Arab Emirates — 0.15%
Galaxy Pipeline Assets
Bidco 2.16% 3/31/34 ■
         162,080      143,883
MAF Global Securities
7.875% 6/30/27 μ, ψ, ■
         625,000     653,850
      797,733
United Kingdom — 1.62%
Babcock International
Group 1.375% 9/13/27 ■
EUR      1,400,000    1,479,517
Barclays      
4.973% 5/31/36 μ, ■ EUR      1,200,000    1,393,686
6.224% 5/9/34 μ          269,000      289,918
7.385% 11/2/28 μ          445,000      480,728
CK Hutchison
International 24 II 144A 4.75% 9/13/34 #
         855,000      852,001
Compass Group 3.25%
2/6/31 ■
EUR      1,100,000    1,237,672
Lloyds Banking Group
5.721% 6/5/30 μ
         335,000      351,166
National Grid 0.25%
9/1/28 ■
EUR      1,200,000    1,202,641
Sage Group 1.625%
2/25/31 ■
GBP        900,000     985,901
    8,273,230
    5

 

Table of Contents
Schedules of investments
Delaware Ivy Global Bond Fund   
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
United States — 20.29%
AbbVie 4.95% 3/15/31        1,955,000 $  2,033,344
AEP Texas 5.40% 6/1/33          180,000      185,014
Air Lease      
4.625% 10/1/28          788,000      791,130
5.10% 3/1/29          570,000      584,047
Amentum Escrow 144A
7.25% 8/1/32 #
         495,000      517,051
American Tower      
2.30% 9/15/31        1,450,000    1,248,393
5.20% 2/15/29          365,000      377,101
5.45% 2/15/34          320,000      334,690
Amgen 5.15% 3/2/28        2,235,000    2,302,066
Amphenol      
2.20% 9/15/31          265,000      229,150
5.05% 4/5/27          265,000      271,332
5.25% 4/5/34          300,000      313,549
Aon North America
5.30% 3/1/31
       1,490,000    1,555,215
Apollo Debt Solutions
BDC 144A 6.70% 7/29/31 #
         455,000      468,942
Appalachian Power
4.50% 8/1/32
         770,000      760,114
Athene Global Funding
4.76% 4/21/27 ■
AUD      4,000,000    2,682,466
Aviation Capital Group      
144A 3.50% 11/1/27 #        1,205,000    1,162,925
144A 5.375% 7/15/29 #          505,000      516,115
Bank of America      
3.648% 3/31/29 μ, ■ EUR      1,500,000    1,708,247
5.468% 1/23/35 μ          450,000      473,395
5.819% 9/15/29 μ          300,000      315,800
6.204% 11/10/28 μ        1,155,000    1,219,454
Blue Owl Credit Income
144A 5.80% 3/15/30 #
       1,165,000    1,154,282
Broadcom      
5.05% 7/12/29          465,000      479,171
5.15% 11/15/31          290,000      301,074
Bunge Limited Finance
4.20% 9/17/29
         650,000      648,533
Caesars Entertainment
144A 6.50% 2/15/32 #
         495,000      512,344
Carrier Global 4.50%
11/29/32
EUR      1,000,000    1,200,696
CDW 3.276% 12/1/28        2,160,000    2,047,324
Charter Communications
Operating 3.85% 4/1/61
       1,660,000    1,018,951
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
United States (continued)
Cheniere Energy
Partners 4.50% 10/1/29
         570,000 $    562,562
Citibank 5.438% 4/30/26          345,000      351,838
Citigroup 7.00%
8/15/34 μ, ψ
         315,000      337,871
Citizens Bank 6.064%
10/24/25 μ
       2,120,000    2,120,005
Cleveland-Cliffs 144A
7.00% 3/15/32 #
         495,000      501,059
CNH Industrial 3.75%
6/11/31 ■
EUR      1,600,000    1,807,039
Constellation Energy
Generation 5.60% 3/1/28
       1,830,000    1,910,754
CRH SMW Finance DAC
4.00% 7/11/27 ■
EUR        600,000      687,298
Diamondback Energy      
5.20% 4/18/27          250,000      255,208
5.40% 4/18/34          825,000      842,574
Duke Energy      
2.55% 6/15/31          261,000      230,808
3.75% 4/1/31 EUR      1,300,000    1,464,513
6.45% 9/1/54 μ          290,000      301,832
Duke Energy Carolinas
4.95% 1/15/33
       1,300,000    1,340,847
Elevance Health      
5.15% 6/15/29          190,000      197,201
5.375% 6/15/34          295,000      310,221
Energy Transfer      
5.95% 5/15/54          380,000      389,217
6.50% 11/15/26 μ, ψ          725,000      725,078
Entegris 144A 4.75%
4/15/29 #
       1,795,000    1,770,499
Enterprise Products
Operating
     
4.95% 2/15/35          345,000      350,494
5.55% 2/16/55          330,000      341,145
Ford Motor Credit      
2.30% 2/10/25          475,000      469,738
2.90% 2/10/29          695,000      631,232
5.80% 3/8/29          370,000      376,224
6.125% 3/8/34          320,000      324,115
6.798% 11/7/28          200,000      211,238
6.80% 5/12/28          475,000      497,849
Freeport-McMoRan
5.45% 3/15/43
       1,115,000    1,120,865
General Motors Financial      
5.60% 6/18/31          220,000      226,009
5.75% 2/8/31          955,000      987,756
5.95% 4/4/34          220,000      227,772
 
6    

 

Table of Contents
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
United States (continued)
Goldman Sachs Group      
5.727% 4/25/30 μ          380,000 $    399,446
5.851% 4/25/35 μ          445,000      478,338
6.125% 11/10/34 μ, ψ          410,000      412,802
HCA 5.45% 4/1/31        1,965,000    2,047,994
Hilcorp Energy I      
144A 6.00% 2/1/31 #          260,000      253,361
144A 6.25% 4/15/32 #          250,000      243,544
Home Depot      
4.85% 6/25/31          175,000      181,459
4.875% 6/25/27          200,000      205,235
4.95% 6/25/34          515,000      535,610
Hyundai Capital America      
144A 5.275% 6/24/27 #          290,000      296,596
144A 5.40% 6/24/31 #          315,000      326,837
JBS USA Holding Lux
3.625% 1/15/32
       2,865,000    2,621,115
Jefferies Financial Group      
2.625% 10/15/31        1,795,000    1,557,659
5.875% 7/21/28          135,000      140,869
JPMorgan Chase & Co.      
1.764% 11/19/31 μ          120,000      103,190
3.54% 5/1/28 μ        2,132,000    2,093,793
5.012% 1/23/30 μ          445,000      456,492
5.571% 4/22/28 μ          500,000      515,601
6.254% 10/23/34 μ          213,000      236,980
Kinder Morgan      
5.00% 2/1/29          185,000      189,033
5.20% 6/1/33        2,780,000    2,815,410
LYB International Finance
III 5.50% 3/1/34
       1,970,000    2,050,517
Medtronic 3.65%
10/15/29
EUR        600,000      692,426
Meta Platforms      
4.30% 8/15/29          320,000      325,008
4.55% 8/15/31          135,000      138,064
4.75% 8/15/34          285,000      291,010
5.40% 8/15/54          330,000      345,985
Midcontinent Communications
144A 8.00% 8/15/32 #
         515,000      524,819
Morgan Stanley      
0.406% 10/29/27 μ EUR      2,000,000    2,114,599
2.95% 5/7/32 μ EUR      2,300,000    2,505,153
6.138% 10/16/26 μ        1,320,000    1,341,044
6.296% 10/18/28 μ        3,151,000    3,331,998
6.407% 11/1/29 μ          378,000      406,288
6.627% 11/1/34 μ          410,000      463,924
Netflix 4.90% 8/15/34          470,000      486,327
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
United States (continued)
Occidental Petroleum      
5.375% 1/1/32          285,000 $    289,149
5.55% 10/1/34          200,000      203,189
6.05% 10/1/54          190,000      193,053
6.125% 1/1/31        1,689,000    1,783,445
Oracle      
4.20% 9/27/29          330,000      329,553
5.375% 9/27/54          330,000      330,043
Regions Financial
5.502% 9/6/35 μ
         495,000      503,919
Resideo Funding 144A
6.50% 7/15/32 #
         190,000      195,275
Roper Technologies
4.90% 10/15/34
         440,000      443,254
Sempra 6.40% 10/1/54 μ          575,000      577,520
Sirius XM Radio 144A
4.125% 7/1/30 #
         570,000      517,316
Southern 1.875%
9/15/81 μ
EUR        200,000      205,766
Sprint Capital 6.875%
11/15/28
       2,060,000    2,250,760
State Street 4.993%
3/18/27
         565,000      578,431
Stryker 3.375% 9/11/32 EUR        600,000      675,214
SVB Financial Group
4.57% 4/29/33 ‡
       1,257,000      736,508
Targa Resources
Partners 5.00% 1/15/28
       2,030,000    2,031,154
T-Mobile USA      
5.25% 6/15/55          705,000      702,081
5.75% 1/15/34        1,335,000    1,434,178
TransDigm      
144A 6.625% 3/1/32 #          250,000      260,648
144A 6.875% 12/15/30 #          250,000      262,029
Uber Technologies 5.35%
9/15/54
         345,000      342,386
UnitedHealth Group      
4.50% 4/15/33        1,745,000    1,753,367
4.90% 4/15/31        1,490,000    1,541,871
5.50% 7/15/44          555,000      587,704
US Bancorp      
4.653% 2/1/29 μ        1,167,000    1,178,564
5.384% 1/23/30 μ          170,000      176,586
5.678% 1/23/35 μ          385,000      408,262
5.727% 10/21/26 μ          817,000      827,409
6.787% 10/26/27 μ          250,000      262,574
    7

 

Table of Contents
Schedules of investments
Delaware Ivy Global Bond Fund   
    Principal
amount°
Value (US $)
Corporate BondsΔ (continued)
United States (continued)
Vistra Operations      
144A 5.00% 7/31/27 #          290,000 $    288,812
144A 5.125% 5/13/25 #          808,000      806,939
144A 5.625% 2/15/27 #           68,000       67,946
144A 6.95% 10/15/33 #          565,000     637,436
  103,793,643
Total Corporate Bonds (cost $201,660,557) 207,950,682
 
Government Agency Obligations — 1.84%Δ
France — 0.27%
Electricite de France      
4.125% 6/17/31 ■ EUR        700,000      811,659
4.25% 1/25/32 ■ EUR        500,000     584,046
    1,395,705
Georgia — 0.27%
Georgian Railway JSC
4.00% 6/17/28 ■
       1,525,000   1,383,270
    1,383,270
Indonesia — 0.97%
Perusahaan Perseroan
Persero Perusahaan Listrik Negara 144A 5.375% 1/25/29 #
       4,800,000   4,945,637
    4,945,637
Kazakhstan — 0.24%
Development Bank of
Kazakhstan JSC
     
144A 5.50% 4/15/27 #          400,000      404,738
5.50% 4/15/27 ■          821,000     830,725
    1,235,463
Peru — 0.09%
Consorcio Transmantaro
144A 4.70% 4/16/34 #
         435,000     425,940
      425,940
Total Government Agency Obligations (cost $9,112,662)   9,386,015
 
Sovereign Bonds — 32.08%Δ
Albania — 0.19%
Albania Government
International Bond 144A 3.50% 11/23/31 #
EUR        896,000     944,646
      944,646
    Principal
amount°
Value (US $)
Sovereign BondsΔ (continued)
Angola — 0.12%
Angolan Government
International Bond 144A 8.75% 4/14/32 #
         680,000 $    611,306
      611,306
Australia — 1.00%
New South Wales
Treasury 4.75% 2/20/35 ■
AUD      7,440,000   5,120,446
    5,120,446
Belgium — 0.25%
Kingdom of Belgium
Government Bond 144A 3.45% 6/22/43 #
EUR      1,130,000   1,299,491
    1,299,491
Benin — 0.11%
Benin Government
International Bond 144A 7.96% 2/13/38 #
         570,000     566,573
      566,573
Bermuda — 0.31%
Bermuda Government
International Bonds
     
144A 2.375% 8/20/30 #          848,000      750,310
3.375% 8/20/50 ■        1,149,000     847,388
    1,597,698
Brazil — 0.53%
Brazil Notas do Tesouro
Nacional Serie F 10.00% 1/1/33
BRL     14,043,000    2,294,200
Brazilian Government
International Bond 4.75% 1/14/50
         558,000     428,290
    2,722,490
Chile — 0.36%
Chile Government
International Bond 4.34% 3/7/42
       2,019,000   1,849,005
    1,849,005
Colombia — 0.46%
Colombia Government
International Bonds
     
3.25% 4/22/32          799,000      646,323
8.75% 11/14/53        1,568,000   1,723,564
    2,369,887
 
8    

 

Table of Contents
    Principal
amount°
Value (US $)
Sovereign BondsΔ (continued)
Dominican Republic — 0.36%
Dominican Republic
International Bond 144A 4.875% 9/23/32 #
       1,910,000 $  1,821,657
    1,821,657
Finland — 1.30%
Finland Government
Bond 144A 3.00% 9/15/33 #
EUR      5,790,000   6,654,114
    6,654,114
France — 1.25%
French Republic
Government Bond 144A 1.25% 5/25/38 #
EUR      7,250,000   6,372,966
    6,372,966
Georgia — 0.20%
Georgia Government
International Bond 144A 2.75% 4/22/26 #
       1,054,000     999,378
      999,378
Germany — 0.68%
Bundesrepublik
Deutschland Bundesanleihe 2.60% 8/15/33 ■
EUR      3,000,000   3,484,519
    3,484,519
Guatemala — 0.43%
Guatemala Government
Bond 144A 6.55% 2/6/37 #
       2,134,000   2,216,799
    2,216,799
Indonesia — 0.38%
Indonesia Government
International Bond 1.40% 10/30/31
EUR        110,000      106,595
Indonesia Treasury Bond
6.625% 2/15/34
IDR 23,945,000,000    1,604,536
Perusahaan Penerbit
SBSN Indonesia III 4.70% 6/6/32 ■
         204,000     206,824
    1,917,955
Ireland — 2.82%
Ireland Government
Bonds
     
0.55% 4/22/41 ■ EUR      4,500,000    3,558,017
1.00% 5/15/26 ■ EUR      4,400,000    4,807,761
2.60% 10/18/34 ■ EUR      5,400,000   6,077,199
   14,442,977
    Principal
amount°
Value (US $)
Sovereign BondsΔ (continued)
Italy — 1.98%
Italy Buoni Poliennali Del
Tesoro 2.95% 2/15/27 ■
EUR      9,000,000 $ 10,132,214
   10,132,214
Ivory Coast — 0.75%
Ivory Coast Government
International Bonds
     
5.875% 10/17/31 ■ EUR        350,000      369,757
144A 6.125% 6/15/33 #        3,661,000   3,456,888
    3,826,645
Japan — 1.83%
Japan Government Thirty
Year Bonds
     
0.40% 3/20/50 JPY  1,713,250,000    8,198,246
1.20% 6/20/53 JPY    203,000,000   1,148,780
    9,347,026
Mexico — 0.53%
Mexican Udibonos 4.50%
11/22/35
MXN     13,196,243      648,221
Mexico Government
International Bonds
     
3.50% 2/12/34          595,000      507,699
4.60% 1/23/46        1,911,000   1,563,060
    2,718,980
Netherlands — 2.69%
Netherlands Government
Bonds
     
144A 2.00% 1/15/54 # EUR      2,480,000    2,385,331
144A 2.50% 7/15/33 # EUR     10,130,000  11,398,500
   13,783,831
Nigeria — 0.14%
Nigeria Government
International Bond 7.375% 9/28/33 ■
         849,000     723,399
      723,399
Paraguay — 0.76%
Paraguay Government
International Bonds
     
144A 2.739% 1/29/33 #        1,887,000    1,610,808
144A 4.95% 4/28/31 #        2,301,000   2,299,294
    3,910,102
Peru — 0.24%
Corp Financiera de
Desarrollo 144A 2.40% 9/28/27 #
       1,300,000   1,220,621
    1,220,621
    9

 

Table of Contents
Schedules of investments
Delaware Ivy Global Bond Fund   
    Principal
amount°
Value (US $)
Sovereign BondsΔ (continued)
Poland — 0.63%
Bank Gospodarstwa
Krajowego
     
144A 5.375% 5/22/33 #        1,200,000 $  1,234,090
144A 5.75% 7/9/34 #          800,000      840,184
Republic of Poland
Government International Bond 5.50% 4/4/53
       1,096,000   1,124,132
    3,198,406
Republic of North Macedonia — 0.35%
North Macedonia
Government International Bond 144A 1.625% 3/10/28 #
EUR      1,777,000   1,776,263
    1,776,263
Serbia — 0.48%
Serbia International
Bonds
     
1.00% 9/23/28 ■ EUR      1,764,000    1,754,864
144A 6.00% 6/12/34 #          700,000     721,893
    2,476,757
South Africa — 0.15%
Republic of South Africa
Government International Bond 5.65% 9/27/47
         931,000     777,641
      777,641
South Korea — 0.16%
Export-Import Bank of
Korea 5.125% 1/11/33
         800,000     838,818
      838,818
Spain — 2.96%
Spain Government Bonds      
144A 1.90% 10/31/52 # EUR      3,210,000    2,503,923
144A 3.25% 4/30/34 # EUR     11,000,000  12,619,275
   15,123,198
United Kingdom — 7.68%
United Kingdom Gilt      
4.50% 6/7/28 ■ GBP      8,890,000   12,140,567
4.50% 12/7/42 ■ GBP          3,000        4,043
3.75% 3/7/27 ■ GBP     12,600,000   16,763,288
4.625% 1/31/34 ■ GBP      7,400,000  10,386,618
   39,294,516
Total Sovereign Bonds (cost $158,507,648) 164,140,324
    Principal
amount°
Value (US $)
Supranational Banks — 1.26%
Central American Bank
for Economic Integration 144A 1.14% 2/9/26 #
       2,000,000 $  1,915,932
Corp Andina de Fomento
5.00% 1/24/29
         300,000      310,342
European Union 1.00%
7/6/32 ■
EUR      3,690,000    3,657,881
International Bank for
Reconstruction & Development 13.50% 7/3/25
KZT    278,000,000     581,798
Total Supranational Banks (cost $6,471,412)   6,465,953
 
US Treasury Obligations — 12.37%
US Treasury Bonds      
4.25% 2/15/54        7,005,000    7,140,722
4.625% 5/15/44          250,000      265,039
4.625% 5/15/54        3,420,000    3,710,433
US Treasury Notes      
2.375% 5/15/27        8,000,000    7,758,594
3.375% 9/30/29       16,475,000   16,426,733
3.50% 9/30/31          285,000      284,488
3.875% 8/15/34        1,220,000    1,228,673
4.125% 3/31/29        9,230,000    9,441,280
4.375% 7/15/27        2,900,000    2,961,059
4.375% 5/15/34        2,575,000    2,697,514
4.625% 2/28/26           25,000       25,281
4.625% 6/30/26       11,170,000  11,343,004
Total US Treasury Obligations
(cost $61,928,240)
 63,282,820
    Number of
shares
 
Short-Term Investments — 2.31%
Money Market Mutual Funds — 2.31%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)        2,957,287   2,957,287
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)        2,957,287   2,957,287
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)        2,957,287   2,957,287
 
10    

 

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 4.83%)        2,957,287 $  2,957,287
Total Short-Term Investments
(cost $11,829,148)
 11,829,148
Total Value of Securities Before
Options Written—98.05%
(cost $487,262,103)
    501,675,989
    Number of
contracts
 
Options Written — (0.01%)
Futures Call Options — (0.01%)
US Treasury 10 yr Notes, strike price $113, expiration date 10/25/24, notional amount $(2,135,700,000)             (189)     (38,391)
Total Options Written
(premium received $126,555)
    $(38,391)
    
° 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.
Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.
Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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 September 30, 2024. Rate will reset at a future date.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of Rule 144A securities was $106,246,470, which represents 20.77% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
ψ Perpetual security. Maturity date represents next call date.
Non-income producing security. Security is currently in default.
The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at September 30, 2024:1
Forward Foreign Currency Exchange Contracts            
Counterparty   Currency to
Receive (Deliver)
  In Exchange For   Settlement
Date
  Unrealized
Appreciation
  Unrealized
Depreciation
CITI   AUD (550,000)   USD 371,588   11/22/24   $   $(8,909)
CITI   CAD (1,675,000)   USD 1,231,175   11/22/24     (8,964)
CITI   EUR (5,900,000)   USD 6,550,797   11/22/24     (31,216)
CITI   GBP (23,181,000)   USD 30,150,241   11/22/24     (839,333)
JPMCB   EGP 449,791   USD (9,014)   10/30/24   181  
JPMCB   EUR (4,470,620)   USD 4,974,954   12/13/24     (16,732)
JPMCB   INR 193,236,718   USD (2,293,638)   12/13/24   3,989  
JPMCB   JPY 500,000,000   USD (3,516,896)   11/22/24     (12,660)
JPMCB   KZT 513,796,250   USD (1,049,313)   12/13/24   6,866  
TD   AUD (59,961,214)   USD 40,341,504   11/22/24     (1,140,444)
TD   CAD (850,000)   USD 626,816   11/22/24     (2,508)
TD   EUR (109,936,659)   USD 122,210,537   11/22/24     (434,296)
TD   GBP (7,800,000)   USD 10,387,420   11/22/24     (40,028)
TD   JPY (1,811,915,000)   USD 12,547,654   11/22/24     (151,103)
Total Forward Foreign Currency Exchange Contracts   $11,036   $(2,686,193)
    
    11

 

Table of Contents
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
(1,056) Australian 3 yr Treasury Bonds   $(78,247,769)   $(78,402,045)   12/16/24   $154,276   $   $(1,748)
185 Australian 10 yr Treasury Bonds   14,887,054   14,992,294         (105,240)   367
195 Canadian Treasury 10 yr Bonds   18,024,289   17,923,808   12/18/24   100,481     228
4 E-mini Japanese Treasury 10 yr Bonds   402,463   401,748   12/12/24   715     8
577 Euro-Bobl   77,106,620   76,506,830   12/6/24   599,790     1,788
(66) Euro-BTP   (8,924,146)   (8,781,723)   12/6/24     (142,423)   36
(207) Euro-Bund   (31,088,543)   (30,982,466)   12/6/24     (106,077)   13
23 Euro-Buxl   3,489,102   3,452,614   12/6/24   36,488     127
(126) Euro-OAT   (17,790,185)   (17,712,815)   12/6/24     (77,370)   (417)
544 Euro-Schatz   64,900,207   64,578,047   12/6/24   322,160     720
3 Japanese Treasury 10 yr Bonds   3,019,308   3,013,261   12/13/24   6,047     (175)
(22) Long 10 yr Gilt   (2,895,112)   (2,942,699)   12/27/24   47,587     1
(99) Short Euro-BTP   (11,865,433)   (11,782,531)   12/6/24     (82,902)   10
(92) US Treasury 2 yr Notes   (19,158,281)   (19,189,360)   12/31/24   31,079    
559 US Treasury 5 yr Notes   61,424,492   61,602,710   12/31/24     (178,218)  
(285) US Treasury 10 yr Notes   (32,570,157)   (32,624,433)   12/19/24   54,276    
(214) US Treasury 10 yr Ultra Notes   (25,315,532)   (25,491,704)   12/19/24   176,172    
58 US Treasury Long Bonds   7,202,875   7,238,218   12/19/24     (35,343)  
(34) US Treasury Ultra Bonds   (4,525,188)   (4,555,378)   12/19/24   30,190    
Total Futures Contracts   $17,244,376       $1,559,261   $(727,573)   $958
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 Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly    4,033,000   1.000%   $(69,697)   $(17,242)   $   $(52,455)
12    

 

Table of Contents
 
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% 12/20/28 Ba2 6/20/28- Quarterly    2,272,000   1.000%   $17,924   $97,882   $   $(79,958)
JPMCB Republic of South Africa 1.00% 9/20/28 Ba2 6/20/28- Quarterly    1,494,000   1.000%   11,787   68,027     (56,240)
Total CDS Contracts   $(39,986)   $148,667   $   $(188,653)
IRS Contracts5                            
Reference Obligation/
Termination Date/
Payment Frequency
(Fixed Rate/
Floating Rate)
  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:
2 yr IRS6 3/15/26-
(Annually/At Maturity)
   23,000,000   (4.401)%/
5.503%
  $256,319   $(16,005)   $272,324   $   $(30,590)
2 yr IRS7 6/18/26-
(Annually/At Maturity)
  EUR 27,000,000   2.856%/
(3.513)%
  (352,206)   (600)     (351,606)   (3,752)
2 yr IRS8 8/15/26-
(At Maturity/At Maturity)
  JPY 18,500,000,000   0.479%/
(4.30)%
  65,711     65,711     18,936
3 yr IRS9 3/7/27-
(Annually/At Maturity)
  GBP 12,430,000   3.739%/
(4.950)%
  28,677   1,596   27,081     19,635
3 yr IRS10 7/30/27-
(Semi Annually/At Maturity)
  CAD 75,000,000   (3.301)%/
4.450%
  917,062     917,062     1,822
4 yr IRS11 9/16/28-
(Annually/At Maturity)
  SEK 575,000,000   1.875%/
(3.25)%
  22,985     22,985     (4,754)
4 yr IRS12 9/16/28-
(Semi Annually/At Maturity)
  NOK 600,000,000   (3.086)%/
4.73%
  (233,818)       (233,818)   4,371
5 yr IRS6 4/23/29-
(Annually/At Maturity)
   10,650,000   (4.397)%/
5.354%
  510,219     510,219     (24,547)
5 yr IRS9 6/25/29-
(Annually/At Maturity)
  GBP 22,000,000   (3.886)%/
5.078%
  307,718     307,718     (47,737)
    13

 

Table of Contents
Schedules of investments
Delaware Ivy Global Bond Fund   
IRS Contracts5                            
Reference Obligation/
Termination Date/
Payment Frequency
(Fixed Rate/
Floating Rate)
  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 (continued):
5 yr IRS7 10/11/29-
(Annually/At Maturity)
  EUR 10,190,000   (2.125)%/
3.513%
  $75,541   $   $75,541   $   $6,727
9 yr IRS7 8/15/33-
(Annually/At Maturity)
  EUR 1,740,000   (2.577)%/
3.513%
  64,126   31,000   33,126     2,006
12 yr IRS9 3/07/36-
(Annually/At Maturity)
  GBP 2,850,000   (3.842)%/
4.950%
  61,577   21,180   40,397     (5,765)
13 yr IRS9 9/07/37-
(Annually/At Maturity)
  GBP 1,760,000   (3.559)%/
4.950%
  (27,527)       (27,527)   (3,155)
30 yr IRS6 4/23/54-
(Annually/At Maturity)
   5,330,000   3.932%/
(5.354)%
  (616,460)   (188,599)     (427,861)   8,812
Total IRS Contracts           $1,079,924   $(151,428)   $2,272,164   $(1,040,812)   $(57,991)
The use of forward foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The forward foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.
1 See Note 8 in “Notes to financial statements.”
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 $258,361.
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 SOFR.
7 Rates reset based on ESTR.
8 Rates reset based on BOJ.
9 Rates reset based on SONIA.
10 Rates reset based on CORRA.
11 Rates reset based on STIBOR.
12 Rates reset based on NIBOR.
Summary of abbreviations:
BDC – Business Development Company
BOJ – Bank of Japan
 
14    

 

Table of Contents
Summary of abbreviations:  (continued)
BTP – Buoni del Tesoro Poliennali
CITI – Citigroup
CORRA – Canadian Overnight Repo Rate Average
DAC – Designated Activity Company
ESTR – Euro Short-Term Rate
GNMA – Government National Mortgage Association
JPMCB – JPMorgan Chase Bank
JSC – Joint Stock Company
NIBOR – Norwegian Interbank Offered Rate
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
STIBOR – Stockholm Interbank Offered Rate
TD – TD Bank
yr – Year
Summary of currencies:
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
EGP – Egypt Pound
EUR – European Monetary Unit
GBP – British Pound Sterling
IDR – Indonesian Rupiah
INR – Indian Rupee
JPY – Japanese Yen
KZT – Kazakhstani Tenge
MXN – Mexican Peso
NOK – Norwegian Krone
SEK – Swedish Krona
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
    15

 

Table of Contents
Schedules of investments
Delaware Ivy Global Growth Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 98.35%Δ
Austria — 1.00%
Mondi     504,464 $  9,583,837
    9,583,837
Canada — 0.79%
Canadian Natural Resources     226,881   7,534,718
    7,534,718
Denmark — 1.07%
Genmab †      42,283  10,228,918
   10,228,918
France — 7.39%
Airbus     105,014   15,339,137
BNP Paribas     203,315   13,930,002
LVMH Moet Hennessy Louis Vuitton      23,046   17,662,541
Thales      70,272   11,150,728
Vinci     107,618  12,572,483
   70,654,891
Germany — 5.23%
Deutsche Telekom     613,193   18,013,175
SAP      80,608   18,340,566
Siemens      67,553  13,636,155
   49,989,896
India — 3.51%
HDFC Bank     867,088   17,921,448
NTPC   2,950,544  15,604,554
   33,526,002
Italy — 1.64%
Ferrari      33,465  15,634,482
   15,634,482
Japan — 4.77%
Hoya     141,100   19,423,646
ITOCHU     241,500   12,901,284
Mitsubishi UFJ Financial Group   1,312,000  13,268,339
   45,593,269
Netherlands — 1.17%
Adyen 144A #, †       7,128  11,128,976
   11,128,976
Singapore — 1.50%
Sea ADR †     152,238  14,352,999
   14,352,999
South Korea — 1.24%
KB Financial Group     191,973  11,876,283
   11,876,283
Sweden — 0.76%
Epiroc Class A     335,109   7,242,764
    7,242,764
    Number of
shares
Value (US $)
Common StocksΔ (continued)
Taiwan — 2.90%
Taiwan Semiconductor Manufacturing     915,000 $ 27,669,885
   27,669,885
United Kingdom — 1.27%
AstraZeneca      78,409  12,147,574
   12,147,574
United States — 64.11%
Alphabet Class A     193,750   32,133,438
Amazon.com †     168,236   31,347,414
Aon Class A      31,004   10,727,074
Apple     129,897   30,266,001
BJ's Wholesale Club Holdings †     151,983   12,535,558
Blue Owl Capital     702,130   13,593,237
Casey's General Stores      41,287   15,511,939
CDW      49,328   11,162,926
Coca-Cola     213,505   15,342,469
ConocoPhillips      72,315    7,613,323
CSX     411,599   14,212,514
Danaher      43,772   12,169,491
Discover Financial Services      85,311   11,968,280
DraftKings Class A †     155,800    6,107,360
Eli Lilly & Co.      23,839   21,119,924
Home Depot      52,801   21,394,965
Howmet Aerospace     172,079   17,250,920
Ingersoll Rand     161,855   15,887,687
Intercontinental Exchange     106,089   17,042,137
KLA      23,357   18,087,894
Lam Research      13,013   10,619,649
Mastercard Class A      44,528   21,987,926
Meta Platforms Class A      28,178   16,130,214
Microchip Technology     164,602   13,215,895
Microsoft     122,218   52,590,405
Morgan Stanley      93,449    9,741,124
Netflix †      22,323   15,833,034
NVIDIA     317,403   38,545,420
Procter & Gamble      93,940   16,270,408
Salesforce      74,282   20,331,726
Sherwin-Williams      40,199   15,342,752
Thermo Fisher Scientific      18,538   11,467,051
UnitedHealth Group      34,061   19,914,786
Vertex Pharmaceuticals †      32,652  15,185,792
  612,650,733
Total Common Stocks
(cost $661,286,606)
939,815,227
    16

 

Table of Contents
    Number of
shares
Value (US $)
Preferred Stock — 0.60%Δ
Brazil — 0.60%
Petroleo Brasileiro 12.88% ω     869,818 $  5,760,786
Total Preferred Stock
(cost $5,641,392)
  5,760,786
       
Short-Term Investments — 1.39%
Money Market Mutual Funds — 1.39%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)   3,322,881    3,322,881
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   3,322,881    3,322,881
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)   3,322,881    3,322,881
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   3,322,881   3,322,881
Total Short-Term Investments
(cost $13,291,524)
 13,291,524
Total Value of Securities—100.34%
(cost $680,219,522)
    $958,867,537
Δ Securities have been classified by country of risk.
Non-income producing security.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of Rule 144A securities was $11,128,976, which represents 1.16% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
ω Perpetual security with no stated maturity date.
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
    17

 

Table of Contents
Schedules of investments
Delaware Ivy High Income Fund  
September 30, 2024 (Unaudited)
    Principal
amount°
Value (US $)
Collateralized Debt Obligations — 1.54%
ABPCI Direct Lending Fund
CLO II
     
Series 2017-1A DRR 144A 9.084% (TSFR03M + 4.15%, Floor 4.15%) 7/20/37 #, •    1,000,000 $    1,000,000
Series 2017-1A ERR 144A 12.434% (TSFR03M + 7.50%, Floor 7.50%) 7/20/37 #, •    2,000,000      2,000,000
AGL CLO Series 2024-32A E 144A 11.015% (TSFR03M + 5.75%, Floor 5.75%) 7/21/37 #, •    2,000,000      2,007,950
AIMCO CLO      
Series 2022-18A ER 144A 10.782% (TSFR03M + 5.50%, Floor 5.50%) 7/20/37 #, •      850,000        841,184
Series 2024-19A E 144A 0.00% (TSFR03M + 5.00%, Floor 5.00%) 10/20/37 #, •, ^    2,100,000      2,100,000
Bain Capital Credit CLO Series 2017-2A ER3 144A 12.634% (TSFR03M + 7.34%, Floor 7.34%) 7/25/37 #, •    2,000,000      1,960,826
Barings CLO      
Series 2018-2A ER 144A 12.136% (TSFR03M + 6.90%, Floor 6.90%) 7/15/36 #, •    1,800,000      1,800,000
Series 2024-2A E 144A 11.20% (TSFR03M + 5.90%, Floor 5.90%) 7/15/39 #, •    2,100,000      2,087,824
Bear Mountain Park CLO Series 2022-1A ER 144A 11.251% (TSFR03M + 5.95%, Floor 5.95%) 7/15/37 #, •    1,500,000      1,496,138
Benefit Street Partners CLO XII-B Series 2017-12BRA E 144A 11.492% (TSFR03M + 6.25%, Floor 6.25%) 10/15/37 #, •    2,500,000      2,505,582
Carlyle US CLO      
Series 2021-11A ER 144A 11.823% (TSFR03M + 6.50%, Floor 6.50%) 7/25/37 #, •    2,000,000      1,979,580
    Principal
amount°
Value (US $)
Collateralized Debt Obligations (continued)
Carlyle US CLO      
Series 2024-5A E 144A 0.00% (TSFR03M + 5.65%, Floor 5.65%) 10/25/36 #, •, ^    1,600,000 $    1,600,000
Elmwood CLO Series 2022-4A ER 144A 10.986% (TSFR03M + 5.70%, Floor 5.70%) 7/17/37 #, •    2,000,000      1,994,866
Golub Capital Partners CLO      
Series 2022-62A ER 144A 11.008% (TSFR03M + 6.40%, Floor 6.40%) 10/15/37 #, •    1,150,000      1,150,000
Series 2024-76A E 144A 10.492% (TSFR03M + 5.75%, Floor 5.75%) 10/25/37 #, •    1,150,000      1,150,000
Madison Park Funding XXX Series 2018-30A ER 144A 11.601% (TSFR03M + 6.40%, Floor 6.40%) 7/16/37 #, •    2,100,000      2,105,160
OFSI BSL XIV CLO Series 2024-14A E 144A 12.929% (TSFR03M + 7.74%, Floor 7.74%) 7/20/37 #, •    2,000,000      1,969,746
OHA Credit Funding      
Series 2021-9A ER 144A 0.00% (TSFR03M + 5.50%, Floor 5.50%) 10/19/37 #, •, ^    2,550,000      2,550,000
Series 2022-11A ER 144A 10.606% (TSFR03M + 5.40%, Floor 5.40%) 7/19/37 #, •    2,200,000      2,198,801
Storm King Park CLO Series 2022-1A ER 144A 11.092% (TSFR03M + 6.15%, Floor 6.15%) 10/15/37 #, •    2,850,000      2,850,000
TCW CLO Series 2024-2A E 144A 12.48% (TSFR03M + 7.25%, Floor 7.25%) 7/17/37 #, •    2,500,000      2,485,667
Wellfleet CLO Series 2022-1A ER 144A 12.992% (TSFR03M + 7.75%, Floor 7.75%) 7/15/37 #, •    2,500,000     2,468,292
Total Collateralized Debt Obligations
(cost $42,289,948)
   42,301,616
    18

 

Table of Contents
    Principal
amount°
Value (US $)
Convertible Bond — 2.43%
New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 <<, =, >>, π   24,770,433 $   66,964,959
Total Convertible Bond
(cost $24,317,558)
   66,964,959
       
Corporate Bonds — 83.97%
Automotive — 3.13%
Clarios Global 144A 8.50% 5/15/27 #    9,335,000     9,382,898
Dana 4.50% 2/15/32    10,360,000     9,194,387
Garrett Motion Holdings 144A 7.75% 5/31/32 #   19,248,000    19,712,955
Goodyear Tire & Rubber 5.25% 7/15/31    15,655,000    14,136,708
Phinia 144A 6.625% 10/15/32 #    6,498,000     6,556,391
Wand NewCo 3 144A 7.625% 1/30/32 #   13,368,000    14,092,385
ZF North America Capital 144A 6.75% 4/23/30 #   12,960,000    13,079,024
     86,154,748
Banking — 1.93%
Banco Santander 8.00% 2/1/34 μ, ψ   14,200,000    15,103,191
Bank of Montreal 7.70% 5/26/84 μ   10,435,000     11,037,955
Barclays 9.625% 12/15/29 μ, ψ   13,550,000    15,290,010
Deutsche Bank 6.00% 10/30/25 μ, ψ   12,000,000    11,762,646
     53,193,802
Basic Industry — 5.40%
Arsenal AIC Parent 144A 8.00% 10/1/30 #   10,935,000     11,747,831
Cerdia Finanz 144A 9.375% 10/3/31 #   13,700,000    14,008,250
Cleveland-Cliffs 144A 7.00% 3/15/32 #   19,795,000    20,037,305
CP Atlas Buyer 144A 7.00% 12/1/28 #   16,699,000    15,478,064
FMG Resources August 2006 144A 5.875% 4/15/30 #   15,480,000    15,693,670
NOVA Chemicals 144A 8.50% 11/15/28 #    6,285,000     6,716,698
Novelis 144A 4.75% 1/30/30 #   22,749,000    22,074,967
Olympus Water US Holding      
144A 7.25% 6/15/31 #    2,640,000     2,749,666
144A 9.75% 11/15/28 #   14,735,000    15,744,480
    Principalamount° Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Standard Building Solutions 144A 6.50% 8/15/32 #   13,825,000 $   14,326,834
Standard Industries 144A 3.375% 1/15/31 #    3,720,000      3,317,251
Vibrantz Technologies 144A 9.00% 2/15/30 #    7,476,000     6,992,112
    148,887,128
Capital Goods — 6.56%
Amentum Escrow 144A 7.25% 8/1/32 #    4,565,000      4,768,362
Arcosa 144A 6.875% 8/15/32 #    6,865,000      7,190,428
Ardagh Metal Packaging
Finance USA
     
144A 3.25% 9/1/28 #    8,115,000      7,435,802
144A 4.00% 9/1/29 #    9,775,000      8,734,282
Bombardier      
144A 7.00% 6/1/32 #    4,945,000      5,178,335
144A 7.25% 7/1/31 #    6,805,000      7,202,650
144A 8.75% 11/15/30 #    5,590,000      6,145,222
Clydesdale Acquisition Holdings      
144A 6.625% 4/15/29 #    3,525,000      3,561,762
144A 8.75% 4/15/30 #   10,040,000     10,205,138
Esab 144A 6.25% 4/15/29 #   14,260,000     14,663,672
Manitowoc 144A 9.25% 10/1/31 #    6,840,000      7,019,550
Mauser Packaging Solutions
Holding
     
144A 7.875% 4/15/27 #   22,150,000     22,912,569
144A 9.25% 4/15/27 #    8,035,000      8,246,393
Sealed Air      
144A 5.00% 4/15/29 #    5,900,000      5,816,712
144A 6.50% 7/15/32 #    5,035,000      5,205,037
144A 7.25% 2/15/31 #    3,565,000      3,777,610
Terex 144A 6.25% 10/15/32 #   13,020,000     13,020,000
TransDigm      
144A 6.625% 3/1/32 #   10,260,000     10,696,994
144A 6.875% 12/15/30 #   24,815,000     26,008,999
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡   20,375,000     2,954,375
    180,743,892
Consumer Goods — 1.89%
Cerdia Finanz 144A 10.50% 2/15/27 #   14,715,000     15,491,474
Fiesta Purchaser      
144A 7.875% 3/1/31 #    6,406,000      6,802,410
144A 9.625% 9/15/32 #    9,560,000      9,919,815
MajorDrive Holdings IV 144A 6.375% 6/1/29 #   20,462,000    19,923,194
     52,136,893
    19

 

Table of Contents
Schedules of investments
Delaware Ivy High Income Fund   
    Principalamount° Value (US $)
Corporate Bonds (continued)
Electric — 3.02%
Calpine      
144A 4.625% 2/1/29 #    7,210,000 $    6,969,709
144A 5.125% 3/15/28 #    6,880,000      6,789,339
Lightning Power 144A 7.25% 8/15/32 #   16,700,000     17,575,030
Vistra      
144A 7.00% 12/15/26 #, μ, ψ   32,965,000     33,678,824
144A 8.00% 10/15/26 #, μ, ψ   17,255,000    18,090,021
     83,102,923
Energy — 12.82%
Archrock Partners 144A 6.625% 9/1/32 #   13,235,000     13,581,704
Ascent Resources Utica Holdings 144A 5.875% 6/30/29 #    7,981,000      7,891,037
Civitas Resources 144A 8.625% 11/1/30 #   14,025,000     14,871,016
EQM Midstream Partners      
144A 4.75% 1/15/31 #   26,258,000     25,443,151
6.50% 7/15/48     5,345,000      5,531,279
Genesis Energy      
7.75% 2/1/28    10,625,000     10,766,525
7.875% 5/15/32     3,320,000      3,382,884
Gulfport Energy Operating 144A 6.75% 9/1/29 #   13,705,000     13,882,425
Hilcorp Energy I      
144A 6.00% 4/15/30 #   24,180,000     23,590,238
144A 6.00% 2/1/31 #    2,330,000      2,270,505
144A 6.25% 4/15/32 #   10,220,000      9,956,099
Matador Resources 144A 6.25% 4/15/33 #    9,555,000      9,418,630
Murphy Oil 6.00% 10/1/32     5,196,000      5,130,484
Nabors Industries      
144A 8.875% 8/15/31 #    5,555,000      5,289,277
144A 9.125% 1/31/30 #   10,655,000     10,997,910
NGL Energy Operating 144A 8.375% 2/15/32 #   13,785,000     14,216,539
Noble Finance II 144A 8.00% 4/15/30 #   10,295,000     10,630,141
NuStar Logistics      
6.00% 6/1/26    10,678,000     10,749,810
6.375% 10/1/30    11,772,000     12,223,072
SM Energy      
144A 6.75% 8/1/29 #    4,825,000      4,848,758
144A 7.00% 8/1/32 #    6,074,000      6,101,637
Southwestern Energy 5.375% 3/15/30     4,209,000      4,199,077
Sunoco 144A 7.25% 5/1/32 #    6,565,000      6,964,395
    Principalamount° Value (US $)
Corporate Bonds (continued)
Energy (continued)
Transocean      
144A 8.00% 2/1/27 #   17,617,000 $   17,620,083
144A 8.50% 5/15/31 #   11,185,000     11,121,125
USA Compression Partners      
6.875% 9/1/27     8,245,000      8,321,209
144A 7.125% 3/15/29 #    5,582,000      5,753,602
Venture Global LNG      
144A 7.00% 1/15/30 #   13,860,000     14,169,937
144A 8.375% 6/1/31 #   16,660,000     17,603,056
Vital Energy 144A 7.875% 4/15/32 #   23,855,000     23,126,230
Weatherford International 144A 8.625% 4/30/30 #   22,675,000    23,644,277
    353,296,112
Financial Services — 3.62%
AerCap Holdings 5.875% 10/10/79 μ   32,432,000     32,451,647
Air Lease 4.65% 6/15/26 μ, ψ   17,485,000     17,087,872
Block 144A 6.50% 5/15/32 #   10,420,000     10,863,559
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #    8,523,000      8,576,081
Focus Financial Partners 144A 6.75% 9/15/31 #   13,172,000     13,306,302
Fortress Transportation and Infrastructure Investors 144A 7.00% 6/15/32 #   13,995,000     14,703,162
UBS Group 144A 6.85% 9/10/29 #, μ, ψ    2,775,000     2,814,980
     99,803,603
Healthcare — 5.70%
AthenaHealth Group 144A 6.50% 2/15/30 #   10,920,000     10,498,275
Avantor Funding 144A 3.875% 11/1/29 #   17,760,000     16,818,171
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #   21,610,000     20,978,912
CHS      
144A 4.75% 2/15/31 #   15,020,000     13,214,251
144A 5.25% 5/15/30 #    6,795,000      6,259,047
144A 6.125% 4/1/30 #    3,563,000      3,049,387
144A 6.875% 4/15/29 #    3,555,000      3,226,923
DaVita      
144A 3.75% 2/15/31 #    9,910,000      8,947,095
144A 4.625% 6/1/30 #    6,545,000      6,244,160
Grifols 144A 4.75% 10/15/28 #   10,315,000      9,670,926
Legacy LifePoint Health 144A 4.375% 2/15/27 #   10,995,000     10,791,818
Medline Borrower 144A 3.875% 4/1/29 #   16,979,000     16,089,547
 
20    

 

Table of Contents
    Principalamount° Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Organon & Co. 144A 5.125% 4/30/31 #   17,255,000 $   16,267,693
Surgery Center Holdings 144A 7.25% 4/15/32 #   14,265,000    14,907,253
    156,963,458
Insurance — 4.39%
Ardonagh Finco 144A 7.75% 2/15/31 #   16,665,000     17,241,242
Howden UK Refinance      
144A 7.25% 2/15/31 #    9,350,000      9,710,349
144A 8.125% 2/15/32 #    8,375,000      8,616,501
HUB International      
144A 5.625% 12/1/29 #   15,395,000     15,112,531
144A 7.375% 1/31/32 #   13,935,000     14,397,921
Jones Deslauriers Insurance
Management
     
144A 8.50% 3/15/30 #   21,010,000     22,496,983
144A 10.50% 12/15/30 #    7,373,000      8,024,375
Panther Escrow Issuer 144A 7.125% 6/1/31 #   13,925,000     14,616,989
USI 144A 7.50% 1/15/32 #   10,450,000    10,838,730
    121,055,621
Leisure — 6.07%
Boyd Gaming 144A 4.75% 6/15/31 #   10,125,000      9,674,638
Caesars Entertainment      
144A 6.50% 2/15/32 #    6,890,000      7,131,419
144A 7.00% 2/15/30 #   21,345,000     22,313,657
Carnival      
144A 5.75% 3/1/27 #   14,050,000     14,237,954
144A 6.00% 5/1/29 #   29,735,000     30,146,065
Light & Wonder International 144A 7.25% 11/15/29 #   12,795,000     13,247,482
Royal Caribbean Cruises      
144A 5.375% 7/15/27 #       68,000         68,655
144A 5.50% 4/1/28 #   34,714,000     35,175,832
Scientific Games Holdings 144A 6.625% 3/1/30 #   26,575,000     26,391,375
Six Flags Entertainment 144A 6.625% 5/1/32 #    8,435,000     8,741,342
    167,128,419
Media — 9.70%
Advantage Sales & Marketing 144A 6.50% 11/15/28 #   13,794,000     13,107,463
AMC Networks 4.25% 2/15/29    19,826,000     14,357,190
Arches Buyer 144A 6.125% 12/1/28 #    8,394,000      7,194,565
    Principalamount° Value (US $)
Corporate Bonds (continued)
Media (continued)
CCO Holdings      
144A 4.50% 8/15/30 #   18,065,000 $   16,388,703
4.50% 5/1/32       530,000        458,677
144A 4.75% 2/1/32 #   13,515,000     11,922,096
144A 5.375% 6/1/29 #    2,520,000      2,430,497
144A 6.375% 9/1/29 #   24,785,000     24,831,720
Cimpress 144A 7.375% 9/15/32 #    9,505,000      9,593,874
CMG Media 144A 8.875% 12/15/27 #   29,242,000     17,325,885
CSC Holdings      
144A 4.50% 11/15/31 #   10,380,000      7,565,113
144A 5.00% 11/15/31 #   10,946,000      5,417,569
Cumulus Media New Holdings 144A 8.00% 7/1/29 #   18,686,000      7,526,861
Directv Financing 144A 5.875% 8/15/27 #   14,075,000     13,829,214
Gray Television      
144A 4.75% 10/15/30 #   16,210,000     10,326,678
144A 5.375% 11/15/31 #   23,550,000     14,746,094
McGraw-Hill Education 144A 7.375% 9/1/31 #    9,787,000     10,162,410
Midcontinent Communications 144A 8.00% 8/15/32 #   13,065,000     13,314,110
Nexstar Media 144A 4.75% 11/1/28 #   17,990,000     17,202,495
Sirius XM Radio      
144A 4.00% 7/15/28 #    4,300,000      4,060,058
144A 4.125% 7/1/30 #   24,355,000     22,103,926
Stagwell Global 144A 5.625% 8/15/29 #   14,375,000     13,909,085
Univision Communications 144A 7.375% 6/30/30 #    9,705,000     9,400,639
    267,174,922
Real Estate — 0.07%
Iron Mountain 144A 5.25% 3/15/28 #    2,050,000     2,043,491
      2,043,491
Retail — 3.63%
Asbury Automotive Group      
144A 4.625% 11/15/29 #      951,000        907,707
4.75% 3/1/30    14,798,650     14,176,242
Bath & Body Works      
6.875% 11/1/35    22,735,000     23,715,265
6.95% 3/1/33     1,347,000      1,365,519
Carvana      
PIK 144A 13.00% 6/1/30 #, >>    5,122,650      5,574,523
PIK 144A 14.00% 6/1/31 #, >>    4,782,900      5,637,999
    21

 

Table of Contents
Schedules of investments
Delaware Ivy High Income Fund   
    Principalamount° Value (US $)
Corporate Bonds (continued)
Retail (continued)
Murphy Oil USA      
144A 3.75% 2/15/31 #    3,075,000 $    2,774,270
4.75% 9/15/29     4,785,000      4,655,282
PetSmart 144A 7.75% 2/15/29 #   24,396,000     24,106,676
Victra Holdings 144A 8.75% 9/15/29 #   16,325,000    17,155,058
    100,068,541
Services — 3.50%
ADT Security 144A 4.125% 8/1/29 #    4,445,000      4,249,674
Avis Budget Car Rental
144A 5.75% 7/15/27 #
   3,755,000      3,730,064
GFL Environmental 144A 6.75% 1/15/31 #   11,565,000     12,144,201
Prime Security Services Borrower 144A 5.75% 4/15/26 #    1,900,000      1,910,239
Resideo Funding 144A 6.50% 7/15/32 #   11,765,000     12,091,620
S&S Holdings 144A 8.375% 10/1/31 #    9,545,000      9,617,595
United Rentals North America 3.875% 2/15/31    19,835,000     18,467,601
White Cap Buyer 144A 6.875% 10/15/28 #   21,190,000     21,406,180
White Cap Parent 144A PIK 8.25% 3/15/26 #, >   12,849,000    12,869,057
     96,486,231
Technology & Electronics — 3.85%
Cloud Software Group 144A 6.50% 3/31/29 #   22,380,000     22,286,259
Entegris      
144A 4.75% 4/15/29 #    1,331,000      1,312,832
144A 5.95% 6/15/30 #   25,915,000     26,419,202
NCR Voyix      
144A 5.00% 10/1/28 #    4,555,000      4,474,660
144A 5.125% 4/15/29 #      784,000        767,868
Seagate HDD Cayman      
5.75% 12/1/34     8,560,000      8,635,739
8.25% 12/15/29     7,815,000      8,490,815
Sensata Technologies 144A 4.00% 4/15/29 #   17,615,000     16,806,782
UKG 144A 6.875% 2/1/31 #   12,225,000     12,640,968
Zebra Technologies 144A 6.50% 6/1/32 #    3,950,000     4,127,229
    105,962,354
    Principalamount° Value (US $)
Corporate Bonds (continued)
Telecommunications — 7.55%
Connect Finco      
144A 6.75% 10/1/26 #   34,399,000 $   34,399,000
144A 9.00% 9/15/29 #   14,985,000     14,520,242
Consolidated Communications      
144A 5.00% 10/1/28 #    6,115,000      5,634,044
144A 6.50% 10/1/28 #   26,996,000     25,557,302
Frontier Communications
Holdings
     
5.875% 11/1/29     7,124,667      7,079,346
144A 6.00% 1/15/30 #   21,459,000     21,441,569
144A 6.75% 5/1/29 #   17,150,000     17,283,233
Iliad Holding 144A 8.50% 4/15/31 #   20,110,000     21,647,932
Sable International Finance      
144A 5.75% 9/7/27 #   17,412,000     17,384,043
144A 7.125% 10/15/32 #   13,695,000     13,758,956
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #   18,655,000     16,624,075
VZ Secured Financing 144A 5.00% 1/15/32 #   13,710,000    12,641,628
    207,971,370
Transportation — 1.14%
Air Canada 144A 3.875% 8/15/26 #   16,995,000     16,563,174
Genesee & Wyoming 144A 6.25% 4/15/32 #   14,280,000    14,702,677
     31,265,851
Total Corporate Bonds
(cost $2,303,571,001)
2,313,439,359
 
Loan Agreements — 9.23%
Basic Industry — 3.27%
Foresight Energy Operating Tranche A 12.704% (SOFR03M + 8.10%) 6/30/27 <<, •    7,447,839      6,889,251
Form Technologies Tranche B 9.907% (SOFR03M + 4.85%) 7/22/25 •   39,110,515     38,426,081
Hexion Holdings 2nd Lien 12.383% (SOFR01M + 7.54%) 3/15/30 •    9,179,000      8,320,112
PMHC II 9.704% (SOFR03M + 4.25%) 4/23/29 •   10,469,699     10,232,497
Usalco TBD      
9/17/31 X    5,670,742      5,670,742
9/18/31 X      584,258        584,258
 
22    

 

Table of Contents
    Principalamount° Value (US $)
Loan Agreements (continued)
Basic Industry (continued)
Vantage Specialty Chemicals 1st Lien 9.871% (SOFR03M + 4.75%) 10/26/26 •   20,194,663 $   20,027,431
     90,150,372
Capital Goods — 1.14%
Hunter Douglas Holding Tranche B-1 8.571% (SOFR03M + 3.50%) 2/26/29 •    8,321,363      8,273,814
SPX Flow 8.346% (SOFR01M + 3.50%) 4/5/29 •    9,015,000      9,036,510
SunSource Borrower 8.945% (SOFR01M + 4.10%) 3/25/31 •   14,208,600    14,131,632
     31,441,956
Consumer Discretionary — 0.00%
Cedar Fair Tranche B 6.845% (SOFR01M + 2.00%) 5/1/31 •        8,600         8,596
          8,596
Healthcare — 2.39%
Amynta Agency Borrower 9.002% (SOFR03M + 3.75%) 2/28/28 •   16,478,028     16,500,339
Bausch & Lomb 8.27% (SOFR01M + 3.35%) 5/10/27 •   14,529,205     14,490,862
Cotiviti Holdings 7.625% 5/1/31    14,040,000     14,040,000
Heartland Dental 9.345% (SOFR01M + 4.50%) 4/28/28 •   20,969,625    20,633,629
     65,664,830
Media — 0.04%
Univision Communications 1st Lien TBD 6/24/29 X    1,143,892     1,130,309
      1,130,309
Services — 0.48%
Staples 10.689% (SOFR03M + 5.75%) 9/4/29 •   14,615,000    13,317,919
     13,317,919
Technology & Electronics — 1.75%
Applied Systems 2nd Lien 9.854% (SOFR03M + 5.25%) 2/23/32 •   13,310,000     13,732,872
BMC Software 11.005% (SOFR03M + 5.75%) 7/3/32 •   15,825,000     15,607,407
Indicor Tranche C 7.854% (SOFR03M + 3.25%) 11/22/29 •   13,979,750     14,019,061
    Principalamount° Value (US $)
Loan Agreements (continued)
Technology & Electronics (continued)
Instructure Holdings 2nd Lien TBD 9/10/32 X    4,813,000 $    4,841,074
     48,200,414
Telecommunications — 0.16%
MLN US HoldCo      
1st Lien 12.079% (SOFR03M + 6.80%) 10/18/27 •   32,191,651      3,380,124
Tranche B 14.629% (SOFR03M + 9.25%) 10/18/27 •   13,596,147       951,730
      4,331,854
Total Loan Agreements
(cost $292,188,944)
  254,246,250
    Number of
shares
 
Common Stocks — 3.51%
Basic Industry — 0.58%
BIS Industries Holdings <<, =, †, π   19,682,813             0
Foresight Energy <<, =, †    1,117,414    16,034,886
Westmoreland Coal =, †, π        4,238         7,417
     16,042,303
Consumer Goods — 0.00%
ASG Warrant  =, †, π       19,688             0
              0
Energy — 0.02%
Maritime Finance <<, =, †    1,750,000       565,221
Sabine Oil & Gas Holdings =, †        5,385         6,671
        571,892
Financial Services — 0.80%
New Cotai <<, =, †, π   20,316,462    21,969,596
     21,969,596
Leisure — 1.55%
Studio City International Holdings †, π    3,872,825    29,046,188
Studio City International Holdings ADR †    1,820,808    13,656,060
     42,702,248
Retail — 0.55%
True Religion Apparel <<, =, †, π          395    15,096,083
     15,096,083
    23

 

Table of Contents
Schedules of investments
Delaware Ivy High Income Fund   
    Number of
shares
Value (US $)
Common Stocks (continued)
Utilities — 0.01%
Larchmont Resources <<, =, †, π       18,338 $      260,224
        260,224
Total Common Stocks
(cost $302,155,890)
   96,642,346
 
Preferred Stock — 0.07%
Retail —0.07%      
True Religion Apparel 6.25%  <<, =, †, ω, π          410     2,050,430
Total Preferred Stock
(cost $6,748,583)
    2,050,430
 
Short-Term Investments — 0.25%
Money Market Mutual Funds — 0.25%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)    1,706,372      1,706,372
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)    1,706,372      1,706,372
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)    1,706,371      1,706,371
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)    1,706,371     1,706,371
Total Short-Term Investments
(cost $6,825,486)
    6,825,486
Total Value of Securities—101.00%
(cost $2,978,097,410)
    $2,782,470,446
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of Rule 144A securities was $2,067,970,543, which represents 75.06% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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.
^ Represents a security with a settlement after September 30, 2024, at which time the interest rate will be reflected.
<< 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.”
>> PIK. 100% of the income received was in the form of principal.
π Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2024, the aggregate value of restricted securities was $135,394,897, which represented 4.91% of the Fund’s net assets. See Note 11 in “Notes to financial statements” and table on the next page for additional details on restricted securities.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 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.
> PIK. 100% of the income received was in the form of cash.
X This loan will settle after September 30, 2024, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
Non-income producing security.
ω Perpetual security with no stated maturity date.
    
 
24    

 

Table of Contents
Restricted Securities            
Investments   Date of Acquisition   Cost   Value
ASG Warrant   5/30/18   $1,206,000   $
BIS Industries Holdings   12/22/17   1,852,487  
Larchmont Resources   12/8/16     260,224
New Cotai PIK   2/7/22   24,317,558   66,964,959
New Cotai   9/29/20   194,451,977   21,969,596
Studio City International Holdings   8/5/20   23,370,959   29,046,188
True Religion Apparel   10/19/20   17,881,282   15,096,083
True Religion Apparel 6.25%   10/19/20   6,748,583   2,050,430
Westmoreland Coal   3/15/19   3,179   7,417
Total       $269,832,025   $135,394,897
Summary of abbreviations:
ADR – American Depositary Receipt
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
LNG – Liquefied Natural Gas
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
TSFR03M – 3 Month Term Secured Overnight Financing Rate
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
    25

 

Table of Contents
Schedules of investments
Delaware Ivy International Core Equity Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 98.84%Δ
Austria — 1.82%
Mondi    1,544,703 $   29,346,359
     29,346,359
Brazil — 4.41%
Banco do Brasil    3,336,153     16,706,179
MercadoLibre †       26,577    54,534,941
     71,241,120
Canada — 2.03%
Dollarama      320,126    32,792,529
     32,792,529
China — 8.99%
Alibaba Group Holding ADR      290,352     30,812,154
Budweiser Brewing 144A #   13,575,700     18,266,602
China Mengniu Dairy    7,904,000     19,013,076
Midea Group Class A    2,282,704     24,746,293
Shenzhen Mindray Bio-Medical Electronics Class A      597,747     24,962,568
Tencent Holdings      481,100    27,514,945
    145,315,638
Denmark — 2.32%
Genmab †       48,611     11,759,760
Novo Nordisk Class B      219,705    25,813,873
     37,573,633
France — 12.31%
Airbus      295,812     43,208,532
BNP Paribas      462,388     31,680,229
Hermes International        7,182     17,636,183
LVMH Moet Hennessy Louis Vuitton       21,549     16,515,235
Thales      260,466     41,330,623
TotalEnergies      321,938     20,964,369
Vinci      236,748    27,658,107
    198,993,278
Germany — 11.12%
Deutsche Telekom    1,250,148     36,724,383
Heidelberg Materials      237,343     25,785,760
KION Group      670,858     26,368,293
SAP      209,575     47,684,151
Siemens      132,573     26,761,003
Siemens Healthineers 144A #      274,119    16,434,602
    179,758,192
India — 6.86%
Axis Bank    2,388,387     35,118,455
Bharti Airtel      769,789     15,703,737
HDFC Bank    1,844,090     38,114,659
NTPC    4,148,065    21,937,888
    110,874,739
    Number of
shares
Value (US $)
Common StocksΔ (continued)
Ireland — 2.40%
Experian      346,483 $   18,209,589
ICON †       71,361    20,502,729
     38,712,318
Japan — 11.92%
Asahi Group Holdings    1,967,700     25,718,034
Makita      951,000     32,031,943
Mitsubishi UFJ Financial Group    2,296,200     23,221,616
Nintendo      497,300     26,421,171
Renesas Electronics    1,663,100     24,056,948
Seven & i Holdings    1,973,400     29,479,143
Tokio Marine Holdings      407,053     14,815,058
Tokyo Electron       96,000    16,892,259
    192,636,172
Netherlands — 6.82%
Adyen 144A #, †       22,579     35,252,687
ASML Holding       36,461     30,261,341
ING Groep    1,290,398     23,376,080
Shell      647,501    21,309,439
    110,199,547
Singapore — 2.46%
Sea ADR †      421,419    39,731,383
     39,731,383
South Korea — 4.43%
KB Financial Group      671,867     41,564,610
SK Hynix      224,398    29,960,917
     71,525,527
Spain — 2.40%
Banco Bilbao Vizcaya Argentaria    3,595,511    38,854,747
     38,854,747
Sweden — 0.75%
Epiroc Class A      562,811    12,164,124
     12,164,124
Switzerland — 1.95%
Alcon      314,507    31,472,715
     31,472,715
Taiwan — 4.24%
Taiwan Semiconductor Manufacturing    2,268,000    68,585,025
     68,585,025
United Kingdom — 7.85%
AstraZeneca ADR      406,816     31,695,034
Compass Group    1,036,242     33,166,566
Haleon    3,882,237     20,392,912
HSBC Holdings    2,462,523     22,031,872
    26

 

Table of Contents
    Number of
shares
Value (US $)
Common StocksΔ (continued)
United Kingdom (continued)
Rentokil Initial    4,004,418 $   19,508,907
    126,795,291
United States — 3.76%
Freshworks Class A †      875,806     10,054,253
Roche Holding      104,281     33,341,335
Stellantis    1,255,175    17,328,050
     60,723,638
Total Common Stocks
(cost $1,280,882,919)
1,597,295,975
 
Short-Term Investments — 1.51%
Money Market Mutual Funds — 1.51%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)    6,101,824      6,101,824
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)    6,101,824      6,101,824
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)    6,101,825      6,101,825
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)    6,101,824     6,101,824
Total Short-Term Investments
(cost $24,407,297)
   24,407,297
Total Value of Securities—100.35%
(cost $1,305,290,216)
    $1,621,703,272
Δ Securities have been classified by country of risk.
Non-income producing security.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of Rule 144A securities was $69,953,891, which represents 4.33% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
    27

 

Table of Contents
Schedules of investments
Delaware Ivy Large Cap Growth Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 99.54%♦
Communication Services — 8.46%
Alphabet Class A    2,897,388 $  480,531,800
Alphabet Class C      468,570     78,340,218
Electronic Arts    1,070,882   153,607,314
    712,479,332
Consumer Discretionary — 11.23%
Amazon.com †   2,980,216    555,303,647
Booking Holdings       26,084    109,868,938
Ferrari      262,065    123,199,377
Home Depot       67,249     27,249,295
LVMH Moet Hennessy Louis Vuitton ADR      845,667   129,902,908
    945,524,165
Consumer Staples — 2.49%
Coca-Cola    2,918,163   209,699,193
    209,699,193
Financials — 11.35%
Intercontinental Exchange    1,648,822    264,866,766
MSCI      221,468    129,100,341
S&P Global      234,697    121,249,164
Visa Class A    1,603,455   440,869,953
    956,086,224
Healthcare — 11.52%
Cooper †   1,229,976    135,715,552
Danaher      847,889    235,730,100
Intuitive Surgical †     317,691    156,072,058
UnitedHealth Group      599,713    350,640,197
Veeva Systems Class A †     435,920    91,486,530
    969,644,437
Industrials — 8.15%
Broadridge Financial Solutions      666,661    143,352,115
Equifax      560,671    164,758,780
JB Hunt Transport Services      374,598     64,554,473
TransUnion      299,615     31,369,691
Verisk Analytics      264,392     70,846,480
Waste Connections    1,182,260   211,411,733
    686,293,272
Information Technology — 43.12%
Apple    2,546,018    593,222,194
Autodesk †     331,678     91,370,655
Intuit      338,796    210,392,316
Microsoft    2,552,850 1,098,491,355
Motorola Solutions      559,994    251,790,102
NVIDIA    6,923,368    840,773,810
Salesforce      760,849    208,251,980
Synopsys †      77,785     39,389,546
Taiwan Semiconductor Manufacturing ADR      642,874    111,647,928
    Number of
shares
Value (US $)
Common Stocks♦ (continued)
Information Technology (continued)
VeriSign †     979,068 $  185,983,757
  3,631,313,643
Real Estate — 3.22%
CoStar Group †   2,388,635    180,198,624
Equinix      102,231    90,743,303
    270,941,927
Total Common Stocks
(cost $3,521,332,080)
8,381,982,193
Total Value of Securities—99.54%
(cost $3,521,332,080)
    $8,381,982,193
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
Non-income producing security.
Summary of abbreviations:
ADR – American Depositary Receipt
MSCI – Morgan Stanley Capital International
S&P – Standard & Poor’s Financial Services LLC
See accompanying notes, which are an integral part of the financial statements.
    28

 

Table of Contents
Delaware Ivy Mid Cap Growth Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 99.51%♦
Communication Services — 4.74%
Pinterest Class A †   4,553,100 $  147,383,847
Trade Desk Class A †   1,544,393   169,342,692
    316,726,539
Consumer Discretionary — 14.39%
DraftKings Class A †   1,742,410     68,302,472
Five Below †     328,677     29,038,613
Floor & Decor Holdings Class A †   1,442,305    179,091,012
Levi Strauss & Co. Class A    4,344,566     94,711,539
Lululemon Athletica  †     184,432     50,045,623
National Vision Holdings †   2,476,630     27,020,033
On Holding Class A †   2,537,705    127,265,905
Pool      384,411    144,846,065
SharkNinja      733,417     79,729,762
Tractor Supply      244,156     71,032,305
Vail Resorts      511,044    89,069,859
    960,153,188
Consumer Staples — 2.34%
Brown-Forman Class B    1,938,747     95,386,352
Casey's General Stores      162,057    60,886,436
    156,272,788
Financials — 8.19%
Blue Owl Capital    3,703,637     71,702,412
Corpay †     306,866     95,975,410
FactSet Research Systems      196,482     90,352,248
Kinsale Capital Group      168,774     78,576,111
LPL Financial Holdings      177,263     41,236,692
MarketAxess Holdings      657,746   168,514,525
    546,357,398
Healthcare — 20.20%
Align Technology †     442,957    112,652,824
Bio-Techne    1,710,418    136,713,711
Cencora      481,205    108,309,621
Dexcom †   1,037,023     69,522,022
GE HealthCare Technologies    1,283,797    120,484,348
IDEXX Laboratories †     305,737    154,464,447
Illumina †     206,494     26,928,883
Inspire Medical Systems †     382,672     80,762,926
Insulet †     526,309    122,498,420
Ionis Pharmaceuticals †   1,313,675     52,625,820
Mettler-Toledo International †      70,708    106,040,788
Repligen †     805,658    119,898,024
Veeva Systems Class A †     655,573   137,585,105
  1,348,486,939
Industrials — 18.53%
A O Smith    1,134,310    101,895,067
Copart †   2,441,023    127,909,605
Fastenal    1,841,668    131,531,929
    Number of
shares
Value (US $)
Common Stocks♦ (continued)
Industrials (continued)
Generac Holdings †     859,415 $  136,543,855
HEICO Class A      688,480    140,284,685
Howmet Aerospace    1,335,488    133,882,672
Lincoln Electric Holdings      482,060     92,565,161
Old Dominion Freight Line      369,598     73,416,947
Rollins    2,048,137    103,594,770
Trex †   1,385,768     92,264,433
Vertiv Holdings Class A      335,995     33,428,143
WillScot Holdings †   1,839,312    69,158,131
  1,236,475,398
Information Technology — 25.82%
Appfolio Class A †     196,095     46,160,763
ASGN †     537,784     50,137,602
CDW      287,554     65,073,470
Coherent †   1,395,615    124,084,130
Datadog Class A †     824,113     94,822,442
HubSpot †     199,601    106,107,892
Impinj †     282,324     61,128,792
Lattice Semiconductor †   1,277,741     67,809,715
MongoDB †     280,942     75,952,670
Monolithic Power Systems      181,585    167,875,333
Novanta †     599,947    107,342,517
Onto Innovation †     319,204     66,253,982
Teradyne      853,259    114,276,978
Trimble †   1,985,036    123,250,885
Tyler Technologies †     190,168    111,004,865
Universal Display      640,214    134,380,919
Workiva †   1,006,234     79,613,234
Zebra Technologies Class A †     345,170   127,823,354
  1,723,099,543
Materials — 1.56%
Martin Marietta Materials      193,056   103,912,392
    103,912,392
Real Estate — 3.74%
CoStar Group †   3,310,609   249,752,343
    249,752,343
Total Common Stocks
(cost $5,232,403,305)
6,641,236,528
 
Short-Term Investments — 0.57%
Money Market Mutual Funds — 0.57%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)   9,540,872      9,540,872
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   9,540,872      9,540,872
    29

 

Table of Contents
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 4.89%)   9,540,872 $    9,540,872
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   9,540,872     9,540,872
Total Short-Term Investments
(cost $38,163,488)
   38,163,488
Total Value of Securities—100.08%
(cost $5,270,566,793)
    $6,679,400,016
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
Non-income producing security.
See accompanying notes, which are an integral part of the financial statements.
30    

 

Table of Contents
Delaware Ivy Mid Cap Income Opportunities Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 98.76%♦
Consumer Discretionary — 19.68%
Darden Restaurants      190,094 $   31,200,128
Garmin      182,613     32,145,366
Levi Strauss & Co. Class A    1,487,710     32,432,078
Service Corp. International      406,135     32,056,236
Tractor Supply      111,912     32,558,558
Travel + Leisure      694,956     32,023,573
Vail Resorts      169,866    29,605,945
    222,021,884
Consumer Staples — 5.62%
McCormick & Co.      382,139     31,450,040
Sysco      409,521    31,967,209
     63,417,249
Financials — 8.57%
Ares Management Class A      204,590     31,883,306
Arthur J Gallagher & Co.      114,847     32,314,500
First American Financial      492,158    32,487,349
     96,685,155
Healthcare — 5.65%
Quest Diagnostics      206,016     31,983,984
Royalty Pharma Class A    1,124,506    31,812,275
     63,796,259
Industrials — 31.27%
Broadridge Financial Solutions      150,773     32,420,718
Fastenal      445,586     31,823,752
L3Harris Technologies      137,875     32,796,326
nVent Electric      450,936     31,682,763
Paychex      239,214     32,100,127
Robert Half      473,894     31,945,195
Rollins      637,887     32,264,324
Snap-on      110,281     31,949,509
Stanley Black & Decker      292,650     32,229,544
TE Connectivity      213,439     32,227,155
Watsco       63,766    31,365,220
    352,804,633
Information Technology — 8.43%
Microchip Technology      397,538     31,918,326
NetApp      256,539     31,685,132
Seagate Technology Holdings      288,247    31,571,694
     95,175,152
Materials — 14.05%
Avery Dennison      143,968     31,782,376
Packaging Corp. of America      148,619     32,012,532
PPG Industries      237,282     31,430,374
RPM International      257,595     31,168,995
Sonoco Products      587,528    32,096,655
    158,490,932
    Number of
shares
Value (US $)
Common Stocks♦ (continued)
Real Estate — 5.49%
Extra Space Storage      180,773 $   32,573,487
Kilroy Realty      758,258    29,344,584
     61,918,071
Total Common Stocks
(cost $743,071,992)
1,114,309,335
 
Short-Term Investments — 2.22%
Money Market Mutual Funds — 2.22%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)   6,276,533      6,276,533
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   6,276,532      6,276,532
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)   6,276,533      6,276,533
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   6,276,534     6,276,534
Total Short-Term Investments
(cost $25,106,132)
   25,106,132
Total Value of Securities—100.98%
(cost $768,178,124)
    $1,139,415,467
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
See accompanying notes, which are an integral part of the financial statements.
    31

 

Table of Contents
Schedules of investments
Delaware Ivy Small Cap Growth Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 99.60%
Communication Services — 1.76%
IMAX †   1,124,094 $   23,055,168
     23,055,168
Consumer Discretionary — 12.74%
Abercrombie & Fitch Class A †     118,661     16,600,674
Acushnet Holdings      246,225     15,696,844
Installed Building Products       81,864     20,160,647
Light & Wonder †     223,642     20,291,039
Meritage Homes       70,986     14,557,099
Modine Manufacturing †     192,864     25,610,410
Ollie's Bargain Outlet Holdings †     121,693     11,828,560
Red Rock Resorts Class A      512,809     27,917,322
Universal Technical Institute †     862,585    14,025,632
    166,688,227
Consumer Staples — 2.72%
BellRing Brands †     249,639     15,158,080
MGP Ingredients      175,820     14,637,015
Vital Farms †     166,007     5,821,865
     35,616,960
Energy — 1.61%
Cactus Class A      169,302     10,102,250
Weatherford International      129,744    11,017,861
     21,120,111
Financials — 7.86%
Hamilton Lane Class A      131,157     22,085,527
Houlihan Lokey      126,999     20,068,382
Palomar Holdings †     225,281     21,327,352
Western Alliance Bancorp      310,163     26,825,998
WisdomTree    1,252,276    12,510,237
    102,817,496
Healthcare — 24.45%
ADMA Biologics †     691,551     13,824,105
ANI Pharmaceuticals †     336,396     20,069,385
Axsome Therapeutics †     179,716     16,151,077
Encompass Health      249,942     24,154,395
Evolent Health Class A †     368,889     10,432,181
Halozyme Therapeutics †     277,416     15,879,292
Harmony Biosciences Holdings †     203,801      8,152,040
HealthEquity †     180,522     14,775,726
Ideaya Biosciences †     435,337     13,791,476
Inari Medical †     146,797      6,053,908
Insmed †     175,519     12,812,887
Integer Holdings †     224,702     29,211,260
Intra-Cellular Therapies †      87,034      6,368,278
Kiniksa Pharmaceuticals International †     311,881      7,793,906
Option Care Health †     363,464     11,376,423
    Number of
shares
Value (US $)
Common Stocks (continued)
Healthcare (continued)
PROCEPT BioRobotics †     127,449 $   10,211,214
Tarsus Pharmaceuticals †     303,105      9,969,124
TransMedics Group †     143,390     22,512,230
Vaxcyte †     125,031     14,287,292
Veracyte †     483,483     16,457,761
Vericel †     644,612     27,234,857
Viking Therapeutics †     135,006     8,547,230
    320,066,047
Industrials — 21.78%
AAR †     182,492     11,927,677
ACV Auctions Class A †     982,133     19,966,764
AeroVironment †      65,114     13,055,357
American Superconductor †     681,447     16,082,149
CBIZ †     323,789     21,787,762
Clean Harbors †     147,035     35,539,830
Construction Partners Class A †     372,600     26,007,480
Federal Signal      423,450     39,575,637
Kirby †     125,791     15,400,592
Leonardo DRS †     545,244     15,386,786
Parsons †     394,733     40,925,917
Verra Mobility †   1,054,870    29,335,935
    284,991,886
Information Technology — 22.93%
Advanced Energy Industries      155,658     16,381,448
Agilysys †     130,457     14,215,899
Altair Engineering Class A †     143,343     13,690,690
AvePoint †     915,263     10,772,645
Box Class A †      60,077      1,966,320
Braze Class A †     339,979     10,994,921
Clearwater Analytics Holdings Class A †     185,239      4,677,285
CyberArk Software †     173,767     50,672,195
Descartes Systems Group †     205,020     21,108,859
Fabrinet †      36,218      8,563,384
Harmonic †   1,026,305     14,953,264
Lumentum Holdings †      60,756      3,850,715
Monday.com †      62,144     17,261,739
Onto Innovation †      49,744     10,324,865
OSI Systems †     122,613     18,616,332
Rambus †     302,018     12,751,200
Rubrik Class A †     179,164      5,760,122
Sprout Social Class A †     323,985      9,418,244
Tenable Holdings †     281,821     11,419,387
Varonis Systems †     557,560     31,502,140
Veeco Instruments †     338,375    11,210,364
    300,112,018
Materials — 3.75%
Aspen Aerogels †     376,074     10,413,489
    32

 

Table of Contents
    Number of
shares
Value (US $)
Common Stocks (continued)
Materials (continued)
ATI †     577,340 $   38,629,819
     49,043,308
Total Common Stocks
(cost $991,433,795)
1,303,511,221
 
Short-Term Investments — 0.18%
Money Market Mutual Funds — 0.18%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)     589,487        589,487
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)     589,487        589,487
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)     589,487        589,487
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)     589,487       589,487
Total Short-Term Investments
(cost $2,357,948)
    2,357,948
Total Value of Securities—99.78%
(cost $993,791,743)
    $1,305,869,169
Non-income producing security.
See accompanying notes, which are an integral part of the financial statements.
    33

 

Table of Contents
Schedules of investments
Delaware Ivy Smid Cap Core Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 98.97%
Basic Materials — 7.25%
Beacon Roofing Supply †      48,780 $  4,216,055
Boise Cascade       34,873    4,916,396
Huntsman      164,732    3,986,514
Kaiser Aluminum       23,320    1,691,166
Minerals Technologies       53,639    4,142,540
Reliance       15,157    4,383,556
Summit Materials Class A †      57,516   2,244,850
   25,581,077
Business Services — 5.16%
ABM Industries       49,160    2,593,681
Aramark       71,853    2,782,867
ASGN †      28,448    2,652,207
Casella Waste Systems Class A †      24,868    2,474,117
Clean Harbors †      13,925    3,365,812
UL Solutions Class A       23,913    1,178,911
WillScot Holdings †      84,482   3,176,523
   18,224,118
Capital Goods — 11.90%
Ameresco Class A †      32,981    1,251,299
API Group †      33,690    1,112,444
Applied Industrial Technologies        6,362    1,419,553
Atkore        7,860      666,056
Carlisle       10,571    4,754,307
Chart Industries †      12,216    1,516,494
Federal Signal       36,633    3,423,720
Gates Industrial †      67,871    1,191,136
Graco       28,325    2,478,721
Kadant        7,121    2,406,898
KBR       50,547    3,292,126
Lincoln Electric Holdings       19,490    3,742,470
Quanta Services        7,004    2,088,243
Regal Rexnord       15,138    2,511,091
Tetra Tech       74,535    3,515,071
WESCO International       22,356    3,755,361
Zurn Elkay Water Solutions       79,402   2,853,708
   41,978,698
Consumer Discretionary — 4.27%
BJ's Wholesale Club Holdings †      37,407    3,085,329
Dick's Sporting Goods       21,515    4,490,181
Five Below †      21,197    1,872,755
Malibu Boats Class A †      26,490    1,028,077
Steven Madden       94,001   4,605,109
   15,081,451
Consumer Services — 2.71%
Brinker International †      45,875    3,510,814
Jack in the Box       15,394      716,437
Texas Roadhouse       21,035    3,714,781
    Number of
shares
Value (US $)
Common Stocks (continued)
Consumer Services (continued)
Wendy's       93,450 $  1,637,244
    9,579,276
Consumer Staples — 3.00%
Casey's General Stores       12,605    4,735,825
Helen of Troy †      12,211      755,250
J & J Snack Foods       15,991    2,752,371
YETI Holdings †      56,813   2,331,037
   10,574,483
Credit Cyclicals — 3.71%
BorgWarner       57,637    2,091,647
KB Home       31,126    2,667,187
La-Z-Boy       40,401    1,734,415
Taylor Morrison Home †      35,214    2,474,136
Toll Brothers       26,748   4,132,298
   13,099,683
Energy — 4.86%
Chesapeake Energy       63,024    5,183,724
Liberty Energy      247,846    4,731,380
Permian Resources      234,694    3,194,185
Southwestern Energy †     569,131   4,046,522
   17,155,811
Finance — 14.50%
Axis Capital Holdings       57,372    4,567,385
Columbia Banking System      160,449    4,189,323
East West Bancorp       67,549    5,589,004
Essent Group       45,358    2,916,066
Hamilton Lane Class A       19,009    3,200,926
Kemper       69,482    4,255,772
Pinnacle Financial Partners       43,027    4,215,355
Primerica       10,252    2,718,318
Reinsurance Group of America       20,049    4,368,076
SouthState       34,038    3,307,813
Stifel Financial       49,956    4,690,868
Webster Financial      100,856    4,700,898
WSFS Financial       47,949   2,444,920
   51,164,724
Healthcare — 13.19%
Amicus Therapeutics †     129,146    1,379,279
Apellis Pharmaceuticals †      39,962    1,152,504
Azenta †      30,998    1,501,543
Bio-Techne       32,346    2,585,416
Blueprint Medicines †      32,810    3,034,925
Encompass Health       36,623    3,539,247
Exact Sciences †      43,356    2,953,411
Halozyme Therapeutics †      59,424    3,401,430
Insmed †      58,156    4,245,388
Inspire Medical Systems †      11,491    2,425,176
Intra-Cellular Therapies †      29,849    2,184,051
    34

 

Table of Contents
    Number of
shares
Value (US $)
Common Stocks (continued)
Healthcare (continued)
Lantheus Holdings †      22,018 $  2,416,476
Ligand Pharmaceuticals †      22,256    2,227,603
Natera †      36,070    4,579,086
Neurocrine Biosciences †      29,092    3,351,980
OmniAb 12.5 =, †      10,854            0
OmniAb 15 =, †      10,854            0
Repligen †      14,423    2,146,431
Supernus Pharmaceuticals †      56,080    1,748,574
Ultragenyx Pharmaceutical †      30,036   1,668,500
   46,541,020
Media — 1.73%
IMAX †      95,874    1,966,376
Interpublic Group       82,578    2,611,942
Nexstar Media Group        9,237   1,527,338
    6,105,656
Real Estate Investment Trusts — 7.51%
Brixmor Property Group      138,870    3,868,918
Camden Property Trust       32,943    4,069,449
First Industrial Realty Trust       67,043    3,753,067
Healthpeak Properties      143,579    3,283,652
Jones Lang LaSalle †      10,852    2,927,978
Kite Realty Group Trust      126,192    3,351,660
National Storage Affiliates Trust       61,261    2,952,780
Terreno Realty       34,517   2,306,771
   26,514,275
Technology — 13.88%
Box Class A †      45,558    1,491,113
Coherent †      47,297    4,205,176
Dynatrace †      51,541    2,755,897
ExlService Holdings †     104,233    3,976,489
Guidewire Software †      25,076    4,587,404
MACOM Technology Solutions Holdings †      29,905    3,327,230
Procore Technologies †      31,574    1,948,747
PTC †      18,240    3,295,238
Q2 Holdings †      38,824    3,096,991
Rapid7 †      32,601    1,300,454
Rubrik Class A †       8,454      271,796
Semtech †      80,986    3,697,821
Silicon Laboratories †      18,837    2,176,992
Smartsheet Class A †      39,608    2,192,699
Sprout Social Class A †      21,273      618,406
SPS Commerce †       6,964    1,352,200
Varonis Systems †      65,158    3,681,427
WNS Holdings †      43,208    2,277,494
Workiva †      18,300    1,447,896
Yelp †      36,476   1,279,578
   48,981,048
    Number of
shares
Value (US $)
Common Stocks (continued)
Transportation — 3.65%
ArcBest        5,073 $    550,167
International Seaways       20,618    1,063,064
Kirby †      36,394    4,455,717
Knight-Swift Transportation Holdings       51,558    2,781,554
Saia †       1,312      573,685
Scorpio Tankers        7,478      533,181
Teekay Tankers Class A        4,699      273,717
Werner Enterprises       46,545    1,796,172
XPO †       7,822     840,943
   12,868,200
Utilities — 1.65%
Black Hills       46,527    2,843,730
Spire       44,071   2,965,538
    5,809,268
Total Common Stocks
(cost $267,892,263)
349,258,788
 
Short-Term Investments — 1.29%
Money Market Mutual Funds — 1.29%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)   1,142,148    1,142,148
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   1,142,148    1,142,148
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)   1,142,148    1,142,148
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   1,142,145   1,142,145
Total Short-Term Investments
(cost $4,568,589)
  4,568,589
Total Value of Securities—100.26%
(cost $272,460,852)
    $353,827,377
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.”
See accompanying notes, which are an integral part of the financial statements.
    35

 

Table of Contents
Consolidated schedules of investments
Delaware Ivy Systematic Emerging Markets Equity Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 98.24%♦
Communication Services — 10.67%
Bharti Airtel      328,975 $  6,711,108
China United Network Communications Class A    1,392,900    1,062,131
Kuaishou Technology 144A #, †      246,800    1,741,348
NetEase    1,099,100   21,278,330
Sitios Latinoamerica †            1            0
Tencent Holdings      698,720   39,961,012
Tencent Music Entertainment Group ADR      128,377    1,546,943
Turkcell Iletisim Hizmetleri    2,263,001   6,299,808
   78,600,680
Consumer Discretionary — 15.96%
Alibaba Group Holding    1,332,900   18,860,539
ANTA Sports Products       49,600      602,625
Bajaj Auto       37,201    5,480,607
Geely Automobile Holdings    2,850,000    4,465,355
Hero MotoCorp      283,209   19,305,238
Hyundai Motor       33,653    6,279,217
JD.com Class A      382,161    8,214,605
Kia      219,813   16,792,321
Maruti Suzuki India       23,106    3,650,032
Meituan Class B 144A #, †      678,112   15,003,539
Naspers Class N       20,406    4,954,486
PDD Holdings ADR †       66,705    8,992,501
Tata Motors      159,222    1,851,831
Vipshop Holdings ADR      199,512   3,138,324
  117,591,220
Consumer Staples — 4.96%
Ambev    3,131,497    7,547,507
BIM Birlesik Magazalar      342,186    4,965,562
Fix Price Group GDR 144A #, =, †    1,489,220            0
Hindustan Unilever      101,548    3,584,785
ITC      367,165    2,270,211
Jiangsu Yanghe Brewery Joint-Stock Class A       45,900      648,911
Kweichow Moutai Class A       15,101    3,762,282
Shanxi Xinghuacun Fen Wine Factory Class A       49,715    1,551,021
Wal-Mart de Mexico    3,120,969    9,416,799
Wuliangye Yibin Class A      122,161   2,829,547
   36,576,625
Energy — 7.19%
China Petroleum and Chemical Class H    3,856,000    2,400,746
China Shenhua Energy Class A      479,592    2,980,318
China Shenhua Energy Class H    1,373,000    6,190,453
Coal India    2,520,034   15,341,004
LUKOIL PJSC =      276,569            0
    Number of
shares
Value (US $)
Common Stocks (continued)
Energy (continued)
Oil and Natural Gas      965,171 $  3,427,573
PetroChina Class H    5,788,000    4,720,431
Petroleo Brasileiro      318,171    2,294,134
Prio      369,976    2,948,154
Reliance Industries      137,663    4,851,234
Shaanxi Coal Industry Class A    1,611,000    6,332,775
Turkiye Petrol Rafinerileri      330,361   1,499,292
   52,986,114
Financials — 21.33%
Agricultural Bank of China Class A    9,601,600    6,568,846
Axis Bank      329,938    4,851,355
Banco do Brasil    1,058,408    5,300,103
Bank Central Asia   26,697,700   18,206,985
Bank Mandiri Persero    7,118,200    3,255,848
Bank of China Class A    6,168,879    4,396,231
Bank of China Class H   32,497,000   15,341,689
Bank Rakyat Indonesia Persero   48,301,000   15,791,938
China Construction Bank Class A    3,020,500    3,413,943
China Construction Bank Class H   14,375,000   10,872,991
FirstRand    3,120,605   15,002,023
Grupo Financiero Banorte Class O      946,700    6,737,965
HDFC Bank      171,754    3,549,905
ICICI Bank    1,946,254   29,564,969
Industrial and Commercial Bank of China Class H   12,798,000    7,638,779
KB Financial Group       78,074    4,829,997
Saudi National Bank      120,000    1,097,190
Sberbank of Russia PJSC =    4,129,544            0
Yapi ve Kredi Bankasi      790,772     714,984
  157,135,741
Healthcare — 1.83%
Dong-E-E-Jiao Class A       86,800      763,324
Hubei Jumpcan Pharmaceutical Class A    1,585,200    7,076,362
Shenzhen Mindray Bio-Medical Electronics Class A       62,200    2,597,540
Sun Pharmaceutical Industries      131,459   3,022,414
   13,459,640
Industrials — 5.54%
Bharat Electronics    1,243,727    4,231,280
COSCO SHIPPING Holdings Class A      515,300    1,153,827
Eva Airways    2,436,000    2,886,575
Evergreen Marine Taiwan      503,200    3,196,031
Hindustan Aeronautics       54,863    2,894,111
KOC Holding    1,072,958    5,904,838
Weichai Power Class A    3,720,194    8,414,857
Yang Ming Marine Transport    2,883,000    6,285,908
    36

 

Table of Contents
    Number of
shares
Value (US $)
Common Stocks (continued)
Industrials (continued)
Yutong Bus Class A    1,555,800 $  5,843,037
   40,810,464
Information Technology — 28.51%
Accton Technology      155,000    2,605,659
HCL Technologies      322,033    6,902,086
Hon Hai Precision Industry    1,940,000   11,494,162
Infosys      966,704   21,636,312
Lenovo Group    1,030,000    1,404,452
MediaTek      410,879   15,255,489
Novatek Microelectronics      458,000    7,496,690
Quanta Computer      178,000    1,484,904
Realtek Semiconductor      669,000    9,956,836
Samsung Electronics      707,610   33,278,286
SK Hynix       22,979    3,068,084
Taiwan Semiconductor Manufacturing    2,366,404   71,560,793
Tata Consultancy Services      391,009   19,916,432
Wiwynn       73,000   3,956,046
  210,016,231
Materials — 1.58%
Huaibei Mining Holdings Class A      451,300    1,158,466
Jiangxi Copper Class A    1,227,800    4,271,689
Tata Steel    1,332,556    2,680,178
Vale      204,603    2,391,298
Zhongjin Gold Class A      539,100   1,167,931
   11,669,562
Real Estate — 0.10%
China Resources Land      206,500     761,042
      761,042
Utilities — 0.57%
Cia de Saneamento Basico do Estado de Sao Paulo       94,211    1,560,931
GAIL India      930,653   2,668,536
    4,229,467
Total Common Stocks
(cost $541,154,336)
723,836,786
 
Preferred Stock — 1.88%
Energy — 1.88%      
Petroleo Brasileiro 12.88% ω    2,088,474  13,831,918
Total Preferred Stock
(cost $10,463,934)
 13,831,918
    Number of
shares
Value (US $)
Short-Term Investments — 0.89%
Money Market Mutual Funds — 0.89%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)    1,628,178 $  1,628,178
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)    1,628,178    1,628,178
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)    1,628,178    1,628,178
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)    1,628,179   1,628,179
Total Short-Term Investments
(cost $6,512,713)
  6,512,713
Total Value of Securities—101.01%
(cost $558,130,983)
    $744,181,417
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of Rule 144A securities was $16,744,887, which represents 2.27% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
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.”
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.
    37

 

Table of Contents
Statements of assets and liabilities
Ivy Funds 
September 30, 2024 (Unaudited) 
  Delaware Ivy
Core Equity Fund
  Delaware Ivy
Global Bond Fund
  Delaware Ivy
Global Growth Fund
  Delaware Ivy
High Income Fund
Assets:              
Investments, at value* $3,887,741,106   $501,675,989   $958,867,537   $2,652,639,796
Investments of affiliated issuers, at value**       129,830,650
Foreign currencies, at valueΔ   307,177   1,074,726  
Cash   1,162,414   82,661   8,104,231
Cash collateral due from brokers   7,460,583    
Receivable for fund shares sold 3,857,998   635,092   1,155,339   3,182,341
Dividends and interest receivable 1,387,598   4,826,832   986,191   43,218,102
Prepaid expenses 110,577   79,959   82,903   95,573
Foreign tax reclaims receivable 110,173     2,497,695  
Receivable for securities sold   2,404,717   1,999,708   7,893,816
Variation margin due from broker on futures contracts   958    
Unrealized appreciation on forward foreign currency exchange contracts   11,036    
Upfront payments paid on over-the-counter credit default swap contracts   148,667    
Other assets 39,792   11,894   18,320   58,518
Total Assets 3,893,247,244   518,725,318   966,765,080   2,845,023,027
Liabilities:              
Options written, at valueΣ   38,391    
Payable for fund shares redeemed 6,647,589   634,681   1,792,823   8,473,732
Payable for securities purchased 2,294,633   3,007,181   6,202,102   79,002,175
Investment management fees payable to affiliates 1,928,164   195,252   543,107   999,713
Other accrued expenses 1,230,394   218,342   61,014   922,100
Distribution fees payable to affiliates 610,800   22,109   142,654   384,673
Distribution payable       321,152
Unrealized depreciation on forward foreign currency exchange contracts   2,686,193    
Variation margin due to brokers on centrally cleared interest rate swap contracts   57,991    
Unrealized depreciation on over-the-counter credit default swap contracts   188,653    
Accrued capital gains taxes on appreciated securities     1,299,560  
Due to brokers   34,667    
IRS compliance fee for foreign withholding tax claims (see Note 1)     1,099,577  
Total Liabilities 12,711,580   7,083,460   11,140,837   90,103,545
Total Net Assets $3,880,535,664   $511,641,858   $955,624,243   $2,754,919,482
 
Net Assets Consist of:              
Paid-in capital $1,580,869,337   $606,295,775   $633,980,061   $4,717,413,685
Total distributable earnings (loss) 2,299,666,327   (94,653,917)   321,644,182   (1,962,494,203)
Total Net Assets $3,880,535,664   $511,641,858   $955,624,243   $2,754,919,482
 
    38

 

Table of Contents
  Delaware Ivy
Core Equity Fund
  Delaware Ivy
Global Bond Fund
  Delaware Ivy
Global Growth Fund
  Delaware Ivy
High Income Fund
Net Asset Value              
 
Class A:              
Net assets $2,918,562,343   $98,416,124   $696,356,653   $1,363,149,543
Shares of beneficial interest outstanding, unlimited authorization, no par 154,429,326   10,495,625   18,769,615   220,143,389
Net asset value per share $18.90   $9.38   $37.10   $6.19
Sales charge 5.75%   4.50%   5.75%   4.50%
Offering price per share, equal to net asset value per share / (1 - sales charge) $20.05   $9.82   $39.36   $6.48
 
Class C:              
Net assets $19,369,277   $1,562,980   $3,797,959   $100,910,373
Shares of beneficial interest outstanding, unlimited authorization, no par 1,426,436   166,895   171,616   16,295,089
Net asset value per share $13.58   $9.37   $22.13   $6.19
 
Class I:              
Net assets $833,154,250   $215,491,059   $234,514,039   $1,097,866,527
Shares of beneficial interest outstanding, unlimited authorization, no par 35,773,401   23,022,281   5,978,800   177,282,395
Net asset value per share $23.29   $9.36   $39.22   $6.19
 
Class R:              
Net assets $175,276   $952,864   $1,012,720   $35,183,268
Shares of beneficial interest outstanding, unlimited authorization, no par 9,437   101,963   28,270   5,681,666
Net asset value per share $18.57   $9.35   $35.82   $6.19
 
Class R6:              
Net assets $78,519,140   $193,312,430   $16,824,764   $105,157,457
Shares of beneficial interest outstanding, unlimited authorization, no par 3,359,488   20,659,668   427,492   16,976,880
Net asset value per share $23.37   $9.36   $39.36   $6.19
 
Class Y:              
Net assets $30,755,378   $1,906,401   $3,118,108   $52,652,314
Shares of beneficial interest outstanding, unlimited authorization, no par 1,396,781   203,401   83,201   8,506,755
Net asset value per share $22.02   $9.37   $37.48   $6.19

*Investments, at cost
$1,954,432,063   $487,262,103   $680,219,522   $2,685,000,318
**Investments of affiliated issuers, at cost       293,097,092
ΔForeign currencies, at cost   409,680   1,093,355  
ΣOptions written, premium received   (126,555)    
See accompanying notes, which are an integral part of the financial statements.
    39

 

Table of Contents
Statements of assets and liabilities
Ivy Funds  
  Delaware Ivy
International
Core Equity Fund
  Delaware Ivy
Large Cap Growth Fund
  Delaware Ivy
Mid Cap Growth Fund
  Delaware Ivy
Mid Cap Income
Opportunities Fund
Assets:              
Investments, at value* $1,621,703,272   $8,381,982,193   $6,679,400,016   $1,139,415,467
Foreign currencies, at valueΔ 9,757,908      
Cash 224,589   48,720,253    
Receivable for securities sold 35,277,436     2,452,798  
Foreign tax reclaims receivable 11,288,666   151,525     51,500
Dividends and interest receivable 2,478,766   3,471,195   1,274,132   863,659
Receivable for fund shares sold 1,372,051   12,623,987   8,333,140   2,769,017
Prepaid expenses 79,794   198,674   127,864   89,040
Other assets 3,738   59,378   34,924  
Total Assets 1,682,186,220   8,447,207,205   6,691,622,874   1,143,188,683
Liabilities:              
Payable for securities purchased 56,057,144       9,294,369
Accrued capital gains taxes on appreciated securities 5,834,718      
Payable for fund shares redeemed 2,395,577   20,798,875   12,205,495   4,474,166
Investment management fees payable to affiliates 775,255   3,504,570   3,389,951   604,099
IRS compliance fee for foreign withholding tax claims (see Note 1) 557,376      
Other accrued expenses 366,738   1,257,479   1,431,973   426,660
Distribution fees payable to affiliates 132,283   757,613   545,870   53,829
Total Liabilities 66,119,091   26,318,537   17,573,289   14,853,123
Total Net Assets $1,616,067,129   $8,420,888,668   $6,674,049,585   $1,128,335,560
 
Net Assets Consist of:              
Paid-in capital $1,297,706,928   $3,267,546,319   $4,462,486,573   $666,294,045
Total distributable earnings (loss) 318,360,201   5,153,342,349   2,211,563,012   462,041,515
Total Net Assets $1,616,067,129   $8,420,888,668   $6,674,049,585   $1,128,335,560
 
    40

 

Table of Contents
  Delaware Ivy
International
Core Equity Fund
  Delaware Ivy
Large Cap Growth Fund
  Delaware Ivy
Mid Cap Growth Fund
  Delaware Ivy
Mid Cap Income
Opportunities Fund
Net Asset Value              
 
Class A:              
Net assets $460,084,706   $3,351,184,546   $2,048,052,669   $159,916,971
Shares of beneficial interest outstanding, unlimited authorization, no par 21,034,876   93,530,486   73,089,783   7,812,899
Net asset value per share $21.87   $35.83   $28.02   $20.47
Sales charge 5.75%   5.75%   5.75%   5.75%
Offering price per share, equal to net asset value per share / (1 - sales charge) $23.20   $38.02   $29.73   $21.72
 
Class C:              
Net assets $17,362,520   $65,427,060   $87,493,562   $16,591,076
Shares of beneficial interest outstanding, unlimited authorization, no par 916,960   2,701,819   4,425,192   812,323
Net asset value per share $18.93   $24.22   $19.77   $20.42
 
Class I:              
Net assets $822,318,191   $4,606,322,883   $3,045,413,184   $832,949,720
Shares of beneficial interest outstanding, unlimited authorization, no par 37,204,000   116,793,693   93,990,405   40,668,471
Net asset value per share $22.10   $39.44   $32.40   $20.48
 
Class R:              
Net assets $40,900,075   $35,877,847   $56,964,690   $12,335,573
Shares of beneficial interest outstanding, unlimited authorization, no par 1,874,110   1,090,733   2,167,572   603,263
Net asset value per share $21.82   $32.89   $26.28   $20.45
 
Class R6:              
Net assets $237,994,229   $320,285,927   $1,228,249,975   $92,929,857
Shares of beneficial interest outstanding, unlimited authorization, no par 10,728,743   8,038,415   37,373,688   4,536,869
Net asset value per share $22.18   $39.84   $32.86   $20.48
 
Class Y:              
Net assets $37,407,408   $41,790,405   $207,875,505   $13,612,363
Shares of beneficial interest outstanding, unlimited authorization, no par 1,695,978   1,117,543   6,880,543   661,039
Net asset value per share $22.06   $37.39   $30.21   $20.59

*Investments, at cost
$1,305,290,216   $3,521,332,080   $5,270,566,793   $768,178,124
ΔForeign currencies, at cost 9,946,192      
See accompanying notes, which are an integral part of the financial statements.
    41

 

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
Fundφ
Assets:          
Investments, at value* $1,305,869,169   $353,827,377   $744,181,417
Foreign currencies, at valueΔ     165,298
Cash     290,540
Receivable for securities sold 10,560,181   344,880  
Receivable for fund shares sold 1,630,346   209,925   656,118
Dividends and interest receivable 114,303   229,526   1,526,602
Prepaid expenses 79,124   65,815   76,585
Foreign tax reclaims receivable     3,510
Other assets 1,461    
Total Assets 1,318,254,584   354,677,523   746,900,070
Liabilities:          
Payable for securities purchased 5,368,346   770,407  
Payable for fund shares redeemed 2,581,822   564,249   1,118,090
Investment management fees payable to affiliates 744,633   191,476   294,734
Other accrued expenses 604,111   203,516   551,689
Distribution fees payable to affiliates 165,863   41,830   51,093
Accrued capital gains taxes on appreciated securities     8,120,176
Total Liabilities 9,464,775   1,771,478   10,135,782
Total Net Assets $1,308,789,809   $352,906,045   $736,764,288
 
Net Assets Consist of:          
Paid-in capital $908,426,712   $282,973,414   $558,289,960
Total distributable earnings (loss) 400,363,097   69,932,631   178,474,328
Total Net Assets $1,308,789,809   $352,906,045   $736,764,288
 
    42

 

Table of Contents
  Delaware Ivy
Small Cap Growth Fund
  Delaware Ivy
Smid Cap Core Fund
  Delaware Ivy
Systematic
Emerging
Markets Equity
Fundφ
Net Asset Value          
 
Class A:          
Net assets $615,772,965   $114,355,575   $157,572,585
Shares of beneficial interest outstanding, unlimited authorization, no par 46,833,807   6,830,632   7,753,745
Net asset value per share $13.15   $16.74   $20.32
Sales charge 5.75%   5.75%   5.75%
Offering price per share, equal to net asset value per share / (1 - sales charge) $13.95   $17.76   $21.56
 
Class C:          
Net assets $18,762,461   $10,526,266   $15,378,600
Shares of beneficial interest outstanding, unlimited authorization, no par 2,630,951   853,905   932,177
Net asset value per share $7.13   $12.33   $16.50
 
Class I:          
Net assets $469,226,652   $159,238,253   $420,337,358
Shares of beneficial interest outstanding, unlimited authorization, no par 20,952,567   8,194,835   19,777,666
Net asset value per share $22.39   $19.43   $21.25
 
Class R:          
Net assets $44,461,827   $22,166,131   $6,297,526
Shares of beneficial interest outstanding, unlimited authorization, no par 3,603,686   1,345,632   315,339
Net asset value per share $12.34   $16.47   $19.97
 
Class R6:          
Net assets $129,698,926   $40,794,673   $109,539,322
Shares of beneficial interest outstanding, unlimited authorization, no par 5,724,686   2,071,170   5,120,277
Net asset value per share $22.66   $19.70   $21.39
 
Class Y:          
Net assets $30,866,978   $5,825,147   $27,638,897
Shares of beneficial interest outstanding, unlimited authorization, no par 1,556,044   318,045   1,327,542
Net asset value per share $19.84   $18.32   $20.82

*Investments, at cost
$993,791,743   $272,460,852   $558,130,983
ΔForeign currencies, at cost     165,159
φ Consolidated statement of assets and liabilities.
See accompanying notes, which are an integral part of the financial statements.
    43

 

Table of Contents
Statements of operations
Ivy Funds
Six months ended September 30, 2024 (Unaudited)
  Delaware Ivy
Core Equity Fund
  Delaware Ivy
Global Bond Fund
  Delaware Ivy
Global Growth Fund
  Delaware Ivy
High Income Fund
Investment Income:              
Dividends $22,513,515   $417,920   $7,460,278   $1,558,431
Interest   10,991,586     96,084,326
Interest from affiliated investments       714,836
Foreign tax withheld (440,208)   (4,458)   (533,399)  
  22,073,307   11,405,048   6,926,879   98,357,593
 
Expenses:              
Management fees 11,781,462   1,561,408   3,284,508   7,448,782
Distribution expenses — Class A 3,538,136   121,951   664,193   1,664,583
Distribution expenses — Class C 94,389   8,492   13,596   531,960
Distribution expenses — Class R 411   2,154   2,117   85,941
Distribution expenses — Class Y 37,193   2,380   2,863   66,835
Dividend disbursing and transfer agent fees and expenses 1,521,623   236,575   366,074   1,297,259
Accounting and administration expenses 277,349   56,787   63,764   203,539
Registration fees 177,300   80,026   95,391   137,340
Reports and statements to shareholders expenses 122,559   22,876   41,640   111,243
Legal fees 95,968   20,480   14,464   207,880
Trustees’ fees 82,898   11,003   15,865   58,802
Custodian fees 21,878   13,798   22,441   27,099
Audit and tax fees 17,954   23,423   27,811   26,933
Other 70,948   45,238   49,526   150,051
  17,840,068   2,206,591   4,664,253   12,018,247
Less expenses waived (241,204)   (392,675)   (554,653)   (987,866)
Less expenses paid indirectly (8,652)   (7,829)   (1,580)   (19,341)
Total operating expenses 17,590,212   1,806,087   4,108,020   11,011,040
Net Investment Income (Loss) 4,483,095   9,598,961   2,818,859   87,346,553
    44

 

Table of Contents
  Delaware Ivy
Core Equity Fund
  Delaware Ivy
Global Bond Fund
  Delaware Ivy
Global Growth Fund
  Delaware Ivy
High Income Fund
Net Realized and Unrealized Gain (Loss):              
Net realized gain (loss) on:              
Investments1 $237,074,192   $(968,604)   $18,940,157   $(54,881,060)
Foreign currencies   1,349,982   (31,831)  
Forward foreign currency exchange contracts   (5,218,472)    
Futures contracts   (2,042,644)    
Options purchased   (497,870)    
Options written   477,077    
Swap contracts   449,261    
Net increase from payment by affiliates2       208,594
Net realized gain (loss) 237,074,192   (6,451,270)   18,908,326   (54,672,466)
 
Net change in unrealized appreciation (depreciation) on:              
Investments3 132,490,427   17,295,259   37,352,350   106,669,852
Affiliated investments       3,952,735
Foreign currencies   (356)   70,494  
Forward foreign currency exchange contracts   (1,922,213)    
Futures contracts   1,803,464    
Options purchased   413,497    
Options written   (200,569)    
Swap contracts   698,765    
Net change in unrealized appreciation (depreciation) 132,490,427   18,087,847   37,422,844   110,622,587
Net Realized and Unrealized Gain (Loss) 369,564,619   11,636,577   56,331,170   55,950,121
Net Increase (Decrease) in Net Assets Resulting from Operations $374,047,714   $21,235,538   $59,150,029   $143,296,674
1 Includes $(738,069) capital gains tax paid for Delaware Ivy Global Growth Fund.
2 See Note 2 in “Notes to financial statements.”
3 Includes $(1,299,560) capital gains tax accrued for Delaware Ivy Global Growth Fund.
See accompanying notes, which are an integral part of the financial statements.
    45

 

Table of Contents
Statements of operations
Ivy Funds 
  Delaware Ivy
International
Core Equity Fund
  Delaware Ivy
Large Cap Growth Fund
  Delaware Ivy
Mid Cap Growth Fund
  Delaware Ivy
Mid Cap Income
Opportunities Fund
Investment Income:              
Dividends $25,171,188   $25,220,909   $15,176,731   $13,915,157
Reclaim income 1,536,836      
IRS compliance fee for foreign withholding tax claims (see Note 1) (38,365)      
Foreign tax withheld (2,697,919)   (573,888)    
  23,971,740   24,647,021   15,176,731   13,915,157
 
Expenses:              
Management fees 6,536,057   22,723,189   25,034,412   4,702,519
Distribution expenses — Class A 534,325   3,751,456   2,254,409   196,261
Distribution expenses — Class C 93,280   315,117   402,164   86,615
Distribution expenses — Class R 100,920   87,625   136,446   30,481
Distribution expenses — Class Y 47,474   45,510   263,635   16,960
Dividend disbursing and transfer agent fees and expenses 792,582   3,485,225   3,192,665   591,476
Accounting and administration expenses 124,290   482,419   460,233   105,520
Registration fees 97,692   195,542   155,985   145,743
Custodian fees 97,138   33,587   35,227   6,945
Reports and statements to shareholders expenses 68,228   214,472   283,767   77,503
Legal fees 38,160   163,863   171,118   35,643
Trustees’ fees 33,410   166,993   131,206   24,857
Audit and tax fees 30,457   16,774   20,123   17,656
Other 68,894   131,950   143,439   22,314
  8,662,907   31,813,722   32,684,829   6,060,493
Less expenses waived (1,996,703)   (2,863,667)   (4,998,070)   (1,175,042)
Less expenses paid indirectly (5,641)   (35,893)   (9,880)   (1,294)
Total operating expenses 6,660,563   28,914,162   27,676,879   4,884,157
Net Investment Income (Loss) 17,311,177   (4,267,141)   (12,500,148)   9,031,000
    46

 

Table of Contents
  Delaware Ivy
International
Core Equity Fund
  Delaware Ivy
Large Cap Growth 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:              
Investments1 $49,999,630   $180,845,451   $685,148,151   $65,651,252
Foreign currencies (387,743)   259    
Forward foreign currency exchange contracts (1,606,117)      
Net increase from payment by affiliates2 1,025      
Net realized gain (loss) 48,006,795   180,845,710   685,148,151   65,651,252
 
Net change in unrealized appreciation (depreciation) on:              
Investments3 5,712,226   571,323,933   (672,500,439)   (23,042,442)
Foreign currencies 400,947   (170)    
Net change in unrealized appreciation (depreciation) 6,113,173   571,323,763   (672,500,439)   (23,042,442)
Net Realized and Unrealized Gain (Loss) 54,119,968   752,169,473   12,647,712   42,608,810
Net Increase (Decrease) in Net Assets Resulting from Operations $71,431,145   $747,902,332   $147,564   $51,639,810
1 Includes $(1,931,178) capital gains tax paid for Delaware Ivy International Core Equity Fund.
2 See Note 2 in “Notes to financial statements.”
3 Includes $(5,834,718) capital gains tax accrued for Delaware Ivy International Core Equity Fund.
See accompanying notes, which are an integral part of the financial statements.
    47

 

Table of Contents
Statements of operations
Ivy Funds 
  Delaware Ivy
Small Cap Growth Fund
  Delaware Ivy
Smid Cap Core Fund
  Delaware Ivy
Systematic
Emerging
Markets Equity
Fundφ
Investment Income:          
Dividends $1,703,217   $2,384,461   $15,165,528
Foreign tax withheld     (1,841,567)
  1,703,217   2,384,461   13,323,961
 
Expenses:          
Management fees 5,555,870   1,428,252   3,500,735
Distribution expenses — Class A 765,458   139,069   196,247
Distribution expenses — Class C 88,683   52,991   78,910
Distribution expenses — Class R 108,751   53,798   15,124
Distribution expenses — Class Y 39,374   6,934   33,311
Dividend disbursing and transfer agent fees and expenses 799,243   204,145   536,624
Registration fees 128,309   106,550   99,422
Accounting and administration expenses 124,526   43,881   83,922
Reports and statements to shareholders expenses 85,820   20,556   49,992
Legal fees 40,388   9,312   23,863
Trustees’ fees 29,590   7,454   16,597
Audit and tax fees 18,248   17,733   31,198
Custodian fees 10,820   3,243   171,003
Other 54,484   10,655   32,412
  7,849,564   2,104,573   4,869,360
Less expenses waived (1,092,705)   (380,769)   (1,684,063)
Less expenses paid indirectly (1,717)   (435)   (892)
Total operating expenses 6,755,142   1,723,369   3,184,405
Net Investment Income (Loss) (5,051,925)   661,092   10,139,556
    48

 

Table of Contents
  Delaware Ivy
Small Cap Growth Fund
  Delaware Ivy
Smid Cap Core Fund
  Delaware Ivy
Systematic
Emerging
Markets Equity
Fundφ
Net Realized and Unrealized Gain (Loss):          
Net realized gain (loss) on:          
Investments1 $44,163,587   $(2,802,110)   $24,771,387
Foreign currencies     (487,609)
Net increase from payment by affiliates2 58   213  
Net realized gain (loss) 44,163,645   (2,801,897)   24,283,778
 
Net change in unrealized appreciation (depreciation) on:          
Investments3 (21,208,916)   22,071,419   33,364,846
Foreign currencies     (119,776)
Net change in unrealized appreciation (depreciation) (21,208,916)   22,071,419   33,245,070
Net Realized and Unrealized Gain (Loss) 22,954,729   19,269,522   57,528,848
Net Increase (Decrease) in Net Assets Resulting from Operations $17,902,804   $19,930,614   $67,668,404
1 Includes $(4,162,067) capital gains tax paid for Delaware Ivy Systematic Emerging Markets Equity Fund. 
2 See Note 2 in “Notes to financial statements.”
3 Includes $(8,120,176) capital gains tax accrued for Delaware Ivy Systematic Emerging Markets Equity Fund.
φ Consolidated statement of operations.
See accompanying notes, which are an integral part of the financial statements.
    49

 

Table of Contents
Statements of changes in net assets
Ivy Funds
  Delaware Ivy
Core Equity Fund
  Delaware Ivy
Global Bond Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:              
Net investment income (loss) $4,483,095   $7,962,846   $9,598,961   $16,648,366
Net realized gain (loss) 237,074,192   303,961,897   (6,451,270)   (2,761,436)
Net change in unrealized appreciation (depreciation) 132,490,427   627,513,039   18,087,847   5,582,606
Net increase (decrease) in net assets resulting from operations 374,047,714   939,437,782   21,235,538   19,469,536
 
Dividends and Distributions to Shareholders from:              
Distributable earnings:              
Class A   (293,561,457)   (1,572,536)   (3,467,339)
Class C   (2,540,114)   (20,826)   (51,171)
Class I   (66,889,139)   (3,810,182)   (6,906,950)
Class R   (16,076)   (13,878)   (8,900)
Class R6   (6,248,098)   (3,245,585)   (6,014,218)
Class Y   (2,655,220)   (30,769)   (67,568)
    (371,910,104)   (8,693,776)   (16,516,146)
 
Capital Share Transactions (See Note 4):              
Proceeds from shares sold:              
Class A 39,289,617   72,313,656   5,284,937   8,579,413
Class C 3,159,065   3,823,640   113,067   381,234
Class I 128,203,903   121,149,507   39,455,309   97,482,106
Class R 1,252   9,407   752,391   140,610
Class R6 8,884,226   24,109,346   31,191,118   54,900,887
Class Y 869,901   2,746,149   162,019   617,160
 
Net assets from reorganization:1              
Class A     5,241,459  
Class C     179,136  
Class I     17,233,034  
Class R6     40,681  
 
Net asset value of shares issued upon reinvestment of dividends and distributions:              
Class A   291,171,207   1,562,612   3,446,724
Class C   2,539,546   20,826   51,171
Class I   66,824,616   3,807,905   6,900,091
Class R   13,773   13,878   8,900
Class R6   5,873,722   3,245,585   6,013,843
Class Y   2,652,494   30,435   67,113
  180,407,964   593,227,063   108,334,392   178,589,252
    50

 

Table of Contents
  Delaware Ivy
Core Equity Fund
  Delaware Ivy
Global Bond Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Cost of shares redeemed:              
Class A $(249,551,421)   $(511,589,178)   $(12,511,844)   $(27,253,320)
Class C (3,691,589)   (7,519,044)   (519,263)   (1,380,892)
Class I (138,900,626)   (296,767,446)   (60,766,469)   (74,081,448)
Class R (3,046)   (126,027)   (188,440)   (67,680)
Class R6 (8,996,052)   (19,955,106)   (16,955,821)   (24,350,369)
Class Y (3,875,035)   (4,466,928)   (330,580)   (572,871)
  (405,017,769)   (840,423,729)   (91,272,417)   (127,706,580)
Increase (decrease) in net assets derived from capital share transactions (224,609,805)   (247,196,666)   17,061,975   50,882,672
Net Increase in Net Assets 149,437,909   320,331,012   29,603,737   53,836,062
 
Net Assets:              
Beginning of period 3,731,097,755   3,410,766,743   482,038,121   428,202,059
End of period $3,880,535,664   $3,731,097,755   $511,641,858   $482,038,121
1 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    51

 

Table of Contents
Statements of changes in net assets
Ivy Funds 
  Delaware Ivy
Global Growth Fund
  Delaware Ivy
High Income Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:              
Net investment income (loss) $2,818,859   $3,932,770   $87,346,553   $177,704,715
Net realized gain (loss) 18,908,326   34,817,518   (54,881,060)   (154,750,162)
Net increase from payment by affiliates1     208,594  
Net change in unrealized appreciation (depreciation) 37,422,844   76,992,467   110,622,587   237,791,544
Net increase (decrease) in net assets resulting from operations 59,150,029   115,742,755   143,296,674   260,746,097
 
Dividends and Distributions to Shareholders from:              
Distributable earnings:              
Class A   (18,813,448)   (42,487,937)   (82,468,506)
Class C   (200,133)   (2,992,507)   (8,185,702)
Class I   (9,470,074)   (35,866,870)   (76,344,445)
Class R   (42,509)   (1,054,017)   (2,328,704)
Class R6   (288,911)   (3,239,304)   (3,885,465)
Class Y   (97,458)   (1,706,376)   (4,476,363)
    (28,912,533)   (87,347,011)   (177,689,185)
 
Capital Share Transactions (See Note 4):              
Proceeds from shares sold:              
Class A 8,335,286   12,778,660   36,249,456   92,882,697
Class C 267,856   258,771   3,705,706   9,596,648
Class I 18,269,806   26,341,804   122,771,458   270,167,093
Class R 36,277   15,453   1,289,035   1,572,232
Class R6 641,178   12,416,820   10,824,606   15,747,080
Class Y 52,319   243,798   8,233,116   25,801,936
 
Net assets from reorganization:2              
Class A 346,631,874     305,506,943  
Class C 1,756,259     2,359,840  
Class I 77,820,374     92,964,377  
Class R 254,446     2,183,570  
Class R6 1,452,085     52,245,469  
Class Y 1,189,737      
 
Net asset value of shares issued upon reinvestment of dividends and distributions:              
Class A   18,628,974   41,072,553   80,766,869
Class C   200,133   2,983,114   8,154,038
Class I   9,447,996   35,732,389   76,026,993
Class R   42,509   1,053,587   2,327,696
Class R6   158,194   3,046,824   3,770,742
Class Y   97,458   1,628,405   4,241,189
  456,707,497   80,630,570   723,850,448   591,055,213
    52

 

Table of Contents
  Delaware Ivy
Global Growth Fund
  Delaware Ivy
High Income Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Cost of shares redeemed:              
Class A $(48,240,816)   $(73,551,426)   $(158,478,633)   $(298,929,610)
Class C (581,746)   (751,574)   (21,751,756)   (51,553,250)
Class I (53,325,798)   (84,761,157)   (188,344,520)   (403,584,653)
Class R (108,018)   (123,165)   (2,793,130)   (6,600,844)
Class R6 (1,041,208)   (1,660,958)   (16,618,949)   (27,926,487)
Class Y (149,384)   (248,236)   (14,491,109)   (44,421,962)
  (103,446,970)   (161,096,516)   (402,478,097)   (833,016,806)
Increase (decrease) in net assets derived from capital share transactions 353,260,527   (80,465,946)   321,372,351   (241,961,593)
Net Increase (Decrease) in Net Assets 412,410,556   6,364,276   377,322,014   (158,904,681)
 
Net Assets:              
Beginning of period 543,213,687   536,849,411   2,377,597,468   2,536,502,149
End of period $955,624,243   $543,213,687   $2,754,919,482   $2,377,597,468
1 See Note 2 in “Notes to financial statements.”
2 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    53

 

Table of Contents
Statements of changes in net assets
Ivy Funds 
  Delaware Ivy
International
Core Equity Fund
  Delaware Ivy
Large Cap Growth Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:              
Net investment income (loss) $17,311,177   $28,910,846   $(4,267,141)   $(6,279,987)
Net realized gain (loss) 48,005,770   17,480,643   180,845,710   266,207,058
Net increase from payment by affiliates1 1,025      
Net change in unrealized appreciation (depreciation) 6,113,173   130,237,640   571,323,763   1,496,273,822
Net increase (decrease) in net assets resulting from operations 71,431,145   176,629,129   747,902,332   1,756,200,893
 
Dividends and Distributions to Shareholders from:              
Distributable earnings:              
Class A   (6,938,040)     (71,124,444)
Class C   (397,168)     (2,370,903)
Class I   (18,729,967)     (95,913,304)
Class R   (899,770)     (1,016,916)
Class R6   (6,919,437)     (6,873,786)
Class Y   (1,002,897)     (856,757)
    (34,887,279)     (178,156,110)
 
Capital Share Transactions (See Note 4):              
Proceeds from shares sold:              
Class A 16,581,328   34,968,582   102,961,826   165,396,364
Class C 375,014   1,806,645   5,285,702   18,344,210
Class I 81,889,735   128,415,772   902,894,587   1,113,500,494
Class R 1,145,662   1,610,466   3,360,952   21,865,178
Class R6 41,438,546   51,026,945   31,464,052   137,460,796
Class Y 3,157,871   6,515,359   8,286,534   11,133,924
 
Net assets from reorganization:2              
Class A 170,156,916     681,836,868  
Class C 2,685,826     4,161,517  
Class I 126,336,155     91,304,688  
Class R 1,264,239     777,982  
Class R6 2,879,210      
Class Y 461,972      
 
Net asset value of shares issued upon reinvestment of dividends and distributions:              
Class A   6,801,900     70,618,650
Class C   394,738     2,359,764
Class I   18,067,945     95,003,003
Class R   899,526     1,016,916
Class R6   6,816,147     6,012,352
Class Y   999,883     853,220
  448,372,474   258,323,908   1,832,334,708   1,643,564,871
    54

 

Table of Contents
  Delaware Ivy
International
Core Equity Fund
  Delaware Ivy
Large Cap Growth Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Cost of shares redeemed:              
Class A $(40,580,497)   $(57,382,190)   $(252,342,716)   $(434,051,912)
Class C (4,743,819)   (14,618,595)   (10,743,878)   (16,851,440)
Class I (114,829,215)   (250,918,497)   (639,055,575)   (985,306,170)
Class R (3,753,595)   (7,991,061)   (5,678,195)   (4,600,692)
Class R6 (62,482,428)   (82,745,524)   (53,234,961)   (80,617,387)
Class Y (6,618,065)   (14,022,940)   (2,627,101)   (11,968,805)
  (233,007,619)   (427,678,807)   (963,682,426)   (1,533,396,406)
Increase (decrease) in net assets derived from capital share transactions 215,364,855   (169,354,899)   868,652,282   110,168,465
Net Increase (Decrease) in Net Assets 286,796,000   (27,613,049)   1,616,554,614   1,688,213,248
 
Net Assets:              
Beginning of period 1,329,271,129   1,356,884,178   6,804,334,054   5,116,120,806
End of period $1,616,067,129   $1,329,271,129   $8,420,888,668   $6,804,334,054
1 See Note 2 in “Notes to financial statements.”
2 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    55

 

Table of Contents
Statements of changes in net assets
Ivy Funds 
  Delaware Ivy
Mid Cap Growth Fund
  Delaware Ivy
Mid Cap Income
Opportunities Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:              
Net investment income (loss) $(12,500,148)   $(18,538,992)   $9,031,000   $21,385,953
Net realized gain (loss) 685,148,151   219,577,322   65,651,252   55,256,132
Net change in unrealized appreciation (depreciation) (672,500,439)   658,199,829   (23,042,442)   132,600,856
Net increase (decrease) in net assets resulting from operations 147,564   859,238,159   51,639,810   209,242,941
 
Dividends and Distributions to Shareholders from:              
Distributable earnings:              
Class A   (95,139,802)   (1,086,402)   (8,479,839)
Class C   (5,878,732)   (52,422)   (848,362)
Class I   (161,797,407)   (6,700,198)   (46,567,429)
Class R   (3,803,348)   (69,356)   (523,721)
Class R6   (66,481,420)   (790,317)   (4,928,124)
Class Y   (13,209,909)   (91,354)   (699,549)
    (346,310,618)   (8,790,049)   (62,047,024)
 
Capital Share Transactions (See Note 4):              
Proceeds from shares sold:              
Class A 31,205,002   100,687,868   4,984,954   10,887,181
Class C 3,405,977   8,058,894   373,081   1,146,923
Class I 283,300,912   615,587,206   63,625,109   167,713,173
Class R 2,967,319   8,663,186   701,660   11,352,814
Class R6 120,270,050   385,714,959   7,106,827   20,248,494
Class Y 18,587,669   33,675,695   451,932   4,415,257
 
Net assets from reorganization:1              
Class A 643,330,310      
Class C 32,772,506      
Class I 353,505,893      
Class R 7,649,278      
Class R6 36,218,815      
 
Net asset value of shares issued upon reinvestment of dividends and distributions:              
Class A   94,546,286   1,085,219   8,475,788
Class C   5,861,944   52,034   846,649
Class I   158,778,651   6,516,970   45,347,853
Class R   3,801,311   69,356   523,720
Class R6   66,325,689   757,300   4,727,476
Class Y   13,193,766   91,146   697,947
  1,533,213,731   1,494,895,455   85,815,588   276,383,275
    56

 

Table of Contents
  Delaware Ivy
Mid Cap Growth Fund
  Delaware Ivy
Mid Cap Income
Opportunities Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Cost of shares redeemed:              
Class A $(193,211,571)   $(342,792,633)   $(16,737,538)   $(46,602,537)
Class C (17,707,376)   (24,193,661)   (3,194,021)   (5,979,742)
Class I (636,473,903)   (863,664,699)   (134,351,716)   (453,495,989)
Class R (8,018,705)   (20,642,621)   (1,998,068)   (1,552,003)
Class R6 (214,222,786)   (326,126,108)   (14,188,718)   (29,774,708)
Class Y (35,590,405)   (61,642,216)   (2,293,757)   (3,722,108)
  (1,105,224,746)   (1,639,061,938)   (172,763,818)   (541,127,087)
Increase (decrease) in net assets derived from capital share transactions 427,988,985   (144,166,483)   (86,948,230)   (264,743,812)
Net Increase (Decrease) in Net Assets 428,136,549   368,761,058   (44,098,469)   (117,547,895)
 
Net Assets:              
Beginning of period 6,245,913,036   5,877,151,978   1,172,434,029   1,289,981,924
End of period $6,674,049,585   $6,245,913,036   $1,128,335,560   $1,172,434,029
1 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    57

 

Table of Contents
Statements of changes in net assets
Ivy Funds 
  Delaware Ivy
Small Cap Growth Fund
  Delaware Ivy
Smid Cap Core Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:              
Net investment income (loss) $(5,051,925)   $(9,567,954)   $661,092   $1,286,569
Net realized gain (loss) 44,163,587   71,849,436   (2,802,110)   5,714,445
Net increase from payment by affiliates1 58     213  
Net change in unrealized appreciation (depreciation) (21,208,916)   152,099,587   22,071,419   54,446,145
Net increase (decrease) in net assets resulting from operations 17,902,804   214,381,069   19,930,614   61,447,159
 
Dividends and Distributions to Shareholders from:              
Distributable earnings:              
Class A   (29,855,478)   (215,720)   (798,437)
Class C   (1,435,283)   (8,803)   (68,283)
Class I   (14,786,057)   (340,300)   (985,384)
Class R   (2,201,928)   (19,432)   (106,682)
Class R6   (4,918,319)   (105,803)   (304,657)
Class Y   (1,715,869)   (7,433)   (31,304)
 
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)   (697,491)   (2,516,684)
 
Capital Share Transactions (See Note 4):              
Proceeds from shares sold:              
Class A 11,381,672   30,659,253   4,166,294   11,360,682
Class C 723,219   1,354,222   478,346   1,003,583
Class I 55,086,173   104,265,428   31,344,804   22,008,105
Class R 1,527,597   3,642,078   1,425,508   2,816,715
Class R6 10,281,675   40,393,224   2,149,425   5,870,655
Class Y 1,676,923   6,850,038   281,212   791,915
 
Net assets from reorganization:2              
Class A 19,820,021      
Class C 4,221,604      
Class I 64,499,652      
Class R 1,475,192      
    58

 

Table of Contents
  Delaware Ivy
Small Cap Growth Fund
  Delaware Ivy
Smid Cap Core Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
 
Net asset value of shares issued upon reinvestment of dividends and distributions:              
Class A $   $29,769,259   $214,929   $869,016
Class C   1,435,035   8,803   75,925
Class I   14,606,311   335,224   1,071,072
Class R   2,201,928   19,432   119,879
Class R6   4,795,767   105,802   331,018
Class Y   1,715,667   7,423   34,768
  170,693,728   241,688,210   40,537,202   46,353,333
Cost of shares redeemed:              
Class A (70,471,876)   (160,032,340)   (12,077,661)   (28,109,077)
Class C (3,279,295)   (7,606,558)   (1,626,934)   (4,050,880)
Class I (126,939,442)   (272,099,839)   (25,496,330)   (63,935,836)
Class R (4,071,886)   (8,537,983)   (2,144,953)   (3,486,649)
Class R6 (56,296,435)   (49,544,369)   (4,694,949)   (12,363,169)
Class Y (5,164,331)   (52,757,296)   (551,348)   (1,391,387)
  (266,223,265)   (550,578,385)   (46,592,175)   (113,336,998)
Decrease in net assets derived from capital share transactions (95,529,537)   (308,890,175)   (6,054,973)   (66,983,665)
Net Increase (Decrease) in Net Assets (77,626,733)   (149,422,040)   13,178,150   (8,053,190)
 
Net Assets:              
Beginning of period 1,386,416,542   1,535,838,582   339,727,895   347,781,085
End of period $1,308,789,809   $1,386,416,542   $352,906,045   $339,727,895
1 See Note 2 in “Notes to financial statements.”
2 See Note 5 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    59

 

Table of Contents
Statements of changes in net assets
Ivy Funds 
  Delaware Ivy
Systematic
Emerging Markets Equity
Fundφ
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:      
Net investment income (loss) $10,139,556   $22,478,943
Net realized gain (loss) 24,283,778   (18,653,640)
Net change in unrealized appreciation (depreciation) 33,245,070   71,857,685
Net increase (decrease) in net assets resulting from operations 67,668,404   75,682,988
 
Dividends and Distributions to Shareholders from:      
Distributable earnings:      
Class A   (5,063,707)
Class C   (570,330)
Class I   (14,869,547)
Class R   (169,014)
Class R6   (4,253,760)
Class Y   (797,906)
    (25,724,264)
 
Capital Share Transactions (See Note 4):      
Proceeds from shares sold:      
Class A 6,998,861   13,160,128
Class C 888,966   778,227
Class I 34,222,351   71,028,894
Class R 641,465   975,923
Class R6 11,119,945   21,769,826
Class Y 2,247,942   7,277,753
 
Net asset value of shares issued upon reinvestment of dividends and distributions:      
Class A   5,003,604
Class C   570,305
Class I   13,996,689
Class R   168,564
Class R6   4,168,267
Class Y   797,877
  56,119,530   139,696,057
    60

 

Table of Contents
  Delaware Ivy
Systematic
Emerging Markets Equity
Fundφ
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Cost of shares redeemed:      
Class A $(21,985,337)   $(49,810,065)
Class C (3,428,913)   (8,856,463)
Class I (85,670,781)   (213,874,674)
Class R (772,377)   (1,698,041)
Class R6 (32,125,163)   (58,350,607)
Class Y (4,068,879)   (10,427,108)
  (148,051,450)   (343,016,958)
Decrease in net assets derived from capital share transactions (91,931,920)   (203,320,901)
Net Decrease in Net Assets (24,263,516)   (153,362,177)
 
Net Assets:      
Beginning of period 761,027,804   914,389,981
End of period $736,764,288   $761,027,804
φ Consolidated statements of changes in net assets.
See accompanying notes, which are an integral part of the financial statements.
  
    61

 

Table of Contents
Financial highlights
Delaware Ivy Core Equity Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $17.11   $14.69   $18.10   $18.01   $11.73   $13.47
   
Income (loss) from investment operations:                        
Net investment income2   0.02   0.03   0.05   0.04   0.06   0.06
Net realized and unrealized gain (loss)   1.77   4.29   (1.36)   2.56   6.65   (0.29)
Total from investment operations   1.79   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   $18.90   $17.11   $14.69   $18.10   $18.01   $11.73
   
Total return3   10.46%4   31.18%4   (6.71%)4   13.88%   57.58%   (3.57%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $2,918,563   $2,846,374   $2,574,630   $3,424,139   $3,4115   $2,4095
Ratio of expenses to average net assets6   1.00%   1.00%   1.00%   0.97%   1.00%   1.03%
Ratio of expenses to average net assets prior to fees waived6   1.01%   1.00%   1.03%   0.97%   1.00%   1.03%
Ratio of net investment income to average net assets   0.18%   0.18%   0.32%   0.19%   0.36%   0.42%
Ratio of net investment income to average net assets prior to fees waived   0.17%   0.18%   0.29%   0.19%   0.36%   0.42%
Portfolio turnover   10%   35%   37%   36%   49%   66%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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.
    62

 

Table of Contents
Delaware Ivy Core Equity Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $12.34   $11.09   $14.27   $14.65   $9.63   $11.31
   
Income (loss) from investment operations:                        
Net investment loss2   (0.04)3   (0.07)   (0.06)   (0.11)   (0.06)   (0.05)
Net realized and unrealized gain (loss)   1.28   3.17   (1.10)   2.10   5.45   (0.22)
Total from investment operations   1.24   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   $13.58   $12.34   $11.09   $14.27   $14.65   $9.63
   
Total return4   10.05%5   30.19%5   (7.48%)5   12.85%   56.31%   (4.44%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $19,369   $18,101   $17,253   $27,556   $336   $376
Ratio of expenses to average net assets7   1.75%   1.75%   1.84%   1.85%   1.88%   1.89%
Ratio of expenses to average net assets prior to fees waived7   1.76%   1.75%   1.99%   1.85%   1.88%   1.89%
Ratio of net investment loss to average net assets   (0.57%)   (0.57%)   (0.52%)   (0.70%)   (0.51%)   (0.44%)
Ratio of net investment loss to average net assets prior to fees waived   (0.58%)   (0.57%)   (0.67%)   (0.70%)   (0.51%)   (0.44%)
Portfolio turnover   10%   35%   37%   36%   49%   66%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5 Total return during the period 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.
    63

 

Table of Contents
Financial highlights
Delaware Ivy Core Equity Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.06   $17.67   $21.24   $20.77   $13.47   $15.27
   
Income (loss) from investment operations:                        
Net investment income2   0.05   0.08   0.10   0.08   0.10   0.10
Net realized and unrealized gain (loss)   2.18   5.22   (1.57)   2.93   7.66   (0.37)
Total from investment operations   2.23   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   $23.29   $21.06   $17.67   $21.24   $20.77   $13.47
   
Total return3   10.59%4   31.50%4   (6.46%)   14.00%   57.92%   (3.38%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $833,154   $764,906   $744,911   $1,070,912   $1,1015   $8615
Ratio of expenses to average net assets6   0.75%   0.75%   0.78%   0.79%   0.81%   0.83%
Ratio of expenses to average net assets prior to fees waived6   0.76%   0.75%   0.78%   0.79%   0.81%   0.83%
Ratio of net investment income to average net assets   0.43%   0.43%   0.55%   0.37%   0.55%   0.63%
Ratio of net investment income to average net assets prior to fees waived   0.42%   0.43%   0.55%   0.37%   0.55%   0.63%
Portfolio turnover   10%   35%   37%   36%   49%   66%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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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Delaware Ivy Core Equity Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  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   $14.47   $17.88   $17.82   $11.62   $13.36
   
Income (loss) from investment operations:                        
Net investment income (loss)2   (0.01)3   (0.01)   0.01   (0.04)   (0.01)   0.01
Net realized and unrealized gain (loss)   1.74   4.22   (1.35)   2.53   6.59   (0.30)
Total from investment operations   1.73   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   $18.57   $16.84   $14.47   $17.88   $17.82   $11.62
   
Total return4   10.27%5   30.84%5   (6.98%)5   13.42%   56.93%   (3.93%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $175   $161   $231   $212   $16   $6,7
Ratio of expenses to average net assets8   1.25%   1.25%   1.30%   1.39%   1.40%   1.42%
Ratio of expenses to average net assets prior to fees waived8   1.26%   1.25%   1.31%   1.39%   1.40%   1.42%
Ratio of net investment income (loss) to average net assets   (0.07%)   (0.07%)   0.03%   (0.22%)   (0.04%)   0.04%
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.08%)   (0.07%)   0.02%   (0.22%)   (0.04%)   0.04%
Portfolio turnover   10%   35%   37%   36%   49%   66%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Total return during the period 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.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Financial highlights
Delaware Ivy Core Equity Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.13   $17.73   $21.31   $20.82   $13.50   $15.30
   
Income (loss) from investment operations:                        
Net investment income2   0.06   0.09   0.12   0.12   0.12   0.13
Net realized and unrealized gain (loss)   2.18   5.24   (1.59)   2.94   7.68   (0.37)
Total from investment operations   2.24   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   $23.37   $21.13   $17.73   $21.31   $20.82   $13.50
   
Total return3   10.60%4   31.60%4   (6.44%)   14.23%   58.14%   (3.23%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $78,519   $70,743   $48,677   $91,633   $905   $315
Ratio of expenses to average net assets6   0.67%   0.70%   0.69%   0.64%   0.66%   0.67%
Ratio of expenses to average net assets prior to fees waived6   0.69%   0.70%   0.69%   0.64%   0.66%   0.67%
Ratio of net investment income to average net assets   0.51%   0.48%   0.64%   0.52%   0.68%   0.78%
Ratio of net investment income to average net assets prior to fees waived   0.49%   0.48%   0.64%   0.52%   0.68%   0.78%
Portfolio turnover   10%   35%   37%   36%   49%   66%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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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Delaware Ivy Core Equity Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.93   $16.83   $20.38   $20.01   $13.00   $14.78
   
Income (loss) from investment operations:                        
Net investment income2   0.02   0.03   0.07   0.07   0.09   0.09
Net realized and unrealized gain (loss)   2.07   4.95   (1.52)   2.83   7.37   (0.34)
Total from investment operations   2.09   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   $22.02   $19.93   $16.83   $20.38   $20.01   $13.00
   
Total return3   10.49%4   31.13%   (6.63%)4   13.99%4   57.75%4   (3.37%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $30,756   $30,813   $25,065   $29,855   $265   $235
Ratio of expenses to average net assets6   1.00%   1.00%   0.94%   0.84%   0.85%   0.84%
Ratio of expenses to average net assets prior to fees waived6   1.01%   1.00%   0.97%   1.04%   1.05%   1.08%
Ratio of net investment income to average net assets   0.18%   0.18%   0.39%   0.32%   0.50%   0.60%
Ratio of net investment income to average net assets prior to fees waived   0.17%   0.18%   0.36%   0.12%   0.30%   0.36%
Portfolio turnover   10%   35%   37%   36%   49%   66%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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 Global Bond Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.15   $9.09   $9.57   $10.26   $9.26   $9.71
   
Income (loss) from investment operations:                        
Net investment income2   0.17   0.32   0.24   0.25   0.32   0.34
Net realized and unrealized gain (loss)   0.21   0.05   (0.44)   (0.69)   0.95   (0.59)
Total from investment operations   0.38   0.37   (0.20)   (0.44)   1.27   (0.25)
   
Less dividends and distributions from:                        
Net investment income   (0.15)   (0.31)   (0.28)   (0.25)   (0.27)   (0.20)
Total dividends and distributions   (0.15)   (0.31)   (0.28)   (0.25)   (0.27)   (0.20)
   
Net asset value, end of period   $9.38   $9.15   $9.09   $9.57   $10.26   $9.26
   
Total return3   4.19%   4.19%   (2.00%)   (4.39%)   13.77%   (2.69%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $98,416   $96,400   $111,266   $150,133   $1784   $1704
Ratio of expenses to average net assets5   0.96%   0.97%6   0.96%   0.96%   0.96%   0.99%
Ratio of expenses to average net assets prior to fees waived5   1.12%   1.09%6   1.24%   1.19%   1.20%   1.22%
Ratio of net investment income to average net assets   3.60%   3.58%   2.64%   2.46%   3.18%   3.43%
Ratio of net investment income to average net assets prior to fees waived   3.44%   3.46%   2.36%   2.23%   2.94%   3.20%
Portfolio turnover   115%   181%   124%   50%   43%   38%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. 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.
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 0.96% and 1.08%, respectively.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Global Bond Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.14   $9.09   $9.57   $10.25   $9.26   $9.71
   
Income (loss) from investment operations:                        
Net investment income2   0.13   0.25   0.17   0.17   0.25   0.26
Net realized and unrealized gain (loss)   0.21   0.05   (0.43)   (0.68)   0.94   (0.59)
Total from investment operations   0.34   0.30   (0.26)   (0.51)   1.19   (0.33)
   
Less dividends and distributions from:                        
Net investment income   (0.11)   (0.25)   (0.22)   (0.17)   (0.20)   (0.12)
Total dividends and distributions   (0.11)   (0.25)   (0.22)   (0.17)   (0.20)   (0.12)
   
Net asset value, end of period   $9.37   $9.14   $9.09   $9.57   $10.25   $9.26
   
Total return3   3.80%   3.36%   (2.68%)   (5.04%)   12.81%   (3.42%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,563   $1,729   $2,675   $3,499   $44   $64
Ratio of expenses to average net assets5   1.71%   1.72%6   1.71%   1.72%   1.72%   1.74%
Ratio of expenses to average net assets prior to fees waived5   1.87%   1.84%6   2.06%   1.97%   1.96%   1.98%
Ratio of net investment income to average net assets   2.85%   2.83%   1.91%   1.69%   2.45%   2.68%
Ratio of net investment income to average net assets prior to fees waived   2.69%   2.71%   1.56%   1.44%   2.21%   2.44%
Portfolio turnover   115%   181%   124%   50%   43%   38%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. 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.
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 1.71% and 1.83%, 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 I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.14   $9.09   $9.57   $10.25   $9.26   $9.71
   
Income (loss) from investment operations:                        
Net investment income2   0.18   0.34   0.26   0.27   0.35   0.36
Net realized and unrealized gain (loss)   0.20   0.05   (0.43)   (0.68)   0.93   (0.59)
Total from investment operations   0.38   0.39   (0.17)   (0.41)   1.28   (0.23)
   
Less dividends and distributions from:                        
Net investment income   (0.16)   (0.34)   (0.31)   (0.27)   (0.29)   (0.22)
Total dividends and distributions   (0.16)   (0.34)   (0.31)   (0.27)   (0.29)   (0.22)
   
Net asset value, end of period   $9.36   $9.14   $9.09   $9.57   $10.25   $9.26
   
Total return3   4.22%   4.44%   (1.76%)   (4.08%)   13.90%   (2.45%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $215,491   $210,566   $179,446   $198,358   $2414   $2044
Ratio of expenses to average net assets5   0.71%   0.72%6   0.72%   0.74%   0.74%   0.74%
Ratio of expenses to average net assets prior to fees waived5   0.87%   0.84%6   0.75%   0.86%   0.89%   0.89%
Ratio of net investment income to average net assets   3.85%   3.83%   2.91%   2.67%   3.39%   3.67%
Ratio of net investment income to average net assets prior to fees waived   3.69%   3.71%   2.88%   2.55%   3.24%   3.52%
Portfolio turnover   115%   181%   124%   50%   43%   38%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period 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 0.71% and 0.83%, 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 R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.13   $9.07   $9.55   $10.23   $9.24   $9.69
   
Income (loss) from investment operations:                        
Net investment income2   0.15   0.30   0.21   0.20   0.28   0.29
Net realized and unrealized gain (loss)   0.21   0.05   (0.43)   (0.68)   0.93   (0.59)
Total from investment operations   0.36   0.35   (0.22)   (0.48)   1.21   (0.30)
   
Less dividends and distributions from:                        
Net investment income   (0.14)   (0.29)   (0.26)   (0.20)   (0.22)   (0.15)
Total dividends and distributions   (0.14)   (0.29)   (0.26)   (0.20)   (0.22)   (0.15)
   
Net asset value, end of period   $9.35   $9.13   $9.07   $9.55   $10.23   $9.24
   
Total return3   4.00%4   3.98%4   (2.31%)4   (4.77%)   13.13%   (3.16%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $953   $342   $257   $260   $5,6   $15
Ratio of expenses to average net assets7   1.21%   1.22%8   1.29%   1.45%   1.46%   1.47%
Ratio of expenses to average net assets prior to fees waived7   1.37%   1.34%8   1.31%   1.45%   1.46%   1.47%
Ratio of net investment income to average net assets   3.35%   3.33%   2.35%   1.96%   2.77%   2.95%
Ratio of net investment income to average net assets prior to fees waived   3.19%   3.21%   2.33%   1.96%   2.77%   2.95%
Portfolio turnover   115%   181%   124%   50%   43%   38%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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 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
Financial highlights
Delaware Ivy Global Bond Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.13   $9.09   $9.57   $10.26   $9.26   $9.71
   
Income (loss) from investment operations:                        
Net investment income2   0.18   0.35   0.26   0.27   0.34   0.36
Net realized and unrealized gain (loss)   0.22   0.05   (0.43)   (0.68)   0.95   (0.58)
Total from investment operations   0.40   0.40   (0.17)   (0.41)   1.29   (0.22)
   
Less dividends and distributions from:                        
Net investment income   (0.17)   (0.36)   (0.31)   (0.28)   (0.29)   (0.23)
Total dividends and distributions   (0.17)   (0.36)   (0.31)   (0.28)   (0.29)   (0.23)
   
Net asset value, end of period   $9.36   $9.13   $9.09   $9.57   $10.26   $9.26
   
Total return3   4.40%4   4.50%4   (1.75%)   (4.14%)   14.02%   (2.42%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $193,313   $171,002   $132,679   $143,870   $625   $235
Ratio of expenses to average net assets6   0.58%   0.64%7   0.73%   0.70%   0.72%   0.73%
Ratio of expenses to average net assets prior to fees waived6   0.74%   0.74%7   0.73%   0.70%   0.72%   0.73%
Ratio of net investment income to average net assets   3.98%   3.91%   2.90%   2.65%   3.32%   3.69%
Ratio of net investment income to average net assets prior to fees waived   3.82%   3.81%   2.90%   2.65%   3.32%   3.69%
Portfolio turnover   115%   181%   124%   50%   43%   38%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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 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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Table of Contents
Delaware Ivy Global Bond Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.15   $9.09   $9.58   $10.26   $9.26   $9.71
   
Income (loss) from investment operations:                        
Net investment income2   0.17   0.32   0.25   0.25   0.32   0.34
Net realized and unrealized gain (loss)   0.20   0.05   (0.45)   (0.68)   0.95   (0.59)
Total from investment operations   0.37   0.37   (0.20)   (0.43)   1.27   (0.25)
   
Less dividends and distributions from:                        
Net investment income   (0.15)   (0.31)   (0.29)   (0.25)   (0.27)   (0.20)
Total dividends and distributions   (0.15)   (0.31)   (0.29)   (0.25)   (0.27)   (0.20)
   
Net asset value, end of period   $9.37   $9.15   $9.09   $9.58   $10.26   $9.26
   
Total return3   4.08%   4.21%   (2.06%)   (4.29%)   13.76%   (2.69%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,906   $1,999   $1,879   $881   $14   $14
Ratio of expenses to average net assets5   0.96%   0.97%6   0.96%   0.96%   0.96%   0.99%
Ratio of expenses to average net assets prior to fees waived5   1.12%   1.09%6   0.99%   1.11%   1.12%   1.23%
Ratio of net investment income to average net assets   3.60%   3.58%   2.74%   2.42%   3.18%   3.46%
Ratio of net investment income to average net assets prior to fees waived   3.44%   3.46%   2.71%   2.27%   3.02%   3.22%
Portfolio turnover   115%   181%   124%   50%   43%   38%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period 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.
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 0.96% and 1.08%, respectively.
See accompanying notes, which are an integral part of the financial statements.
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Financial highlights
Delaware Ivy Global Growth Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $34.68   $29.35   $54.30   $56.56   $37.75   $43.12
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.12   0.213   0.22   0.08   (0.04)   0.05
Net realized and unrealized gain (loss)   2.30   7.03   (3.65)   1.81   21.67   (4.97)
Total from investment operations   2.42   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   $37.10   $34.68   $29.35   $54.30   $56.56   $37.75
   
Total return4   6.98%5   25.48%3,5   (4.48%)5   2.84%   57.85%   (11.62%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $696,356   $346,465   $333,400   $481,991   $5316   $3696
Ratio of expenses to average net assets7   1.13%   1.18%   1.28%   1.27%   1.34%   1.36%
Ratio of expenses to average net assets prior to fees waived7   1.27%   1.19%   1.39%   1.27%   1.34%   1.36%
Ratio of net investment income (loss) to average net assets   0.66%   0.68%   0.53%   0.14%   (0.08%)   0.11%
Ratio of net investment income (loss) to average net assets prior to fees waived   0.52%   0.67%   0.42%   0.14%   (0.08%)   0.11%
Portfolio turnover   34%   47%   39%   45%   32%   26%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.” 
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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Delaware Ivy Global Growth Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $20.77   $18.40   $43.16   $45.65   $31.11   $35.84
   
Income (loss) from investment operations:                        
Net investment loss2   (0.01)3   (0.02)4   (0.10)   (0.40)   (0.41)   (0.28)
Net realized and unrealized gain (loss)   1.37   4.29   (3.14)   1.51   17.77   (4.09)
Total from investment operations   1.36   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   $22.13   $20.77   $18.40   $43.16   $45.65   $31.11
   
Total return5   6.55%6   24.49%4,6   (5.30%)6   1.88%   56.45%   (12.42%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $3,798   $2,164   $2,187   $3,530   $57   $57
Ratio of expenses to average net assets8   1.89%   1.94%   2.17%   2.22%   2.25%   2.24%
Ratio of expenses to average net assets prior to fees waived8   2.03%   1.95%   2.51%   2.22%   2.25%   2.24%
Ratio of net investment loss to average net assets   (0.10%)   (0.08%)   (0.35%)   (0.84%)   (1.00%)   (0.76%)
Ratio of net investment loss to average net assets prior to fees waived   (0.24%)   (0.09%)   (0.69%)   (0.84%)   (1.00%)   (0.76%)
Portfolio turnover   34%   47%   39%   45%   32%   26%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
4 Amount 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.” 
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
6 Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
7 Net assets reported in millions.
8 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Financial highlights
Delaware Ivy Global Growth Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $36.64   $30.86   $55.82   $58.10   $38.63   $44.10
   
Income (loss) from investment operations:                        
Net investment income2   0.17   0.313   0.37   0.20   0.10   0.18
Net realized and unrealized gain (loss)   2.41   7.41   (3.75)   1.89   22.20   (5.07)
Total from investment operations   2.58   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   $39.22   $36.64   $30.86   $55.82   $58.10   $38.63
   
Total return4   7.04%   25.81%3   (4.25%)   3.09%   58.28%   (11.35%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $234,514   $177,272   $196,155   $379,099   $4945   $3465
Ratio of expenses to average net assets6   0.89%   0.94%   1.01%   1.06%   1.06%   1.06%
Ratio of expenses to average net assets prior to fees waived6   1.03%   0.95%   1.03%   1.07%   1.09%   1.10%
Ratio of net investment income to average net assets   0.90%   0.94%   0.85%   0.33%   0.19%   0.40%
Ratio of net investment income to average net assets prior to fees waived   0.76%   0.93%   0.83%   0.32%   0.16%   0.36%
Portfolio turnover   34%   47%   39%   45%   32%   26%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.” 
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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Delaware Ivy Global Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $33.53   $28.46   $53.50   $55.69   $37.32   $42.69
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.07   0.123   0.09   (0.15)   (0.21)   (0.08)
Net realized and unrealized gain (loss)   2.22   6.80   (3.61)   1.78   21.40   (4.93)
Total from investment operations   2.29   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   $35.82   $33.53   $28.46   $53.50   $55.69   $37.32
   
Total return4   6.83%5   25.13%3,5   (4.74%)5   2.46%   57.33%   (11.92%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,013   $772   $716   $835   $16   $16
Ratio of expenses to average net assets7   1.39%   1.44%   1.55%   1.66%   1.68%   1.68%
Ratio of expenses to average net assets prior to fees waived7   1.53%   1.45%   1.57%   1.66%   1.68%   1.68%
Ratio of net investment income (loss) to average net assets   0.40%   0.41%   0.23%   (0.25%)   (0.42%)   (0.18%)
Ratio of net investment income (loss) to average net assets prior to fees waived   0.26%   0.40%   0.21%   (0.25%)   (0.42%)   (0.18%)
Portfolio turnover   34%   47%   39%   45%   32%   26%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.”
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.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Financial highlights
Delaware Ivy Global Growth Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $36.74   $31.04   $56.21   $58.51   $38.85   $44.35
   
Income (loss) from investment operations:                        
Net investment income2   0.19   0.293   0.31   0.23   0.16   0.24
Net realized and unrealized gain (loss)   2.43   7.48   (3.70)   1.96   22.35   (5.10)
Total from investment operations   2.62   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   $39.36   $36.74   $31.04   $56.21   $58.51   $38.85
   
Total return4   7.13%5   25.87%3,5   (4.20%)5   3.22%   58.50%   (11.26%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $16,825   $14,681   $2,908   $2,633   $196   $166
Ratio of expenses to average net assets7   0.79%   0.85%   0.98%   0.91%   0.94%   0.94%
Ratio of expenses to average net assets prior to fees waived7   0.95%   0.92%   1.00%   0.91%   0.94%   0.94%
Ratio of net investment income to average net assets   1.00%   0.87%   0.73%   0.37%   0.31%   0.53%
Ratio of net investment income to average net assets prior to fees waived   0.84%   0.80%   0.71%   0.37%   0.31%   0.53%
Portfolio turnover   34%   47%   39%   45%   32%   26%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.”
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.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Global Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $35.04   $29.66   $54.63   $56.88   $37.95   $43.35
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.12   0.243   0.21   0.07   (0.05)   0.08
Net realized and unrealized gain (loss)   2.32   7.08   (3.66)   1.83   21.80   (5.03)
Total from investment operations   2.44   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   $37.48   $35.04   $29.66   $54.63   $56.88   $37.95
   
Total return4   6.96%   25.48%3   (4.50%)   2.85%   57.86%   (11.63%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $3,118   $1,860   $1,483   $1,962   $35   $25
Ratio of expenses to average net assets6   1.14%   1.19%   1.28%   1.28%   1.34%   1.36%
Ratio of expenses to average net assets prior to fees waived6   1.28%   1.20%   1.32%   1.32%   1.36%   1.38%
Ratio of net investment income (loss) to average net assets   0.65%   0.64%   0.51%   0.11%   (0.09%)   0.19%
Ratio of net investment income (loss) to average net assets prior to fees waived   0.51%   0.63%   0.47%   0.07%   (0.11%)   0.17%
Portfolio turnover   34%   47%   39%   45%   32%   26%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.” 
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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Table of Contents
Financial highlights
Delaware Ivy High Income Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $6.08   $5.87   $6.73   $7.10   $5.91   $7.20
   
Income (loss) from investment operations:                        
Net investment income2   0.19   0.43   0.44   0.46   0.41   0.49
Net realized and unrealized gain (loss)   0.11   0.21   (0.86)   (0.38)   1.21   (1.29)
Total from investment operations   0.30   0.64   (0.42)   0.08   1.62   (0.80)
   
Less dividends and distributions from:                        
Net investment income   (0.19)   (0.43)   (0.44)   (0.45)   (0.43)   (0.49)
Total dividends and distributions   (0.19)   (0.43)   (0.44)   (0.45)   (0.43)   (0.49)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $6.19   $6.08   $5.87   $6.73   $7.10   $5.91
   
Total return5   5.11%6,7   11.36%   (6.02%)7   1.09%6   28.16%   (12.03%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,363,150   $1,109,865   $1,196,375   $1,576,813   $1,8168   $1,4658
Ratio of expenses to average net assets9   0.89%   0.89%   1.00%   0.95%   0.97%   0.95%
Ratio of expenses to average net assets prior to fees waived9   0.97%   0.89%   1.02%   0.95%   0.97%   0.95%
Ratio of net investment income to average net assets   6.38%   7.27%   7.38%   6.44%   6.16%   6.89%
Ratio of net investment income to average net assets prior to fees waived   6.30%   7.27%   7.36%   6.44%   6.16%   6.89%
Portfolio turnover   31%   30%   50%   48%   59%   30%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
6 Payments by affiliates had no impact on net asset value and total return.
7 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.
8 Net assets reported in millions.
9 Expense ratios do 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 High Income Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $6.08   $5.87   $6.73   $7.10   $5.91   $7.20
   
Income (loss) from investment operations:                        
Net investment income2   0.17   0.39   0.40   0.40   0.36   0.44
Net realized and unrealized gain (loss)   0.11   0.20   (0.86)   (0.37)   1.22   (1.29)
Total from investment operations   0.28   0.59   (0.46)   0.03   1.58   (0.85)
   
Less dividends and distributions from:                        
Net investment income   (0.17)   (0.38)   (0.40)   (0.40)   (0.39)   (0.44)
Total dividends and distributions   (0.17)   (0.38)   (0.40)   (0.40)   (0.39)   (0.44)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $6.19   $6.08   $5.87   $6.73   $7.10   $5.91
   
Total return5   4.72%6,7   10.53%   (6.70%)7   0.38%6,7   27.28%7   (12.66%)7
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $100,910   $111,787   $141,497   $221,601   $3218   $4478
Ratio of expenses to average net assets9   1.64%   1.64%   1.71%   1.66%   1.66%   1.66%
Ratio of expenses to average net assets prior to fees waived9   1.72%   1.64%   1.81%   1.70%   1.70%   1.68%
Ratio of net investment income to average net assets   5.63%   6.52%   6.64%   5.72%   5.50%   6.17%
Ratio of net investment income to average net assets prior to fees waived   5.55%   6.52%   6.54%   5.68%   5.46%   6.15%
Portfolio turnover   31%   30%   50%   48%   59%   30%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
6 Payments by affiliates had no impact on net asset value and total return.
7 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.
8 Net assets reported in millions.
9 Expense ratios do 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 High Income Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $6.08   $5.87   $6.73   $7.10   $5.91   $7.20
   
Income (loss) from investment operations:                        
Net investment income2   0.20   0.44   0.45   0.47   0.43   0.50
Net realized and unrealized gain (loss)   0.11   0.21   (0.85)   (0.37)   1.21   (1.29)
Total from investment operations   0.31   0.65   (0.40)   0.10   1.64   (0.79)
   
Less dividends and distributions from:                        
Net investment income   (0.20)   (0.44)   (0.46)   (0.47)   (0.45)   (0.50)
Total dividends and distributions   (0.20)   (0.44)   (0.46)   (0.47)   (0.45)   (0.50)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $6.19   $6.08   $5.87   $6.73   $7.10   $5.91
   
Total return5   5.24%6,7   11.63%   (5.79%)   1.31%6   28.44%   (11.83%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,097,867   $1,013,680   $1,035,891   $1,454,150   $1,8688   $1,4878
Ratio of expenses to average net assets9   0.64%   0.64%   0.75%   0.74%   0.75%   0.73%
Ratio of expenses to average net assets prior to fees waived9   0.72%   0.64%   0.75%   0.74%   0.75%   0.73%
Ratio of net investment income to average net assets   6.63%   7.52%   7.61%   6.66%   6.38%   7.11%
Ratio of net investment income to average net assets prior to fees waived   6.55%   7.52%   7.61%   6.66%   6.38%   7.11%
Portfolio turnover   31%   30%   50%   48%   59%   30%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
6 Payments by affiliates had no impact on net asset value and total return.
7 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
8 Net assets reported in millions.
9 Expense ratios do 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 High Income Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $6.08   $5.87   $6.73   $7.10   $5.91   $7.20
   
Income (loss) from investment operations:                        
Net investment income2   0.19   0.41   0.42   0.43   0.39   0.46
Net realized and unrealized gain (loss)   0.11   0.21   (0.85)   (0.37)   1.21   (1.29)
Total from investment operations   0.30   0.62   (0.43)   0.06   1.60   (0.83)
   
Less dividends and distributions from:                        
Net investment income   (0.19)   (0.41)   (0.43)   (0.43)   (0.41)   (0.46)
Total dividends and distributions   (0.19)   (0.41)   (0.43)   (0.43)   (0.41)   (0.46)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $6.19   $6.08   $5.87   $6.73   $7.10   $5.91
   
Total return5   4.98%6,7   11.08%   (6.29%)   0.71%6   27.67%   (12.36%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $35,183   $32,778   $34,322   $44,613   $488   $458
Ratio of expenses to average net assets9   1.14%   1.14%   1.28%   1.34%   1.35%   1.32%
Ratio of expenses to average net assets prior to fees waived9   1.22%   1.14%   1.28%   1.34%   1.35%   1.32%
Ratio of net investment income to average net assets   6.13%   7.02%   7.09%   6.05%   5.79%   6.52%
Ratio of net investment income to average net assets prior to fees waived   6.05%   7.02%   7.09%   6.05%   5.79%   6.52%
Portfolio turnover   31%   30%   50%   48%   59%   30%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
6 Payments by affiliates had no impact on net asset value and total return.
7 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.
8 Net assets reported in millions.
9 Expense ratios do 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 High Income Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $6.08   $5.87   $6.73   $7.10   $5.91   $7.20
   
Income (loss) from investment operations:                        
Net investment income2   0.20   0.45   0.46   0.48   0.44   0.51
Net realized and unrealized gain (loss)   0.11   0.20   (0.86)   (0.37)   1.21   (1.29)
Total from investment operations   0.31   0.65   (0.40)   0.11   1.65   (0.78)
   
Less dividends and distributions from:                        
Net investment income   (0.20)   (0.44)   (0.46)   (0.48)   (0.46)   (0.51)
Total dividends and distributions   (0.20)   (0.44)   (0.46)   (0.48)   (0.46)   (0.51)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $6.19   $6.08   $5.87   $6.73   $7.10   $5.91
   
Total return5   5.29%6,7   11.64%   (5.68%)   1.45%6   28.63%   (11.69%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $105,157   $53,111   $59,659   $64,630   $678   $648
Ratio of expenses to average net assets9   0.55%   0.62%   0.64%   0.60%   0.60%   0.58%
Ratio of expenses to average net assets prior to fees waived9   0.63%   0.62%   0.64%   0.60%   0.60%   0.58%
Ratio of net investment income to average net assets   6.72%   7.57%   7.78%   6.78%   6.54%   7.27%
Ratio of net investment income to average net assets prior to fees waived   6.64%   7.57%   7.78%   6.78%   6.54%   7.27%
Portfolio turnover   31%   30%   50%   48%   59%   30%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
6 Payments by affiliates had no impact on net asset value and total return.
7 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
8 Net assets reported in millions.
9 Expense ratios do 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 High Income Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $6.08   $5.87   $6.73   $7.10   $5.91   $7.20
   
Income (loss) from investment operations:                        
Net investment income2   0.19   0.43   0.44   0.45   0.41   0.49
Net realized and unrealized gain (loss)   0.11   0.21   (0.86)   (0.37)   1.21   (1.29)
Total from investment operations   0.30   0.64   (0.42)   0.08   1.62   (0.80)
   
Less dividends and distributions from:                        
Net investment income   (0.19)   (0.43)   (0.44)   (0.45)   (0.43)   (0.49)
Total dividends and distributions   (0.19)   (0.43)   (0.44)   (0.45)   (0.43)   (0.49)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $6.19   $6.08   $5.87   $6.73   $7.10   $5.91
   
Total return5   5.11%6,7   11.35%   (6.02%)   1.09%6,7   28.17%7   (12.03%)7
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $52,652   $56,376   $68,758   $99,847   $1388   $1338
Ratio of expenses to average net assets9   0.89%   0.89%   1.00%   0.96%   0.97%   0.95%
Ratio of expenses to average net assets prior to fees waived9   0.97%   0.89%   1.00%   0.99%   1.00%   0.98%
Ratio of net investment income to average net assets   6.38%   7.27%   7.34%   6.37%   6.17%   6.87%
Ratio of net investment income to average net assets prior to fees waived   6.30%   7.27%   7.34%   6.34%   6.14%   6.84%
Portfolio turnover   31%   30%   50%   48%   59%   30%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
6 Payments by affiliates had no impact on net asset value and total return.
7 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.
8 Net assets reported in millions.
9 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Financial highlights
Delaware Ivy International Core Equity Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $20.99   $18.83   $19.09   $19.82   $13.29   $16.75
   
Income (loss) from investment operations:                        
Net investment income2   0.22   0.393   0.38   0.18   0.23   0.26
Net realized and unrealized gain (loss)   0.66   2.284   (0.50)   (0.41)   6.48   (3.30)
Total from investment operations   0.88   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)
   
Payment by affiliates   5,6          
   
Net asset value, end of period   $21.87   $20.99   $18.83   $19.09   $19.82   $13.29
   
Total return7   4.19%8   14.36%3,4   (0.55%)   (1.28%)   50.62%   (18.72%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $460,085   $293,102   $278,607   $329,081   $3889   $3229
Ratio of expenses to average net assets10   1.03%   1.04%   1.11%   1.23%   1.23%   1.25%
Ratio of expenses to average net assets prior to fees waived10   1.28%   1.26%   1.42%   1.36%   1.35%   1.31%
Ratio of net investment income to average net assets   2.07%   2.01%   2.20%   0.89%   1.33%   1.57%
Ratio of net investment income to average net assets prior to fees waived   1.82%   1.79%   1.89%   0.76%   1.21%   1.51%
Portfolio turnover   41%   42%   43%   71%   76%   62%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.”
4 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%.
5 Amount is less than $0.005 per share.
6 See Note 2 in “Notes to financial statements.”
7 Total return is based 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.
8 Payments by affiliates had no impact on net asset value and total return.
9 Net assets reported in millions.
10 Expense ratios do 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 C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  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   $16.39   $16.62   $17.33   $11.65   $14.75
   
Income (loss) from investment operations:                        
Net investment income2   0.12   0.233   0.22   0.04   0.09   0.14
Net realized and unrealized gain (loss)   0.57   1.954   (0.43)   (0.36)   5.68   (2.91)
Total from investment operations   0.69   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)
   
Payment by affiliates   5,6          
   
Net asset value, end of period   $18.93   $18.24   $16.39   $16.62   $17.33   $11.65
   
Total return7   3.78%8   13.47%3,4   (1.23%)   (1.97%)   49.63%   (19.30%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $17,363   $18,338   $28,549   $45,987   $679   $779
Ratio of expenses to average net assets10   1.78%   1.79%   1.84%   1.92%   1.92%   1.93%
Ratio of expenses to average net assets prior to fees waived10   2.03%   2.01%   2.20%   2.06%   2.05%   1.99%
Ratio of net investment income to average net assets   1.32%   1.34%   1.46%   0.23%   0.58%   0.94%
Ratio of net investment income to average net assets prior to fees waived   1.07%   1.12%   1.10%   0.09%   0.45%   0.88%
Portfolio turnover   41%   42%   43%   71%   76%   62%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.” 
4 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%.
5 Amount is less than $0.005 per share.
6 See Note 2 in “Notes to financial statements.”
7 Total return is based 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.
8 Payments by affiliates had no impact on net asset value and total return.
9 Net assets reported in millions.
10 Expense ratios do 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 I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  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   $19.00   $19.24   $19.98   $13.39   $16.86
   
Income (loss) from investment operations:                        
Net investment income2   0.25   0.453   0.45   0.28   0.29   0.35
Net realized and unrealized gain (loss)   0.67   2.284   (0.50)   (0.42)   6.55   (3.32)
Total from investment operations   0.92   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)
   
Payment by affiliates   5,6          
   
Net asset value, end of period   $22.10   $21.18   $19.00   $19.24   $19.98   $13.39
   
Total return7   4.34%8   14.59%3,4   (0.17%)   (0.88%)   51.27%   (18.30%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $822,318   $693,391   $723,002   $1,024,716   $1,4089   $1,4839
Ratio of expenses to average net assets10   0.78%   0.79%   0.79%   0.79%   0.79%   0.79%
Ratio of expenses to average net assets prior to fees waived10   1.03%   1.01%   0.94%   1.02%   1.03%   0.98%
Ratio of net investment income to average net assets   2.32%   2.27%   2.54%   1.34%   1.72%   2.08%
Ratio of net investment income to average net assets prior to fees waived   2.07%   2.05%   2.39%   1.11%   1.48%   1.89%
Portfolio turnover   41%   42%   43%   71%   76%   62%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.”
4 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%.
5 Amount is less than $0.005 per share.
6 See Note 2 in “Notes to financial statements.”
7 Total return is based 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.
8 Payments by affiliates had no impact on net asset value and total return.
9 Net assets reported in millions.
10 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy International Core Equity Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  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   $18.81   $19.07   $19.80   $13.29   $16.75
   
Income (loss) from investment operations:                        
Net investment income2   0.19   0.343   0.33   0.12   0.17   0.20
Net realized and unrealized gain (loss)   0.66   2.274   (0.49)   (0.41)   6.48   (3.28)
Total from investment operations   0.85   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)
   
Payment by affiliates   5,6          
   
Net asset value, end of period   $21.82   $20.97   $18.81   $19.07   $19.80   $13.29
   
Total return7   4.05%8   14.06%3,4   (0.78%)   (1.57%)   50.08%   (18.93%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $40,900   $40,627   $41,758   $47,807   $559   $479
Ratio of expenses to average net assets10   1.28%   1.29%   1.37%   1.53%   1.53%   1.53%
Ratio of expenses to average net assets prior to fees waived10   1.53%   1.51%   1.51%   1.63%   1.62%   1.57%
Ratio of net investment income to average net assets   1.82%   1.77%   1.92%   0.58%   1.02%   1.21%
Ratio of net investment income to average net assets prior to fees waived   1.57%   1.55%   1.78%   0.48%   0.93%   1.17%
Portfolio turnover   41%   42%   43%   71%   76%   62%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.”
4 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%.
5 Amount is less than $0.005 per share.
6 See Note 2 in “Notes to financial statements.”
7 Total return is based 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.
8 Payments by affiliates had no impact on net asset value and total return.
9 Net assets reported in millions.
10 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Financial highlights
Delaware Ivy International Core Equity Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.24   $19.05   $19.30   $20.03   $13.43   $16.91
   
Income (loss) from investment operations:                        
Net investment income2   0.26   0.463   0.45   0.29   0.29   0.36
Net realized and unrealized gain (loss)   0.68   2.294   (0.51)   (0.42)   6.56   (3.34)
Total from investment operations   0.94   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)
   
Payment by affiliates   5,6          
   
Net asset value, end of period   $22.18   $21.24   $19.05   $19.30   $20.03   $13.43
   
Total return7   4.43%8   14.69%3,4   (0.22%)   (0.83%)   51.19%   (18.31%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $237,994   $244,996   $243,848   $347,008   $4979   $6209
Ratio of expenses to average net assets10   0.66%   0.71%   0.79%   0.79%   0.79%   0.79%
Ratio of expenses to average net assets prior to fees waived10   0.93%   0.93%   0.93%   0.88%   0.88%   0.83%
Ratio of net investment income to average net assets   2.44%   2.36%   2.55%   1.37%   1.69%   2.09%
Ratio of net investment income to average net assets prior to fees waived   2.17%   2.14%   2.41%   1.28%   1.60%   2.05%
Portfolio turnover   41%   42%   43%   71%   76%   62%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.”
4 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%.
5 Amount is less than $0.005 per share.
6 See Note 2 in “Notes to financial statements.”
7 Total return is based 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.
8 Payments by affiliates had no impact on net asset value and total return.
9 Net assets reported in millions.
10 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy International Core Equity Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.16   $18.99   $19.24   $19.98   $13.39   $16.87
   
Income (loss) from investment operations:                        
Net investment income2   0.22   0.403   0.39   0.21   0.22   0.27
Net realized and unrealized gain (loss)   0.68   2.274   (0.49)   (0.43)   6.56   (3.32)
Total from investment operations   0.90   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)
   
Payment by affiliates   5,6          
   
Net asset value, end of period   $22.06   $21.16   $18.99   $19.24   $19.98   $13.39
   
Total return7   4.25%8   14.27%3,4   (0.46%)   (1.26%)   50.76%   (18.65%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $37,407   $38,817   $41,120   $49,433   $919   $1769
Ratio of expenses to average net assets10   1.03%   1.04%   1.09%   1.18%   1.17%   1.18%
Ratio of expenses to average net assets prior to fees waived10   1.28%   1.26%   1.24%   1.28%   1.29%   1.23%
Ratio of net investment income to average net assets   2.07%   2.01%   2.20%   0.99%   1.33%   1.62%
Ratio of net investment income to average net assets prior to fees waived   1.82%   1.79%   2.05%   0.89%   1.21%   1.57%
Portfolio turnover   41%   42%   43%   71%   76%   62%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 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.”
4 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%.
5 Amount is less than $0.005 per share.
6 See Note 2 in “Notes to financial statements.”
7 Total return is based 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.
8 Payments by affiliates had no impact on net asset value and total return.
9 Net assets reported in millions.
10 Expense ratios do 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 A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $32.68   $25.18   $31.11   $29.35   $20.52   $22.73
   
Income (loss) from investment operations:                        
Net investment loss2   (0.04)   (0.07)   (0.06)   (0.12)   (0.07)   (0.02)
Net realized and unrealized gain (loss)   3.19   8.48   (2.99)   5.20   10.80   0.85
Total from investment operations   3.15   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   $35.83   $32.68   $25.18   $31.11   $29.35   $20.52
   
Total return3   9.64%4   33.90%4   (9.24%)4   16.52%   52.78%   2.18%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $3,351,185   $2,532,714   $2,127,513   $2,834,191   $2,7405   $1,9365
Ratio of expenses to average net assets6   0.89%   0.89%   0.93%   0.94%   0.98%   1.01%
Ratio of expenses to average net assets prior to fees waived6   0.97%   0.99%   1.00%   0.94%   0.98%   1.01%
Ratio of net investment loss to average net assets   (0.26%)   (0.25%)   (0.22%)   (0.36%)   (0.24%)   (0.07%)
Ratio of net investment loss to average net assets prior to fees waived   (0.34%)   (0.35%)   (0.29%)   (0.28%)   (0.36%)   (0.24%)
Portfolio turnover   9%   9%   20%   12%   23%   33%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 Total return during the period 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 C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.17   $17.46   $22.78   $22.15   $15.94   $18.30
   
Income (loss) from investment operations:                        
Net investment loss2   (0.12)   (0.20)   (0.19)   (0.30)   (0.22)   (0.17)
Net realized and unrealized gain (loss)   2.17   5.82   (2.25)   3.96   8.33   0.75
Total from investment operations   2.05   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   $24.22   $22.17   $17.46   $22.78   $22.15   $15.94
   
Total return3   9.25%4   32.90%4   (9.97%)4   15.55%   51.46%   1.38%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $65,427   $61,156   $44,773   $63,666   $695   $695
Ratio of expenses to average net assets6   1.64%   1.64%   1.73%   1.80%   1.82%   1.83%
Ratio of expenses to average net assets prior to fees waived6   1.72%   1.74%   1.90%   1.80%   1.82%   1.83%
Ratio of net investment loss to average net assets   (1.01%)   (1.00%)   (1.03%)   (1.23%)   (1.07%)   (0.89%)
Ratio of net investment loss to average net assets prior to fees waived   (1.09%)   (1.10%)   (1.20%)   (1.23%)   (1.07%)   (0.89%)
Portfolio turnover   9%   9%   20%   12%   23%   33%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 Total return during the period 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 Large Cap Growth Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $35.92   $27.53   $33.61   $31.48   $21.90   $24.09
   
Income (loss) from investment operations:                        
Net investment income (loss)2   3   4   0.02   (0.02)   0.03   0.06
Net realized and unrealized gain (loss)   3.52   9.30   (3.22)   5.56   11.52   0.89
Total from investment operations   3.52   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   $39.44   $35.92   $27.53   $33.61   $31.48   $21.90
   
Total return5   9.80%   34.24%   (8.99%)   16.87%   53.25%   2.51%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $4,606,323   $3,830,418   $2,723,101   $2,626,992   $2,5276   $1,8196
Ratio of expenses to average net assets7   0.64%   0.64%   0.64%   0.64%   0.64%   0.69%
Ratio of expenses to average net assets prior to fees waived7   0.72%   0.74%   0.66%   0.77%   0.79%   0.80%
Ratio of net investment income (loss) to average net assets   (0.01%)   8   0.07%   (0.06%)   0.09%   0.24%
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.09%)   (0.10%)   0.05%   (0.19%)   (0.06%)   0.13%
Portfolio turnover   9%   9%   20%   12%   23%   33%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $(0.005) per share.
4 Amount is less than $0.005 per share.
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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 Amount is less than 0.005%.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Large Cap Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $30.03   $23.26   $29.09   $27.57   $19.43   $21.69
   
Income (loss) from investment operations:                        
Net investment loss2   (0.08)   (0.13)   (0.12)   (0.24)   (0.16)   (0.10)
Net realized and unrealized gain (loss)   2.94   7.81   (2.83)   4.89   10.20   0.82
Total from investment operations   2.86   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   $32.89   $30.03   $23.26   $29.09   $27.57   $19.43
   
Total return3   9.52%4   33.56%4   (9.55%)4   16.07%   52.17%   1.75%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $35,878   $34,190   $10,598   $12,298   $135   $135
Ratio of expenses to average net assets6   1.14%   1.14%   1.23%   1.37%   1.38%   1.40%
Ratio of expenses to average net assets prior to fees waived6   1.22%   1.24%   1.24%   1.37%   1.38%   1.40%
Ratio of net investment loss to average net assets   (0.51%)   (0.50%)   (0.51%)   (0.79%)   (0.63%)   (0.46%)
Ratio of net investment loss to average net assets prior to fees waived   (0.59%)   (0.60%)   (0.52%)   (0.79%)   (0.63%)   (0.46%)
Portfolio turnover   9%   9%   20%   12%   23%   33%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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 Large Cap Growth Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $36.27   $27.78   $33.89   $31.71   $22.05   $24.25
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.013   0.02   0.03   (0.02)   0.03   0.07
Net realized and unrealized gain (loss)   3.56   9.38   (3.26)   5.61   11.61   0.89
Total from investment operations   3.57   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   $39.84   $36.27   $27.78   $33.89   $31.71   $22.05
   
Total return4   9.84%5   34.29%5   (9.01%)5   16.90%   53.28%   2.54%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $320,286   $313,272   $185,287   $166,623   $1646   $1076
Ratio of expenses to average net assets7   0.56%   0.58%   0.64%   0.64%   0.64%   0.66%
Ratio of expenses to average net assets prior to fees waived7   0.63%   0.65%   0.66%   0.64%   0.64%   0.66%
Ratio of net investment income (loss) to average net assets   0.07%   0.06%   0.09%   (0.06%)   0.10%   0.28%
Ratio of net investment income (loss) to average net assets prior to fees waived   8   (0.01%)   0.07%   (0.06%)   0.10%   0.28%
Portfolio turnover   9%   9%   20%   12%   23%   33%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Total return during the period 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 Amount is less than 0.005%.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Large Cap Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $34.10   $26.24   $32.29   $30.36   $21.18   $23.37
   
Income (loss) from investment operations:                        
Net investment loss2   (0.05)   (0.07)   (0.06)   (0.13)   (0.07)   (0.02)
Net realized and unrealized gain (loss)   3.34   8.84   (3.11)   5.37   11.15   0.86
Total from investment operations   3.29   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   $37.39   $34.10   $26.24   $32.29   $30.36   $21.18
   
Total return3   9.65%   33.90%   (9.28%)   16.51%   52.78%   2.19%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $41,790   $32,584   $24,849   $35,926   $314   $264
Ratio of expenses to average net assets5   0.89%   0.89%   0.95%   0.95%   0.98%   1.01%
Ratio of expenses to average net assets prior to fees waived5   0.97%   0.99%   0.96%   1.02%   1.04%   1.05%
Ratio of net investment loss to average net assets   (0.26%)   (0.25%)   (0.24%)   (0.37%)   (0.24%)   (0.08%)
Ratio of net investment loss to average net assets prior to fees waived   (0.34%)   (0.35%)   (0.25%)   (0.44%)   (0.30%)   (0.12%)
Portfolio turnover   9%   9%   20%   12%   23%   33%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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 Mid Cap Growth Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $28.16   $26.14   $32.31   $37.42   $22.28   $25.28
   
Income (loss) from investment operations:                        
Net investment loss2   (0.08)   (0.13)   (0.16)   (0.29)   (0.23)   (0.15)
Net realized and unrealized gain (loss)   (0.06)   3.90   (3.20)   0.11   19.03   (1.42)
Total from investment operations   (0.14)   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   $28.02   $28.16   $26.14   $32.31   $37.42   $22.28
   
Total return3   (0.50%)4   15.44%4   (10.07%)4   (1.90%)   85.37%4   (7.20%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $2,048,053   $1,549,167   $1,582,726   $2,158,678   $2,4535   $1,3915
Ratio of expenses to average net assets6   1.04%   1.04%   1.09%   1.12%   1.16%   1.20%
Ratio of expenses to average net assets prior to fees waived6   1.20%   1.23%   1.21%   1.12%   1.17%   1.23%
Ratio of net investment loss to average net assets   (0.57%)   (0.49%)   (0.59%)   (0.76%)   (0.68%)   (0.55%)
Ratio of net investment loss to average net assets prior to fees waived   (0.73%)   (0.68%)   (0.71%)   (0.76%)   (0.69%)   (0.58%)
Portfolio turnover   19%   27%   23%   27%   33%   22%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 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 Mid Cap Growth Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.94   $19.16   $24.74   $29.76   $18.26   $21.02
   
Income (loss) from investment operations:                        
Net investment loss2   (0.13)   (0.23)   (0.28)   (0.48)   (0.39)   (0.28)
Net realized and unrealized gain (loss)   (0.04)   2.76   (2.49)   0.20   15.51   (1.15)
Total from investment operations   (0.17)   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   $19.77   $19.94   $19.16   $24.74   $29.76   $18.26
   
Total return3   (0.85%)4   14.56%4   (10.79%)4   (2.67%)   83.95%4   (7.88%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $87,494   $68,708   $75,826   $121,668   $1705   $1435
Ratio of expenses to average net assets6   1.79%   1.79%   1.88%   1.93%   1.92%   1.95%
Ratio of expenses to average net assets prior to fees waived6   1.95%   1.98%   2.06%   1.93%   1.94%   1.98%
Ratio of net investment loss to average net assets   (1.32%)   (1.24%)   (1.38%)   (1.57%)   (1.43%)   (1.30%)
Ratio of net investment loss to average net assets prior to fees waived   (1.48%)   (1.43%)   (1.56%)   (1.57%)   (1.45%)   (1.33%)
Portfolio turnover   19%   27%   23%   27%   33%   22%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 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 Mid Cap Growth Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $32.52   $29.84   $36.32   $41.48   $24.41   $27.52
   
Income (loss) from investment operations:                        
Net investment loss2   (0.05)   (0.07)   (0.09)   (0.18)   (0.12)   (0.04)
Net realized and unrealized gain (loss)   (0.07)   4.50   (3.58)   0.07   20.89   (1.57)
Total from investment operations   (0.12)   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   $32.40   $32.52   $29.84   $36.32   $41.48   $24.41
   
Total return3   (0.37%)   15.74%   (9.80%)   (1.56%)   86.00%   (6.75%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $3,045,413   $3,054,252   $2,887,695   $3,577,939   $3,6094   $1,8984
Ratio of expenses to average net assets5   0.79%   0.79%   0.79%   0.79%   0.79%   0.79%
Ratio of expenses to average net assets prior to fees waived5   0.95%   0.98%   0.84%   0.95%   0.97%   1.00%
Ratio of net investment loss to average net assets   (0.32%)   (0.24%)   (0.28%)   (0.43%)   (0.31%)   (0.15%)
Ratio of net investment loss to average net assets prior to fees waived   (0.48%)   (0.43%)   (0.33%)   (0.59%)   (0.49%)   (0.36%)
Portfolio turnover   19%   27%   23%   27%   33%   22%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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 Mid Cap Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $26.44   $24.71   $30.81   $35.92   $21.54   $24.51
   
Income (loss) from investment operations:                        
Net investment loss2   (0.10)   (0.18)   (0.22)   (0.44)   (0.35)   (0.23)
Net realized and unrealized gain (loss)   (0.06)   3.66   (3.07)   0.14   18.37   (1.37)
Total from investment operations   (0.16)   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   $26.28   $26.44   $24.71   $30.81   $35.92   $21.54
   
Total return3   (0.61%)   15.15%   (10.34%)   (2.30%)   84.62%   (7.47%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $56,965   $54,529   $58,839   $74,908   $884   $464
Ratio of expenses to average net assets5   1.29%   1.29%   1.38%   1.54%   1.55%   1.55%
Ratio of expenses to average net assets prior to fees waived5   1.45%   1.48%   1.42%   1.55%   1.56%   1.58%
Ratio of net investment loss to average net assets   (0.82%)   (0.74%)   (0.87%)   (1.18%)   (1.07%)   (0.90%)
Ratio of net investment loss to average net assets prior to fees waived   (0.98%)   (0.93%)   (0.91%)   (1.19%)   (1.08%)   (0.93%)
Portfolio turnover   19%   27%   23%   27%   33%   22%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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 Mid Cap Growth Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $32.97   $30.21   $36.73   $41.89   $24.63   $27.76
   
Income (loss) from investment operations:                        
Net investment loss2   (0.03)   (0.05)   (0.08)   (0.18)   (0.13)   (0.04)
Net realized and unrealized gain (loss)   (0.08)   4.56   (3.63)   0.07   21.09   (1.59)
Total from investment operations   (0.11)   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   $32.86   $32.97   $30.21   $36.73   $41.89   $24.63
   
Total return3   (0.33%)   15.82%   (9.80%)   (1.54%)   86.00%   (6.77%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,228,250   $1,292,279   $1,048,374   $980,539   $7364   $2564
Ratio of expenses to average net assets5   0.69%   0.72%   0.79%   0.79%   0.79%   0.79%
Ratio of expenses to average net assets prior to fees waived5   0.84%   0.86%   0.83%   0.80%   0.82%   0.85%
Ratio of net investment loss to average net assets   (0.22%)   (0.18%)   (0.28%)   (0.43%)   (0.33%)   (0.15%)
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.37%)   (0.32%)   (0.32%)   (0.44%)   (0.36%)   (0.21%)
Portfolio turnover   19%   27%   23%   27%   33%   22%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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 Mid Cap Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $30.36   $28.04   $34.43   $39.57   $23.45   $26.53
   
Income (loss) from investment operations:                        
Net investment loss2   (0.08)   (0.14)   (0.17)   (0.31)   (0.24)   (0.15)
Net realized and unrealized gain (loss)   (0.07)   4.21   (3.41)   0.09   20.02   (1.50)
Total from investment operations   (0.15)   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   $30.21   $30.36   $28.04   $34.43   $39.57   $23.45
   
Total return3   (0.49%)   15.46%   (10.09%)   (1.89%)   85.29%   (7.14%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $207,875   $226,978   $223,692   $284,480   $3634   $2154
Ratio of expenses to average net assets5   1.04%   1.04%   1.09%   1.13%   1.16%   1.20%
Ratio of expenses to average net assets prior to fees waived5   1.20%   1.23%   1.13%   1.19%   1.21%   1.24%
Ratio of net investment loss to average net assets   (0.57%)   (0.49%)   (0.59%)   (0.77%)   (0.68%)   (0.55%)
Ratio of net investment loss to average net assets prior to fees waived   (0.73%)   (0.68%)   (0.63%)   (0.83%)   (0.73%)   (0.59%)
Portfolio turnover   19%   27%   23%   27%   33%   22%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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 Mid Cap Income Opportunities Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.66   $17.26   $18.81   $18.38   $10.98   $13.98
   
Income (loss) from investment operations:                        
Net investment income2   0.14   0.29   0.27   0.18   0.21   0.25
Net realized and unrealized gain (loss)   0.81   3.08   (1.15)   0.89   7.40   (2.96)
Total from investment operations   0.95   3.37   (0.88)   1.07   7.61   (2.71)
   
Less dividends and distributions from:                        
Net investment income   (0.14)   (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   (0.14)   (0.97)   (0.67)   (0.64)   (0.21)   (0.29)
   
Net asset value, end of period   $20.47   $19.66   $17.26   $18.81   $18.38   $10.98
   
Total return3   4.84%   20.24%   (4.73%)   5.71%   69.70%   (19.84%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $159,917   $164,478   $171,183   $188,631   $1784   $1114
Ratio of expenses to average net assets5   1.08%   1.08%   1.12%   1.21%   1.24%   1.27%
Ratio of expenses to average net assets prior to fees waived5   1.29%   1.25%   1.26%   1.26%   1.31%   1.34%
Ratio of net investment income to average net assets   1.43%   1.63%   1.58%   0.95%   1.42%   1.70%
Ratio of net investment income to average net assets prior to fees waived   1.22%   1.46%   1.44%   0.90%   1.35%   1.63%
Portfolio turnover   15%   17%   29%   20%   23%   25%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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.
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Delaware Ivy Mid Cap Income Opportunities Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.62   $17.22   $18.71   $18.30   $10.93   $13.92
   
Income (loss) from investment operations:                        
Net investment income2   0.07   0.16   0.14   0.04   0.10   0.14
Net realized and unrealized gain (loss)   0.79   3.07   (1.14)   0.87   7.37   (2.95)
Total from investment operations   0.86   3.23   (1.00)   0.91   7.47   (2.81)
   
Less dividends and distributions from:                        
Net investment income   (0.06)   (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   (0.06)   (0.83)   (0.49)   (0.50)   (0.10)   (0.18)
   
Net asset value, end of period   $20.42   $19.62   $17.22   $18.71   $18.30   $10.93
   
Total return3   4.40%   19.36%   (5.42%)   4.85%   68.61%   (20.50%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $16,591   $18,742   $20,280   $27,245   $244   $154
Ratio of expenses to average net assets5   1.83%   1.83%   1.88%   1.96%   2.00%   2.02%
Ratio of expenses to average net assets prior to fees waived5   2.04%   2.00%   2.02%   2.01%   2.07%   2.09%
Ratio of net investment income to average net assets   0.68%   0.88%   0.82%   0.21%   0.66%   0.95%
Ratio of net investment income to average net assets prior to fees waived   0.47%   0.71%   0.68%   0.16%   0.59%   0.88%
Portfolio turnover   15%   17%   29%   20%   23%   25%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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.
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Financial highlights
Delaware Ivy Mid Cap Income Opportunities Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.68   $17.27   $18.84   $18.42   $10.99   $14.00
   
Income (loss) from investment operations:                        
Net investment income2   0.16   0.33   0.33   0.26   0.27   0.31
Net realized and unrealized gain (loss)   0.80   3.09   (1.16)   0.88   7.43   (2.97)
Total from investment operations   0.96   3.42   (0.83)   1.14   7.70   (2.66)
   
Less dividends and distributions from:                        
Net investment income   (0.16)   (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   (0.16)   (1.01)   (0.74)   (0.72)   (0.27)   (0.35)
   
Net asset value, end of period   $20.48   $19.68   $17.27   $18.84   $18.42   $10.99
   
Total return3   4.92%   20.58%   (4.42%)   6.05%   70.58%   (19.53%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $832,950   $865,423   $996,722   $1,399,865   $1,2244   $4014
Ratio of expenses to average net assets5   0.83%   0.83%   0.83%   0.83%   0.83%   0.83%
Ratio of expenses to average net assets prior to fees waived5   1.04%   1.00%   0.89%   1.07%   1.06%   1.08%
Ratio of net investment income to average net assets   1.68%   1.88%   1.87%   1.34%   1.78%   2.13%
Ratio of net investment income to average net assets prior to fees waived   1.47%   1.71%   1.81%   1.10%   1.55%   1.88%
Portfolio turnover   15%   17%   29%   20%   23%   25%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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 Mid Cap Income Opportunities Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  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   $17.26   $18.77   $18.35   $10.96   $13.96
   
Income (loss) from investment operations:                        
Net investment income2   0.11   0.23   0.22   0.12   0.16   0.20
Net realized and unrealized gain (loss)   0.80   3.10   (1.15)   0.87   7.39   (2.96)
Total from investment operations   0.91   3.33   (0.93)   0.99   7.55   (2.76)
   
Less dividends and distributions from:                        
Net investment income   (0.11)   (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   (0.11)   (0.94)   (0.58)   (0.57)   (0.16)   (0.24)
   
Net asset value, end of period   $20.45   $19.65   $17.26   $18.77   $18.35   $10.96
   
Total return3   4.67%   20.00%   (4.99%)   5.28%   69.22%   (20.15%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $12,336   $13,117   $1,131   $1,205   $14   $34
Ratio of expenses to average net assets5   1.33%   1.33%   1.41%   1.58%   1.58%   1.59%
Ratio of expenses to average net assets prior to fees waived5   1.54%   1.50%   1.47%   1.63%   1.64%   1.66%
Ratio of net investment income to average net assets   1.18%   1.31%   1.29%   0.60%   1.16%   1.38%
Ratio of net investment income to average net assets prior to fees waived   0.97%   1.14%   1.23%   0.55%   1.10%   1.31%
Portfolio turnover   15%   17%   29%   20%   23%   25%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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
Financial highlights
Delaware Ivy Mid Cap Income Opportunities Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.68   $17.28   $18.84   $18.42   $10.99   $14.01
   
Income (loss) from investment operations:                        
Net investment income2   0.17   0.35   0.33   0.26   0.27   0.32
Net realized and unrealized gain (loss)   0.80   3.08   (1.15)   0.88   7.43   (2.98)
Total from investment operations   0.97   3.43   (0.82)   1.14   7.70   (2.66)
   
Less dividends and distributions from:                        
Net investment income   (0.17)   (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   (0.17)   (1.03)   (0.74)   (0.72)   (0.27)   (0.36)
   
Net asset value, end of period   $20.48   $19.68   $17.28   $18.84   $18.42   $10.99
   
Total return3   4.97%   20.63%   (4.37%)   6.05%   70.58%   (19.57%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $92,930   $95,789   $89,010   $112,720   $1034   $654
Ratio of expenses to average net assets5   0.72%   0.76%   0.83%   0.83%   0.83%   0.83%
Ratio of expenses to average net assets prior to fees waived5   0.94%   0.93%   0.89%   0.89%   0.92%   0.93%
Ratio of net investment income to average net assets   1.79%   1.95%   1.87%   1.34%   1.80%   2.15%
Ratio of net investment income to average net assets prior to fees waived   1.57%   1.78%   1.81%   1.28%   1.71%   2.05%
Portfolio turnover   15%   17%   29%   20%   23%   25%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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 Mid Cap Income Opportunities Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.78   $17.37   $18.81   $18.39   $10.98   $13.98
   
Income (loss) from investment operations:                        
Net investment income2   0.14   0.29   0.27   0.18   0.21   0.25
Net realized and unrealized gain (loss)   0.80   3.10   (1.14)   0.88   7.41   (2.96)
Total from investment operations   0.94   3.39   (0.87)   1.06   7.62   (2.71)
   
Less dividends and distributions from:                        
Net investment income   (0.13)   (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   (0.13)   (0.98)   (0.57)   (0.64)   (0.21)   (0.29)
   
Net asset value, end of period   $20.59   $19.78   $17.37   $18.81   $18.39   $10.98
   
Total return3   4.81%   20.21%   (4.68%)   5.63%   69.84%   (19.89%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $13,612   $14,885   $11,656   $27,888   $384   $134
Ratio of expenses to average net assets5   1.08%   1.08%   1.15%   1.22%   1.24%   1.26%
Ratio of expenses to average net assets prior to fees waived5   1.29%   1.25%   1.22%   1.30%   1.31%   1.33%
Ratio of net investment income to average net assets   1.43%   1.63%   1.52%   0.92%   1.40%   1.71%
Ratio of net investment income to average net assets prior to fees waived   1.22%   1.46%   1.45%   0.84%   1.33%   1.64%
Portfolio turnover   15%   17%   29%   20%   23%   25%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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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Financial highlights
Delaware Ivy Small Cap Growth Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $12.97   $11.67   $14.47   $22.28   $13.27   $17.19
   
Income (loss) from investment operations:                        
Net investment loss2   (0.06)   (0.09)   (0.07)   (0.16)   (0.18)   (0.15)
Net realized and unrealized gain (loss)   0.24   1.993   (2.12)   (1.56)   11.15   (2.59)
Total from investment operations   0.18   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)
   
Payment by affiliates   4,5          
   
Net asset value, end of period   $13.15   $12.97   $11.67   $14.47   $22.28   $13.27
   
Total return6   1.39%7,8   16.98%3,8   (14.90%)8   (8.23%)   84.34%   (17.35%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $615,773   $647,245   $681,798   $1,030,905   $1,3189   $7889
Ratio of expenses to average net assets10   1.14%   1.14%   1.21%   1.24%   1.26%   1.31%
Ratio of expenses to average net assets prior to fees waived10   1.31%   1.25%   1.34%   1.24%   1.26%   1.31%
Ratio of net investment loss to average net assets   (0.88%)   (0.80%)   (0.58%)   (0.81%)   (0.93%)   (0.87%)
Ratio of net investment loss to average net assets prior to fees waived   (1.05%)   (0.91%)   (0.71%)   (0.81%)   (0.93%)   (0.87%)
Portfolio turnover   33%   55%   51%   40%   57%   40%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.09%.
4 Amount is less than $0.005 per share.
5 See Note 2 in “Notes to financial statements.”
6 Total return is based 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.
7 Payments by affiliates had no impact on net asset value and total return.
8 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.
9 Net assets reported in millions.
10 Expense ratios do 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 Small Cap Growth Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $7.06   $6.67   $8.66   $15.96   $9.92   $13.23
   
Income (loss) from investment operations:                        
Net investment loss2   (0.06)   (0.10)   (0.09)   (0.22)   (0.24)   (0.21)
Net realized and unrealized gain (loss)   0.13   1.09   (1.29)   (1.07)   8.24   (1.92)
Total from investment operations   0.07   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)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $7.13   $7.06   $6.67   $8.66   $15.96   $9.92
   
Total return5   0.99%6,7   16.04%7   (15.56%)7   (8.89%)7   82.81%   (17.94%)7
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $18,762   $16,724   $20,607   $36,063   $578   $518
Ratio of expenses to average net assets9   1.89%   1.89%   1.95%   2.04%   2.04%   2.05%
Ratio of expenses to average net assets prior to fees waived9   2.06%   2.00%   2.28%   2.11%   2.04%   2.09%
Ratio of net investment loss to average net assets   (1.63%)   (1.55%)   (1.33%)   (1.62%)   (1.69%)   (1.62%)
Ratio of net investment loss to average net assets prior to fees waived   (1.80%)   (1.66%)   (1.66%)   (1.69%)   (1.69%)   (1.66%)
Portfolio turnover   33%   55%   51%   40%   57%   40%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
6 Payments by affiliates had no impact on net asset value and total return.
7 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.
8 Net assets reported in millions.
9 Expense ratios do 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 Small Cap Growth Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.06   $19.39   $23.48   $32.06   $18.51   $23.43
   
Income (loss) from investment operations:                        
Net investment loss2   (0.07)   (0.11)   (0.05)   (0.14)   (0.15)   (0.11)
Net realized and unrealized gain (loss)   0.40   3.383   (3.43)   (2.28)   15.66   (3.63)
Total from investment operations   0.33   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)
   
Payment by affiliates   4,5          
   
Net asset value, end of period   $22.39   $22.06   $19.39   $23.48   $32.06   $18.51
   
Total return6   1.50%7   17.29%3   (14.68%)   (7.88%)   85.00%   (16.99%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $469,227   $468,025   $560,403   $904,112   $1,2168   $7788
Ratio of expenses to average net assets9   0.89%   0.89%   0.89%   0.89%   0.89%   0.89%
Ratio of expenses to average net assets prior to fees waived9   1.06%   1.00%   0.92%   1.02%   1.03%   1.04%
Ratio of net investment loss to average net assets   (0.63%)   (0.55%)   (0.26%)   (0.46%)   (0.55%)   (0.46%)
Ratio of net investment loss to average net assets prior to fees waived   (0.80%)   (0.66%)   (0.29%)   (0.59%)   (0.69%)   (0.61%)
Portfolio turnover   33%   55%   51%   40%   57%   40%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.05%.
4 Amount is less than $0.005 per share.
5 See Note 2 in “Notes to financial statements.”
6 Total return is based 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.
7 Payments by affiliates had no impact on net asset value and total return.
8 Net assets reported in millions.
9 Expense ratios do 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 Small Cap Growth Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $12.18   $11.02   $13.75   $21.50   $12.89   $16.78
   
Income (loss) from investment operations:                        
Net investment loss2   (0.07)   (0.11)   (0.10)   (0.23)   (0.24)   (0.20)
Net realized and unrealized gain (loss)   0.23   1.873   (2.02)   (1.49)   10.81   (2.51)
Total from investment operations   0.16   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)
   
Payment by affiliates   4,5          
   
Net asset value, end of period   $12.34   $12.18   $11.02   $13.75   $21.50   $12.89
   
Total return6   1.31%7,8   16.70%3,8   (15.18%)8   (8.57%)   83.70%   (17.60%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $44,462   $44,935   $43,146   $56,050   $709   $439
Ratio of expenses to average net assets10   1.39%   1.39%   1.48%   1.61%   1.62%   1.63%
Ratio of expenses to average net assets prior to fees waived10   1.56%   1.50%   1.50%   1.61%   1.62%   1.63%
Ratio of net investment loss to average net assets   (1.13%)   (1.05%)   (0.84%)   (1.19%)   (1.29%)   (1.19%)
Ratio of net investment loss to average net assets prior to fees waived   (1.30%)   (1.16%)   (0.86%)   (1.19%)   (1.29%)   (1.19%)
Portfolio turnover   33%   55%   51%   40%   57%   40%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.09%.
4 Amount is less than $0.005 per share.
5 See Note 2 in “Notes to financial statements.”
6 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
7 Payments by affiliates had no impact on net asset value and total return.
8 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.
9 Net assets reported in millions.
10 Expense ratios do 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 Small Cap Growth Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.30   $19.58   $23.70   $32.30   $18.63   $23.58
   
Income (loss) from investment operations:                        
Net investment loss2   (0.06)   (0.09)   (0.05)   (0.13)   (0.15)   (0.10)
Net realized and unrealized gain (loss)   0.42   3.413   (3.46)   (2.30)   15.78   (3.67)
Total from investment operations   0.36   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)
   
Payment by affiliates   4,5          
   
Net asset value, end of period   $22.66   $22.30   $19.58   $23.70   $32.30   $18.63
   
Total return6   1.61%7,8   17.38%3,8   (14.67%)8   (7.88%)   85.10%   (17.01%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $129,699   $175,469   $157,251   $209,855   $2529   $1619
Ratio of expenses to average net assets10   0.76%   0.80%   0.89%   0.87%   0.87%   0.89%
Ratio of expenses to average net assets prior to fees waived10   0.94%   0.91%   0.91%   0.87%   0.87%   0.89%
Ratio of net investment loss to average net assets   (0.50%)   (0.46%)   (0.25%)   (0.44%)   (0.54%)   (0.44%)
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.68%)   (0.57%)   (0.27%)   (0.44%)   (0.54%)   (0.44%)
Portfolio turnover   33%   55%   51%   40%   57%   40%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.05%.
4 Amount is less than $0.005 per share.
5 See Note 2 in “Notes to financial statements.”
6 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
7 Payments by affiliates had no impact on net asset value and total return.
8 Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
9 Net assets reported in millions.
10 Expense ratios do 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 Small Cap Growth Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.56   $17.31   $21.10   $29.47   $17.17   $21.90
   
Income (loss) from investment operations:                        
Net investment loss2   (0.08)   (0.14)   (0.10)   (0.22)   (0.23)   (0.18)
Net realized and unrealized gain (loss)   0.36   2.993   (3.08)   (2.08)   14.49   (3.37)
Total from investment operations   0.28   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)
   
Payment by affiliates   4,5          
   
Net asset value, end of period   $19.84   $19.56   $17.31   $21.10   $29.47   $17.17
   
Total return6   1.43%7,8   16.93%3,8   (14.91%)8   (8.19%)8   84.34%   (17.36%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $30,867   $34,019   $72,634   $99,698   $1359   $919
Ratio of expenses to average net assets10   1.14%   1.14%   1.19%   1.23%   1.26%   1.28%
Ratio of expenses to average net assets prior to fees waived10   1.31%   1.25%   1.21%   1.26%   1.26%   1.28%
Ratio of net investment loss to average net assets   (0.88%)   (0.80%)   (0.56%)   (0.81%)   (0.93%)   (0.84%)
Ratio of net investment loss to average net assets prior to fees waived   (1.05%)   (0.91%)   (0.58%)   (0.84%)   (0.93%)   (0.84%)
Portfolio turnover   33%   55%   51%   40%   57%   40%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.06%.
4 Amount is less than $0.005 per share.
5 See Note 2 in “Notes to financial statements.”
6 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
7 Payments by affiliates had no impact on net asset value and total return.
8 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.
9 Net assets reported in millions.
10 Expense ratios do 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 Smid Cap Core Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $15.82   $13.21   $18.43   $22.43   $12.88   $16.87
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.02   0.04   0.05   (0.04)   (0.06)   (0.04)
Net realized and unrealized gain (loss)   0.93   2.69   (1.44)   (0.18)   9.61   (3.83)
Total from investment operations   0.95   2.73   (1.39)   (0.22)   9.55   (3.87)
   
Less dividends and distributions from:                        
Net investment income   (0.03)   (0.11)   (0.05)      
Net realized gain       (3.78)   (3.78)     (0.12)
Return of capital     (0.01)        
Total dividends and distributions   (0.03)   (0.12)   (3.83)   (3.78)     (0.12)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $16.74   $15.82   $13.21   $18.43   $22.43   $12.88
   
Total return5   6.02%6   20.70%   (7.02%)   (1.21%)   74.15%   (23.13%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $114,356   $115,867   $111,950   $151,380   $1767   $1147
Ratio of expenses to average net assets8   1.14%   1.14%   1.23%   1.33%   1.37%   1.38%
Ratio of expenses to average net assets prior to fees waived8   1.37%   1.27%   1.44%   1.36%   1.41%   1.41%
Ratio of net investment income (loss) to average net assets   0.28%   0.29%   0.33%   (0.19%)   (0.37%)   (0.24%)
Ratio of net investment income (loss) to average net assets prior to fees waived   0.05%   0.16%   0.12%   (0.22%)   (0.41%)   (0.27%)
Portfolio turnover   8%   13%   13%   122%   127%   138%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. 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 Payments by affiliates had no impact on net asset value and total return.
7 Net assets reported in millions.
8 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Smid Cap Core Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $11.68   $9.82   $14.84   $18.75   $10.85   $14.32
   
Income (loss) from investment operations:                        
Net investment loss2   (0.03)3   (0.05)3   (0.05)   (0.17)   (0.15)   (0.14)
Net realized and unrealized gain (loss)   0.69   1.99   (1.18)   (0.14)   8.05   (3.21)
Total from investment operations   0.66   1.94   (1.23)   (0.31)   7.90   (3.35)
   
Less dividends and distributions from:                        
Net investment income   (0.01)   (0.07)   (0.01)      
Net realized gain       (3.78)   (3.60)     (0.12)
Return of capital     (0.01)        
Total dividends and distributions   (0.01)   (0.08)   (3.79)   (3.60)     (0.12)
   
Payment by affiliates   4,5          
   
Net asset value, end of period   $12.33   $11.68   $9.82   $14.84   $18.75   $10.85
   
Total return6   5.65%7   19.77%   (7.71%)   (1.93%)   72.81%   (23.62%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $10,526   $11,117   $12,188   $17,505   $228   $208
Ratio of expenses to average net assets9   1.89%   1.89%   1.98%   2.07%   2.09%   2.10%
Ratio of expenses to average net assets prior to fees waived9   2.12%   2.02%   2.18%   2.10%   2.12%   2.12%
Ratio of net investment loss to average net assets   (0.47%)   (0.46%)   (0.42%)   (0.94%)   (1.07%)   (0.96%)
Ratio of net investment loss to average net assets prior to fees waived   (0.70%)   (0.59%)   (0.62%)   (0.97%)   (1.10%)   (0.98%)
Portfolio turnover   8%   13%   13%   122%   127%   138%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
4 Amount is less than $0.005 per share.
5 See Note 2 in “Notes to financial statements.”
6 Total return is based 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.
7 Payments by affiliates had no impact on net asset value and total return.
8 Net assets reported in millions.
9 Expense ratios do 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 Smid Cap Core Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $18.35   $15.28   $20.60   $24.68   $14.10   $18.40
   
Income (loss) from investment operations:                        
Net investment income2   0.05   0.09   0.12   0.06   0.02   0.05
Net realized and unrealized gain (loss)   1.07   3.11   (1.60)   (0.21)   10.56   (4.19)
Total from investment operations   1.12   3.20   (1.48)   (0.15)   10.58   (4.14)
   
Less dividends and distributions from:                        
Net investment income   (0.04)   (0.12)   (0.06)       (0.02)
Net realized gain       (3.78)   (3.93)     (0.14)
Return of capital     (0.01)        
Total dividends and distributions   (0.04)   (0.13)   (3.84)   (3.93)     (0.16)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $19.43   $18.35   $15.28   $20.60   $24.68   $14.10
   
Total return5   6.12%6   21.01%   (6.69%)   (0.79%)   75.04%   (22.74%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $159,238   $144,334   $159,794   $316,727   $4517   $3047
Ratio of expenses to average net assets8   0.89%   0.89%   0.89%   0.89%   0.89%   0.89%
Ratio of expenses to average net assets prior to fees waived8   1.12%   1.02%   0.97%   1.07%   1.09%   1.10%
Ratio of net investment income to average net assets   0.53%   0.54%   0.68%   0.25%   0.11%   0.25%
Ratio of net investment income (loss) to average net assets prior to fees waived   0.30%   0.41%   0.60%   0.07%   (0.09%)   0.04%
Portfolio turnover   8%   13%   13%   122%   127%   138%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6 Payments by affiliates had no impact on net asset value and total return.
7 Net assets reported in millions.
8 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Smid Cap Core Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $15.57   $13.01   $18.22   $22.20   $12.78   $16.78
   
Income (loss) from investment operations:                        
Net investment income (loss)2   3   3   0.01   (0.11)   (0.11)   (0.09)
Net realized and unrealized gain (loss)   0.91   2.65   (1.42)   (0.19)   9.53   (3.79)
Total from investment operations   0.91   2.65   (1.41)   (0.30)   9.42   (3.88)
   
Less dividends and distributions from:                        
Net investment income   (0.01)   (0.08)   (0.02)      
Net realized gain       (3.78)   (3.68)     (0.12)
Return of capital     (0.01)        
Total dividends and distributions   (0.01)   (0.09)   (3.80)   (3.68)     (0.12)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $16.47   $15.57   $13.01   $18.22   $22.20   $12.78
   
Total return5   5.87%6   20.38%   (7.21%)   (1.57%)   73.71%   (23.32%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $22,166   $21,641   $18,550   $22,950   $257   $157
Ratio of expenses to average net assets8   1.39%   1.39%   1.48%   1.64%   1.64%   1.65%
Ratio of expenses to average net assets prior to fees waived8   1.62%   1.52%   1.54%   1.67%   1.67%   1.67%
Ratio of net investment income (loss) to average net assets   0.03%   0.04%   0.08%   (0.50%)   (0.64%)   (0.52%)
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.20%)   (0.09%)   0.02%   (0.53%)   (0.67%)   (0.54%)
Portfolio turnover   8%   13%   13%   122%   127%   138%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6 Payments by affiliates had no impact on net asset value and total return.
7 Net assets reported in millions.
8 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Financial highlights
Delaware Ivy Smid Cap Core Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  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   $15.48   $20.80   $24.88   $14.22   $18.55
   
Income (loss) from investment operations:                        
Net investment income2   0.06   0.10   0.12   0.06   0.02   0.05
Net realized and unrealized gain (loss)   1.09   3.16   (1.62)   (0.21)   10.64   (4.22)
Total from investment operations   1.15   3.26   (1.50)   (0.15)   10.66   (4.17)
   
Less dividends and distributions from:                        
Net investment income   (0.05)   (0.13)   (0.04)       (0.02)
Net realized gain       (3.78)   (3.93)     (0.14)
Return of capital     (0.01)        
Total dividends and distributions   (0.05)   (0.14)   (3.82)   (3.93)     (0.16)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $19.70   $18.60   $15.48   $20.80   $24.88   $14.22
   
Total return5   6.20%6   21.17%   (6.73%)   (0.79%)   74.96%   (22.72%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $40,795   $40,997   $39,951   $82,144   $777   $597
Ratio of expenses to average net assets8   0.76%   0.80%   0.89%   0.89%   0.89%   0.89%
Ratio of expenses to average net assets prior to fees waived8   1.00%   0.99%   0.96%   0.94%   0.95%   0.95%
Ratio of net investment income to average net assets   0.66%   0.63%   0.67%   0.25%   0.11%   0.24%
Ratio of net investment income to average net assets prior to fees waived   0.42%   0.44%   0.60%   0.20%   0.05%   0.18%
Portfolio turnover   8%   13%   13%   122%   127%   138%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
6 Payments by affiliates had no impact on net asset value and total return.
7 Net assets reported in millions.
8 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Smid Cap Core Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $17.30   $14.42   $19.71   $23.73   $13.62   $17.81
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.03   0.04   0.06   (0.04)   (0.05)   (0.03)
Net realized and unrealized gain (loss)   1.01   2.94   (1.53)   (0.19)   10.16   (4.04)
Total from investment operations   1.04   2.98   (1.47)   (0.23)   10.11   (4.07)
   
Less dividends and distributions from:                        
Net investment income   (0.02)   (0.09)   (0.04)      
Net realized gain       (3.78)   (3.79)     (0.12)
Return of capital     (0.01)        
Total dividends and distributions   (0.02)   (0.10)   (3.82)   (3.79)     (0.12)
   
Payment by affiliates   3,4          
   
Net asset value, end of period   $18.32   $17.30   $14.42   $19.71   $23.73   $13.62
   
Total return5   6.03%6   20.73%   (7.00%)   (1.19%)   74.23%   (23.08%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $5,825   $5,772   $5,348   $8,110   $97   $77
Ratio of expenses to average net assets8   1.14%   1.14%   1.20%   1.30%   1.30%   1.32%
Ratio of expenses to average net assets prior to fees waived8   1.37%   1.27%   1.27%   1.33%   1.34%   1.35%
Ratio of net investment income (loss) to average net assets   0.28%   0.29%   0.35%   (0.17%)   (0.28%)   (0.19%)
Ratio of net investment income (loss) to average net assets prior to fees waived   0.05%   0.16%   0.28%   (0.20%)   (0.32%)   (0.22%)
Portfolio turnover   8%   13%   13%   122%   127%   138%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount is less than $0.005 per share.
4 See Note 2 in “Notes to financial statements.”
5 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
6 Payments by affiliates had no impact on net asset value and total return.
7 Net assets reported in millions.
8 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Financial highlights
Delaware Ivy Systematic Emerging Markets Equity Fund Class Aφ 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $18.55   $17.37   $22.54   $28.07   $15.61   $19.15
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.25   0.45   0.68   0.15   (0.01)   0.12
Net realized and unrealized gain (loss)   1.52   1.30   (3.40)   (5.54)   12.68   (3.51)
Total from investment operations   1.77   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   $20.32   $18.55   $17.37   $22.54   $28.07   $15.61
   
Total return3   9.54%4   10.31%4   (11.42%)4   (19.25%)4   81.21%   (17.87%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $157,573   $158,396   $179,755   $263,968   $3775   $2295
Ratio of expenses to average net assets6   1.05%   1.09%   1.15%   1.35%   1.39%   1.46%
Ratio of expenses to average net assets prior to fees waived6   1.51%   1.51%   1.57%   1.37%   1.39%   1.46%
Ratio of net investment income (loss) to average net assets   2.57%   2.54%   3.59%   0.55%   (0.03%)   0.61%
Ratio of net investment income (loss) to average net assets prior to fees waived   2.11%   2.12%   3.17%   0.53%   (0.03%)   0.61%
Portfolio turnover   17%   30%   65%   38%   39%   32%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 Total return during the period 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 Systematic Emerging Markets Equity Fund Class Cφ
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $15.11   $14.26   $19.07   $23.86   $13.31   $16.39
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.14   0.27   0.47   (0.04)   (0.15)   (0.01)
Net realized and unrealized gain (loss)   1.25   1.05   (2.90)   (4.68)   10.79   (2.99)
Total from investment operations   1.39   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   $16.50   $15.11   $14.26   $19.07   $23.86   $13.31
   
Total return3   9.20%4   9.48%4   (12.02%)4   (19.83%)4   80.00%   (18.43%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $15,379   $16,558   $23,136   $39,227   $575   $435
Ratio of expenses to average net assets6   1.80%   1.80%   1.84%   2.07%   2.10%   2.16%
Ratio of expenses to average net assets prior to fees waived6   2.26%   2.26%   2.29%   2.09%   2.10%   2.16%
Ratio of net investment income (loss) to average net assets   1.82%   1.88%   2.95%   (0.17%)   (0.73%)   (0.07%)
Ratio of net investment income (loss) to average net assets prior to fees waived   1.36%   1.42%   2.50%   (0.19%)   (0.73%)   (0.07%)
Portfolio turnover   17%   30%   65%   38%   39%   32%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 Total return during the period 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 Systematic Emerging Markets Equity Fund Class Iφ 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.37   $18.12   $23.33   $29.05   $16.13   $19.77
   
Income (loss) from investment operations:                        
Net investment income2   0.28   0.52   0.79   0.26   0.09   0.21
Net realized and unrealized gain (loss)   1.60   1.35   (3.53)   (5.74)   13.12   (3.61)
Total from investment operations   1.88   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   $21.25   $19.37   $18.12   $23.33   $29.05   $16.13
   
Total return3   9.71%   10.55%   (11.08%)   (18.96%)   82.02%   (17.50%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $420,337   $432,708   $532,766   $912,326   $1,5484   $8264
Ratio of expenses to average net assets5   0.80%   0.80%   0.81%   0.98%   0.99%   0.99%
Ratio of expenses to average net assets prior to fees waived5   1.26%   1.26%   1.08%   1.08%   1.10%   1.14%
Ratio of net investment income to average net assets   2.82%   2.85%   4.00%   0.93%   0.37%   1.09%
Ratio of net investment income to average net assets prior to fees waived   2.36%   2.39%   3.73%   0.83%   0.26%   0.94%
Portfolio turnover   17%   30%   65%   38%   39%   32%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period 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 Systematic Emerging Markets Equity Fund Class Rφ
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $18.25   $17.12   $22.26   $27.75   $15.44   $18.95
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.22   0.40   0.61   0.06   (0.07)   0.07
Net realized and unrealized gain (loss)   1.50   1.27   (3.33)   (5.46)   12.53   (3.47)
Total from investment operations   1.72   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   $19.97   $18.25   $17.12   $22.26   $27.75   $15.44
   
Total return3   9.43%4   9.99%4   (11.57%)4   (19.51%)4   80.73%   (18.07%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $6,297   $5,880   $6,070   $7,540   $115   $95
Ratio of expenses to average net assets6   1.30%   1.30%   1.37%   1.67%   1.69%   1.72%
Ratio of expenses to average net assets prior to fees waived6   1.76%   1.76%   1.64%   1.68%   1.69%   1.72%
Ratio of net investment income (loss) to average net assets   2.32%   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%   1.86%   3.03%   0.21%   (0.32%)   0.39%
Portfolio turnover   17%   30%   65%   38%   39%   32%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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 Systematic Emerging Markets Equity Fund Class R6φ 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.49   $18.22   $23.46   $29.21   $16.22   $19.88
   
Income (loss) from investment operations:                        
Net investment income2   0.30   0.54   0.78   0.28   0.10   0.21
Net realized and unrealized gain (loss)   1.60   1.37   (3.53)   (5.77)   13.19   (3.63)
Total from investment operations   1.90   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   $21.39   $19.49   $18.22   $23.46   $29.21   $16.22
   
Total return3   9.75%4   10.74%4   (11.06%)4   (18.89%)4   82.01%   (17.46%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $109,539   $120,493   $144,999   $254,340   $3535   $2005
Ratio of expenses to average net assets6   0.65%   0.69%   0.76%   0.92%   0.95%   0.99%
Ratio of expenses to average net assets prior to fees waived6   1.11%   1.11%   1.05%   0.93%   0.95%   0.99%
Ratio of net investment income to average net assets   2.97%   2.92%   3.94%   0.98%   0.40%   1.05%
Ratio of net investment income to average net assets prior to fees waived   2.51%   2.50%   3.65%   0.97%   0.40%   1.05%
Portfolio turnover   17%   30%   65%   38%   39%   32%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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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Delaware Ivy Systematic Emerging Markets Equity Fund Class Yφ
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  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   $17.79   $23.01   $28.65   $15.92   $19.53
   
Income (loss) from investment operations:                        
Net investment income2   0.25   0.46   0.67   0.16   0.01   0.14
Net realized and unrealized gain (loss)   1.57   1.32   (3.44)   (5.65)   12.94   (3.58)
Total from investment operations   1.82   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   $20.82   $19.00   $17.79   $23.01   $28.65   $15.92
   
Total return3   9.58%4   10.25%4   (11.38%)4   (19.23%)4   81.40%   (17.80%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $27,639   $26,993   $27,664   $29,380   $405   $315
Ratio of expenses to average net assets6   1.05%   1.09%   1.14%   1.31%   1.34%   1.37%
Ratio of expenses to average net assets prior to fees waived6   1.51%   1.51%   1.41%   1.32%   1.34%   1.37%
Ratio of net investment income to average net assets   2.57%   2.55%   3.50%   0.59%   0.04%   0.70%
Ratio of net investment income to average net assets prior to fees waived   2.11%   2.13%   3.23%   0.58%   0.04%   0.70%
Portfolio turnover   17%   30%   65%   38%   39%   32%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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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Notes to financial statements
Ivy Funds      
September 30, 2024 (Unaudited)
Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 19 funds. These financial statements and the related notes pertain to 11 funds: 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 Mid Cap Growth 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 (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Ivy Large Cap Growth Fund, are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Ivy Large Cap Growth Fund is considered nondiversified.
Each Fund offers Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class I, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Basis of Consolidation — 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 statement of additional information. 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 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. As of September 30, 2024, the total value of investment funds held by the Subsidiary is $315,579, or approximately 0.04%, of the Fund's net assets.
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 (NYSE) 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, and interest rate swap (IRS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (the Policy). Fixed income security, CDS contracts, and IRS contracts valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee (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. An adjustment factor may be applied to the daily vendor provided price for certain security/ instrument types to
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arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor 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. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC as the Valuation Designee for each Fund to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board’s oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Funds may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Funds may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.
Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended September 30, 2024, and for all open tax years (years ended March 31, 2021–March 31, 2024), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended September 30, 2024, the Funds did not incur any interest or tax penalties.
As a result of several court cases, in certain countries across the European Union, certain Funds filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU tax reclaims). Income recognized, if any, for EU reclaims is reflected as “Reclaim income“ on the “Statements of operations.” Any fees associated with these filings are included on the “Statements of operations” under “Audit and tax fees.” 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 Global Growth Fund and Delaware Ivy International Core Equity Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges to 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.”
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Notes to financial statements
Ivy Funds       
1. Significant Accounting Policies (continued)
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.
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.
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 “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, forward 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
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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 High Income Fund declares daily and pays dividends monthly. Delaware Ivy Mid Cap Income Opportunities Fund and Delaware Ivy Smid Cap Core Fund declare and pay dividends quarterly. Delaware Ivy Core Equity Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy Large Cap Growth 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 custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended September 30, 2024, each Fund earned the following amounts under this arrangement:
Fund   Custody Credits
Delaware Ivy Core Equity Fund   $6,871
Delaware Ivy Global Bond Fund   7,490
Delaware Ivy Global Growth Fund   622
Delaware Ivy High Income Fund   16,732
Delaware Ivy International Core Equity Fund   4,371
Delaware Ivy Large Cap Growth Fund   33,439
Delaware Ivy Mid Cap Growth Fund   4,801
Delaware Ivy Mid Cap Income Opportunities Fund   377
Delaware Ivy Small Cap Growth Fund   294
Delaware Ivy Smid Cap Core Fund   7
Delaware Ivy Systematic Emerging Markets Equity Fund  
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.” For the six months ended September 30, 2024, each Fund earned the following amounts under this arrangement:
Fund   Earnings Credits
Delaware Ivy Core Equity Fund   $1,781
Delaware Ivy Global Bond Fund   339
Delaware Ivy Global Growth Fund   958
Delaware Ivy High Income Fund   2,609
Delaware Ivy International Core Equity Fund   1,270
Delaware Ivy Large Cap Growth Fund   2,454
Delaware Ivy Mid Cap Growth Fund   5,079
Delaware Ivy Mid Cap Income Opportunities Fund   917
Delaware Ivy Small Cap Growth Fund   1,423
Delaware Ivy Smid Cap Core Fund   428
Delaware Ivy Systematic Emerging Markets Equity Fund   892
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Notes to financial statements
Ivy Funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates
In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly based on each Fund's average daily net assets as follows:
Fund   Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy Core Equity Fund   0.70% of net assets up to $1 billion;
    0.65% of net assets over $1 billion and up to $2 billion;
    0.60% of net assets over $2 billion and up to $3 billion;
    0.55% of net assets over $3 billion and up to $5 billion;
    0.525% of net assets over $5 billion and up to $6 billion;
    0.50% of net assets over $6 billion and up to $10 billion;
    0.49% of net assets over $10 billion.
     
Delaware Ivy Global Bond Fund   0.625% of net assets up to $500 million;
    0.60% of net assets over $500 million and up to $1 billion;
    0.55% of net assets over $1 billion and up to $1.5 billion;
    0.50% of net assets over $1.5 billion and up to $5 billion;
    0.49% of net assets over $5 billion and up to $10 billion;
    0.48% of net assets over $10 billion.
     
Delaware Ivy Global Growth Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.70% of net assets over $3 billion and up to $5 billion;
    0.695% of net assets over $5 billion and up to $10 billion;
    0.69% of net assets over $10 billion.
     
Delaware Ivy High Income Fund   0.625% of net assets up to $500 million;
    0.60% of net assets over $500 million and up to $1 billion;
    0.55% of net assets over $1 billion and up to $1.5 billion;
    0.50% of net assets over $1.5 billion and up to $10 billion;
    0.49% of net assets over $10 billion and up to $20 billion;
    0.48% of net assets over $20 billion.
     
Delaware Ivy International Core Equity Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.70% of net assets over $3 billion and up to $5 billion;
    0.69% of net assets over $5 billion and up to $10 billion;
    0.68% of net assets over $10 billion.
     
Delaware Ivy Large Cap Growth Fund   0.70% of net assets up to $1 billion;
    0.65% of net assets over $1 billion and up to $2 billion;
    0.60% of net assets over $2 billion and up to $3 billion;
    0.55% of net assets over $3 billion and up to $5 billion;
    0.545% of net assets over $5 billion and up to $10 billion;
    0.54% of net assets over $10 billion.
     
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Fund   Management Fee (annual rate as a percentage of average daily net assets)
Delaware Ivy Mid Cap Growth Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.76% of net assets over $3 billion and up to $5 billion;
    0.73% of net assets over $5 billion and up to $10 billion;
    0.70% of net assets over $10 billion and up to $15 billion;
    0.67% of net assets over $15 billion.
     
Delaware Ivy Mid Cap Income Opportunities Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.76% of net assets over $3 billion and up to $5 billion;
    0.73% of net assets over $5 billion and up to $10 billion;
    0.70% of net assets over $10 billion and up to $15 billion;
    0.67% of net assets over $15 billion.
     
Delaware Ivy Small Cap Growth Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.76% of net assets over $3 billion and up to $5 billion;
    0.73% of net assets over $5 billion and up to $10 billion;
    0.72% of net assets over $10 billion.
     
Delaware Ivy Smid Cap Core Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.76% of net assets over $3 billion and up to $5 billion;
    0.73% of net assets over $5 billion and up to $10 billion;
    0.72% of net assets over $10 billion.
     
Delaware Ivy Systematic Emerging Markets Equity Fund   1.00% of net assets up to $500 million;
    0.85% of net assets over $500 million and up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.76% of net assets over $3 billion and up to $5 billion;
    0.755% of net assets over $5 billion and up to $10 billion;
    0.75% of net assets over $10 billion.
     
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Notes to financial statements
Ivy Funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
From July 31, 2024 (except as noted) through July 30, 2025, DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any distribution and service (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 for
all share classes
other than
Class R6
  Operating expense
limitation as
a percentage
of average daily
net assets for
Class R6
Delaware Ivy Core Equity Fund   0.74%   0.67%
Delaware Ivy Global Bond Fund   0.70%   0.57%
Delaware Ivy Global Growth Fund   0.85%*   0.75%*
Delaware Ivy High Income Fund   0.63%**   0.54%**
Delaware Ivy International Core Equity Fund   0.77%***   0.65%***
Delaware Ivy Large Cap Growth Fund   0.64%   0.56%
Delaware Ivy Mid Cap Growth Fund   0.79%   0.68%
Delaware Ivy Mid Cap Income Opportunities Fund   0.83%   0.73%
Delaware Ivy Small Cap Growth Fund   0.88%   0.76%
Delaware Ivy Smid Cap Core Fund   0.89%   0.77%
Delaware Ivy Systematic Emerging Markets Equity Fund   0.80%   0.65%
* Effective July 26, 2024. From May 3, 2024 to July 25, 2024, these amounts for classes other than R6 and Class R6 were 0.91% and 0.81%, respectively.
** Effective April 26, 2024.
*** Effective May 3, 2024.
Prior to July 31, 2024 (except as noted), the expense limitations for each Fund were as follows:
Fund   Operating expense
limitation as a
percentage of average
daily
net assets for
all share classes
other than
Class R6
  Operating expense
limitation as
a percentage
of average daily
net assets for
Class R6
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 Mid Cap Growth Fund   0.79%   0.69%
Delaware Ivy Mid Cap Income Opportunities Fund   0.83%   0.72%
Delaware Ivy Small Cap Growth Fund   0.89%   0.76%
Delaware Ivy Smid Cap Core Fund   0.89%   0.76%
Delaware Ivy Systematic Emerging Markets Equity Fund   0.80%   0.65%
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* Prior to May 3, 2024.
** Prior to April 26, 2024.
*** Prior to May 3, 2024.
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, 2024 (except as noted) through July 30, 2025, 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 Ivy Core Equity Fund   0.99%   1.74%   0.74%   1.24%   0.67%   0.99%
Delaware Ivy Global Bond Fund   0.95%   1.70%   0.70%   1.20%   0.57%   0.95%
Delaware Ivy Global Growth Fund   1.10%*   1.85%*   0.85%*   1.35%*   0.75%*   1.10%*
Delaware Ivy High Income Fund   0.88%**   1.63%**   0.63%**   1.13%**   0.54%**   0.88%**
Delaware Ivy International Core Equity Fund   1.02%***   1.77%***   0.77%***   1.27%***   0.65%***   1.02%***
Delaware Ivy Large Cap Growth Fund   0.89%   1.64%   0.64%   1.14%   0.56%   0.89%
Delaware Ivy Mid Cap Growth Fund   1.04%   1.79%   0.79%   1.29%   0.68%   1.04%
Delaware Ivy Mid Cap Income Opportunities Fund   1.08%   1.83%   0.83%   1.33%   0.73%   1.08%
Delaware Ivy Small Cap Growth Fund   1.13%   1.88%   0.88%   1.38%   0.76%   1.13%
Delaware Ivy Smid Cap Core Fund   1.14%   1.89%   0.89%   1.39%   0.77%   1.14%
Delaware Ivy Systematic Emerging Markets Equity Fund   1.05%   1.80%   0.80%   1.30%   0.65%   1.05%
* Effective July 26, 2024. From May 3, 2024 to July 25, 2024, these amounts for Class A, Class C, Class I, Class R, Class R6, and Class Y were 1.16%, 1.91%, 0.91%, 1.41%, 0.81%, and 1.16%, respectively.
** Effective April 26, 2024.
*** Effective May 3, 2024.
Prior to July 31, 2024 (except as noted), after consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets, 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 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 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%
* Prior to May 3, 2024.
** Prior to April 26, 2024.
*** Prior to May 3, 2024.
DMC has entered into sub-advisory agreements with the following entities on behalf of the Funds:
In connection with its management of 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.
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Notes to financial statements
Ivy Funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
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 Ivy Core Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International 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, and Delaware Ivy Smid Cap Core Fund, executing security trades on behalf of DMC. DMC pays a sub-advisory fee to MIMGL for their services to the Funds.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% 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). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended September 30, 2024, each Fund paid for these services as follows:
Fund   Fees
Delaware Ivy Core Equity Fund   $86,441
Delaware Ivy Global Bond Fund   13,298
Delaware Ivy Global Growth Fund   19,490
Delaware Ivy High Income Fund   63,104
Delaware Ivy International Core Equity Fund   37,055
Delaware Ivy Large Cap Growth Fund   176,977
Delaware Ivy Mid Cap Growth Fund   146,123
Delaware Ivy Mid Cap Income Opportunities Fund   27,057
Delaware Ivy Small Cap Growth Fund   31,703
Delaware Ivy Smid Cap Core Fund   9,598
Delaware Ivy Systematic Emerging Markets Equity Fund   18,613
DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended September 30, 2024, each Fund paid for these services as follows:
Fund   Fees
Delaware Ivy Core Equity Fund   $120,947
Delaware Ivy Global Bond Fund   16,175
Delaware Ivy Global Growth Fund   25,012
Delaware Ivy High Income Fund   87,493
Delaware Ivy International Core Equity Fund   50,180
Delaware Ivy Large Cap Growth Fund   250,476
Delaware Ivy Mid Cap Growth Fund   206,387
Delaware Ivy Mid Cap Income Opportunities Fund   35,891
Delaware Ivy Small Cap Growth Fund   42,545
Delaware Ivy Smid Cap Core Fund   10,876
Delaware Ivy Systematic Emerging Markets Equity Fund   23,794
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Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS 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 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 may result 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.
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended September 30, 2024, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund   Fees
Delaware Ivy Core Equity Fund   $50,167
Delaware Ivy Global Bond Fund   8,694
Delaware Ivy Global Growth Fund   11,390
Delaware Ivy High Income Fund   48,405
Delaware Ivy International Core Equity Fund   25,587
Delaware Ivy Large Cap Growth Fund   124,231
Delaware Ivy Mid Cap Growth Fund   113,322
Delaware Ivy Mid Cap Income Opportunities Fund   18,189
Delaware Ivy Small Cap Growth Fund   26,304
Delaware Ivy Smid Cap Core Fund   4,497
Delaware Ivy Systematic Emerging Markets Equity Fund   10,569
For the six months ended September 30, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund   Class A
Delaware Ivy Core Equity Fund   $68,790
Delaware Ivy Global Bond Fund   2,611
Delaware Ivy Global Growth Fund   11,085
Delaware Ivy High Income Fund   37,466
Delaware Ivy International Core Equity Fund   10,121
Delaware Ivy Large Cap Growth Fund   116,790
Delaware Ivy Mid Cap Growth Fund   51,083
Delaware Ivy Mid Cap Income Opportunities Fund   7,341
Delaware Ivy Small Cap Growth Fund   25,422
Delaware Ivy Smid Cap Core Fund   4,661
Delaware Ivy Systematic Emerging Markets Equity Fund   5,719
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Table of Contents
Notes to financial statements
Ivy Funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
For the six months ended September 30, 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 Ivy Core Equity Fund   $3,804   $1,024
Delaware Ivy Global Bond Fund   802   62
Delaware Ivy Global Growth Fund   142   43
Delaware Ivy High Income Fund   1,327   2,378
Delaware Ivy International Core Equity Fund   348   652
Delaware Ivy Large Cap Growth Fund   3,423   4,510
Delaware Ivy Mid Cap Growth Fund   2,617   2,919
Delaware Ivy Mid Cap Income Opportunities Fund   21   1,588
Delaware Ivy Small Cap Growth Fund   1,061   660
Delaware Ivy Smid Cap Core Fund   463   190
Delaware Ivy Systematic Emerging Markets Equity Fund   315   423
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.
During the six months ended September 30, 2024, DMC reimbursed Delaware Ivy High Income Fund $208,594 and Delaware Ivy International Core Equity Fund $1,025 for a trade error. These amounts are included in “Net increase from payment by affiliates” in the “Statements of operations.” Payment by affiliates had no impact on total return.
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A summary of the transactions in affiliated companies during the six months ended September 30, 2024 was as follows:
  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   Interest
Income
Delaware Ivy High Income Fund  
Common Stocks—1.96%  
BIS Industries Holdings   
  $   $   $   $—   $   $   19,682,813   $
Foresight Energy   
  20,694,501         (4,659,615)   16,034,886   1,117,414  
Larchmont Resources   
  214,011         46,213   260,224   18,338  
Maritime Finance   
  600,075         (34,854)   565,221   1,750,000  
New Cotai   
  20,707,528         1,262,068   21,969,596   20,316,462  
True Religion Apparel   
  12,513,477         2,582,606   15,096,083   395  
  54,729,592         (803,582)   53,926,010      
Preferred Stock—0.07%  
True Religion Apparel   
  2,050,430           2,050,430   410  
Convertible Bond—2.43%  
New Cotai PIK  
  60,940,343   934,559       5,090,057   66,964,959   24,770,433   714,836
Loan Agreements—0.25%  
Foresight Energy Operating Tranche A   
  7,270,080     (47,089)1     (333,740)   6,889,251   7,447,839  
Total $124,990,445   $934,559   $(47,089)   $—   $3,952,735   $129,830,650       $714,836
1 The amount shown included return of capital.
MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC's findings. The Settlement Order does not impact MIMBT's ability to continue to provide services to the Funds.
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Table of Contents
Notes to financial statements
Ivy Funds       
3. Investments
For the six months ended September 30, 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 Ivy Core Equity Fund   $366,988,721   $   $683,444,322   $
Delaware Ivy Global Bond Fund   363,109,395   178,886,385   317,614,789   220,094,222
Delaware Ivy Global Growth Fund   257,771,146     329,558,399  
Delaware Ivy High Income Fund   812,221,676     863,704,806  
Delaware Ivy International Core Equity Fund   611,700,555     668,287,884  
Delaware Ivy Large Cap Growth Fund   616,583,194     575,645,213  
Delaware Ivy Mid Cap Growth Fund   1,208,398,006     1,831,214,244  
Delaware Ivy Mid Cap Income Opportunities Fund   162,374,467     248,996,548  
Delaware Ivy Small Cap Growth Fund   439,107,369     624,422,062  
Delaware Ivy Smid Cap Core Fund   25,961,731     29,979,368  
Delaware Ivy Systematic Emerging Markets Equity Fund   127,353,407     213,193,495  
At September 30, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:
Fund   Cost of
investments
and derivatives
  Aggregate
unrealized
appreciation
of investments
and derivatives
  Aggregate
unrealized
depreciation
of investments
and derivatives
  Net unrealized
appreciation
(depreciation)
of investments
and derivatives
Delaware Ivy Core Equity Fund   $1,954,432,063   $1,936,810,289   $(3,501,246)   $1,933,309,043
Delaware Ivy Global Bond Fund   487,135,548   22,273,463   (8,572,183)   13,701,280
Delaware Ivy Global Growth Fund   680,219,522   286,128,046   (7,480,031)   278,648,015
Delaware Ivy High Income Fund   2,978,097,410   292,507,528   (488,134,492)   (195,626,964)
Delaware Ivy International Core Equity Fund   1,305,290,216   380,450,839   (64,037,783)   316,413,056
Delaware Ivy Large Cap Growth Fund   3,521,332,080   4,865,282,125   (4,632,012)   4,860,650,113
Delaware Ivy Mid Cap Growth Fund   5,270,566,793   1,781,078,668   (372,245,445)   1,408,833,223
Delaware Ivy Mid Cap Income Opportunities Fund   768,178,124   381,640,135   (10,402,792)   371,237,343
Delaware Ivy Small Cap Growth Fund   993,791,743   342,995,104   (30,917,678)   312,077,426
Delaware Ivy Smid Cap Core Fund   272,460,852   95,163,692   (13,797,167)   81,366,525
Delaware Ivy Systematic Emerging Markets Equity Fund   558,130,983   216,919,192   (30,868,758)   186,050,434
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For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2024, certain Funds had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
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
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of September 30, 2024: 
  Delaware Ivy Core Equity Fund
  Level 1
Securities  
Assets:  
Common Stocks $3,783,047,302
Short-Term Investments 104,693,804
Total Value of Securities $3,887,741,106
    
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Table of Contents
Notes to financial statements
Ivy Funds       
3. Investments (continued)
  Delaware Ivy Global Bond Fund  
  Level 1   Level 2   Total  
Securities            
Assets:            
Agency Mortgage-Backed Securities $   $38,621,047   $38,621,047  
Corporate Bonds   207,950,682   207,950,682  
Government Agency Obligations   9,386,015   9,386,015  
Sovereign Bonds   164,140,324   164,140,324  
Supranational Banks   6,465,953   6,465,953  
US Treasury Obligations   63,282,820   63,282,820  
Short-Term Investments 11,829,148     11,829,148  
Total Value of Securities Before Options Written $11,829,148   $489,846,841   $501,675,989  
   
Liabilities:            
Options Written $(38,391)   $   $(38,391)  
   
Derivatives1            
Assets:            
Centrally Cleared Interest Rate Swap Contracts $   $2,272,164   $2,272,164  
Forward Foreign Currency Exchange Contracts   11,036   11,036  
Futures Contracts 1,559,261     1,559,261  
   
Liabilities:            
Centrally Cleared Interest Rate Swap Contracts $   $(1,040,812)   $(1,040,812)  
Forward Foreign Currency Exchange Contracts   (2,686,193)   (2,686,193)  
Futures Contracts (727,573)     (727,573)  
Over-The-Counter Credit Default Swap Contracts   (188,653)   (188,653)  
 
1Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.
  Delaware Ivy Global Growth Fund
  Level 1
Securities  
Assets:  
Common Stocks $939,815,227
Preferred Stock 5,760,786
Short-Term Investments 13,291,524
Total Value of Securities $958,867,537
    
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    Delaware Ivy High Income Fund  
    Level 1   Level 2   Level 3 Total  
Securities                
Assets:                
Collateralized Debt Obligations   $   $42,301,616   $ $42,301,616  
Common Stocks                
Basic Industry       16,042,3031 16,042,303  
Consumer Goods       1  
Energy       571,892 571,892  
Financial Services       21,969,596 21,969,596  
Leisure   42,702,248     42,702,248  
Retail       15,096,083 15,096,083  
Utilities       260,224 260,224  
Convertible Bond       66,964,959 66,964,959  
Corporate Bonds     2,313,439,359   2,313,439,359  
Loan Agreements     254,246,250   254,246,250  
Preferred Stock       2,050,430 2,050,430  
Short-Term Investments   6,825,486     6,825,486  
Total Value of Securities   $49,527,734   $2,609,987,225   $122,955,487 $2,782,470,446  
1The security that has been valued at zero on the “Schedules of investments” is considered to be a Level 3 investment in this table.
  Delaware Ivy International Core Equity Fund
  Level 1
Securities  
Assets:  
Common Stocks $1,597,295,975
Short-Term Investments 24,407,297
Total Value of Securities $1,621,703,272
  Delaware Ivy Large Cap Growth Fund
  Level 1
Securities  
Assets:  
Common Stocks $8,381,982,193
  Delaware Ivy Mid Cap Growth Fund
  Level 1
Securities  
Assets:  
Common Stocks $6,641,236,528
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Table of Contents
Notes to financial statements
Ivy Funds       
3. Investments (continued)
  Delaware Ivy Mid Cap Growth Fund
  Level 1
Short-Term Investments $38,163,488
Total Value of Securities $6,679,400,016
  Delaware Ivy Mid Cap Income Opportunities Fund
  Level 1
Securities  
Assets:  
Common Stocks $1,114,309,335
Short-Term Investments 25,106,132
Total Value of Securities $1,139,415,467
  Delaware Ivy Small Cap Growth Fund
  Level 1
Securities  
Assets:  
Common Stocks $1,303,511,221
Short-Term Investments 2,357,948
Total Value of Securities $1,305,869,169
    Delaware Ivy Smid Cap Core Fund  
    Level 1   Level 3 Total  
Securities            
Assets:            
Common Stocks            
Basic Materials   $25,581,077   $— $25,581,077  
Business Services   18,224,118   18,224,118  
Capital Goods   41,978,698   41,978,698  
Consumer Discretionary   15,081,451   15,081,451  
Consumer Services   9,579,276   9,579,276  
Consumer Staples   10,574,483   10,574,483  
Credit Cyclicals   13,099,683   13,099,683  
Energy   17,155,811   17,155,811  
Finance   51,164,724   51,164,724  
Healthcare   46,541,020   1 46,541,020  
Media   6,105,656   6,105,656  
Real Estate Investment Trusts   26,514,275   26,514,275  
Technology   48,981,048   48,981,048  
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Table of Contents
  Delaware Ivy Smid Cap Core Fund
  Level 1   Level 3   Total
Transportation $12,868,200   $—   $12,868,200
Utilities 5,809,268     5,809,268
Short-Term Investments 4,568,589     4,568,589
Total Value of Securities $353,827,377   $—   $353,827,377
1The security that has been valued at zero on the “Schedules of investments” is considered to be a Level 3 investment in this table.
    Delaware Ivy Systematic Emerging Markets Equity Fund  
    Level 1   Level 3 Total  
Securities            
Assets:            
Common Stocks            
Communication Services   $78,600,680   $— $78,600,680  
Consumer Discretionary   117,591,220   117,591,220  
Consumer Staples   36,576,625   1 36,576,625  
Energy   52,986,114   1,2 52,986,114  
Financials   157,135,741   1 157,135,741  
Healthcare   13,459,640   13,459,640  
Industrials   40,810,464   40,810,464  
Information Technology   210,016,231   210,016,231  
Materials   11,669,562   11,669,562  
Real Estate   761,042   2 761,042  
Utilities   4,229,467   4,229,467  
Preferred Stock   13,831,918   13,831,918  
Short-Term Investments   6,512,713   6,512,713  
Total Value of Securities   $744,181,417   $— $744,181,417  
1The security that has been valued at zero on the “Consolidated schedules of investments” is considered to be a Level 3 investment in this table.
2The value represents valuations of Russian security for which Management has determined include significant unobservable inputs as of September 30, 2024.
During the six months ended September 30, 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 period.
A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to that Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Delaware Ivy Smid Cap Core Fund and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets at the end of the period. As of September 30, 2024, 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 Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, and Delaware Ivy Small Cap Growth Fund had no level 3 investments.
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Table of Contents
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:
  Corporate
Bonds
  Common
Stocks
  Preferred
Stock
  Total
Balance as of 3/31/24 $60,940,343   $54,743,679   $2,050,430   $117,734,452
Corporate actions 845,727       845,727
Amortization 88,833       88,833
Net change in unrealized appreciation (depreciation) 5,090,056   (803,581)     4,286,475
Balance as of 9/30/24 $66,964,959    $53,940,098       $2,050,430     $122,955,487
Net change in unrealized appreciation (depreciation)
from Level 3 investments still held as of 9/30/24
$5,090,056   $(803,581)     $—     $4,286,475
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.
The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.
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
  Weighted Average
of Unobservable
Inputs based on
Fair Value
Common Stocks   $260,224   Liquidation approach   Liquidity discount   10%   N/A
Common Stocks   21,969,596   Market approach   Control premium   20%   N/A
Common Stocks
  31,130,969
  Market approach
  EV/Revenue multiple
EV/EBITDA multiple
  0.42x-0.95x
4.31x-6.32x
  0.87x
4.60x
Common Stocks   565,221   Market approach   Sum of parts (Adjusted book value)   N/A   N/A
Common Stocks   6,671   Net asset value / liquidation   Adjusted net asset value   $14.1 million   N/A
Convertible Bond   66,964,959   Market approach   Control premium   20%   N/A
Preferred Stock
  2,050,430
  Market approach
  EV/Revenue multiple
EV/EBITDA multiple
  0.42x
6.32x
  N/A
Level 3 securities with a total value of $7,417 have been valued using third party pricing information without adjustment and are excluded from the table above.
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Table of Contents
4. Capital Shares
Transactions in capital shares were as follows:
  Delaware Ivy
Core Equity Fund
  Delaware Ivy
Global Bond Fund
  Delaware Ivy
Global Growth Fund
  Six months
ended
  Year ended   Six months
ended
  Year ended   Six months
ended
  Year ended
  9/30/24   3/31/24   9/30/24   3/31/24   9/30/24   3/31/24
Shares sold:
Class A 2,249,838   4,618,905   573,437   952,264   232,972   399,382
Class C 251,760   328,467   12,266   42,553   12,847   13,482
Class I 5,836,246   6,348,871   4,313,905   10,793,272   494,500   787,848
Class R 73   615   83,341   15,720   1,072   511
Class R6 424,267   1,342,371   3,430,210   6,170,536   17,031   351,120
Class Y 41,968   149,018   17,711   68,144   1,431   7,827
 
Shares from reorganization:1
Class A     584,984     9,904,101  
Class C     20,015     82,030  
Class I     1,925,479     2,057,656  
Class R         7,348  
Class R6     4,550     38,335  
Class Y         32,857  
 
Shares issued upon reinvestment of dividends and distributions:
Class A   19,372,670   171,212   385,638     602,684
Class C   233,844   2,286   5,725     10,789
Class I   3,616,051   417,865   771,548     289,638
Class R   931   1,523   996     1,422
Class R6   316,814   356,036   672,010     4,838
Class Y   151,484   3,335   7,508     3,122
  8,804,152   36,480,041   11,918,155   19,885,914   12,882,180   2,472,663
 
Shares redeemed:
Class A (14,178,953)   (32,870,315)   (1,368,244)   (3,040,969)   (1,356,507)   (2,371,970)
Class C (292,218)   (651,031)   (56,821)   (153,562)   (27,436)   (38,959)
Class I (6,385,129)   (15,798,253)   (6,673,593)   (8,266,748)   (1,412,026)   (2,594,218)
Class R (175)   (7,976)   (20,395)   (7,563)   (3,175)   (4,061)
Class R6 (413,482)   (1,055,599)   (1,857,294)   (2,711,717)   (27,503)   (50,040)
Class Y (190,910)   (244,028)   (36,118)   (63,829)   (4,183)   (7,859)
  (21,460,867)   (50,627,202)   (10,012,465)   (14,244,388)   (2,830,830)   (5,067,107)
Net increase (decrease) (12,656,715)   (14,147,161)   1,905,690   5,641,526   10,051,350   (2,594,444)
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Table of Contents
Notes to financial statements
Ivy Funds       
4. Capital Shares (continued)
  Delaware Ivy
High Income Fund
  Delaware Ivy
International
Core Equity Fund
  Delaware Ivy
Large Cap Growth Fund
  Six months
ended
  Year ended   Six months
ended
  Year ended   Six months
ended
  Year ended
  9/30/24   3/31/24   9/30/24   3/31/24   9/30/24   3/31/24
Shares sold:
Class A 6,031,762   15,705,268   792,113   1,778,021   3,079,758   5,731,399
Class C 611,378   1,623,841   20,411   106,988   230,174   927,521
Class I 20,208,347   45,776,972   3,809,098   6,539,054   24,838,435   35,747,035
Class R 213,832   265,948   54,374   82,605   110,473   812,035
Class R6 1,771,599   2,671,246   1,994,004   2,583,610   837,547   4,325,811
Class Y 1,355,147   4,370,920   150,208   331,181   236,840   387,095
 
Shares from reorganization:1
Class A 50,917,870     8,196,383     20,383,763  
Class C 393,307     148,964     183,650  
Class I 15,494,063     6,027,488     2,481,780  
Class R 363,928     60,957     25,317  
Class R6 8,707,578     136,975      
Class Y     22,062      
 
Shares issued upon reinvestment of dividends and distributions:
Class A 6,763,309   13,665,816     348,815     2,450,339
Class C 491,465   1,380,473     23,247     120,396
Class I 5,884,759   12,861,237     918,553     3,000,727
Class R 173,513   393,808     46,130     38,360
Class R6 501,251   637,836     345,646     188,121
Class Y 268,394   717,805     50,833     28,365
  120,151,502   100,071,170   21,413,037   13,154,683   52,407,737   53,757,204
 
Shares redeemed:
Class A (26,119,523)   (50,704,568)   (1,919,672)   (2,953,227)   (7,444,935)   (15,166,880)
Class C (3,586,192)   (8,732,708)   (257,999)   (866,781)   (471,021)   (853,507)
Class I (31,036,344)   (68,444,869)   (5,369,899)   (12,776,814)   (17,164,468)   (31,010,207)
Class R (460,596)   (1,117,737)   (178,968)   (410,956)   (183,503)   (167,584)
Class R6 (2,738,910)   (4,740,568)   (2,934,271)   (4,196,054)   (1,435,382)   (2,546,655)
Class Y (2,389,013)   (7,533,038)   (310,404)   (713,811)   (74,838)   (406,855)
  (66,330,578)   (141,273,488)   (10,971,213)   (21,917,643)   (26,774,147)   (50,151,688)
Net increase (decrease) 53,820,924   (41,202,318)   10,441,824   (8,762,960)   25,633,590   3,605,516
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Table of Contents
  Delaware Ivy
Mid Cap Growth Fund
  Delaware Ivy
Mid Cap Income
Opportunities Fund
  Delaware Ivy
Small Cap Growth Fund
  Six months
ended
  Year ended   Six months
ended
  Year ended   Six months
ended
  Year ended
  9/30/24   3/31/24   9/30/24   3/31/24   9/30/24   3/31/24
Shares sold:
Class A 1,167,611   3,853,493   257,874   615,484   903,471   2,619,833
Class C 178,866   432,653   19,480   64,574   105,330   205,904
Class I 9,146,698   20,650,986   3,293,791   9,403,939   2,548,871   5,285,925
Class R 118,206   353,202   36,403   659,487   128,672   335,919
Class R6 3,840,190   12,847,432   367,629   1,130,445   474,134   2,037,627
Class Y 636,992   1,205,789   23,510   250,217   88,691   392,923
 
Shares from reorganization:1
Class A 24,121,871         1,624,592  
Class C 1,737,673         636,743  
Class I 11,473,739         3,106,920  
Class R 305,604         128,838  
Class R6 1,159,373          
 
Shares issued upon reinvestment of dividends and distributions:
Class A   3,863,763   55,109   479,882     2,613,631
Class C   337,475   2,656   48,091     231,085
Class I   5,624,465   330,683   2,564,914     754,848
Class R   165,346   3,525   29,577     205,596
Class R6   2,318,269   38,425   267,127     245,182
Class Y   500,143   4,598   39,240     99,864
  53,886,823   52,153,016   4,433,683   15,552,977   9,746,262   15,028,337
 
Shares redeemed:
Class A (7,213,437)   (13,258,007)   (864,515)   (2,646,023)   (5,609,237)   (13,754,232)
Class C (936,537)   (1,282,570)   (165,049)   (334,919)   (479,773)   (1,159,017)
Class I (20,554,850)   (29,124,818)   (6,938,704)   (25,691,849)   (5,921,838)   (13,722,907)
Class R (318,471)   (837,471)   (104,337)   (86,889)   (341,963)   (766,891)
Class R6 (6,826,177)   (10,671,599)   (737,047)   (1,681,502)   (2,617,039)   (2,445,309)
Class Y (1,232,799)   (2,206,360)   (119,583)   (208,109)   (271,504)   (2,950,795)
  (37,082,271)   (57,380,825)   (8,929,235)   (30,649,291)   (15,241,354)   (34,799,151)
Net increase (decrease) 16,804,552   (5,227,809)   (4,495,552)   (15,096,314)   (5,495,092)   (19,770,814)
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Table of Contents
Notes to financial statements
Ivy Funds       
4. Capital Shares (continued)
  Delaware Ivy
Smid Cap Core Fund
  Delaware Ivy
Systematic Emerging
Markets Equity Fund
  Six months
ended
  Year ended   Six months
ended
  Year ended
  9/30/24   3/31/24   9/30/24   3/31/24
Shares sold:
Class A 265,531   820,792   359,193   751,326
Class C 40,823   96,067   56,699   53,843
Class I 1,714,958   1,369,882   1,716,166   3,900,466
Class R 92,269   208,225   34,183   56,410
Class R6 116,618   363,227   546,988   1,182,942
Class Y 16,358   53,236   114,128   404,902
 
Shares issued upon reinvestment of dividends and distributions:
Class A 13,398   58,992     288,725
Class C 735   6,837     40,304
Class I 18,026   63,216     773,725
Class R 1,222   8,139     9,875
Class R6 5,620   19,271     229,152
Class Y 421   2,144     44,926
  2,285,979   3,070,028   2,827,357   7,736,596
 
Shares redeemed:
Class A (770,550)   (2,031,718)   (1,145,497)   (2,845,770)
Class C (139,262)   (392,729)   (220,083)   (620,635)
Class I (1,404,114)   (4,026,804)   (4,274,519)   (11,742,505)
Class R (137,487)   (252,861)   (41,056)   (98,730)
Class R6 (255,735)   (758,487)   (1,610,403)   (3,185,553)
Class Y (32,384)   (92,569)   (207,129)   (584,309)
  (2,739,532)   (7,555,168)   (7,498,687)   (19,077,502)
Net decrease (453,553)   (4,485,140)   (4,671,330)   (11,340,906)
1 See Note 5.
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 six months ended September 30, 2024 and the year ended March 31, 2024, each Fund had the following exchange transactions:
  Six months ended September 30, 2024   Year ended March 31, 2024
  Exchange
Redemptions
  Exchange
Subscriptions
  Value   Exchange
Redemptions
  Exchange
Subscriptions
  Value
Delaware Ivy Core Equity Fund         $2,803,010           $2,749,709
Class A 145,640   12,431       98,168   78,449    
Class C 17,266         50,013      
Class I   106,539       34,447   76,907    
Class R6   11,689         4,139    
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Table of Contents
  Six months ended September 30, 2024   Year ended March 31, 2024
  Exchange
Redemptions
  Exchange
Subscriptions
  Value   Exchange
Redemptions
  Exchange
Subscriptions
  Value
Delaware Ivy Global Bond Fund         $44,530           $173,461
Class A 2,011   2,855       3,960   15,493    
Class C 2,859         3,227      
Class I   2,014       12,270   3,965    
Delaware Ivy Global Growth Fund         $344,404           $397,391
Class A 5,569   3,871       5,730   7,282    
Class C 3,446         3,785      
Class I 1,408   5,270       4,716   5,440    
Class Y   376            
Delaware Ivy High Income Fund         $3,887,904           $2,601,988
Class A 402,286   98,640       77,141   285,761    
Class C 96,630         147,907      
Class I 11,151   541,090       170,091   147,151    
Class R6 126,422   1,418         9,352    
Class Y         46,828      
Delaware Ivy International Core Equity Fund         $582,504           $1,437,039
Class A 8,167   7,785       18,962   22,272    
Class C 12,913         30,730      
Class I 5,653   16,963       8,002   45,787    
Class R6   2,832         5,363    
Class Y 1,216         20,029      
Delaware Ivy Large Cap Growth Fund         $4,526,506           $4,833,422
Class A 111,643   20,259       85,424   54,213    
Class C 20,967         40,953      
Class I 6,553   89,353       49,412   72,905    
Class R6   13,057         32,990    
Class Y         2,705      
Delaware Ivy Mid Cap Growth Fund         $1,714,224           $2,454,988
Class A 42,969   14,114       57,671   31,631    
Class C 17,501         23,946      
Class I 4,972   42,184       14,693   54,141    
Class R6   1,199       84   1,475    
Class Y 1,225         3,100      
Delaware Ivy Mid Cap Income Opportunities Fund         $2,535,967           $2,113,300
Class A 62,687   26,704       117,372   959    
Class C 26,825         1,508      
Class I   106,281       1,670   54,040    
Class R6         173   1,669    
Class Y 43,388           63,611    
Delaware Ivy Small Cap Growth Fund         $1,080,119           $1,411,096
Class A 76,992   4,172       75,469   16,375    
Class C 11,527         31,380      
Class I 94   21,984       4,175   57,434    
Class R6   24,265         4,015    
Class Y         13,132      
Delaware Ivy Smid Cap Core Fund         $196,526           $396,726
Class A 5,484   3,204       5,296   4,777    
Class C 8,614         25,761      
Class I 622   7,966       2,655   19,442    
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Notes to financial statements
Ivy Funds       
4. Capital Shares (continued)
  Six months ended September 30, 2024   Year ended March 31, 2024
  Exchange
Redemptions
  Exchange
Subscriptions
  Value   Exchange
Redemptions
  Exchange
Subscriptions
  Value
Class R6   92         127    
Delaware Ivy Systematic Emerging Markets Equity Fund         $814,726           $2,743,960
Class A 16,056   3,924       6,708   22,786    
Class C 5,067         19,057      
Class I 13,094   26,780       127,162   11,131    
Class R         840      
Class R6   10,100         115,665    
Class Y 8,452              
5. Reorganizations
On January 16, 2024, the Board and the applicable corresponding board of trustees approved the reorganizations of the following acquired funds with and into the following acquiring funds (each a "Reorganization" and together the "Reorganizations"):
 Acquired Fund(s) Acquiring Fund
Delaware Ivy High Yield Fund (Acquired
Fund I), a series of the Trust
Delaware High-Yield Opportunities Fund
(Acquired Fund II), a series of Delaware Group
Income Funds
Delaware Ivy High Income Fund (Acquiring
Fund I), a series of the Trust
Delaware Ivy Total Return Bond Fund
(Acquired Fund III), a series of the Trust
Delaware Ivy Global Bond Fund (Acquiring
Fund II), a series of the Trust
Delaware International Equity Fund
(Acquired Fund IV), a series of Delaware
Group Global & International Funds
Delaware International Equity Fund II
(Acquired Fund V), a series of the Trust
Delaware Ivy International Core Equity
Fund (Acquiring Fund III), a series of the
Trust
Delaware Global Equity Fund (Acquired
Fund VI), a series of Delaware Global
Equity Funds IV
Delaware Global Equity Fund II (Acquired
Fund XI), a series of the Trust
Delaware Ivy Global Growth Fund
(Acquiring Fund IV), a series of the Trust
Delaware Ivy Accumulative Fund (Acquired
Fund VII), a series of the Trust
Delaware Select Growth Fund (Acquired Fund VIII), a series of Voyageur Mutual Funds III
Delaware Ivy Large Cap Growth Fund
(Acquiring Fund V), a series of the Trust
Delaware Mid Cap Growth Equity Fund
(Acquired Fund IX), a series of Delaware
Group Equity Funds IV
Delaware Ivy Mid Cap Growth Fund
(Acquiring Fund VI), a series of the Trust
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Acquired Fund(s) Acquiring Fund
Delaware Small Cap Growth Fund
(Acquired Fund X), a series of Delaware
Group Equity Funds IV
Delaware Ivy Small Cap Growth Fund
(Acquiring Fund VII), a series of the Trust
In approving the Reorganizations, the Board and the applicable corresponding board of trustees considered various factors, including that the applicable Acquiring Fund and the applicable Acquired Fund share substantially similar or identical investment objectives, similar principal investment strategies and principal risks, and materially similar or identical fundamental investment restrictions and that the applicable Acquiring Fund's overall total expense ratio is expected to be equal to or lower than the corresponding Acquired Fund's total expense ratio following the applicable Reorganization taking into account applicable expense limitation arrangements.
The applicable Acquired Fund shareholders approved each Reorganization on the following dates:
Acquired Fund Shareholder Approval Date
Acquired Fund II
Acquired Fund IV
Acquired Fund V
Acquired Fund VI
March 25, 2024
Acquired Fund VII
Acquired Fund VIII
April 30, 2024
Acquired Fund IX
Acquired Fund X
May 6, 2024
Acquired Fund XI June 6, 2024
No shareholder approval was required for the Acquired Fund I Reorganization and Acquired Fund III Reorganization.
Pursuant to an Agreement and Plan of Reorganization (the Plan): (i) all of the property, and assets of each Acquired Fund were acquired by the applicable Acquiring Fund and (ii) the applicable trust, on behalf of the applicable Acquiring Fund, assumed the liabilities of the applicable Acquired Fund, in exchange for shares of the applicable Acquiring Fund. In accordance with the Plan, each Acquired Fund liquidated and dissolved following the applicable Reorganization. The Reorganizations were accomplished by a tax-free exchange of shares on the following dates:
Acquired Fund Reorganization Date
Acquired Fund I
Acquired Fund II
Acquired Fund III
April 26, 2024
Acquired Fund IV
Acquired Fund V
Acquired Fund VI
May 3, 2024
Acquired Fund VII
Acquired Fund VIII
Acquired Fund IX
Acquired Fund X
June 7, 2024
Acquired Fund XI July 26, 2024
For financial reporting purposes, assets received and shares issued by each Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the applicable Acquired Funds was carried forward to align ongoing reporting of the applicable Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
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Notes to financial statements
Ivy Funds       
5. Reorganizations (continued)
The share transactions associated with the Acquired Fund I, the Acquired Fund II and the Acquiring Fund I Reorganization were as follows:
  Acquired
Fund I
Net Assets
  Acquired
Fund I Shares
Outstanding
  Shares
Converted
to  Acquiring
Fund I
  Acquiring
Fund I
Net Assets
  Conversion
Ratio
Class A $6,548,465   776,805   1,091,411   $1,081,506,264   1.4050
Class C  —     —     —    106,974,966    — 
Class I 19,011,243   2,255,189   3,168,541   992,606,874   1.4050
Class R  —     —     —    32,247,080    — 
Class R6 15,945   1,878   2,657   52,045,106   1.4148
Class Y  —     —     —    54,109,954    — 
  Acquired
Fund II
Net Assets
  Acquired
Fund II Shares
Outstanding
  Shares
Converted
to Acquiring
Fund I
  Acquiring
Fund I
Net Assets
  Conversion
Ratio
Class A $298,958,478   88,188,342   49,826,459   $1,081,506,264   0.5650
Class C 2,359,840   696,118   393,307   106,974,966   0.5650
Class I/Institutional Class* 73,953,134   21,879,625   12,325,522   992,606,874   0.5633
Class R 2,183,570   642,227   363,928   32,247,080   0.5667
Class R6 52,229,524   15,452,522   8,704,921   52,045,106   0.5633
Class Y  —     —     —    54,109,954    — 
* Acquired Fund II Institutional Class shares are named Class I for the Acquiring Fund I.
The net assets of the Acquired Fund I and Acquired Fund II before the Acquired Fund I and Acquired Fund II Reorganization were $25,666,340 and $430,065,117, respectively. The Acquired Fund I and Acquired Fund II net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund I and Acquired Fund II Reorganization. The net assets of the Acquiring Fund I immediately following the Acquired Fund I and Acquired Fund II Reorganization were $2,774,750,443.
The share transactions associated with the Acquired Fund III and the Acquiring Fund II Reorganization were as follows:
  Acquired
Fund III
Net Assets
  Acquired
Fund III Shares
Outstanding
  Shares
Converted
to Acquiring
Fund II
  Acquiring
Fund II
Net Assets
  Conversion
Ratio
Class A $5,241,459   636,099   584,984   $93,345,887   0.9196
Class C 179,136   22,007   20,015   1,666,314   0.9095
Class I 17,233,034   2,073,771   1,925,479   210,589,902   0.9285
Class R  —     —     —    336,493    — 
Class R6 40,681   4,797   4,550   163,561,879   0.9485
Class Y  —     —     —    1,968,354    — 
The net assets of the Acquired Fund III before the Acquired Fund III Reorganization were $22,789,377. The Acquired Fund III net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund III Reorganization. The net assets of the Acquiring Fund II immediately following the Acquired Fund III Reorganization were $494,163,139.
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The share transactions associated with the Acquired Fund IV, the Acquired Fund V and the Acquiring Fund III Reorganization were as follows:
  Acquired
Fund IV
Net Assets
  Acquired
Fund IV Shares
Outstanding
  Shares
Converted
to Acquiring
Fund III
  Acquiring
Fund III
Net Assets
  Conversion
Ratio
Class A $135,708,949   9,728,240   6,537,040   $291,262,715   0.6720
Class C 2,389,837   172,054   132,548   17,357,490   0.7704
Class I/Institutional Class* 108,872,439   7,765,509   5,194,296   676,850,654   0.6689
Class R 904,221   64,680   43,598   39,156,771   0.6741
Class R6 2,480,656   176,559   118,014   247,563,186   0.6684
Class Y  —     —     —    38,282,983    — 
  Acquired
Fund V
Net Assets
  Acquired
Fund V Shares
Outstanding
  Shares
Converted
to Acquiring
Fund III
  Acquiring
Fund III
Net Assets
  Conversion
Ratio
Class A $34,447,967   2,322,857   1,659,343   $291,262,715   0.7144
Class C 295,989   22,056   16,416   17,357,490   0.7443
Class I 17,463,716   1,131,070   833,192   676,850,654   0.7366
Class R 360,018   24,642   17,359   39,156,771   0.7044
Class R6 398,554   25,003   18,961   247,563,186   0.7583
Class Y 461,972   30,473   22,062   38,282,983   0.7240
* Acquired Fund IV Institutional Class shares are named Class I for the Acquiring Fund III.
The net assets of the Acquired Fund IV and Acquired Fund V before the Acquired Fund IV and Acquired Fund V Reorganization were $250,915,360 and $55,086,825, respectively. The Acquired Fund IV and Acquired Fund V net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund IV and Acquired Fund V Reorganization. The net assets of the Acquiring Fund III immediately following the Acquired Fund IV and Acquired Fund V Reorganization were $1,614,258,117.
The share transactions associated with the Acquired Fund VI and the Acquiring Fund IV Reorganization were as follows:
  Acquired
Fund VI
Net Assets
  Acquired
Fund VI Shares
Outstanding
  Shares
Converted
to Acquiring
Fund IV
  Acquiring
Fund IV
Net Assets
  Conversion
Ratio
Class A $179,284,431   27,329,944   5,236,111   $337,173,127   0.1916
Class C  —     —     —    2,107,600    — 
Class I/Institutional Class* 3,050,836   433,974   84,324   175,334,869   0.1943
Class R  —     —     —    758,475    — 
Class R6 105,652   14,776   2,912   14,386,544   0.1971
Class Y  —     —     —    1,816,818    — 
* Acquired Fund VI Institutional Class shares are named Class I for the Acquiring Fund IV.
The net assets of the Acquired Fund VI before the Acquired Fund VI Reorganization were $182,637,841. The Acquired Fund VI net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund VI Reorganization. The net assets of the Acquiring Fund IV immediately following the Acquired Fund VI Reorganization were $714,018,352.
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Notes to financial statements
Ivy Funds       
5. Reorganizations (continued)
The share transactions associated with the Acquired Fund VII, the Acquired Fund VIII and the Acquiring Fund V Reorganization were as follows:
  Acquired
Fund VII
Net Assets
  Acquired
Fund VII Shares
Outstanding
  Shares
Converted
to Acquiring
Fund V
  Acquiring
Fund V
Net Assets
  Conversion
Ratio
Class A $496,817,294   81,445,458   14,852,535   $2,577,336,834   0.1824
Class C 1,403,074   393,018   61,918   60,906,353   0.1575
Class I 64,773,215   10,281,463   1,760,620   4,211,398,600   0.1712
Class R  —     —     —    33,923,702    — 
Class R6  —     —     —    308,859,780    — 
Class Y  —     —     —    34,960,874    — 
  Acquired
Fund VIII
Net Assets
  Acquired
Fund VIII Shares
Outstanding
  Shares
Converted
to Acquiring
Fund V
  Acquiring
Fund V
Net Assets
  Conversion
Ratio
Class A $185,019,574   6,755,005   5,531,228   $2,577,336,834   0.8188
Class C 2,758,443   254,704   121,732   60,906,353   0.4779
Class I/Institutional Class* 26,531,473   810,369   721,160   4,211,398,600   0.8899
Class R 777,982   32,840   25,317   33,923,702   0.7709
Class R6  —     —     —    308,859,780    — 
Class Y  —     —     —    34,960,874    — 
* Acquired Fund VIII Institutional Class shares are named Class I for the Acquiring Fund V.
The net assets of the Acquired Fund VII and Acquired Fund VIII before the Acquired Fund VII and Acquired Fund VIII Reorganizations were $563,069,889 and $215,107,483, respectively. The Acquired Fund VII and Acquired Fund VIII net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund VII and Acquired Fund VIII Reorganization. The net assets of the Acquiring Fund V immediately following the Acquired Fund VII and Acquired Fund VIII Reorganization were $8,005,467,198.
The share transactions associated with the Acquired Fund IX and the Acquiring Fund VI Reorganization were as follows:
  Acquired
Fund IX
Net Assets
  Acquired
Fund IX Shares
Outstanding
  Acquiring
Fund VI
Net Assets
  Acquiring
Fund VI
Net Assets
  Conversion
Ratio
Class A $643,330,310   40,008,104   24,121,871   $1,420,384,857   0.6029
Class C 32,772,506   1,713,147   1,737,673   62,385,230   1.0143
Class I/Institutional
    Class*
353,505,893   12,317,278   11,473,739   2,868,013,709   0.9315
Class R 7,649,278   590,678   305,604   50,264,343   0.5174
Class R6 36,218,815   1,252,380   1,159,373   1,185,239,557   0.9257
Class Y  —     —     —    214,893,557    — 
 * Acquired Fund IX Institutional Class shares are named Class I for the Acquiring Fund VI.
The net assets of the Acquired Fund IX before the Acquired Fund IX Reorganization were $1,074,266,205. The Acquired Fund IX net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund IX Reorganization. The net assets of the Acquiring Fund VI immediately following the Acquired Fund IX Reorganization were $6,874,658,055.
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The share transactions associated with the Acquired Fund X and the Acquiring Fund VII Reorganization were as follows:
  Acquired
Fund X
Net Assets
  Acquired
Fund X Shares
Outstanding
  Shares
Converted
to Acquiring
Fund VII
  Acquiring
Fund VII
Net Assets
  Conversion
Ratio
Class A $19,820,021   1,939,337   1,624,592   $585,855,428   0.8377
Class C 4,221,604   451,026   636,743   14,797,607   1.4118
Class I/Institutional
    Class*
64,499,652   6,154,547   3,106,920   404,141,184   0.5048
Class R 1,475,192   148,859   128,838   41,445,732   0.8655
Class R6  —     —     —    161,923,550    — 
Class Y  —     —     —    31,021,579    — 
* Acquired Fund X Institutional Class shares are named Class I for the Acquiring Fund VII.
The net assets of the Acquired Fund X before the Acquired Fund X Reorganization were $90,069,019. The Acquired Fund X net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund X Reorganization. The net assets of the Acquiring Fund VII immediately following the Acquired Fund X Reorganization were $1,329,201,549.
The share transactions associated with the Acquired Fund XI and the Acquiring Fund IV Reorganization were as follows:
  Acquired
Fund XI Net Assets
  Acquired
Fund XI Shares
Outstanding
  Shares
Converted
to Acquiring
Fund IV
  Acquiring
Fund IV
Net Assets
  Conversion
Ratio
Class A $167,347,443   18,170,189   4,667,990   $525,834,105   0.2569
Class C 1,756,259   192,784   82,030   2,039,206   0.4255
Class I 74,769,538   8,074,464   1,973,332   177,898,628   0.2444
Class R 254,446   27,687   7,348   769,281   0.2654
Class R6 1,346,433   145,090   35,423   14,928,737   0.2441
Class Y 1,189,737   129,179   32,857   1,884,175   0.2544
The net assets of the Acquired Fund XI before the Acquired Fund XI Reorganization were $246,923,040. The Acquired Fund XI net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund XI Reorganization. The net assets of the Acquiring Fund IV immediately following the Acquired Fund XI Reorganization were $970,017,988.
Assuming the Reorganizations had been completed on April 1, 2024, the Acquiring Fund's pro forma results of operations for the six months ended September 30, 2024, would have been as follows:
  Acquiring Fund I   Acquiring Fund II   Acquiring Fund III   Acquiring Fund IV
Net investment income (loss) $89,687,163   $9,662,693   $ 18,961,259   $ 4,571,088
Net realized gain (loss) on investments (58,186,084)   (6,322,687)   52,901,983   22,166,533
Net change in unrealized appreciation (depreciation) 106,887,277   17,467,500   (6,417,562)   39,242,292
Net increase in net assets resulting from operations $138,388,356   $20,807,506   $ 65,445,680   $ 65,979,913
  Acquiring Fund V   Acquiring Fund VI   Acquiring Fund VII
Net investment income (loss) $(5,207,346)   $(13,644,112)   $(5,203,877)
Net realized gain (loss) on investments 193,647,684   713,203,598   46,919,172
Net change in unrealized appreciation (depreciation) 574,148,291   (766,930,705)   (29,909,050)
Net increase in net assets resulting from operations $762,588,629   $(67,371,219)   $11,806,245
Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Fund’s “Statements of operations” since the Reorganizations were consummated on April 26, 2024 for the Acquired Fund I, Acquired Fund II, and
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Notes to financial statements
Ivy Funds       
5. Reorganizations (continued)
Acquired Fund III; May 3, 2024 for the Acquired Fund IV, Acquired Fund V, and Acquired Fund VI; June 7, 2024 for the Acquired Fund VII, Acquired Fund VIII, Acquired Fund IX, and Acquired Fund X; and July 26, 2024 for the Acquired Fund XI.
6. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 30, 2024.
Each Fund had no amounts outstanding as of September 30, 2024, or at any time during the period then ended.
7. Interfund Lending Program
Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended September 30, 2024.
8. Derivatives
US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.
Forward Foreign Currency Exchange Contracts — Each Fund may enter into forward foreign currency exchange contracts 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 Fund’s exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are disclosed on the “Schedules of investments.” At September 30, 2024, Delaware Ivy Global Bond Fund posted $3,122,087 cash as collateral for open forward foreign currency exchange contracts, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”
During the six months ended September 30, 2024, Delaware Ivy Global Bond 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.
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During the six months ended September 30, 2024, Delaware Ivy International Core Equity Fund used forward foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.
During the six months ended September 30, 2024, Delaware Ivy International Core Equity 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 September 30, 2024, Delaware Ivy Global Bond Fund posted $2,469,343 in cash as collateral for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”
During the six months ended September 30, 2024, Delaware Ivy Global Bond Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.
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 six months ended September 30, 2024, Delaware Ivy Global Bond Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions.
Swap Contracts — 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).
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Notes to financial statements
Ivy Funds       
8. Derivatives (continued)
Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.
During the six months ended September 30, 2024, Delaware Ivy Global Bond Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.
CDS contracts may involve greater risks than if Delaware Ivy Global Bond Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, or (2) for cleared swaps, trading these instruments through a central counterparty.
During the six months ended September 30, 2024, Delaware Ivy Global Bond Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.
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, or (2) for cleared swaps, trading these instruments through a central counterparty.
During the six months ended September 30, 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 September 30, 2024, Delaware Ivy Global Bond Fund posted $1,869,153 in cash as collateral for swap contracts, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.”
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Fair values of derivative instruments as of September 30, 2024 were as follows:   
    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   $11,036   $   $11,036
Variation margin due from broker on futures contracts*     1,559,261   1,559,261
Variation margin due to brokers on centrally cleared interest rate swap contracts*     2,272,164   2,272,164
Total   $11,036   $3,831,425   $3,842,461
    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   $(2,686,193)   $   $   $(2,686,193)
Variation margin due from broker on futures contracts*     (727,573)     (727,573)
Variation margin due to brokers on centrally cleared interest rate swap contracts*     (1,040,812)     (1,040,812)
Unrealized depreciation on over-the-counter credit default swap contracts       (188,653)   (188,653)
Options written, at value     (38,391)     (38,391)
Total   $(2,686,193)   $(1,806,776)   $(188,653)   $(4,681,622)
*Includes cumulative appreciation (depreciation) of futures contracts, and centrally cleared IRS contracts from the date the contracts were opened through September 30, 2024. Only current day variation margin is reported on the Fund's “Statements of assets and liabilities.”
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Notes to financial statements
Ivy Funds       
8. Derivatives (continued)
The effect of derivative instruments on the “Statements of operations” for the six months ended September 30, 2024 was as follows:
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   $(5,218,472)   $   $(431,366)   $230,663   $(16,852)   $(5,436,027)
Interest rate contracts     (2,319,403)   (66,504)   246,414   541,524   (1,597,969)
Credit contracts     276,759       (75,411)   201,348
Total   $(5,218,472)   $(2,042,644)   $(497,870)   $477,077   $449,261   $(6,832,648)
  Net Change in Unrealized Appreciation (Depreciation) on:
  Forward
Foreign
Currency
Exchange
Contracts
  Futures
Contracts
  Options
Purchased
  Options
Written
  Swap
Contracts
  Total
Currency contracts $(1,922,213)   $   $413,497   $(223,288)   $   $(1,732,004)
Interest rate contracts   1,803,464     22,719   732,037   2,558,220
Credit contracts         (33,272)   (33,272)
Total $(1,922,213)   $1,803,464   $413,497   $(200,569)   $698,765   $792,944
The tables below summarize the average daily balance of derivative holdings by certain Funds during the six months ended September 30, 2024:
  Long Derivative Volume
  Delaware Ivy
Global Bond Fund
  Delaware Ivy
International
Core Equity Fund
Forward foreign currency exchange contracts (average contract amount) $ 8,423,422   $ 63,901
Futures contracts (average notional amount)   391,324,594    
Options contracts (average value)*   20,092    
CDS contracts (average notional amount)**   9,179,110    
Interest rate swap contracts (average notional amount) AUD 98,894,488   AUD
Interest rate swap contracts (average notional amount) CAD 35,822,835   CAD
Interest rate swap contracts (average notional amount) EUR 75,256,638   EUR
Interest rate swap contracts (average notional amount) GBP 24,239,961   GBP
Interest rate swap contracts (average notional amount) JPY 4,952,755,906   JPY
Interest rate swap contracts (average notional amount)   36,915,606    
  Short Derivative Volume
  Delaware Ivy
Global Bond Fund
Forward foreign currency exchange contracts (average contract amount) $ 197,713,511
Futures contracts (average notional amount)   253,830,945
Options contracts (average value)*   70,369
CDS contracts (average notional amount)**   223,071
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* Long represents purchased options and short represents written options.
** Long represents buying protection and short represents selling protection.
9. Offsetting
Certain Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help certain Funds mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between certain Funds and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, certain Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For financial reporting purposes, certain Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”
At September 30, 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   $ —    $(888,422)   $(888,422)
JPMorgan Chase Bank   11,036   (218,045)   (207,009)
TD Bank    —    (1,768,379)   (1,768,379)
Total   $11,036   $(2,874,846)   $(2,863,810)
Counterparty   Net Position   Fair Value of
Non-Cash
Collateral Received
  Cash Collateral
Received
  Fair Value of
Non-Cash
Collateral Pledged
  Cash Collateral
Pledged
  Net Exposure(a)
Citigroup   $(888,422)   $—   $—   $—   $888,422   $ — 
JPMorgan Chase Bank   (207,009)         207,009    — 
TD Bank   (1,768,379)         1,768,379    — 
Total   $(2,863,810)   $—   $—   $—   $2,863,810    — 
(a) Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.
10. Securities Lending
Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). 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 must return enough collateral to the borrower by the end of the
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Notes to financial statements
Ivy Funds       
10. Securities Lending (continued)
following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.
Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.
During the six months ended September 30, 2024, each Fund had no securities out on loan.
11. 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.
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Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the 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 Investors Service, 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.
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
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Notes to financial statements
Ivy Funds       
11. Credit and Market Risks (continued)
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 a 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 the Funds may involve revolving credit facilities or other standby financing commitments that obligate the Funds to pay additional cash on a certain date or on demand. These commitments may require the Funds to increase its investment in a company at a time when the Funds 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 the Funds 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.
As the Funds may be required to rely upon another lending institution to collect and pass on to the Funds amounts payable with respect to the loan and to enforce the Funds rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Funds from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Funds. There were no unfunded loan commitments at the six months ended September 30, 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 six months ended September 30, 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 and restricted securities have been identified on the “Consolidated schedules of investments” and “Schedules of investments.”
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12. Contractual Obligations
Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.
13. Subsequent Events
On October 28, 2024, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 revolving line of credit to be used as described in Note 6. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on
October 27, 2025.
Management has determined that no other material events or transactions occurred subsequent to September 30, 2024, that would require recognition or disclosure in the Fund’s financial statements.
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Other Fund information (Unaudited)
Ivy Funds
At special shareholder meetings, Fund shareholders approved the reorganizations listed in the below table. The results of the voting at the meetings were as follows:
Special
Shareholder
Meeting Date
Reorganization For Against Abstain
March 25, 2024 Delaware International Equity Fund II into
Delaware Ivy International Core Equity Fund
3,214,747 22,277 50,442
April 30, 2024 Delaware Ivy Accumulative Fund into
Delaware Ivy Large Cap Growth Fund
43,265,155 2,377,440 10,095,151
June 6, 2024 Delaware Global Equity Fund II into
Delaware Ivy Global Growth Fund
11,784,161 265,564 3,100,702
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 13-15, 2024
At a meeting held on August 13-15, 2024 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware 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 Mid Cap Growth 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 (each, a “Fund” and together, the “Funds”) Investment Management Agreement with Delaware Management Company (“DMC”) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) and Macquarie Investment Management Europe Limited (“MIMEL”) (together, the “Affiliated Sub-Advisers”).
Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2024, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an “Investment Committee” and together, the “Investment Committees”), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of
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the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds’ Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (“JDL”).
The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all of the, factors considered by the Board in support of its approval.
Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including each Fund’s portfolio managers. The Board met with DMC’s senior management and investment personnel. The Board reviewed the materials provided by the Funds’ portfolio management team discussing its performance, investment strategies and outlook, as well as DMC with respect to comparing Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board’s review included consideration of DMC’s investment oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals.  The Board also considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation and compliance risks and its plans for enhancing those programs (including through the allocation of additional resources and enhancements to existing processes and testing). The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates, as well as information from Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, regarding Macquarie’s commitment to the U.S. mutual fund business.
In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the fund complex.  Among other things, these services include third party service provider oversight, transfer agency, internal audit, pricing and valuation, portfolio trading, and legal and compliance functions. The Board noted DMC’s responsibility for overseeing: the preparation of the Funds’ prospectus, summary prospectus, statement of additional information, and shareholder reports; responsibility for other periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board.
The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie, and the resources available to DMC as part of Macquarie’s global asset management business.
The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services, including the Delaware Ivy Systematic Emerging Markets Equity Fund’s portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Board noted that the Affiliated Sub-Advisers are part of Macquarie’s global investment platform that has offices and personnel that are located around the world. These Affiliated Sub-Advisers provide research, investment and trading analysis on the markets and economies of various countries in which the Funds may invest, make recommendations regarding securities, provide portfolio management services and assist with security trades, as applicable.  The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment
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Other Fund information (Unaudited)
Ivy Funds 
Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 13-15, 2024 
(continued)
companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.
The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Funds by DMC and the Affiliated Sub-Advisers.
Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board’s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider (“Broadridge”), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for each Fund’s institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year or since inception periods, as applicable, ended December 31, 2023. The Board considered that the Funds were managed by Ivy Investment Management Company prior to the acquisition of its parent company, Waddell & Reed Financial, Inc. by Macquarie Asset Management, a division of Macquarie Group Ltd. (the “Transaction”), and that each Fund’s performance prior to the closing of the Transaction on April 30, 2021 is that of its predecessor investment manager and not DMC.
Delaware Ivy Core Equity Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the third quartile of its Performance Universe and for the 3- and 5-year periods was in the second and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 3- and 5-year periods was above the median of its Performance Universe and for the 1- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 5-year period and underperformed its benchmark index for the 1-, 3-, and 10-year periods. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for various periods and any actions that DMC has taken to address performance concerns.
Delaware Ivy Global Bond Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional global income funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe and for the 1-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund slightly underperformed its benchmark index for the 1-year period, outperformed its benchmark index for the 3- and 5-year periods, and underperformed its benchmark index for the 10-year period. The Board noted that the Fund was generally outperforming its Performance Universe and performing in line with its benchmark index during the periods under review. The Board, however, noted the limited period of performance data available since the Fund changed its portfolio management team in November 2021, its investment strategy in July 2022 and its benchmark index effective July 31, 2023, and would continue to evaluate the Fund’s performance.
Delaware Ivy Global Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional global large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 3- and 10-year periods was in the second quartile of its Performance Universe and for the 1- and 5-year periods was in the third and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance universe and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index (both gross and net of dividends) for the 1-, 3-, and 10-year periods and was approximately equal to its benchmark index (both net and gross of dividends) for the 5-year period. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for various periods and any actions that DMC has taken to address performance concerns.
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Delaware Ivy High Income Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional high yield funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 10-year periods was above the median of its Performance Universe and for the 5-year period was equal to the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 3-year period and underperformed its benchmark index for the 1-, 5-, and 10-year periods. The Board noted that the fund was generally performing in line with its Performance Universe during the periods under review. The Board, however, noted the limited period of performance data available since the Fund changed its investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.
Delaware Ivy International Core Equity Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional international large-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 3- and 10-year periods was in the first quartile of its Performance Universe and for the 1- and 5-year periods was in the second and third quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 10-year periods was above the median of its Performance Universe and for the 5-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year periods (both gross and net of dividends) and was approximately equal to its benchmark index for the 5- and 10-year periods (both gross and net of dividends). The Board noted that the Fund generally outperformed its Performance Universe and benchmark index during the periods under review. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021 and December 2022, respectively. The Board noted the limited period of performance data available since the Fund changed its investment strategy and its portfolio management team and would continue to evaluate the Fund’s performance.
Delaware Ivy Large Cap Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe and for the 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was below the median of its Performance Universe and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 5-, and 10-year periods and outperformed its benchmark index for the 3-year period. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review.  The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for various periods and any actions that DMC has taken to address performance concerns.
Delaware Ivy Mid Cap Growth Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the third, third, first and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was below the median of its Performance Universe, and for the 5- and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1- and 3-year periods, outperformed its benchmark index for the 5-year period and was approximately equal to its benchmark index for the 10-year period. The Board noted that the Fund was generally performing in line with its Performance Universe and benchmark index for the 5- and 10-year periods. The Board noted the explanations from DMC and the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the 1- and 3-year periods and any actions that DMC has taken to address performance concerns.
Delaware Ivy Mid Cap Income Opportunities Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 5-year and since inception periods was in the first, third, third and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 3- and 5- year periods was below the median of its Performance Universe and for the 1-year and since inception periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year and since inception periods and underperformed its benchmark index for the 5-year period. The Board noted that the Fund was generally performing in line with its Performance Universe and outperforming its benchmark index for the periods under review (except for the 5-year period). 
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Other Fund information (Unaudited)
Ivy Funds 
Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 13-15, 2024 
(continued)
Delaware Ivy Small Cap Growth Fund. The Performance Universe consists of the Fund and all retail and institutional small-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the third, third, fourth, and third quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 5-year periods and outperformed its benchmark index for the 10-year period. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the periods under review and any actions that DMC has taken to address performance concerns.
Delaware Ivy Smid Cap Core Fund. The Performance Universe consists of the Fund and all retail and institutional small-cap core funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was in the second quartile of its Performance Universe and for the 3- and 5-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1- and 10-year periods was above the median of its Performance Universe and for the 3- and 5-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 3-year period and underperformed its benchmark index for the 1-, 5-, and 10-year periods. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board also noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.
Delaware Ivy Systematic Emerging Markets Equity Fund. The Performance Universe consists of the Fund and all retail and institutional emerging markets funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the second, third, second and first quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 5-, and 10-year periods was above the median of its Performance Universe and for the 3-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index (net and gross of dividends) for the 1-, 5-, and 10-year periods and underperformed its benchmark index (net and gross of dividends) for the 3-year period. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted that the Fund was generally outperforming its Performance Universe and benchmark index over the 1-, 5-, and 10-year periods. 
Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Broadridge total expenses (reflecting any applicable fee waivers and/or expense reimbursements), for comparative consistency, were shown by Broadridge for Institutional Class shares, including 12b-1 and non-12b-1 service fees (as applicable). The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the “Expense Group”). Each Fund’s total expenses were also compared with those of its Expense Universe, which is comprised of the Fund, its Expense Group and all other similar with an institutional share class (i.e., funds without 12b-1 fees and non-12b-1 service fees) with assets equal to or greater than $100 million, excluding outliers (the “Expense Universe”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers and/or expense reimbursements, with a Fund’s Expense Universe.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.
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Delaware Ivy Core Equity Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Global Bond Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Global Growth Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy High Income Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy International Core Equity Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Large Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Mid Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Mid Cap Income Opportunities Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Small Cap Growth Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Smid Cap Core Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Systematic Emerging Markets Equity Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Funds.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.
Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the complex, including the current breakpoints. The Board
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Other Fund information (Unaudited)
Ivy Funds 
Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 13-15, 2024 
(continued)
considered the continuation and/or implementation of contractual fee waivers and/or expense reimbursements, as applicable. The Board noted that, as of March 31, 2024, Delaware Ivy International Core Equity Fund’s, Delaware Ivy Mid Cap Income Opportunities Fund’s, Delaware Ivy Small Cap Growth Fund’s and Delaware Ivy Systematic Emerging Markets Equity Fund’s net assets each exceeded their first breakpoint level;  Delaware Ivy Core Equity Fund’s and Delaware Ivy High Income Fund’s net assets each exceeded their third breakpoint level and Delaware Ivy Mid Cap Growth Fund’s and Delaware Ivy Large Cap Growth Fund’s net assets each exceeded their fourth breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board considered whether the reorganization of assets from another Fund within the complex were expected to have economic benefits due to the increased assets under management represented by the combined Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.
Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each Fund and the complex as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC’s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC’s profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC’s profit, if any, can vary significantly depending on the particular fund; and that DMC’s support for, and commitment to, a fund is not solely dependent on the profits realized as to that fund.
The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.
Based on its review, the Board determined that DMC’s profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.
Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the complex; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through “soft dollar” arrangements; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the complex. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.
Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the ongoing commitment of DMC and its affiliates to the Funds, the Board did not find that any ancillary benefits received by DMC and its affiliates, including the Affiliated Sub-Advisers, were unreasonable.
Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, unanimously approved the continuation of DMC’s Investment Management Agreement and of the Affiliated Sub-Advisers’ Sub-Advisory Agreements for an additional one-year period.
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Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
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 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.
(3989354)
SEMIANN-IVYFUNDS-1124
This page is not part of the Financial statements and other information.


  
  
  
Alternative / specialty funds
Delaware Climate Solutions 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
Financial statements and other information
For the six months ended September 30, 2024

 

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
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 Form N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.
Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

 

Table of Contents
Schedules of investments
Delaware Climate Solutions Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 99.52%♦
Consumer Staples — 3.04%
Darling Ingredients †   107,930 $  4,010,679
    4,010,679
Energy — 12.45%
Equinor    138,334    3,496,054
Neste    109,501    2,124,561
Occidental Petroleum     72,346    3,728,713
Schlumberger     75,653    3,173,643
Valero Energy     29,147   3,935,719
   16,458,690
Industrials — 22.54%
AP Moller - Maersk Class B      1,259    2,116,962
Cummins     17,227    5,577,930
Kingspan Group     57,835    5,430,371
Net Power †   192,946    1,352,551
Schneider Electric     20,564    5,406,811
Sunrun †   255,830    4,620,290
Waste Management     25,418   5,276,777
   29,781,692
Information Technology — 4.23%
First Solar †    22,399   5,587,207
    5,587,207
Materials — 17.89%
Alcoa     142,172    5,484,996
Anglo American    166,519    5,407,624
CF Industries Holdings     52,482    4,502,955
Holcim †    43,703    4,263,153
Nutrien     82,953   3,986,721
   23,645,449
Real Estate — 3.89%
Weyerhaeuser    151,972   5,145,772
    5,145,772
Utilities — 35.48%
AES    223,988    4,493,199
Ameren     57,169    5,000,001
American Electric Power     39,712    4,074,451
CMS Energy     70,776    4,998,909
NextEra Energy     57,639    4,872,225
Orsted 144A #, †    71,427    4,748,609
ReNew Energy Global Class A †   310,851    1,955,253
RWE    113,430    4,126,327
SSE    160,486    4,040,198
Terna - Rete Elettrica Nazionale    450,758    4,058,245
Xcel Energy     69,102   4,512,361
   46,879,778
Total Common Stocks
(cost $121,286,393)
131,509,267
    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 4.83%)   196,061 $    196,061
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   196,060      196,060
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)   196,060      196,060
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   196,060     196,060
Total Short-Term Investments
(cost $784,241)
    784,241
Total Value of Securities—100.11%
(cost $122,070,634)
    $132,293,508
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
Non-income producing security.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of Rule 144A securities was $4,748,609, which represents 3.59% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
See accompanying notes, which are an integral part of the financial statements.
    1

 

Table of Contents
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund  
September 30, 2024 (Unaudited)
    Principal
amount°
Value (US $)
Agency Collateralized Mortgage Obligations — 0.31%
Fannie Mae REMICs      
Series 2015-18 NS 0.725% (6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, =, •    3,323,781 $      463,240
Series 2015-37 SB 0.225% (5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, =, •    6,886,461        818,233
Series 2016-48 US 0.705% (5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, =, •    7,567,396        618,077
Series 2017-33 AI 4.50% 5/25/47 Σ, =    2,852,516        371,353
Series 2019-13 IP 5.00% 3/25/49 Σ, =    2,165,493        410,145
Series 4740 SB 0.693% (6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, =, •    3,263,188        446,235
Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2023-HQA3 A1 144A 7.13% (SOFR + 1.85%) 11/25/43 #, •      477,486        482,599
GNMA Series 2021-162 IN 3.00% 9/20/51 Σ, =   14,027,018     2,039,480
Total Agency Collateralized Mortgage Obligations
(cost $7,182,115)
    5,649,362
 
Agency Mortgage-Backed Securities — 4.36%
Fannie Mae S.F. 15 yr      
2.00% 8/1/36    1,329,512      1,222,433
2.50% 8/1/36      887,609        833,215
3.00% 11/1/33      313,270        304,163
Fannie Mae S.F. 30 yr      
2.00% 6/1/50       95,285         79,498
2.00% 3/1/51    3,594,093      2,976,879
2.00% 9/1/51    1,292,107      1,070,995
2.50% 11/1/51       95,435         83,352
2.50% 2/1/52    4,605,018      3,995,031
2.50% 4/1/52      114,314         99,355
3.00% 4/1/47    1,729,275      1,582,599
3.00% 12/1/51    1,968,976      1,798,311
3.00% 2/1/52      236,715        213,900
3.00% 6/1/52      760,986        687,851
3.50% 1/1/48      325,931        310,196
3.50% 7/1/50      513,667        486,222
3.50% 6/1/52    3,117,504      2,905,147
3.50% 9/1/52    4,093,092      3,859,467
4.00% 9/1/52      700,824        673,304
4.50% 1/1/50      854,723        862,304
    Principal
amount°
Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr      
4.50% 10/1/52    2,853,711 $    2,806,522
5.00% 2/1/53      856,034        856,215
5.00% 8/1/53      298,357        298,166
5.50% 8/1/52    1,888,819      1,918,766
6.00% 5/1/53      541,746        558,654
6.00% 6/1/53    1,576,263      1,614,039
6.00% 7/1/53      472,748        492,455
6.00% 9/1/53    1,017,647      1,040,278
Freddie Mac S.F. 20 yr      
2.00% 8/1/42    2,705,792      2,358,994
2.50% 2/1/42      983,172        882,468
2.50% 3/1/42      887,355        795,857
3.00% 3/1/37      733,645        696,495
Freddie Mac S.F. 30 yr      
2.00% 2/1/52      704,641        582,859
2.00% 3/1/52    1,656,194      1,371,124
2.50% 11/1/50       55,976         49,108
2.50% 1/1/52    4,436,856      3,881,031
2.50% 5/1/52      201,269        174,066
3.00% 12/1/46    1,727,258      1,581,461
3.50% 4/1/52    2,161,079      2,022,296
4.00% 9/1/49      551,443        539,124
4.00% 8/1/52    2,344,881      2,263,915
4.00% 9/1/52    2,165,793      2,087,589
4.50% 9/1/52    2,848,750      2,818,545
4.50% 10/1/52    2,778,443      2,731,261
4.50% 11/1/52    1,481,213      1,456,573
5.00% 7/1/52      756,804        771,478
5.00% 9/1/52    2,321,696      2,355,017
5.00% 6/1/53    1,493,650      1,493,620
5.50% 9/1/52      444,888        456,868
5.50% 2/1/53    3,057,353      3,119,609
5.50% 6/1/53      223,265        225,924
5.50% 9/1/53    4,986,346      5,073,751
GNMA II S.F. 30 yr      
3.00% 12/20/51      585,881        534,397
3.00% 1/20/52    2,227,428      2,031,529
5.00% 9/20/52    2,038,638      2,045,064
5.50% 5/20/53    1,675,271      1,692,970
5.50% 2/20/54      642,480       652,557
Total Agency Mortgage-Backed Securities
(cost $79,131,006)
   80,374,867
 
Collateralized Debt Obligations — 0.15%
AIMCO CLO Series 2022-17A CR 144A 7.182% (TSFR03M + 1.90%, Floor 1.90%) 7/20/37 #, •      650,000        649,151
    2

 

Table of Contents
    Principal
amount°
Value (US $)
Collateralized Debt Obligations (continued)
Barings CLO Series 2018-2A CR 144A 7.336% (TSFR03M + 2.10%, Floor 1.95%) 7/15/36 #, •      600,000 $      600,000
OHA Credit Funding Series 2022-11A CR 144A 7.106% (TSFR03M + 1.90%, Floor 1.90%) 7/19/37 #, •      850,000        848,906
TCW CLO Series 2024-2A C 144A 7.38% (TSFR03M + 2.15%, Floor 2.15%) 7/17/37 #, •      650,000       649,229
Total Collateralized Debt Obligations
(cost $2,750,000)
    2,747,286
 
Convertible Bond — 0.32%
New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π    2,195,766     5,936,085
Total Convertible Bond
(cost $2,155,898)
    5,936,085
 
Corporate Bonds — 14.41%
Banking — 1.70%
Banco de Credito del Peru 144A 3.125% 7/1/30 #, μ    1,562,000      1,526,879
Bank of America      
2.482% 9/21/36 μ      580,000        489,593
5.468% 1/23/35 μ      830,000        873,150
5.819% 9/15/29 μ      495,000        521,071
5.872% 9/15/34 μ      255,000        275,228
6.204% 11/10/28 μ      470,000        496,228
Bank of Montreal 7.70% 5/26/84 μ      885,000        936,137
Bank of New York Mellon 4.70% 9/20/25 μ, ψ      455,000        452,590
Barclays      
6.224% 5/9/34 μ      684,000        737,189
7.385% 11/2/28 μ      305,000        329,488
Citibank      
5.438% 4/30/26       320,000        326,343
5.488% 12/4/26     1,385,000      1,425,366
5.57% 4/30/34       885,000        944,509
Citigroup      
5.61% 9/29/26 μ       88,000         88,793
7.00% 8/15/34 μ, ψ      285,000        305,693
Citizens Bank 6.064% 10/24/25 μ      840,000        840,002
Credit Agricole 144A 5.514% 7/5/33 #      915,000        971,293
Deutsche Bank      
3.729% 1/14/32 μ      301,000        270,217
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Banking (continued)
Deutsche Bank      
6.72% 1/18/29 μ      939,000 $      994,276
6.819% 11/20/29 μ      815,000        877,511
7.146% 7/13/27 μ      355,000        369,610
Fifth Third Bancorp 6.361% 10/27/28 μ    1,099,000      1,157,866
Fifth Third Bank 5.852% 10/27/25 μ      625,000        625,223
Goldman Sachs Group      
5.727% 4/25/30 μ      355,000        373,167
5.851% 4/25/35 μ      415,000        446,090
6.125% 11/10/34 μ, ψ      355,000        357,426
6.484% 10/24/29 μ      555,000        597,766
Huntington Bancshares 6.208% 8/21/29 μ      545,000        576,703
Huntington National Bank 4.552% 5/17/28 μ      985,000        985,995
JPMorgan Chase & Co.      
1.764% 11/19/31 μ      705,000        606,242
5.012% 1/23/30 μ      920,000        943,759
5.571% 4/22/28 μ      465,000        479,509
6.254% 10/23/34 μ      246,000        273,695
KeyBank 5.85% 11/15/27       205,000        212,612
Lloyds Banking Group 5.721% 6/5/30 μ      295,000        309,236
Morgan Stanley      
2.484% 9/16/36 μ      730,000        611,056
5.164% 4/20/29 μ      780,000        801,975
5.831% 4/19/35 μ      768,000        825,248
6.138% 10/16/26 μ      340,000        345,421
6.296% 10/18/28 μ      575,000        608,029
6.407% 11/1/29 μ      530,000        569,662
6.627% 11/1/34 μ      495,000        560,103
PNC Financial Services Group      
5.676% 1/22/35 μ      340,000        360,597
6.875% 10/20/34 μ      615,000        704,450
Popular 7.25% 3/13/28       320,000        338,137
Regions Financial 5.502% 9/6/35 μ      435,000        442,838
State Street 4.993% 3/18/27       520,000        532,361
SVB Financial Group 4.57% 4/29/33 ‡      390,000        228,511
UBS Group      
144A 5.699% 2/8/35 #, μ      200,000        211,194
144A 6.85% 9/10/29 #, μ, ψ      920,000        933,254
US Bancorp      
4.653% 2/1/29 μ      411,000        415,073
5.384% 1/23/30 μ      155,000        161,005
5.678% 1/23/35 μ      345,000        365,845
5.727% 10/21/26 μ      120,000        121,529
    3

 

Table of Contents
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund   
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Banking (continued)
US Bancorp      
6.787% 10/26/27 μ      220,000 $      231,065
     31,363,808
Basic Industry — 0.20%
Freeport-McMoRan 5.45% 3/15/43     1,070,000      1,075,629
LYB International Finance III      
3.625% 4/1/51       395,000        294,663
5.50% 3/1/34     1,210,000      1,259,454
Sherwin-Williams 2.90% 3/15/52     1,650,000     1,111,047
      3,740,793
Brokerage — 0.11%
Jefferies Financial Group      
2.625% 10/15/31     2,195,000      1,904,770
5.875% 7/21/28       135,000       140,868
      2,045,638
Capital Goods — 0.18%
Amphenol      
2.20% 9/15/31       230,000        198,885
5.05% 4/5/27       235,000        240,615
Boeing      
2.196% 2/4/26       800,000        770,691
144A 6.858% 5/1/54 #    1,275,000      1,400,378
Northrop Grumman 5.20% 6/1/54       625,000       636,998
      3,247,567
Communication Services — 2.90%
Advantage Sales & Marketing 144A 6.50% 11/15/28 #    3,145,000      2,988,471
CCO Holdings 144A 4.50% 8/15/30 #    8,000,000      7,257,660
Connect Finco      
144A 6.75% 10/1/26 #    7,000,000      7,000,000
144A 9.00% 9/15/29 #    2,850,000      2,761,608
Consolidated Communications      
144A 5.00% 10/1/28 #    2,500,000      2,303,371
144A 6.50% 10/1/28 #    2,500,000      2,366,767
Directv Financing 144A 5.875% 8/15/27 #    3,635,000      3,571,523
Frontier Communications
Holdings
     
5.875% 11/1/29     7,927,781      7,877,351
144A 6.00% 1/15/30 #      461,000        460,626
Gray Television      
144A 4.75% 10/15/30 #    4,830,000      3,076,980
144A 5.375% 11/15/31 #    4,780,000      2,993,050
Sable International Finance 144A 7.125% 10/15/32 #    3,500,000      3,516,345
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Communication Services (continued)
Sirius XM Radio 144A 4.125% 7/1/30 #    8,155,000 $    7,401,253
     53,575,005
Communications — 0.70%
American Tower      
2.30% 9/15/31       310,000        266,898
5.20% 2/15/29     1,410,000      1,456,748
5.45% 2/15/34       465,000        486,346
AT&T 3.50% 9/15/53     3,130,000      2,301,380
Cellnex Finance 144A 3.875% 7/7/41 #      355,000        290,387
Charter Communications Operating 3.85% 4/1/61     1,790,000      1,098,748
Crown Castle 1.05% 7/15/26       560,000        528,464
Meta Platforms      
4.30% 8/15/29       285,000        289,461
4.55% 8/15/31       120,000        122,724
4.75% 8/15/34       255,000        260,377
5.40% 8/15/54       295,000        309,290
Netflix 4.90% 8/15/34     1,360,000      1,407,243
Rogers Communications      
5.00% 2/15/29       575,000        586,955
5.30% 2/15/34       640,000        651,351
T-Mobile USA      
5.25% 6/15/55       620,000        617,433
5.75% 1/15/34     1,730,000      1,858,523
Verizon Communications 2.875% 11/20/50       495,000       336,033
     12,868,361
Consumer Cyclical — 0.35%
Aptiv 3.10% 12/1/51     1,435,000        913,032
Ford Motor Credit 6.80% 5/12/28     1,060,000      1,110,989
General Motors      
5.40% 4/1/48       115,000        105,805
5.95% 4/1/49       135,000        133,922
General Motors Financial      
5.60% 6/18/31       195,000        200,326
5.95% 4/4/34       670,000        693,671
Home Depot      
4.85% 6/25/31       150,000        155,536
4.875% 6/25/27       175,000        179,580
4.95% 6/25/34       450,000        468,009
Hyundai Capital America      
144A 5.275% 6/24/27 #      255,000        260,800
144A 5.40% 6/24/31 #      275,000        285,334
Uber Technologies 5.35% 9/15/54       305,000        302,689
 
4    

 

Table of Contents
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
VICI Properties 4.95% 2/15/30     1,595,000 $    1,605,765
      6,415,458
Consumer Discretionary — 2.26%
Bath & Body Works 6.875% 11/1/35     7,245,000      7,557,383
Carnival 144A 7.625% 3/1/26 #    7,735,000      7,811,459
Clarios Global 144A 8.50% 5/15/27 #    2,700,000      2,713,854
Ford Motor 6.10% 8/19/32     7,000,000      7,177,622
Light & Wonder International 144A 7.25% 11/15/29 #    1,610,000      1,666,936
Royal Caribbean Cruises 144A 5.50% 4/1/28 #    7,565,000      7,665,644
S&S Holdings 144A 8.375% 10/1/31 #    3,500,000      3,526,619
Victra Holdings 144A 8.75% 9/15/29 #    3,500,000     3,677,960
     41,797,477
Consumer Non-Cyclical — 0.42%
AbbVie 5.35% 3/15/44       660,000        696,730
Amgen 5.15% 3/2/28       285,000        293,552
Bunge Limited Finance 4.20% 9/17/29       935,000        932,889
Gilead Sciences 4.80% 4/1/44       360,000        347,975
HCA      
5.45% 4/1/31       305,000        317,882
6.00% 4/1/54     1,025,000      1,083,776
JBS USA Holding Lux 3.625% 1/15/32     2,000,000      1,829,749
Royalty Pharma 3.35% 9/2/51     2,960,000      2,047,689
Zoetis 5.40% 11/14/25       165,000       166,607
      7,716,849
Electric — 0.90%
AEP Texas 5.40% 6/1/33       185,000        190,153
Appalachian Power 4.50% 8/1/32       925,000        913,124
Berkshire Hathaway Energy 2.85% 5/15/51     1,725,000      1,168,683
Constellation Energy Generation 5.75% 3/15/54       535,000        566,572
Dominion Energy 6.875% 2/1/55 μ      435,000        462,112
DTE Energy 5.10% 3/1/29       440,000        453,265
Duke Energy 6.45% 9/1/54 μ      255,000        265,404
Duke Energy Carolinas 4.95% 1/15/33     1,325,000      1,366,632
Exelon 5.45% 3/15/34       245,000        257,116
NextEra Energy Capital
Holdings
     
5.55% 3/15/54       915,000        956,841
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Electric (continued)
NextEra Energy Capital
Holdings
     
5.749% 9/1/25       170,000 $      171,769
NRG Energy 144A 2.00% 12/2/25 #    3,470,000      3,349,150
Oglethorpe Power 6.20% 12/1/53       110,000        120,531
Pacific Gas & Electric 4.95% 7/1/50     2,560,000      2,329,599
PacifiCorp      
5.10% 2/15/29       110,000        113,697
5.45% 2/15/34       190,000        197,553
5.80% 1/15/55       175,000        183,768
Southern California Edison 5.20% 6/1/34     1,305,000      1,353,492
Vistra Operations      
144A 6.00% 4/15/34 #      200,000        213,890
144A 6.95% 10/15/33 #    1,830,000     2,064,617
     16,697,968
Energy — 1.73%
BP Capital Markets America      
2.721% 1/12/32       530,000        472,545
2.939% 6/4/51     1,255,000        853,790
5.227% 11/17/34       335,000        348,915
Cheniere Energy Partners      
4.50% 10/1/29       840,000        829,039
144A 5.75% 8/15/34 #      254,000        264,806
Diamondback Energy      
5.20% 4/18/27       225,000        229,687
5.40% 4/18/34     1,085,000      1,108,112
5.75% 4/18/54       750,000        756,286
Enbridge      
5.25% 4/5/27       445,000        455,715
5.75% 7/15/80 μ      190,000        186,764
Energy Transfer      
5.75% 2/15/33     1,680,000      1,758,387
5.95% 5/15/54       730,000        747,707
6.75% 5/15/25 μ, ψ    5,879,000      5,870,211
Eni      
144A 5.50% 5/15/34 #      355,000        367,896
144A 5.95% 5/15/54 #      375,000        386,479
Enterprise Products Operating      
3.30% 2/15/53     1,425,000      1,019,694
4.95% 2/15/35       310,000        314,937
5.35% 1/31/33       105,000        110,246
5.55% 2/16/55       295,000        304,963
Hilcorp Energy I      
144A 6.00% 2/1/31 #    3,725,000      3,629,885
144A 6.25% 4/15/32 #    3,487,000      3,396,959
    5

 

Table of Contents
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund   
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Energy (continued)
Kinder Morgan      
5.00% 2/1/29       165,000 $      168,597
5.20% 6/1/33       120,000        121,529
Occidental Petroleum      
5.375% 1/1/32       260,000        263,785
5.55% 10/1/34       545,000        553,690
6.05% 10/1/54       175,000        177,812
6.125% 1/1/31     1,478,000      1,560,647
ONEOK 5.65% 11/1/28       165,000        172,537
Targa Resources Partners 5.00% 1/15/28     1,935,000      1,936,100
TotalEnergies Capital 5.488% 4/5/54       390,000        403,339
Transocean 144A 8.00% 2/1/27 #    3,117,000     3,117,545
     31,888,604
Finance Companies — 0.38%
AerCap Ireland Capital DAC      
3.65% 7/21/27     1,810,000      1,775,705
5.10% 1/19/29       400,000        408,992
Air Lease      
4.625% 10/1/28       769,000        772,055
5.10% 3/1/29       556,000        569,702
5.20% 7/15/31        80,000         81,820
Apollo Debt Solutions BDC 144A 6.70% 7/29/31 #      410,000        422,563
Aviation Capital Group      
144A 3.50% 11/1/27 #    1,605,000      1,548,958
144A 5.375% 7/15/29 #      445,000        454,794
Blue Owl Credit Income 144A 5.80% 3/15/30 #    1,020,000     1,010,616
      7,045,205
Financials — 0.04%
KeyBank 5.00% 1/26/33       710,000       703,811
        703,811
Healthcare — 0.00%
Humana 5.75% 3/1/28        85,000        88,669
         88,669
Industrials — 0.58%
AerCap Holdings 5.875% 10/10/79 μ   10,000,000     10,005,508
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡    4,873,000       706,585
     10,712,093
Information Technology — 0.18%
NCR Voyix      
144A 5.00% 10/1/28 #      810,000        795,714
144A 5.125% 4/15/29 #    2,244,000      2,197,826
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Information Technology (continued)
Workday      
3.50% 4/1/27        55,000 $       54,146
3.70% 4/1/29       110,000        107,468
3.80% 4/1/32       110,000       104,463
      3,259,617
Insurance — 0.75%
AIA Group      
144A 3.20% 9/16/40 #    1,432,000      1,125,242
144A 3.375% 4/7/30 #    1,960,000      1,864,281
Aon 5.00% 9/12/32     1,605,000      1,647,045
Aon North America      
5.30% 3/1/31       295,000        307,912
5.75% 3/1/54       115,000        121,923
Athene Holding      
3.45% 5/15/52       985,000        676,395
3.95% 5/25/51       440,000        338,687
Berkshire Hathaway Finance 3.85% 3/15/52       293,000        247,622
Elevance Health      
5.15% 6/15/29       170,000        176,443
5.375% 6/15/34     1,180,000      1,240,886
Marsh & McLennan 5.70% 9/15/53       975,000      1,049,164
New York Life Global Funding 144A 5.45% 9/18/26 #      710,000        730,130
UnitedHealth Group      
4.50% 4/15/33     1,166,000      1,171,591
4.90% 4/15/31     1,340,000      1,386,649
5.375% 4/15/54     1,278,000      1,329,549
5.50% 7/15/44       500,000       529,463
     13,942,982
Natural Gas — 0.10%
Atmos Energy 2.85% 2/15/52       385,000        259,453
Engie      
144A 5.25% 4/10/29 #      330,000        341,631
144A 5.625% 4/10/34 #      310,000        325,918
Sempra 6.40% 10/1/54 μ      905,000       908,966
      1,835,968
Real Estate Investment Trusts — 0.09%
CIBANCO Institucion de Banca Multiple Trust 144A 4.375% 7/22/31 #    1,000,000        828,994
Extra Space Storage 5.40% 2/1/34       725,000       749,266
      1,578,260
Technology — 0.65%
Apple      
1.40% 8/5/28       365,000        334,961
2.40% 8/20/50     3,122,000      2,068,977
 
6    

 

Table of Contents
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Technology (continued)
Broadcom      
144A 3.469% 4/15/34 #    1,970,000 $    1,774,750
5.05% 7/12/29       415,000        427,647
5.15% 11/15/31       260,000        269,928
CDW 3.276% 12/1/28     1,035,000        981,009
Entegris 144A 4.75% 4/15/29 #      385,000        379,745
Oracle      
3.60% 4/1/50       665,000        506,706
4.20% 9/27/29       290,000        289,607
4.65% 5/6/30       810,000        826,378
5.375% 9/27/54       290,000        290,038
Roper Technologies 4.90% 10/15/34       910,000        916,730
Tencent Holdings 144A 3.24% 6/3/50 #    3,910,000     2,874,952
     11,941,428
Transportation — 0.04%
Burlington Northern Santa Fe 2.875% 6/15/52       835,000        576,651
ERAC USA Finance 144A 4.90% 5/1/33 #      255,000       260,077
        836,728
Utilities — 0.15%
Vistra 144A 8.00% 10/15/26 #, μ, ψ    2,600,000     2,725,822
      2,725,822
Total Corporate Bonds
(cost $262,225,106)
  266,028,111
 
Government Agency Obligation — 0.13%
Petroleos Mexicanos 6.70% 2/16/32    2,595,000     2,328,223
Total Government Agency Obligation
(cost $2,604,811)
    2,328,223
 
Non-Agency Asset-Backed Securities — 0.04%
Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29      800,000       817,324
Total Non-Agency Asset-Backed Securities
(cost $799,993)
      817,324
 
Non-Agency Collateralized Mortgage Obligations — 0.45%
COLT Mortgage Loan Trust Series 2021-3 B1 144A 3.059% 9/27/66 #, •    2,000,000      1,374,753
Connecticut Avenue Securities Trust Series 2023-R08 1M1 144A 6.78% (SOFR + 1.50%) 10/25/43 #, •    1,221,819      1,225,305
    Principal
amount°
Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
CSMC Trust Series 2020-NQM1 B1 144A 4.462% 5/25/65 #, •    4,968,250 $    4,572,910
Verus Securitization Trust Series 2019-INV2 B1 144A 4.452% 7/25/59 #, •    1,097,000     1,070,867
Total Non-Agency Collateralized Mortgage Obligations
(cost $9,490,907)
    8,243,835
 
Non-Agency Commercial Mortgage-Backed Securities — 1.09%
BANK Series 2020-BN25 A5 2.649% 1/15/63    2,163,000      1,956,773
BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53    1,250,000      1,097,524
Benchmark Mortgage Trust      
Series 2018-B1 A5 3.666% 1/15/51 •    2,000,000      1,945,232
Series 2020-B20 A5 2.034% 10/15/53    2,000,000      1,683,241
Series 2021-B24 A5 2.584% 3/15/54    2,250,000      1,957,291
Series 2021-B25 A5 2.577% 4/15/54    4,000,000      3,427,875
Series 2022-B35 A5 4.592% 5/15/55 •    2,000,000      1,932,468
Citigroup Commercial Mortgage Trust Series 2020-555 A 144A 2.647% 12/10/41 #    2,000,000      1,765,232
Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 #    2,225,000      1,926,229
GS Mortgage Securities Trust Series 2020-GC47 A5 2.377% 5/12/53    2,813,000     2,500,324
Total Non-Agency Commercial Mortgage-Backed Securities
(cost $20,184,678)
   20,192,189
 
Loan Agreements — 1.57%
Consumer Discretionary — 0.57%
PetSmart 8.695% (SOFR01M + 3.85%) 2/11/28 •    4,200,126      4,170,498
Staples 10.689% (SOFR03M + 5.75%) 9/4/29 •    7,000,000     6,378,750
     10,549,248
Financials — 0.30%
Ardonagh Group Finco Pty Tranche B TBD 2/17/31 X    5,500,000     5,512,034
      5,512,034
    7

 

Table of Contents
Consolidated schedules of investments
Delaware Ivy Asset Strategy Fund   
    Principal
amount°
Value (US $)
Loan Agreements (continued)
Healthcare — 0.44%
Heartland Dental 9.345% (SOFR01M + 4.50%) 4/28/28 •    8,318,200 $    8,184,918
      8,184,918
Industrials — 0.22%
White Cap Buyer Tranche C 8.095% (SOFR01M + 3.25%) 10/19/29 •    3,987,031     3,960,525
      3,960,525
Information Technology — 0.04%
MLN US HoldCo 1st Lien 12.079% (SOFR03M + 6.80%) 10/18/27 •    7,567,274       794,564
        794,564
Total Loan Agreements
(cost $35,788,975)
   29,001,289
 
US Treasury Obligations — 0.75%
US Treasury Bond
4.25% 8/15/54
     210,000        214,462
US Treasury Notes      
3.375% 9/30/29    4,645,000      4,631,392
3.50% 9/30/31      745,000        743,661
3.875% 8/15/34    3,450,000      3,474,527
4.00% 8/31/26      550,000        550,838
4.375% 7/15/27    3,805,000      3,885,113
4.625% 5/31/31      325,000       343,491
Total US Treasury Obligations
(cost $13,766,144)
   13,843,484
    Number of
shares
 
Common Stocks — 66.71%
Communication Services — 6.92%
Alphabet Class A      252,850    41,935,172
Deutsche Telekom      800,337    23,510,723
Meta Platforms Class A       36,885     21,114,449
Netflix †       29,009    20,575,213
New Cotai =, †, π    1,819,823     1,967,901
Sea ADR †      198,411    18,706,189
    127,809,647
Consumer Discretionary — 6.73%
Amazon.com †      218,495    40,712,173
DraftKings Class A †      203,331     7,970,575
Ferrari       43,455    20,301,701
Home Depot       68,945    27,936,514
LVMH Moet Hennessy Louis Vuitton       30,184    23,133,132
    Number of
shares
Value (US $)
Common Stocks (continued)
Consumer Discretionary (continued)
Media Group Holdings Series H <<, =, †      640,301 $    1,470,067
Media Group Holdings Series T <<, =, †       80,253              0
Studio City International Holdings †, π      184,458      1,383,435
Studio City International Holdings ADR †      163,034     1,222,755
    124,130,352
Consumer Staples — 4.22%
BJ's Wholesale Club Holdings †      197,988     16,330,050
Casey's General Stores       53,784     20,207,187
Coca-Cola      278,720     20,028,819
Procter & Gamble      122,616    21,237,091
     77,803,147
Energy — 1.08%
Canadian Natural Resources      297,387      9,876,222
ConocoPhillips       94,788     9,979,281
     19,855,503
Financials — 10.79%
Adyen 144A #, †        9,283     14,493,587
Aon Class A       40,498     14,011,903
Blue Owl Capital      915,741     17,728,746
BNP Paribas      264,691     18,135,140
Discover Financial Services      111,460     15,636,723
HDFC Bank    1,130,874     23,373,521
Intercontinental Exchange      138,373     22,228,239
KB Financial Group      244,689     15,137,524
Mastercard Class A       58,171     28,724,840
Mitsubishi UFJ Financial Group    1,673,300     16,922,189
Morgan Stanley      122,416    12,760,644
    199,153,056
Healthcare — 8.60%
AstraZeneca      102,286     15,846,737
Danaher       57,132     15,883,839
Eli Lilly & Co.       31,039     27,498,692
Genmab †       55,478     13,420,994
Hoya      184,100     25,342,971
Thermo Fisher Scientific       24,223     14,983,621
UnitedHealth Group       44,434     25,979,671
Vertex Pharmaceuticals †       42,580    19,803,106
    158,759,631
Industrials — 8.49%
Airbus      136,802     19,982,332
CSX      536,824     18,536,533
Epiroc Class A      439,249      9,493,558
Howmet Aerospace      224,167     22,472,742
 
8    

 

Table of Contents
    Number of
shares
Value (US $)
Common Stocks (continued)
Industrials (continued)
Ingersoll Rand      210,978 $   20,709,600
ITOCHU      314,700     16,811,735
Siemens       88,000     17,763,559
Thales       91,597     14,534,569
Vinci      140,277    16,387,874
    156,692,502
Information Technology — 17.02%
Apple      169,283     39,442,939
CDW       64,339     14,559,916
KLA       30,463     23,590,852
Lam Research       16,971     13,849,694
Microchip Technology      214,723     17,240,109
Microsoft      159,681     68,710,734
NVIDIA      413,652     50,233,899
Salesforce       97,219     26,609,812
SAP      105,109     23,915,226
Taiwan Semiconductor Manufacturing    1,192,550    36,063,083
    314,216,264
Materials — 1.76%
Mondi      660,692     12,551,866
Sherwin-Williams       52,442    20,015,538
     32,567,404
Utilities — 1.10%
NTPC    3,843,667    20,328,017
     20,328,017
Total Common Stocks
(cost $1,412,093,594)
1,231,315,523
 
Preferred Stock — 0.41%
Energy — 0.41%      
Petroleo Brasileiro 12.88% ω    1,142,502     7,566,766
Total Preferred Stock
(cost $6,938,173)
    7,566,766
 
Exchange-Traded Funds — 1.50%
iShares Core MSCI Europe ETF      111,448      6,790,527
Vanguard S&P 500 ETF       39,608    20,899,953
Total Exchange-Traded Funds
(cost $26,193,299)
   27,690,480
    
    Principal
amount°
Value (US $)
Municipal Bond — 0.05%
GDB Debt Recovery Authority of Puerto Rico Revenue 7.50% 8/20/40    1,002,095 $      977,043
Total Municipal Bond
(cost $951,243)
      977,043
    Troy
Ounces
 
Bullion — 4.68%
Gold       32,846    86,416,486
Total Bullion
(cost $38,406,159)
   86,416,486
    Number of
shares
 
Short-Term Investments — 3.19%
Money Market Mutual Funds — 3.19%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)   14,723,594     14,723,594
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   14,723,594     14,723,594
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)   14,723,594     14,723,594
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   14,723,594    14,723,594
Total Short-Term Investments
(cost $58,894,376)
   58,894,376
Total Value of Securities—100.12%
(cost $1,979,556,477)
    $1,848,022,729
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
Σ 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.
    9

 

Table of Contents
Consolidated schedules of investments
Delaware Ivy Asset Strategy 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.”
Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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 September 30, 2024, the aggregate value of Rule 144A securities was $145,458,238, which represents 7.88% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
>> PIK. 100% of the income received was in the form of principal.
π Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2024, the aggregate value of restricted securities was $9,287,421, which represented 0.50% of the Fund’s net assets. See Note 9 in "Notes to financial statements" and table on the next column for additional details on restricted securities.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 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.
X This loan will settle after September 30, 2024, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
Non-income producing security.
<< Affiliated company. See Note 2 in “Notes to financial statements.”
ω Perpetual security with no stated maturity date.
Restricted Securities            
Investments   Date of Acquisition   Cost   Value
New Cotai PIK   2/7/22   $2,155,898   $5,936,085
New Cotai   9/29/20   12,323,960   1,967,901
Studio City International Holdings   2/7/22   554,462   1,383,435
Total       $15,034,320   $9,287,421
 
The following futures contracts and swap contracts were outstanding at September 30, 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
(30) US Treasury 10 yr Notes   $(3,428,438)   $(3,438,206)   12/19/24   $9,768   $   $13,594
(95) US Treasury 10 yr Ultra Notes   (11,238,204)   (11,244,644)   12/19/24   6,440     48,984
87 US Treasury Long Bonds   10,804,313   10,857,327   12/19/24     (53,014)   (59,813)
(63) US Treasury Ultra Bonds   (8,384,906)   (8,440,848)   12/19/24   55,942     49,219
Total Futures Contracts   $(12,266,371)       $72,150   $(53,014)   $51,984
10    

 

Table of Contents
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.425
6/20/29-Quarterly
   1,620,000   5.000%   $(125,606)   $(115,190)   $(10,416)   $220
    $(125,606)   $(115,190)   $(10,416)   $220
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 net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.
1 See Note 7 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 $2,475.
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
BDC – Business Development Company
CDX.NA.HY – Credit Default Swap Index North America High Yield
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
ETF – Exchange-Traded Fund
GNMA – Government National Mortgage Association
Summary of abbreviations:  (continued)
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
PIK – Payment-in-kind
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TBD – To be determined
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.
 
    11

 

Table of Contents
Schedules of investments
Delaware Ivy Balanced Fund  
September 30, 2024 (Unaudited)
    Principal
amount°
Value (US $)
Agency Collateralized Mortgage Obligations — 0.91%
Fannie Mae REMICs      
Series 2016-36 VB 3.50% 6/25/29     2,866,597 $    2,840,482
Series 2016-71 NB 3.00% 10/25/46     4,129,473      3,899,059
Freddie Mac REMICs Series 4616 HW 3.00% 6/15/45    2,299,708      2,237,602
Freddie Mac Structured Agency
Credit Risk REMIC Trust
     
Series 2021-HQA2 M2 144A 7.33% (SOFR + 2.05%) 12/25/33 #, •    4,145,387      4,227,979
Series 2023-HQA3 A1 144A 7.13% (SOFR + 1.85%) 11/25/43 #, •    1,050,468     1,061,718
Total Agency Collateralized Mortgage Obligations
(cost $14,639,912)
   14,266,840
 
Agency Mortgage-Backed Securities — 9.70%
Fannie Mae S.F. 15 yr      
2.00% 8/1/36     2,535,463      2,331,256
2.50% 8/1/36     2,214,662      2,078,944
3.00% 11/1/33       725,561        704,471
Fannie Mae S.F. 20 yr
2.00% 5/1/41
   2,016,767      1,762,902
Fannie Mae S.F. 30 yr      
2.00% 6/1/50       669,280        558,390
2.00% 3/1/51     1,874,170      1,552,319
2.00% 9/1/51     4,675,019      3,875,005
2.50% 8/1/50     1,685,189      1,485,648
2.50% 11/1/51       583,746        509,837
2.50% 1/1/52       162,326        141,155
2.50% 2/1/52     1,371,529      1,196,628
2.50% 4/1/52     1,915,184      1,664,576
3.00% 12/1/51     3,149,729      2,876,719
3.00% 5/1/52     2,347,902      2,121,386
3.00% 6/1/52     1,882,928      1,701,970
3.50% 7/1/50     5,251,876      4,971,268
3.50% 8/1/51     3,628,818      3,403,139
3.50% 6/1/52     5,460,772      5,139,118
3.50% 9/1/52     4,744,505      4,473,698
4.00% 6/1/52     1,312,759      1,260,617
4.00% 9/1/52       408,445        392,406
4.50% 5/1/49     1,608,213      1,595,166
4.50% 1/1/50     1,845,086      1,861,452
4.50% 10/1/52     7,928,142      7,797,040
4.50% 2/1/53     1,543,775      1,518,246
5.00% 8/1/53     2,406,830      2,433,387
5.50% 10/1/52     3,761,808      3,826,850
    Principal
amount°
Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr      
5.50% 11/1/52     1,645,083 $    1,679,813
6.00% 5/1/53     1,040,872      1,073,359
6.00% 6/1/53       247,990        253,933
6.00% 9/1/53     5,678,399      5,804,677
Freddie Mac S.F. 20 yr      
2.00% 3/1/41     7,261,885      6,341,944
2.50% 2/1/42     2,990,288      2,684,000
2.50% 3/1/42     1,019,248        914,150
3.00% 3/1/37     1,770,035      1,680,405
Freddie Mac S.F. 30 yr      
2.00% 2/1/52     4,004,233      3,312,189
2.00% 3/1/52     2,902,258      2,402,711
2.50% 11/1/50       340,886        299,064
2.50% 12/1/51     1,583,272      1,386,914
2.50% 1/1/52    10,174,191      8,892,726
2.50% 5/1/52       240,993        208,421
3.00% 8/1/51       305,605        277,279
3.00% 1/1/52     7,369,492      6,627,093
3.50% 4/1/52       357,561        335,024
4.00% 9/1/49       972,306        950,586
4.00% 8/1/52     6,024,023      5,816,019
4.00% 9/1/52     2,279,874      2,192,936
4.50% 9/1/52     2,964,149      2,919,286
4.50% 10/1/52     4,402,872      4,328,105
4.50% 11/1/52       425,893        418,809
5.00% 7/1/52     1,443,356      1,471,342
5.00% 9/1/52     2,621,389      2,659,011
5.00% 6/1/53     5,286,286      5,286,181
5.50% 9/1/52     1,142,351      1,173,113
5.50% 11/1/52       890,368        907,462
5.50% 2/1/53     1,732,209      1,767,481
5.50% 3/1/53     1,964,162      2,017,051
5.50% 6/1/53       437,052        442,257
5.50% 9/1/53     4,592,379      4,688,327
GNMA II S.F. 30 yr      
3.00% 12/20/51     1,484,960      1,354,468
3.00% 1/20/52     1,467,789      1,338,699
5.00% 9/20/52     1,423,184      1,427,670
5.50% 5/20/53     3,010,565      3,042,372
5.50% 2/20/54     1,388,862     1,410,646
Total Agency Mortgage-Backed Securities
(cost $153,921,881)
  153,019,116
    
    12

 

Table of Contents
    Principalamount° Value (US $)
Corporate Bonds — 10.87%
Banking — 2.54%
Bank of America      
2.482% 9/21/36 μ    1,370,000 $    1,156,454
5.468% 1/23/35 μ      450,000        473,395
5.819% 9/15/29 μ    1,001,000      1,053,720
6.204% 11/10/28 μ    2,555,000      2,697,579
Bank of Montreal 7.70% 5/26/84 μ      625,000        661,114
Bank of New York Mellon 4.70% 9/20/25 μ, ψ    1,675,000      1,666,127
Barclays      
6.224% 5/9/34 μ      406,000        437,571
7.385% 11/2/28 μ      443,000        478,568
Citibank      
5.438% 4/30/26       370,000        377,334
5.57% 4/30/34     1,195,000      1,275,354
Citigroup 7.00% 8/15/34 μ, ψ      325,000        348,598
Citizens Bank 6.064% 10/24/25 μ    2,585,000      2,585,006
Credit Agricole      
144A 5.301% 7/12/28 #      435,000        450,083
144A 6.316% 10/3/29 #, μ      920,000        978,617
Deutsche Bank      
3.729% 1/14/32 μ      718,000        644,571
6.72% 1/18/29 μ    1,232,000      1,304,525
6.819% 11/20/29 μ      852,000        917,348
7.146% 7/13/27 μ      420,000        437,285
Fifth Third Bancorp 6.361% 10/27/28 μ      170,000        179,106
Fifth Third Bank 5.852% 10/27/25 μ    1,430,000      1,430,510
Goldman Sachs Group      
5.727% 4/25/30 μ      440,000        462,516
5.851% 4/25/35 μ      515,000        553,582
6.125% 11/10/34 μ, ψ      410,000        412,802
6.484% 10/24/29 μ    2,095,000      2,256,433
Huntington Bancshares 6.208% 8/21/29 μ      645,000        682,520
Huntington National Bank 4.552% 5/17/28 μ      250,000        250,252
JPMorgan Chase & Co.      
5.012% 1/23/30 μ      520,000        533,429
5.571% 4/22/28 μ      575,000        592,941
6.254% 10/23/34 μ      249,000        277,033
KeyBank 5.85% 11/15/27       479,000        496,787
Lloyds Banking Group 5.721% 6/5/30 μ      340,000        356,408
    Principalamount° Value (US $)
Corporate Bonds (continued)
Banking (continued)
Morgan Stanley      
2.484% 9/16/36 μ      790,000 $      661,280
5.831% 4/19/35 μ      959,000      1,030,485
6.138% 10/16/26 μ    1,085,000      1,102,298
6.296% 10/18/28 μ      728,000        769,817
6.407% 11/1/29 μ      633,000        680,370
6.627% 11/1/34 μ      575,000        650,625
PNC Financial Services Group 6.875% 10/20/34 μ    1,860,000      2,130,533
Popular 7.25% 3/13/28       375,000        396,255
Regions Financial 5.502% 9/6/35 μ      510,000        519,189
State Street 4.993% 3/18/27       680,000        696,165
SVB Financial Group 4.57% 4/29/33 ‡    1,413,000        827,912
UBS Group      
144A 5.699% 2/8/35 #, μ      250,000        263,992
144A 6.85% 9/10/29 #, μ, ψ    1,060,000      1,075,271
US Bancorp      
3.10% 4/27/26     1,320,000      1,296,560
4.653% 2/1/29 μ      508,000        513,034
5.384% 1/23/30 μ      200,000        207,748
5.678% 1/23/35 μ      450,000        477,189
6.787% 10/26/27 μ      255,000       267,826
     39,994,117
Basic Industry — 0.26%
Cleveland-Cliffs 144A 7.00% 3/15/32 #    1,020,000      1,032,485
FMG Resources August 2006 144A 5.875% 4/15/30 #    1,045,000      1,059,424
Freeport-McMoRan 5.45% 3/15/43       715,000        718,761
LYB International Finance III      
3.625% 4/1/51       510,000        380,451
5.50% 3/1/34       895,000       931,580
      4,122,701
Brokerage — 0.10%
Jefferies Financial Group 5.875% 7/21/28     1,472,000     1,535,989
      1,535,989
Capital Goods — 0.53%
Amphenol 5.05% 4/5/27       300,000        307,168
Boeing      
2.196% 2/4/26     1,265,000      1,218,656
144A 6.858% 5/1/54 #    1,810,000      1,987,988
Bombardier 144A 7.25% 7/1/31 #    1,000,000      1,058,435
Northrop Grumman 5.20% 6/1/54       810,000        825,549
    13

 

Table of Contents
Schedules of investments
Delaware Ivy Balanced Fund   
    Principalamount° Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Resideo Funding 144A 6.50% 7/15/32 #    1,030,000 $    1,058,595
Standard Industries 144A 4.375% 7/15/30 #      883,000        836,406
TransDigm 144A 6.875% 12/15/30 #    1,010,000     1,058,597
      8,351,394
Communications — 1.46%
American Tower      
2.30% 9/15/31     1,765,000      1,519,595
5.20% 2/15/29       400,000        413,262
5.45% 2/15/34       350,000        366,067
AT&T 3.50% 9/15/53     1,500,000      1,102,898
CCO Holdings 144A 4.25% 1/15/34 #    1,730,000      1,420,581
Charter Communications Operating 3.85% 4/1/61     2,635,000      1,617,432
Frontier Communications Holdings 144A 5.00% 5/1/28 #      475,000        471,077
Meta Platforms      
4.30% 8/15/29       335,000        340,243
4.55% 8/15/31       140,000        143,178
4.75% 8/15/34       300,000        306,326
5.40% 8/15/54     2,600,000      2,725,943
Midcontinent Communications 144A 8.00% 8/15/32 #    1,055,000      1,075,116
Netflix 4.90% 8/15/34     2,600,000      2,690,317
Rogers Communications      
5.00% 2/15/29       745,000        760,489
5.30% 2/15/34       830,000        844,720
Sirius XM Radio 144A 4.125% 7/1/30 #    1,190,000      1,080,011
Sprint Capital 6.875% 11/15/28       780,000        852,230
T-Mobile USA      
3.875% 4/15/30     4,425,000      4,304,337
5.75% 1/15/34       270,000        290,059
Verizon Communications 2.875% 11/20/50     1,135,000       770,500
     23,094,381
Consumer Cyclical — 0.57%
Caesars Entertainment 144A 6.50% 2/15/32 #    1,005,000      1,040,214
Carnival 144A 4.00% 8/1/28 #      455,000        439,743
Ford Motor Credit      
5.80% 3/8/29       430,000        437,233
6.125% 3/8/34       325,000        329,179
6.798% 11/7/28       200,000        211,238
6.80% 5/12/28       585,000        613,140
6.95% 6/10/26       425,000        437,707
    Principalamount° Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
General Motors      
5.40% 4/1/48       148,000 $      136,167
5.95% 4/1/49       174,000        172,610
General Motors Financial      
5.60% 6/18/31       225,000        231,146
5.95% 4/4/34       864,000        894,525
Home Depot      
4.85% 6/25/31       175,000        181,459
4.875% 6/25/27       205,000        210,366
4.95% 6/25/34       525,000        546,010
Hyundai Capital America      
144A 5.275% 6/24/27 #      295,000        301,709
144A 5.40% 6/24/31 #      315,000        326,837
Uber Technologies 5.35% 9/15/54       355,000        352,311
VICI Properties 4.95% 2/15/30     2,075,000     2,089,004
      8,950,598
Consumer Non-Cyclical — 0.40%
AbbVie 5.35% 3/15/44       295,000        311,417
Bunge Limited Finance 4.20% 9/17/29       665,000        663,499
HCA      
5.45% 4/1/31       390,000        406,472
6.00% 4/1/54       545,000        576,252
Merck & Co. 2.75% 12/10/51     3,750,000      2,538,300
Royalty Pharma 5.90% 9/2/54     1,834,000     1,901,345
      6,397,285
Electric — 1.22%
AEP Texas 5.40% 6/1/33       220,000        226,128
Appalachian Power 4.50% 8/1/32     1,195,000      1,179,658
Commonwealth Edison 2.20% 3/1/30     2,070,000      1,869,188
Constellation Energy Generation 5.75% 3/15/54       680,000        720,129
Dominion Energy 6.875% 2/1/55 μ      500,000        531,163
DTE Energy 5.10% 3/1/29       565,000        582,033
Duke Energy 6.45% 9/1/54 μ      300,000        312,240
Duke Energy Carolinas 4.95% 1/15/33     1,345,000      1,387,261
Entergy      
2.80% 6/15/30     1,765,000      1,613,540
3.75% 6/15/50       700,000        535,996
Fells Point Funding Trust 144A 3.046% 1/31/27 #    1,185,000      1,148,044
Florida Power & Light 3.15% 10/1/49     2,575,000      1,894,484
 
14    

 

Table of Contents
    Principalamount° Value (US $)
Corporate Bonds (continued)
Electric (continued)
NextEra Energy Capital
Holdings
     
5.55% 3/15/54     1,270,000 $    1,328,074
5.749% 9/1/25     1,370,000      1,384,254
Oglethorpe Power      
5.05% 10/1/48     1,584,000      1,504,761
6.20% 12/1/53       145,000        158,882
PacifiCorp      
5.10% 2/15/29       145,000        149,873
5.45% 2/15/34       245,000        254,739
5.80% 1/15/55       225,000        236,273
Southern California Edison 5.20% 6/1/34       540,000        560,066
Vistra Operations      
144A 6.00% 4/15/34 #      250,000        267,363
144A 6.95% 10/15/33 #    1,310,000     1,477,950
     19,322,099
Energy — 1.19%
BP Capital Markets 4.875% 3/22/30 μ, ψ      785,000        778,938
BP Capital Markets America      
4.812% 2/13/33       305,000        309,201
5.227% 11/17/34       385,000        400,992
Cheniere Energy Partners      
4.50% 10/1/29       680,000        671,127
144A 5.75% 8/15/34 #      291,000        303,380
Diamondback Energy      
5.20% 4/18/27       280,000        285,833
5.40% 4/18/34       626,000        639,335
5.75% 4/18/54       831,000        837,965
Enbridge      
5.25% 4/5/27       275,000        281,622
5.70% 3/8/33       880,000        927,891
5.75% 7/15/80 μ      220,000        216,253
Energy Transfer      
5.95% 5/15/54       440,000        450,673
6.10% 12/1/28     1,070,000      1,138,869
6.25% 4/15/49       985,000      1,036,384
6.50% 11/15/26 μ, ψ      950,000        950,102
Eni      
144A 5.50% 5/15/34 #      405,000        419,713
144A 5.95% 5/15/54 #      430,000        443,163
Enterprise Products Operating      
3.30% 2/15/53     1,025,000        733,464
4.95% 2/15/35       360,000        365,733
5.55% 2/16/55       345,000        356,652
Hilcorp Energy I 144A 6.25% 4/15/32 #    1,055,000      1,027,758
    Principalamount° Value (US $)
Corporate Bonds (continued)
Energy (continued)
Kinder Morgan      
5.00% 2/1/29       210,000 $      214,578
5.20% 6/1/33       155,000        156,974
Occidental Petroleum      
5.375% 1/1/32       300,000        304,367
5.55% 10/1/34     1,570,000      1,595,033
6.05% 10/1/54       200,000        203,214
6.125% 1/1/31       766,000        808,833
Targa Resources Partners 5.00% 1/15/28     2,335,000      2,336,327
TotalEnergies Capital 5.488% 4/5/54       495,000       511,930
     18,706,304
Finance Companies — 0.66%
AerCap Ireland Capital DAC      
4.95% 9/10/34       600,000        596,995
5.10% 1/19/29       400,000        408,992
6.50% 7/15/25     2,605,000      2,632,142
Air Lease      
4.625% 10/1/28       608,000        610,415
5.10% 3/1/29       439,000        449,819
American Tower Trust #1 144A 3.652% 3/15/48 #    2,000,000      1,942,895
Apollo Debt Solutions BDC 144A 6.70% 7/29/31 #      470,000        484,402
Aviation Capital Group      
144A 3.50% 11/1/27 #    1,635,000      1,577,911
144A 5.375% 7/15/29 #      515,000        526,335
Blue Owl Credit Income 144A 5.80% 3/15/30 #    1,190,000     1,179,052
     10,408,958
Insurance — 0.69%
Aon 5.00% 9/12/32     2,080,000      2,134,489
Aon North America      
5.30% 3/1/31       430,000        448,820
5.75% 3/1/54       150,000        159,030
Athene Global Funding 144A 1.985% 8/19/28 #      170,000        154,446
Athene Holding      
3.45% 5/15/52     1,275,000        875,537
3.95% 5/25/51       565,000        434,905
Elevance Health      
5.15% 6/15/29       515,000        534,519
5.375% 6/15/34       805,000        846,536
Northwestern Mutual Life Insurance 144A 3.85% 9/30/47 #    5,000,000      4,030,856
    15

 

Table of Contents
Schedules of investments
Delaware Ivy Balanced Fund   
    Principalamount° Value (US $)
Corporate Bonds (continued)
Insurance (continued)
UnitedHealth Group      
4.90% 4/15/31       600,000 $      620,888
5.50% 7/15/44       580,000       614,177
     10,854,203
Natural Gas — 0.14%
Atmos Energy 2.85% 2/15/52       495,000        333,583
Engie      
144A 5.25% 4/10/29 #      405,000        419,275
144A 5.625% 4/10/34 #      385,000        404,768
Sempra 6.40% 10/1/54 μ    1,055,000     1,059,623
      2,217,249
Real Estate Investment Trusts — 0.24%
Extra Space Storage 2.35% 3/15/32     4,400,000     3,716,007
      3,716,007
Technology — 0.87%
Amentum Escrow 144A 7.25% 8/1/32 #    1,025,000      1,070,662
Apple 2.70% 8/5/51       430,000        296,471
Broadcom      
144A 3.469% 4/15/34 #    1,450,000      1,306,288
5.05% 7/12/29       480,000        494,628
5.15% 11/15/31       300,000        311,456
CDW 3.276% 12/1/28       325,000        308,046
CoStar Group 144A 2.80% 7/15/30 #    2,650,000      2,388,251
Entegris 144A 4.75% 4/15/29 #      535,000        527,697
Oracle      
3.60% 4/1/50     2,136,000      1,627,554
4.20% 9/27/29       335,000        334,546
4.65% 5/6/30       205,000        209,145
5.375% 9/27/54       335,000        335,043
Roper Technologies 4.90% 10/15/34       450,000        453,328
TSMC Global 144A 1.75% 4/23/28 #    4,400,000     4,045,681
     13,708,796
Total Corporate Bonds
(cost $172,292,364)
  171,380,081
 
Non-Agency Asset-Backed Securities — 1.13%
Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29    1,500,000      1,532,482
Frontier Issuer Series 2024-1 A2 144A 6.19% 6/20/54 #      500,000        520,790
    Principalamount° Value (US $)
Non-Agency Asset-Backed Securities (continued)
GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 #    2,500,000 $    2,559,078
Hyundai Auto Lease Securitization Trust Series 2024-C A3 144A 4.62% 4/17/28 #    1,300,000      1,313,387
Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 #    3,000,000      3,057,674
Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 #    1,500,000      1,509,735
Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29    2,000,000      2,044,974
Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30    2,700,000      2,775,418
Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27    2,500,000     2,542,648
Total Non-Agency Asset-Backed Securities
(cost $17,498,362)
   17,856,186
 
Non-Agency Collateralized Mortgage Obligations — 0.55%
Connecticut Avenue Securities
Trust
     
Series 2022-R01 1M2 144A 7.18% (SOFR + 1.90%) 12/25/41 #, •    1,750,000      1,770,964
Series 2023-R08 1M1 144A 6.78% (SOFR + 1.50%) 10/25/43 #, •    3,512,730      3,522,752
PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, φ    3,407,905     3,345,348
Total Non-Agency Collateralized Mortgage Obligations
(cost $8,480,506)
    8,639,064
 
Non-Agency Commercial Mortgage-Backed Securities — 2.95%
BANK      
Series 2021-BN32 A5 2.643% 4/15/54     7,060,000      6,297,828
Series 2021-BN36 A5 2.47% 9/15/64    10,096,000      8,856,945
Series 2022-BNK39 B 3.347% 2/15/55 •      588,000        505,263
Series 2022-BNK39 C 3.378% 2/15/55 •      432,000        347,462
 
16    

 

Table of Contents
    Principalamount° Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
BANK      
Series 2022-BNK40 A4 3.506% 3/15/64 •    8,150,000 $    7,571,598
Series 2022-BNK40 B 3.506% 3/15/64 •    1,000,000        864,784
Benchmark Mortgage Trust      
Series 2022-B32 A5 3.002% 1/15/55 •    9,000,000      7,930,003
Series 2022-B32 B 3.202% 1/15/55 •      975,000        794,333
Series 2022-B32 C 3.571% 1/15/55 •    1,196,000        937,940
Series 2022-B33 A5 3.458% 3/15/55     8,100,000      7,476,238
Series 2022-B33 B 3.735% 3/15/55 •      500,000        423,209
Series 2022-B33 C 3.735% 3/15/55 •      500,000        408,640
BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 •    4,500,000     4,152,109
Total Non-Agency Commercial Mortgage-Backed Securities
(cost $52,901,341)
   46,566,352
 
Loan Agreements — 0.38%
Basic Industry — 0.02%
A-Ap Buyer TBD 9/9/31 X      350,000       352,188
        352,188
Brokerage — 0.03%
June Purchaser TBD      
9/11/31 X      450,000        448,805
9/11/31 X       75,000        74,801
        523,606
Capital Goods — 0.12%
Alliance Laundry Systems Tranche B 8.345% (SOFR01M + 3.50%) 8/9/31 •      435,000        436,398
Lightning Power Tranche B 8.346% (SOFR03M + 3.25%) 8/18/31 •      600,000        601,958
White Cap Buyer Tranche C 8.095% (SOFR01M + 3.25%) 10/19/29 •      875,000       869,183
      1,907,539
Communications — 0.03%
Midcontinent Communications 7.597% (SOFR01M + 2.50%) 8/16/31 •      470,000       472,937
        472,937
    Principalamount° Value (US $)
Loan Agreements (continued)
Financial Services — 0.04%
Dragon Buyer TBD 1/1/40 X      530,000 $      528,145
        528,145
Technology — 0.14%
Amentum Holdings TBD 7/30/31 X      700,000        698,687
BMC Software TBD 1st Lien 7/30/31 X    1,150,000      1,148,511
Instructure Holdings TBD 9/11/31 X      385,000       382,514
      2,229,712
Total Loan Agreements
(cost $5,992,436)
    6,014,127
 
US Treasury Obligations — 6.21%
US Treasury Bonds      
3.875% 2/15/43   15,565,000     15,020,225
4.25% 2/15/54    3,480,000      3,547,425
4.25% 8/15/54      255,000        260,419
4.625% 5/15/44    2,810,000      2,979,039
4.625% 5/15/54    2,475,000      2,685,182
US Treasury Floating Rate
Notes
     
4.702% (USBMMY3M + 0.15%) 4/30/26 •    2,055,000      2,052,512
4.734% (USBMMY3M + 0.18%) 7/31/26 •    9,625,000      9,614,057
US Treasury Notes      
3.375% 9/30/29   12,615,000     12,578,042
3.875% 8/15/34    3,670,000      3,696,092
4.00% 8/31/26      115,000        115,175
4.00% 7/31/29   10,930,000     11,139,634
4.125% 3/31/29    4,020,000      4,112,020
4.375% 7/15/27    5,180,000      5,289,063
4.375% 5/15/34   22,430,000     23,497,177
4.625% 5/31/31    1,255,000     1,326,403
Total US Treasury Obligations
(cost $96,467,670)
   97,912,465
    Number of
shares
 
Common Stocks — 60.10%
Communication Services — 5.28%
Alphabet Class A       164,149     27,224,112
Alphabet Class C       110,355    18,450,252
AT&T       684,488    15,058,736
Meta Platforms Class A        39,425    22,568,447
     83,301,547
Consumer Discretionary — 4.43%
Amazon.com †      180,569    33,645,422
    17

 

Table of Contents
Schedules of investments
Delaware Ivy Balanced Fund   
    Number of
shares
Value (US $)
Common Stocks (continued)
Consumer Discretionary (continued)
AutoZone †        5,630 $   17,734,725
Home Depot        45,451    18,416,745
     69,796,892
Consumer Staples — 2.41%
Costco Wholesale        27,994     24,817,241
Procter & Gamble        75,753    13,120,419
     37,937,660
Energy — 0.84%
ConocoPhillips       125,596    13,222,747
     13,222,747
Financials — 12.73%
Allstate        88,848     16,850,023
Ally Financial       127,928      4,552,957
American Express        61,729     16,740,905
Aon Class A        31,240     10,808,728
Blackstone       124,353     19,042,175
Capital One Financial       129,304     19,360,688
CME Group        56,438     12,453,045
Fiserv †      137,233     24,653,908
JPMorgan Chase & Co.        23,546      4,964,910
KKR & Co.       180,344     23,549,319
Mastercard Class A        26,020     12,848,676
Morgan Stanley       181,937     18,965,113
Progressive        63,150    16,024,944
    200,815,391
Healthcare — 7.19%
Abbott Laboratories       170,881     19,482,143
Danaher        58,244     16,192,997
HCA Healthcare        78,285     31,817,373
UnitedHealth Group        55,677     32,553,228
Vertex Pharmaceuticals †       28,804    13,396,164
    113,441,905
Industrials — 5.21%
Airbus ADR       263,372      9,620,979
Howmet Aerospace       241,816     24,242,054
Hubbell        22,905      9,811,357
Lockheed Martin        20,286     11,858,384
TE Connectivity       141,481     21,362,216
United Rentals         6,532     5,289,157
     82,184,147
Information Technology — 18.16%
Apple       195,795     45,620,235
Applied Materials       107,019     21,623,189
CDW        21,485      4,862,055
Microchip Technology        94,570      7,593,025
Micron Technology        76,102      7,892,538
Microsoft       164,830     70,926,350
    Number of
shares
Value (US $)
Common Stocks (continued)
Information Technology (continued)
NVIDIA       391,111 $   47,496,520
Salesforce        42,649     11,673,458
SAP ADR        31,710      7,264,761
Seagate Technology Holdings       105,318     11,535,481
Taiwan Semiconductor Manufacturing ADR       150,131     26,073,251
Zebra Technologies Class A †       64,449    23,866,754
    286,427,617
Materials — 3.10%
Crown Holdings       157,875     15,137,055
Linde        35,835     17,088,278
Sherwin-Williams        43,864    16,741,573
     48,966,906
Utilities — 0.75%
NextEra Energy       140,646    11,888,806
     11,888,806
Total Common Stocks
(cost $546,865,779)
  947,983,618
 
Exchange-Traded Fund — 2.82%
Vanguard S&P 500 ETF       84,413    44,542,208
Total Exchange-Traded Fund
(cost $42,967,355)
   44,542,208
 
Short-Term Investments — 4.29%
Money Market Mutual Funds — 4.29%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)   16,898,916     16,898,916
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   16,898,916     16,898,916
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)   16,898,916     16,898,916
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   16,898,916    16,898,916
Total Short-Term Investments
(cost $67,595,664)
   67,595,664
Total Value of Securities—99.91%
(cost $1,179,623,270)
    $1,575,775,721
    
 
18    

 

Table of Contents
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of Rule 144A securities was $65,050,496, which represents 4.12% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 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 September 30, 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.
φ Step coupon bond. Stated rate in effect at September 30, 2024 through maturity date.
X This loan will settle after September 30, 2024, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
Non-income producing security.
The following futures contracts were outstanding at September 30, 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
35 US Treasury 5 yr Notes   $3,845,898   $3,829,849   12/31/24   $16,049   $   $(12,852)
(61) US Treasury 10 yr Notes   (6,971,156)   (6,964,335)   12/19/24     (6,821)   27,641
(186) US Treasury 10 yr Ultra Notes   (22,003,220)   (22,015,828)   12/19/24   12,608     95,905
191 US Treasury Long Bonds   23,719,813   23,836,200   12/19/24     (116,387)   (131,312)
11 US Treasury Ultra Bonds   1,464,031   1,473,934   12/19/24     (9,903)   (8,594)
Total Futures Contracts   $159,820       $28,657   $(133,111)   $(29,212)
The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.
1 See Note 7 in “Notes to financial statements.”
Summary of abbreviations:
ADR – American Depositary Receipt
BDC – Business Development Company
DAC – Designated Activity Company
ETF – Exchange-Traded Fund
GNMA – Government National Mortgage Association
Summary of abbreviations:  (continued)
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
SOFR01M – Secured Overnight Financing Rate 1 Month
 
    19

 

Table of Contents
Schedules of investments
Delaware Ivy Balanced Fund   
Summary of abbreviations:  (continued)
SOFR03M – Secured Overnight Financing Rate 3 Month
TBD – To be determined
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
USD – US Dollar
yr – Year
See accompanying notes, which are an integral part of the financial statements.
20    

 

Table of Contents
Delaware Ivy Natural Resources Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Closed-Ended Trust — 2.50%
Sprott Physical Uranium Trust †      246,385 $  4,771,210
Total Closed-Ended Trust
(cost $3,242,934)
  4,771,210
       
Common Stocks — 95.78%
Aluminum — 3.62%
Alcoa        179,112   6,910,141
    6,910,141
Construction & Engineering — 2.25%
Arcosa        45,259   4,288,743
    4,288,743
Construction Materials — 4.65%
CRH        97,402   8,878,509
    8,878,509
Copper — 3.22%
ERO Copper †      275,875   6,141,888
    6,141,888
Diversified Metals & Mining — 11.72%
Anglo American       304,442   9,886,606
China Metal Recycling
Holdings =, †
  30,000,000           0
Hudbay Minerals       757,063   6,957,409
Lifezone Metals †      168,379   1,178,653
MP Materials †      246,343   4,347,954
   22,370,622
Electrical Components & Equipment — 1.35%
Sunrun †      143,159   2,585,452
    2,585,452
Fertilizers & Agricultural Chemicals — 8.57%
CF Industries Holdings       123,343  10,582,830
Nutrien       120,021   5,768,209
   16,351,039
Forest Products — 3.94%
Louisiana-Pacific        38,000   4,083,480
West Fraser Timber        35,179   3,427,511
    7,510,991
Gold — 15.08%
Endeavour Mining       283,803   6,719,713
Newmont       273,677  14,628,035
Wheaton Precious Metals       121,772   7,437,834
   28,785,582
Heavy Electrical Equipment — 0.39%
Net Power †      106,464     746,313
      746,313
Industrial Gases — 1.24%
Air Products and Chemicals         7,956   2,368,819
    2,368,819
    Number ofshares Value (US $)
Common Stocks (continued)
Integrated Oil & Gas — 7.45%
Shell       337,221 $ 10,933,055
Unit       104,099   3,284,323
   14,217,378
Oil & Gas Drilling — 1.80%
Valaris †       61,500   3,428,625
    3,428,625
Oil & Gas Equipment & Services — 4.00%
Schlumberger       182,076   7,638,088
    7,638,088
Oil & Gas Exploration & Production — 15.51%
ARC Resources       134,183   2,268,049
Chesapeake Energy        56,025   4,608,056
Chord Energy        37,255   4,851,719
Granite Ridge Resources       155,740     925,096
Kimbell Royalty Partners       370,747   5,965,319
Parex Resources       199,561   1,770,662
Permian Resources       380,629   5,180,361
Tourmaline Oil        86,783   4,030,345
   29,599,607
Oil & Gas Refining & Marketing — 1.14%
Valero Energy        16,163   2,182,490
    2,182,490
Packaged Foods & Meats — 1.87%
Bunge Global        36,969   3,572,684
    3,572,684
Paper Packaging — 1.92%
International Paper        74,970   3,662,285
    3,662,285
Paper Products — 2.09%
Sylvamo        46,373   3,981,122
    3,981,122
Renewable Electricity — 0.42%
Spruce Power Holding †      280,491     796,594
      796,594
Specialty Chemicals — 2.29%
Corteva        74,339   4,370,390
    4,370,390
Steel — 1.26%
Metallus †      162,509   2,410,008
    2,410,008
Total Common Stocks
(cost $195,432,532)
182,797,370
 
Short-Term Investments — 1.85%
Money Market Mutual Funds — 1.85%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)      881,475      881,475
    21

 

Table of Contents
Schedules of investments
Delaware Ivy Natural Resources Fund   
    Number ofshares Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)      881,475 $    881,475
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)      881,475     881,475
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)      881,475     881,475
Total Short-Term Investments
(cost $3,525,900)
  3,525,900
Total Value of Securities—100.13%
(cost $202,201,366)
    $191,094,480
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.”
See accompanying notes, which are an integral part of the financial statements.
22    

 

Table of Contents
Delaware Ivy Science and Technology Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 99.68%♦
Communication Services — 13.39%
Meta Platforms Class A    1,028,378 $  588,684,702
Netflix †     177,603    125,968,480
Take-Two Interactive Software †     546,658    84,026,801
    798,679,983
Consumer Discretionary — 10.27%
Amazon.com †   1,480,960    275,947,277
DraftKings Class A †   2,108,161     82,639,911
MercadoLibre †      59,497    122,085,464
SharkNinja      618,769     67,266,378
Tesla †     246,264    64,430,050
    612,369,080
Healthcare — 5.52%
Boston Scientific †     994,094     83,305,077
Exact Sciences †   1,073,325     73,114,899
Intuitive Surgical †     304,269    149,478,232
Neurocrine Biosciences †     201,490    23,215,678
    329,113,886
Industrials — 3.51%
Copart †   1,173,188     61,475,051
Uber Technologies †   1,971,688   148,192,070
    209,667,121
Information Technology — 66.99%
Advanced Micro Devices †   1,198,052    196,576,372
Analog Devices      281,757     64,852,009
Apple      781,366    182,058,278
Arista Networks †     266,294    102,208,963
ASML Holding      239,144    199,266,738
Autodesk †     362,645     99,901,445
Broadcom    1,935,292    333,837,870
Cadence Design Systems †     655,282    177,601,080
CDW      340,658     77,090,905
Dell Technologies Class C      509,034     60,340,890
Keysight Technologies †     452,646     71,939,029
Lam Research      117,806     96,139,121
Micron Technology    1,347,653    139,765,093
Microsoft    1,019,653    438,756,686
NVIDIA    3,944,765    479,052,262
SAP ADR      954,074    218,578,353
Seagate Technology Holdings    3,258,887    356,945,893
Shopify Class A †     933,887     74,841,704
Taiwan Semiconductor Manufacturing ADR    1,252,112    217,454,291
Western Digital †   1,782,569    121,731,637
Zebra Technologies Class A †     774,652   286,869,129
  3,995,807,748
Total Common Stocks
(cost $3,291,967,146)
5,945,637,818
    Number of
shares
Value (US $)
Short-Term Investments — 0.44%
Money Market Mutual Funds — 0.44%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)   6,598,097 $    6,598,097
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)   6,598,097      6,598,097
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)   6,598,096      6,598,096
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)   6,598,097     6,598,097
Total Short-Term Investments
(cost $26,392,387)
   26,392,387
Total Value of Securities—100.12%
(cost $3,318,359,533)
    $5,972,030,205
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
Non-income producing security.
Summary of abbreviations:
ADR – American Depositary Receipt
See accompanying notes, which are an integral part of the financial statements.
    23

 

Table of Contents
Schedules of investments
Delaware Real Estate Securities Fund  
September 30, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks — 99.65%
Real Estate Operating Companies/Developer — 0.93%
Corp Inmobiliaria Vesta ADR     39,444 $  1,062,621
    1,062,621
Real Estate Services — 0.69%
CBRE Group Class A †     6,377     793,809
      793,809
REIT Asset Management & Custody Banks — 1.90%
DigitalBridge Group    154,205   2,178,917
    2,178,917
REIT Data Center — 16.76%
Digital Realty Trust     26,127   4,228,132
Equinix     16,889  14,991,183
   19,219,315
REIT Diversified — 3.20%
Broadstone Net Lease     86,230   1,634,058
Essential Properties Realty Trust     59,504   2,032,062
    3,666,120
REIT Healthcare — 18.38%
Alexandria Real Estate Equities     35,791   4,250,181
American Healthcare REIT    120,067   3,133,749
Welltower    106,987  13,697,546
   21,081,476
REIT Hotel — 2.36%
Hyatt Hotels Class A      2,814     428,291
Ryman Hospitality Properties     10,849   1,163,447
Sunstone Hotel Investors    108,278   1,117,429
    2,709,167
REIT Industrial — 10.89%
First Industrial Realty Trust     75,291   4,214,790
LXP Industrial Trust    133,590   1,342,579
Prologis     38,578   4,871,630
Rexford Industrial Realty     41,019   2,063,666
   12,492,665
REIT Multifamily — 11.23%
AvalonBay Communities     24,140   5,437,535
Equity Residential     52,865   3,936,328
Essex Property Trust      9,637   2,846,962
InterRent Real Estate Investment Trust     70,165     658,875
   12,879,700
REIT Office — 1.92%
Kilroy Realty     56,764   2,196,767
    2,196,767
REIT Retail — 14.38%
Agree Realty     73,747   5,555,361
Federal Realty Investment Trust      18,613   2,139,937
Kite Realty Group Trust    149,991   3,983,761
Realty Income     36,643   2,323,899
Simon Property Group     14,729   2,489,496
   16,492,454
    Number of
shares
Value (US $)
Common Stocks (continued)
REIT Self-Storage — 4.91%
Public Storage     15,479 $  5,632,344
    5,632,344
REIT Single Family — 6.53%
Invitation Homes    131,520   4,637,395
Sun Communities     21,142   2,857,341
    7,494,736
REIT Specialty — 4.60%
VICI Properties    158,565   5,281,800
    5,281,800
REIT Telecom Tower — 0.97%
American Tower      4,772   1,109,776
    1,109,776
Total Common Stocks
(cost $64,866,376)
114,291,667
 
Short-Term Investments — 0.23%
Money Market Mutual Funds — 0.23%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)    64,378      64,378
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)    64,379      64,379
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)    64,378      64,378
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)    64,379      64,379
Total Short-Term Investments
(cost $257,514)
    257,514
Total Value of Securities—99.88%
(cost $65,123,890)
    $114,549,181
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.
    24

 

Table of Contents
Statements of assets and liabilities
Ivy Funds 
September 30, 2024 (Unaudited) 
  Delaware
Climate
Solutions
Fund
  Delaware Ivy
Asset
Strategy
Fundφ
  Delaware
Ivy
Balanced
Fund
  Delaware Ivy
Natural
Resources
Fund
  Delaware Ivy
Science and
Technology
Fund
  Delaware Real
Estate
Securities
Fund
Assets:                      
Investments, at value* $132,293,508   $1,760,136,176   $1,575,775,721   $191,094,480   $5,972,030,205   $114,549,181
Investments of affiliated issuers, at value**   1,470,067        
Bullion, at value   86,416,486        
Foreign currencies, at valueΔ   9,549,331        
Cash   6,141,750   328,327   25,666   117  
Cash collateral due from brokers   488,692   460,966      
Dividends and interest receivable 128,056   6,543,417   4,524,262   245,160   2,775,759   483,821
Receivable for fund shares sold 126,649   1,066,723   2,196,534   179,408   4,614,469   61,738
Foreign tax reclaims receivable 118,347   1,090,948   100,868   70,575   1,334,392   1,709
Prepaid expenses 59,589   88,378   69,718   57,441   26,172   60,722
Receivable for securities sold   3,355,023   4,084,941      
Variation margin due from broker on futures contracts   51,984        
Variation margin due from broker on centrally cleared credit default swap contracts   220        
Due from brokers   72,045        
Other assets     25,448     8,457  
Total Assets 132,726,149   1,876,471,240   1,587,566,785   191,672,730   5,980,789,571   115,157,171
Liabilities:                      
Due to custodian 209     3   25,933    
Payable for fund shares redeemed 337,775   1,803,617   2,871,380   348,019   9,633,618   250,442
Other accrued expenses 152,099   832,070   539,196   290,752   1,469,988   148,925
Investment management fees payable to affiliates 62,978   1,017,214   835,350   129,541   3,778,182   53,933
Distribution fees payable to affiliates 22,880   325,149   273,412   30,400   932,847   15,661
Payable for securities purchased   23,668,552   5,770,646      
Variation margin due to broker on futures contracts     29,212      
Accrued capital gains taxes on appreciated securities   2,027,942        
IRS compliance fee for foreign withholding tax claims (see Note 1)   932,138        
Total Liabilities 575,941   30,606,682   10,319,199   824,645   15,814,635   468,961
Total Net Assets $132,150,208   $1,845,864,558   $1,577,247,586   $190,848,085   $5,964,974,936   $114,688,210
 
    25

 

Table of Contents
Statements of assets and liabilities
Ivy Funds  
  Delaware
Climate
Solutions
Fund
  Delaware Ivy
Asset
Strategy
Fundφ
  Delaware
Ivy
Balanced
Fund
  Delaware Ivy
Natural
Resources
Fund
  Delaware Ivy
Science and
Technology
Fund
  Delaware Real
Estate
Securities
Fund
Net Assets Consist of:                      
Paid-in capital $285,505,187   $1,969,924,490   $1,261,530,527   $798,601,255   $2,504,905,171   $54,741,350
Total distributable earnings (loss) (153,354,979)   (124,059,932)   315,717,059   (607,753,170)   3,460,069,765   59,946,860
Total Net Assets $132,150,208   $1,845,864,558   $1,577,247,586   $190,848,085   $5,964,974,936   $114,688,210
 
Net Asset Value                      
 
Class A:                      
Net assets $55,250,485   $1,328,674,689   $1,156,775,542   $116,902,234   $3,837,829,127   $70,028,149
Shares of beneficial interest outstanding, unlimited authorization, no par 5,503,882   57,870,524   48,969,080   6,958,724   64,895,218   3,966,180
Net asset value per share $10.04   $22.96   $23.62   $16.80   $59.14   $17.66
Sales charge 5.75%   5.75%   5.75%   5.75%   5.75%   5.75%
Offering price per share, equal to net asset value per share / (1 - sales charge) $10.65   $24.36   $25.06   $17.82   $62.75   $18.74
 
Class C:                      
Net assets $4,347,777   $35,832,005   $38,876,280   $2,221,057   $82,770,545   $467,906
Shares of beneficial interest outstanding, unlimited authorization, no par 474,249   1,733,096   1,678,000   165,133   2,662,470   28,087
Net asset value per share $9.17   $20.68   $23.17   $13.45   $31.09   $16.66
 
Class I:                      
Net assets $48,710,572   $355,469,032   $350,506,559   $48,264,230   $1,465,366,952   $36,578,915
Shares of beneficial interest outstanding, unlimited authorization, no par 4,627,038   15,123,163   14,828,175   2,729,558   18,826,726   2,031,722
Net asset value per share $10.53   $23.50   $23.64   $17.68   $77.83   $18.00
 
Class R:                      
Net assets $18,554,441   $22,372,432   $10,301,460   $7,898,293   $109,532,227   $574,417
Shares of beneficial interest outstanding, unlimited authorization, no par 1,874,907   994,926   437,909   477,451   2,075,150   32,692
Net asset value per share $9.90   $22.49   $23.52   $16.54   $52.78   $17.57
 
Class R6:                      
Net assets $1,927,832   $21,432,457   $10,095,042   $5,407,064   $170,984,716   $3,762,997
Shares of beneficial interest outstanding, unlimited authorization, no par 182,221   909,272   425,971   306,086   2,150,286   208,714
Net asset value per share $10.58   $23.57   $23.70   $17.67   $79.52   $18.03
    26

 

Table of Contents
  Delaware
Climate
Solutions
Fund
  Delaware Ivy
Asset
Strategy
Fundφ
  Delaware
Ivy
Balanced
Fund
  Delaware Ivy
Natural
Resources
Fund
  Delaware Ivy
Science and
Technology
Fund
  Delaware Real
Estate
Securities
Fund
 
Class Y:                      
Net assets $3,359,101   $82,083,943   $10,692,703   $10,155,207   $298,491,369   $3,275,826
Shares of beneficial interest outstanding, unlimited authorization, no par 327,432   3,557,743   452,524   587,349   4,346,650   183,286
Net asset value per share $10.26   $23.07   $23.63   $17.29   $68.67   $17.87

*Investments, at cost
$122,070,634   $1,328,768,952   $1,179,623,270   $202,201,366   $3,318,359,533   $65,123,890
**Investments of affiliated issuers, at cost   612,381,366        
Bullion, at cost   38,406,159        
ΔForeign currencies, at cost   9,629,125        
φConsolidated statement of assets and liabilities.
See accompanying notes, which are an integral part of the financial statements.
    27

 

Table of Contents
Statements of operations
Ivy Funds
Six months ended September 30, 2024 (Unaudited)
  Delaware
Climate
Solutions
Fund
  Delaware Ivy
Asset
Strategy
Fundφ
  Delaware
Ivy
Balanced
Fund
  Delaware Ivy
Natural
Resources
Fund
  Delaware Ivy
Science and
Technology
Fund
  Delaware Real
Estate
Securities
Fund
Investment Income:                      
Dividends $2,050,423   $12,011,788   $7,067,303   $2,602,778   $16,197,756   $1,541,924
Interest   14,932,994   12,086,971      
Reclaim income   2,738,677       1,370,516  
IRS compliance fee for foreign withholding tax claims (see Note 1)   (70,509)        
Foreign tax withheld (106,771)   (909,851)   (111,886)   (68,308)   (701,231)   (3,796)
  1,943,652   28,703,099   19,042,388   2,534,470   16,867,041   1,538,128
 
Expenses:                      
Management fees 586,695   6,192,547   5,284,525   840,946   23,027,965   492,752
Distribution expenses — Class A 71,759   1,645,056   1,411,961   151,568   4,668,465   83,163
Distribution expenses — Class C 23,057   182,287   201,349   11,701   421,983   2,443
Distribution expenses — Class R 46,785   54,749   24,198   21,235   267,276   1,294
Distribution expenses — Class Y 4,832   101,113   13,079   13,137   360,778   3,668
Dividend disbursing and transfer agent fees and expenses 129,632   1,036,911   767,491   184,644   2,659,828   93,651
Registration fees 72,104   106,603   127,433   87,992   176,625   95,737
Accounting and administration expenses 42,363   156,903   134,367   40,886   407,977   29,299
Audit and tax fees 18,366   34,131   22,862   21,026   18,639   19,036
Reports and statements to shareholders expenses 15,931   132,586   67,661   23,514   195,848   15,116
Custodian fees 9,507   34,636   8,114   9,942   36,928   5,796
Legal fees 5,474   145,592   44,171   6,418   140,443   3,951
Trustees’ fees 3,130   40,827   34,611   4,449   129,067   2,455
Other 11,907   73,673   49,451   21,517   77,188   9,857
  1,041,542   9,937,614   8,191,273   1,438,975   32,589,010   858,218
Less expenses waived (213,354)     (340,062)   (129,029)     (249,155)
Less expenses paid indirectly (383)   (14,460)   (8,687)   (587)   (18,721)   (333)
Total operating expenses 827,805   9,923,154   7,842,524   1,309,359   32,570,289   608,730
Net Investment Income (Loss) 1,115,847   18,779,945   11,199,864   1,225,111   (15,703,248)   929,398
    28

 

Table of Contents
  Delaware
Climate
Solutions
Fund
  Delaware Ivy
Asset
Strategy
Fundφ
  Delaware
Ivy
Balanced
Fund
  Delaware Ivy
Natural
Resources
Fund
  Delaware Ivy
Science and
Technology
Fund
  Delaware Real
Estate
Securities
Fund
Net Realized and Unrealized Gain (Loss):                      
Net realized gain (loss) on:                      
Investments* $(2,870,401)   $47,103,733   $46,639,376   $(7,325,059)   $542,979,043   $12,950,812
Foreign currencies (9,889)   (110,459)   (6)   (13,849)   (21,890)   (284)
Forward foreign currency exchange contracts   (60,182)   (131,559)      
Futures contracts   (504,767)   (295,575)      
Swap contracts   577   (126,241)      
Net realized gain (loss) (2,880,290)   46,428,902   46,085,995   (7,338,908)   542,957,153   12,950,528
 
Net change in unrealized appreciation (depreciation) on:                      
Investments1 12,793,820   57,495,345   61,472,386   13,763,468   102,344,514   (209,944)
Affiliated investments   1,323,837        
Foreign currencies 3,085   50,658   (13)   2,667   16,582   78
Forward foreign currency exchange contracts   10,113   21,197      
Futures contracts   71,372   74,278      
Swap contracts   (12,686)   120,773      
Net change in unrealized appreciation (depreciation) 12,796,905   58,938,639   61,688,621   13,766,135   102,361,096   (209,866)
Net Realized and Unrealized Gain (Loss) 9,916,615   105,367,541   107,774,616   6,427,227   645,318,249   12,740,662
Net Increase (Decrease) in Net Assets Resulting from Operations $11,032,462   $124,147,486   $118,974,480   $7,652,338   $629,615,001   $13,670,060
* Includes $4,649,853 in proceeds received from the settlement of class action litigation for Delaware Ivy Science and Technology Fund.
φ Consolidated statement of operations.
1 Includes $(2,027,942) capital gains tax accrued for Delaware Ivy Asset Strategy Fund.
See accompanying notes, which are an integral part of the financial statements.
    29

 

Table of Contents
Statements of changes in net assets
Ivy Funds
  Delaware Climate
Solutions Fund
  Delaware Ivy
Asset Strategy Fundφ
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:              
Net investment income (loss) $1,115,847   $2,048,487   $18,779,945   $41,373,348
Net realized gain (loss) (2,880,290)   (1,412,216)   46,428,902   85,236,164
Net change in unrealized appreciation (depreciation) 12,796,905   (11,434,052)   58,938,639   200,573,380
Net increase (decrease) in net assets resulting from operations 11,032,462   (10,797,781)   124,147,486   327,182,892
 
Dividends and Distributions to Shareholders from:              
Distributable earnings:              
Class A   (1,677,303)   (13,082,407)   (39,270,395)
Class C   (90,456)   (279,818)   (1,067,484)
Class I   (2,003,299)   (3,805,007)   (11,636,024)
Class R   (497,708)   (197,786)   (603,151)
Class R6   (97,430)   (235,840)   (621,952)
Class Y   (109,689)   (799,120)   (2,423,940)
    (4,475,885)   (18,399,978)   (55,622,946)
 
Capital Share Transactions (See Note 4):              
Proceeds from shares sold:              
Class A 887,398   4,368,512   16,451,026   44,931,480
Class C 48,329   257,285   2,083,285   3,426,376
Class I 3,963,019   11,508,925   26,590,406   33,052,991
Class R 483,712   1,661,970   1,431,854   2,126,693
Class R6 119,931   1,756,156   1,009,245   2,964,290
Class Y 140,725   555,629   1,825,506   3,871,765
 
Net asset value of shares issued upon reinvestment of dividends and distributions:              
Class A   1,670,129   12,878,022   38,690,447
Class C   89,839   279,470   1,066,659
Class I   1,623,425   3,772,282   11,540,884
Class R   497,640   197,786   603,151
Class R6   70,586   226,409   595,961
Class Y   108,793   794,449   2,412,694
  5,643,114   24,168,889   67,539,740   145,283,391
    30

 

Table of Contents
  Delaware Climate
Solutions Fund
  Delaware Ivy
Asset Strategy Fundφ
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
             
Class A $(11,183,641)   $(30,919,405)   $(104,090,295)   $(208,660,883)
Class C (946,614)   (4,790,609)   (6,268,399)   (20,744,272)
Class I (14,427,761)   (49,341,479)   (53,694,615)   (134,531,404)
Class R (3,020,005)   (14,079,163)   (2,263,630)   (4,202,310)
Class R6 (1,238,696)   (2,076,974)   (1,801,179)   (3,611,221)
Class Y (1,531,048)   (3,096,385)   (6,616,329)   (15,775,675)
  (32,347,765)   (104,304,015)   (174,734,447)   (387,525,765)
Decrease in net assets derived from capital share transactions (26,704,651)   (80,135,126)   (107,194,707)   (242,242,374)
Net Increase (Decrease) in Net Assets (15,672,189)   (95,408,792)   (1,447,199)   29,317,572
 
Net Assets:              
Beginning of period 147,822,397   243,231,189   1,847,311,757   1,817,994,185
End of period $132,150,208   $147,822,397   $1,845,864,558   $1,847,311,757
φ Consolidated statements of changes in net assets.
See accompanying notes, which are an integral part of the financial statements.
    31

 

Table of Contents
Statements of changes in net assets
Ivy Funds 
  Delaware Ivy
Balanced Fund
  Delaware Ivy
Natural Resources Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:              
Net investment income (loss) $11,199,864   $20,546,608   $1,225,111   $5,874,672
Net realized gain (loss) 46,085,995   8,876,162   (7,338,908)   2,532,552
Net change in unrealized appreciation (depreciation) 61,688,621   242,374,655   13,766,135   (332,767)
Net increase (decrease) in net assets resulting from operations 118,974,480   271,797,425   7,652,338   8,074,457
 
Dividends and Distributions to Shareholders from:              
Distributable earnings:              
Class A (7,522,552)   (23,910,606)     (2,524,051)
Class C (111,495)   (615,876)     (43,309)
Class I (2,714,278)   (8,940,097)     (1,200,289)
Class R (54,288)   (176,136)     (150,136)
Class R6 (80,947)   (237,448)     (121,575)
Class Y (69,301)   (215,763)     (188,509)
  (10,552,861)   (34,095,926)     (4,227,869)
 
Capital Share Transactions (See Note 4):              
Proceeds from shares sold:              
Class A 31,880,432   81,275,122   1,515,265   3,498,832
Class C 2,121,301   4,320,755   181,133   599,592
Class I 33,008,696   63,991,794   2,431,091   7,951,354
Class R 554,537   1,087,361   361,456   1,380,948
Class R6 603,797   1,912,560   657,184   2,877,230
Class Y 734,605   1,301,139   546,508   1,547,040
 
Net asset value of shares issued upon reinvestment of dividends and distributions:              
Class A 7,459,587   23,715,226     2,484,496
Class C 111,475   615,665     42,833
Class I 2,699,983   8,896,319     1,194,060
Class R 54,269   176,082     150,136
Class R6 78,295   228,572     88,720
Class Y 69,131   215,251     188,339
  79,376,108   187,735,846   5,692,637   22,003,580
    32

 

Table of Contents
  Delaware Ivy
Balanced Fund
  Delaware Ivy
Natural Resources Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
             
Class A $(102,159,777)   $(235,831,690)   $(12,727,923)   $(35,559,107)
Class C (9,213,327)   (32,723,525)   (433,885)   (2,096,537)
Class I (84,482,411)   (161,584,942)   (8,005,435)   (34,512,105)
Class R (500,727)   (1,775,742)   (1,805,441)   (4,813,266)
Class R6 (1,176,963)   (2,962,231)   (885,282)   (1,858,746)
Class Y (1,299,444)   (2,782,488)   (1,290,647)   (4,109,178)
  (198,832,649)   (437,660,618)   (25,148,613)   (82,948,939)
Decrease in net assets derived from capital share transactions (119,456,541)   (249,924,772)   (19,455,976)   (60,945,359)
Net Decrease in Net Assets (11,034,922)   (12,223,273)   (11,803,638)   (57,098,771)
 
Net Assets:              
Beginning of period 1,588,282,508   1,600,505,781   202,651,723   259,750,494
End of period $1,577,247,586   $1,588,282,508   $190,848,085   $202,651,723
See accompanying notes, which are an integral part of the financial statements.
    33

 

Table of Contents
Statements of changes in net assets
Ivy Funds 
  Delaware Ivy
Science and Technology Fund
  Delaware
Real Estate Securities Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Increase (Decrease) in Net Assets from Operations:              
Net investment income (loss) $(15,703,248)   $(22,670,400)   $929,398   $2,325,103
Net realized gain (loss) 542,957,153   432,461,645   12,950,528   5,079,990
Net change in unrealized appreciation (depreciation) 102,361,096   1,380,411,995   (209,866)   142,931
Net increase (decrease) in net assets resulting from operations 629,615,001   1,790,203,240   13,670,060   7,548,024
 
Dividends and Distributions to Shareholders from:              
Distributable earnings:              
Class A   (355,376,805)   (697,496)   (7,712,823)
Class C   (16,181,874)   (3,542)   (59,796)
Class I   (107,732,191)   (408,571)   (4,925,373)
Class R   (11,620,540)   (5,073)   (44,515)
Class R6   (10,701,010)   (32,271)   (201,693)
Class Y   (23,082,328)   (30,860)   (295,078)
    (524,694,748)   (1,177,813)   (13,239,278)
 
Capital Share Transactions (See Note 4):              
Proceeds from shares sold:              
Class A 50,589,800   139,037,583   940,456   2,151,589
Class C 2,886,602   6,895,026   7,781   34,159
Class I 125,386,812   203,842,581   3,884,152   6,274,295
Class R 6,963,757   11,120,824   108,683   123,752
Class R6 19,858,122   40,792,680   1,488,675   542,464
Class Y 25,673,732   44,331,959   115,492   273,773
 
Net asset value of shares issued upon reinvestment of dividends and distributions:              
Class A   352,856,784   693,799   7,690,370
Class C   16,176,948   3,542   59,794
Class I   107,191,200   408,296   4,918,755
Class R   11,618,702   5,073   44,515
Class R6   10,282,229   24,116   201,693
Class Y   23,026,908   30,860   295,078
  231,358,825   967,173,424   7,710,925   22,610,237
    34

 

Table of Contents
  Delaware Ivy
Science and Technology Fund
  Delaware
Real Estate Securities Fund
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
  Six months
ended
9/30/24
(Unaudited)
  Year ended
3/31/24
 
Capital Share Transactions (See Note 4) (continued):
Cost of shares redeemed:
             
Class A $(360,861,718)   $(729,084,455)   $(9,594,886)   $(22,975,290)
Class C (17,791,330)   (57,471,373)   (169,410)   (298,554)
Class I (219,777,987)   (526,628,929)   (11,959,332)   (33,299,075)
Class R (18,802,451)   (28,920,233)   (83,883)   (171,596)
Class R6 (22,190,491)   (39,217,747)   (133,463)   (708,040)
Class Y (42,288,440)   (75,210,729)   (188,571)   (929,171)
  (681,712,417)   (1,456,533,466)   (22,129,545)   (58,381,726)
Decrease in net assets derived from capital share transactions (450,353,592)   (489,360,042)   (14,418,620)   (35,771,489)
Net Increase (Decrease) in Net Assets 179,261,409   776,148,450   (1,926,373)   (41,462,743)
 
Net Assets:              
Beginning of period 5,785,713,527   5,009,565,077   116,614,583   158,077,326
End of period $5,964,974,936   $5,785,713,527   $114,688,210   $116,614,583
See accompanying notes, which are an integral part of the financial statements.
    35

 

Table of Contents
Financial highlights
Delaware Climate Solutions Fund Class A
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.25   $9.88   $9.69   $6.18   $3.25   $9.45
   
Income (loss) from investment operations:                        
Net investment income2   0.08   0.09   0.18   0.11   0.07   0.04
Net realized and unrealized gain (loss)   0.71   (0.48)3   0.18   3.51   2.97   (6.24)
Total from investment operations   0.79   (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   $10.04   $9.25   $9.88   $9.69   $6.18   $3.25
   
Total return4   8.54%   (3.92%)3   3.68%   59.24%   94.23%   (65.61%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $55,250   $60,980   $91,379   $104,280   $725   $405
Ratio of expenses to average net assets6   1.24%   1.24%   1.28%   1.35%   1.35%   1.41%
Ratio of expenses to average net assets prior to fees waived6   1.54%   1.43%   1.48%   1.72%   1.87%   1.71%
Ratio of net investment income to average net assets   1.58%   1.00%   1.80%   1.60%   1.52%   0.52%
Ratio of net investment income to average net assets prior to fees waived   1.28%   0.81%   1.60%   1.23%   1.00%   0.22%
Portfolio turnover   4%   13%   108%   113%   30%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.10%.
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 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.
    36

 

Table of Contents
Delaware Climate Solutions Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $8.48   $9.03   $8.88   $5.68   $2.97   $8.70
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.04   0.03   0.09   0.06   0.03   (0.01)
Net realized and unrealized gain (loss)   0.65   (0.44)3   0.17   3.21   2.73   (5.72)
Total from investment operations   0.69   (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   $9.17   $8.48   $9.03   $8.88   $5.68   $2.97
   
Total return4   8.14%   (4.57%)3   2.88%   57.97%   93.07%   (65.86%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $4,348   $4,902   $9,909   $13,503   $95   $65
Ratio of expenses to average net assets6   1.99%   1.99%   2.03%   2.09%   2.09%   2.11%
Ratio of expenses to average net assets prior to fees waived6   2.29%   2.18%   2.17%   2.34%   2.44%   2.31%
Ratio of net investment income (loss) to average net assets   0.83%   0.32%   1.00%   0.87%   0.77%   (0.20%)
Ratio of net investment income (loss) to average net assets prior to fees waived   0.53%   0.13%   0.86%   0.62%   0.42%   (0.40%)
Portfolio turnover   4%   13%   108%   113%   30%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes a non-recurring payment for litigation proceeds, which represents a 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%.
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.
    37

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.69   $10.34   $10.13   $6.45   $3.40   $9.85
   
Income (loss) from investment operations:                        
Net investment income2   0.09   0.13   0.22   0.14   0.09   0.08
Net realized and unrealized gain (loss)   0.75   (0.51)3   0.18   3.67   3.11   (6.53)
Total from investment operations   0.84   (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   $10.53   $9.69   $10.34   $10.13   $6.45   $3.40
   
Total return4   8.67%   (3.69%)3   3.97%   59.90%   95.08%   (65.48%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $48,711   $55,024   $97,636   $110,841   $975   $525
Ratio of expenses to average net assets6   0.99%   0.99%   0.99%   0.99%   0.99%   0.99%
Ratio of expenses to average net assets prior to fees waived6   1.29%   1.18%   1.00%   1.14%   1.20%   1.17%
Ratio of net investment income to average net assets   1.83%   1.32%   2.09%   1.93%   1.87%   0.95%
Ratio of net investment income to average net assets prior to fees waived   1.53%   1.13%   2.08%   1.78%   1.66%   0.77%
Portfolio turnover   4%   13%   108%   113%   30%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.10%.
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.
38    

 

Table of Contents
Delaware Climate Solutions Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.13   $9.74   $9.57   $6.10   $3.20   $9.34
   
Income (loss) from investment operations:                        
Net investment income2   0.06   0.07   0.15   0.09   0.05   0.01
Net realized and unrealized gain (loss)   0.71   (0.48)3   0.17   3.46   2.93   (6.15)
Total from investment operations   0.77   (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   $9.90   $9.13   $9.74   $9.57   $6.10   $3.20
   
Total return4   8.43%5   (4.14%)3,5   3.31%5   58.80%   93.40%5   (65.74%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $18,554   $19,602   $33,606   $36,368   $246   $76
Ratio of expenses to average net assets7   1.49%   1.49%   1.56%   1.73%   1.75%   1.74%
Ratio of expenses to average net assets prior to fees waived7   1.79%   1.68%   1.57%   1.73%   1.77%   1.74%
Ratio of net investment income to average net assets   1.33%   0.77%   1.49%   1.23%   1.06%   0.19%
Ratio of net investment income to average net assets prior to fees waived   1.03%   0.58%   1.48%   1.23%   1.04%   0.19%
Portfolio turnover   4%   13%   108%   113%   30%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.10%.
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.
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.
    39

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.73   $10.39   $10.18   $6.49   $3.42   $9.90
   
Income (loss) from investment operations:                        
Net investment income2   0.10   0.13   0.22   0.16   0.09   0.08
Net realized and unrealized gain (loss)   0.75   (0.51)3   0.19   3.66   3.13   (6.56)
Total from investment operations   0.85   (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   $10.58   $9.73   $10.39   $10.18   $6.49   $3.42
   
Total return4   8.74%5   (3.58%)3,5   4.03%5   59.68%5   95.11%5   (65.45%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,928   $2,879   $3,411   $6,610   $36   $26
Ratio of expenses to average net assets7   0.83%   0.88%   0.96%   0.98%   0.99%   0.99%
Ratio of expenses to average net assets prior to fees waived7   1.13%   1.07%   0.97%   0.99%   1.02%   0.99%
Ratio of net investment income to average net assets   1.99%   1.35%   2.09%   2.07%   1.84%   0.95%
Ratio of net investment income to average net assets prior to fees waived   1.69%   1.16%   2.08%   2.06%   1.81%   0.95%
Portfolio turnover   4%   13%   108%   113%   30%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 0.10%.
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.
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.
See accompanying notes, which are an integral part of the financial statements.
40    

 

Table of Contents
Delaware Climate Solutions Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/24
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $9.46   $10.08   $9.85   $6.28   $3.30   $9.59
   
Income (loss) from investment operations:                        
Net investment income1   0.08   0.10   0.18   0.12   0.07   0.04
Net realized and unrealized gain (loss)   0.72   (0.49)2   0.19   3.56   3.02   (6.33)
Total from investment operations   0.80   (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   $10.26   $9.46   $10.08   $9.85   $6.28   $3.30
   
Total return3   8.46%   (3.89%)2   3.69%   59.24%   94.31%   (65.59%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $3,359   $4,435   $7,290   $11,467   $84   $44
Ratio of expenses to average net assets5   1.24%   1.24%   1.28%   1.35%   1.35%   1.41%
Ratio of expenses to average net assets prior to fees waived5   1.54%   1.43%   1.29%   1.38%   1.42%   1.42%
Ratio of net investment income to average net assets   1.58%   1.03%   1.81%   1.61%   1.50%   0.46%
Ratio of net investment income to average net assets prior to fees waived   1.28%   0.84%   1.80%   1.58%   1.43%   0.45%
Portfolio turnover   4%   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.
    41

 

Table of Contents
Financial highlights
Delaware Ivy Asset Strategy Fund Class Aφ 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.66   $18.60   $23.05   $24.45   $17.41   $20.63
   
Income (loss) from investment operations:                        
Net investment income2   0.223   0.453   0.32   0.29   0.29   0.43
Net realized and unrealized gain (loss)   1.30   3.23   (1.53)   1.12   7.39   (2.42)
Total from investment operations   1.52   3.68   (1.21)   1.41   7.68   (1.99)
   
Less dividends and distributions from:                        
Net investment income   (0.22)   (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   (0.22)   (0.62)   (3.24)   (2.81)   (0.64)   (1.23)
   
Net asset value, end of period   $22.96   $21.66   $18.60   $23.05   $24.45   $17.41
   
Total return4   7.06%3   20.14%3   (4.79%)   5.33%5   44.79%   (10.69%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,328,675   $1,327,361   $1,259,211   $1,531,209   $1,6016   $1,1286
Ratio of expenses to average net assets7   1.12%   1.05%   1.15%   1.11%   1.07%   1.13%
Ratio of expenses to average net assets prior to fees waived7   1.12%   1.05%   1.15%   1.11%   1.07%   1.13%
Ratio of net investment income to average net assets   2.02%   2.29%   1.61%   1.16%   1.33%   2.03%
Ratio of net investment income to average net assets prior to fees waived   2.02%   2.29%   1.61%   1.16%   1.33%   2.03%
Portfolio turnover   24%   54%   74%   33%   40%   44%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.38% for the six months ended September 30, 2024 and year ended March 31, 2024, respectively. See Note 1 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5 Payments by affiliates had no impact on net asset value and total return.
6 Net assets reported in millions.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Asset Strategy Fund Class Cφ
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $19.54   $16.84   $21.25   $22.75   $16.24   $19.33
   
Income (loss) from investment operations:                        
Net investment income2   0.133   0.283   0.11   0.08   0.13   0.27
Net realized and unrealized gain (loss)   1.17   2.91   (1.44)   1.05   6.87   (2.26)
Total from investment operations   1.30   3.19   (1.33)   1.13   7.00   (1.99)
   
Less dividends and distributions from:                        
Net investment income   (0.16)   (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   (0.16)   (0.49)   (3.08)   (2.63)   (0.49)   (1.10)
   
Net asset value, end of period   $20.68   $19.54   $16.84   $21.25   $22.75   $16.24
   
Total return4   6.66%3   19.26%3   (5.80%)   4.49%5   43.70%   (11.37%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $35,832   $37,710   $48,216   $89,955   $1466   $2986
Ratio of expenses to average net assets7   1.87%   1.80%   2.18%   1.92%   1.86%   1.88%
Ratio of expenses to average net assets prior to fees waived7   1.87%   1.80%   2.18%   1.92%   1.86%   1.88%
Ratio of net investment income to average net assets   1.27%   1.58%   0.58%   0.35%   0.63%   1.34%
Ratio of net investment income to average net assets prior to fees waived   1.27%   1.58%   0.58%   0.35%   0.63%   1.34%
Portfolio turnover   24%   54%   74%   33%   40%   44%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.06 and total return by 0.15% and 0.36% for the six months ended September 30, 2024  and year ended March 31, 2024, respectively. See Note 1 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5 Payments by affiliates had no impact on net asset value and total return.
6 Net assets reported in millions.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
    43

 

Table of Contents
Financial highlights
Delaware Ivy Asset Strategy Fund Class Iφ 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.17   $19.01   $23.48   $24.85   $17.68   $20.93
   
Income (loss) from investment operations:                        
Net investment income2   0.263   0.513   0.38   0.36   0.35   0.50
Net realized and unrealized gain (loss)   1.32   3.31   (1.57)   1.14   7.51   (2.46)
Total from investment operations   1.58   3.82   (1.19)   1.50   7.86   (1.96)
   
Less dividends and distributions from:                        
Net investment income   (0.25)   (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   (0.25)   (0.66)   (3.28)   (2.87)   (0.69)   (1.29)
   
Net asset value, end of period   $23.50   $22.17   $19.01   $23.48   $24.85   $17.68
   
Total return4   7.15%3   20.49%3   (4.58%)   5.59%5   45.16%   (10.44%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $355,469   $358,336   $393,751   $597,362   $7136   $5866
Ratio of expenses to average net assets7   0.87%   0.80%   0.90%   0.88%   0.83%   0.87%
Ratio of expenses to average net assets prior to fees waived7   0.87%   0.80%   0.90%   0.88%   0.83%   0.87%
Ratio of net investment income to average net assets   2.27%   2.56%   1.86%   1.39%   1.59%   2.31%
Ratio of net investment income to average net assets prior to fees waived   2.27%   2.56%   1.86%   1.39%   1.59%   2.31%
Portfolio turnover   24%   54%   74%   33%   40%   44%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.37% for the six months ended September 30, 2024 and year ended March 31, 2024, respectively. See Note 1 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Payments by affiliates had no impact on net asset value and total return.
6 Net assets reported in millions.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
44    

 

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Delaware Ivy Asset Strategy Fund Class Rφ
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.23   $18.24   $22.68   $24.09   $17.17   $20.35
   
Income (loss) from investment operations:                        
Net investment income2   0.193   0.393   0.25   0.20   0.22   0.36
Net realized and unrealized gain (loss)   1.27   3.18   (1.51)   1.11   7.27   (2.37)
Total from investment operations   1.46   3.57   (1.26)   1.31   7.49   (2.01)
   
Less dividends and distributions from:                        
Net investment income   (0.20)   (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   (0.20)   (0.58)   (3.18)   (2.72)   (0.57)   (1.17)
   
Net asset value, end of period   $22.49   $21.23   $18.24   $22.68   $24.09   $17.17
   
Total return4   6.90%3   19.88%3   (5.10%)   4.98%5   44.26%   (10.93%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $22,372   $21,732   $20,073   $23,787   $286   $286
Ratio of expenses to average net assets7   1.37%   1.30%   1.47%   1.46%   1.42%   1.46%
Ratio of expenses to average net assets prior to fees waived7   1.37%   1.30%   1.47%   1.46%   1.42%   1.46%
Ratio of net investment income to average net assets   1.77%   2.04%   1.29%   0.81%   1.02%   1.72%
Ratio of net investment income to average net assets prior to fees waived   1.77%   2.04%   1.29%   0.81%   1.02%   1.72%
Portfolio turnover   24%   54%   74%   33%   40%   44%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.38% for the six months ended September 30, 2024 and year ended March 31, 2024, respectively. See Note 1 in “Notes to financial statements.”
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Payments by affiliates had no impact on net asset value and total return.
6 Net assets reported in millions.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
    45

 

Table of Contents
Financial highlights
Delaware Ivy Asset Strategy Fund Class R6φ 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.23   $19.08   $23.55   $24.92   $17.73   $20.99
   
Income (loss) from investment operations:                        
Net investment income2   0.273   0.513   0.41   0.40   0.37   0.51
Net realized and unrealized gain (loss)   1.33   3.32   (1.56)   1.14   7.54   (2.45)
Total from investment operations   1.60   3.83   (1.15)   1.54   7.91   (1.94)
   
Less dividends and distributions from:                        
Net investment income   (0.26)   (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   (0.26)   (0.68)   (3.32)   (2.91)   (0.72)   (1.32)
   
Net asset value, end of period   $23.57   $22.23   $19.08   $23.55   $24.92   $17.73
   
Total return4   7.23%3   20.45%3   (4.39%)   5.73%5   45.35%   (10.32%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $21,433   $20,788   $17,914   $16,520   $196   $86
Ratio of expenses to average net assets7   0.77%   0.77%   0.77%   0.72%   0.67%   0.72%
Ratio of expenses to average net assets prior to fees waived7   0.77%   0.77%   0.77%   0.72%   0.67%   0.72%
Ratio of net investment income to average net assets   2.37%   2.56%   1.99%   1.56%   1.62%   2.35%
Ratio of net investment income to average net assets prior to fees waived   2.37%   2.56%   1.99%   1.56%   1.62%   2.35%
Portfolio turnover   24%   54%   74%   33%   40%   44%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.13% and 0.37% for the six months ended September 30, 2024 and year ended March 31, 2024, respectively. See Note 1 in “Notes to financial statements.”
4   Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Payments by affiliates had no impact on net asset value and total return.
6 Net assets reported in millions.
7 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Delaware Ivy Asset Strategy Fund Class Yφ
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.77   $18.69   $23.14   $24.53   $17.47   $20.69
   
Income (loss) from investment operations:                        
Net investment income2   0.223   0.453   0.33   0.30   0.30   0.44
Net realized and unrealized gain (loss)   1.30   3.25   (1.53)   1.12   7.40   (2.42)
Total from investment operations   1.52   3.70   (1.20)   1.42   7.70   (1.98)
   
Less dividends and distributions from:                        
Net investment income   (0.22)   (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   (0.22)   (0.62)   (3.25)   (2.81)   (0.64)   (1.24)
   
Net asset value, end of period   $23.07   $21.77   $18.69   $23.14   $24.53   $17.47
   
Total return4   7.02%3   20.15%3   (4.72%)   5.35%5,6   44.75%6   (10.64%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $82,084   $81,385   $78,829   $96,913   $1097   $987
Ratio of expenses to average net assets8   1.12%   1.05%   1.11%   1.09%   1.07%   1.11%
Ratio of expenses to average net assets prior to fees waived8   1.12%   1.05%   1.11%   1.11%   1.08%   1.11%
Ratio of net investment income to average net assets   2.02%   2.30%   1.65%   1.17%   1.36%   2.08%
Ratio of net investment income to average net assets prior to fees waived   2.02%   2.30%   1.65%   1.15%   1.35%   2.08%
Portfolio turnover   24%   54%   74%   33%   40%   44%
φ Consolidated financial highlights.
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3   Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.37% for the six months ended September 30, 2024 and year ended March 31, 2024, respectively. See Note 1 in “Notes to financial statements.”
4   Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Payments by affiliates had no impact on net asset value and total return.
6 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.
7 Net assets reported in millions.
8 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
    47

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.02   $18.85   $25.53   $27.29   $20.43   $23.58
   
Income (loss) from investment operations:                        
Net investment income2   0.16   0.26   0.21   0.12   0.24   0.31
Net realized and unrealized gain (loss)   1.59   3.363   (2.06)   1.28   8.38   (1.57)
Total from investment operations   1.75   3.62   (1.85)   1.40   8.62   (1.26)
   
Less dividends and distributions from:                        
Net investment income   (0.15)   (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   (0.15)   (0.45)   (4.83)   (3.16)   (1.76)   (1.89)
   
Net asset value, end of period   $23.62   $22.02   $18.85   $25.53   $27.29   $20.43
   
Total return4   7.97%5   19.36%3,5   (6.71%)   4.57%   42.81%   (6.55%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,156,776   $1,140,285   $1,102,496   $1,485,004   $1,5096   $1,0866
Ratio of expenses to average net assets7   1.05%   1.06%   1.10%   1.04%   1.07%   1.10%
Ratio of expenses to average net assets prior to fees waived7   1.09%   1.07%   1.10%   1.04%   1.07%   1.10%
Ratio of net investment income to average net assets   1.41%   1.30%   0.97%   0.44%   0.95%   1.27%
Ratio of net investment income to average net assets prior to fees waived   1.37%   1.29%   0.97%   0.44%   0.95%   1.27%
Portfolio turnover   38%   73%   82%   94%   52%   43%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.03 and total return by 0.16%.
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.
48    

 

Table of Contents
Delaware Ivy Balanced Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.60   $18.49   $25.21   $26.98   $20.24   $23.38
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.07   0.11   0.01    (0.09)   0.06   0.13
Net realized and unrealized gain (loss)   1.56   3.293   (2.03)   1.25   8.30   (1.55)
Total from investment operations   1.63   3.40   (2.02)   1.16   8.36   (1.42)
   
Less dividends and distributions from:                        
Net investment income   (0.06)   (0.29)   (0.02)     (0.14)   (0.17)
Net realized gain       (4.68)   (2.93)   (1.48)   (1.55)
Total dividends and distributions   (0.06)   (0.29)   (4.70)   (2.93)   (1.62)   (1.72)
   
Net asset value, end of period   $23.17   $21.60   $18.49   $25.21   $26.98   $20.24
   
Total return4   7.57%5   18.44%3,5   (7.53%)   3.77%   41.82%   (7.24%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $38,876   $43,118   $63,537   $117,058   $1836   $2436
Ratio of expenses to average net assets7   1.80%   1.81%   1.98%   1.82%   1.82%   1.83%
Ratio of expenses to average net assets prior to fees waived7   1.84%   1.82%   1.98%   1.82%   1.82%   1.83%
Ratio of net investment income (loss) to average net assets   0.66%   0.55%   0.06%   (0.34%)   0.23%   0.54%
Ratio of net investment income (loss) to average net assets prior to fees waived   0.62%   0.54%   0.06%   (0.34%)   0.23%   0.54%
Portfolio turnover   38%   73%   82%   94%   52%   43%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.03 and total return by 0.16%.
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.
    49

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.03   $18.86   $25.54   $27.29   $20.42   $23.57
   
Income (loss) from investment operations:                        
Net investment income2   0.19   0.31   0.26   0.18   0.29   0.36
Net realized and unrealized gain (loss)   1.60   3.363   (2.06)   1.28   8.39   (1.57)
Total from investment operations   1.79   3.67   (1.80)   1.46   8.68   (1.21)
   
Less dividends and distributions from:                        
Net investment income   (0.18)   (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   (0.18)   (0.50)   (4.88)   (3.21)   (1.81)   (1.94)
   
Net asset value, end of period   $23.64   $22.03   $18.86   $25.54   $27.29   $20.42
   
Total return4   8.15%5   19.63%3,5   (6.52%)   4.82%   43.15%   (6.32%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $350,507   $375,021   $406,338   $745,878   $8466   $6716
Ratio of expenses to average net assets7   0.80%   0.81%   0.88%   0.84%   0.86%   0.86%
Ratio of expenses to average net assets prior to fees waived7   0.84%   0.82%   0.88%   0.84%   0.86%   0.86%
Ratio of net investment income to average net assets   1.66%   1.55%   1.17%   0.64%   1.17%   1.51%
Ratio of net investment income to average net assets prior to fees waived   1.62%   1.54%   1.17%   0.64%   1.17%   1.51%
Portfolio turnover   38%   73%   82%   94%   52%   43%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.03 and total return by 0.16%.
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.
See accompanying notes, which are an integral part of the financial statements.
50    

 

Table of Contents
Delaware Ivy Balanced Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $21.93   $18.78   $25.46   $27.22   $20.39   $23.54
   
Income (loss) from investment operations:                        
Net investment income2   0.13   0.21   0.15   0.01   0.15   0.22
Net realized and unrealized gain (loss)   1.59   3.353   (2.05)   1.26   8.36   (1.57)
Total from investment operations   1.72   3.56   (1.90)   1.27   8.51   (1.35)
   
Less dividends and distributions from:                        
Net investment income   (0.13)   (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   (0.13)   (0.41)   (4.78)   (3.03)   (1.68)   (1.80)
   
Net asset value, end of period   $23.52   $21.93   $18.78   $25.46   $27.22   $20.39
   
Total return4   7.84%5   19.04%3,5   (6.97%)   4.15%   42.31%   (6.90%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $10,301   $9,503   $8,650   $10,852   $116   $116
Ratio of expenses to average net assets7   1.30%   1.31%   1.38%   1.44%   1.45%   1.45%
Ratio of expenses to average net assets prior to fees waived7   1.34%   1.32%   1.38%   1.44%   1.45%   1.45%
Ratio of net investment income to average net assets   1.16%   1.05%   0.70%   0.04%   0.60%   0.91%
Ratio of net investment income to average net assets prior to fees waived   1.12%   1.04%   0.70%   0.04%   0.60%   0.91%
Portfolio turnover   38%   73%   82%   94%   52%   43%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.03 and total return by 0.16%.
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.
See accompanying notes, which are an integral part of the financial statements.
    51

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.09   $18.91   $25.60   $27.36   $20.47   $23.62
   
Income (loss) from investment operations:                        
Net investment income2   0.20   0.32   0.29   0.22   0.33   0.40
Net realized and unrealized gain (loss)   1.60   3.383   (2.07)   1.27   8.40   (1.57)
Total from investment operations   1.80   3.70   (1.78)   1.49   8.73   (1.17)
   
Less dividends and distributions from:                        
Net investment income   (0.19)   (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   (0.19)   (0.52)   (4.91)   (3.25)   (1.84)   (1.98)
   
Net asset value, end of period   $23.70   $22.09   $18.91   $25.60   $27.36   $20.47
   
Total return4   8.17%5   19.72%3,5   (6.39%)   4.93%   43.34%   (6.16%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $10,095   $9,906   $9,291   $10,232   $116   $76
Ratio of expenses to average net assets7   0.71%   0.76%   0.75%   0.70%   0.71%   0.71%
Ratio of expenses to average net assets prior to fees waived7   0.75%   0.77%   0.75%   0.70%   0.71%   0.71%
Ratio of net investment income to average net assets   1.75%   1.61%   1.33%   0.78%   1.30%   1.65%
Ratio of net investment income to average net assets prior to fees waived   1.71%   1.60%   1.33%   0.78%   1.30%   1.65%
Portfolio turnover   38%   73%   82%   94%   52%   43%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.03 and total return by 0.16%.
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.
See accompanying notes, which are an integral part of the financial statements.
52    

 

Table of Contents
Delaware Ivy Balanced Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $22.02   $18.85   $25.54   $27.29   $20.43   $23.58
   
Income (loss) from investment operations:                        
Net investment income2   0.16   0.26   0.22   0.12   0.24   0.31
Net realized and unrealized gain (loss)   1.60   3.363   (2.07)   1.28   8.38   (1.57)
Total from investment operations   1.76   3.62   (1.85)   1.40   8.62   (1.26)
   
Less dividends and distributions from:                        
Net investment income   (0.15)   (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   (0.15)   (0.45)   (4.84)   (3.15)   (1.76)   (1.89)
   
Net asset value, end of period   $23.63   $22.02   $18.85   $25.54   $27.29   $20.43
   
Total return4   8.02%5   19.35%3,5   (6.71%)   4.59%5   42.81%5   (6.55%)5
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $10,693   $10,450   $10,194   $12,699   $166   $146
Ratio of expenses to average net assets7   1.05%   1.06%   1.07%   1.04%   1.07%   1.10%
Ratio of expenses to average net assets prior to fees waived7   1.09%   1.07%   1.07%   1.08%   1.10%   1.11%
Ratio of net investment income to average net assets   1.41%   1.31%   1.01%   0.44%   0.97%   1.27%
Ratio of net investment income to average net assets prior to fees waived   1.37%   1.30%   1.01%   0.40%   0.94%   1.26%
Portfolio turnover   38%   73%   82%   94%   52%   43%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.03 and total return by 0.16%.
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.
See accompanying notes, which are an integral part of the financial statements.
    53

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $16.16   $15.75   $16.92   $12.42   $7.85   $13.45
   
Income (loss) from investment operations:                        
Net investment income2   0.10   0.39   0.35   0.21   0.09   0.13
Net realized and unrealized gain (loss)   0.54   0.33   (1.20)   4.61   4.51   (5.51)
Total from investment operations   0.64   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   $16.80   $16.16   $15.75   $16.92   $12.42   $7.85
   
Total return3   3.96%4   4.63%   (5.03%)4   39.47%   58.68%   (40.58%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $116,902   $123,472   $150,383   $170,746   $1365   $1025
Ratio of expenses to average net assets6   1.38%   1.20%   1.44%   1.82%   1.84%   1.77%
Ratio of expenses to average net assets prior to fees waived6   1.51%   1.20%   1.65%   1.82%   1.84%   1.77%
Ratio of net investment income to average net assets   1.18%   2.54%   2.20%   1.57%   0.82%   1.05%
Ratio of net investment income to average net assets prior to fees waived   1.05%   2.54%   1.99%   1.57%   0.82%   1.05%
Portfolio turnover   16%   37%   48%   116%   52%   44%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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.
54    

 

Table of Contents
Delaware Ivy Natural Resources Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $12.99   $12.71   $13.81   $10.22   $6.48   $11.13
   
Income (loss) from investment operations:                        
Net investment income2   0.03   0.21   0.19   0.09   0.01    0.03
Net realized and unrealized gain (loss)   0.43   0.28   (0.98)   3.77   3.74   (4.55)
Total from investment operations   0.46   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   $13.45   $12.99   $12.71   $13.81   $10.22   $6.48
   
Total return3   3.54%4   3.89%   (5.76%)4   38.45%   57.83%   (41.02%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $2,221   $2,394   $3,846   $3,460   $35   $55
Ratio of expenses to average net assets6   2.13%   1.95%   2.20%   2.52%   2.49%   2.48%
Ratio of expenses to average net assets prior to fees waived6   2.26%   1.95%   2.42%   2.52%   2.49%   2.48%
Ratio of net investment income to average net assets   0.43%   1.72%   1.46%   0.84%   0.07%   0.30%
Ratio of net investment income to average net assets prior to fees waived   0.30%   1.72%   1.24%   0.84%   0.07%   0.03%
Portfolio turnover   16%   37%   48%   116%   52%   44%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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.
    55

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $16.99   $16.52   $17.72   $12.99   $8.18   $14.06
   
Income (loss) from investment operations:                        
Net investment income2   0.12   0.45   0.42   0.31   0.16   0.21
Net realized and unrealized gain (loss)   0.57   0.35   (1.25)   4.82   4.73   (5.74)
Total from investment operations   0.69   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   $17.68   $16.99   $16.52   $17.72   $12.99   $8.18
   
Total return3   4.06%4   4.93%   (4.73%)4   40.30%   59.85%   (40.26%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $48,264   $51,824   $76,474   $84,343   $715   $545
Ratio of expenses to average net assets6   1.13%   0.95%   1.11%   1.21%   1.20%   1.19%
Ratio of expenses to average net assets prior to fees waived6   1.26%   0.95%   1.14%   1.21%   1.20%   1.19%
Ratio of net investment income to average net assets   1.43%   2.78%   2.52%   2.17%   1.46%   1.63%
Ratio of net investment income to average net assets prior to fees waived   1.30%   2.78%   2.49%   2.17%   1.46%   1.63%
Portfolio turnover   16%   37%   48%   116%   52%   44%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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.
56    

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $15.93   $15.52   $16.69   $12.25   $7.75   $13.26
   
Income (loss) from investment operations:                        
Net investment income2   0.08   0.35   0.32   0.22   0.09   0.13
Net realized and unrealized gain (loss)   0.53   0.31   (1.19)   4.54   4.45   (5.42)
Total from investment operations   0.61   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   $16.54   $15.93   $15.52   $16.69   $12.25   $7.75
   
Total return3   3.83%4   4.33%   (5.21%)4   39.60%   58.67%   (40.53%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $7,899   $9,011   $12,202   $14,145   $125   $75
Ratio of expenses to average net assets6   1.63%   1.45%   1.64%   1.78%   1.77%   1.76%
Ratio of expenses to average net assets prior to fees waived6   1.76%   1.45%   1.66%   1.78%   1.77%   1.76%
Ratio of net investment income to average net assets   0.93%   2.28%   2.03%   1.60%   0.90%   1.06%
Ratio of net investment income to average net assets prior to fees waived   0.80%   2.28%   2.01%   1.60%   0.90%   1.06%
Portfolio turnover   16%   37%   48%   116%   52%   44%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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.
    57

 

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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $16.96   $16.56   $17.79   $13.03   $8.21   $14.12
   
Income (loss) from investment operations:                        
Net investment income2   0.14   0.48   0.42   0.36   0.18   0.23
Net realized and unrealized gain (loss)   0.57   0.31   (1.24)   4.82   4.73   (5.75)
Total from investment operations   0.71   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   $17.67   $16.96   $16.56   $17.79   $13.03   $8.21
   
Total return3   4.19%4   4.89%   (4.63%)4   40.61%   59.94%   (40.11%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $5,407   $5,446   $4,213   $2,228   $15   $35
Ratio of expenses to average net assets6   0.97%   0.92%   1.03%   1.04%   0.99%   1.02%
Ratio of expenses to average net assets prior to fees waived6   1.10%   0.92%   1.07%   1.04%   0.99%   1.02%
Ratio of net investment income to average net assets   1.59%   2.93%   2.49%   2.46%   1.64%   1.81%
Ratio of net investment income to average net assets prior to fees waived   1.46%   2.93%   2.45%   2.46%   1.64%   1.81%
Portfolio turnover   16%   37%   48%   116%   52%   44%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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.
58    

 

Table of Contents
Delaware Ivy Natural Resources Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $16.63   $16.19   $17.38   $12.74   $8.04   $13.79
   
Income (loss) from investment operations:                        
Net investment income2   0.10   0.40   0.38   0.28   0.13   0.17
Net realized and unrealized gain (loss)   0.56   0.33   (1.24)   4.73   4.63   (5.63)
Total from investment operations   0.66   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   $17.29   $16.63   $16.19   $17.38   $12.74   $8.04
   
Total return3   3.97%4   4.60%   (4.95%)4   40.08%   59.33%   (40.40%)
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $10,155   $10,505   $12,632   $14,348   $115   $85
Ratio of expenses to average net assets6   1.38%   1.20%   1.35%   1.42%   1.42%   1.42%
Ratio of expenses to average net assets prior to fees waived6   1.51%   1.20%   1.38%   1.42%   1.42%   1.42%
Ratio of net investment income to average net assets   1.18%   2.54%   2.27%   1.97%   1.23%   1.39%
Ratio of net investment income to average net assets prior to fees waived   1.05%   2.54%   2.24%   1.97%   1.23%   1.39%
Portfolio turnover   16%   37%   48%   116%   52%   44%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based 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 Ivy Science and Technology Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $53.07   $42.38   $63.48   $92.04   $59.85   $65.00
   
Income (loss) from investment operations:                        
Net investment loss2   (0.16)   (0.23)   (0.24)   (0.66)   (0.55)   (0.38)
Net realized and unrealized gain (loss)   6.233   16.253   (8.49)   2.73   40.68   3.45
Total from investment operations   6.07   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   $59.14   $53.07   $42.38   $63.48   $92.04   $59.85
   
Total return4   11.44%3   40.88%3   (12.32%)   (0.21%)   67.65%   2.98%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $3,837,829   $3,743,633   $3,186,208   $4,958,005   $5,6965   $3,6265
Ratio of expenses to average net assets6   1.18%   1.16%   1.21%   1.13%   1.14%   1.18%
Ratio of expenses to average net assets prior to fees waived6   1.18%   1.16%   1.21%   1.13%   1.14%   1.18%
Ratio of net investment loss to average net assets   (0.60%)   (0.50%)   (0.51%)   (0.76%)   (0.66%)   (0.54%)
Ratio of net investment loss to average net assets prior to fees waived   (0.60%)   (0.50%)   (0.51%)   (0.76%)   (0.66%)   (0.54%)
Portfolio turnover   21%   29%   51%   53%   9%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.04 and $0.04 and total return by 0.08% and 0.09% for the six months ended September 30, 2024 and the year ended March 31, 2024, respectively.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5 Net assets reported in millions.
6 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Delaware Ivy Science and Technology Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $28.00   $24.76   $43.75   $72.44   $48.52   $54.26
   
Income (loss) from investment operations:                        
Net investment loss2   (0.20)   (0.32)   (0.46)   (1.04)   (0.95)   (0.76)
Net realized and unrealized gain (loss)   3.293   8.893   (6.16)   2.62   32.81   3.07
Total from investment operations   3.09   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   $31.09   $28.00   $24.76   $43.75   $72.44   $48.52
   
Total return4   11.04%3   39.82%3   (13.14%)   (1.00%)   66.37%   2.17%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $82,771   $88,952   $109,544   $237,610   $4135   $4075
Ratio of expenses to average net assets6   1.93%   1.91%   2.14%   1.92%   1.92%   1.95%
Ratio of expenses to average net assets prior to fees waived6   1.93%   1.91%   2.14%   1.92%   1.92%   1.95%
Ratio of net investment loss to average net assets   (1.35%)   (1.25%)   (1.45%)   (1.56%)   (1.45%)   (1.31%)
Ratio of net investment loss to average net assets prior to fees waived   (1.35%)   (1.25%)   (1.45%)   (1.56%)   (1.45%)   (1.31%)
Portfolio turnover   21%   29%   51%   53%   9%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.02 and total return by 0.07% and 0.08% for the six months ended September 30, 2024 and the year ended March 31, 2024, respectively.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5 Net assets reported in millions.
6 Expense ratios do not include expenses of any investment companies in which the Fund invests.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $69.75   $54.09   $76.68   $105.32   $67.65   $72.51
   
Income (loss) from investment operations:                        
Net investment loss2   (0.13)   (0.15)   (0.17)   (0.60)   (0.45)   (0.27)
Net realized and unrealized gain (loss)   8.213   21.143   (10.05)   2.83   46.06   3.71
Total from investment operations   8.08   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   $77.83   $69.75   $54.09   $76.68   $105.32   $67.65
   
Total return4   11.59%3   41.23%3   (12.14%)   (0.04%)   67.96%   3.17%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $1,465,367   $1,403,120   $1,281,422   $2,354,813   $2,8785   $1,9385
Ratio of expenses to average net assets6   0.93%   0.91%   0.99%   0.96%   0.96%   0.98%
Ratio of expenses to average net assets prior to fees waived6   0.93%   0.91%   0.99%   0.96%   0.96%   0.98%
Ratio of net investment loss to average net assets   (0.35%)   (0.25%)   (0.29%)   (0.59%)   (0.48%)   (0.34%)
Ratio of net investment loss to average net assets prior to fees waived   (0.35%)   (0.25%)   (0.29%)   (0.59%)   (0.48%)   (0.34%)
Portfolio turnover   21%   29%   51%   53%   9%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.06 and $0.05 and total return by 0.09% and 0.09% for the six months ended September 30, 2024 and the year ended March 31, 2024, respectively.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Net assets reported in millions.
6 Expense ratios do 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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $47.42   $38.46   $59.21   $87.86   $57.58   $62.89
   
Income (loss) from investment operations:                        
Net investment loss2   (0.21)   (0.31)   (0.38)   (0.97)   (0.85)   (0.63)
Net realized and unrealized gain (loss)   5.573   14.603   (8.00)   2.69   39.07   3.37
Total from investment operations   5.36   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   $52.78   $47.42   $38.46   $59.21   $87.86   $57.58
   
Total return4   11.30%3   40.53%3   (12.65%)   (0.63%)   66.99%   2.57%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $109,532   $109,957   $94,005   $120,945   $1515   $1105
Ratio of expenses to average net assets6   1.43%   1.41%   1.57%   1.55%   1.55%   1.57%
Ratio of expenses to average net assets prior to fees waived6   1.43%   1.41%   1.57%   1.55%   1.55%   1.57%
Ratio of net investment loss to average net assets   (0.85%)   (0.75%)   (0.86%)   (1.18%)   (1.08%)   (0.93%)
Ratio of net investment loss to average net assets prior to fees waived   (0.85%)   (0.75%)   (0.86%)   (1.18%)   (1.08%)   (0.93%)
Portfolio turnover   21%   29%   51%   53%   9%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.04 and $0.04 and total return by 0.08% and 0.10% for the six months ended September 30, 2024 and the year ended March 31, 2024, respectively.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Net assets reported in millions.
6 Expense ratios do 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 Science and Technology Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $71.23   $55.11   $77.75   $106.48   $68.24   $73.03
   
Income (loss) from investment operations:                        
Net investment loss2   (0.10)   (0.11)   (0.09)   (0.45)   (0.32)   (0.15)
Net realized and unrealized gain (loss)   8.393   21.563   (10.18)   2.84   46.50   3.75
Total from investment operations   8.29   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   $79.52   $71.23   $55.11   $77.75   $106.48   $68.24
   
Total return4   11.64%3   41.31%3   (12.02%)   0.10%   68.22%   3.34%
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $170,985   $155,573   $108,424   $173,276   $1925   $965
Ratio of expenses to average net assets6   0.85%   0.84%   0.86%   0.81%   0.81%   0.83%
Ratio of expenses to average net assets prior to fees waived6   0.85%   0.84%   0.86%   0.81%   0.81%   0.83%
Ratio of net investment loss to average net assets   (0.27%)   (0.18%)   (0.15%)   (0.44%)   (0.33%)   (0.20%)
Ratio of net investment income (loss) to average net assets prior to fees waived   (0.27%)   (0.18%)   (0.15%)   (0.44%)   (0.33%)   (0.20%)
Portfolio turnover   21%   29%   51%   53%   9%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.06 and $0.05 and total return by 0.08% and 0.09% for the six months ended September 30, 2024 and the year ended March 31, 2024, respectively.
4 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5 Net assets reported in millions.
6 Expense ratios do 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:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $61.62   $48.45   $70.42   $98.99   $64.00   $69.01
   
Income (loss) from investment operations:                        
Net investment loss2   (0.19)   (0.26)   (0.28)   (0.74)   (0.58)   (0.40)
Net realized and unrealized gain (loss)   7.243   18.763   (9.32)   2.79   43.51   3.60
Total from investment operations   7.05   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   $68.67   $61.62   $48.45   $70.42   $98.99   $64.00
   
Total return4   11.44%3   40.88%3   (12.34%)   (0.22%)5   67.64%5   2.98%5
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $298,491   $284,479   $229,962   $351,136   $4556   $3406
Ratio of expenses to average net assets7   1.18%   1.16%   1.23%   1.14%   1.14%   1.18%
Ratio of expenses to average net assets prior to fees waived7   1.18%   1.16%   1.23%   1.20%   1.20%   1.22%
Ratio of net investment loss to average net assets   (0.60%)   (0.50%)   (0.53%)   (0.78%)   (0.66%)   (0.54%)
Ratio of net investment loss to average net assets prior to fees waived   (0.60%)   (0.50%)   (0.53%)   (0.84%)   (0.72%)   (0.58%)
Portfolio turnover   21%   29%   51%   53%   9%   23%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
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 $0.05 and $0.05 and total return by 0.08% and 0.10% for the six months ended September 30, 2024 and the year ended March 31, 2024, respectively.
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.
See accompanying notes, which are an integral part of the financial statements.
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Table of Contents
Financial highlights
Delaware Real Estate Securities Fund Class A 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $15.74   $16.43   $27.72   $24.82   $18.83   $24.45
   
Income (loss) from investment operations:                        
Net investment income2   0.13   0.26   0.30   0.21   0.17   0.30
Net realized and unrealized gain (loss)   1.96   0.79   (5.87)   6.44   6.22   (3.61)
Total from investment operations   2.09   1.05   (5.57)   6.65   6.39   (3.31)
   
Less dividends and distributions from:                        
Net investment income   (0.17)   (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   (0.17)   (1.74)   (5.72)   (3.75)   (0.40)   (2.31)
   
Net asset value, end of period   $17.66   $15.74   $16.43   $27.72   $24.82   $18.83
   
Total return3   13.38%4   6.55%4   (20.26%)4   26.90%   34.24%4   (15.35%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $70,028   $70,391   $86,795   $143,562   $1305   $1225
Ratio of expenses to average net assets6   1.20%   1.20%   1.29%   1.38%   1.45%   1.43%
Ratio of expenses to average net assets prior to fees waived6   1.66%   1.39%   1.57%   1.38%   1.55%   1.53%
Ratio of net investment income to average net assets   1.62%   1.62%   1.39%   0.74%   0.79%   1.21%
Ratio of net investment income to average net assets prior to fees waived   1.16%   1.43%   1.11%   0.74%   0.69%   1.11%
Portfolio turnover   22%   36%   57%   43%   76%   59%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 Total return during the period 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 Real Estate Securities Fund Class C
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $14.86   $15.60   $26.73   $24.11   $18.32   $23.86
   
Income (loss) from investment operations:                        
Net investment income (loss)2   0.06   0.13   0.10   (0.07)   0.06   0.12
Net realized and unrealized gain (loss)   1.85   0.76   (5.66)   6.27   5.96   (3.52)
Total from investment operations   1.91   0.89   (5.56)   6.20   6.02   (3.40)
   
Less dividends and distributions from:                        
Net investment income   (0.11)   (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   (0.11)   (1.63)   (5.57)   (3.58)   (0.23)   (2.14)
   
Net asset value, end of period   $16.66   $14.86   $15.60   $26.73   $24.11   $18.32
   
Total return3   12.95%4   5.79%4   (21.00%)4   25.74%   33.03%4   (15.99%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $468   $577   $815   $1,707   $25   $35
Ratio of expenses to average net assets6   1.95%   1.95%   2.19%   2.33%   2.33%   2.25%
Ratio of expenses to average net assets prior to fees waived6   2.41%   2.14%   2.76%   2.33%   2.43%   2.35%
Ratio of net investment income (loss) to average net assets   0.87%   0.83%   0.49%   (0.24%)   0.27%   0.50%
Ratio of net investment income (loss) to average net assets prior to fees waived   0.41%   0.64%   (0.08%)   (0.24%)   0.17%   0.40%
Portfolio turnover   22%   36%   57%   43%   76%   59%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4 Total return during the period 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 Real Estate Securities Fund Class I 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $16.04   $16.70   $28.05   $25.05   $18.99   $24.63
   
Income (loss) from investment operations:                        
Net investment income2   0.15   0.32   0.38   0.29   0.25   0.38
Net realized and unrealized gain (loss)   2.00   0.79   (5.97)   6.52   6.27   (3.62)
Total from investment operations   2.15   1.11   (5.59)   6.81   6.52   (3.24)
   
Less dividends and distributions from:                        
Net investment income   (0.19)   (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   (0.19)   (1.77)   (5.76)   (3.81)   (0.46)   (2.40)
   
Net asset value, end of period   $18.00   $16.04   $16.70   $28.05   $25.05   $18.99
   
Total return3   13.50%4   6.84%4   (20.07%)4   27.32%   34.68%4   (15.01%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $36,579   $40,263   $64,516   $133,161   $1275   $1215
Ratio of expenses to average net assets6   0.95%   0.95%   1.00%   1.09%   1.08%   1.08%
Ratio of expenses to average net assets prior to fees waived6   1.41%   1.14%   1.09%   1.09%   1.18%   1.18%
Ratio of net investment income to average net assets   1.87%   1.94%   1.74%   1.01%   1.15%   1.54%
Ratio of net investment income to average net assets prior to fees waived   1.41%   1.75%   1.65%   1.01%   1.05%   1.44%
Portfolio turnover   22%   36%   57%   43%   76%   59%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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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Delaware Real Estate Securities Fund Class R
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $15.67   $16.36   $27.66   $24.78   $18.81   $24.42
   
Income (loss) from investment operations:                        
Net investment income2   0.11   0.19   0.20   0.12   0.13   0.27
Net realized and unrealized gain (loss)   1.94   0.82   (5.82)   6.44   6.20   (3.62)
Total from investment operations   2.05   1.01   (5.62)   6.56   6.33   (3.35)
   
Less dividends and distributions from:                        
Net investment income   (0.15)   (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   (0.15)   (1.70)   (5.68)   (3.68)   (0.36)   (2.26)
   
Net asset value, end of period   $17.57   $15.67   $16.36   $27.66   $24.78   $18.81
   
Total return3   13.21%4   6.33%4   (20.50%)4   26.55%   33.88%4   (15.51%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $574   $477   $497   $555   $5,6   $5,6
Ratio of expenses to average net assets7   1.45%   1.45%   1.54%   1.69%   1.67%   1.69%
Ratio of expenses to average net assets prior to fees waived7   1.91%   1.64%   1.65%   1.69%   1.77%   1.79%
Ratio of net investment income to average net assets   1.37%   1.22%   0.93%   0.42%   0.61%   1.07%
Ratio of net investment income to average net assets prior to fees waived   0.91%   1.03%   0.82%   0.42%   0.51%   0.97%
Portfolio turnover   22%   36%   57%   43%   76%   59%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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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Financial highlights
Delaware Real Estate Securities Fund Class R6 
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $16.07   $16.74   $28.10   $25.09   $19.02   $24.66
   
Income (loss) from investment operations:                        
Net investment income2   0.16   0.31   0.28   0.36   0.28   0.43
Net realized and unrealized gain (loss)   2.00   0.82   (5.86)   6.50   6.28   (3.64)
Total from investment operations   2.16   1.13   (5.58)   6.86   6.56   (3.21)
   
Less dividends and distributions from:                        
Net investment income   (0.20)   (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   (0.20)   (1.80)   (5.78)   (3.85)   (0.49)   (2.43)
   
Net asset value, end of period   $18.03   $16.07   $16.74   $28.10   $25.09   $19.02
   
Total return3   13.58%4   6.94%4   (19.99%)4   27.48%   34.84%4   (14.86%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $3,763   $1,938   $1,973   $1,112   $15   $5,6
Ratio of expenses to average net assets7   0.80%   0.85%   0.99%   0.93%   0.94%   0.94%
Ratio of expenses to average net assets prior to fees waived7   1.24%   1.09%   1.06%   0.93%   1.04%   1.04%
Ratio of net investment income to average net assets   2.02%   1.90%   1.38%   1.26%   1.26%   1.70%
Ratio of net investment income to average net assets prior to fees waived   1.58%   1.66%   1.31%   1.26%   1.16%   1.60%
Portfolio turnover   22%   36%   57%   43%   76%   59%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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 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 Real Estate Securities Fund Class Y
Selected data for each share of the Fund outstanding throughout each period were as follows:
    Six months ended
9/30/241
(Unaudited)
  Year ended  
    3/31/24   3/31/23   3/31/22   3/31/21   3/31/20  
Net asset value, beginning of period   $15.93   $16.60   $27.79   $24.87   $18.86   $24.48
   
Income (loss) from investment operations:                        
Net investment income2   0.13   0.25   0.43   0.23   0.21   0.33
Net realized and unrealized gain (loss)   1.98   0.81   (6.02)   6.45   6.23   (3.60)
Total from investment operations   2.11   1.06   (5.59)   6.68   6.44   (3.27)
   
Less dividends and distributions from:                        
Net investment income   (0.17)   (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   (0.17)   (1.73)   (5.60)   (3.76)   (0.43)   (2.35)
   
Net asset value, end of period   $17.87   $15.93   $16.60   $27.79   $24.87   $18.86
   
Total return3   13.35%4   6.57%4   (20.27%)4   26.98%   34.45%4   (15.21%)4
   
Ratios and supplemental data:                        
Net assets, end of period (000 omitted)   $3,276   $2,969   $3,481   $90,376   $705   $635
Ratio of expenses to average net assets6   1.20%   1.20%   1.25%   1.31%   1.30%   1.29%
Ratio of expenses to average net assets prior to fees waived6   1.66%   1.39%   1.29%   1.31%   1.40%   1.39%
Ratio of net investment income to average net assets   1.62%   1.52%   1.79%   0.82%   0.95%   1.35%
Ratio of net investment income to average net assets prior to fees waived   1.16%   1.33%   1.75%   0.82%   0.85%   1.25%
Portfolio turnover   22%   36%   57%   43%   76%   59%
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 Calculated using average shares outstanding.
3 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4 Total return during the period 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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Notes to financial statements
Ivy Funds      
September 30, 2024 (Unaudited)
Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 19 funds. These financial statements and the related notes pertain to 6 funds: Delaware Climate Solutions 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, and Delaware Ivy Science and Technology Fund are considered nondiversified.
Each Fund offers Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class I, Class R, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
1. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.
Basis of Consolidation — 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 statement of additional information. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund, its Subsidiary and the Company. The consolidated financial statements include the accounts of the Fund, and its Subsidiary and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Company. As of September 30, 2024, the total value of investment funds held by the Subsidiary is $86,696,853, or approximately 4.70% of the Fund's net assets and the total value of investment funds held by the Company is $1,591,289, or approximately 0.09% of the Fund's net assets.
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 (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)’s Pricing Policy (the Policy). Fixed income security and CDS contracts valuations are then reviewed by DMC as part of its duties as each Fund’s valuation designee (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
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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. An adjustment factor may be applied to the daily vendor provided price for certain security/ instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Forward foreign currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC as the Valuation Designee for each Fund to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Funds may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Funds may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities. 
Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended September 30, 2024, and for all open tax years (years ended March 31, 2021–March 31, 2024), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended September 30, 2024, the Funds did not incur any interest or tax penalties.
As a result of several court cases, in certain countries across the European Union, certain Funds filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU tax reclaims). Income recognized, if any, for EU reclaims is reflected as “Reclaim income“ on the “Statements of operations.” Any fees associated with these filings are included on the “Statements of operations” under “Audit and tax fees.” 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 statement 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 statement of assets and liabilities.”
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Notes to financial statements
Ivy Funds       
1. Significant Accounting Policies (continued)
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) $ —    $ —    $ — 
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.
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.
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.
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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. No TBA were outstanding at September 30, 2024.
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 “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, forward 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,
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Notes to financial statements
Ivy Funds       
1. Significant Accounting Policies (continued)
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 Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, and Delaware Real Estate Securities Fund declare and pay dividends quarterly. Delaware Climate Solutions Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy Science and Technology Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, at least annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended September 30, 2024, each Fund earned the following amounts under this arrangement:
Fund   Custody Credits
Delaware Climate Solutions Fund   $
Delaware Ivy Asset Strategy Fund   12,390
Delaware Ivy Balanced Fund   7,328
Delaware Ivy Natural Resources Fund  
Delaware Ivy Science and Technology Fund   15,445
Delaware Real Estate Securities Fund  
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.” For the six months ended September 30, 2024, each Fund earned the following amounts under this arrangement:
Fund   Earnings Credits
Delaware Climate Solutions Fund   $383
Delaware Ivy Asset Strategy Fund   2,070
Delaware Ivy Balanced Fund   1,359
Delaware Ivy Natural Resources Fund   587
Delaware Ivy Science and Technology Fund   3,276
Delaware Real Estate Securities Fund   333
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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 (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly based on each Fund's average daily net assets as follows:
Fund   Management Fee (annual rate as a percentage of average daily net assets)
Delaware Climate Solutions Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.76% of net assets over $3 billion and up to $5 billion;
    0.75% of net assets over $5 billion and up to $10 billion;
    0.74% of net assets over $10 billion.
     
Delaware Ivy Asset Strategy Fund   0.70% of net assets up to $1 billion;
    0.65% of net assets over $1 billion and up to $2 billion;
    0.60% of net assets over $2 billion and up to $3 billion;
    0.55% of net assets over $3 billion and up to $28 billion;
    0.545% of net assets over $28 billion and up to $53 billion;
    0.54% of net assets over $53 billion.
     
Delaware Ivy Balanced Fund   0.70% of net assets up to $1 billion;
    0.65% of net assets over $1 billion and up to $2 billion;
    0.60% of net assets over $2 billion and up to $3 billion;
    0.55% of net assets over $3 billion and up to $5 billion;
    0.54% of net assets over $5 billion and up to $10 billion;
    0.53% of net assets over $10 billion.
     
Delaware Ivy Natural Resources Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.76% of net assets over $3 billion and up to $5 billion;
    0.73% of net assets over $5 billion and up to $10 billion;
    0.70% of net assets over $10 billion.
     
Delaware Ivy Science and Technology Fund   0.85% of net assets up to $1 billion;
    0.83% of net assets over $1 billion and up to $2 billion;
    0.80% of net assets over $2 billion and up to $3 billion;
    0.76% of net assets over $3 billion and up to $8 billion;
    0.755% of net assets over $8 billion and up to $13 billion;
    0.75% of net assets over $13 billion.
     
Delaware Real Estate Securities 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 contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any annual distribution and service (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, 2024 (except as noted) through July 30, 2025. These waivers and
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Notes to financial statements
Ivy Funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
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 for
all share classes
other than
Class R6
  Operating expense
limitation as
a percentage
of average
daily net assets for
Class R6
Delaware Climate Solutions Fund   0.99%   0.82%1
Delaware Ivy Asset Strategy Fund   n/a   n/a
Delaware Ivy Balanced Fund   0.80%   0.71%
Delaware Ivy Natural Resources Fund   n/a2   n/a2
Delaware Ivy Science and Technology Fund   n/a   n/a
Delaware Real Estate Securities Fund   0.95%   0.80%
1Effective July 31, 2024. Prior to July 31, 2024, the expense limitation was 0.83%.
2Effective July 31, 2024. Prior to July 31, 2024, the expense limitation for classes other than R6 and Class R6 were 1.08%, and 0.92%, respectively.
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, 2024 (except as noted) through July 30, 2025, unless terminated by agreement of DMC and the Funds, 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%   0.82%1   1.24%
Delaware Ivy Asset Strategy Fund   n/a   n/a   n/a   n/a   n/a   n/a
Delaware Ivy Balanced Fund   1.05%   1.80%   0.80%   1.30%   0.71%   1.05%
Delaware Ivy Natural Resources Fund   n/a2   n/a2   n/a2   n/a2   n/a2   n/a2
Delaware Ivy Science and Technology Fund   n/a   n/a   n/a   n/a   n/a   n/a
Delaware Real Estate Securities Fund   1.20%   1.95%   0.95%   1.45%   0.80%   1.20%
1Effective July 31, 2024. Prior to July 31, 2024, the expense limitation for Class R6 shares was 0.83%.
2Effective July 31, 2024. Prior to July 31, 2024, these amounts for Class A, Class C, Class I, Class R, Class R6, and Class Y shares were 1.33%, 2.08%, 1.08%, 1.58%, 0.92%, and 1.33%, respectively.
DMC has entered into a 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 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.
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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.
Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% 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). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended September 30, 2024, each Fund paid for these services as follows:
Fund   Fees
Delaware Climate Solutions Fund   $5,123
Delaware Ivy Asset Strategy Fund   43,308
Delaware Ivy Balanced Fund   36,997
Delaware Ivy Natural Resources Fund   6,474
Delaware Ivy Science and Technology Fund   132,953
Delaware Real Estate Securities Fund   4,479
DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended September 30, 2024, each Fund paid for these services as follows:
Fund   Fees
Delaware Climate Solutions Fund   $4,468
Delaware Ivy Asset Strategy Fund   59,169
Delaware Ivy Balanced Fund   50,127
Delaware Ivy Natural Resources Fund   6,404
Delaware Ivy Science and Technology Fund   187,564
Delaware Real Estate Securities Fund   3,544
Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS 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.
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, 0.50%, and 0.25% of the average daily net assets of the Class A, Class C, Class R, and Class Y shares, respectively. The fees are calculated daily and paid monthly. Class I and Class R6 shares do not pay 12b-1 fees.
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Notes to financial statements
Ivy Funds       
2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)
As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended September 30, 2024, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:
Fund   Fees
Delaware Climate Solutions Fund   $1,897
Delaware Ivy Asset Strategy Fund   28,230
Delaware Ivy Balanced Fund   20,877
Delaware Ivy Natural Resources Fund   2,688
Delaware Ivy Science and Technology Fund   77,745
Delaware Real Estate Securities Fund   237
For the six months ended September 30, 2024, DDLP earned commissions on sales of Class A shares for each Fund as follows:
Fund   Class A
Delaware Climate Solutions Fund   $1,839
Delaware Ivy Asset Strategy Fund   21,883
Delaware Ivy Balanced Fund   43,435
Delaware Ivy Natural Resources Fund   2,961
Delaware Ivy Science and Technology Fund   113,519
Delaware Real Estate Securities Fund   1,902
For the six months ended September 30, 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   $760   $6
Delaware Ivy Asset Strategy Fund   671   1,228
Delaware Ivy Balanced Fund   893   1,166
Delaware Ivy Natural Resources Fund   134   8
Delaware Ivy Science and Technology Fund   5,281   2,917
Delaware Real Estate Securities Fund   116   59
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.
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A summary of the transactions in affiliated companies during the six months ended September 30, 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   Dividend
Income
Delaware Ivy Asset Strategy Fund  
Common Stocks—0.08%  
Media Group Holdings Series H  
  $554,181   $—   $(407,951)   $—   $1,323,837   $1,470,067   640,301   $—
Media Group Holdings Series T  
              80,253  
Total $554,181   $—   $(407,951)   $—   $1,323,837   $1,470,067       $—
1 The amount shown includes return of capital.
MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC's findings. The Settlement Order does not impact MIMBT's ability to continue to provide services to the Funds. In connection with the findings in the Settlement Order, MIMBT expects to make payments to Delaware Ivy Asset Strategy Fund prior to December 31, 2024. These payments are not expected to be material to Delaware Ivy Asset Strategy Fund.
3. Investments
For the six months ended September 30, 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 Climate Solutions Fund   $5,103,317   $   $31,148,075   $
Delaware Ivy Asset Strategy Fund   315,807,131   111,998,842   428,185,214   128,266,816
Delaware Ivy Balanced Fund   227,946,004   339,551,638   328,885,923   416,511,068
Delaware Ivy Natural Resources Fund   32,330,148     53,331,360  
Delaware Ivy Science and Technology Fund   1,228,392,785     1,685,420,958  
Delaware Real Estate Securities Fund   24,587,555     38,405,965  
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Notes to financial statements
Ivy Funds       
3. Investments (continued)
At September 30, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2024, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:
Fund   Cost of
investments
and derivatives
  Aggregate
unrealized
appreciation
of investments
and derivatives
  Aggregate
unrealized
depreciation
of investments
and derivatives
  Net unrealized
appreciation
(depreciation)
of investments
and derivatives
Delaware Climate Solutions Fund   $122,070,634   $23,076,643   $(12,853,769)   $10,222,874
Delaware Ivy Asset Strategy Fund   1,979,556,477   858,022,086   (989,547,114)   (131,525,028)
Delaware Ivy Balanced Fund   1,179,623,270   414,723,834   (18,675,837)   396,047,997
Delaware Ivy Natural Resources Fund   202,201,366   37,662,335   (48,769,221)   (11,106,886)
Delaware Ivy Science and Technology Fund   3,318,359,533   2,669,433,767   (15,763,095)   2,653,670,672
Delaware Real Estate Securities Fund   65,123,890   50,166,311   (741,020)   49,425,291
For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2024, certain Funds had capital loss carryforwards available to offset future realized capital gains as follows:
  Loss carryforward character    
  Short-term   Long-term   Total
Delaware Climate Solutions Fund $ 55,996,216   $102,881,878   $ 158,878,094
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
US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:
Level 1  − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2  − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3  − Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)
Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are
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comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of September 30, 2024:
  Delaware Climate Solutions Fund
  Level 1
Securities  
Assets:  
Common Stocks $131,509,267
Short-Term Investments 784,241
Total Value of Securities $132,293,508
    Delaware Ivy Asset Strategy Fund  
    Level 1   Level 2   Level 3 Total  
Securities                
Assets:                
Agency Collateralized Mortgage Obligations   $   $482,599   $5,166,763 $5,649,362  
Agency Mortgage-Backed Securities     80,374,867   80,374,867  
Bullion   86,416,486     86,416,486  
Collateralized Debt Obligations     2,747,286   2,747,286  
Common Stocks                
Communication Services   125,841,746     1,967,901 127,809,647  
Consumer Discretionary   122,660,285     1,470,0671 124,130,352  
Consumer Staples   77,803,147     77,803,147  
Energy   19,855,503     19,855,503  
Financials   199,153,056     199,153,056  
Healthcare   158,759,631     158,759,631  
Industrials   156,692,502     156,692,502  
Information Technology   314,216,264     314,216,264  
Materials   32,567,404     32,567,404  
Utilities   20,328,017     20,328,017  
Convertible Bond       5,936,085 5,936,085  
Corporate Bonds     266,028,111   266,028,111  
Exchange-Traded Funds   27,690,480     27,690,480  
Government Agency Obligation     2,328,223   2,328,223  
Loan Agreements     29,001,289   29,001,289  
Municipal Bond     977,043   977,043  
Non-Agency Asset-Backed Securities     817,324   817,324  
Non-Agency Collateralized Mortgage Obligations     8,243,835   8,243,835  
Non-Agency Commercial Mortgage-Backed Securities     20,192,189   20,192,189  
Preferred Stock   7,566,766     7,566,766  
US Treasury Obligations     13,843,484   13,843,484  
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Notes to financial statements
Ivy Funds       
3. Investments (continued)
    Delaware Ivy Asset Strategy Fund  
    Level 1   Level 2   Level 3   Total  
Short-Term Investments   $58,894,376   $   $   $58,894,376  
Total Value of Securities   $1,408,445,663   $425,036,250   $14,540,816   $1,848,022,729  
   
Derivatives2                  
Assets:                  
Futures Contracts   $72,150   $   $   $72,150  
Liabilities:                  
Centrally Cleared Credit Default Swap Contracts   $   $(10,416)   $   $(10,416)  
Futures Contracts   (53,014)       (53,014)  
1The security that has been valued at zero on the “Consolidated schedules of investments” is considered to be a Level 3 investment in this table.
2 Futures contracts and swaps contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.
    Delaware Ivy Balanced Fund  
    Level 1   Level 2   Total  
Securities              
Assets:              
Agency Collateralized Mortgage Obligations   $   $14,266,840   $14,266,840  
Agency Mortgage-Backed Securities     153,019,116   153,019,116  
Common Stocks   947,983,618     947,983,618  
Corporate Bonds     171,380,081   171,380,081  
Exchange-Traded Fund   44,542,208     44,542,208  
Loan Agreements     6,014,127   6,014,127  
Non-Agency Asset-Backed Securities     17,856,186   17,856,186  
Non-Agency Collateralized Mortgage Obligations     8,639,064   8,639,064  
Non-Agency Commercial Mortgage-Backed Securities     46,566,352   46,566,352  
US Treasury Obligations     97,912,465   97,912,465  
Short-Term Investments   67,595,664     67,595,664  
Total Value of Securities   $1,060,121,490   $515,654,231   $1,575,775,721  
   
Derivatives1              
Assets:              
Futures Contracts   $28,657   $   $28,657  
   
Liabilities:              
Futures Contracts   $(133,111)   $   $(133,111)  
 
1Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.
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    Delaware Ivy Natural Resources Fund  
    Level 1   Level 3 Total  
Securities            
Assets:            
Closed-Ended Trust   $4,771,210   $— $4,771,210  
Common Stocks            
Aluminum   6,910,141   6,910,141  
Construction & Engineering   4,288,743   4,288,743  
Construction Materials   8,878,509   8,878,509  
Copper   6,141,888   6,141,888  
Diversified Metals & Mining   22,370,622   1 22,370,622  
Electrical Components & Equipment   2,585,452   2,585,452  
Fertilizers & Agricultural Chemicals   16,351,039   16,351,039  
Forest Products   7,510,991   7,510,991  
Gold   28,785,582   28,785,582  
Heavy Electrical Equipment   746,313   746,313  
Industrial Gases   2,368,819   2,368,819  
Integrated Oil & Gas   14,217,378   14,217,378  
Oil & Gas Drilling   3,428,625   3,428,625  
Oil & Gas Equipment & Services   7,638,088   7,638,088  
Oil & Gas Exploration & Production   29,599,607   29,599,607  
Oil & Gas Refining & Marketing   2,182,490   2,182,490  
Packaged Foods & Meats   3,572,684   3,572,684  
Paper Packaging   3,662,285   3,662,285  
Paper Products   3,981,122   3,981,122  
Renewable Electricity   796,594   796,594  
Specialty Chemicals   4,370,390   4,370,390  
Steel   2,410,008   2,410,008  
Short-Term Investments   3,525,900   3,525,900  
Total Value of Securities   $191,094,480   $— $191,094,480  
1The security that has been valued at zero on the “Schedules of investments” is considered to be a Level 3 investment in this table.
  Delaware Ivy Science and Technology Fund
  Level 1
Securities  
Assets:  
Common Stocks $5,945,637,818
Short-Term Investments 26,392,387
Total Value of Securities $5,972,030,205
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Notes to financial statements
Ivy Funds       
3. Investments (continued)
  Delaware Real Estate Securities Fund
  Level 1
Securities  
Assets:  
Common Stocks $114,291,667
Short-Term Investments 257,514
Total Value of Securities $114,549,181
During the six months ended September 30, 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 period.
A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to that Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Delaware Ivy Asset Strategy Fund and Delaware Ivy Natural Resources Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Delaware Ivy Asset Strategy Fund and Delaware Ivy Natural Resources Fund’s net assets at the end of the period. As of September 30, 2024, Delaware Climate Solutions 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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4. Capital Shares
Transactions in capital shares were as follows:
  Delaware Climate
Solutions Fund
  Delaware Ivy
Asset Strategy Fund
  Delaware Ivy
Balanced Fund
  Six months
ended
  Year ended   Six months
ended
  Year ended   Six months
ended
  Year ended
  9/30/24   3/31/24   9/30/24   3/31/24   9/30/24   3/31/24
Shares sold:
Class A 93,815   468,984   746,898   2,303,722   1,423,598   4,086,333
Class C 5,643   30,143   105,631   194,326   96,239   220,523
Class I 398,258   1,175,921   1,175,467   1,657,808   1,468,688   3,233,319
Class R 51,822   181,764   67,626   111,364   24,797   55,004
Class R6 12,066   176,282   44,313   145,932   26,627   96,996
Class Y 14,487   58,528   82,487   201,189   32,472   63,958
 
Shares issued upon reinvestment of dividends and distributions:
Class A   182,528   578,044   1,952,697   325,399   1,130,535
Class C   10,695   13,955   59,696   4,968   29,345
Class I   169,637   165,302   570,492   117,690   426,137
Class R   55,049   9,070   31,042   2,377   8,375
Class R6   7,345   9,887   29,243   3,402   10,913
Class Y   11,635   35,483   121,266   3,014   10,253
  576,091   2,528,511   3,034,163   7,378,777   3,529,271   9,371,691
 
Shares redeemed:
Class A (1,181,359)   (3,310,736)   (4,724,198)   (10,684,583)   (4,565,911)   (11,913,265)
Class C (109,442)   (559,682)   (316,404)   (1,187,449)   (419,784)   (1,690,424)
Class I (1,449,865)   (5,113,424)   (2,380,366)   (6,774,904)   (3,779,984)   (8,182,966)
Class R (323,475)   (1,540,303)   (105,609)   (219,048)   (22,563)   (90,650)
Class R6 (125,741)   (216,166)   (79,968)   (179,195)   (52,513)   (150,751)
Class Y (156,107)   (324,659)   (298,775)   (802,481)   (57,422)   (140,413)
  (3,345,989)   (11,064,970)   (7,905,320)   (19,847,660)   (8,898,177)   (22,168,469)
Net decrease (2,769,898)   (8,536,459)   (4,871,157)   (12,468,883)   (5,368,906)   (12,796,778)
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Notes to financial statements
Ivy Funds       
4. Capital Shares (continued)
  Delaware Ivy
Natural Resources Fund
  Delaware Ivy
Science and Technology Fund
  Delaware
Real Estate Securities Fund
  Six months
ended
  Year ended   Six months
ended
  Year ended   Six months
ended
  Year ended
  9/30/24   3/31/24   9/30/24   3/31/24   9/30/24   3/31/24
Shares sold:
Class A 91,108   225,612   924,641   3,048,006   60,545   134,537
Class C 13,414   47,480   100,826   268,784   526   2,240
Class I 140,041   487,910   1,744,189   3,442,734   238,432   385,120
Class R 22,191   89,926   142,998   268,831   6,991   7,674
Class R6 36,590   175,519   267,901   672,947   94,968   33,288
Class Y 31,931   96,948   400,256   832,171   7,178   16,691
 
Shares issued upon reinvestment of dividends and distributions:
Class A   160,913     8,275,253   43,170   484,633
Class C   3,446     717,381   236   3,983
Class I   73,662     1,914,128   24,918   304,132
Class R   9,858     304,713   316   2,819
Class R6   5,476     179,854   1,461   12,462
Class Y   11,853     465,096   1,891   18,387
  335,275   1,388,603   3,580,811   20,389,898   480,632   1,405,966
 
Shares redeemed:
Class A (772,803)   (2,294,363)   (6,576,315)   (15,960,329)   (609,459)   (1,430,947)
Class C (32,640)   (169,114)   (615,130)   (2,233,759)   (11,506)   (19,597)
Class I (461,080)   (2,139,981)   (3,032,756)   (8,930,874)   (741,118)   (2,041,999)
Class R (110,272)   (320,592)   (386,549)   (698,771)   (5,076)   (10,382)
Class R6 (51,613)   (114,378)   (301,599)   (636,208)   (8,327)   (43,003)
Class Y (76,204)   (257,541)   (670,300)   (1,426,829)   (12,103)   (58,425)
  (1,504,612)   (5,295,969)   (11,582,649)   (29,886,770)   (1,387,589)   (3,604,353)
Net decrease (1,169,337)   (3,907,366)   (8,001,838)   (9,496,872)   (906,957)   (2,198,387)
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 six months ended September 30, 2024 and year ended March 31, 2024, each Fund had the following exchange transactions:
  Six months ended September 30, 2024   Year ended March 31, 2024
  Exchange
Redemptions
  Exchange
Subscriptions
  Value   Exchange
Redemptions
  Exchange
Subscriptions
  Value
Delaware Climate Solutions Fund         $33,467           $135,824
Class A 2,137   1,196       6,392   7,873    
Class C 1,508         6,641      
Class I   2,214       1,990   6,767    
Class Y         399      
Delaware Ivy Asset Strategy Fund         $4,247,570           $3,475,355
Class A 151,598   38,366       74,045   101,888    
Class C 43,051         109,780      
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  Six months ended September 30, 2024   Year ended March 31, 2024
  Exchange
Redemptions
  Exchange
Subscriptions
  Value   Exchange
Redemptions
  Exchange
Subscriptions
  Value
Class I 162   147,906       4,735   74,988    
Class R6   1,123         1,413    
Class Y 379         1,942      
Delaware Ivy Balanced Fund         $1,407,343           $3,439,675
Class A 17,991   33,981       48,619   119,956    
Class C 45,844         96,593      
Class I   28,434       29,811   50,624    
Class R6   479         3,779    
Class Y         1,276      
Delaware Ivy Natural Resources Fund         $121,997           $165,576
Class A 5,628   1,788       7,354   3,335    
Class C 2,120         3,575      
Class I 84   5,231       435   7,004    
Class R6   119            
Delaware Ivy Science and Technology Fund         $4,776,220           $5,960,503
Class A 72,786   10,343       62,814   58,609    
Class C 17,170         92,651      
Class I 1,067   58,014       10,028   49,344    
Class R6   86         5,239    
Class Y 3,043         750      
Delaware Real Estate Securities Fund         $61,282           $123,116
Class A 2,893   962       4,516   3,211    
Class C 1,020         3,384      
Class I   2,837         4,438    
5. Line of Credit
Each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 30, 2024.
Each Fund had no amounts outstanding as of September 30, 2024, or at any time during the period then ended.
6. Interfund Lending Program
Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 6) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended September 30, 2024.
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Notes to financial statements
Ivy Funds       
7. Derivatives
US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.
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 each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund’s exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are disclosed on the “Schedules of investments.”
During the six months ended September 30, 2024, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund used forward foreign currency exchange contracts to hedge the US dollar value of securities they already own 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. At September 30, 2024, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund posted $488,692 and $460,966, respectively in cash as collateral for open futures contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”
During the six months ended September 30, 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. Delaware Ivy Balanced Fund also used futures contracts as a cash management tool.
Swap Contracts — Delaware Ivy Asset Strategy Fund and 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. 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
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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 six months ended September 30, 2024, Delaware Ivy Asset Strategy Fund and 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. During the six months ended September 30, 2024, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund did not enter into any CDS contracts as a seller of protection.
CDS contracts may involve greater risks than if Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, or (2) for cleared swaps, trading these instruments through a central counterparty.
During the six months ended September 30, 2024, Delaware Ivy Asset Strategy Fund used CDS contracts to hedge against credit events and Delaware Ivy Balanced Fund used CDS contracts to gain exposure to certain securities or markets.
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Notes to financial statements
Ivy Funds       
7. Derivatives (continued)
Fair values of derivative instruments as of September 30, 2024 were as follows:   
    Delaware Ivy Asset Strategy Fund
    Asset Derivatives Fair Value
Statements of Assets and
Liabilities Location
  Interest
Rate
Contracts
Variation margin due from broker on futures contracts*   $72,150
    Delaware Ivy Asset Strategy Fund
    Liability Derivatives Fair Value
Statements of Assets and
Liabilities Location
  Interest
Rate
Contracts
  Credit
Contracts
Variation margin due to broker on futures contracts*   $(53,014)   $
Variation margin due from broker on centrally cleared credit default swap contracts*     (10,416)
Total   $(53,014)   $(10,416)
    Delaware Ivy Balanced Fund
    Asset Derivatives Fair Value
Statements of Assets and
Liabilities Location
  Interest
Rate
Contracts
Variation margin due to broker on futures contracts*   $28,657
    Delaware Ivy Balanced Fund
    Liability Derivatives Fair Value
Statements of Assets and
Liabilities Location
  Interest
Rate
Contracts
Variation margin due to broker on futures contracts*   $(133,111)
*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared CDS contracts from the date the contracts were opened through September 30, 2024. Only current day variation margin is reported on the Fund's “Statements of assets and liabilities.”
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The effect of derivative instruments on the “Statements of operations” for the six months ended September 30, 2024 was as follows:
Delaware Ivy Asset Strategy Fund   Net Realized Gain (Loss) on:  
    Forward
Foreign
Currency
Exchange
Contracts
  Futures
Contracts
  Swap
Contracts
  Total
Currency contracts   $(60,182)   $   $   $(60,182)
Interest rate contracts     (504,767)     (504,767)
Credit contracts       577   577
Total   $(60,182)   $(504,767)   $577   $(564,372)
  Net Change in Unrealized Appreciation (Depreciation) on:
  Forward
Foreign
Currency
Exchange
Contracts
  Futures
Contracts
  Swap
Contracts
  Total
Currency contracts $10,113   $   $   $10,113
Interest rate contracts   71,372     71,372
Credit contracts     (12,686)   (12,686)
Total $10,113   $71,372   $(12,686)   $68,799
Delaware Ivy Balanced Fund   Net Realized Gain (Loss) on:  
    Forward
Foreign
Currency
Exchange
Contracts
  Futures
Contracts
  Swap
Contracts
  Total
Currency contracts   $(131,559)   $   $   $(131,559)
Interest rate contracts     (295,575)     (295,575)
Credit contracts       (126,241)   (126,241)
Total   $(131,559)   $(295,575)   $(126,241)   $(553,375)
  Net Change in Unrealized Appreciation (Depreciation) on:
  Forward
Foreign
Currency
Exchange
Contracts
  Futures
Contracts
  Swap
Contracts
  Total
Currency contracts $21,197   $   $   $21,197
Interest rate contracts   74,278     74,278
Credit contracts     120,773   120,773
Total $21,197   $74,278   $120,773   $216,248
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Notes to financial statements
Ivy Funds       
7. Derivatives (continued)
The tables below summarize the average daily balance of derivative holdings by certain Funds during the six months ended September 30, 2024:
  Long Derivative Volume
  Delaware Ivy
Asset Strategy Fund
  Delaware Ivy
Balanced Fund
Forward foreign currency exchange contracts (average notional value) $ 1,976,745   $ 3,987,118
Futures contracts (average notional amount)   24,831,196     59,549,711
CDS contracts (average notional value)*   114,803     2,575,559
  Short Derivative Volume
  Delaware Ivy
Asset Strategy Fund
  Delaware Ivy
Balanced Fund
Forward foreign currency exchange contracts (average contract amount) $ 943,615   $ 1,894,015
Futures contracts (average notional amount)   13,686,584     29,065,199
*Long represents buying protection and short represents selling protection.
 8. 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). 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 must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.
Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.
In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.
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Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.
During the six months ended September 30, 2024, each Fund had no securities out on loan.
9. 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.
When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Funds invest will cause the NAV of the Funds to fluctuate.
Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.
Certain Funds invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.
Certain Funds 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-
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Notes to financial statements
Ivy Funds       
9. 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.
As each Fund may be required to rely upon another lending institution to collect and pass on to each Fund amounts payable with respect to the loan and to enforce each Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent each Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to each Fund. There were no unfunded loan commitments at the six months ended September 30, 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 six months ended September 30, 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
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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.”
10. 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.
11. Subsequent Events
On October 28, 2024, each Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 revolving line of credit to be used as described in Note 5. 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 27, 2025.
Management has determined that no other material events or transactions occurred subsequent to September 30, 2024, that would require recognition or disclosure in the Fund’s financial statements.
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Other Fund information (Unaudited)
Ivy Funds
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis of Approval for Investment Advisory Contract
Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 13-15, 2024
At a meeting held on August 13-15, 2024 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware Climate Solutions Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, and Delaware Real Estate Securities Fund (each, a “Fund” and together, the “Funds”) Investment Management Agreement with Delaware Management Company (“DMC) and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) and Macquarie Investment Management Europe Limited (“MIMEL”) (together, the “Affiliated Sub-Advisers”).
Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2024, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an “Investment Committee” and together, the “Investment Committees”), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds’ Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (“JDL”).
The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all of the, factors considered by the Board in support of its approval.
Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including each Fund’s portfolio managers. The Board met with DMC’s senior management and
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investment personnel. The Board reviewed the materials provided by the Funds’ portfolio management team discussing its performance, investment strategies and outlook, as well as DMC with respect to comparing Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board’s review included consideration of DMC’s investment oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation and compliance risks and its plans for enhancing those programs (including through the allocation of additional resources and enhancements to existing processes and testing). The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates, as well as information from Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, regarding Macquarie’s commitment to the U.S. mutual fund business. 
In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the fund complex. Among other things, these services include third party service provider oversight, transfer agency, internal audit, pricing and valuation, portfolio trading, and legal and compliance functions. The Board noted DMC’s responsibility for overseeing: the preparation of the Funds’ prospectus, summary prospectus, statement of additional information, and shareholder reports; responsibility for other periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board.
The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie, and the resources available to DMC as part of Macquarie’s global asset management business.
The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of Affiliated Sub-Advisers who provide these services, including the Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, and Delaware Real Estate Securities Fund’s portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Board noted that the Affiliated Sub-Advisers are part of Macquarie’s global investment platform that has offices and personnel that are located around the world. These Affiliated Sub-Advisers provide research, investment and trading analysis on the markets and economies of various countries in which the Funds may invest, make recommendations regarding securities, provide portfolio management services and assist with security trades, as applicable. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.
The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Funds by DMC and the Affiliated Sub-Advisers.
Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board’s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider (“Broadridge”), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for each Fund’s institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2023. The Board considered that the Funds were managed by Ivy Investment Management Company prior to the acquisition of its parent company, Waddell & Reed Financial, Inc. by Macquarie Asset Management, a division of Macquarie Group Ltd. (the “Transaction”), and that each Fund’s performance prior to the closing of the Transaction on April 30, 2021 is that of its predecessor investment manager and not DMC.
Delaware Climate Solutions Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional specialty and miscellaneous funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5- and 10-year periods was in the third, first, fourth and third quartile, respectively, of its
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Other Fund information (Unaudited)
Ivy Funds 
Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 13-15, 2024 
(continued)
Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 5- and 10- year periods was below the median of its Performance Universe and for the 3-year period was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 5- and 10-year periods and outperformed its benchmark index for the 3-year period. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns. The Board, however, noted that the investment performance of the current portfolio management team only began as of July 2022 and that the Fund repositioned into a climate solutions fund in July 2022 (and had also changed its investment strategy in November 2021). The Board noted the limited period of performance data available since the Fund changed its investment strategy and portfolio management team and repositioned into a climate solutions fund, and that the Board would continue to evaluate the Fund’s performance.
Delaware Ivy Asset Strategy Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional alternative global macro funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5- and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5- and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5- and 10-year periods. The Board noted that the Fund was generally outperforming its Performance Universe, but underperforming its benchmark index, during the periods under review. The Board noted that the Fund changed its portfolio management team and investment strategy in November 2021. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns, including that the investment strategy was further changed effective February 2024 that was not reflected in the performance data.
Delaware Ivy Balanced Fund. The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the second quartile of its Performance Universe, for the 5-year period was in the first quartile of its Performance Universe and for the 10-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3- and 5-year periods was above the median of its Performance Universe and for the 10-year period was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index during the periods under review. The Board noted that the Fund was generally performing in line with its Performance Universe during the periods under review (except for the 10-year period). The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns, including that the investment strategy was further changed effective February 2024 that was not reflected in the performance data.
Delaware Ivy Natural Resources Fund. The Performance Universe consists of the Fund and all retail and institutional global natural resources funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5- and 10-year periods was in the second, third, fourth and third quartile, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 3-, 5- and 10-year periods was below the median of its Performance Universe and for the 1-year period was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 5- and 10-year periods and outperformed its benchmark index for the 3-year period. The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of November 2021. The Board also noted that the investment strategy further changed on April 28, 2023 to be diversified internationally, along with its benchmark index. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that the Board would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC and
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from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.
Delaware Ivy Science and Technology Fund. The Performance Universe consists of the Fund and all retail and institutional science & technology funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5- and 10-year periods was in the third, third, third and fourth quartiles, respectively, of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5- and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund’s relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.
Delaware Real Estate Securities Fund. The Performance Universe consists of the Fund and all retail and institutional real estate funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe and for the 3-, 5- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 3-, 5- and 10-year periods was above the median of its Performance Universe and for the 1-year period was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3- and 10-year periods and slightly outperformed its benchmark index for the 5-year period. The Board noted that the Fund was generally outperforming its Performance Universe during the periods under review (except for the 1-year period). The Board, however, noted that the investment performance of the current portfolio management team and investment strategy only began as of July 2022. The Board noted the limited period of performance data available since the Fund changed its portfolio management team and investment strategy and that it would continue to evaluate the Fund’s performance. The Board noted the explanations from DMC concerning the reasons for the Fund’s relative performance versus its benchmark index for the 1-, 3- and 10-year periods.
Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Broadridge total expenses (reflecting any applicable fee waivers and/or expense reimbursements), for comparative consistency, were shown by Broadridge for Institutional Class shares, including 12b 1 and non-12b 1 service fees (as applicable). The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the “Expense Group”). Each Fund’s total expenses were also compared with those of its Expense Universe, which is comprised of the Fund, its Expense Group and all other similar with an institutional share class (i.e., funds without 12b-1 fees and non-12b-1 service fees) with assets equal to or greater than $100 million, excluding outliers (the “Expense Universe”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers and/or expense reimbursements, with a Fund’s Expense Universe.
Each Fund’s total expenses were also compared with those of its Expense Universe. The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.
Delaware Climate Solutions Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Asset Strategy Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Balanced Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
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Other Fund information (Unaudited)
Ivy Funds 
Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 13-15, 2024 
(continued)
Delaware Ivy Natural Resources Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Ivy Science and Technology Fund. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
Delaware Real Estate Securities Fund. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.
The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Funds.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.
Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the complex, including the current breakpoints. The Board considered the continuation and/or implementation of contractual fee waivers and/or expense reimbursements, as applicable. The Board noted that, as of March 31, 2024, Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund’s net assets each exceeded their first breakpoint and Delaware Ivy Science and Technology Fund’s net assets exceeded its third breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity. 
Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each Fund and the complex as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC’s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC’s profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC’s profit, if any, can vary significantly depending on the particular fund; and that DMC’s support for, and commitment to, a fund is not solely dependent on the profits realized as to that fund.
The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.
Based on its review, the Board determined that DMC’s profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.
Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the complex; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through “soft dollar” arrangements; and the fees that various affiliates received for serving as transfer agent and for
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overseeing fund accounting and financial administration services to the complex. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds. 
Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the ongoing commitment of DMC and its affiliates to the Funds, the Board did not find that any ancillary benefits received by DMC and its affiliates, including the Affiliated Sub-Advisers, were unreasonable.
Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, unanimously approved the continuation of DMC’s Investment Management Agreement and of the Affiliated Sub-Advisers’ Sub-Advisory Agreements for an additional one-year period.
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Contact information
Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET
For securities dealers and financial
institutions representatives only
800 362-7500
Regular mail
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437
Overnight courier service
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354
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 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.
(3975505)
SEMIANN-IVYSPEC-1124
This page is not part of the Financial statements and other information.


Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is included as part of the material filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is included as part of the material filed under Item 7 of this form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

 

  (a)

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.


  (b)

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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

 

(a)(1)   

Not applicable.

(a)(2)

   Not applicable.

(a)(3)

   Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit [99.CERT].

(a)(4)

   There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)

   There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)

   Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.


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.

Name of Registrant: Ivy Funds

 

/s/ SHAWN K. LYTLE

By:   Shawn K. Lytle
Title:   President and Chief Executive Officer
Date:   December 3, 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:   December 3, 2024

 

/s/ RICHARD SALUS

By:   Richard Salus
Title:   Chief Financial Officer
Date:   December 3, 2024

 


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906 CERTIFICATION

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