DGI-pro

497 1 mimif4196391-497.htm 497 DGI-pro

Prospectus


Nasdaq ticker symbols
	Class A	Class C	Class I	Class R6	Class R	Class Y
Delaware Ivy Asset Strategy Fund	WASAX	WASCX	IVAEX	IASTX	IASRX	WASYX
Delaware Ivy Balanced Fund	IBNAX	IBNCX	IYBIX	IBARX	IYBFX	IBNYX
Delaware Ivy Core Equity Fund	WCEAX	WTRCX	ICIEX	ICEQX	IYCEX	WCEYX
Delaware Ivy Systematic Emerging Markets Equity Fund	IPOAX	IPOCX	IPOIX	IMEGX	IYPCX	IPOYX
Delaware Climate Solutions Fund	IEYAX	IEYCX	IVEIX	IENRX	IYEFX	IEYYX
Delaware Global Value Equity Fund	IBIAX	IBICX	IBIIX	IICNX	IYGEX	IBIYX
Delaware Ivy Global Growth Fund	IVINX	IVNCX	IGIIX	ITGRX	IYIGX	IVIYX
Delaware Ivy International Core Equity Fund	IVIAX	IVIFX	ICEIX	IINCX	IYITX	IVVYX
Delaware Ivy Large Cap Growth Fund	WLGAX	WLGCX	IYGIX	ILGRX	WLGRX	WLGYX
Delaware Ivy Mid Cap Growth Fund	WMGAX	WMGCX	IYMIX	IGRFX	WMGRX	WMGYX
Delaware Ivy Mid Cap Income Opportunities Fund	IVOAX	IVOCX	IVOIX	IVOSX	IVORX	IVOYX
Delaware Ivy Science and Technology Fund	WSTAX	WSTCX	ISTIX	ISTNX	WSTRX	WSTYX
Delaware Ivy Smid Cap Core Fund	IYSAX	IYSCX	IVVIX	ISPVX	IYSMX	IYSYX
Delaware Ivy Small Cap Growth Fund	WSGAX	WRGCX	IYSIX	IRGFX	WSGRX	WSCYX
Delaware Ivy Value Fund	IYVAX	IYVCX	IYAIX	IVALX	IYVLX	IYVYX

July 31, 2023

The US Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus.
Any representation to the contrary is a criminal offense.

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

Table of contents


Fund summaries	1
Delaware Ivy Asset Strategy Fund	1
Delaware Ivy Balanced Fund	7
Delaware Ivy Core Equity Fund	13
Delaware Ivy Systematic Emerging Markets Equity Fund	18
Delaware Climate Solutions Fund	23
Delaware Global Value Equity Fund	29
Delaware Ivy Global Growth Fund	35
Delaware Ivy International Core Equity Fund	40
Delaware Ivy Large Cap Growth Fund	45
Delaware Ivy Mid Cap Growth Fund	50
Delaware Ivy Mid Cap Income Opportunities Fund	55
Delaware Ivy Science and Technology Fund	60
Delaware Ivy Smid Cap Core Fund	65
Delaware Ivy Small Cap Growth Fund	70
Delaware Ivy Value Fund	75
How we manage the Funds	79
Our principal investment strategies	79
Other investment strategies	97
The risks of investing in the Funds	97
Disclosure of portfolio holdings information	206
Who manages the Funds	207
Investment manager	207
Sub-advisors	207
Portfolio managers	208
Manager of managers structure	213
Who’s who	213
About your account	215
Investing in the Funds	215
Choosing a share class	215
Dealer compensation	218
Payments to intermediaries	219
How to reduce your sales charge	219
Buying Class A shares at net asset value	221
Waivers of contingent deferred sales charges	221
How to buy shares	222
Calculating share price	223
Fair valuation	223
Retirement plans	224
Document delivery	224
Inactive accounts	224
How to redeem shares	224
Investor services	226
Frequent trading of Fund shares (market timing and disruptive trading)	227
Dividends, distributions, and taxes	229
Certain management considerations	230
Financial highlights	231
Appendix A: Hypothetical Investment and Expense Information	328
Additional information	361

Fund summaries

Delaware Ivy Asset Strategy Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Asset Strategy Fund seeks to provide total return.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.68%			0.68%			0.68%			0.68%			0.68%			0.68%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.22%	2		0.50%	2		0.22%	2		0.09%	2		0.29%	2		0.18%	2
Acquired fund fees and expenses		0.01%	3		0.01%	3		0.01%	3		0.01%	3		0.01%	3		0.01%	3
Total annual fund operating expenses		1.16%	4		2.19%	4		0.91%	4		0.78%	4		1.48%	4		1.12%	4


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1%CDSC applies to redemptions within 12 months of purchase.
²	Other expenses“ includes the expenses of any wholly-owned subsidiaries of the Fund.
³	Acquired fund fees and expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The Acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.
⁴	The Total annual fund operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the Acquired fund fees and expenses.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$686		$222		$322		$93		$80		$151		$114
3 years		$922		$685		$685		$290		$249		$468		$356
5 years		$1,177		$1,175		$1,175		$504		$433		$808		$617
10 years		$1,903		$2,524		$2,524		$1,120		$966		$1,768		$1,363

Fund summaries

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 74% of the average value of its portfolio.

What are the Fund’s principal investment strategies?

Delaware Ivy Asset Strategy Fund seeks to achieve its objective by allocating its assets among different asset classes of varying correlation around the globe. Delaware Management Company (Manager), the Fund’s investment manager, primarily invests a portion of the Fund’s assets in global equity securities that the Manager believes can outperform the Fund’s benchmark index, the MSCI ACWI Index, over a full market cycle before taking into account fund expenses (the Equity portion). The Manager then invests the Fund’s remaining assets (the Diversifying portion) in various additional asset classes that may have a lower correlation or volatility than the Equity portion, including but not limited to global fixed-income securities, United States Treasury (Treasury) instruments, precious metals, commodities and cash. The Manager may allocate the Fund’s investments among these different asset classes in different proportions at different times, but generally seeks to invest 50%-80% of the Fund’s total assets (with a long-term target of approximately 65%) in equities or equity-like securities and 20%-50% of the Fund’s total assets (with a long-term target of approximately 35%) in the Diversifying portion.

For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), with respect to its role as sub-advisor of the Fund.

In selecting securities for the Fund, the Manager primarily emphasizes a bottom-up (researching individual issuers) approach and seeks to find relative value across the asset classes noted above. Part of the Manager’s investment process also includes a top-down (assessing the market and economic environment) analysis.

With respect to the Equity portion, the Manager seeks what it believes are well-positioned companies with a strong and/or growing sustainable competitive advantage in attractive industries across the globe which the Manager believes can exceed current earnings estimates. The Manager looks for companies that are taking market share within their industries, which results in high levels of cash flow, as well as stable to improving margins and returns. The Manager generally focuses on companies that are growing, innovating, improving margins, returning capital through dividend growth or share buybacks and/or offering what the Manager believes to be sustainable high free cash flow.

The Fund has the flexibility to invest in both growth and value companies. Although the Fund primarily invests in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size.

Within the Diversifying portion, the Fund has the flexibility to invest in a wide range of assets that, in the Manager’s view, present attractive risk-adjusted returns as compared to the Equity portion, and/or reduce the Fund’s overall risk profile. Diversifying assets may be comprised of global fixed-income instruments, including investment-grade and high-yield bonds, as well as emerging market, corporate and sovereign bonds and bank loans. Such fixed-income instruments may include a significant amount, up to 35% of the Fund’s total assets, in high-yield/high-risk bonds, or junk bonds, which include bonds rated BB+ or below by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. When selecting these instruments, the Manager focuses heavily on free cash flow and an issuer’s ability to de-lever itself (in other words, to reduce debt) through the credit cycle. The Fund also can invest in government securities issued by the Treasury (such as Treasury bills, notes or bonds), obligations issued or guaranteed as to principal and interest (but not as to market value) by the US government, its agencies or instrumentalities, international and supranational bonds issued or guaranteed by other governments, and mortgage-backed securities issued or guaranteed by government agencies or government-sponsored enterprises, as well as Treasury inflation-protected securities (TIPs), and cash.

The Fund may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Fund’s portfolio characteristics. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.

issuers located in and/or generating revenue from emerging markets. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Manager may allocate the Fund’s investments among the different types of assets noted above in different proportions at different times (keeping in mind the general percentages noted above) and may exercise a flexible strategy in selecting investments. The Manager does not intend to concentrate the Fund in any geographical region or industry sector; however, it is not limited by investment style or by the issuer’s location or industry sector.

Subject to diversification limits, the Fund also may invest up to 10% of its total assets at the time of investment in precious metals.

In addition, the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL to execute Fund equity security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

What are the principal risks of investing in the Fund?

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund’s principal risks include:

Market risk — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Foreign and emerging markets risk — The risk that international investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. The risk associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

Bank loans and other direct indebtedness risk — The risk that the portfolio 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 and the lending institution.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. 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. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. 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.

Fund summaries

and refinance at new lower rates. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a fund that holds mortgage-related securities may exhibit additional volatility.

US government securities risk — The risk that certain US government securities, such as securities issued by Fannie Mae, Freddie Mac and the FHLB, are not backed by the “faith and credit” of the US government and, instead, may be supported only by the credit of the issuer or by the right of the issuer to borrow from the US Treasury.

Derivatives risk — 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 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 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).

IBOR risk — The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each 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 company 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.

How has Delaware Ivy Asset Strategy Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. Effective November 15, 2021, the Fund changed its investment strategy. Performance prior to November 15, 2021 reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 7.63%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 17.88% for the quarter ended June 30, 2020, and its lowest quarterly return was -19.74% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-18.44%		3.90%		3.90%
Class A return after taxes on distributions		-21.59%		1.17%		1.90%
Class A return after taxes on distributions and sale of Fund shares		-9.01%		2.69%		2.79%
Class C return before taxes		-15.04%		4.32%		3.92%
Class I return before taxes		-13.20%		5.42%		4.79%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-13.09%		5.57%		3.31%
Class R return before taxes		-13.72%		4.81%		4.17%
Class Y return before taxes		-13.43%		5.17%		4.54%
MSCI ACWI (All Country World Index) (gross) (reflects no deduction for fees, expenses, or taxes)		-17.96%		5.75%		8.54%

After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio manager	Title with Delaware Management Company	Start date on the Fund
Aaron D. Young	Senior Vice President, Portfolio Manager	November 2021

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)


Portfolio managers	Title with MIMAK	Start date on the Fund
Stefan Löwenthal	Managing Director, Chief Investment Officer ‑ Global Multi-Asset Team	November 2021

Fund summaries


Portfolio managers	Title with MIMAK	Start date on the Fund
Jürgen Wurzer	Senior Vice President, Deputy Head of Portfolio Management ‑ Global Multi-Asset Team	November 2021

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund’s website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 534437, Pittsburgh, PA 15253-4437); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by wire.

For Class A and Class C shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Class R, Class I, Class Y, and Class R6 shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under “Choosing a share class” and on the Fund’s website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

The Fund’s distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

Payments to broker/dealers and other financial intermediaries

If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Delaware Ivy Balanced Fund, a series of Ivy Funds

What is the Fund’s investment objective?

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

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.68%			0.68%			0.68%			0.68%			0.68%			0.68%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.17%			0.30%			0.20%			0.07%			0.20%			0.14%
Total annual fund operating expenses		1.10%			1.98%			0.88%			0.75%			1.38%			1.07%
Fee waivers and expense reimbursements		(0.05%)	2		(0.18%)	2		(0.08%)	2		(0.04%)	2		(0.08%)	2		(0.02%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.05%			1.80%			0.80%			0.71%			1.30%			1.05%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of the Fund’s average daily net assets for all classes other than Class R6, and 0.71% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$676		$183		$283		$82		$73		$132		$107
3 years		$900		$604		$604		$273		$236		$429		$338
5 years		$1,142		$1,051		$1,051		$480		$413		$748		$588
10 years		$1,834		$2,292		$2,292		$1,077		$927		$1,650		$1,304

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Balanced Fund seeks to achieve its objective by investing primarily in a diversified mix of stocks, debt securities and short-term instruments, depending on market conditions. Regarding its income-generating equity investments, including convertible securities, the Fund invests primarily in medium to large, well-established companies, although it may invest in securities issued by companies of any size. The Fund invests at least 50% of its total assets in equity securities including convertible securities. The Fund may invest in preferred stocks and REITs.

In addition, the Fund invests at least 30% of its total assets in debt securities with the objective of providing income and diversification although such diversification may not protect against market risk. The Fund’s debt securities may include US government securities or investment-grade corporate bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by Delaware Management Company (Manager), the Fund’s investment manager, to be of comparable quality. The Fund may also invest up to 20% of its total assets in non-investment-grade debt securities. The Fund has no limitations on the range of maturities of the debt securities in which it may invest.

For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), with respect to its role as sub-advisor of the Fund.

In evaluating investments for the Fund, the Manager focuses on companies with resilient business models characterized by stable growth rates; strong balance sheets; relative strength in earnings; attractive return profiles and valuation; and strong free cash flow generation. In so doing, the Manager evaluates a company’s management team, its financial position, its competitive position and the condition of its respective industry in addition to other factors. The Manager utilizes financial statements, independent research by its investment management personnel, third party research, brand studies done by outside parties and other tools and processes to identify what it believes to be attractive investment opportunities with a focus on the trajectory and sustainability of a company’s business model. The Manager also focuses on companies that possess a sustainable competitive advantage by evaluating factors such as brand equity/loyalty, proprietary technology, switching costs, access to distribution channels, capital requirements, economies of scale, and barriers to entry. In addition, the Manager’s analysis informs its view of an appropriate valuation for each potential investment.

Investment opportunities typically fall into two categories: company-specific ideas which include factors such as a company’s competitive positioning, production cycles, cost restructuring or a new management team; and thematic ideas where the Manager considers economic or political forces, interest rate term structure variances, cyclical inflections, changes in consumer behavior or technology shifts.

In selecting debt securities for the Fund, the Manager focuses on current income and capital preservation and generally seeks to invest in investment-grade securities. The Fund may invest up to 30% of its total assets in foreign securities, including equity and fixed-income securities. Additionally, many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund may invest in bonds of any maturity or duration.

Generally, in determining whether to sell a security, the Manager uses the same analysis as identified above in order to determine if the security is appropriately valued or has met its anticipated price. The Manager also may sell a security if the security ceases to produce income, to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

Fund equity security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

What are the principal risks of investing in the Fund?

Preferred stock risk — The risk that preferred stocks may be subordinated to bonds in terms of rights to their share of the company’s assets, may be less liquid than many other securities, and generally offer no voting rights with respect to the issuer.  Preferred stocks may also be adversely affected by interest rates and may be callable by the issuer.

Foreign risk — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

Fixed income risk — The risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds (“junk bonds”), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. 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. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. 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.

REIT-related risk — The risk that the value of a fund’s investments in a REIT may be adversely affected by (1) changes in the value of the REIT’s underlying property or the property secured by mortgages the REIT holds; (2) loss of REIT federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or the “Code”)) or changes in laws and/or rules related to that status; or (3) the REIT’s failure to maintain its exemption from registration under the Investment Company Act of 1940 (1940 Act). In addition, a fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

Company size risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Fund summaries

How has Delaware Ivy Balanced Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 9.40%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 15.62% for the quarter ended June 30, 2020, and its lowest quarterly return was -16.28% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-20.94%		4.41%		6.38%
Class A return after taxes on distributions		-24.84%		1.56%		4.43%
Class A return after taxes on distributions and sale of Fund shares		-9.52%		3.30%		4.94%
Class C return before taxes		-17.51%		4.84%		6.41%
Class I return before taxes		-15.94%		5.89%		7.27%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-15.79%		6.05%		5.86%
Class R return before taxes		-16.37%		5.27%		6.64%
Class Y return before taxes		-16.10%		5.65%		7.02%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)		-18.11%		9.42%		12.56%
Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes)		-13.01%		0.02%		1.06%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio manager	Title with Delaware Management Company	Start date on the Fund
Aaron D. Young	Senior Vice President, Portfolio Manager	November 2021

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)


Portfolio managers	Title with MIMAK	Start date on the Fund
Stefan Löwenthal	Managing Director, Chief Investment Officer ‑ Global Multi-Asset Team	November 2021
Jürgen Wurzer	Senior Vice President, Deputy Head of Portfolio Management ‑ Global Multi-Asset Team	November 2021

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Fund summaries

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Core Equity Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Core Equity Fund seeks to provide capital growth and appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.63%			0.63%			0.63%			0.63%			0.63%			0.63%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.15%			0.36%			0.15%			0.06%			0.18%			0.09%
Total annual fund operating expenses		1.03%			1.99%			0.78%			0.69%			1.31%			0.97%
Fee waivers and expense reimbursements		(0.03%)	2		(0.24%)	2		(0.03%)	2		(0.02%)	2		(0.06%)	2		none	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.00%			1.75%			0.75%			0.67%			1.25%			0.97%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.75% of the Fund’s average daily net assets for all classes other than Class R6, and 0.67% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$671		$178		$278		$77		$68		$127		$99
3 years		$881		$601		$601		$246		$219		$409		$309
5 years		$1,108		$1,051		$1,051		$430		$382		$712		$536
10 years		$1,759		$2,297		$2,297		$963		$857		$1,574		$1,190

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Core Equity Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities, primarily in common stocks of large-capitalization companies. The Fund seeks to invest in companies that Delaware Management Company (Manager), the Fund’s investment manager, believes are high-quality, have sustainable competitive advantages accompanied by financial strength and earnings stability, and have leading positions in their industries. Large-capitalization companies typically are companies with market capitalizations of at least $10 billion at the time of acquisition. The Fund invests in securities that have the potential for capital appreciation, or that the Manager expects to resist market decline. Although the Fund primarily invests in securities issued by large-capitalization companies, it may invest in securities issued by companies of any size. The Fund may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

The Manager believes that long-term earnings potential relative to market expectations is an important component for stock performance. The Manager balances a top-down (assessing the market environment) approach with a bottom-up (researching individual issuers) analysis when selecting securities for the Fund, and seeks to exploit what it believes to be catalysts for multi-year earnings growth in companies that it believes have strong or strengthening competitive advantages. Earnings catalysts are diversified across both thematic and company-specific projections.

From a top-down perspective, the Manager seeks to identify current trends or themes which indicate specific industries that have the potential to experience multi-year growth. The Manager considers various thematic catalysts in its analysis, including major macro-economic and political forces, cyclical inflections, changes in consumer behavior and technology shifts. Once a trend or theme is identified, the Manager seeks to invest for the Fund in what it believes are dominant companies that will benefit from these trends or themes; including companies that the Manager believes have long-term earnings potential that exceeds market expectations. Through its bottom-up stock selection, the Manager searches for companies for which it believes market expectations are too low with regard to the ability of the companies to grow their businesses.

In selecting securities for the Fund, the Manager may consider whether a company has new products to introduce, has undergone cost restructuring or a management change, or has improved its execution, among other factors.

The Fund typically holds a limited number of stocks (generally 40 to 50).

The Manager attempts to select securities that it believes have growth possibilities by looking at many factors, which may include a company’s: projected long-term earnings power compared to market expectations over a multi-year horizon, competitive position in the global economy, history of improving sales and profits, management strength, ESG characteristics, established brand, leadership position in its industry, stock price value, potential earnings catalyst, dividend payment history, anticipated future dividend yield, and prospects for capital return in the form of dividends and stock buybacks.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. Among other factors, the Manager considers whether, in its opinion, the security has fully appreciated according to the Manager’s forecast, has ceased to offer the prospect of significant growth potential, has had its competitive barriers diminished, has seen its earnings catalyst lose its impact, or has performed below the Manager’s expectations regarding the company’s long-term earnings potential. The Manager also may sell a security to reduce the Fund’s holding in that security if that issuer’s competitive advantage has diminished or if the Fund’s portfolio manager loses conviction in a previously identified trend or theme, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Manager may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL), to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Large-capitalization company risk — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund’s share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

Growth stock risk — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.

Value stock risk — The risk that the value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value; such security’s value may decrease or such security may be appropriately priced. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued.

Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as information technology) will decline because of changing expectations for the performance of that industry or sector.

Information technology sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the information technology and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors.

Foreign risk — The risk that foreign securities may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

Limited number of securities risk — The possibility that a single security’s increase or decrease in value may have a greater impact on a fund’s value and total return because the fund may hold larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Core Equity Fund performed?

Fund summaries

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 14.74%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 20.29% for the quarter ended June 30, 2020, and its lowest quarterly return was -17.74% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-22.10%		8.87%		10.57%
Class A return after taxes on distributions		-24.51%		6.16%		8.38%
Class A return after taxes on distributions and sale of Fund shares		-11.32%		6.71%		8.25%
Class C return before taxes		-18.82%		9.22%		10.51%
Class I return before taxes		-17.22%		10.38%		11.50%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-17.13%		10.55%		9.71%
Class R return before taxes		-17.68%		9.74%		10.81%
Class Y return before taxes		-17.34%		10.35%		11.48%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)		-18.11%		9.42%		12.56%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio manager	Title with Delaware Management Company	Start date on the Fund
Erik R. Becker	Managing Director, Senior Portfolio Manager	February 2006

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Ivy Systematic Emerging Markets Equity Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Systematic Emerging Markets Equity Fund seeks to provide growth of capital.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.92%			0.92%			0.92%			0.92%			0.92%			0.92%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.40%			0.37%			0.16%			0.13%			0.22%			0.24%
Total annual fund operating expenses		1.57%			2.29%			1.08%			1.05%			1.64%			1.41%
Fee waivers and expense reimbursements		(0.52%)	2		(0.49%)	2		(0.28%)	2		(0.40%)	2		(0.34%)	2		(0.36%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.05%			1.80%			0.80%			0.65%			1.30%			1.05%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of the Fund’s average daily net assets for all classes other than Class R6, and 0.65% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$676		$183		$283		$82		$66		$132		$107
3 years		$994		$668		$668		$316		$294		$484		$411
5 years		$1,335		$1,181		$1,181		$568		$541		$860		$737
10 years		$2,293		$2,588		$2,588		$1,292		$1,246		$1,915		$1,660

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Systematic Emerging Markets Equity Fund invests, under normal circumstances, at least 80% of its net assets in equity securities, primarily common stock, of companies (i) from countries considered to be emerging market countries or (ii) that are economically linked to emerging market countries. Emerging market countries include, but are not limited to, those considered to be developing by the International Monetary Fund, the World Bank, the International Finance Corporation or one of the leading global investment banks. Delaware Management Company (Manager), the Fund’s investment manager, has broad discretion to identify other countries that it considers to qualify as emerging market countries. The majority of these countries are likely to be located in Asia, Latin America, the Middle East, Central and Eastern Europe, and Africa. The Fund may invest in companies of any size and market capitalization and in companies in any industry. The issuer of a security or other investment generally is deemed to be economically linked to a particular country if: (a) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (b) the issuer is organized under the laws of, and maintains a principal office in, that country; (c) the issuer has its principal securities trading market in that country; (d) the issuer derives 50% or more of its total revenues from goods sold or services performed in that country; (e) the issuer has 50% or more of its assets in that country; or (f) the issuer is included in an index which is representative of that country.

The Fund may invest up to 100% of its total assets in foreign securities and may invest in depositary receipts of foreign issuers. The Fund also may invest up to 20% of its net assets in companies that are not located in, or economically linked to, emerging market countries: (1) if the Fund’s portfolio managers believe that the performance of a company or its industry will be influenced by opportunities in the emerging markets; (2) to maintain exposure to industry segments where the portfolio managers believe there are not satisfactory investment opportunities in emerging market countries; and/or (3) if the portfolio managers believe there is the potential for benefit to the Fund.

The Fund may invest in “A-Shares” of certain Chinese companies through various “connect programs” with local stock exchanges in China.

For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Global Limited (MIMGL), an affiliate of the Manager, with respect to its role as sub-advisor of the Fund.

Using a systematic bottom-up approach, the Fund seeks to select securities that have (1) solid earnings appreciation with trending price action, (2) demonstrated business quality, as seen through superior profitability, balance sheet strength, earnings stability, and corporate sustainability, and (3) reasonable company valuations relative to their current growth prospects, and their peer group. All of these factors give insight into the outlook for a company, and identify companies poised for sustainable growth. Sustainable growth, if it occurs, may result in price appreciation for the company’s stock. The Manager may sell a security if it no longer believes that the security is likely to contribute to meeting the investment objective of the Fund or if there are other opportunities that appear more attractive.

In determining whether to sell a security, the Manager generally considers whether the security has failed to meet its growth expectations, whether its valuation has exceeded its target, whether there has been a change in political regime, or whether it has lost confidence in management. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

In addition, the Manager may permit MIMGL to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Fund summaries

publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

Capital repatriation risk — The risk that a fund may be unable to repatriate capital from its investments, in whole or in part, which may have an adverse effect on the cash flows and/or performance of the fund. Capital repatriation involves the transfer of corporate money or property from a foreign country back to its home country. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times from the date of such investments or even indefinitely.

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Geographic focus risk — The risk that local political and economic conditions could adversely affect the performance of a fund investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries. Adverse events in any one country within the Asia-Pacific region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on a fund than if the fund were more geographically diversified, which could result in greater volatility in the fund’s net asset value and losses.

China Investment Risk — The risk that the markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties.

Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as consumer discretionary) will decline because of changing expectations for the performance of that industry or sector.

Consumer discretionary sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the consumer discretionary and related sectors and may fluctuate more widely than that of a fund that invests in a broad range of sectors.

Small- and mid-market capitalization company risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Systematic Emerging Markets Equity Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 6.80%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 27.23% for the quarter ended June 30, 2020, and its lowest quarterly return was -23.93% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-31.49%		-2.73%		2.75%
Class A return after taxes on distributions		-33.36%		-3.40%		2.34%
Class A return after taxes on distributions and sale of Fund shares		-16.90%		-1.98%		2.18%
Class C return before taxes		-28.41%		-2.24%		2.74%
Class I return before taxes		-26.96%		-1.14%		3.77%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-26.96%		-1.12%		3.05%
Class R return before taxes		-27.45%		-1.84%		3.09%
Class Y return before taxes		-27.24%		-1.49%		3.44%
MSCI Emerging Markets Index (net) (reflects no deduction for fees or expenses)		-20.09%		-1.40%		1.44%
MSCI Emerging Markets Index (gross) (reflects no deduction for fees, expenses, or taxes)		-19.74%		-1.03%		1.81%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

Fund summaries

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL) serves as sub-advisor for the Fund. MIMGL is primarily responsible for the day-to-day management of the Fund’s portfolio.


Portfolio managers	Title with MIMGL	Start date on the Fund
Benjamin Leung, CFA	Managing Director, Co-Head of Systematic Investments, Head of Research	November 2021
Scot Thompson	Managing Director, Co-Head of Systematic Investments, Portfolio Manager	November 2021

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Climate Solutions Fund, a series of Ivy Funds

What is the Fund’s investment objective?

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

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.85%			0.85%			0.85%			0.85%			0.85%			0.85%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.38%			0.32%			0.15%			0.12%			0.22%			0.19%
Total annual fund operating expenses		1.48%			2.17%			1.00%			0.97%			1.57%			1.29%
Fee waivers and expense reimbursements		(0.24%)	2		(0.18%)	2		(0.01%)	2		(0.14%)	2		(0.08%)	2		(0.05%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.24%			1.99%			0.99%			0.83%			1.49%			1.24%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.99% of the Fund’s average daily net assets for all classes other than Class R6, and 0.83% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$694		$202		$302		$101		$85		$152		$126
3 years		$994		$662		$662		$317		$295		$488		$404
5 years		$1,315		$1,148		$1,148		$551		$523		$848		$703
10 years		$2,222		$2,489		$2,489		$1,224		$1,177		$1,861		$1,552

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

The Delaware Climate Solutions Fund seeks to achieve its objective by investing in securities of U.S. and non-U.S. issuers, including non-dollar securities and securities of emerging market issuers. The Fund focuses its investments on equity securities and equity-related investments and may invest in common and preferred stocks, convertible securities and warrants of companies of any market capitalization. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of companies that Delaware Management Company (Manager), the Fund’s investment manager, has identified as being capable of reducing, displacing and/or sequestering greenhouse gas (GHG) emissions or helping others to do so. In constructing the Fund’s entire portfolio, the Manager will also emphasize the selection of securities issued by companies that the Manager believes offer superior financial risk-adjusted returns.

The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers. In addition, the Fund has a policy to concentrate (invest at least 25% of its net assets under normal circumstances) in companies within the energy industry. Companies in the energy industry include, but are not limited to, oil companies, oil and gas drilling, equipment and services companies, oil and gas exploration and production companies, oil and gas storage and transportation companies, natural gas pipeline companies, refinery companies, energy conservation companies, coal, transporters, utilities, alternative energy companies and innovative energy technology companies. Notwithstanding the foregoing, the Fund may also invest its assets across different industries outside of the energy industry.

The Manager’s investment process for the Fund begins with idea generation, focusing on the identification of companies capable of reducing, displacing, and/or sequestering GHG emissions or helping others to do so. The Manager’s investment process is designed to identify both “reducers” and “facilitators” for inclusion in the Fund’s portfolio. Companies identified as “reducers”, i.e., those reducing, displacing, and/or sequestering their own GHG emissions, are willing and able to make reductions in their absolute GHG emissions. Within these “reducer” companies, Manager gives preference to companies that are able to demonstrate a commitment to help remain on a transition pathway towards the goals of the United Nations Climate Change Paris Agreement of 2015 (“Paris Agreement”) by 2050. Companies identified by the Manager as “facilitators”, i.e., those helping others reduce emissions, offer products and/or services that help reduce GHG emissions primarily through displacement and/or sequestration.

Progress towards the impact component of the Fund’s investment objective will be measured annually and a discussion of the progress will be included in its annual shareholder report. Those discussions will address the GHG emissions reduction efforts of the companies that the Fund considers “reducers” and also will address the progress of the companies the Fund considers “facilitators” toward implementing and commercializing products and services that are meant to contribute to the reduction of carbon emissions. Achievement of the impact component of the Fund’s investment objective is dependent upon companies’ ability to deliver on their stated emissions reduction goals through either their own actions and/or the products and services offered to others. Lack of capital, technological failure, changes in management goals, and regulatory restrictions are among the factors that may hinder the attainment of the impact objectives. The ability of the Fund to measure a company’s progress as a reducer or facilitator is, to a significant extent, contingent on the information disclosed by the company.

Data on emissions is sourced from company web sites, corporate sustainability reports, and third-party sources such as non-governmental organizations, sell-side research, and, on a limited basis. ESG data providers. For “reducers,” the Manager will source the most recent reported Scope 1 and Scope 2 emissions. To estimate a company’s emission reduction by 2030, the Manager will subtract current emissions from estimated emissions by 2030. Estimated emissions are sourced from company-disclosed targets and/or estimates from the Transition Pathway Initiative, which is a global, asset-owner led initiative that assesses companies' preparedness for the transition to a low carbon economy. Some company-level emission estimates will be calculated by applying forecasted changes in carbon intensity on a percentage basis and applying that change to a base level of emissions. For “facilitators,” measurement is based on annual estimated GHG emissions saved in comparison to existing higher GHG-emitting alternatives. Because company GHG emissions data are not standardized (and are further subject to estimation error when not company-reported), the data sets the Manager must rely on may imperfectly represent companies’ true GHG emissions. Additionally, the company emissions targets that the Manager sets are based on model assumptions and estimations that carry the inherent risk associated with any modeling or estimating process.

From this universe of companies identified pursuant to the process described above, companies with perceived superior risk-adjusted returns are selected. This selection process includes cash flow, earnings and net asset value analysis combined with a strong financial profile and balance sheet. The Manager will also review a company’s corporate governance, shareholder alignment and capital allocation.

What are the principal risks of investing in the Fund?

Climate change investment focus risk — The Fund’s focus on securities of issuers that seek to reduce, displace and/or sequestor GHG emissions or help other to do so may affect the Fund's exposure to certain sectors or types of investments. The Fund’s relative investment performance may also be impacted depending on whether such sectors or investments are in or out of favor with the market. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies, as well as on political support for certain environmental initiatives and developments affecting companies focused on sustainable energy and climate change solutions generally.

ESG risk — Using ESG criteria in the investment process may exclude certain companies for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG factors. In addition, because company GHG emissions data are not standardized (and are further subject to estimation error when not company-reported), the data sets the Fund must rely on may imperfectly represent companies’ true GHG emissions. Also, the company emissions targets that the Manager sets are based on model assumptions and estimations that carry the inherent risk associated with any modeling or estimating process.

Nondiversification risk — A nondiversified portfolio has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the portfolio. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified portfolio may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.

Concentration risk — The risk that a concentration in a particular industry will cause a portfolio to be more exposed to developments affecting that single industry or industry group than a more broadly diversified portfolio would be. A portfolio could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it may be more susceptible to economic, regulatory, political, legal and other risks associated with those industries than a fund that invests more broadly.

Energy sector risk — The investment risks associated with investing in energy securities may include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, changing demand for different types of energy, changes in methods for conserving energy, the uncertain success rates for exploration projects, tax and other governmental regulations, and other risks associated with generating or distributing energy.

Initial public offering (IPO) risk — The risk that any positive effect of investments in IPOs may not be sustainable because of a number of factors. Namely, a portfolio may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a portfolio’s performance, this may not be able to be replicated in the future. The relative performance impact of IPOs also is likely to decline as a portfolio grows.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.

Foreign and emerging markets risk — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

Foreign currency exchange transactions and forward foreign currency contracts risk — The risk that a portfolio’s use of foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement) may increase the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used.

Fund summaries

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Government and regulatory risk — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance.

Active management and selection risk — The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

How has Delaware Climate Solutions Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. Effective November 15, 2021, the Fund changed its investment strategy; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund. Performance prior to July 29, 2022 reflects the Fund’s former strategies; its performance may have differed if the Fund’s current strategy had been in place. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of -2.72%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 38.84% for the quarter ended December 31, 2020, and its lowest quarterly return was -61.54% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		33.17%		-4.41%		-2.05%
Class A return after taxes on distributions		32.65%		-4.65%		-2.18%
Class A return after taxes on distributions and sale of Fund shares		20.02%		-3.34%		-1.55%
Class C return before taxes		39.12%		-3.99%		-2.00%
Class I return before taxes		41.67%		-2.92%		-1.10%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		41.70%		-2.89%		-5.49%
Class R return before taxes		40.90%		-3.61%		-1.74%
Class Y return before taxes		41.18%		-3.26%		-1.40%
MSCI ACWI Investable Markets Index (net) (reflects no deduction for fees or expenses)		-18.40%		4.96%		7.94%
MSCI ACWI Investable Markets Index (gross) (reflects no deduction for fees, expenses, or taxes)		-18.00%		5.48%		8.49%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Samuel Halpert	Managing Director, Chief Investment Officer — Global Natural Resources Equity	November 2021
Geoffrey King, CFA	Senior Vice President, Portfolio Manager	November 2021
Barry Gladstein, CFA	Managing Director, Head of Sustainable Investing	July 2022
Barry Klein, CFA	Senior Vice President, Portfolio Manager — Global Listed Infrastructure Securities	July 2022

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Fund summaries

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Global Value Equity Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Global Value Equity Fund seeks to provide total return through a combination of current income and capital appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.70%			0.70%			0.70%			0.70%			0.70%			0.70%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.38%			0.57%			0.23%			0.13%			0.28%			0.24%
Total annual fund operating expenses		1.33%			2.27%			0.93%			0.83%			1.48%			1.19%
Fee waivers and expense reimbursements		(0.16%)	2		(0.35%)	2		(0.01%)	2		(0.08%)	2		(0.06%)	2		(0.02%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.17%			1.92%			0.92%			0.75%			1.42%			1.17%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.92% of the Fund’s average daily net assets for all classes other than Class R6, and 0.75% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$687		$195		$295		$94		$77		$145		$119
3 years		$957		$676		$676		$295		$257		$462		$376
5 years		$1,247		$1,183		$1,183		$514		$453		$802		$652
10 years		$2,071		$2,578		$2,578		$1,142		$1,018		$1,763		$1,441

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Global Value Equity Fund seeks to achieve its objective by investing in equity securities that are issued by companies of any size located largely in developed markets around the world that Delaware Management Company (Manager), the Fund’s investment manager, believes will be able to generate a reasonable level of current income for investors given current market conditions, and that demonstrate favorable prospects for total return. The Fund focuses on companies that the Manager believes have the ability to maintain and/or grow their dividends while providing capital appreciation over the long term. The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities. Although the Fund invests primarily in large-capitalization companies, it may invest in companies of any size. Under normal circumstances, the Fund invests at least 40% (or, if the Manager deems it warranted by market conditions, at least 30%) of its total assets in securities of non-US issuers. The Fund may invest in US and non-US issuers, including issuers located in emerging market countries, and may invest up to 100% of its total assets in foreign securities. The Fund will focus its investments in the consumer staples industry. The consumer staples industry consists of companies that are involved in areas such as the production, manufacture, distribution, or sale of, consumer goods and services that have non-cyclical characteristics, such as food and beverage, household goods, personal products, and non-discretionary retail.

In selecting securities for the Fund, the Manager uses a company-specific stock selection process. The Manager seeks to identify higher-quality companies that it believes are reasonably valued, have a strong likelihood of maintaining and/or growing their dividends, and have a relatively stable to improving fundamental outlook, relative to market expectations.

The investment process is bottom-up, research-driven. The aim is to produce attractive risk-adjusted long-term returns by investing in understandable, quality businesses with mispriced earnings power. Understandable and quality businesses are reasonably straightforward and void of excessive complexity, excessive debt, and relative margin instability. Mispricings occur when shorter-term market fluctuations lead to a discount between a stock’s price and its fair value. Fair value is derived from such factors as the long term sales and future earnings potential of a business. Stock selection rests on an assessment of each company and its risk-return profile. Research is centered on understanding the nature and sustainability of how the company creates value, including the associated risks. Businesses identified as attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, the ability to reinvest at rates above the cost of capital, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and the ability to gain market share from competitors. An estimate for long term earnings power is derived in order to calculate the fair value of a company. To compensate for unpredictable risks, the team aims to invest in companies that can be bought within an adequate safety margin to the estimated fair value. The portfolio managers strive to purchase stocks at a discount to what they deem to be fair value. The discount effectively provides a cushion to absorb potential stock price depreciation due to such factors as unexpected negative shifts in currency values and/or economic instability. Screening is a method used for idea generation. A typical screen may exclude stocks under a certain market cap and then further applying numerous valuation, quality, and growth metrics hurdles that would effectively reduce the universe further. Survivors would become candidates for fundamental research whereas in-depth analysis occurs to ultimately determine the attractiveness of a stock for potential portfolio admission.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities of that type. For example, the Manager may sell a security if it believes the security no longer offers attractive current income prospects or significant growth potential, if it believes the management of the company has weakened, and/or there exists political or economic instability in the issuer’s country. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

What are the principal risks of investing in the Fund?

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Emerging markets risk — The risk associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as consumer staples) will decline because of changing expectations for the performance of that industry or sector.

Consumer staples sector risk — Companies in the consumer staples sector may be adversely affected by changes in the worldwide economy, world events, government regulation, environmental factors, consumer confidence, consumer spending, marketing, competition, demographics and consumer preferences, product trends, and production spending. Companies in this sector are also affected by natural and man-made disasters and political, social, or labor unrest that affect production and distribution of consumer staple products.

Concentration risk — The risk that a concentration in a particular industry will cause a fund to be more exposed to developments affecting that single industry or industry group than a more broadly diversified fund would be. A fund could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries than a fund that invests more broadly.

Nondiversification risk — A nondiversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Fund summaries

How has Delaware Global Value Equity Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-year, and 10-year or lifetime periods compare with those of a broad measure of market performance. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. Effective November 15, 2021, the Fund changed its investment strategy. Performance prior to November 15, 2021 reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 14.34%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 16.79% for the quarter ended December 31, 2022, and its lowest quarterly return was -24.46% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 Years or Lifetime
Class A return before taxes		-16.51%		2.23%		5.62%
Class A return after taxes on distributions		-25.03%		-1.46%		3.14%
Class A return after taxes on distributions and sale of Fund shares		-4.53%		1.39%		4.17%
Class C return before taxes		-12.69%		2.65%		5.68%
Class I return before taxes		-11.16%		3.76%		6.61%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-11.09%		3.88%		5.00%
Class R return before taxes		-11.65%		3.14%		5.95%
Class Y return before taxes		-11.42%		3.48%		6.33%
MSCI World Index (net) (reflects no deduction for fees or expenses)		-18.14%		6.14%		8.85%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Aditya Kapoor, CFA	Managing Director, Senior Portfolio Manager	August 2023
Charles John, CFA	Managing Director, Senior Portfolio Manager	August 2023

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Fund summaries

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Global Growth Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Global Growth Fund seeks to provide growth of capital.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.85%			0.85%			0.85%			0.85%			0.85%			0.85%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.29%			0.66%			0.18%			0.15%			0.22%			0.22%
Total annual fund operating expenses		1.39%			2.51%			1.03%			1.00%			1.57%			1.32%
Fee waivers and expense reimbursements		(0.22%)	2		(0.59%)	2		(0.11%)	2		(0.19%)	2		(0.15%)	2		(0.15%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.17%			1.92%			0.92%			0.81%			1.42%			1.17%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.92% of the Fund’s average daily net assets for all classes other than Class R6, and 0.81% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$687		$195		$295		$94		$83		$145		$119
3 years		$969		$725		$725		$317		$299		$481		$404
5 years		$1,272		$1,283		$1,283		$558		$534		$841		$709
10 years		$2,130		$2,802		$2,802		$1,249		$1,207		$1,855		$1,577

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Global Growth Fund seeks to achieve its objective by investing primarily in common stocks of US and foreign companies (including depositary receipts of foreign issuers) that Delaware Management Company (Manager), the Fund’s investment manager, believes are competitively well-positioned, gaining market share, have the potential for long-term growth and/or operate in regions or countries that the Manager believes possess attractive growth characteristics. The Fund primarily invests in issuers of developed countries, including the US, although the Fund has the ability to invest in issuers domiciled in or doing business in any country or region around the globe, including emerging markets. While the Fund primarily invests in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size, in a variety of sectors and industries. Under normal circumstances, the Fund invests at least 40% (or, if the portfolio manager deems it warranted by market conditions, at least 30%) of its total assets in foreign securities. The Fund may invest up to 80% of its total assets in foreign securities, including securities denominated in currencies other than the US dollar. The Fund typically holds a limited number of stocks (generally 50 to 70).

The Manager utilizes a research-based investment process that focuses on bottom-up (researching individual issuers) stock selection. The Manager seeks strong companies that possess a unique, sustainable competitive advantage that the Manager believes will allow them to withstand competitive pressures, sustain margins and cash flow, and grow faster than the general economy. The Manager may look at a number of factors in selecting securities for the Fund, including: a company’s competitive position and its sustainability; a company’s growth and earnings potential and valuation; a company’s financials, including cash flow and balance sheet; management of the company; strength of the industry; size of the company’s total addressable market; margin trends; switching costs; control of distribution channels; brand equity; scale; patent protection; and applicable economic, market and political conditions of the country in which the company is located and/or in which it is doing business. As an overlay to its bottom-up analysis, the Manager considers factors such as the geographical economic environment, the political environment, regulatory policy, geopolitical risk and currency risk.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. For example, the Manager may sell a security issued by a company if it believes the company has experienced a fundamental breakdown of its sustainable competitive advantage or no longer offers significant growth potential, if it believes the management of the company has weakened or its margin and/or its valuation appears unsustainable, if it believes there are macro-economic factors that override a company’s fundamentals, and/or there exists political or economic instability in the issuer’s country. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

What are the principal risks of investing in the Fund?

Information technology sector risk — The risk that investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Global Growth Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. In November 2014, the Fund increased its emphasis on investments in the stocks of US companies. Effective January 1, 2015, the Fund changed its name and investment strategy to reflect a global focus. Effective November 15, 2021, the Fund changed its investment strategy. Performance prior to November 15, 2021 reflects the Fund’s former strategies; its performance may have differed if the Fund’s current strategy had been in place. The Fund’s past performance (before and after taxes) is not

Fund summaries

necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 10.78%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 22.41% for the quarter ended June 30, 2020, and its lowest quarterly return was -20.48% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-22.15%		5.36%		6.75%
Class A return after taxes on distributions		-30.19%		1.93%		4.70%
Class A return after taxes on distributions and sale of Fund shares		-7.28%		4.12%		5.34%
Class C return before taxes		-18.57%		5.66%		6.70%
Class I return before taxes		-17.17%		6.90%		7.72%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-17.12%		7.04%		6.68%
Class R return before taxes		-17.67%		6.25%		7.08%
Class Y return before taxes		-17.42%		6.61%		7.44%
MSCI ACWI Index (net) (reflects no deduction for fees or expenses)		-18.36%		5.23%		7.98%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Charles (Trey) Schorgl	Managing Director, Senior Portfolio Manager	July 2023
Aditya Kapoor, CFA	Managing Director, Senior Portfolio Manager	November 2021
Charles John, CFA	Managing Director, Senior Portfolio Manager	November 2021

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Ivy International Core Equity Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy International Core Equity Fund seeks to provide capital growth and appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.84%			0.84%			0.84%			0.84%			0.84%			0.84%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.33%			0.36%			0.10%			0.09%			0.17%			0.15%
Total annual fund operating expenses		1.42%			2.20%			0.94%			0.93%			1.51%			1.24%
Fee waivers and expense reimbursements		(0.38%)	2		(0.41%)	2		(0.15%)	2		(0.26%)	2		(0.22%)	2		(0.20%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.04%			1.79%			0.79%			0.67%			1.29%			1.04%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.79% of the Fund’s average daily net assets for all classes other than Class R6, and 0.67% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$675		$182		$282		$81		$68		$131		$106
3 years		$963		$649		$649		$285		$270		$456		$374
5 years		$1,273		$1,142		$1,142		$505		$489		$803		$662
10 years		$2,148		$2,502		$2,502		$1,141		$1,119		$1,783		$1,482

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy International Core Equity Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities. The Fund will invest primarily in common stocks of non-U.S. companies, which may include companies located or operating in developed or emerging markets. The Fund’s investment in emerging market companies will not exceed the greater of (a) 35% of the Fund’s net assets or (b) the weight of emerging markets in the Fund’s benchmark index, the MSCI ACWI ex USA Index. The Fund also may invest in depositary receipts of foreign issuers.

Delaware Management Company (Manager), the Fund’s investment manager, believes that there are often dislocations and valuation discrepancies in the international financial markets and, therefore, it seeks to find and invest in what it believes are mispriced countries, sectors, currencies, and, ultimately, stocks with attractive valuations relative to their potential and to their global peer group. The Manager uses a disciplined approach while looking for investment opportunities around the world, preferring companies that it believes to have strong and growing competitive positions and reasonable valuations.

The Manager begins its investment process through bottom-up fundamental analysis with a global perspective which is built by constantly assessing developments in the global landscape, business and product cycles, relative valuations and an awareness of politics around the world. The Manager follows a bottom-up approach to its stock selection and evaluates individual companies based on various factors, including: free cash flow, sales growth, financial leverage, and return on invested capital along with various valuation metrics. The Manager uses various data and screening services as part of its stock-selection process, primarily to assess return on invested capital and relative valuation.

Although the Fund primarily invests in securities issued by large-capitalization companies (typically, companies with capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size. The Fund may invest up to 100% of its total assets in foreign securities. In an effort to manage foreign currency exposure, the Fund may use forward contracts to either increase or decrease exposure to a given currency.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities of that type. For example, the Manager may sell a security if it believes the security no longer offers significant return potential, if there exists political or economic instability in the issuer’s country, if it believes the security is showing signs of deteriorating fundamentals, if there is weak cash flow to support shareholder returns, and/or if there is a change in the Manager’s macroeconomic perspective. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

What are the principal risks of investing in the Fund?

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Fund summaries

Foreign currency exchange transactions and forward foreign currency contracts risk — The risk that a fund’s use of foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement) may increase the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy International Core Equity Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 11.31%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 18.28% for the quarter ended December 31, 2022, and its lowest quarterly return was -24.49% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-20.24%		-1.09%		3.90%
Class A return after taxes on distributions		-20.32%		-1.86%		3.07%
Class A return after taxes on distributions and sale of Fund shares		-11.80%		-0.91%		2.95%
Class C return before taxes		-16.78%		-0.59%		3.95%
Class I return before taxes		-15.06%		0.51%		4.90%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-15.07%		0.52%		2.42%
Class R return before taxes		-15.60%		-0.20%		4.23%
Class Y return before taxes		-15.35%		0.15%		4.58%
MSCI ACWI (All Country World Index) ex USA Index (net) (reflects no deduction for fees or expenses but reflects the deduction of foreign withholding taxes on dividends)		-16.00%		0.88%		3.80%
MSCI ACWI (All Country World Index) ex USA Index (gross) (reflects no deduction for fees, expenses, or foreign withholding taxes on dividends)		-15.57%		1.36%		4.28%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Charles (Trey) Schorgl	Managing Director, Senior Portfolio Manager	July 2023
Aditya Kapoor, CFA	Managing Director, Senior Portfolio Manager	November 2021
Charles John, CFA	Managing Director, Senior Portfolio Manager	November 2021

Fund summaries

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Large Cap Growth Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Large Cap Growth Fund seeks to provide growth of capital.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.61%			0.61%			0.61%			0.61%			0.61%			0.61%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.14%			0.29%			0.05%			0.05%			0.13%			0.10%
Total annual fund operating expenses		1.00%			1.90%			0.66%			0.66%			1.24%			0.96%
Fee waivers and expense reimbursements		(0.11%)	2		(0.26%)	2		(0.02%)	2		(0.10%)	2		(0.10%)	2		(0.07%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.89%			1.64%			0.64%			0.56%			1.14%			0.89%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.64% of the Fund’s average daily net assets for all classes other than Class R6, and 0.56% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$661		$167		$267		$65		$57		$116		$91
3 years		$865		$572		$572		$209		$201		$384		$299
5 years		$1,086		$1,002		$1,002		$366		$358		$671		$524
10 years		$1,720		$2,201		$2,201		$821		$813		$1,491		$1,172

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Large Cap Growth Fund seeks to achieve its objective by investing primarily in a portfolio of common stocks issued by large-capitalization, growth-oriented companies that Delaware Management Company (Manager), the Fund’s investment manager, believes have a competitively advantaged business model, thereby eluding competition, and have the ability to sustain growth over the long term beyond investors’ expectations. Under normal circumstances, the Fund invests at least 80% of its net assets in large-capitalization companies, which typically are companies with market capitalizations of at least $10 billion at the time of acquisition. Growth-oriented companies are those whose earnings the Manager believes are likely to grow faster than the economy. The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

In selecting securities for the Fund, the Manager begins its investment process by screening large-capitalization companies based on profitability (capital returns and margins) and growth (sales and earnings), while simultaneously utilizing fundamental analysis to assess any unique business attributes that validate those financial characteristics. The Manager uses a bottom-up (researching individual issuers) strategy in selecting securities for the Fund. The Manager seeks to invest for the Fund in companies that it believes possess a structural competitive advantage or durable market leadership position. The Manager looks for companies which serve large addressable markets with a demonstrated ability to sustain unit growth and high profitability. The Manager also seeks to invest in companies that it believes have improving growth prospects or improving levels of profitability and returns.

A competitively advantaged business model can be defined by such factors as: brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; ESG characteristics; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers, and competitors. The Manager’s process for selecting stocks is based primarily on fundamental research, but does utilize quantitative analysis during the screening process.

From a quantitative standpoint, the Manager concentrates on the level of profitability, capital intensity, cash flow and capital allocation measures, as well as earnings growth rates and valuations. The Manager’s fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long term. The Fund typically holds a limited number of stocks (generally 35 to 50).

In general, the Manager may sell a security when, in the Manager’s opinion, a company experiences deterioration in its growth and/or profitability characteristics, or a fundamental breakdown of its sustainable competitive advantages. The Manager also may sell a security if it believes that the security no longer presents sufficient appreciation potential; this may be caused by, or be an effect of, changes in the industry or sector of the issuer, loss by the company of its competitive position, poor execution by management, the threat of technological disruption and/or poor use of resources. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

What are the principal risks of investing in the Fund?

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Large Cap Growth Fund performed?

Fund summaries

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 27.30%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 25.44% for the quarter ended June 30, 2020, and its lowest quarterly return was -19.61% for the quarter ended June 30, 2022. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-31.19%		10.27%		13.12%
Class A return after taxes on distributions		-33.05%		7.54%		10.82%
Class A return after taxes on distributions and sale of Fund shares		-17.14%		7.90%		10.44%
Class C return before taxes		-28.20%		10.69%		13.11%
Class I return before taxes		-26.77%		11.94%		14.11%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-26.77%		11.97%		12.38%
Class R return before taxes		-27.24%		11.17%		13.38%
Class Y return before taxes		-27.03%		11.59%		13.84%
Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes)		-29.14%		10.96%		14.10%

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

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Bradley M. Klapmeyer	Managing Director, Senior Portfolio Manager	August 2016
Bradley D. Angermeier	Managing Director, Senior Portfolio Manager	October 2021

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Ivy Mid Cap Growth Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Mid Cap Growth Fund seeks to provide growth of capital.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.79%			0.79%			0.79%			0.79%			0.79%			0.79%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.17%			0.27%			0.05%			0.04%			0.13%			0.09%
Total annual fund operating expenses		1.21%			2.06%			0.84%			0.83%			1.42%			1.13%
Fee waivers and expense reimbursements		(0.17%)	2		(0.27%)	2		(0.05%)	2		(0.14%)	2		(0.13%)	2		(0.09%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.04%			1.79%			0.79%			0.69%			1.29%			1.04%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.79% of the Fund’s average daily net assets for all classes other than Class R6, and 0.69% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$675		$182		$282		$81		$70		$131		$106
3 years		$921		$620		$620		$263		$251		$437		$350
5 years		$1,186		$1,084		$1,084		$461		$447		$764		$614
10 years		$1,942		$2,368		$2,368		$1,033		$1,012		$1,691		$1,367

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Mid Cap Growth Fund seeks to achieve its objective by investing primarily in common stocks of mid-capitalization companies that Delaware Management Company (Manager), the Fund’s investment manager, believes are high quality and/or offer above-average growth potential. Under normal circumstances, the Fund invests at least 80% of its net assets in the securities of mid-capitalization companies, which, for purposes of this Fund, typically are companies with market capitalizations similar to those of issuers included in the Russell Midcap® Growth Index over the last 13 months at the time of acquisition. As of June 30, 2023 (the quarter-end closest to the index’s rebalance), this range of market capitalizations was between approximately $521.37 million and $50.57 billion.

In selecting securities for the Fund, the Manager primarily emphasizes a bottom-up (researching individual issuers) approach and focuses on companies it believes have the potential for strong growth, increasing profitability, stable and sustainable revenue and earnings streams, attractive valuations and sound capital structures. The Manager may look at a number of factors in its consideration of a company, such as: new or innovative products or services; adaptive or creative management; strong financial and operational capabilities to sustain multi-year growth; stable and consistent revenue, earnings, and cash flow; strong balance sheet; market potential; and profit potential. Part of the Manager’s investment process also includes a review of the macroeconomic environment, with a focus on factors such as interest rates, inflation, consumer confidence and corporate spending.

Generally, in determining whether to sell a security, the Manager considers many factors, including what it believes to be excessive valuation given company growth prospects, deterioration of fundamentals, weak cash flow to support shareholder returns, and unexpected and poorly explained management changes. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

What are the principal risks of investing in the Fund?

Healthcare sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the healthcare and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors.

Fund summaries

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Mid Cap Growth Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 18.26%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 37.07% for the quarter ended June 30, 2020, and its lowest quarterly return was -21.85% for the quarter ended June 30, 2022. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-34.66%		9.27%		10.67%
Class A return after taxes on distributions		-36.22%		6.85%		8.50%
Class A return after taxes on distributions and sale of Fund shares		-19.26%		7.41%		8.45%
Class C return before taxes		-31.80%		9.74%		10.68%
Class I return before taxes		-30.44%		10.97%		11.69%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-30.45%		10.99%		10.56%
Class R return before taxes		-30.89%		10.18%		10.96%
Class Y return before taxes		-30.68%		10.58%		11.36%
Russell Midcap® Growth Index (reflects no deduction for fees, expenses, or taxes)		-26.72%		7.64%		11.41%

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

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Kimberly A. Scott, CFA	Managing Director, Senior Portfolio Manager	February 2001
Nathan A. Brown, CFA	Managing Director, Senior Portfolio Manager	October 2016
Bradley P. Halverson	Managing Director, Senior Portfolio Manager	November 2021

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Fund summaries

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Mid Cap Income Opportunities Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Mid Cap Income Opportunities Fund seeks to provide total return through a combination of current income and capital appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.84%			0.84%			0.84%			0.84%			0.84%			0.84%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.17%			0.18%			0.05%			0.05%			0.13%			0.13%
Total annual fund operating expenses		1.26%			2.02%			0.89%			0.89%			1.47%			1.22%
Fee waivers and expense reimbursements		(0.18%)	2		(0.19%)	2		(0.06%)	2		(0.17%)	2		(0.14%)	2		(0.14%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.08%			1.83%			0.83%			0.72%			1.33%			1.08%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.83% of the Fund’s average daily net assets for all classes other than Class R6, and 0.72% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$679		$186		$286		$85		$74		$135		$110
3 years		$935		$615		$615		$278		$267		$451		$373
5 years		$1,211		$1,071		$1,071		$487		$476		$789		$657
10 years		$1,995		$2,333		$2,333		$1,091		$1,080		$1,745		$1,465

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Mid Cap Income Opportunities Fund seeks to achieve its objective by investing primarily in a diversified portfolio of income-producing common stocks of mid-capitalization companies that Delaware Management Company (Manager), the Fund’s investment manager, believes demonstrate favorable prospects for total return. Under normal circumstances, the Fund invests at least 80% of its net assets in the securities of mid-capitalization companies, which for purposes of this Fund, typically are companies with market capitalizations similar to those of issuers included in the Russell Midcap® Index over the last 13 months at the time of acquisition. As of June 30, 2023 (the quarter-end closest to the Index’s rebalance), this range of market capitalizations was between approximately $521.37 million and $51.23 billion. The Fund focuses primarily on mid-capitalization companies that the Manager believes have the ability to sustain, and potentially increase, dividends while providing capital appreciation over the long-term. The Fund also may invest, to a lesser extent, in companies that pay other types of income to shareholders, including return of capital.

In selecting securities for the Fund, the Manager primarily emphasizes a bottom-up (researching individual issuers) approach and may look at a number of factors in its consideration of a company, such as: competitive and sustainable dividend yield; potential growth in dividends; strong financial and operational capabilities; stable and consistent revenue, earnings, and cash flow; a sound balance sheet; market potential; profit potential and a proven track record of, or the potential for, returning capital to shareholders. Part of the Manager’s investment process also includes a review of the macroeconomic environment, with a focus on factors such as interest rates, inflation, consumer confidence and corporate spending.

The Fund typically will hold a limited number of stocks (generally 35 to 50). The Fund will emphasize investments in dividend-paying and other income-producing securities to seek to provide a steady return. The Fund’s portfolio holdings generally will be of approximate equal weight, but the Manager may adjust the weighting depending upon market conditions, for investment opportunities, or when the Manager adds or divests certain positions. The Manager intends to re-balance the Fund’s portfolio holdings at least quarterly in an effort to maintain an approximate equal weighting.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities of that type. For example, the Manager may sell a security if it believes the security is no longer able to pay a dividend in the future, no longer offers attractive current income prospects or significant growth potential or if there have been changes in economic or market factors in general or with respect to a particular industry or sector, changes in the market trends or other factors affecting an individual security. The Manager also may sell a security to rebalance the portfolio, to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

What are the principal risks of investing in the Fund?

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Mid Cap Income Opportunities Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 9.83%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 23.59% for the quarter ended June 30, 2020, and its lowest quarterly return was -29.52% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Fund summaries

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		Lifetime (10/1/14-12/31/22)
Class A return before taxes		-19.84%		5.47%		7.85%
Class A return after taxes on distributions		-20.53%		4.72%		7.25%
Class A return after taxes on distributions and sale of Fund shares		-11.20%		4.17%		6.22%
Class C return before taxes		-16.41%		5.95%		7.86%
Class I return before taxes		-14.66%		7.13%		9.00%
Class R6 return before taxes		-14.62%		7.17%		9.05%
Class R return before taxes		-15.26%		6.37%		8.24%
Class Y return before taxes		-14.97%		6.74%		8.63%
Russell Midcap Index (lifetime: 10/01/14-12/31/22) (reflects no deduction for fees, expenses, or taxes)		-17.32%		7.10%		8.52%

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

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Kimberly A. Scott, CFA	Managing Director, Senior Portfolio Manager	October 2014
Nathan A. Brown, CFA	Managing Director, Senior Portfolio Manager	October 2014
Bradley P. Halverson	Managing Director, Senior Portfolio Manager	November 2021

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Ivy Science and Technology Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Science and Technology Fund seeks to provide growth of capital.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.79%			0.79%			0.79%			0.79%			0.79%			0.79%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.17%			0.35%			0.20%			0.07%			0.28%			0.19%
Acquired fund fees and expenses		0.01%	2		0.01%	2		0.01%	2		0.01%	2		0.01%	2		0.01%	2
Total annual fund operating expenses		1.22%	3		2.15%	3		1.00%	3		0.87%	3		1.58%	3		1.24%	3


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	Acquired fund fees and expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The Acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.
³	The Total annual fund operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the Acquired fund fees and expenses.

Example


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$692		$218		$318		$102		$89		$161		$126
3 years		$940		$673		$673		$318		$278		$499		$393
5 years		$1,207		$1,154		$1,154		$552		$482		$860		$681
10 years		$1,967		$2,483		$2,483		$1,225		$1,073		$1,878		$1,500

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Science and Technology Fund invests primarily in the equity securities of science and technology companies around the globe. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of science or technology companies. Such companies may include companies that, in the opinion of Delaware Management Company (Manager), the Fund’s investment manager, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage. Science and technology companies are companies whose products, processes or services, in the opinion of the Manager, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. The Fund also may invest in companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities (applied science and technology companies). The Fund may invest in securities issued by companies of any size, and may invest without limitation in foreign securities, including securities of issuers within emerging markets.

The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

The Manager typically emphasizes growth potential in selecting stocks; that is, the Manager seeks companies in which earnings are likely to grow faster than the economy. The Manager aims to identify strong secular trends within industries and then applies a largely bottom-up (researching individual issuers) stock selection process by considering a number of factors in selecting securities for the Fund. These may include but are not limited to a company’s growth potential, earnings potential, quality of management, valuation, financial statements, industry position/market size potential and applicable economic and market conditions, as well as whether a company’s products and services have high barriers to entry. The Fund typically holds a limited number of stocks (generally 35 to 60).

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities in order to determine whether the security has ceased to offer significant growth potential, has become overvalued and/or whether the company prospects of the issuer have deteriorated due to a change in management, change in strategy and/or a change in its financial characteristics. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities, when a security’s valuation reaches the Manager’s fair value targets, or to raise cash.

What are the principal risks of investing in the Fund?

Science and technology industry risk — The risk that investment risks associated with investing in science and technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management

Fund summaries

that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology. In addition, these securities may be impacted by commodity and energy prices, which can be volatile, and may increase the volatility of these securities.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Science and Technology Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 26.27%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 25.51% for the quarter ended June 30, 2020, and its lowest quarterly return was -24.09% for the quarter ended June 30, 2022. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-36.27%		7.37%		11.46%
Class A return after taxes on distributions		-39.89%		2.98%		8.80%
Class A return after taxes on distributions and sale of Fund shares		-18.53%		6.28%		9.70%
Class C return before taxes		-33.46%		7.78%		11.47%
Class I return before taxes		-32.25%		8.86%		12.39%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-32.14%		9.03%		9.22%
Class R return before taxes		-32.63%		8.23%		11.73%
Class Y return before taxes		-32.41%		8.64%		12.14%
S&P North American Technology Sector Index (reflects no deduction for fees, expenses, or taxes)		-35.36%		11.73%		16.60%

Fund summaries

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Bradley J. Warden	Managing Director, Senior Portfolio Manager	October 2016
Gus C. Zinn, CFA	Managing Director, Senior Portfolio Manager	November 2021

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Smid Cap Core Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Smid Cap Core Fund seeks to provide capital appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.85%			0.85%			0.85%			0.85%			0.85%			0.85%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.34%			0.33%			0.12%			0.11%			0.19%			0.17%
Total annual fund operating expenses		1.44%			2.18%			0.97%			0.96%			1.54%			1.27%
Fee waivers and expense reimbursements		(0.30%)	2		(0.29%)	2		(0.08%)	2		(0.20%)	2		(0.15%)	2		(0.13%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.14%			1.89%			0.89%			0.76%			1.39%			1.14%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.89% of the Fund’s average daily net assets for all classes other than Class R6, and 0.76% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$685		$192		$292		$91		$78		$142		$116
3 years		$977		$654		$654		$301		$286		$472		$390
5 years		$1,290		$1,143		$1,143		$529		$511		$825		$684
10 years		$2,176		$2,491		$2,491		$1,182		$1,160		$1,822		$1,522

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Smid Cap Core Fund seeks to achieve its objective by investing primarily in various types of equity securities of small- and mid-capitalization companies that Delaware Management Company (Manager), the Fund’s Investment manager, believes have the greatest potential for capital appreciation. Under normal circumstances, at least 80% of the Fund’s net assets will be invested, at the time of purchase, in common stocks of small-and mid-capitalization companies. For purposes of this Fund, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2500TM Index at the time of purchase and mid-capitalization companies are those within the market capitalization range of the Russell Midcap® Index at the time of purchase.

The Manager researches individual companies and analyzes economic and market conditions, seeking to identify the securities or market sectors that it believes are the best investments for the Fund. The following are descriptions of how the portfolio management team pursues the Fund’s investment objective. The Manager strives to identify stocks of small companies that it believes offer above-average opportunities for long-term price appreciation based on: (1) attractive valuations, (2) growth prospects, and (3) strong cash flow. The Fund employs bottom-up (stock-by-stock) security selection utilizing quantitative screens, fundamental research, and risk control to evaluate stocks based on both growth and value characteristics. The Manager typically uses a quantitative screen that ranks the attractiveness of an investment based on a combination of valuation measures, earnings expectations, cash flow, and balance-sheet quality. In further evaluating the attractiveness of an investment, the Manager considers factors such as business conditions in the company’s industry and its competitive position in that industry. The Manager conducts fundamental research on certain investments, which often includes reviewing US Securities and Exchange Commission (SEC) filings, examining financial statements, and meeting with top-level company executives. When constructing the portfolio, the Manager applies controls to ensure the portfolio has risk characteristics that it deems acceptable. These characteristics include, but are not limited to, size, valuation, growth, yield, and earnings consistency. This risk profile is then compared to the benchmark index to ensure the portfolio does not have any unintended risk exposure.

What are the principal risks of investing in the Fund?

Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as financial services or manufacturing) will decline because of changing expectations for the performance of that industry or sector.

Interest rate risk — The risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. 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.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Smid Cap Core Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 8.41%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 26.93% for the quarter ended December 31, 2020, and its lowest quarterly return was -29.00% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Fund summaries

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-19.85%		2.83%		8.36%
Class A return after taxes on distributions		-24.20%		-0.16%		5.57%
Class A return after taxes on distributions and sale of Fund shares		-8.62%		1.81%		6.13%
Class C return before taxes		-16.23%		3.31%		8.40%
Class I return before taxes		-14.68%		4.51%		9.47%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-14.63%		4.54%		7.51%
Class R return before taxes		-15.24%		3.77%		8.76%
Class Y return before taxes		-15.00%		4.11%		9.12%
Russell 2500TM Index (reflects no deduction for fees, expenses, or taxes)		-18.37%		5.89%		10.03%
Russell 2000® Index (reflects no deduction for fees, expenses, or taxes)		-20.44%		4.13%		9.01%

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

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Francis X. Morris	Senior Managing Director, Chief Investment Officer — US Core Equity	November 2021
Christopher S. Adams, CFA	Managing Director, Senior Portfolio Manager	November 2021
Michael S. Morris, CFA	Managing Director, Senior Portfolio Manager	November 2021
Donald G. Padilla, CFA	Managing Director, Senior Portfolio Manager	November 2021
David E. Reidinger	Managing Director, Senior Portfolio Manager	November 2021

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Ivy Small Cap Growth Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Small Cap Growth Fund seeks to provide growth of capital.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.84%			0.84%			0.84%			0.84%			0.84%			0.84%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.25%			0.44%			0.08%			0.07%			0.16%			0.12%
Total annual fund operating expenses		1.34%			2.28%			0.92%			0.91%			1.50%			1.21%
Fee waivers and expense reimbursements		(0.20%)	2		(0.39%)	2		(0.03%)	2		(0.15%)	2		(0.11%)	2		(0.07%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.14%			1.89%			0.89%			0.76%			1.39%			1.14%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.89% of the Fund’s average daily net assets for all classes other than Class R6, and 0.76% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$685		$192		$292		$91		$78		$142		$116
3 years		$957		$675		$675		$290		$275		$463		$377
5 years		$1,249		$1,185		$1,185		$506		$489		$808		$658
10 years		$2,079		$2,585		$2,585		$1,129		$1,106		$1,781		$1,460

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Small Cap Growth Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in common stocks of small-capitalization companies. For purposes of this Fund, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2000® Growth Index over the last 13 months at the time of acquisition. As of June 30, 2023 (the quarter-end closest to the index’s rebalance), this range of market capitalizations was between approximately $1.85 million and $13.15 billion. The Fund emphasizes smaller companies positioned in new or emerging industries where Delaware Management Company (Manager), the Fund’s investment manager, believes there is opportunity for higher growth than in established companies or industries. The Fund’s investments in equity securities may include common stocks that are offered in initial public offerings (IPOs).

The Manager utilizes a bottom-up (researching individual issuers) stock-picking process that considers quality of management and superior financial characteristics (e.g., return on assets, return on equity, operating margin) in its search for companies, thereby focusing on what it believes are higher-quality companies with sustainable growth prospects. The Manager seeks companies that it believes exhibit successful and scalable business models by having one or more of the following characteristics: serving markets that are growing at rates substantially in excess of the average industry and/or the general economy; a company that is a leader in its industry and that possesses an identifiable competitive advantage; that features strong and effective management; that demonstrates a strong commitment to shareholders; that is serving a large and/or fast-growing market opportunity; that is experiencing upward margin momentum, a growth in earnings, growth in revenue and sales and/or positive cash flows; that is increasing market share and/or creating increasing barriers to entry either through technological advancement, marketing, distribution or some other innovative means; or that emphasizes organic growth. The Manager believes that such companies generally have a replicable business model that allows for sustained growth.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. For example, the Manager may sell a security if it believes that the stock no longer offers significant growth potential, which may be due to a change in the business or management of the company or a change in the industry or sector of the company. The Manager also may sell a security to reduce the Fund’s holding in that security, if its analysis reveals evidence of a meaningful deterioration in operating trends, if it anticipates a decrease in the company’s ability to grow, if it loses confidence in the management of the company and/or the company’s founder departs, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

What are the principal risks of investing in the Fund?

Fund summaries

Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as information technology and healthcare) will decline because of changing expectations for the performance of that industry or sector.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Initial public offering (IPO) risk — The risk that any positive effect of investments in IPOs may not be sustainable because of a number of factors. Namely, a fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a fund’s performance, this may not be able to be replicated in the future. The relative performance impact of IPOs also is likely to decline as a fund grows.

How has Delaware Ivy Small Cap Growth Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 12.45%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 27.88% for the quarter ended June 30, 2020, and its lowest quarterly return was -21.70% for the quarter ended June 30, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-31.85%		3.10%		8.79%
Class A return after taxes on distributions		-32.70%		-0.22%		5.88%
Class A return after taxes on distributions and sale of Fund shares		-18.23%		2.57%		6.95%
Class C return before taxes		-28.89%		3.55%		8.84%
Class I return before taxes		-27.42%		4.71%		9.83%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-27.40%		4.74%		7.97%
Class R return before taxes		-27.91%		3.98%		9.13%
Class Y return before taxes		-27.65%		4.35%		9.51%
Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes)		-26.36%		3.51%		9.20%

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

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Timothy J. Miller, CFA	Managing Director, Senior Portfolio Manager	April 2010
Kenneth G. McQuade	Managing Director, Senior Portfolio Manager	October 2016

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Fund summaries

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Value Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Value Fund seeks to provide capital appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.69%			0.69%			0.69%			0.69%			0.69%			0.69%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.20%			0.29%			0.17%			0.05%			0.61%			0.17%
Total annual fund operating expenses		1.14%			1.98%			0.86%			0.74%			1.80%			1.11%
Fee waivers and expense reimbursements		(0.06%)	2		(0.15%)	2		(0.03%)	2		(0.02%)	2		(0.47%)	2		(0.03%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.08%			1.83%			0.83%			0.72%			1.33%			1.08%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.83% of the Fund’s average daily net assets for all classes other than Class R6, and 0.72% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$679		$186		$286		$85		$74		$135		$110
3 years		$911		$607		$607		$271		$235		$521		$350
5 years		$1,161		$1,054		$1,054		$474		$410		$931		$609
10 years		$1,876		$2,294		$2,294		$1,058		$917		$2,077		$1,349

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Value Fund seeks to achieve its objective by investing in the common stocks of primarily large-capitalization companies that Delaware Management Company (Manager), the Fund's investment manager, believes are undervalued, trading at a significant discount relative to the intrinsic value of the company as estimated by the Manager and/or are out of favor in the financial markets but have a favorable outlook for capital appreciation. Although the Fund primarily invests in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $5 billion at the time of acquisition), it may invest in securities issued by companies of any size.

Typically, the Manager seeks to select securities that it believes are undervalued in relation to their intrinsic value, as indicated by multiple factors, including the earnings and cash flow potential or the asset value of the respective issuers. The Manager also considers a company’s plans for future operations on a selective basis. The Manager may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. The Fund typically holds a limited number of stocks (generally 30 to 35).

What are the principal risks of investing in the Fund?

Financials sector risk — The risk that the value of a fund’s shares will be affected by factors particular to the financials and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors.

Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as financial services) will decline because of changing expectations for the performance of that industry or sector.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy Value Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 1.57%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 18.76% for the quarter ended December 31, 2020, and its lowest quarterly return was -29.36% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-10.38%		6.89%		9.47%
Class A return after taxes on distributions		-14.62%		4.36%		7.38%
Class A return after taxes on distributions and sale of Fund shares		-3.62%		5.08%		7.30%
Class C return before taxes		-6.43%		7.32%		9.49%
Class I return before taxes		-4.68%		8.46%		10.44%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-4.57%		8.61%		7.91%
Class R return before taxes		-5.56%		7.76%		9.77%
Class Y return before taxes		-4.95%		8.11%		10.12%
Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes)		-7.54%		6.67%		10.29%

Fund summaries

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

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Nikhil G. Lalvani, CFA	Managing Director, Senior Portfolio Manager, Team Leader	December 2022
Kristen E. Bartholdson	Managing Director, Senior Portfolio Manager	December 2022
Erin Ksenak	Managing Director, Portfolio Manager	December 2022

Sub-advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

How we manage the Funds

Our principal investment strategies

Delaware Ivy Asset Strategy Fund

The Fund seeks to achieve its objective by allocating its assets among different asset classes of varying correlation around the globe. The Manager primarily invests a portion of the Fund's assets in global equity securities that the Manager believes can outperform the Fund's benchmark index, the MSCI ACWI Index, over a full market cycle before taking into account fund expenses (the Equity portion). The Manager then invests the Fund's remaining assets (the Diversifying portion) in various additional asset classes that may have a lower correlation or volatility than the Equity portion, including but not limited to global fixed-income securities, Treasury instruments, precious metals, commodities and cash. The Manager may allocate the Fund's investments among these different asset classes in different proportions at different times, but generally seeks to invest 50% — 80% of the Fund's total assets (with a long-term target of approximately 65%) in equities or equity-like securities and 20% — 50% of the Fund's total assets (with a long-term target of approximately 35%) in the Diversifying portion.

For the purposes of this section, a reference to the Manager may also include MIMAK, with respect to its role as sub-advisor of the Fund.

In selecting securities for the Fund, the Manager primarily emphasizes a bottom-up (researching individual issuers) approach and seeks to find relative value across the asset classes noted above. Part of the Manager's investment process also includes a top-down (assessing the market and economic environment) analysis.

The Fund has the flexibility to invest in both growth and value companies. The Fund will tend to emphasize growth-oriented companies, but will typically shift towards value-oriented companies when it feels growth stocks are too expensive on a relative basis or during an economic cycle where the Manager believes that cyclical companies have become oversold. Although the Fund primarily invests in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size.

Within the Diversifying portion, the Fund has the flexibility to invest in a wide range of assets that, in the Manager's view, present attractive risk-adjusted returns as compared to the Equity portion, and/or reduce the Fund's overall risk profile. Diversifying assets may be comprised of global fixed-income instruments, including investment-grade and high-yield bonds, as well as emerging market, corporate and sovereign bonds and bank loans. Such fixed-income instruments may include a significant amount, up to 35% of the Fund's total assets, in high-yield/high-risk bonds, or junk bonds, which include bonds rated BB+ or below by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. When selecting these instruments, the Manager focuses heavily on free cash flow and an issuer's ability to de-lever itself (in other words, to reduce debt) through the credit cycle. The Fund also can invest in government securities issued by the Treasury (such as Treasury bills, notes or bonds), obligations issued or guaranteed as to principal and interest (but not as to market value) by the US government, its agencies or instrumentalities, international and supranational bonds issued or guaranteed by other governments, and mortgage-backed securities issued or guaranteed by government agencies or government-sponsored enterprises, as well as TIPs, REITs, precious metals, commodities and cash.

The Fund may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Fund's portfolio characteristics. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.

Within each of the Equity and the Diversifying portions, the Fund may invest in US and foreign securities. The Equity portion of the Fund generally will invest at least 30% of its assets, and may invest up to 75%, in foreign securities and in securities denominated in currencies other than the US dollar, including issuers located in and/or generating revenue from emerging markets. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Manager may allocate the Fund's investments among the different types of assets noted above in different proportions at different times (keeping in mind the general percentages noted above) and may exercise a flexible strategy in selecting investments. The Manager does not intend to concentrate the Fund in any geographical region or industry sector; however, it is not limited by investment style or by the issuer's location or industry sector.

How we manage the Funds

Subject to diversification limits, the Fund also may invest up to 10% of its total assets at the time of investment in precious metals.

The Fund previously invested in private placements and other restricted securities in an amount up to 15% of its net assets, in accordance with its investment restrictions. Private placements and other restricted securities may be difficult to resell because a ready market for resale may not exist at any given time. While the Fund may continue to invest in various types of restricted securities, including Rule 144A Securities, the Fund does not intend to further invest in private placements and seeks to sell its remaining holdings of such private placement securities as opportunities arise for such sale. Many such securities lack readily available market prices which requires the Fund to determine a fair value for such investments in accordance with valuation guidelines adopted by the Board. The more limited financial information may make it more difficult to value such investments and may make it difficult to accurately determine the Fund's exposure to privately issued securities. The Fund's NAV could be adversely affected if the Fund's determinations regarding the fair value of the Fund's investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments.

The Fund may purchase shares of another investment company subject to the restrictions and limitations of the 1940 Act. The Fund also may invest in exchange-traded funds (ETFs). The Fund may invest in companies that are offered in IPOs. The Fund also may invest in separately traded principal and interest components of securities issued or guaranteed by the Treasury under the Separate Trading of Registered Interest and Principal of Securities (STRIPS) program. In addition, the Fund may invest in “A-shares” of certain Chinese companies — which otherwise are not eligible to be directly purchased by US mutual funds — through various trading programs with Chinese-based stock exchanges. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Fund receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

In addition, the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL to execute Fund equity security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL's or MIMGL's specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

Delaware Ivy Balanced Fund

The Fund seeks to achieve its objective to provide total return through a combination of capital appreciation and current income by investing primarily in a diversified mix of stocks, debt securities and short-term instruments, depending on market conditions. There is no guarantee, however, that the Fund will achieve its objective.

The Fund invests at least 50% of its total assets in equity securities with the objective of providing potential capital appreciation and some dividend income. The Fund invests at least 30% of its total assets in debt securities, with the objective of providing income and relative stability of capital. The Fund also may invest in convertible securities and preferred stocks.

For the purposes of this section, a reference to the Manager may also include MIMAK, with respect to its role as sub-advisor of the Fund.

Investment opportunities typically fall into two categories: company-specific ideas which include factors such as a company's competitive positioning, production cycles, cost restructuring or a new management team; and thematic ideas where the Manager considers economic or political forces, interest rate term structure variances, cyclical inflections, changes in consumer behavior or technology shifts.

The Fund invests primarily in medium to large, well-established companies, most of which pay a regular dividend, although it may invest in securities issued by companies of any size. In evaluating investments for the Fund, the Manager focuses on companies with resilient business models characterized by stable growth rates; strong balance sheets; relative strength in earnings; attractive return profiles and valuation; and strong free cash flow generation. In so doing, the Manager evaluates a company's management team, its financial position, its competitive position and the condition of its respective industry in addition to other factors. The Manager utilizes financial statements, independent research by its investment management personnel, third party research, brand studies done by outside parties and other tools and processes to identify what it believes to be attractive investment opportunities with a focus on the trajectory and sustainability of a company's business model. The Manager also focuses on companies that possess a sustainable competitive advantage, by evaluating factors such as brand equity/loyalty, proprietary technology, switching costs, access to distribution channels, capital requirements, economies of scale, and barriers to entry.

The Fund may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Fund's portfolio characteristics. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested;

forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return. The Fund may also invest in ETFs.

In its fixed-income investments, the Manager focuses on current income and capital preservation. The majority of the Fund's debt securities are either US government securities or investment-grade corporate bonds rated BBB- or higher by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 20% of its total assets in non-investment-grade debt securities, which may include floating rate notes or secured bank loans. The Fund has no limitations on coupon type (i.e., fixed, floating, zero), the range of maturities of the debt securities in which it may invest or on the size of companies in which it may invest.

In selecting debt securities for the Fund, the Manager focuses on current income and capital preservation and generally seeks to invest in investment-grade securities. The Fund may invest up to 30% of its total assets in foreign securities, including equity and fixed-income securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Additionally, many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund may invest in bonds of any maturity or duration.

Generally, in determining whether to sell a security, the Manager uses the same analysis as identified above in order to determine if the security is appropriately valued or has met its anticipated price. The Manager also may sell a security if the security ceases to produce income, to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Fund may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Fund receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

In addition, the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL to execute Fund equity security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL's or MIMGL's specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

Delaware Ivy Core Equity Fund

The Fund seeks to achieve its objective to provide capital growth and appreciation by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (80% policy), primarily in common stocks of large-capitalization, US and, to a lesser extent, foreign companies. The Manager seeks to invest the Fund in companies that it believes are high-quality, have sustainable competitive advantages accompanied by financial strength and earnings stability, and have leading positions in their industries. There is no guarantee, however, that the Fund will achieve its objective. Although the Fund invests primarily in securities issued by large-capitalization companies, it may invest in securities issued by companies of any size. The Fund may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

The Manager begins its investment process by screening the 1,500 largest domestic companies, using a series of quantitative screens for earnings quality and trends, valuation, management quality and capital usage. Following this initial screening, the Manager balances a top-down (assessing the market environment) approach with a bottom-up (researching individual issuers) analysis when selecting securities for the Fund, and seeks to exploit what it believes to be catalysts for multi-year earnings growth in companies that it believes have strong or strengthening competitive advantages. Earnings catalysts are diversified across both thematic and company-specific projections.

How we manage the Funds

From a top-down perspective, the Manager seeks to identify current trends or themes which indicate specific industries that have the potential to experience multi-year growth. The Manager considers various thematic catalysts in its analysis, including major macro- economic and political forces, cyclical inflections, changes in consumer behavior and technology shifts. Once a trend or theme is identified, the Manager seeks to invest for the Fund in what it believes are dominant companies that will benefit from these trends or themes, including companies that the Manager believes have long-term earnings potential that exceeds market expectations.

Through its bottom-up stock selection, the Manager searches for companies for which it believes market expectations are too low with regard to the ability of the companies to grow their businesses.

The Fund typically holds a limited number of stocks (generally 40 to 50).

The Fund also may invest up to 25% of its total assets in foreign securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use futures contracts, options contracts or other instruments, in an attempt to hedge broad or specific US equity index movements or to otherwise manage the risks of the Fund’s investments. In an effort to manage foreign currency exposure, the Fund may use forward currency contracts to either increase or decrease exposure to a given currency.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

Delaware Ivy Systematic Emerging Markets Equity Fund

The Fund seeks to achieve its objective to provide growth of capital by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, primarily common stock, of companies (i) from countries considered to be emerging market countries or (ii) that are economically linked to emerging market countries (80% policy). There is no guarantee, however, that the Fund will achieve its objective.

The Fund may invest in “A-Shares” of certain Chinese companies through various “connect programs” with local stock exchanges in China.

For the purposes of this section, a reference to the Manager may also include MIMGL with respect to its role as sub-advisor of the Fund.

The Fund is not limited by market capitalization and may invest in large-, mid-, and small-capitalization companies, which may include companies that are offered in IPOs. The Fund may invest up to 20% of its net assets in equity securities of companies whose securities are located within the United States or other developed markets. The Fund may invest up to 20% of its net assets in debt securities. At times, the Fund may focus its investments in a single geographical region. In addition, the Fund may invest in “A-shares” of certain Chinese companies ‑ which otherwise are not eligible to be directly purchased by US mutual funds ‑ through various trading programs with Chinese-based stock exchanges. The Fund may invest a portion of its assets in frontier markets.

The Fund may lend its portfolio securities to brokers, dealers, and other financial institutions. In connection with such loans, the Fund receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use a range of derivatives instruments to manage exposure to various foreign currencies, to gain exposure to certain individual securities, to hedge various market and event risks (such as interest rates, currency exchange rates, and broad or specific equity market movements) and as a means of generating additional income from written options. Derivatives instruments that may be used include forward contracts to either increase or decrease exposure to a given currency, total return swaps and options, both written and purchased, on individual equity securities and/or equity markets and/or ETFs. The Fund also may use futures contracts on foreign equity indexes.

The Fund may purchase shares of another investment company subject to the restrictions and limitations of the 1940 Act. The Fund also may periodically invest in shares of ETFs to gain exposure to desired sectors or securities. The Fund may invest in private placements, non-public companies, and other restricted securities.

Delaware Climate Solutions Fund

The Fund seeks to achieve its objective by investing in securities of U.S. and non-U.S. issuers, including non-dollar securities and securities of emerging market issuers. The Fund focuses its investments on equity securities and equity-related investments and may invest in common and preferred stocks, convertible securities and warrants of companies of any market capitalization. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of companies that the Manager has identified as being capable of reducing, displacing and/or sequestering greenhouse gas (GHG) emissions or helping others to do so. In constructing the Fund’s portfolio, the Manager will also emphasize the selection of securities issued by companies that the Manager believes offer superior financial risk-adjusted returns.

The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers. In addition, the Fund has a policy to concentrate (invest at least 25% of its net assets) in companies within the energy industry. Companies in the energy industry include, but are not limited to, oil companies, oil and gas drilling, equipment and services companies, oil and gas exploration and production companies, oil and gas storage and transportation companies, natural gas pipeline companies, refinery companies, energy conservation companies, coal, transporters, utilities, alternative energy companies and innovative energy technology companies. Notwithstanding the foregoing, the Fund may also invest its assets across different sectors outside of the energy industry.

How we manage the Funds

willing and able to make reductions in their absolute GHG emissions. Within these “reducer” companies, Manager gives preference to companies that are able to demonstrate a commitment to help remain on a transition pathway towards the goals of the United Nations Climate Change Paris Agreement of 2015 (“Paris Agreement”) by 2050. Companies identified by Manager as “facilitators”, i.e., those helping others reduce emissions, offer products and/or services that help reduce GHG emissions primarily through displacement and/or sequestration.

Delaware Global Value Equity Fund

The Fund seeks to achieve its objective by investing in equity securities that are issued by companies of any size located largely in developed markets around the world that Delaware Management Company (Manager) believes will be able to generate a reasonable level of current income for investors given current market conditions, and that demonstrate favorable prospects for total return. The Fund focuses on companies that the Manager believes have the ability to maintain and/or grow their dividends while providing capital appreciation over the long term. The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities (80% policy). Although the Fund invests primarily in large-capitalization companies, it may invest in companies of any size. Under normal circumstances, the Fund invests at least 40% (or, if the Manager deems it warranted by market conditions, at least 30%) of its total assets in securities of non-US issuers. The Fund may invest in US and non-US issuers, including issuers located in emerging market countries, and may invest up to 100% of its total assets in foreign securities. The Fund will focus its investments in the consumer staples industry. The consumer staples industry consists of companies that are involved in areas such as the production, manufacture, distribution, or sale of, consumer goods and services that have non-cyclical characteristics, such as food and beverage, household goods, personal products, and non-discretionary retail.

value, including the associated risks. Businesses identified as attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, the ability to reinvest at rates above the cost of capital, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and the ability to gain market share from competitors. An estimate for long term earnings power is derived in order to calculate the fair value of a company. To compensate for unpredictable risks, the team aims to invest in companies that can be bought within an adequate safety margin to the estimated fair value. The portfolio managers strive to purchase stocks at a discount to what they deem to be fair value. The discount effectively provides a cushion to absorb potential stock price depreciation due to such factors as unexpected negative shifts in currency values and/or economic instability. Screening is a method used for idea generation. A typical screen may exclude stocks under a certain market cap and then further applying numerous valuation, quality, and growth metrics hurdles that would effectively reduce the universe further. Survivors would become candidates for fundamental research whereas in-depth analysis occurs to ultimately determine the attractiveness of a stock for potential portfolio admission.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

Delaware Ivy Global Growth Fund

The Fund seeks to achieve its objective to provide growth of capital by investing primarily in common stocks of US and foreign companies (including depositary receipts of foreign issuers) that the Manager believes are competitively well-positioned, gaining market share, have the potential for long-term growth, and/or operate in regions or countries that the Manager believes possess attractive growth characteristics. The Fund primarily invests in issuers of developed countries, including the US, although the Fund has the ability to invest in issuers domiciled in or doing business in any country or region around the globe, including emerging markets. Growth securities are those whose earnings, the Manager believes, are likely to have strong growth over several years. A depositary receipt generally is issued by a bank or other financial institution and represents an ownership interest in the common stock or other equity securities of a foreign company. The Manager seeks profitable companies with a sustainable competitive advantage in their industry as well as the ability to sustain their growth rates. There is no guarantee, however, that the Fund will achieve its objective.

The Manager utilizes a research-based investment process that focuses on bottom-up (researching individual issuers) stock selection. The Manager seeks strong companies that possess a unique, sustainable competitive advantage that the Manager believes will allow them to withstand competitive pressures, sustain margins and cash flow, and grow faster than the general economy. The Manager may look at a number of factors in selecting securities for the Fund, including: a company’s competitive position and its sustainability; a company’s growth and earnings potential and valuation; a company’s financials, including cash flow and balance sheet; management of the company; strength of the industry; size of the company’s total addressable market; margin trends; switching costs; control of distribution channels; brand equity; scale; patent protection; and applicable economic, market, and political conditions of the country in which the company is located and/or in which it is doing business. As an overlay to its bottom-up analysis, the Manager considers factors such as the geographical economic environment, the political environment, regulatory policy, geopolitical risk, and currency risk.

Although the Fund primarily invests in securities issued by large-capitalization companies, it may invest in securities issued by companies of any size and in any geographical area, including the US, and within various sectors, which may include companies that are offered in IPOs. Under normal circumstances,

How we manage the Funds

the Fund invests at least 40% (or, if the portfolio manager deems it warranted by market conditions, at least 30%) of its total assets in foreign securities. The Fund may invest up to 80% of its total assets in foreign securities, including securities denominated in currencies other than the US dollar. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various additional foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. The Fund typically holds a limited number of stocks (generally 50 to 70).

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use options, total return swaps or other derivatives. The Fund may use derivatives in an attempt to hedge broad or specific equity market movements, to gain or increase exposure to specific securities, sectors and/or geographical areas or to otherwise manage the risks of the Fund’s investments. In an effort to manage foreign currency exposure, the Fund may use forward currency contracts to either increase or decrease exposure to a given currency. The Fund also may invest in ETFs as a means of gaining exposure to a particular segment of the market, which may include seeking to gain exposure to precious metals and other commodities. The Fund may invest in restricted securities. In addition, the Fund may invest in “A-shares” of certain Chinese companies ‑ which otherwise are not eligible to be directly purchased by US mutual funds ‑ through various trading programs with Chinese-based stock exchanges.

When the Manager believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The Manager aims to remain fully invested over the market cycle. The “cash equivalents” in which the Fund may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements(which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options, and other types of derivatives, for defensive purposes. The Manager also may avoid investment in volatile emerging markets and increase investments in more stable, developed countries and industries, including investments in long-term US or foreign government bonds; and it also may invest all of its assets in US securities. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

Delaware Ivy International Core Equity Fund

The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities. The Fund will invest primarily in common stocks of non-U.S. companies, which may include companies located or operating in developed or emerging markets. The Fund’s investment in emerging market companies will not exceed the greater of (a) 35% of the Fund’s net assets or (b) the weight of emerging markets in the Fund’s benchmark index, the MSCI ACWI ex USA Index. The Fund also may invest in depositary receipts of foreign issuers.

The Manager believes that there are often dislocations and valuation discrepancies in the international financial markets and, therefore, it seeks to find and invest in what it believes are mispriced countries, sectors, currencies, and, ultimately, stocks with attractive valuations relative to their potential and to their global peer group. The Manager uses a disciplined approach while looking for investment opportunities around the world, preferring companies that it believes to have strong and growing competitive positions and reasonable valuations.

The Fund may use a variety of derivatives instruments for various purposes. In an effort to manage foreign currency exposure, the Fund may use forward currency contracts to either increase or decrease exposure to a given currency. The Fund also may use a range of other derivatives instruments, including total return swaps, in seeking to hedge or manage broad or specific equity market movements, to facilitate trading in certain securities, or to manage exposure to specific securities, sectors and/or geographical areas. In addition, the Fund may use written options on individual equity securities to enhance return.

The Fund also may invest in ETFs as a means of gaining exposure to a particular segment of the market, which may include seeking to gain exposure to commodities. In addition, the Fund may invest in “A-shares” of certain Chinese companies ‑ which otherwise are not eligible to be directly purchased by US mutual funds ‑ through various trading programs with Chinese-based stock exchanges.

When the Manager believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The Manager aims to remain fully invested over the market cycle. The “cash equivalents” in which the Fund may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position the Fund may not achieve its investment objective.

Delaware Ivy Large Cap Growth Fund

The Fund seeks to achieve its objective to provide growth of capital by investing primarily in a portfolio of common stocks issued by growth-oriented, large-capitalization (and, to a lesser extent, mid-capitalization) US (and, to a lesser extent, foreign) companies that the Manager believes have a competitively advantaged business model, thereby eluding competition, and have the ability to sustain growth over the long term beyond investors’ expectations. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in large-capitalization companies, which typically are companies with market capitalizations of at least $10 billion at the time of acquisition (80% policy). The Fund is nondiversified, meaning it may invest a significant portion of its total assets in a limited number of issuers. There is no guarantee, however, that the Fund will achieve its objective.

The Fund invests primarily in common stocks but also may own, to a lesser extent, debt securities, typically of investment-grade and of any maturity. Additionally, the Fund may invest up to 25% of its total assets in foreign securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

How we manage the Funds

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

Delaware Ivy Mid Cap Growth Fund

The Fund seeks to achieve its objective to provide growth of capital by investing primarily in a diversified portfolio of US and, to a lesser extent, foreign mid-capitalization companies that the Manager believes are high quality and/or offer above-average growth potential. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of mid-capitalization companies (80% policy). There is no guarantee, however, that the Fund will achieve its objective.

The Fund primarily focuses on mid-capitalization growth companies that the Manager believes have the potential to become large-capitalization companies, which may include companies that are offered in IPOs. For purposes of this Fund, mid-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell Midcap® Growth Index over the last 13 months at the time of acquisition. As of June 30, 2023 (the quarter-end closest to the index’s rebalance), this range of market capitalizations was between approximately $521.37 million and $50.57 billion. Securities of a company whose capitalization exceeds the mid-capitalization range after purchase will not be sold solely because of the company’s increased capitalization.

The Manager primarily emphasizes a bottom-up (researching individual issuers) approach in its selection of securities for the Fund, and focuses on companies it believes have the potential for strong growth, increasing profitability, stable and sustainable revenue and earnings streams, attractive valuations and sound capital structures. The Manager may look at a number of factors in its consideration of a company, such as: new or innovative products or services; adaptive or creative management; strong financial and operational capabilities to sustain multi-year growth; stable and consistent revenue, earnings, and cash flow; strong balance sheet; market potential; and profit potential. Other desired characteristics may include a leading market position, the active involvement of the founder or entrepreneur, management that is strong and demonstrates commitment to stakeholders, and a high gross margin and return on equity with low debt. The Manager also may consider a company’s dividend yield. Part of the Manager’s investment process includes a review of the macroeconomic environment, with a focus on factors such as interest rates, inflation, consumer confidence and corporate spending.

The Fund’s holdings tend to be allocated across a spectrum of growth companies comprised of three major categories: greenfield growth (companies that possess innovative products or services that the Manager believes have the ability to maintain growth over the longer term); stable growth (companies that the Manager believes are well-managed, have durable business models and are producing moderated, yet reliable, earnings growth but that are not the fastest growth companies within the mid-capitalization growth universe); and unrecognized growth (companies, in the Manager’s view, whose future growth prospects are either distrusted or misunderstood, or whose growth has slowed from historical levels, but still have the potential to deliver or reassert growth).

The Fund may invest up to 25% of its total assets in foreign securities. An investment in foreign securities presents additional risks, such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

In addition to common stocks, the Fund may invest in debt securities of any maturity and mostly of investment-grade, that is, rated BBB- or higher by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use futures contracts on domestic indexes and options, both written and purchased, on an index or on individual or baskets of equity securities, in an attempt to gain exposure to certain sectors or securities, to enhance income, and/or to hedge certain event risks on positions held by the Fund and to hedge market risk on equity securities. In addition, the Fund may use total return swaps in an attempt to increase exposure to various equity sectors and markets or individual or baskets of equity securities. The Fund also may invest in exchange-traded funds (ETFs) as a means of gaining market exposure and/or to manage fund flows.

When the Manager believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The “cash equivalents” in which the Fund may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. Moreover, the Fund may choose to invest in companies whose sales and earnings growth generally are stable through a variety of economic conditions. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

Delaware Ivy Mid Cap Income Opportunities Fund

The Fund seeks to achieve its objective to provide total return through a combination of current income and capital appreciation by investing primarily in a diversified portfolio of income-producing common stocks of mid-capitalization companies that the Manager believes demonstrate favorable prospects for total return. The Fund primarily focuses on mid-capitalization companies that the Manager believes have the ability to sustain, and potentially increase, dividends while providing capital appreciation over the long-term. There is no guarantee, however, that the Fund will achieve its objective.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of mid-capitalization companies (80% policy), which, for purposes of this Fund, typically are companies with market capitalizations similar to those of issuers included in the Russell Midcap® Index over the last 13 months at the time of acquisition. As of June 30, 2023 (the quarter-end closest to the index’s rebalance), this range of market capitalizations was between approximately $521.37 million and $51.23 billion. Securities of a company whose capitalization exceeds the mid-capitalization range after purchase will not be sold solely because of the company’s increased capitalization.

The Fund has the ability to invest in securities of companies across the valuation spectrum, including securities issued by growth and value-oriented companies. The Fund’s portfolio holdings generally will be of approximate equal weight, but the Manager may adjust the weighting depending upon market conditions, for investment opportunities, or when the Manager adds or divests certain positions. The Manager intends to re-balance the Fund’s portfolio holdings at least quarterly in an effort to maintain an approximate equal weighting. Additional factors considered by the Manager include domestic economic growth, as well as changes in interest rates, commodity prices and foreign economic growth.

The Fund typically will hold a limited number of stocks (generally 35 to 50).

In addition to common stocks, the Fund may invest in preferred stocks. The Fund also may invest in convertible securities and in debt securities of any maturity and mostly of investment grade, that is, rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by

How we manage the Funds

another nationally recognized statistical rating organization or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest in publicly traded partnerships (often referred to as master limited partnerships (MLPs)). The Fund’s investments in MLPs will be limited by tax considerations. The Fund also may invest in securities issued by REITs.

When the Manager believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The “cash equivalents” in which the Fund may invest include: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. Moreover, the Fund may choose to invest in companies whose sales and earnings growth generally are stable through a variety of economic conditions. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

Delaware Ivy Science and Technology Fund

The Fund seeks to achieve its objective to provide growth of capital by investing primarily in the equity securities of science and technology companies around the globe. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of science or technology companies (80% policy). Such companies may include those that, in the opinion of the Manager, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage. Science and technology companies are companies whose products, processes or services, in the Manager’s opinion, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. Additionally, the Fund may invest in companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities (applied science and technology companies).

The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

The Fund may invest in securities issued by companies of any size, which may include companies that are offered in IPOs, and may invest without limitation in foreign securities, including securities of issuers within emerging markets. The Fund may invest in any geographical area. The Fund typically holds a limited number of stocks (generally 35 to 60). Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various additional foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. There is no guarantee, however, that the Fund will achieve its objective.

In its selection of securities for investment by the Fund, the Manager aims to identify companies that it believes are benefiting from the world’s strongest secular economic trends, and then applies its largely bottom-up (researching individual issuers) research to identify what it believes are the best holdings for the Fund. The Manager considers, among other factors, a company’s growth potential, earnings potential, quality of management, valuation, financial statements, industry position/market size potential and applicable economic and market conditions, as well as whether a company’s products and services have high barriers to entry. The Manager carefully monitors the macroeconomic environment, but its focus remains primarily on security-specific fundamental research.

The Fund may invest in, but is not limited to, areas such as:


Science: 󰋉 pharmaceuticals 󰋉 medical technology equipment 󰋉 biotechnology 󰋉 genomics 󰋉 proteomics 󰋉 healthcare services	Technology: 󰋉 semiconductors 󰋉 computer hardware 󰋉 IT services 󰋉 software 󰋉 networking 󰋉 telecommunication services 󰋉 entertainment 󰋉 content media 󰋉 data processing 󰋉 internet 󰋉 energy efficiency 󰋉 alternative energy 󰋉 defense electronics	Applied Science and Technology: 󰋉 agriculture 󰋉 financial services 󰋉 consumer discretionary 󰋉 industrials 󰋉 energy 󰋉 transportation 󰋉 retail

The Fund primarily owns common stocks; however, it may invest, to a lesser extent, in debt securities. The Fund may invest up to 20% of its total assets in non-investment-grade fixed-income securities, which are securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest in restricted securities.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use options, both written and purchased, on individual equity securities owned by the Fund, baskets of equity securities and equity indexes, as well as futures contracts on equity indexes. The Fund may use derivatives in an attempt to enhance return, to hedge broad or specific equity market movements, to gain or increase exposure to specific securities, sectors and/or geographical areas, to gain exposure more efficiently than through a direct purchase of the security or to otherwise manage the risks of the Fund’s investments. In an effort to manage foreign currency exposure, the Fund may use forward currency contracts to either increase or decrease exposure to a given currency. Additionally, the Fund may invest in ETFs as a means of gaining exposure to a particular segment of the market and/or to invest cash effectively. In addition, the Fund may invest in “A-shares” of certain Chinese companies — which otherwise are not eligible to be directly purchased by US mutual funds — through various trading programs with Chinese-based stock exchanges.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

Delaware Ivy Smid Cap Core Fund

The Fund seeks to achieve its objective by investing primarily in various types of equity securities of small- and mid-capitalization companies that Delaware Management Company (Manager) believes have the greatest potential for capital appreciation. Under normal circumstances, at least 80% of the Fund’s net assets, plus any borrowings for investment purposes, will be invested, at the time of purchase, in common stocks of small-and mid-capitalization companies. For purposes of this Fund, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2500TM Index at the time of purchase and mid-capitalization companies are those within the market capitalization range of the Russell Midcap® Index at the time of purchase.

How we manage the Funds

objective. The Manager strives to identify stocks of small companies that it believes offer above-average opportunities for long-term price appreciation based on: (1) attractive valuations, (2) growth prospects, and (3) strong cash flow. The Fund employs bottom-up (stock-by-stock) security selection utilizing quantitative screens, fundamental research, and risk control to evaluate stocks based on both growth and value characteristics. The Manager typically uses a quantitative screen that ranks the attractiveness of an investment based on a combination of valuation measures, earnings expectations, cash flow, and balance-sheet quality. In further evaluating the attractiveness of an investment, the Manager considers factors such as business conditions in the company’s industry and its competitive position in that industry. The Manager conducts fundamental research on certain investments, which often includes reviewing US Securities and Exchange Commission (SEC) filings, examining financial statements, and meeting with top-level company executives. When constructing the portfolio, the Manager applies controls to ensure the portfolio has risk characteristics that it deems acceptable. These characteristics include, but are not limited to, size, valuation, growth, yield, and earnings consistency. This risk profile is then compared to the benchmark index to ensure the portfolio does not have any unintended risk exposure.

The Fund may invest up to 25% of its total assets in foreign securities. Investing in foreign securities may present additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund may invest in ETFs as a means of gaining exposure to a particular segment of the market and/or to invest cash effectively.

When the Manager believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The “cash equivalents” in which the Fund may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. The Fund also may invest in more established companies, such as those with longer operating histories than many small-capitalization companies. Additionally, it may increase the number of issuers in which it invests and thereby limit the Fund’s position size in any particular security. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. Other defensive tactics that may be used by the Manager include holding smaller position sizes in individual holdings and/or being more broadly diversified across sectors and industries. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

The securities in which the Fund typically invests

Stocks offer investors the potential for capital appreciation. Certain stocks that the Fund invests in may pay dividends as well. Please see the Fund’s SAI for additional information about certain of the securities described below as well as other securities in which the Fund may invest.

Common or ordinary stocks

Common or ordinary stocks are securities that represent shares of ownership in a corporation. Stockholders may participate in a corporation’s profits through its distributions of dividends to stockholders, proportionate to the number of shares they own.

How the Fund uses them: Generally, the Fund invests 90% to 100% of its net assets in common stocks. Under normal circumstances, at least 80% of the Fund’s net assets will be in securities of small- and mid-cap companies.

Repurchase agreements

A repurchase agreement is an agreement between a buyer of securities, such as a fund, and a seller of securities, in which the seller agrees to buy the securities back within a specified time at the same price the buyer paid for them, plus an amount equal to an agreed-upon interest rate. Repurchase agreements are often viewed as equivalent to cash.

How the Fund uses them: Typically, the Fund uses repurchase agreements as short-term investments for its cash position. In order to enter into these repurchase agreements, the Fund must have collateral of at least 102% of the repurchase price. The Fund will only enter into repurchase agreements in which the collateral is composed of US government securities. At the Manager’s discretion, the Fund may invest overnight cash balances in short-term discount notes issued or guaranteed by the US government, its agencies or instrumentalities, or government-sponsored corporations.

Restricted securities

Restricted securities are privately placed securities whose resale is restricted under US securities laws.

How the Fund uses them: The Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as “Rule 144A Securities.” Restricted securities that are determined to be illiquid may not exceed the Fund’s limit on investments in illiquid investments.

Illiquid investments

Illiquid investments are any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

How the Fund uses them: The Fund may invest up to 15% of its net assets in illiquid investments.

Futures and options

Futures contracts are agreements for the purchase or sale of a security or a group of securities at a specified price, on a specified date. Unlike purchasing an option, a futures contract must be executed unless it is sold before the settlement date.

Options represent a right to buy or sell a swap agreement, a futures contract, or a security or a group of securities at an agreed-upon price at a future date. The purchaser of an option may or may not choose to go through with the transaction. The seller of an option, however, must go through with the transaction if the purchaser exercises the option.

Certain options and futures may be considered illiquid.

How the Fund uses them: If the Fund owns stocks that have unrealized gains, the Manager may want to protect those gains when it anticipates adverse conditions. The Manager might use options or futures to seek to neutralize the effect of any price declines, without selling the security. For example, it might buy a put option giving it the right to sell the stock at a specific price on a specific date in the future. If prices then fell, the decline would be offset by the gain on the put option. On the other hand, if prices rose, it would lose the amount paid for the put option, but the Fund would still own the stock, and could benefit from the appreciation.

Use of these strategies can increase the operating costs of the Fund and can lead to loss of principal.

Real estate investment trusts (REITs)

REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments.

How the Fund uses them: The Fund may invest up to 10% of its net assets in REITs, another category of income-generating equity securities.

Foreign securities

Foreign securities are securities of issuers which are classified by index providers, or by the Manager applying internally consistent guidelines, as being assigned to countries outside the United States. Investments in foreign securities include investments in American depositary receipts (ADRs), which are receipts issued by a depositary (usually a US bank) and represent the bank’s holdings of a stated number of shares of a foreign corporation. Generally, an ADR entitles the holder to all payments of interest, dividends, and capital gains earned by the underlying foreign shares. ADRs are generally denominated in US dollars and are bought and sold on a US stock exchange in the same manner as US securities.

How the Fund uses them: The Fund may invest up to 25% of its total assets in foreign securities directly or indirectly through ADRs. Determinations to purchase depositary receipts will be based on relevant factor(s) in the portfolio managers’ sole discretion.

How we manage the Funds

Other investment strategies

Borrowing from banks

Each Fund may borrow money from banks as a temporary measure for extraordinary or emergency purposes or to facilitate redemptions. A Fund will be required to pay interest to the lending banks on the amount borrowed. As a result, borrowing money could result in a Fund being unable to meet its investment objective. Each Fund will not borrow money in excess of one-third of the value of its total assets.

Lending securities

Each Fund may lend up to 25% of its assets to qualified broker/dealers or institutional investors for their use in securities transactions. Borrowers of a Fund’s securities must provide collateral to the Fund and adjust the amount of collateral each day to reflect changes in the value of the loaned securities. These transactions, if any, may generate additional income for a Fund.

Purchasing securities on a when-issued or delayed-delivery basis

Each Fund may buy or sell securities on a when-issued or delayed-delivery basis (i.e., paying for securities before delivery or taking delivery at a later date).

Temporary defensive positions

In response to unfavorable market conditions, a Fund may make temporary investments in cash or cash equivalents or other high-quality, short-term instruments. These investments may not be consistent with a Fund’s investment objectives. To the extent that a Fund holds such instruments, it may be unable to achieve its investment objectives.

Initial public offerings (IPOs)

Under certain market conditions, a Fund may invest in companies at the times of their IPOs. Companies involved in IPOs generally have limited operating histories, and prospects for future profitability are uncertain. Prices of IPOs may also be unstable because of the absence of a prior public market, the small number of shares available for trading, and limited investor information. IPOs may be sold within 12 months of purchase. This may result in increased short-term capital gains, which will be taxable to shareholders as ordinary income.

Delaware Ivy Small Cap Growth Fund

The Fund seeks to achieve its objective to provide growth of capital by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of small-capitalization companies (80% policy). The Fund invests primarily in common stocks of small-capitalization companies that are relatively new or unseasoned companies in their early stages of development, or smaller companies positioned in new or emerging industries where the Manager believes there is an opportunity for higher growth than in established companies or industries. For purposes of this Fund, small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2000® Growth Index over the last 13 months at the time of acquisition. As of June 30, 2023 (the quarter-end closest to the index’s rebalance), this range of market capitalizations was between approximately $1.85 million and $13.15 billion. Equity securities of a company whose capitalization exceeds the small-capitalization range after purchase will not be sold solely because of the company’s increased capitalization. The Fund’s investments in equity securities may include common stocks that are offered in IPOs. There is no guarantee, however, that the Fund will achieve its objective.

The emphasis on portfolio risk diversification is an important contributor to the ability to effectively manage risk, as a desired goal is to have a portfolio of securities that tend not to react in high correlation to one another under any economic or market condition. This emphasis is intended to result in a higher degree of diversification, reduced portfolio volatility, and a smoother more consistent pattern of portfolio returns over the long term.

The Manager begins its investment process by screening the small-capitalization universe for companies with accelerating revenue growth and improving returns on invested capital. Following this initial screening, the Manager utilizes a bottom-up (researching individual issuers) stock-picking process that considers quality of management and superior financial characteristics (e.g., return on assets, return on equity, operating margin) in its search for companies, thereby focusing on what it believes are higher-quality companies with sustainable growth prospects. The Manager seeks companies that it believes exhibit successful and scalable business models by having one or more of the following characteristics: serving markets that are growing at rates substantially in excess of the average industry and/or the general economy; a company that is a leader in its industry and that possesses an identifiable competitive advantage; that features strong and effective management; that demonstrates a strong commitment to shareholders; that is serving a large and/or fast-growing market opportunity; that is experiencing upward margin momentum, a growth in earnings, growth in revenue and sales and/or positive cash flows; that is increasing market share and/or creating increasing barriers to entry either through technological advancement, marketing, distribution or some other innovative means; or that emphasizes organic growth. The Manager believes that such companies generally have a replicable business model that allows for sustained growth.

The Fund’s portfolio tends to be allocated across a spectrum of growth companies comprised of four major categories: aggressive growth (often young companies that are early entrants to new industries or market opportunities); accelerating growth (companies growing somewhat quickly but less aggressively and delivering solid margin expansion); consistent growth (companies that are growing still more slowly but remain stable, reliable competitors in attractive industries), and out of favor growth (companies whose valuations have been reduced but that the Manager believes continue to possess potential growth prospects). The focus on holding an investment is intermediate to long-term.

From time to time, the Fund also may invest a lesser portion of its assets in securities of mid- and large-capitalization companies (that is, companies with market capitalizations larger than that defined above) that, in the Manager’s opinion, are being fundamentally changed or revitalized, have a position that is considered strong relative to the market as a whole or otherwise offer unusual opportunities for above-average growth.

The Fund may invest in ETFs to gain industry exposure not otherwise available through direct investments in small-capitalization securities. The Fund also may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use total return swaps, futures contracts on domestic equity indexes and options, both written and purchased, in an attempt to hedge various market risks and/or individual securities or to gain or increase exposure to various equity sectors and markets or to enhance income.

When the Manager believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The “cash equivalents” in which the Fund may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. The Fund also may invest in more established companies, such as those with longer operating histories than many small-capitalization companies. Additionally, it may increase the number of issuers in which it invests and thereby limit the Fund’s position size in any particular security. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

Delaware Ivy Value Fund

The Fund seeks to achieve its objective to provide capital appreciation by primarily investing, for the long term, in the common stocks of large-capitalization US companies that the Manager believes are undervalued. Large-capitalization companies typically are companies with market capitalizations of at least $5 billion at the time of acquisition. The Fund seeks to invest in stocks that are, in the opinion of the Manager, undervalued, trading at a significant discount relative to the intrinsic value of the company as estimated by the Manager and/or are out of favor in the financial markets but have a favorable outlook for capital appreciation. There is no guarantee, however, that the Fund will achieve its objective.

The Manager researches individual companies and analyzes economic and market conditions, seeking to identify the securities that it believes are the best investments for the Fund. The following are descriptions of how the portfolio management team pursues the Fund's investment objective.

The Fund invests primarily in securities of large-capitalization companies that the Manager believes have long-term capital appreciation potential. The Manager follows a value-oriented investment philosophy in selecting stocks for the Fund using a research-intensive approach that considers factors such as:

•

a security price that reflects a market valuation that is judged to be below the estimated present or future value of the company;

•

favorable earnings prospects and dividend yield potential;

•

the financial condition of the issuer; and

How we manage the Funds

•

various qualitative factors.

The Manager may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Manager may evaluate, among other things, the factors listed above, the condition of the US economy, the condition of non-US economies, and changes in the condition and outlook in the issuer's industry sector. The Fund typically holds a limited number of stocks (generally 30 to 35).

The Fund may invest up to 10% of its net assets in real estate investment trusts (REITs) and up to 15% of its net assets in illiquid investments.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use options on individual equity securities, in seeking to gain or increase exposure to, or facilitate trading in, certain securities or market sectors. The Fund also may use written options contracts on individual equity securities to enhance return. In addition, the Fund may use futures contracts on domestic equity indexes in an attempt to hedge market risk on equity securities.

Additional Investment Considerations

The objective(s) and investment policies of each Fund may be changed by the Board without a vote of the Fund’s shareholders, unless a policy or restriction is otherwise described as a fundamental policy in the SAI. Shareholders, however, will be given prior written notice, typically at least 60 days in advance, of any material change in a Fund’s objective(s).

Because the Funds own different types of investments, their performance will be affected by a variety of factors. The value of a Fund’s investments and the income it generates will vary from day to day, generally reflecting changes in interest rates, market conditions, and other company and economic news. From time to time, based on market or economic conditions, a Fund may have significant positions in one or more sectors of the market and may be overweight or underweight sectors as compared to its benchmark index.

To the extent a Fund invests more heavily in particular sectors, its performance will be sensitive to developments that significantly affect those sectors. Alternatively, the lack of exposure to one or more sectors may adversely affect performance. Performance also will depend on the Manager’s skill or that of a Fund’s investment sub-advisor, as applicable (hereinafter referred to collectively as the Manager), in selecting investments. As with any mutual fund, you could lose money on your investment. There is no guarantee that a Fund will achieve its objective(s).

Each Fund also may invest in and use certain other types of securities and instruments in seeking to achieve its objective(s). For example, each Fund may invest in options, futures contracts and other derivatives instruments if it is permitted to invest in the type of asset by which the return on, or value of, the derivative is measured. Certain types of each Fund's authorized investments and strategies, such as derivatives instruments, foreign securities, junk bonds and commodities, including precious metals, involve special risks. Depending on how much a Fund invests or uses these strategies, these special risks may become significant and thus affect the performance of a Fund.

Certain types of mortgage-backed and asset-backed securities backed by pools of subprime loans may experience significant valuation uncertainties, greater volatility, and significantly less liquidity. Subprime mortgages have a higher credit risk than prime mortgages, as the credit criteria for obtaining a subprime mortgage is more flexible than that used with prime borrowers. To the extent that a Fund invests in securities that are backed by pools of mortgage loans, the risk to that Fund may be significant. Other asset-backed securities also may experience significant valuation uncertainties, increased volatility, and significantly reduced liquidity.

holdings and the need to sell a security to meet redemption activity. Actively trading securities may increase transaction costs (which may reduce performance) and increase net realized gains that a Fund must distribute for federal tax purposes, the distribution of which would increase your taxable income.

Each Fund generally seeks to be fully invested, except to the extent that it takes a temporary defensive position. In addition, at times, the Manager may invest a portion of a Fund's assets in cash or cash equivalents if the Manager is unable to identify and acquire a sufficient number of securities that meet its selection criteria for implementing the Fund’s investment objective(s), strategies and policies, or for other reasons.

Please see the Funds’ SAI for additional information about certain of the securities described below as well as other securities in which the Funds may invest.

Other investment strategies

Borrowing from banks

Lending securities

Certain Funds may lend up to 25% of its assets to qualified broker/dealers or institutional investors for their use in securities transactions. Borrowers of a Fund’s securities must provide collateral to the Fund and adjust the amount of collateral each day to reflect changes in the value of the loaned securities. These transactions, if any, may generate additional income for a Fund.

Purchasing securities on a when-issued or delayed-delivery basis

Each Fund may buy or sell securities on a when-issued or delayed-delivery basis (i.e., paying for securities before delivery or taking delivery at a later date).

Temporary defensive positions

Initial public offerings (IPOs)

Under certain market conditions, certain Funds may invest in companies at the times of their IPOs. Companies involved in IPOs generally have limited operating histories, and prospects for future profitability are uncertain. Prices of IPOs may also be unstable because of the absence of a prior public market, the small number of shares available for trading, and limited investor information. IPOs may be sold within 12 months of purchase. This may result in increased short-term capital gains, which will be taxable to shareholders as ordinary income.

The risks of investing in the Funds

Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and the risk that you may lose part or all of the money you invest. Before you invest in the Funds, you should carefully evaluate the risks. Because of the nature of the Funds, you should consider your investment to be a long-term investment that typically provides the best results when held for a number of years. The information below describes the principal and non-principal risks you assume when investing in the Funds. Please see the SAI for a further discussion of these risks and other risks not discussed here.

Delaware Ivy Asset Strategy Fund

Principal Risks. An investment in Delaware Ivy Asset Strategy Fund is subject to various risks, including the following:

Market risk

How we manage the Funds

perform well, there can be no assurance that specific investments held by a Fund will rise in value. Market risk may affect a single issuer or the market as a whole. At times, a Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector.

Securities are subject to price movements due to changes in general economic conditions (which may not be specifically related to the particular issuer), such as the level of prevailing interest or currency rates, changes in the general outlook for revenues or corporate earnings, investor sentiment and perceptions of the market generally. The value of securities also may go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within the industry. Market prices of equity securities generally are more volatile than debt securities. This may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

Global economies and financial markets have become increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by a Fund. In addition, certain events, such as natural disasters, terrorist attacks, war, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

In the years since the financial crisis that started in 2008, the US and many global economies at times have experienced volatility in the financial markets. Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on a Fund. In addition, there is a risk that recent policy changes by the US government and the Federal Reserve could cause increased volatility in financial markets.

The value of assets or income from a Fund's investments may be adversely affected by inflation or changes in the market's expectations regarding inflation. Furthermore, there is a risk that the prices of goods and services in the US and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Foreign and emerging markets risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund's performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

Other factors that can affect the value of a Fund's foreign investments include the comparatively weak supervision and regulation by some foreign governments of securities exchanges, brokers and issuers; the fact that many foreign companies may not be subject to uniform and/or stringent accounting, auditing and financial reporting standards; fluctuations in foreign currency exchange rates and related conversion costs or currency redenomination; nationalization or expropriation of assets; and custodial or other operational delays. It also may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Settlement of portfolio transactions also may be delayed due to local restrictions or communication problems, which can cause a Fund to miss attractive investment opportunities or impair its ability to dispose of securities in a timely fashion (resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund's ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

To the extent that a Fund invests in sovereign debt instruments, the Fund is subject to the risk that a government or agency issuing the debt may be unable to pay interest and/or repay principal due to cash flow problems, insufficient foreign currency reserves or political concerns. In such instance, the Fund may have limited recourse against the issuing government or agency. Financial markets have experienced, and may continue to experience, increased volatility due to the uncertainty surrounding the sovereign debt of certain countries.

Moreover, in pursuing its investment objective, a Fund, at times, may concentrate its investment in securities of companies located in a specific geographical region. To the extent a Fund does so, it may face more risks than mutual funds with investments that are diversified around the globe. The economies and financial markets of certain regions can be interdependent and all may decline at the same time, and certain regions may face risks unique to that area. In particular:

Asia Pacific Investments — The level of development of the economies of countries in the Asia Pacific region varies greatly. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. Natural disasters frequently occur in the region, which could drastically impact particular business operations of companies in the region or its overall economy. In addition, certain countries in the Asia Pacific region are large debtors to commercial banks and to foreign governments. The recent economic crisis has reduced the willingness of certain lenders to extend credit to these Asia Pacific countries and have made it more difficult for such borrowers to obtain financing on attractive terms or at all. Due to heavy reliance on international trade, a decrease in demand would adversely affect economic performance in the region. In addition, ongoing political issues and heightened trade tensions between the US and China, including the possibility of a reduction in spending on Chinese products or services, the institution of additional tariffs or other trade barriers may have an adverse impact on the Chinese economy and potentially other economies in the region.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region's exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

European Investments — The Economic and Monetary Union of the European Union (EU) requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect EU member countries, as well as other European countries. Decreasing imports or exports, changes in governmental regulations on trade, changes in the exchange rate of the euro and recessions in EU economies may have a significant adverse effect on the economies of EU members and their trading partners, including non-member European countries.

The European financial markets recently have experienced volatility and adverse trends due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. These events have adversely affected the exchange rate of the euro and may continue to significantly affect every country in Europe, including countries that do not use the euro. Additionally, newer member states, particularly in eastern Europe, remain burdened to various extents by certain infrastructural, bureaucratic and business inefficiencies, and their markets remain relatively undeveloped and may be particularly sensitive to political and economic developments.

The EU continues to face major issues involving its membership, structure, procedures and policies, including the successful political, economic and social integration of new member states. The current and future status of the EU continues to be the subject of political controversy, and the growth of nationalist and populist parties in national legislatures may further threaten enlargement. The risk of investing in Europe may be heightened due to the decision by the United Kingdom (UK) to withdraw from the EU (commonly referred to as “Brexit”). The UK formally left the EU on January 31, 2020, and a “transition period,” which was intended to allow for negotiation and implementation of new trade and other cooperative agreements, expired on December 31, 2020. The long-term impact of Brexit on the relationship between the UK and the EU remains uncertain. The uncertainty concerning the relationship between the UK and the EU (as well as political divisions within the UK that have been highlighted by the 2016 Brexit referendum) could cause a period of instability and market volatility, which may adversely impact both the UK economy and the economies of other countries in Europe, as well as greater volatility in the global financial and currency markets. Brexit also may trigger additional member states to consider departing the EU, which would likely perpetuate such political and economic instability in the region. It is not possible to ascertain the precise impact these events may have on a Fund or its investments from an economic, financial, tax or regulatory perspective, but any such impact could be material.

How we manage the Funds

and Canada, any of which may result in additional volatility in the region. Moreover, the likelihood of further policy or legislative changes in one or more countries, may have a significant effect on North American markets generally, as well as on the value of certain securities held by a Fund when investing in this region.

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of a Fund's investments in those countries and the availability of additional investments in those countries. The small size and inexperience of the securities markets in such countries and the limited volume of trading in securities in those countries may make a Fund's investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be little financial or accounting information available with respect to issuers located in certain countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Commodity-related investments risk

Investments in certain issuers, such as resource extraction and production companies, are sensitive to fluctuations in certain commodity markets, and changes in those markets may cause a Fund's holdings to lose value. Commodity trading, including trading in precious metals, generally is considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of a Fund's investments in commodities are resource availability, commodity price volatility, speculation in the commodities markets, cyclical economic conditions, weather, embargoes, tariffs, regulatory developments, sudden political events and adverse international monetary policies. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. The prices of commodities also can fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers. As a result, political, economic and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. Also, a Fund may pay more to store and accurately value its commodity holdings than it does with its other portfolio investments. Moreover, under the federal tax law, a Fund may not derive more than 10% of its annual gross income from gains (without regard to losses) resulting from selling or otherwise disposing of commodities (and other “non-qualifying” income). Accordingly, a Fund may be required to hold its commodities and/or interests in ETFs that hold commodities or sell them at a loss, or to sell portfolio securities at a gain, when, for investment reasons, it would not otherwise do so.

Credit risk

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security's liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund's securities could affect the Fund's performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager's analysis of credit risk more heavily than usual.

Following the financial crisis, some credit rating agencies began applying more stringent criteria, with the result that some securities are being downgraded. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition. Ratings represent the ratings agency's opinion regarding the quality of the security and are not a guarantee of quality.

High yield (junk bond) risk

In general, low-rated debt securities (commonly referred to as “high-yield” or “junk” bonds) offer higher yields due to the increased risk that the issuer will be unable to meet its obligations on interest or principal payments at the time called for by the debt instrument. For this reason, these securities are considered speculative and could significantly weaken a Fund's returns. In adverse economic or other circumstances, issuers of these low-rated securities and obligations are more likely to have difficulty making principal and interest payments than issuers of higher-rated securities and obligations.

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In addition, these low-rated securities and obligations may fluctuate more widely in price and yield than higher-rated securities and obligations and may fall in price during times when the economy is weak or is expected to become weak. Low-rated securities and obligations also may require a greater degree of judgment to establish a price, may be difficult to sell at the time and price a Fund desires, and may carry higher transaction costs. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case a Fund may lose its entire investment. In addition, a defaulted obligation or other restructuring of an obligation could involve an exchange of such obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered. Low-rated securities and obligations are susceptible to such a default or decline in market value due to real or perceived adverse economic and business developments relating to the issuer, the industry in general, market interest rates and market liquidity. The market value of these securities can be volatile. Ratings of a security or obligation may not accurately reflect the actual credit risk associated with such a security. The creditworthiness of issuers of low-rated securities may be more complex to analyze than that of issuers of investment-grade debt securities.

Bank loans and other direct indebtedness risk

In addition to the risks typically associated with fixed-income securities, loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. The risks associated with loans are similar to the risks of low-rated debt securities or “junk” bonds since loans typically are below investment-grade. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be difficult to value, sometimes trade infrequently on the secondary market and generally are subject to extended settlement periods. Any of these factors may impair a Fund's ability to sell or realize promptly the full value of its loans in the event of a need to liquidate such loans. Difficulty in selling a loan can result in a loss. Accordingly, loans that have been sold may not be immediately available to meet redemptions. Extended trade settlement periods may result in cash not being immediately available to a Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of the collateral securing the loan may decline after a Fund invests and that the collateral may not be sufficient to cover the amount owed to the Fund. In the event the borrower defaults, a Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. These risks could cause the Fund to lose income or principal on a particular investment, which could affect the Fund's returns. In addition, loans also are subject to the risk that a court could subordinate the loan to presently existing or future indebtedness or take other action detrimental to the holders of the loan. Further, in the event of a default, second or lower lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower's obligations to the senior secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which a Fund has an interest. If the loan is unsecured, there is no specific collateral on which a Fund can foreclose. In addition, if a secured loan is foreclosed, a Fund may bear the costs and liabilities associated with owning and disposing of the collateral, including the risk that collateral may be difficult to sell. The restructuring of a loan, either in a negotiated work-out or in the context of bankruptcy, could involve an exchange of such loan for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered.

Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. Certain loans may not be considered “securities,” and purchasers, such as a Fund, therefore may not be entitled to rely on the strong anti-fraud protections of the federal securities laws. With loan assignments, as an assignee, a Fund normally will succeed to all rights and obligations of its assignor with respect to the portion of the loan that is being assigned. However, the rights and obligations acquired by the purchaser of a loan assignment may differ from, and be more limited than, those held by the original lenders or the assignor. With loan participations, a Fund may not be able to control the exercise of any remedies that the lender would have under the loan and likely would not have any rights against the borrower directly, so that delays and expense may be greater than those that would be involved if a Fund could enforce its rights directly against the borrower.

Liquidity risk

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment. There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

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How we manage the Funds

Interest rate risk

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. A Fund may experience a decline in its income due to falling interest rates. 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. A Fund may use derivatives to hedge its exposure to interest rate risk.

Changes to monetary policy by the Federal Reserve or other regulatory actions may affect interest rates. It is difficult to predict the impact of these rate changes and any future rate changes on various markets.

Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities may result in decreased liquidity and increased volatility in the fixed-income markets, which could cause a Fund's NAV to fluctuate more and adversely affect the Fund's return.

In general, a portfolio of debt, mortgage-related and asset-backed securities and other fixed-income obligations experiences a decrease in principal value with an increase in interest rates. The extent of the decrease in principal value may be affected by a Fund's duration of its portfolio of debt, mortgage-related and asset-backed securities and other fixed-income obligations. Duration measures the relative price sensitivity of a security to changes in interest rates. “Effective” duration takes into consideration the likelihood that a security will be called, or prepaid, prior to maturity given current market interest rates. Typically, a security with a longer duration is more price sensitive than a security with a shorter duration. In general, a portfolio of debt, mortgage-related and asset-backed securities experiences a percentage decrease in principal value equal to its effective duration for each 1% increase in interest rates. For example, if a Fund holds a portfolio of securities with an effective duration of five years and interest rates rise 1%, the principal value of such securities could be expected to decrease by approximately 5%.

Mortgage-backed and asset-backed securities risk

Mortgage-backed and asset-backed securities are subject to prepayment risk and extension risk. When interest rates decline, unscheduled prepayments can be expected to accelerate, shortening the average lives of such securities, and a Fund may be required to reinvest the proceeds of the prepayments at the lower interest rates then available. Unscheduled prepayments also would limit the potential for capital appreciation on mortgage- backed and asset-backed securities and may make them less effective than other fixed-income securities as a means of “locking in” long-term interest rates, thereby reducing a Fund's income. Conversely, when interest rates rise, the values of mortgage- backed and asset-backed securities generally fall. Rising interest rates typically result in decreased prepayments and longer average lives of such securities. This could cause the value of such securities to be more volatile or to decline more than other fixed-income securities, and may magnify the effect of the rate increase on the price of such securities. If a Fund purchases mortgage-backed or asset-backed securities that are “subordinated” to other interests in the same pool, the Fund, as a holder of those securities, may only receive payments after the pool's obligations to other investors have been satisfied. For example, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to a Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless; the risk of such defaults generally is higher in the case of mortgage pools that include so-called “subprime” mortgages.

Certain mortgage-backed securities are US government securities. See US Government Securities Risk for the risks of these types of securities. For non-US government securities, there is the risk that payments on a security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the US government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the US government or supported by the right of the issuer to borrow from the US government.

US government securities risk

Certain US government securities such as Treasury securities and securities issued by Ginnie Mae, are backed by the full faith and credit of the US government. Other securities that are issued or guaranteed by federal agencies or authorities or by US government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the US government. For example, securities issued by Fannie Mae, Freddie Mac and the FHLB are not backed by the full faith and credit of the US government and, instead, may be supported only by the right of the issuer to borrow from the Treasury or by the credit of the issuer. As a result, such securities are subject to greater credit risk than securities backed by the full faith and credit of the US government.

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A Fund may invest in separately traded principal and interest components of securities issued or guaranteed by the Treasury under the STRIPS program. Under the STRIPS program, the principal and interest components are separately issued by the Treasury at the request of depository financial institutions, which then trade the component parts independently. The market prices of STRIPS generally are more volatile than those of Treasury bills with comparable maturities.

Large-capitalization company risk

Large-capitalization companies may go in and out of favor based on market and economic conditions. Large-capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Although the securities of larger companies may be less volatile than those of companies with smaller market capitalizations, returns on investments in securities of large-capitalization companies could trail the returns on investments in securities of smaller companies.

Derivatives risk

A derivative is a financial instrument whose value or return is “derived,” in some manner, from the price of an underlying security, index, asset, rate or event. Derivatives are traded either on an organized exchange or over-the-counter (OTC) (privately negotiated between two parties). Forward foreign currency contracts, futures contracts, options and swaps are common types of derivatives that a Fund occasionally may use. Forward foreign currency contracts (“forward contracts”) are purchases or sales of a foreign currency at a negotiated rate to be settled at a future date. A futures contract is a standardized contract listed on an exchange to buy or sell a specific quantity of an underlying reference instrument, such as a security or other instrument, index, currency or commodity at a specific price on a specific date. An option can be entered either exchange-traded or OTC and is a contract that gives the purchaser the right to buy or sell an underlying reference instrument, such as a security or other instrument, index, or commodity at a specific price on or before a specific date. A swap is an OTC agreement involving the exchange by a Fund with another party of their respective commitments to pay or receive payments at specified dates on the basis of a specified notional amount. The statutory definition under the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of the term “Swap” includes options on commodities (excluding equities listed on exchanges), caps, floors, collars and certain forward contracts. The statutory definition of a swap also includes an instrument that is dependent on the occurrence, nonoccurrence or the extent of the occurrence of an event or contingency associated with a potential financial, economic or commercial consequence, such as a credit default swap. A swap agreement may be privately negotiated bilaterally and traded OTC between the two parties or, in some instances, must be transacted through a futures commission merchant (FCM) and cleared through a clearinghouse that serves as a central counterparty (for an OTC swap required to be cleared). Certain standardized swaps are, and more OTC derivatives in the future may be, subject to mandatory OTC central clearing.

The use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects a Fund's NAV and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. Derivatives can be highly complex, can create investment leverage, may perform in unanticipated ways and may be highly volatile, and a Fund could lose more than the amount it invests. Derivatives may be difficult to value and, depending on the instrument, may at times be highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Moreover, some derivatives are more sensitive to interest rate changes and market price fluctuations than other instruments. To the extent the judgment of the Manager as to certain anticipated price movements is incorrect, the risk of loss may be greater than if the derivative technique(s) had not been used. When used for hedging, the change in value of the derivative also may not correlate perfectly with the security or other risk being hedged. Appropriate derivatives may not be available in all circumstances, and there can be no assurance that a Fund will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may amplify or otherwise increase a Fund's investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Fund's gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund also may remain obligated to meet margin requirements until a derivative position is closed.

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund's ability to pursue other opportunities as they arise.

Although a Fund may attempt to hedge against certain risks, the hedging instruments may not perform as expected and could produce losses. Hedging instruments also may reduce or eliminate gains that may otherwise have been available had the Fund not used the hedging instruments. A Fund may decide not to hedge certain risks in particular situations, even if appropriate instruments are available.

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How we manage the Funds

Swap instruments may shift a Fund's investment exposure from one type of investment to another. Swap agreements also may have a leverage component, and adverse changes in the value or level of the reference instrument, such as an underlying asset, reference rate or index, can result in gains or losses that are substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated with investing directly in the reference instrument that underlies the swap agreement. Swaps are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks, bonds, and other traditional investments. Each Fund may enter into credit default swap contracts for hedging or investment purposes. A Fund may either sell or buy credit protection under these contracts.

Certain derivatives transactions are not entered into or traded on organized exchanges or cleared by clearing organizations. Instead, such derivatives may be entered into directly with the counterparty and may be traded only through financial institutions acting as market makers.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty's payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

The counterparty risk for exchange-traded derivatives is significantly less than for privately negotiated or OTC derivatives, since generally an exchange or clearinghouse, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. For privately negotiated instruments, there is not a similar exchange or clearinghouse guaranteeing the performance on both sides of the transaction. In all such transactions, the Fund bears the risk that the counterparty could default, and this could result in a loss of the expected benefit of the derivative transactions and possibly other losses to the Fund. A Fund will enter into transactions in derivatives instruments only with counterparties that the Manager reasonably believes are capable of performing under the contract. The Manager manages counterparty risk in an OTC derivative transaction by entering into bilateral collateral documentation, such as a Credit Support Annex and an accompanying Account Control Agreement, where it is market practice and/or required by law to do so for OTC derivatives.

The enactment in June 2010 of the Dodd-Frank Act resulted in historic and comprehensive change in how OTC derivatives are regulated, including the manner in which OTC derivatives are customized, derivatives documentation is negotiated, and trades are reported, executed and cleared. The Dodd-Frank Act and implementing rules ultimately may require the clearing and exchange-trading of many swaps.

Specifically, the Commodity Futures Trading Commission (CFTC) has adopted rules to require certain standardized swaps, previously settled OTC, be settled by means of a central clearinghouse. Central clearing is intended to reduce the risk of default by the counterparty. There also may be risks introduced of a possible default by the derivatives clearing organization or by a clearing member or FCM through which a swap is submitted for clearing.

Ongoing changes to regulation of the derivatives markets and potential changes in the regulation of mutual funds using derivatives instruments could limit a Fund's ability to pursue its investment strategies. The extent and impact of the new regulations or proposed regulations are not yet fully known and may not be for some time. Any such changes may, among various possible effects, increase the cost of entering into derivative transactions, require more assets of a Fund to be used for collateral in support of those derivatives than is currently the case, or restrict the ability of a Fund to enter into certain types of derivative transactions, or could limit a Fund's ability to pursue its investment strategies. In addition, changes in government regulation of derivatives could affect the character, timing and amount of the Fund's taxable income or gains.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund's liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund's liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

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be adversely affected. In addition, the CFTC recently has proposed changes to the de minimis trading rules and limitations that could potentially change a Fund's ability to trade derivatives. Also, a Fund's ability to use certain derivatives instruments may be limited by tax considerations.

The Manager has claimed an exclusion from the definition of the term “commodity pool operator” with respect to each Fund under the Commodity Exchange Act (CEA) and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA.

IBOR risk

The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference such rates. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

Active management and selection risk

The Manager applies a Fund's investment strategies and selects securities for the Fund in seeking to achieve the Fund's investment objective(s). There can be no guarantee that its decisions will produce the desired results, and securities selected by a Fund may not perform as well as the securities held by other mutual funds with investment objectives that are similar to the investment objective(s) of the Fund. In general, investment decisions made by the Manager may not produce the anticipated returns, may cause a Fund's shares to lose value or may cause a Fund to perform less favorably than other mutual funds with similar investment objectives.

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Asset Strategy Fund may be subject to other, non-principal risks, including the following:

China investment risk

The Fund may invest in “A-Shares” of certain Chinese companies through various “connect programs” with local stock exchanges in China, such as the Shanghai-Hong Kong Stock Connect Program with the Shanghai Stock Exchange that was launched in 2014 or the Shenzhen-Hong Kong Stock Exchange Connect Program with the Shenzhen Stock Exchange that was launched in 2016, or other similar programs (collectively these are referred to as Connect Programs). Connect Programs serve to link local Chinese stock markets (such as those in Shanghai or Shenzhen) with the Hong Kong stock exchange. Under the Connect Programs, investors in Hong Kong and China can trade and settle shares listed on the other market via the exchange and clearing house in their home market. This means that international investors, who previously were prohibited from investing directly in A-shares on local Chinese exchanges, can access this market.

Connect Programs are subject to quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund's ability to invest in China A-shares through the Connect Programs and to enter into or exit trades on a timely basis. Connect Programs can operate only when both markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if one or both markets are closed on a US trading day, a Fund may not be able to dispose of its China A-shares in a timely manner, which could adversely affect the Fund's performance. Only certain China A-shares are eligible to be accessed through the Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold, but could no longer be purchased through the Connect Programs. Because the Connect Programs are relatively new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is unknown. In addition, there is no assurance that the necessary systems required to operate the Connect Programs will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems do not function properly, trading through the Connect Programs could be disrupted.

Connect Programs are subject to regulations promulgated by regulatory authorities for participating exchanges and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact a Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. The relevant regulations are relatively new and untested; they are subject to change and there is no certainty as to how they will be applied. Investments in China A-shares may not be covered by the securities investor protection programs of a participating exchange and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository, the China Securities Depository and Clearing Corporation Limited (ChinaClear), defaulted, a Fund may not be able to recover fully its losses from ChinaClear or may be delayed in receiving proceeds as part of any recovery process. Because of the way in which China A-shares are held in a Connect Program, a Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security. A Fund may not be able to participate in corporate actions affecting China A-shares held through the Connect Programs due to time constraints or for other operational reasons. Similarly, a Fund may not be able to appoint proxies or participate in shareholders' meetings due to current limitations on the use of multiple proxies in China.

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How we manage the Funds

Because all trades of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The value of the RMB may be subject to a high degree of fluctuation due to changes in interest rates, the imposition of currency controls, or the effects of monetary policies of China, other foreign governments, the US, central banks or supranational entities. Furthermore, because dividends declared by a Fund will be declared in US dollars and underlying payments received by a Fund from the China A-shares will be made in RMB, fluctuations in exchange rates may adversely affect the dividends that the Fund would pay.

Currency risk

Foreign securities may be denominated in foreign currencies. The value of a Fund's investments, as measured in US dollars, may be unfavorably affected by changes in foreign currency exchange rates and exchange control regulations. Domestic issuers that hold substantial foreign assets may be similarly affected. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the US dollar. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by US or foreign governments or central banks or by currency controls or political developments in the US or abroad. Devaluations of a currency by a government or banking authority also may have significant impact on the value of any investments denominated in that currency. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate. A US dollar investment in an investment denominated in a foreign currency is subject to currency risk. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Currency markets also are generally not as regulated as securities markets. In addition, in order to transact in foreign investments, a Fund may exchange and hold foreign currencies. Regulatory fees or higher custody fees may be imposed on foreign currency holdings. A Fund may use derivatives to manage its foreign currency risk. Derivatives on non-US currencies involve a risk of loss if currency exchange rates move against the Fund, unless the derivative is a currency forward to hedge against the non-US currency movement.

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund's holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Growth stock risk

Growth stocks are stocks of companies believed to have above-average potential for growth in revenue and earnings. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general.

Initial public offering (IPO) risk

Any positive effect of investments in IPOs may not be sustainable because of a number of factors. For example, a Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a Fund's performance, this may not be able to be replicated in the future. The relative performance impact of IPOs on a Fund also is likely to decline as the Fund grows.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company's expenses, which could result in the duplication of certain fees, including management and administrative fees.

The Fund may invest in ETFs. Since many ETFs are a type of investment company, a Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF's portfolio (which is in addition to the investment management fee paid by a Fund).

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Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF's shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF's fees and expenses and proportionate exposure to the risks associated with the ETF's underlying investments.

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund's total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund's NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund's total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund's volatility.

Natural disaster and epidemic risk

Natural disaster and epidemic risk is the risk that the value of a fund's investments may be negatively affected by natural disasters, epidemics, or similar events. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent a fund from executing advantageous investment decisions in a timely manner and could negatively impact the fund's ability to achieve its investment objective.

Redemption risk

A Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt a Fund's performance.

Reinvestment risk

Income from a Fund's debt securities may decline if the Fund invests the proceeds from matured, traded, prepaid or called securities in securities with interest rates lower than the current earnings rate of the Fund's portfolio. For example, debt securities with high relative interest rates may be paid by the issuer prior to maturity, particularly during periods of falling interest rates. During periods of falling interest rates, there is the possibility that an issuer will call its securities if they can be refinanced by issuing new securities with a lower interest rate (commonly referred to as optional call risk). Moreover, falling interest rates could cause prepayments of mortgage loans to occur more quickly than expected. This may occur because, as interest rates fall, more property owners refinance the mortgages underlying mortgage-backed securities (including shares of mortgage REITs). As a result, a Fund may have to reinvest the proceeds in other securities with generally lower interest rates, resulting in a decline in the Fund's investment income.

REIT-related risk

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How we manage the Funds

the Internal Revenue Code of 1986, as amended (the “Code”)) or changes in laws and/or rules related to that status; or (3) the REIT's failure to maintain its exemption from registration under the 1940 Act. In addition, a Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

Restricted securities risk

Restricted securities are subject to legal or contractual restrictions on resale, and there can be no assurance of a ready market for resale. These securities include private placements or other unregistered securities, such as “Rule 144A securities”, which are securities that may be sold only to qualified institutional buyers pursuant to the 1933 Act. Privately placed securities, Rule 144A securities and other restricted securities may have the effect of increasing the level of Fund illiquidity to the extent a Fund finds it difficult to sell these securities when the Manager believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid, or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair market value of such securities for purposes of computing the NAV of a Fund.

Sector risk

At times, a Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making a Fund more vulnerable to unfavorable developments in that economic sector than mutual funds that invest more broadly.

Small- and mid-market capitalization company risk

Securities of small-capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies' small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations, and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small-capitalization companies at the desired time.

Securities of mid-capitalization companies may be more vulnerable to adverse developments than those of larger companies due to such companies' limited product lines, limited markets and financial resources and dependence upon a relatively small management group. Securities of mid-capitalization companies may be more volatile and less liquid than the securities of larger companies and may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns.

Securities lending risk

Securities lending involves a risk of loss because the borrower may fail to return the securities in a timely manner or at all. If a Fund that lent its securities were unable to recover the securities loaned, it may sell the collateral and purchase a replacement security in the market. Lending securities entails a risk of loss to a Fund if and to the extent that the market value of the loaned securities increases and the collateral is not increased accordingly. Cash received as collateral for loaned securities may be invested, and such investment is subject to market appreciation or depreciation, with the Fund bearing any loss.

Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security's value may decrease or such security may be appropriately priced.

Delaware Ivy Balanced Fund

Principal Risks. An investment in Delaware Ivy Balanced Fund is subject to various risks, including the following:

Market risk

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Preferred stock risk

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

Foreign risk

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North American Investments — A decrease in imports or exports, changes in trade regulations or an economic recession in any North American country can have a significant economic effect on the entire region. Since the implementation of the North American Free Trade Agreement (NAFTA) in 1994 among Canada, the US and Mexico, total merchandise trade among the three countries has increased. However, the United States-Mexico-Canada Agreement, that took effect in 2020, amends aspects of NAFTA, and such changes may have a significant negative impact on a country's economy and, consequently, the value of securities held by a Fund. In addition, political developments in the US may have implications for trade among the US, Mexico and Canada, any of which may result in additional volatility in the region. Moreover, the likelihood of further policy or legislative changes in one or more countries, may have a significant effect on North American markets generally, as well as on the value of certain securities held by a Fund when investing in this region.

Fixed income risk

The prices of a Fund's fixed-income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers. Generally, a Fund's fixed-income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Rising interest rates tend to decrease liquidity, increase trading costs and increase volatility, all of which may make portfolio management more difficult and costly to a Fund and its shareholders. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the US dollar. Other factors may materially and adversely affect the market price and yield of such fixed-income securities, including investor demand, changes in the financial condition of the applicable issuer, government fiscal policy and domestic or worldwide economic conditions. In addition, certain events, such as natural disasters, terrorist attacks, war, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

US government securities risk

Interest rate risk

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and asset-backed securities experiences a percentage decrease in principal value equal to its effective duration for each 1% increase in interest rates. For example, if a Fund holds a portfolio of securities with an effective duration of five years and interest rates rise 1%, the principal value of such securities could be expected to decrease by approximately 5%.

Credit risk

High yield (junk bond) risk

REIT-related risk

The value of a Fund's investments in a REIT may be adversely affected by (1) changes in the value of the REIT's underlying property or the property secured by mortgages the REIT holds; (2) loss of REIT federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Internal Revenue Code of 1986, as amended (the “Code”)) or changes in laws and/or rules related to that status; or (3) the REIT's failure to maintain its exemption from registration under the 1940 Act. In addition, a Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

Large-capitalization company risk

Mid-market capitalization company risk

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Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Balanced Fund may be subject to other, non-principal risks, including the following:

Convertible security risk

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock. Convertible securities issued by smaller capitalized companies may be more volatile.

Derivatives risk

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parties or, in some instances, must be transacted through a futures commission merchant (FCM) and cleared through a clearinghouse that serves as a central counterparty (for an OTC swap required to be cleared). Certain standardized swaps are, and more OTC derivatives in the future may be, subject to mandatory OTC central clearing.

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In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund's liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund's liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Complying with those de minimis trading limitations may restrict the Manager's ability to use derivatives as part of a Fund's investment strategies. Although the Manager believes that it will be able to execute a Fund's investment strategies within the de minimis trading limitations, the Fund's performance could be adversely affected. In addition, the CFTC recently has proposed changes to the de minimis trading rules and limitations that could potentially change a Fund's ability to trade derivatives. Also, a Fund's ability to use certain derivatives instruments may be limited by tax considerations.

Dividend-paying stock risk

Dividend-paying stocks may fall out of favor with investors and underperform non-dividend paying stocks and the market as a whole over any period of time. In addition, there is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. The amount of any dividend a company may pay may fluctuate significantly. In addition, the value of dividend-paying common stocks can decline when interest rates rise as other investments become more attractive to investors. This risk may be greater when interest rates are low or inflation rates are high or rising.

Growth stock risk

Initial public offering (IPO) risk

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Investment company securities risk

Bank loan and other direct indebtedness risk

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Limited number of securities risk

Mortgage-backed and asset-backed securities risk

Certain mortgage-backed securities are US government securities. See US Government Securities Risk for the risks of these types of securities. For non-US government securities, there is the risk that payments on a security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the US government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the US government or supported by the right of the issuer to borrow from the US government.

Natural disaster and epidemic risk

Redemption risk

Reinvestment risk

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property owners refinance the mortgages underlying mortgage-backed securities (including shares of mortgage REITs). As a result, a Fund may have to reinvest the proceeds in other securities with generally lower interest rates, resulting in a decline in the Fund's investment income.

Securities lending risk

Small-market capitalization company risk

Securities of small-capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies’ small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations, and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small-capitalization companies at the desired time.

Value stock risk

Delaware Ivy Core Equity Fund

Principal Risks. An investment in Delaware Ivy Core Equity Fund is subject to various risks, including the following:

Market risk

Markets can be volatile, and stock prices change daily, sometimes rapidly or unpredictably. As a result, a Fund’s holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value. Market risk may affect a single issuer or the market as a whole. At times, a Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector.

The value of assets or income from a Fund’s investments may be adversely affected by inflation or changes in the market’s expectations regarding inflation. Furthermore, there is a risk that the prices of goods and services in the US and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.

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prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Large-capitalization company risk

Growth stock risk

Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

Industry and sector risk

Information technology sector risk

Investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

Other factors that can affect the value of a Fund’s foreign investments include the comparatively weak supervision and regulation by some foreign governments of securities exchanges, brokers and issuers; the fact that many foreign companies may not be subject to uniform and/or stringent accounting, auditing and financial reporting standards; fluctuations in foreign currency exchange rates and related conversion costs or currency redenomination; nationalization or expropriation of assets; and custodial or other operational delays. It also may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Settlement of portfolio transactions also may be delayed due to local restrictions or communication problems, which can cause a Fund to miss attractive investment opportunities or impair its ability to dispose of securities in a timely fashion (resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

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How we manage the Funds

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund’s total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the the Manager invested a greater portion of the Fund’s total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund’s volatility.

Liquidity risk

IBOR risk

Active management and selection risk

The Manager applies a Fund’s investment strategies and selects securities for the Fund in seeking to achieve the Fund’s investment objective(s). There can be no guarantee that its decisions will produce the desired results, and securities selected by a Fund may not perform as well as the securities held by other mutual funds with investment objectives that are similar to the investment objective(s) of the Fund. In general, investment decisions made by the Manager may not produce the anticipated returns, may cause a Fund’s shares to lose value or may cause a Fund to perform less favorably than other mutual funds with similar investment objectives.

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Core Equity Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of the term “Swap” includes options on commodities (excluding equities listed on exchanges), caps, floors, collars and certain forward contracts. The statutory definition of a swap also includes an instrument that is dependent on the occurrence, nonoccurrence or the extent of the occurrence of an event or contingency associated with a potential financial, economic or commercial consequence, such as a credit default swap. A swap agreement may be privately negotiated bilaterally and traded OTC between the two parties or, in some instances, must be transacted through a futures commission merchant (FCM) and cleared through a clearinghouse that serves as a central counterparty (for an OTC swap required to be cleared). Certain standardized swaps are, and more OTC derivatives in the future may be, subject to mandatory OTC central clearing.

The use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects a Fund’s NAV and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. Derivatives can be highly complex, can create investment leverage, may perform in unanticipated ways and may be highly volatile, and a Fund could lose more than the amount it invests. Derivatives may be difficult to value and, depending on the instrument, may at times be highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Moreover, some derivatives are more sensitive to interest rate changes and market price fluctuations than other instruments. To the extent the judgment of the Manager as to certain anticipated price movements is incorrect, the risk of loss may be greater than if the derivative technique(s) had not been used. When used for hedging, the change in value of the derivative also may not correlate perfectly with the security or other risk being hedged. Appropriate derivatives may not be available in all circumstances, and there can be no assurance that a Fund will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may amplify or otherwise increase a Fund’s investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Fund’s gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund also may remain obligated to meet margin requirements until a derivative position is closed.

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

Swap instruments may shift a Fund’s investment exposure from one type of investment to another. Swap agreements also may have a leverage component, and adverse changes in the value or level of the reference instrument, such as an underlying asset, reference rate or index, can result in gains or losses that are substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated with investing directly in the reference instrument that underlies the swap agreement. Swaps are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks, bonds, and other traditional investments. Each Fund may enter into credit default swap contracts for hedging or investment purposes. A Fund may either sell or buy credit protection under these contracts.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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other losses to the Fund. A Fund will enter into transactions in derivatives instruments only with counterparties that the Manager reasonably believes are capable of performing under the contract. The Manager manages counterparty risk in an OTC derivative transaction by entering into bilateral collateral documentation, such as a Credit Support Annex and an accompanying Account Control Agreement, where it is market practice and/or required by law to do so for OTC derivatives.

Ongoing changes to regulation of the derivatives markets and potential changes in the regulation of mutual funds using derivatives instruments could limit a Fund’s ability to pursue its investment strategies. The extent and impact of the new regulations or proposed regulations are not yet fully known and may not be for some time. Any such changes may, among various possible effects, increase the cost of entering into derivative transactions, require more assets of a Fund to be used for collateral in support of those derivatives than is currently the case, or restrict the ability of a Fund to enter into certain types of derivative transactions, or could limit a Fund’s ability to pursue its investment strategies. In addition, changes in government regulation of derivatives could affect the character, timing and amount of the Fund’s taxable income or gains.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Complying with those de minimis trading limitations may restrict the Manager’s ability to use derivatives as part of a Fund’s investment strategies. Although the Manager believes that it will be able to execute a Fund’s investment strategies within the de minimis trading limitations, the Fund’s performance could be adversely affected. In addition, the CFTC recently has proposed changes to the de minimis trading rules and limitations that could potentially change a Fund’s ability to trade derivatives. Also, a Fund’s ability to use certain derivatives instruments may be limited by tax considerations.

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund’s holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Currency risk

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How we manage the Funds

inaccurate. A US dollar investment in an investment denominated in a foreign currency is subject to currency risk. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Currency markets also are generally not as regulated as securities markets. In addition, in order to transact in foreign investments, a Fund may exchange and hold foreign currencies. Regulatory fees or higher custody fees may be imposed on foreign currency holdings. A Fund may use derivatives to manage its foreign currency risk. Derivatives on non-US currencies involve a risk of loss if currency exchange rates move against the Fund, unless the derivative is a currency forward to hedge against the non-US currency movement.

Interest rate risk

Natural disaster and epidemic risk

Natural disaster and epidemic risk is the risk that the value of a fund’s investments may be negatively affected by natural disasters, epidemics, or similar events. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent a fund from executing advantageous investment decisions in a timely manner and could negatively impact the fund’s ability to achieve its investment objective. 

Redemption risk

Securities lending risk

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Small- and mid-market capitalization company risk

Securities of mid-capitalization companies may be more vulnerable to adverse developments than those of larger companies due to such companies’ limited product lines, limited markets and financial resources and dependence upon a relatively small management group. Securities of mid-capitalization companies may be more volatile and less liquid than the securities of larger companies and may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns.

Delaware Ivy Systematic Emerging Markets Equity Fund

Principal Risks. An investment in Delaware Ivy Systematic Emerging Markets Equity Fund is subject to various risks, including the following:

Market risk

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Emerging markets risk

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of a Fund’s investments in those countries and the availability of additional investments in those countries. The small size and inexperience of the securities markets in such countries and the limited volume of trading in securities in those countries may make a Fund’s investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be little financial or accounting information available with respect to issuers located in certain countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

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Pacific countries and have made it more difficult for such borrowers to obtain financing on attractive terms or at all. Due to heavy reliance on international trade, a decrease in demand would adversely affect economic performance in the region. In addition, ongoing political issues and heightened trade tensions between the US and China, including the possibility of a reduction in spending on Chinese products or services, the institution of additional tariffs or other trade barriers may have an adverse impact on the Chinese economy and potentially other economies in the region.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

As a result of the military action by Russia in Ukraine, 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 your Fund’s performance.

Capital repatriation risk

Capital repatriation involves the transfer of corporate money or property from a foreign country back to its home country. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times from the date of such investments or even indefinitely. If the Manager is unable to repatriate capital from its investments, in whole or in part, this may have an adverse effect on the cash flows and/or performance of the Fund.

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Growth stock risk

Currency risk

Foreign securities may be denominated in foreign currencies. The value of a Fund’s investments, as measured in US dollars, may be unfavorably affected by changes in foreign currency exchange rates and exchange control regulations. Domestic issuers that hold substantial foreign assets may be similarly affected. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the US dollar. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by US or foreign governments or central banks or by currency controls or political developments in the US or abroad. Devaluations of a currency by a government or banking authority also may have significant impact on the value of any investments denominated in that currency. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate. A US dollar investment in an investment denominated in a foreign currency is subject to currency risk. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Currency markets also are generally not as regulated as securities markets. In addition, in order to transact in foreign investments, a Fund may exchange and hold foreign currencies. Regulatory fees or higher custody fees may be imposed on foreign currency holdings. A Fund may use derivatives to manage its foreign currency risk. Derivatives on non-US currencies involve a risk of loss if currency exchange rates move against the Fund, unless the derivative is a currency forward to hedge against the non-US currency movement.

Geographic focus risk

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

China investment risk

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corporate actions affecting China A-shares held through the Connect Programs due to time constraints or for other operational reasons. Similarly, a Fund may not be able to appoint proxies or participate in shareholders’ meetings due to current limitations on the use of multiple proxies in China.

Industry and sector risk

Consumer discretionary sector risk

The Fund currently invests a significant portion of its assets in the consumer discretionary sector, and therefore the Fund’s performance could be negatively impacted by events affecting this sector. The consumer discretionary sector includes companies in industries such as consumer services, household durables, leisure products, textiles, apparel and luxury goods, hotels, restaurants, retailing, e-commerce, and automobiles. Many companies in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer. As such, the success of these companies is tied closely to the performance of the overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income levels, as well as consumer preferences and tastes, social trends and marketing campaigns. Companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer propensity to spend can also affect the demand for, and success of, consumer products and services in the marketplace.

Small- and mid-market capitalization company risk

Large-capitalization company risk

Liquidity risk

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IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Systematic Emerging Markets Equity Fund may be subject to other, non-principal risks, including the following:

Commodity-related investments risk

Investments in certain issuers, such as resource extraction and production companies, are sensitive to fluctuations in certain commodity markets, and changes in those markets may cause a Fund’s holdings to lose value. Commodity trading, including trading in precious metals, generally is considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of a Fund’s investments in commodities are resource availability, commodity price volatility, speculation in the commodities markets, cyclical economic conditions, weather, embargoes, tariffs, regulatory developments, sudden political events and adverse international monetary policies. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. The prices of commodities also can fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers. As a result, political, economic and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. Also, a Fund may pay more to store and accurately value its commodity holdings than it does with its other portfolio investments. Moreover, under the federal tax law, a Fund may not derive more than 10% of its annual gross income from gains (without regard to losses) resulting from selling or otherwise disposing of commodities (and other “non-qualifying” income). Accordingly, a Fund may be required to hold its commodities and/or interests in ETFs that hold commodities or sell them at a loss, or to sell portfolio securities at a gain, when, for investment reasons, it would not otherwise do so.

Derivatives risk

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be highly complex, can create investment leverage, may perform in unanticipated ways and may be highly volatile, and a Fund could lose more than the amount it invests. Derivatives may be difficult to value and, depending on the instrument, may at times be highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Moreover, some derivatives are more sensitive to interest rate changes and market price fluctuations than other instruments. To the extent the judgment of the Manager as to certain anticipated price movements is incorrect, the risk of loss may be greater than if the derivative technique(s) had not been used. When used for hedging, the change in value of the derivative also may not correlate perfectly with the security or other risk being hedged. Appropriate derivatives may not be available in all circumstances, and there can be no assurance that a Fund will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may amplify or otherwise increase a Fund’s investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Fund’s gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund also may remain obligated to meet margin requirements until a derivative position is closed.

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Complying with those de minimis trading limitations may restrict the Manager’s ability to use derivatives as part of a Fund’s investment strategies. Although the Manager believes that it will be able to execute a Fund’s investment strategies within the de minimis trading limitations, the Fund’s performance could be adversely affected. In addition, the CFTC recently has proposed changes to the de minimis trading rules and limitations that could potentially change a Fund’s ability to trade derivatives. Also, a Fund’s ability to use certain derivatives instruments may be limited by tax considerations.

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund’s holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Frontier market risk

Frontier market countries generally have smaller economies and even less developed capital markets than typical emerging market countries (which themselves have increased investment risk relative to more developed market countries) and, as a result, a Fund’s exposure to risks associated with investing in emerging market countries are magnified when a Fund invests in frontier market countries. The increased risks include: the potential for extreme price volatility and illiquidity in frontier market countries; government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. Securities issued by foreign governments or companies in frontier market countries are even more likely than emerging market securities to have greater exposure to the risks of investing in foreign securities that are described above in Foreign risk.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

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The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, a Fund’s purchases of shares of such ETFs are subject to the Fund’s investment restrictions regarding investments in other investment companies.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund’s exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Metals investment risk

Investments in metals may be highly volatile and can change quickly and unpredictably due to a number of factors, including the supply and demand of each metal, environmental or labor costs, political, legal, financial, accounting and tax matters and other events that a Fund cannot control. In addition, changes in international monetary policies or economic and political conditions can affect the supply of metals, and consequently the value of metal investments. The US or foreign governments may pass laws or regulations limiting metal investments for strategic or other policy reasons. Further, the principal supplies of metal industries may be concentrated in a small number of countries and regions.

Natural disaster and epidemic risk

Portfolio turnover risk

Frequent buying and selling of investments involve higher costs to a Fund and may affect the Fund’s performance over time. High rates of portfolio turnover may result in the realization of net short-term capital gains. The payment of taxes on distributions of these gains could adversely affect a shareholder’s after-tax return on its investment in a Fund. Any distributions attributable to such net gains will be taxed as ordinary income for federal income tax purposes. Factors that can lead to short-term trading include market volatility, a significant positive or negative development concerning a security, an attempt to maintain a Fund’s market capitalization target, and the need to sell a security to meet redemption activity.

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Redemption risk

Restricted securities risk

Securities lending risk

Subsidiary investment risk

By investing in its subsidiary, each of Delaware Ivy Asset Strategy Fund and Delaware Ivy Systematic Emerging Markets Equity Fund is exposed to the risks associated with its Subsidiary’s investments. Each Fund’s Subsidiary is not registered under the 1940 Act, and is not subject to all of the investor protections of the 1940 Act. Thus, each Fund, as an investor in its Subsidiary, would not have all of the protections offered to investors in registered investment companies. However, because each Fund wholly owns and controls its Subsidiary, and each Fund and its Subsidiary are managed by the Manager, it is unlikely that the Fund’s Subsidiary would take action contrary to the interests of the Fund or the Fund’s shareholders. In addition, changes in the laws of the US and/or the Cayman Islands, under which each Fund and its Subsidiary are organized, respectively, could result in the inability of each Fund and/or its Subsidiary to operate as intended and could negatively affect each Fund and its shareholders.

Subsidiary tax risk

To qualify as a regulated investment company (RIC) under the federal tax law for a taxable year, a Fund must derive at least 90% of its annual gross income from sources considered to be “qualifying” income. However, income derived from disposing of commodities is not considered “qualifying” income. By investing in its Subsidiary, each of Delaware Ivy Asset Strategy Fund and Delaware Ivy Systematic Emerging Markets Equity Fund is exposed to the risk that it will be treated as having gains resulting from disposing of commodities (that is, “non-qualifying” income), and therefore may not qualify as a RIC in any given taxable year. If each Fund failed to qualify as a RIC, it may incur potentially significant federal income tax expense and, more importantly, also may cause investors to incur tax liabilities they otherwise would not have incurred. For example, such Fund would be subject to income tax on its taxable income at the corporate income tax rate, with the consequence that its income available for distribution to shareholders would be reduced. In addition, such taxable income also would be subject to tax at the shareholder level as dividend income when distributed to shareholders. Each Fund has received an opinion of counsel, which is not binding on the IRS or the courts, that income each Fund receives from its Subsidiary should constitute qualifying income. However, if the IRS were to determine that a Fund’s income from a subsidiary was not considered qualifying income and that determination was upheld by the courts, then such Fund — despite the opinion of counsel — might be unable to qualify as a RIC. In addition, it is possible that future tax legislation, regulations, and/or further guidance issued by the IRS may affect the character, timing, and/or amount of a Fund’s taxable income or capital gains and distributions it makes, which in turn may adversely affect the Fund and its shareholders. Treasury Regulations permit a Fund to treat distributions from the Subsidiary’s earnings and profits as qualifying income, even if the Subsidiary does not make a distribution of such income.

Delaware Climate Solutions Fund

Principal Risks. An investment in Delaware Climate Solutions Fund is subject to various risks, including the following:

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Climate change investment focus risk

The Fund's focus on securities of issuers that seek opportunities to reduce, displace and/or sequestor GHG emissions or help other to do so may affect the Fund's exposure to certain sectors or types of investments. The Fund's relative investment performance may also be impacted depending on whether such sectors or investments are in or out of favor with the market. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies, as well as on political support for certain environmental initiatives and developments affecting companies focused on sustainable energy and climate change solutions generally.

ESG risk

Using ESG criteria in the investment process may exclude certain companies for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG factors. In addition, because company GHG emissions data are not standardized (and are further subject to estimation error when not company-reported), the data sets the Fund must rely on may imperfectly represent companies’ true GHG emissions. Also, the company emissions targets that the Manager sets are based on model assumptions and estimations that carry the inherent risk associated with any modeling or estimating process.

Market risk

In the years since the financial crisis that started in 2008, the US and many global economies at times have experienced volatility in the financial markets. Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on a Fund. In addition, there is a risk that policy changes by the US government and the Federal Reserve, which may include increasing interest rates, could cause increased volatility in financial markets.

The global outbreak of COVID-19 (common referred to as “coronavirus”) has disrupted economic markets and resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

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Nondiversification risk

The Fund is a “nondiversified” mutual fund and, as such, its investments are not required to meet certain diversification requirements under federal law. Compared with “diversified” funds, the Fund may invest a greater percentage of its assets in the securities of an issuer. Thus, the Fund may hold fewer securities than other funds. A decline in the value of those investments would cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

Concentration risk

If a Fund invests more than 25% of its total assets in a particular industry, the portfolio’s performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in a single industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a sector or company.

Energy sector risk

Investment risks associated with investing in energy securities, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.

Initial public offering (IPO) risk

Any positive effect of investments in IPOs may not be sustainable because of a number of factors. For example, the Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on the Fund's performance, this may not be able to be replicated in the future. The relative performance impact of IPOs on the Fund also is likely to decline as the Fund grows.

Liquidity risk

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

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reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Asia Pacific Investments — The level of development of the economies of countries in the Asia Pacific region varies greatly. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. Natural disasters frequently occur in the region, which could drastically impact particular business operations of companies in the region or its overall economy. In addition, certain countries in the Asia Pacific region are large debtors to commercial banks and to foreign governments. An economic crisis may reduce the willingness of certain lenders to extend credit to these Asia Pacific countries and have made it more difficult for such borrowers to obtain financing on attractive terms or at all. Due to heavy reliance on international trade, a decrease in demand would adversely affect economic performance in the region. In addition, ongoing political issues and heightened trade tensions between the US and China, including the possibility of a reduction in spending on Chinese products or services, the institution of additional tariffs or other trade barriers may have an adverse impact on the Chinese economy and potentially other economies in the region.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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How we manage the Funds

Emerging markets risk

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of the Fund's investments in those countries and the availability of additional investments in those countries. The small size and inexperience of the securities markets in some emerging market countries and the limited volume of trading in securities in those countries may make the Fund's investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be little financial or accounting information available with respect to issuers located in certain countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that the Fund fair value its holdings in those countries.

Foreign currency exchange transactions and forward foreign currency contracts

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund’s holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Currency risk

Government and regulatory risk

The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance.

Active management and selection risk

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other mutual funds with investment objectives that are similar to the investment objective(s) of the Fund. In general, investment decisions made by the Manager may not produce the anticipated returns, may cause a Fund’s shares to lose value or may cause a Fund to perform less favorably than other mutual funds with similar investment objectives.

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Climate Solutions Fund may be subject to other, non-principal risks, including the following:

Large-capitalization company risk

Natural disaster and epidemic risk

Natural disaster and epidemic risk is the risk that the value of a fund’s investments may be negatively affected by natural disasters, epidemics, or similar events. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent a fund from executing advantageous investment decisions in a timely manner and could negatively impact the portfolio’s ability to achieve its investment objective. 

Portfolio turnover risk

Small- and mid-market capitalization company risk

Delaware Global Value Equity Fund

Principal Risks. An investment in Delaware Global Value Equity Fund is subject to various risks, including the following:

Market risk

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Large-capitalization company risk

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

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Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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Currency risk

Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

Small- and mid-market capitalization company risk

Emerging markets risk

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of a Fund’s investments in those countries and the availability of additional investments in those countries. The small size and inexperience of the securities markets in such countries and the limited volume of trading in securities in those countries may make a Fund’s investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be little financial or accounting information available with respect to issuers located in certain countries, and it may be difficult as a result to

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assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Industry and sector risk

Consumer staples industry risk

Consumer staples risk is the risk that companies in the consumer staples industry may be affected by changes in general economic conditions, worldwide economic conditions, political events, world events, government regulation, environmental factors, depletion of resources, consumer confidence, consumer spending, marketing, competition, demographics and consumer preferences, product trends, and production spending.

Companies in the consumer staples industry may also be subject to risks relating to the supply of, demand for, and prices of raw materials. Companies in this industry are also affected by natural and man-made disasters and political, social, or labor unrest that affect production and distribution of consumer staple products.

Concentration risk

The risk that a concentration in a particular industry will cause a fund to be more exposed to developments affecting that single industry or industry group than a more broadly diversified fund would be. A fund could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries than a fund that invests more broadly.

Nondiversification risk

Nondiversified investment companies have the flexibility to invest as much as 50% of their assets in as few as two issuers, with no single issuer accounting for more than 25% of the fund. The remaining 50% of the fund must be diversified so that no more than 5% of a fund’s assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of fund shares may increase or decrease more rapidly than if the fund were fully diversified.

Liquidity risk

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund’s total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund’s total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund’s volatility.

IBOR risk

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How we manage the Funds

have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Global Equity Income Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

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There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

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How we manage the Funds

Dividend-paying stock risk

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund’s holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Growth stock risk

Interest rate risk

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Natural disaster and epidemic risk

Preferred stock risk

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

Redemption risk

Securities lending risk

Delaware Ivy Global Growth Fund

Principal Risks. An investment in Delaware Ivy Global Growth Fund is subject to various risks, including the following:

Market risk

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How we manage the Funds

Growth stock risk

Large-capitalization company risk

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

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Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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How we manage the Funds

Industry and sector risk

Information technology sector risk

Emerging markets risk

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of a Fund’s investments in those countries and the availability of additional investments in those countries. The small size and inexperience of the securities markets in such countries and the limited volume of trading in securities in those countries may make a Fund’s investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be little financial or accounting information available with respect to issuers located in certain countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Currency risk

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund’s total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund’s total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund’s volatility.

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Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Global Growth Fund may be subject to other, non-principal risks, including the following:

China investment risk

Connect Programs are subject to quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund’s ability to invest in China A-shares through the Connect Programs and to enter into or exit trades on a timely basis. Connect Programs can operate only when both markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if one or both markets are closed on a US trading day, a Fund may not be able to dispose of its China A-shares in a timely manner, which could adversely affect the Fund’s performance. Only certain China A-shares are eligible to be accessed through the Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold, but could no longer be purchased through the Connect Programs. Because the Connect Programs are relatively new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is unknown. In addition, there is no assurance that the necessary systems required to operate the Connect Programs will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems do not function properly, trading through the Connect Programs could be disrupted.

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How we manage the Funds

Clearing Corporation Limited (ChinaClear), defaulted, a Fund may not be able to recover fully its losses from ChinaClear or may be delayed in receiving proceeds as part of any recovery process. Because of the way in which China A-shares are held in a Connect Program, a Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security. A Fund may not be able to participate in corporate actions affecting China A-shares held through the Connect Programs due to time constraints or for other operational reasons. Similarly, a Fund may not be able to appoint proxies or participate in shareholders’ meetings due to current limitations on the use of multiple proxies in China.

Commodity-related investments risk

Investments in certain issuers, such as resource extraction and production companies, are sensitive to fluctuations in certain commodity markets, and changes in those markets may cause a Fund’s holdings to lose value. Commodity trading, including trading in precious metals, generally is considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of a Fund’s investments in commodities are resource availability, commodity price volatility, speculation in the commodities markets, cyclical economic conditions, weather, embargoes, tariffs, regulatory developments, sudden political events and adverse international monetary policies. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. The prices of commodities also can fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers. As a result, political, economic and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. Also, a Fund may pay more to store and accurately value its commodity holdings than it does with its other portfolio investments. Moreover, under the federal tax law, a Fund may not derive more than 10% of its annual gross income from gains (without regard to losses) resulting from selling or otherwise disposing of commodities (and other “non-qualifying” income). Accordingly, a Fund may be required to hold its commodities and/or interests in ETFs that hold commodities or sell them at a loss, or to sell portfolio securities at a gain, when, for investment reasons, it would not otherwise do so.

Derivatives risk

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assurance that a Fund will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may amplify or otherwise increase a Fund’s investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Fund’s gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund also may remain obligated to meet margin requirements until a derivative position is closed.

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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How we manage the Funds

derivative transactions, or could limit a Fund’s ability to pursue its investment strategies. In addition, changes in government regulation of derivatives could affect the character, timing and amount of the Fund’s taxable income or gains.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund’s holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Initial public offering (IPO) risk

Any positive effect of investments in IPOs may not be sustainable because of a number of factors. For example, a Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a Fund’s performance, this may not be able to be replicated in the future. The relative performance impact of IPOs on a Fund also is likely to decline as the Fund grows.

Interest rate risk

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“Effective” duration takes into consideration the likelihood that a security will be called, or prepaid, prior to maturity given current market interest rates. Typically, a security with a longer duration is more price sensitive than a security with a shorter duration. In general, a portfolio of debt, mortgage-related and asset-backed securities experiences a percentage decrease in principal value equal to its effective duration for each 1% increase in interest rates. For example, if a Fund holds a portfolio of securities with an effective duration of five years and interest rates rise 1%, the principal value of such securities could be expected to decrease by approximately 5%.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund’s exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Natural disaster and epidemic risk

Redemption risk

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How we manage the Funds

Restricted securities risk

Securities lending risk

Small- and mid-market capitalization company risk

Delaware Ivy International Core Equity Fund

Principal Risks. An investment in Delaware Ivy International Core Equity Fund is subject to various risks, including the following:

Market risk

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Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

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How we manage the Funds

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

Currency risk

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Emerging markets risk

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of a Fund’s investments in those countries and the availability of additional investments in those countries. The small size and inexperience of the securities markets in such countries and the limited volume of trading in securities in those countries may make a Fund’s investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be little financial or accounting information available with respect to issuers located in certain countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Geographic focus risk

Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

Large-capitalization company risk

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund’s holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Liquidity risk

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How we manage the Funds

Derivatives risk

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

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OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

IBOR risk

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How we manage the Funds

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy International Core Equity Fund may be subject to other, non-principal risks, including the following:

China investment risk

Connect Programs are subject to regulations promulgated by regulatory authorities for participating exchanges and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact a Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. The relevant regulations are relatively new and untested; they are subject to change and there is no certainty as to how they will be applied. Investments in China A-shares may not be covered by the securities investor protection programs of a participating exchange and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository, the China Securities Depository and Clearing Corporation Limited (ChinaClear), defaulted, a Fund may not be able to recover fully its losses from ChinaClear or may be delayed in receiving proceeds as part of any recovery process. Because of the way in which China A-shares are held in a Connect Program, a Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security. A Fund may not be able to participate in corporate actions affecting China A-shares held through the Connect Programs due to time constraints or for other operational reasons. Similarly, a Fund may not be able to appoint proxies or participate in shareholders’ meetings due to current limitations on the use of multiple proxies in China.

Commodity-related investments risk

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demand disruptions in major producing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers. As a result, political, economic and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. Also, a Fund may pay more to store and accurately value its commodity holdings than it does with its other portfolio investments. Moreover, under the federal tax law, a Fund may not derive more than 10% of its annual gross income from gains (without regard to losses) resulting from selling or otherwise disposing of commodities (and other “non-qualifying” income). Accordingly, a Fund may be required to hold its commodities and/or interests in ETFs that hold commodities or sell them at a loss, or to sell portfolio securities at a gain, when, for investment reasons, it would not otherwise do so.

Growth stock risk

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund’s total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund’s total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund’s volatility.

Initial public offering (IPO) risk

Any positive effect of investments in IPOs may not be sustainable because of a number of factors. For example, a Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a Fund’s performance, this may not be able to be replicated in the future. The relative performance impact of IPOs on a Fund also is likely to decline as the Fund grows.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund’s exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly

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How we manage the Funds

from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Natural disaster and epidemic risk

Redemption risk

Securities lending risk

Small- and mid-market capitalization company risk

Delaware Ivy Large Cap Growth Fund

Principal Risks. An investment in Delaware Ivy Large Cap Growth Fund is subject to various risks, including the following:

Market risk

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Growth stock risk

Large-capitalization company risk

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund’s total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund’s total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund’s volatility.

Nondiversification risk

Information technology sector risk

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How we manage the Funds

Industry and sector risk

Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Large Cap Growth Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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How we manage the Funds

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as d derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

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Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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How we manage the Funds

Small- and mid-market capitalization company risk

Natural disaster and epidemic risk

Redemption risk

Securities lending risk

Delaware Ivy Mid Cap Growth Fund

Principal Risks. An investment in Delaware Ivy Mid Cap Growth Fund is subject to various risks, including the following:

Market risk

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terrorist attacks, war, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

Growth stock risk

Small- and mid-market capitalization company risk

Information technology sector risk

Industry and sector risk

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How we manage the Funds

Healthcare sector risk

Investment risks associated with investing in securities in the health care sector, in addition to other risks, include heavy dependence on patent protection, with profitability affected by the expiration of patents; expenses and losses from extensive litigation based on product liability and similar claims; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting; the potentially long and costly process for obtaining new product approval by the FDA; the difficulty health care providers may have obtaining staff to deliver service; susceptibility to product obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel.

Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Mid Cap Growth Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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How we manage the Funds

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

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Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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How we manage the Funds

Initial public offering (IPO) risk

Any positive effect of investments in IPOs may not be sustainable because of a number of factors. For example, a Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a Fund’s performance, this may not be able to be replicated in the future. The relative performance impact of IPOs on a Fund also is likely to decline as the Fund grows.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund’s exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Large-capitalization company risk

Natural disaster and epidemic risk

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market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent a fund from executing advantageous investment decisions in a timely manner and could negatively impact the fund’s ability to achieve its investment objective.

Redemption risk

Securities lending risk

Delaware Ivy Mid Cap Income Opportunities Fund

Principal Risks. An investment in Delaware Ivy Mid Cap Income Opportunities Fund is subject to various risks, including the following:

Market risk

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How we manage the Funds

Small- and mid-market capitalization company risk

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund’s total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund’s total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund’s volatility.

Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Mid Cap Income Opportunities Fund may be subject to other, non-principal risks, including the following:

Convertible security risk

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock. Convertible securities issued by smaller capitalized companies may be more volatile.

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Credit risk

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund’s securities could affect the Fund’s performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager’s analysis of credit risk more heavily than usual.

Following the financial crisis, some credit rating agencies began applying more stringent criteria, with the result that some securities are being downgraded. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Ratings represent the ratings agency’s opinion regarding the quality of the security and are not a guarantee of quality.

Derivatives risk

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

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How we manage the Funds

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

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be adversely affected. In addition, the CFTC recently has proposed changes to the de minimis trading rules and limitations that could potentially change a Fund’s ability to trade derivatives. Also, a Fund’s ability to use certain derivatives instruments may be limited by tax considerations.

Dividend-paying stock risk

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

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How we manage the Funds

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

Growth stock risk

Interest rate risk

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Large-capitalization company risk

Master limited partnership (MLP) risk

Investments in securities of an MLP involve risks that differ from investments in common stocks, including, among others, risks related to limited control and limited rights to vote on matters affecting the MLP, cash flow risks, dilution risks, and others.

Investing in MLPs also involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographical region are subject to risks associated with such industry or region. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

MLPs taxed as partnerships generally do not pay US federal income tax at the partnership level, subject to the application of certain partnership audit rules. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being treated as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction of the value of the underlying fund’s investment, and consequently your investment in a Fund and lower income. A distribution from an MLP may consist in part of a return of the amount originally invested, which would not be taxable to the extent the distribution does not exceed the investor’s adjusted basis in its MLP interest.

Natural disaster and epidemic risk

Preferred stock risk

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

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Redemption risk

REIT-related risk

The value of a Fund’s investments in a REIT may be adversely affected by (1) changes in the value of the REIT’s underlying property or the property secured by mortgages the REIT holds; (2) loss of REIT federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Code) or changes in laws and/or rules related to that status; or (3) the REIT’s failure to maintain its exemption from registration under the 1940 Act. In addition, a Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

Securities lending risk

Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

Delaware Ivy Science and Technology Fund

Principal Risks. An investment in Delaware Ivy Science and Technology Fund is subject to various risks, including the following:

Market risk

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Information technology sector risk

Science and technology industry risk

Investment risks associated with investing in science and technology securities, in addition to other risks, include a company’s operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, and aggressive pricing of products and services, as well as new market entrants and obsolescence of existing technology. In addition, these securities may be impacted by commodity and energy prices, which can be volatile, and may increase the volatility of these securities.

Growth stock risk

Nondiversification risk

Concentration risk

If a Fund invests more than 25% of its total assets in a particular industry, the Fund’s performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in a single industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a sector or company.

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund’s total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund’s total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund’s volatility.

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

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accounting, auditing and financial reporting standards; fluctuations in foreign currency exchange rates and related conversion costs or currency redenomination; nationalization or expropriation of assets; and custodial or other operational delays. It also may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Settlement of portfolio transactions also may be delayed due to local restrictions or communication problems, which can cause a Fund to miss attractive investment opportunities or impair its ability to dispose of securities in a timely fashion (resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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The long-term impact of Brexit on the relationship between the UK and the EU remains uncertain. The uncertainty concerning the relationship between the UK and the EU (as well as political divisions within the UK that have been highlighted by the 2016 Brexit referendum) could cause a period of instability and market volatility, which may adversely impact both the UK economy and the economies of other countries in Europe, as well as greater volatility in the global financial and currency markets. Brexit also may trigger additional member states to consider departing the EU, which would likely perpetuate such political and economic instability in the region. It is not possible to ascertain the precise impact these events may have on a Fund or its investments from an economic, financial, tax or regulatory perspective, but any such impact could be material.

Emerging markets risk

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of a Fund’s investments in those countries and the availability of additional investments in those countries. The small size and inexperience of the securities markets in such countries and the limited volume of trading in securities in those countries may make a Fund’s investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be little financial or accounting information available with respect to issuers located in certain countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Small- and mid-market capitalization company risk

Large-capitalization company risk

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How we manage the Funds

Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Science and Technology Fund may be subject to other, non-principal risks, including the following:

China investment risk

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Derivatives risk

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

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How we manage the Funds

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

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Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund’s holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Currency risk

Initial public offering (IPO) risk

Any positive effect of investments in IPOs may not be sustainable because of a number of factors. For example, a Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a Fund’s performance, this may not be able to be replicated in the future. The relative performance impact of IPOs on a Fund also is likely to decline as the Fund grows.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

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develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund’s exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

High yield (junk bond) risk

In general, low-rated debt securities (commonly referred to as “high-yield” or “junk” bonds) offer higher yields due to the increased risk that the issuer will be unable to meet its obligations on interest or principal payments at the time called for by the debt instrument. For this reason, these securities are considered speculative and could significantly weaken a Fund’s returns. In adverse economic or other circumstances, issuers of these low-rated securities and obligations are more likely to have difficulty making principal and interest payments than issuers of higher-rated securities and obligations.

Natural disaster and epidemic risk

Redemption risk

Restricted securities risk

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could be less than those originally paid, or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair market value of such securities for purposes of computing the NAV of a Fund.

Securities lending risk

Delaware Ivy Smid Cap Core Fund

Market risk

Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

How the Fund strives to manage it: The Manager maintains a long-term investment approach and focuses on securities that the Manager believes can appreciate over an extended period of time regardless of interim market fluctuations. Generally, the Manager does not try to predict overall market movements. Although the Fund may hold securities for any amount of time, it generally does not trade for short-term purposes.

Industry, sector and security risks

Industry and sector risks are the risks that the value of securities in a particular industry or sector (such as financial services or manufacturing) will decline because of changing expectations for the performance of that industry or sector.

Security risk is the risk that the value of an individual stock or bond will decline because of changing expectations for the performance of the individual company issuing the stock or bond (due to situations that could range from decreased sales to events such as a pending merger or actual or threatened bankruptcy).

How the Fund strives to manage them: The Manager limits the amount of the Fund’s assets invested in any one industry or sector and in any individual security or issuer. The Manager also follows a rigorous selection process when choosing securities for the portfolio.

Company size risk

Company size risk is the risk that investments in small- and/or medium-sized companies typically exhibit higher volatility than investments in larger, more established companies. Company size risk also comes from lower liquidity typically associated with small company stocks, which means the price may be affected by poorly executed trades, even if the underlying business of the company is unchanged.

How the Fund strives to manage it: The Manager maintains a well-diversified portfolio, selects stocks carefully, and monitors them continually.

Interest rate risk

Interest rate risk is the risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates. 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.

How the Fund strives to manage it: The Manager analyzes each company’s financial situation and its cash flow to determine the company’s ability to finance future expansion and operations. The potential effect that rising interest rates might have on a stock is taken into consideration before the stock is purchased.

Natural disaster and epidemic risk

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How we manage the Funds

How the Fund strives to manage it: The Fund maintains a long-term investment approach. Generally, the portfolio managers do not try to predict overall market movements, but the portfolio managers do note trends in the economy, industries, and financial markets. Although the Fund may hold securities for any amount of time, it generally does not trade for short-term purposes.

Liquidity risk

How the Fund strives to manage it: The Fund limits its exposure to illiquid investments to no more than 15% of its net assets.

Foreign risk

Foreign risk is the risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic or government conditions, the imposition of economic and/or trade sanctions, inadequate or different regulatory and accounting standards, and the possibility that significant events in foreign markets, including broad market moves, may affect the value of fund shares.

How the Fund strives to manage it: The Manager invests no more than 10% of the value of the Fund’s assets, at the time of purchase, in foreign securities. To the extent the Manager invests in foreign securities, it invests primarily in issuers of developed countries, which are less likely to encounter these foreign risks than issuers in developing countries. The Manager may use hedging techniques to help offset potential foreign currency losses.

Real estate industry risk

Real estate industry risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates. REITs are subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (Internal Revenue Code), or other similar statutes in non-US countries and/or to maintain exemptions from the Investment Company Act of 1940, as amended.

How the Fund strives to manage it: The Manager carefully selects REITs based on the quality of their management and their ability to generate substantial cash flow, which the Manager believes can help to shield them from some of the risks involved with real estate investing.

Derivatives risk

Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy (including a strategy involving equity-linked securities, futures, options, forward foreign currency contracts, or swaps such as interest rate swaps, index swaps, or credit default swaps) related to a security, index, reference rate, or other asset or market factor (collectively, a “reference instrument”) and that reference instrument moves in the opposite direction from what the Manager had anticipated. If a market or markets, or prices of particular classes of investments, move in an unexpected manner, a fund may not achieve the anticipated benefits of the transaction and it may realize losses. Derivatives also involve additional expenses, which could reduce any benefit or increase any loss to a fund from using the strategy. In addition, changes in government regulation of derivatives could affect the character, timing, and amount of a fund’s taxable income or gains. A fund’s transactions in derivatives may be subject to one or more special tax rules. These rules may: (i) affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the fund, (iii) defer losses to the fund, and (iv) cause adjustments in the holding periods of the fund’s securities. A fund’s use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company.

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underlying reference instrument that the Manager would have otherwise attempted to avoid, which could result in losses. 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.

How the Fund strives to manage it: The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income.

The Manager has claimed an exclusion from the definition of the term “commodity pool operator” with respect to the Fund under the Commodity Exchange Act (CEA) and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA.

Counterparty risk

Counterparty risk is the risk that if a fund enters into a derivatives contract (such as a futures, options, or swap contract) or a repurchase agreement, the counterparty to such a contract or agreement may fail to perform its obligations under the contract or agreement due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). As a result, a fund may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all.

How the Fund strives to manage it: The Manager seeks to minimize this risk by considering the creditworthiness of all counterparties before the Fund enters into transactions with them. The Fund will hold collateral from counterparties consistent with applicable regulations.

IBOR risk

How the Fund strives to manage it: Due to uncertainty regarding the future use of LIBOR or similar rates (such as the Euro Overnight Index Average (EONIA)), the impact of the abandonment of such rates on the Fund or the financial instruments in which the Fund invests cannot yet be determined. However, the Fund tries to address such risk by monitoring the economic, political and regulatory climate in jurisdictions relevant to the Fund and the financial instruments in which the Fund invests in order to minimize any potential impact on the Fund. In addition, the Fund typically invests in a number of different securities in a variety of sectors in order to minimize the impact to the Fund of any legislative or regulatory development affecting particular countries, issuers, or market sectors.

Government and regulatory risks

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a fund.

How the Fund strives to manage them: The Manager evaluates the economic and political climate in the relevant jurisdictions before selecting securities for the Fund. The Manager typically diversifies the Fund’s assets among a number of different securities in a variety of sectors in order to minimize the impact to the Fund of any legislative or regulatory development affecting particular countries, issuers, or market sectors.

Delaware Ivy Small Cap Growth Fund

Principal Risks. An investment in Delaware Ivy Small Cap Growth Fund is subject to various risks, including the following:

Market risk

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How we manage the Funds

Small- and mid-market capitalization company risk

Growth stock risk

Information technology sector risk

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Healthcare sector risk

Industry and sector risk

Liquidity risk

Initial public offering (IPO) risk

Any positive effect of investments in IPOs may not be sustainable because of a number of factors. For example, a Fund may not be able to buy shares in some IPOs, or may be able to buy only a small number of shares. Also, the performance of IPOs generally is volatile, and is dependent on market psychology and economic conditions. To the extent that IPOs have a significant positive impact on a Fund’s performance, this may not be able to be replicated in the future. The relative performance impact of IPOs on a Fund also is likely to decline as the Fund grows.

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Small Cap Growth Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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How we manage the Funds

contract listed on an exchange to buy or sell a specific quantity of an underlying reference instrument, such as a security or other instrument, index, currency or commodity at a specific price on a specific date. An option can be entered either exchange-traded or OTC and is a contract that gives the purchaser the right to buy or sell an underlying reference instrument, such as a security or other instrument, index, or commodity at a specific price on or before a specific date. A swap is an OTC agreement involving the exchange by a Fund with another party of their respective commitments to pay or receive payments at specified dates on the basis of a specified notional amount. The statutory definition under the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of the term “Swap” includes options on commodities (excluding equities listed on exchanges), caps, floors, collars and certain forward contracts. The statutory definition of a swap also includes an instrument that is dependent on the occurrence, nonoccurrence or the extent of the occurrence of an event or contingency associated with a potential financial, economic or commercial consequence, such as a credit default swap. A swap agreement may be privately negotiated bilaterally and traded OTC between the two parties or, in some instances, must be transacted through a futures commission merchant (FCM) and cleared through a clearinghouse that serves as a central counterparty (for an OTC swap required to be cleared). Certain standardized swaps are, and more OTC derivatives in the future may be, subject to mandatory OTC central clearing.

When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Foreign risk

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect a Fund’s performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. Foreign investing also may involve brokerage costs and tax considerations that usually are not present in the US markets.

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How we manage the Funds

(resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that a Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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political and economic instability in the region. It is not possible to ascertain the precise impact these events may have on a Fund or its investments from an economic, financial, tax or regulatory perspective, but any such impact could be material.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund’s exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Large-capitalization company risk

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How we manage the Funds

Natural disaster and epidemic risk

Redemption risk

Securities lending risk

Delaware Ivy Value Fund

Principal Risks. An investment in Delaware Ivy Value Fund is subject to various risks, including the following:

Market risk

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Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

Large-capitalization company risk

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund’s total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund’s total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund’s volatility.

Financials sector risk

Investment risks associated with investing in securities in the financials sector, in addition to other risks, include extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; effects on profitability by loan losses, which usually increase in economic downturns; the severe competition to which banks, insurance, and financial services companies may be subject; and increased interindustry consolidation and competition in the financials sector. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials economic sector as a whole cannot be predicted.

Industry and sector risk

Liquidity risk

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How we manage the Funds

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Value Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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When a Fund uses derivatives, it will likely be required to provide margin or collateral in a manner that satisfies its contractual undertakings. The need to provide margin or collateral could limit the Fund’s ability to pursue other opportunities as they arise.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

In addition, pursuant to the Dodd-Frank Act, the CFTC in 2012 made substantial amendments to the permissible exemptions, and to the conditions for reliance on the permissible exclusions, from registration as a commodity pool operator (CPO) under the CEA. Under these amendments, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and most swaps) other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are “in-the-money” at the time of purchase) may not exceed 5% of the Fund’s liquidation value, or alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed

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100% of the Fund’s liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Natural disaster and epidemic risk

Redemption risk

REIT-related risk

The value of the Fund’s securities of a REIT may be adversely affected by changes in the value of the REIT’s underlying property or the property secured by mortgages the REIT holds, loss of the REIT’s federal tax status or changes in laws and/or rules related to that status, or the REIT’s failure to maintain its exemption from registration under the 1940 Act. In addition, the Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

Securities lending risk

Small- and mid-market capitalization company risk

Disclosure of portfolio holdings information

A description of the Funds’ policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI.

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Who manages the Funds

Investment manager

The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, is the Funds’ investment manager. Together, the Manager and the other subsidiaries of Macquarie Management Holdings, Inc. (MMHI) manage, as of June 30, 2023, approximately $183.5 billion in assets, including mutual funds, separate accounts, and other investment vehicles. The Manager and its predecessors have been managing Delaware Funds since 1938. The Manager is a series of Macquarie Investment Management Business Trust (a Delaware statutory trust), which is a subsidiary of MMHI. MMHI is a wholly owned subsidiary of Macquarie Group Limited. The Manager makes investment decisions for the Funds, manages the Funds’ business affairs, and provides daily administrative services. For its services to the Funds, the Manager was paid an aggregate fee, net of fee waivers (if applicable), during the last fiscal year as follows:


	As a percentage of average daily net assets
Delaware Ivy Asset Strategy Fund		0.68%
Delaware Ivy Balanced Fund		0.68%
Delaware Ivy Core Equity Fund		0.63%
Delaware Ivy Systematic Emerging Markets Equity Fund		0.64%
Delaware Climate Solutions Fund		0.83%
Delaware Global Value Equity Fund		0.69%
Delaware Ivy Global Growth Fund		0.83%
Delaware Ivy International Core Equity Fund		0.70%
Delaware Ivy Large Cap Growth Fund		0.60%
Delaware Ivy Mid Cap Growth Fund		0.75%
Delaware Ivy Mid Cap Income Opportunities Fund		0.78%
Delaware Ivy Science and Technology Fund		0.79%
Delaware Ivy Smid Cap Core Fund		0.77%
Delaware Ivy Small Cap Growth Fund		0.82%
Delaware Ivy Value Fund		0.69%

A discussion of the basis for the Board’s approval of the Funds’ investment advisory contract is available in the Funds’ semiannual report to shareholders for the period ended September 30, 2022.

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), located at Kaerntner Strasse 28, 1010 Vienna, Austria, is an affiliate of the Manager and a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. As of June 30, 2023, MAM managed more than $357.9 billion in assets for institutional and individual clients. The Manager has entered into a separate sub-advisory agreement with MIMAK for Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund and compensates MIMAK out of the investment advisory fees it receives from those Funds. Although MIMAK serves as a sub-advisor, the Manager has ultimate responsibility for all investment advisory services.

Macquarie Investment Management Europe Limited

Macquarie Investment Management Europe Limited (MIMEL), located at 28 Ropemaker Street, London, England, is an affiliate of the Manager and a part of MAM. With respect to Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund, the Manager has principal responsibility for the Fund and may seek investment advice and recommendations from MIMEL and the Manager may also permit MIMEL to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL’s specialized market knowledge.

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Who manages the Funds

Macquarie Investment Management Global Limited

Macquarie Investment Management Global Limited (MIMGL), located at 50 Martin Place, Sydney, Australia, is an affiliate of the Manager and a part of MAM. The Manager has entered into a separate sub-advisory agreement with MIMGL for Delaware Ivy Systematic Emerging Markets Equity Fund and compensates MIMGL out of the investment advisory fees it receives from the Fund. With respect to all Funds except Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund, the Manager has principal responsibility for the Fund and may seek quantitative support from MIMGL and the Manager may permit MIMGL to execute Fund security trades on behalf of the Manager. With respect to Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund, the Manager has principal responsibility for the Fund and may seek investment advice and recommendations from MIMGL and may permit MIMGL to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMGL's specialized market knowledge. In addition, with respect to Delaware Ivy Asset Strategy Fund and Delaware Ivy Balanced Fund, MIMGL is responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

A discussion of the basis for the Board’s approval of the Funds’ sub-advisory contracts with MIMEL, MIMGL and MIMAK is available in the Funds’ semiannual report to shareholders for the period ended September 30, 2022.

Portfolio managers

Below are the portfolio managers primarily responsible for the day-to-day management of each Fund. A discussion of each portfolio manager's relevant experience is subsequently provided in alphabetical order.

Delaware Ivy Asset Strategy Fund

Stefan Löwenthal, Jürgen Wurzer and Aaron D. Young determine the Fund's asset allocation and are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Balanced Fund

Stefan Löwenthal, Jürgen Wurzer and Aaron D. Young are primarily responsible for the day-to-day portfolio management of the Fund and determining its asset allocation.

Delaware Ivy Core Equity Fund

Erik R. Becker is primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Systematic Emerging Markets Equity Fund

Benjamin Leung and Scot Thompson are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Climate Solutions Fund

Samuel Halpert, Geoffrey King, Barry Gladstein and Barry Klein are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Global Value Equity Fund

Aditya Kapoor and Charles John are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Global Growth Fund

Aditya Kapoor, Charles John, and Charles (Trey) Schorgl are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy International Core Equity Fund

Aditya Kapoor, Charles John, and Charles (Trey) Schorgl are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Large Cap Growth Fund

Bradley M. Klapmeyer and Bradley D. Angermeier are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Mid Cap Growth Fund

Kimberly A. Scott, Nathan A. Brown, and Bradley P. Halverson are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Mid Cap Income Opportunities Fund

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Kimberly A. Scott, Nathan A. Brown, and Bradley P. Halverson are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Science and Technology Fund

Bradley J. Warden and Gus C. Zinn are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Smid Cap Core Fund

Francis X. Morris, Christopher S. Adams, Michael S. Morris, Donald G. Padilla, and David E. Reidinger are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Small Cap Growth Fund

Timothy J. Miller and Kenneth G. McQuade are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Value Fund

Nikhil G. Lalvani, Kristen E. Bartholdson and Erin Ksenak are primarily responsible for the day-to-day portfolio management of the Fund.

Christopher S. Adams, CFA Managing Director, Senior Portfolio Manager Christopher S. Adams is a Senior Portfolio Manager on the firm's US Core Equity team and performs analysis and research to support the portfolio management function. He joined the team in 2000 and became a portfolio manager in November 2004. Prior to joining Macquarie Asset Management (MAM) in 1995 as assistant vice president of strategic planning, he had approximately 10 years of experience in the financial services industry in the United States and United Kingdom, including positions with Coopers & Lybrand, The Sumitomo Bank, Bank of America, and Lloyds Bank. He holds both bachelor's and master's degrees in history and economics from the University of Oxford, England, and received an MBA with dual concentrations in finance and insurance/risk management from The Wharton School of the University of Pennsylvania. He is a past president of the CFA Society of Philadelphia.

Bradley D. Angermeier, CFA Managing Director, Senior Portfolio Manager Brad Angermeier is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 2017 as an equity investment analyst. Prior to that, he was an equity research analyst at Kornitzer Capital Management. From 2009 to 2013, he was with Columbia Threadneedle Investments (formerly Columbia Management), first serving as a fixed income research analyst, and then as a co-portfolio manager. He earned a bachelor's degree with a double major in finance and accounting from Indiana University, Kelley School of Business. He earned an MBA from the University of Wisconsin, Wisconsin School of Business. He is a member of the CFA Institute and the CFA Society of Kansas City.

Kristen E. Bartholdson Managing Director, Senior Portfolio Manager Kristen E. Bartholdson is a Senior Portfolio Manager for the firm's US Large Cap Value Equity team. Prior to joining Macquarie Asset Management (MAM) in 2006 as an equity analyst, she worked at Susquehanna International Group from 2004 to 2006, where she was an equity research salesperson. From 2000 to 2004, she worked in equity research at Credit Suisse, most recently as an associate analyst in investment strategy. She earned her bachelor's degree in economics from Princeton University.

Erik R. Becker, CFA Managing Director, Senior Portfolio Manager Erik R. Becker is a senior portfolio manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 1999 as an investment analyst and had served as an assistant portfolio manager since 2003, in addition to his duties as a research analyst. He has been a portfolio manager since 2006. He earned a bachelor's degree in finance, investments, and banking and a master's degree in finance from the University of Wisconsin-Madison.

Nathan A. Brown, CFA Managing Director, Senior Portfolio Manager
Nathan A. Brown is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in June 2003 as an investment analyst. He was appointed assistant vice president in January 2010 and had served as an assistant portfolio manager for investment companies managed by Ivy Investments (or its affiliates) since February 2011. He took on portfolio management responsibilities in 2014. He earned a bachelor's degree in finance from the University of Iowa and holds an MBA with an emphasis in finance and accounting from Vanderbilt University.

Barry Gladstein, CFA Managing Director, Head of Sustainable Investing
Barry Gladstein oversees the responsible investment practices for Macquarie Asset Management Public Investments (MPI) and leads MPI's ESG Working Group. Prior to joining Macquarie Investment Management in 2016, Barry spent five years as founding member and portfolio manager for Cross Ledge Investments, an SEC-registered investment advisor firm whose primary product was the Cross Ledge Long/Short Equity Fund. From 1995 to 2010, he

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worked at Delaware Investments in various investment and operational roles, leaving the firm as co-chief investment officer and portfolio manager/analyst for the firm's Emerging Growth team. Barry has a Masters in Business Administration from the University of Pennsylvania's Wharton School of Business and a Bachelor of Science degree from Binghamton University. Barry is a certified public accountant, a CFA Charterholder, an FSA credential holder, and serves on the CFA Institute's ESG Technical Committee as well as the Investment Management Education Association's (IMEA) ESG Committee leadership group.

Sam Halpert Managing Director, Chief Investment Officer — Global Natural Resources Equity
Sam Halpert leads the firm's Global Natural Resources Equity team. Prior to joining Macquarie Asset Management (MAM) in July 2018, he worked at Van Eck, where he was a co-portfolio manager and senior analyst on its global hard assets long-only and long-short team from April 2000 to June 2018. He specialized in agriculture, coal, paper and forest products, refining, shipping, and steel investments. He also managed a global real estate fund at Van Eck earlier in his career. Prior to that, he worked at Goldman Sachs, which ultimately became Citi Group, and he worked at Refco. He earned a bachelor's degree in English and American literature from Harvard College.

Bradley P. Halverson, CFA Managing Director, Senior Portfolio Manager
Bradley P. Halverson is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 2008 as an investment analyst on the small-capitalization growth team and took on portfolio management responsibilities in 2016. He earned a bachelor's degree and a master's degree in accounting from Brigham Young University and an MBA with an emphasis in finance and corporate strategy from the University of Michigan.

Charles John, CFA Managing Director, Senior Portfolio Manager
Charles John is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. In May 2017, he joined Ivy Investments as an equity investment analyst, and became a portfolio manager for investment companies managed by Ivy Investments (or its affiliates) in October 2021. Previously, he was co-portfolio manager of a global fund and senior investment analyst with Scout Investments. He earned a Bachelor of Engineering in Mechanical Engineering from the Bangalore Institute of Technology (B.I.T.) India, graduating with honors. He earned an MBA with an emphasis in finance from the University of Missouri — Kansas City.

Aditya Kapoor, CFA Managing Director, Senior Portfolio Manager
Aditya Kapoor is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 2008 as an equity investment analyst. He had served as assistant vice president and assistant portfolio manager for investment companies managed by Ivy Investments (or its affiliates) since 2013. He became portfolio manager in 2017. He earned a Bachelor of Technology in production and industrial engineering from the Indian Institute of Technology (IIT-Delhi) and holds an MBA from The Johnson School at Cornell University.

Geoffrey King, CFA Senior Vice President, Portfolio Manager
Geoffrey King is a Portfolio Manager on the firm's Global Natural Resources Equity team. Prior to joining Macquarie Asset Management (MAM) in July 2018, he worked at Abraxas Petroleum where he was vice president and chief financial officer for approximately six years, responsible for strategy, business development, financial planning, analysis, and hedging. For the five years before that, he was a senior energy analyst at Van Eck, where he was focused on natural resource commodities and equities. He holds bachelor's degrees in both economics and history from Davidson College.

Bradley M. Klapmeyer, CFA Managing Director, Senior Portfolio Manager
Bradley M. Klapmeyer is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in June 2007 as an investment analyst and was appointed assistant portfolio manager on the large-capitalization growth team at Ivy Investments in September 2011. He was appointed to portfolio manager in 2016. Prior to joining Ivy Investments, he was an associate analyst covering airlines for Prudential Equity Group, LLC from 2006 through 2007. From 2000 to 2006, he was an equity analyst for Commerce Bank, where his research responsibilities were focused on electronic and health technologies. He graduated from Truman State University in 1999 with a bachelor's degree in finance and a minor in economics.

Barry Klein, CFA Senior Vice President, Portfolio Manager - Global Listed Infrastructure Securities
Barry Klein is a Senior Vice President for Macquarie's Global Listed Infrastructure team, specializing in utilities and renewables research. As a leader for the firm's ESG efforts, Barry represents the firm as a member of Climate Action 100+'s Electric Power Working Group and EEI's ESG/Sustainability Investor Group. Prior to joining Macquarie, Barry worked for Citigroup's top-ranked utilities and energy equity research team. Prior to that, he worked as an auditor for PricewaterhouseCoopers (PwC), where he analyzed all aspects of financial statements and became a certified public accountant (CPA). Barry holds a bachelor's degree from Boston University's School of Management and is a FSA credential holder, as well as a CFA charter holder.

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Erin Ksenak Managing Director, Portfolio Manager
Erin Ksenak is a Portfolio Manager on the firm's US Large Cap Value Equity team, a role she assumed in December 2020. Prior to joining Macquarie Asset Management (MAM) in May 2017 as an equity analyst for the US Large Cap Value Equity team, she worked at Affinity Investment Advisors from 2014 to April 2017 as a portfolio manager for the domestic and international equity investment team. Before that, she worked at Miller Investment Management as a research associate. From 2009 to 2014, she worked at Morgan Stanley Investment Management (later known as Echo Point Investment Management) as a senior research analyst. She graduated summa cum laude from Fordham University with a bachelor's degree in finance.

Nikhil G. Lalvani, CFA Managing Director, Senior Portfolio Manager, Team Leader
Nikhil G. Lalvani is a Senior Portfolio Manager for the firm's US Large Cap Value Equity team and assumed the role of Team Leader in October 2018. At Macquarie Asset Management (MAM), he has worked as both a fundamental and quantitative analyst. Prior to joining the firm in 1997 as an account analyst, he was a research associate with Bloomberg. He holds a bachelor's degree in finance from The Pennsylvania State University. He is a member of the CFA Institute and the CFA Society of Philadelphia.

Benjamin Leung, CFA Managing Director, Co-Head of Systematic Investments, Head of Research Benjamin Leung is the Co-Head of the Macquarie Systematic Investments (MSI) team, a role he assumed in August 2014. In addition to the day-to-day management of the global portfolios, he is also the head of research, responsible for driving the continual evolution of the systematic investment process. He joined the MSI team in May 2005 as a quantitative analyst, where his responsibilities included the development and maintenance of various quantitative models. Following his successful efforts to expand the quantitative capability to international markets, he formed the foundation of the current systematic investment approach. Prior to joining the MSI team, he worked as a software engineer for Macquarie's Investment Banking Group Information Services Division in Sydney. He received a Bachelor of Engineering with Honours and a Masters in Commerce from the University of New South Wales.

Stefan Löwenthal, CFA Managing Director, Chief Investment Officer — Global Multi-Asset
Stefan Löwenthal is the Chief Investment Officer for Macquarie Asset Management’s Global Multi Asset team, a role he assumed in February 2013. He heads the global multi asset team, which is responsible for asset allocation and portfolio construction, the management of multi asset funds and institutional accounts, as well as the development of new investment strategies. In addition, he oversees all research, portfolio management, and thought leadership activities of the team. He chairs the firm’s Investment Policy Committee and is a member of the Professional Series Multi Manager Committee and the Private Infrastructure Fund Governance Committee. He joined Macquarie in February 2008 as a portfolio manager on the global multi asset team. He holds a Master of Management Science from Vienna University of Economics and Business. He is a member of the CFA Society Austria and is a frequent speaker at industry events and universities.

Kenneth G. McQuade Managing Director, Senior Portfolio Manager
Kenneth G. McQuade is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 1997 as an investment analyst. He was an assistant portfolio manager of separately managed small-cap growth accounts at Ivy Investments from August 2003 until March 2010. He earned a bachelor's degree in finance from Bradley University.

Timothy J. Miller, CFA Managing Director, Senior Portfolio Manager Timothy J. Miller is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in February 2008 and had served as the portfolio manager for investment companies managed by Ivy Investments (or its affiliates) since March 2008. He holds a bachelor's degree in business administration from St. Louis University and an MBA from the University of Missouri-St. Louis.

Francis X. Morris Senior Managing Director, Chief Investment Officer — US Core Equity Francis X. Morris joined Macquarie Asset Management (MAM) in 1997 as a vice president and portfolio manager, and became the Chief Investment Officer for US Core Equity investments in 2004. Prior to joining the firm, he was vice president and director of equity research at PNC Asset Management. He received a bachelor's degree from Providence College and holds an MBA from Widener University. He is a former member of the Business Advisory Council of the Providence College School of Business. He is a past president of the CFA Society of Philadelphia. He is a former officer of the National Association of Petroleum Investment Analysts.

Michael S. Morris, CFA Managing Director, Senior Portfolio Manager
Michael S. Morris is a Senior Portfolio Manager on the firm's US Core Equity team and performs analysis and research to support the portfolio management function. He joined the team in July 2004 and became a portfolio manager in November 2004. He joined Macquarie Asset Management (MAM) in 1999 as assistant vice president and senior analyst. Prior to joining the firm, he worked as a senior equity analyst at Newbold's Asset Management, covering financial stocks. He began his investment career in 1993 at Ohio Casualty. He earned his bachelor's degree in finance from Indiana University and an MBA from The Wharton School of the University of Pennsylvania. He is a former member of the Bank and Financial Analysts Association.

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Donald G. Padilla, CFA Managing Director, Senior Portfolio Manager
Donald G. Padilla is a Senior Portfolio Manager on the firm's US Core Equity team and performs analysis and research to support the portfolio management function. He joined the team in 2000 and became a portfolio manager in November 2004. He joined Macquarie Asset Management (MAM) in 1994 as assistant controller in the firm's treasury function, responsible for managing corporate cash investments, developing financial models, and overseeing the financial operations of the Lincoln Life 401(k) annuities segment. Prior to joining the firm, he held various positions at The Vanguard Group. He holds a bachelor's degree in accounting from Lehigh University, and he is a member of the CFA Society of Philadelphia.

David E. Reidinger Managing Director, Senior Portfolio Manager David E. Reidinger joined Macquarie Asset Management (MAM) in October 2016 as a Senior Portfolio Manager on the firm's US Core Equity team. He also performs analysis and research to support the portfolio management function. From June 2004 to September 2016, he was a senior analyst and portfolio manager at Chartwell Investment Partners, where he worked on the firm's small- and mid-cap growth strategies. Before that, he was a portfolio manager with Morgan Stanley Investment Management from 2000 to 2003, and a senior equity analyst with Tiger Management from 1998 to 2000. He began his career in 1993 as an equity research analyst with Goldman Sachs. With more than 20 years of experience as an analyst, he has covered a broad range of industries within the information technology, consumer, and industrial sectors. He earned bachelor's degrees in both mathematics and economics from Fordham University, and an MBA from Columbia Business School.

Charles (Trey) Schorgl, CFA Managing Director, Senior Portfolio Manager
Trey Schorgl is a Senior Portfolio Manager for Macquarie Asset Management's (MAM's) Ivy Global Equity Team, where he is responsible for the day-to-day investment decisions of the strategy. He joined MAM as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in November 2014 as an equity analyst. He was appointed assistant vice president in 2019. Prior to joining Ivy Investments, he was an equity analyst with Balyasny Asset Management in New York. Prior to that, he was an equity research associate with Credit Suisse in New York. He graduated cum laude from Texas Christian University with a double major in finance and accounting. He is a member of the CFA Institute and the CFA Society of Kansas City.

Kimberly A. Scott, CFA Managing Director, Senior Portfolio Manager Kimberly A. Scott is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. She joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. She had served as a portfolio manager for investment companies managed by Ivy Investments (or its affiliates) since February 2001. She served as an investment analyst with Ivy Investments from April 1999 to February 2001. She joined Ivy Investments in April 1999. She earned a bachelor's degree in microbiology from the University of Kansas and holds an MBA from the University of Cincinnati.

Scot Thompson Managing Director, Co-Head of Systematic Investments, Portfolio Manager Scot Thompson is the Co-Head of the Macquarie Systematic Investments (MSI) team, a role he assumed in August 2014. His responsibilities include the day-to-day management of the global portfolios, oversight of the trading function, development of new strategies, and client engagement. From June 2003 to August 2014, he was the equities head of product, responsible for product design, development, and client relationships for the firm's Australian and global equities product range. Before that, he was a member of the firm's private equity fund-of-fund and performance analytics teams. Prior to joining Macquarie in November 2001 as a quantitative performance analyst, he worked on the performance analytics team for Cogent Investment Administration, where he was responsible for investment performance and attribution reporting for a variety of clients over all asset classes. He also worked in civil engineering before moving to finance, working for several Australian companies as a project manager focusing on underground installations, quarrying, and mining. He received a Bachelor of Civil Engineering from the University of Sydney and a Master of Applied Finance from Macquarie University.

Bradley J. Warden, CFA Managing Director, Senior Portfolio Manager Bradley J. Warden is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 2003 as an investment analyst and became an assistant portfolio manager for investment companies managed by Ivy Investments (or its affiliates) in 2014. He took on portfolio management responsibilities in 2016. He earned a bachelor's degree in business administration from Trinity University and an MBA in finance from the University of Texas at Austin.

Jürgen Wurzer, CFA Managing Director, Deputy Head — Global Multi-Asset Jürgen Wurzer is the Deputy Head of Portfolio Management for Macquarie Asset Management's Global Multi Asset team, a role he assumed in April 2018. He is responsible for designing and managing multi asset strategies, overseeing quantitative research and modelling, as well as analyzing global equity markets. He initially joined Macquarie in January 2007, focusing on multi asset solutions. Prior to re-joining Macquarie in April 2018, he was part of the multi asset management team at Erste Asset Management from September 2016 to March 2018. He graduated from University of Applied Sciences Wiener Neustadt with a master's degree. He is a lecturer for asset allocation, quantitative finance, and portfolio and risk management at several educational institutions.

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Aaron D. Young Senior Vice President, Portfolio Manager
Aaron D. Young is a Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 2005 as a fixed income analyst with an emphasis in credit research and derivative securities. He joined the Asset Strategy team at Ivy Investments as an investment analyst in 2007. He had served as an assistant portfolio manager for investment companies managed by Ivy Investments (or its affiliates) since 2012 and has been a portfolio manager on the multi-asset investment team since 2016. He earned a bachelor's degree in philosophy from the University of Missouri and holds an MBA with an emphasis in finance and strategy from the Olin School of Business at Washington University.

Gus C. Zinn, CFA Managing Director, Senior Portfolio Manager Gus C. Zinn is a Senior Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 1998 and had served as the portfolio manager for investment companies managed by Ivy Investments (or its affiliates) since 2006. He had served as assistant portfolio manager for funds managed by Ivy Investments since July 2003, in addition to his duties as a research analyst. He earned a bachelor's degree and a master's degree in finance from the University of Wisconsin-Madison.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of Fund shares.

Manager of managers structure

The Funds and the Manager have received an exemptive order from the US Securities and Exchange Commission (SEC) to operate under a manager of managers structure that permits the Manager, with the approval of the Funds’ Board, to appoint and replace both affiliated and unaffiliated sub-advisors, and to enter into and make material amendments to the related sub-advisory contracts on behalf of the Funds without shareholder approval (Manager of Managers Structure). Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Board, for overseeing the Funds’ sub-advisors and recommending to the Board their hiring, termination, or replacement.

The Manager of Managers Structure enables the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisors or sub-advisory agreements. The Manager of Managers Structure does not permit an increase in the overall management and advisory fees payable by the Funds without shareholder approval. Shareholders will be notified of the hiring of any new sub-advisor within 90 days of the hiring.

The Funds and the Manager also have an exemptive order from the SEC that allows the approval of a new sub-advisor to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting. If a new unaffiliated sub-adviser is hired for a Fund, shareholders will receive information about the new sub-advisor within 90 days of the change.

Who’s who

Board of trustees: A mutual fund is governed by a board of trustees, which has oversight responsibility for the management of the fund’s business affairs. Trustees establish procedures and oversee and review the performance of the fund’s service providers.

Investment manager: An investment manager is a company responsible for selecting portfolio investments consistent with the objective and policies stated in the mutual fund’s prospectus. A written contract between a mutual fund and its investment manager specifies the services the investment manager performs and the fee the manager is entitled to receive.

Portfolio managers: Portfolio managers make investment decisions for individual portfolios.

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Who manages the Funds

Distributor: Most mutual funds continuously offer new shares to the public through distributors that are regulated as broker/dealers and are subject to the Financial Industry Regulatory Authority (FINRA) rules governing mutual fund sales practices.

Service agent: Mutual fund companies employ service agents (sometimes called transfer agents) to maintain records of shareholder accounts, calculate and disburse dividends and capital gains, and prepare and mail shareholder statements and tax information, among other functions. Many service agents also provide administrative services to a fund and oversight of other fund service providers. Accounting services agents provide services such as calculating a fund’s net asset value (NAV) and providing financial reporting information for the fund.

Custodian: Mutual funds are legally required to protect their portfolio securities, and most funds place them with a qualified bank custodian that segregates fund securities from other bank assets.

Financial intermediary: Financial professionals provide advice to their clients. They are associated with securities broker/dealers who have entered into selling and/or service arrangements with the distributor. Selling broker/dealers and financial professionals are compensated for their services generally through sales commissions, and through 12b-1 fees and/or service fees deducted from a fund’s assets.

Shareholders: Mutual fund shareholders have specific voting rights on matters such as material changes in the terms of a fund’s management contract and changes to fundamental investment policies.

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About your account

Investing in the Funds

You can choose from a number of share classes for each Fund. Because each share class has a different combination of sales charges, fees, and other features, you should consult your financial intermediary or your financial professional (hereinafter collectively referred to as the “financial intermediary”) to determine which share class best suits your investment goals and time frame. It is the responsibility of your financial intermediary to assist you in determining the most appropriate share class and to communicate such determination to us.

Information about existing sales charges and sales charge reductions and waivers is available in this Prospectus below and free of charge on the Delaware Funds website at delawarefunds.com. Additional information on sales charges can be found in the SAI, which is available upon request.

Please also see the “Broker-defined sales charge waiver policies” section in this Prospectus for information provided to the Funds by certain financial intermediaries on sales charge discounts and waivers that may be available to you through your financial intermediary. Shareholders purchasing Fund shares through a financial intermediary may also be eligible for sales charge discounts or waivers which may differ from those disclosed elsewhere in this Prospectus or SAI. The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. It is the responsibility of the financial intermediary to implement any of its proprietary sales charge discounts or waivers listed in “Broker-defined sales charge waiver policies” or otherwise offered by the financial intermediary. Accordingly, you should consult with your financial intermediary to determine whether you qualify for any sales charge discounts or waivers.

Choosing a share class

Each share class may be eligible for purchase through programs sponsored by financial intermediaries that require the purchase of a specific class of shares.

Class A, Class C, Class R and Class Y shares have each adopted a separate 12b-1 plan that allows them to pay distribution fees for the sale and distribution of their shares. Because these fees are paid out of a Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Certain existing investors or programs sponsored by certain intermediaries that were eligible under prior eligibility requirements may continue to invest in a particular share class.

Plan sponsors, plan fiduciaries and other financial intermediaries may choose to impose qualification requirements for investors that differ from a Fund’s share class eligibility standards. In certain cases, this could result in the selection of a share class with higher service and distribution-related fees than otherwise would have been charged. Each Fund and the Distributor are not responsible for, and have no control over, the decision of any plan sponsor, plan fiduciary or financial intermediary to impose such different requirements. Please consult with your plan sponsor, plan fiduciary or financial intermediary for more information about available share classes as not all share classes may be made available.

Class A

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Class A shares have an upfront sales charge that is noted in the Class A sales charges table below.

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If you invest the amounts noted in the Class A sales charges table below, your front-end sales charge will be reduced.

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You may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in “How to reduce your sales charge” below.

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Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. See “Dealer compensation” below for further information.

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Class A shares generally are not subject to a CDSC, except in the limited circumstances described in the table below.

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Because of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class I and Class R6 shares.

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In addition, you may have received Class A shares as the result of a merger or reorganization of a predecessor fund.

Class A sales charges

The table below details your sales charges on purchases of Class A shares. The offering price for Class A shares includes the front-end sales charge. The offering price is determined by dividing the NAV per share by an amount equal to 1 minus the sales charge (expressed in decimals) applicable to the purchase, calculated to two decimal places using standard rounding criteria. The sales charge as a percentage of the net amount invested is the maximum percentage of the amount invested rounded to the nearest hundredth. The actual sales charge that you pay as a percentage of the offering price and as a percentage of the net amount invested will vary depending on the then-current NAV, the percentage rate of the sales charge, and rounding. The number of Fund shares you will be issued will equal the amount invested divided by the applicable offering price for those shares, calculated to three decimal places

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About your account

using standard rounding criteria. Sales charges do not apply to shares purchased through dividend reinvestment. The ongoing expenses of Class A shares are lower than those for Class C shares and typically higher than those for Class Y shares or Class I shares.


Amount of purchase	Sales charge as a % of offering price		Sales charge as a % of net amount invested
Less than $50,000		5.75%		6.54%
$50,000 but less than $100,000		4.75%		5.41%
$100,000 but less than $250,000		3.75%		4.31%
$250,000 but less than $500,000		2.50%		3.00%
$500,000 but less than $1 million		2.00%		2.44%
$1 million or more		none*		none*

* There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) 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 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. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See “Dealer compensation” below for a description of the dealer commission that is paid.

Class C

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Class C shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. However, you will pay a CDSC of 1.00% if you redeem your shares within 12 months after you buy them.

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In determining whether the CDSC applies to a redemption of Class C shares, it will be assumed that shares held for more than 12 months are redeemed first, followed by shares acquired through the reinvestment of dividends or distributions, and finally by shares held for 12 months or less. For further information on how the CDSC is determined, please see “Calculation of contingent deferred sales charges — Class C” below.

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Under certain circumstances, the CDSC may be waived; please see “Waivers of contingent deferred sales charges” below for further information.

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For approximately eight years after you buy your Class C shares, they are subject to an annual 12b-1 fee no greater than 1.00% of average daily net assets (of which 0.25% is a service fee) paid to the Distributor, dealers, or others for providing services and maintaining shareholder accounts.

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Class C shares are eligible to automatically convert to Class A shares with a 12b-1 fee of no more than 0.25% approximately eight years after you buy Class C shares. Conversion may occur as late as one month after the eighth anniversary of purchase, during which time Class C's higher 12b-1 fee applies. Please refer to the Fund’s SAI for more details on this automatic conversion feature.

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You may purchase only up to $1 million of Class C shares at any one time. Orders that equal or exceed $1 million will be rejected.

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Because of their higher 12b-1 fee, Class C shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Class R, Class I, and Class R6 shares.

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Class C shares with no financial intermediary will be converted to Class A shares at NAV within a certain time frame after a financial intermediary resigns, as determined by the Manager. Additionally, investors may only open an account to purchase Class C shares if they have appointed a financial intermediary.

Calculation of contingent deferred sales charges — Class C CDSCs are charged as a percentage of the dollar amount subject to the CDSC. The charge will be assessed on an amount equal to the lesser of the NAV at the time the shares being redeemed were purchased or the NAV of those shares at the time of redemption. No CDSC will be imposed on increases in NAV above the initial purchase price, nor will a CDSC be assessed on redemptions of shares acquired through reinvestment of dividends or capital gains distributions. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of Class C shares of the Fund, even if those shares are later exchanged for shares of another Delaware Fund. In the event of an exchange of the shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares that were acquired in the exchange.

Class I

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Class I shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund.

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Class I shares are not subject to a CDSC.

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Class I shares do not assess a 12b-1 fee.

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Class I shares are available for purchase only by the following:

○

retirement plans or certain other programs that are maintained on platforms sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliate) related to such plans or programs;

○

tax-exempt employee benefit plans of the Manager, its affiliates, and securities dealers that have a selling agreement with the Distributor;

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a bank, trust company, or similar financial institution investing for its own account or for the account of its trust customers for whom the financial institution is exercising investment discretion in purchasing Class I shares, except where the investment is part of a program that requires payment to the financial institution of a Rule 12b-1 Plan fee;

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registered investment advisors (RIAs) investing on behalf of clients that consist solely of institutions and high net worth individuals whose assets are entrusted to an RIA for investment purposes for accounts requiring Class I shares (use of the Class I shares is restricted to RIAs who are not affiliated or associated with a broker or dealer and who derive compensation for their services exclusively from their advisory clients);

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programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (1) such programs allow or require the purchase of Class I shares; (2) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class I shares; and (3) a financial intermediary (i) charges clients an ongoing fee for advisory, investment consulting or similar services, or (ii) offers the Class I shares through a no-commission network or platform;

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through a brokerage program of a financial intermediary that has entered into a written agreement with the Distributor and/or the transfer agent specifically allowing purchases of Class I shares in such programs;

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exchanges from the Institutional Class shares of Delaware Investments Ultrashort Fund;

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private investment vehicles, including, but not limited to, foundations and endowments; or

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current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, or any of the Manager’s affiliates, or any predecessor fund to a Delaware Fund, provided that such shares are either held in an account opened directly with a Fund or are held through an account with a financial intermediary that permits the purchase of such shares. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing individuals identified in this paragraph may also purchase Class I shares subject to the same account requirements.

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In addition, you may have received Class I shares as the result of a merger or reorganization of a predecessor fund.

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A shareholder transacting in Class I shares through a broker or other financial intermediary may be required to pay a commission and/or other forms of compensation to the financial intermediary.

Class R6

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Class R6 shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R6 shares are not subject to a CDSC.

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Class R6 shares do not assess a 12b-1 fee.

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Class R6 shares do not pay any service fees, sub-accounting fees, and/or subtransfer agency fees to any brokers, dealers, or other financial intermediaries.

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Class R6 shares are generally available to certain employer-sponsored retirement plans, such as 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans and money purchase pension plans, defined benefit plans, employer-sponsored benefit plans, and non-qualified deferred compensation plans. In addition, for these employer-sponsored retirement plans, the Class R6 shares must be held through plan level or omnibus accounts held on the books of the Fund, and Class R6 shares are only available for purchase through financial intermediaries who have the appropriate agreement with the Distributor (or its affiliates) related to Class R6.

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Class R6 shares are also available for purchase through certain programs, platforms, or accounts that are maintained or sponsored by financial intermediary firms (including but not limited to, brokers, dealers, banks, trust companies, or entities performing trading/clearing functions), provided that the financial intermediary firm has entered into an agreement with the Distributor (or its affiliates) related to Class R6 for such programs, platforms or accounts.

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Class R6 shares are also generally available for purchase by or through funds (including mutual funds registered under the 1940 Act and collective trusts) of funds.

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In addition to the foregoing list of eligible investors, Class R6 shares are generally available to certain institutional investors and high net worth individuals who make a minimum initial investment directly in a Fund's Class R6 shares of $1,000,000 or more and who have completed an application and been approved by such Fund for such investment. These institutional investors and high net worth individuals must open accounts in Class R6 shares directly in their names.

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Class R6 shares may not be available through certain financial intermediaries.

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In addition, you may have received Class R6 shares as the result of a merger or reorganization of a predecessor fund.

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Class R

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Class R shares have no upfront sales charge, so the full amount of your purchase is invested in a Fund. Class R shares are not subject to a CDSC.

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Class R shares are subject to an annual 12b-1 fee no greater than 0.50% of average daily net assets.

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Class R shares generally are available only to: (i) qualified and nonqualified plan shareholders covering multiple employees (including 401(k), 401(a), 457, and noncustodial 403(b) plans, as well as certain other nonqualified deferred compensation plans); and (ii) individual retirement account (IRA) rollovers from legacy Delaware Investments plans that were previously maintained on the Delaware Investments retirement recordkeeping system or the retirement recordkeeping system of Ascensus that are offering Class R shares to participants.

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Except as noted above, no other IRAs are eligible for Class R shares (for example, no traditional IRAs, Roth IRAs, SIMPLE IRAs, SEPs, or SARSEPs).

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Unlike Class C shares, Class R shares do not automatically convert into another class.

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Because of their higher 12b-1 fee, Class R shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Class I, and Class R6 shares.

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Certain intermediaries may offer Class R to other account types under an agreement with the Distributor or its affiliates relating to such accounts.

Class Y

Class Y shares are not subject to a sales charge. Class Y shares do however pay an annual 12b-1 distribution and/or service fee of up to 0.25% of average net assets. Class Y shares are only available for purchase by:

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participants of employee benefit plans established under Section 401(a) (including a 401(k) plan), 403(b) or 457(b) of the Code for which an unaffiliated third party intermediary provides administrative, distribution and/or other support services to the plan;

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individuals investing in fee-based brokerage or advisory accounts, wrap accounts and asset allocation programs that charge asset-based fees, through certain investment advisers and broker-dealers, including banks, trust institutions, investment fund administrators and other third parties investing for their own accounts or for the accounts of their customers, and for which entity an unaffiliated third party provides administrative, distribution and/or other support services;

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government entities or authorities and corporations whose investment within the first 12 months after initial investment is $10 million or more and to which entity an unaffiliated third party intermediary provides certain administrative, distribution and/or other support services; or

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clients of financial intermediaries who have self-directed brokerage accounts (that may or may not charge transaction fees to those clients), provided that such financial intermediaries have entered into an agreement with the Distributor and have been approved by the Distributor to offer Class Y shares within such self-directed brokerage accounts.

Each Fund reserves the right to modify or waive the above policies at any time without prior notice to shareholders.

Dealer compensation

The financial intermediary who sells you shares of the Funds may be eligible to receive the following amounts as compensation for your investment in the Funds. These amounts are paid by the Distributor to the securities dealer with whom your financial advisor is associated. Class I and Class R6 shares do not have a 12b-1 fee or sales charge so they are not included in the table below.


	Class A1		Class C2		Class R3		Class Y4
Commission (%)		-		1.00%		-		-
Investment less than $50,000		5.00%		-		-		-
$50,000 but less than $100,000		4.00%		-		-		-
$100,000 but less than $250,000		3.00%		-		-		-
$250,000 but less than $500,000		2.00%		-		-		-
$500,000 but less than $1 million		1.60%		-		-		-
$1 million but less than $5 million		1.00%		-		-		-
$5 million but less than $25 million		0.50%		-		-		-
$25 million or more		0.25%		-		-		-
12b-1 fee to dealer		0.25%		1.00%		0.50%		0.25%

1 On sales of Class A shares, the Distributor reallows to your securities dealer a portion of the front-end sales charge depending upon the amount you invested. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.25% from the date of purchase. On sales of Class A shares where there is no front-end sales charge, the Distributor may pay your securities dealer an upfront commission of up to 1.00%. The upfront commission includes an advance of the first year’s 12b-1 fee of up to 0.25%. During the first 12 months, the Distributor will retain the 12b-1 fee to partially offset the upfront commission advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 12b-1 fee applicable to Class A

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shares. Certain shares in accounts that established positions in Class A shares of Delaware Ivy Global Growth Fund prior to January 1, 1992 are not subject to an ongoing 12b-1 fee. This arrangement results in a 12b-1 fee rate that is lower than 0.25% of the net assets attributable to outstanding Class A shares of the Fund.

2 On sales of Class C shares, the Distributor may pay your securities dealer an upfront commission of 1.00%. The upfront commission includes an advance of the first year’s 12b-1 service fee of up to 0.25%. During the first 12 months, the Distributor retains the full 1.00% 12b-1 fee to partially offset the upfront commission and the prepaid 0.25% service fee advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 1.00% 12b-1 fee applicable to Class C shares. Alternatively, certain intermediaries may not be eligible to receive the upfront commission of 1.00%, but may receive the 12b-1 fee for sales of Class C shares from the date of purchase. After approximately eight years, Class C shares are eligible to automatically convert to Class A shares and dealers may then be eligible to receive the 12b-1 fee applicable to Class A shares.

3 On sales of Class R shares, the Distributor does not pay your securities dealer an upfront commission. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.50% from the date of purchase.

4 On sales of Class Y shares, the Distributor does not pay your securities dealer an upfront commission. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.25% from the date of purchase.

Payments to intermediaries

The Distributor and its affiliates may pay additional compensation at their own expense and not as an expense of a Fund to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (Financial Intermediaries) in connection with the sale or retention of Fund shares and/or shareholder servicing, including providing the Fund with “shelf space” or a higher profile with the Financial Intermediaries’ consultants, salespersons, and customers (distribution assistance). For example, the Distributor or its affiliates may pay additional compensation to Financial Intermediaries for various purposes, including, but not limited to, promoting the sale of Fund shares, maintaining share balances and/or for subaccounting, administrative, or shareholder processing services, marketing, educational support, data, and ticket charges. Such payments are in addition to any distribution fees, service fees, subaccounting fees, and/or transfer agency fees that may be payable by a Fund. The additional payments may be based on factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of a Fund and/or some or all other Delaware Funds), amount of assets invested by the Financial Intermediary’s customers (which could include current or aged assets of a Fund and/or some or all other Delaware Funds), a Fund’s advisory fees, some other agreed-upon amount, or other measures as determined from time to time by the Distributor. The level of payments made to a qualifying Financial Intermediary in any given year may vary. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Distributor may pay, or allow its affiliates to pay, other promotional incentives or payments to Financial Intermediaries.

Sub-transfer agent/recordkeeping payments may be made to third parties (including affiliates of the Manager) that provide sub-transfer agent, recordkeeping, and/or shareholder services with respect to certain shareholder accounts (including omnibus accounts), or to the shareholder account directly to offset the costs of these services, in lieu of the transfer agent providing such services. For Class R6 shares, the Distributor and its affiliates will generally not pay additional compensation to Financial Intermediaries in connection with the sale or retention of Fund shares and/or shareholder servicing (including sub-transfer agent/recordkeeping payments).

If a mutual fund sponsor or distributor makes greater payments for distribution assistance to your Financial Intermediary with respect to distribution of shares of that particular mutual fund than sponsors or distributors of other mutual funds make to your Financial Intermediary with respect to the distribution of the shares of their mutual funds, your Financial Intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund making the higher payments over shares of other mutual funds or over other investment options. In addition, depending on the arrangements in place at any particular time, a Financial Intermediary may also have a financial incentive for recommending a particular share class over other share classes. You should consult with your Financial Intermediary and review carefully any disclosure provided by such Financial Intermediary as to compensation it receives in connection with investment products it recommends or sells to you. A significant purpose of these payments is to increase sales of a Fund’s shares. The Manager or its affiliates may benefit from the Distributor’s or its affiliates’ payment of compensation to Financial Intermediaries through increased fees resulting from additional assets acquired through the sale of Fund shares through Financial Intermediaries. In certain instances, the payments could be significant and may cause a conflict of interest for your Financial Intermediary. Any such payments will not change the NAV or the price of a Fund’s shares.

How to reduce your sales charge

We offer a number of ways to reduce or eliminate the front-end sales charge on Class A shares, which may depend on the ability of your financial intermediary or the Funds' transfer agent to support the various ways. Please refer to the “Broker-defined sales charge waiver policies” in this Prospectus and to the SAI for detailed information and eligibility requirements. Please note that your financial intermediary’s policies may differ. You can also get additional information from your financial intermediary. You or your financial intermediary must notify us at the time you purchase shares if you are eligible for any of these programs. You may also need to provide information to your financial intermediary or the Funds in order to qualify for a reduction in sales charges. Such information may include your Delaware Funds holdings in any other accounts, including retirement accounts, held indirectly or through an intermediary, and the names of qualifying family members and their holdings. If you participate in a direct deposit purchase plan or an automatic investment program for an account held directly with the Funds' transfer agent and also hold shares of Delaware Funds other than directly with us, generally those

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About your account

holdings will not be aggregated with the assets held with us for purposes of determining rights of accumulation in connection with direct deposit purchase plans and automatic investment program purchases. We reserve the right to determine whether any purchase is entitled, by virtue of the foregoing, to the reduced sales charge. Class R, Class I, Class R6, and Class Y shares have no upfront sales charge or CDSC so they are not included in the table below.

Letter of intent and rights of accumulation

Through a letter of intent, you agree to invest a certain amount in Delaware Funds over a 13-month period to qualify for reduced front-end sales charges (as set forth in the SAI). Delaware Funds do not accept retroactive letters of intent.

Upon your request, you can combine your holdings or purchases of Class A and all other classes of Delaware Funds, excluding any money market funds (unless you acquired those shares through an exchange from a fund that did carry a front-end sales charge, CDSC, or Limited CDSC), as well as the holdings and purchases of your spouse — or equivalent, if recognized under local law — and children under the age of 21 to qualify for reduced front-end sales charges. When submitting the letter of intent or requesting rights of accumulation, you must identify which holdings or purchases you are requesting to be combined to your dealer, the Distributor or BNY Mellon at the time of purchase. You can add the value of any share class that you already own to new share purchases in order to qualify for a reduced sales charge. Please note that depending on the financial intermediary holding your account, this policy may differ from those described in this Prospectus.


Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

Reinvestment of redeemed shares

Up to 90 days after you redeem shares, you can reinvest the proceeds without paying a sales charge. For purposes of this “right of reinvestment policy,” automatic transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. Investors should consult their financial intermediary for further information.


Class A	Class C
Available.	Not available.

SIMPLE IRA, SEP, SARSEP, 401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans

These investment plans may qualify for reduced sales charges by combining the purchases of all members of the group. Members of these groups may also qualify to purchase shares without a front-end sales charge and may qualify for a waiver of any CDSCs on Class A shares.


Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

If you are investing $1 million or more, either as a lump sum or through one of the sales charge reduction features described above, you may be eligible to buy Class A shares without a sales charge. However, if the Distributor 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 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. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time.

This CDSC may be waived under certain circumstances, as noted in this Prospectus. Your financial advisor or a Client Services representative can answer your questions and help you determine if you are eligible.

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Buying Class A shares at net asset value

Class A shares of a Fund may be purchased at NAV under the following circumstances, provided that you notify the Fund in advance that the trade qualifies for this privilege. Certain existing investors or programs sponsored by certain intermediaries that were eligible to purchase Class A shares of a Fund at NAV may continue to be eligible to purchase Class A shares at NAV. The Funds reserve the right to modify or terminate these arrangements at any time.

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Shares purchased under the Delaware Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 90-day reinvestment privilege.

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Purchases by: (i) current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, any of the Manager’s current affiliates and those that may in the future be created, or any predecessor fund to a Delaware Fund, including the funds formerly advised by Foresters Investment Management Company, Inc., Ivy Investment Management Company, Waddell & Reed, or any other fund families acquired or merged into the Delaware Funds; (ii) current employees of legal counsel to Delaware Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer’s agreements with the Distributor. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase shares at NAV.

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Purchases by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning sales of shares of Delaware Funds.

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Purchases by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.

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Purchases by programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (i) such programs allow or require the purchase of Class A shares; (ii) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class A shares; and (iii) a financial intermediary (1) charges clients an ongoing fee for advisory, investment consulting, or similar services, or (2) offers the Class A shares through a no-commission network or platform. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares through a financial intermediary that offers these programs.

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Purchases for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries have entered into an agreement with the Distributor providing for the purchase of Class A shares at NAV through self-directed brokerage service platforms or programs. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares at NAV through a self-directed investment brokerage service platform or program.

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Purchases by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase Class I shares, if applicable.

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Purchases by retirement plans or certain other programs that are maintained or sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliates) related to such plans or programs.

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Purchases by certain legacy bank-sponsored retirement plans and certain legacy retirement assets that meet requirements set forth in the SAI.

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Investments made by plan level and/or participant retirement accounts that are for the purpose of repaying a loan taken from such accounts.

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Purchases by certain participants in defined contribution plans and members of their households whose plan assets will be rolled over into IRA accounts (IRA Program) where the financial intermediary has entered into an agreement specifically relating to such IRA Program with the Distributor and/or the transfer agent.

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Purchases by certain participants of particular group retirement plans as described in the SAI.

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Additional purchases by existing shareholders whose accounts were eligible for purchasing shares at NAV under a predecessor fund’s eligibility requirements set by the predecessor fund’s company.

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Investments made into an account with no financial intermediary or no longer associated with a financial intermediary may invest in Class A shares without a sales charge.

Waivers of contingent deferred sales charges

Certain sales charges may be based on historical cost. Therefore, you should maintain any records that substantiate these costs because the Funds, their transfer agent, and financial intermediaries may not maintain this information. Please note that you or your financial intermediary will have to notify us at the time of redemption that the trade qualifies for such waiver. Class R, Class I, Class R6, and Class Y shares do not have CDSCs so they are not included in the list below. Please also see the “Shareholder fees” table in the Fund summary and “Choosing a share class” for more information about applicable CDSCs. Your financial intermediary may offer waivers for certain account types or programs that may be different than what is noted below. See the “Broker-defined sales charge waiver policies” section or contact your financial intermediary for information on program availability.

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CDSCs for Class A and Class C shares may be waived under the following circumstances, except as noted otherwise:

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Redemptions in accordance with a systematic withdrawal plan: Redemptions in accordance with a systematic withdrawal plan, provided the annual amount selected to be withdrawn under the plan does not exceed 12% of the value of the account on the date that the systematic withdrawal plan was established or modified.

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Redemptions that result from the right to liquidate a shareholder’s account: Redemptions that result from the right to liquidate a shareholder’s account if the aggregate NAV of the shares held in the account is less than the then-effective minimum account size.

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Section 401(a) qualified retirement plan distributions: Distributions to participants or beneficiaries from a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (Internal Revenue Code).

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Section 401(a) qualified retirement plan redemptions: Redemptions pursuant to the direction of a participant or beneficiary of a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code with respect to that retirement plan.

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Periodic distributions or systematic withdrawals from a retirement account or qualified plan: Periodic distributions or systematic withdrawals from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan1 (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans) not subject to a penalty under Section 72(t)(2)(A) of the Internal Revenue Code or a hardship or unforeseen emergency provision in the qualified plan as described in Treas. Reg. §1.401(k)-1(d)(3) and Section 457(d)(1)(A)(iii) of the Internal Revenue Code.

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Returns of excess contributions due to any regulatory limit: Returns of excess contributions due to any regulatory limit from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan1 (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans).

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Distributions by other employee benefit plans: Distributions by other employee benefit plans to pay benefits.

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Distributions from an account of a redemption resulting from death or disability: Distributions from an account of a redemption resulting from the death or disability (as defined in Section 72(t)(2)(A) of the Internal Revenue Code) of a registered owner or a registered joint owner occurring after the purchase of the shares being redeemed. In the case of accounts established under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act or trust accounts, the waiver applies upon the death of all beneficial owners.

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Redemptions by certain legacy retirement assets: Redemptions by certain legacy retirement assets that meet the requirements set forth in the SAI, as applicable.

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Redemptions in connection with a fund liquidation: Redemptions subsequent to the fund liquidation notice to shareholders.

1 Qualified plans that are fully redeemed at the direction of the plan’s fiduciary may be subject to any applicable CDSC or Limited CDSC, unless the redemption is due to the termination of the plan.

Certain existing investors or programs sponsored by certain intermediaries that were eligible for waivers of CDSCs may continue to be eligible for those waivers of CDSCs.

How to buy shares

Through your financial intermediary

Your financial intermediary (if applicable) can handle all the details of purchasing shares, including opening an account. Your financial intermediary may charge you a separate fee for this service.

Through the Delaware Funds by Macquarie^® Service Center

By mail

Complete an investment slip and mail it with your check, made payable to the fund and class of shares you wish to purchase, to Delaware Funds by Macquarie at P.O. Box 534437, Pittsburgh, PA 15253-4437 for investments by regular mail or Delaware Funds by Macquarie Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 for investments by overnight courier service. If you are making an initial purchase by mail, you must include a completed investment application (or an appropriate retirement plan application if you are opening a retirement account) with your check. Purchase orders will not be accepted at any other address.

Please note that purchase orders submitted by mail will not be considered received until such purchase orders arrive at Delaware Funds by Macquarie Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 and are determined to be in good order. For a purchase request to be in “good order,” you must provide the name of the Delaware Fund in which you are investing, your account registration/number (if you are an existing shareholder), and the total number of shares or dollar amount of the shares to be purchased, along with meeting any requirements set forth in applicable

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forms, this Prospectus, or the SAI. The Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, deposits in the mail or with such services or receipt at the Funds’ post office box, of purchase orders, do not constitute receipt by the Funds or their agent. Please note that the Funds reserve the right to reject any purchase.

By wire

Ask your bank to wire the amount you want to invest to The Bank of New York Mellon, ABA #011001234, bank account #000073-6910. Include your account number, the name of the fund, registered account name, and class of shares in which you want to invest. If you are making an initial purchase by wire, you must first call the Delaware Funds by Macquarie Service Center at 800 523-1918 so we can assign you an account number.

By exchange

You may exchange all or part of your investment in one or more Delaware Funds for shares of other Delaware Funds. Please keep in mind, however, that under most circumstances you may exchange between like classes of shares only. To open an account by exchange, call the Delaware Funds by Macquarie Service Center at 800 523-1918.

Through automated shareholder services

You may purchase or exchange shares through our automated telephone service (for Class A, Class C, and Class R shares only), or through our website, delawarefunds.com (for Class A and Class C shares only). For more information about how to sign up for these services, call our Delaware Funds by Macquarie Service Center at 800 523-1918.

Calculating share price

The price you pay for shares will depend on when we receive your purchase order. If your order is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00pm ET), you will pay that day’s closing Fund share price, which is based on the Fund’s NAV. If the NYSE has an unscheduled early close, we will continue to accept your order until that day’s scheduled close of the NYSE and you will pay that day’s closing Fund share price. If your order is received after the scheduled close of regular trading on the NYSE, you will pay the next Business Day’s closing Fund share price. We reserve the right to reject any purchase order.

We determine the NAV per share for each class of a Delaware Fund at the close of regular trading on the NYSE on each Business Day (normally 4:00pm ET). A Fund does not calculate its NAV on days the NYSE is closed for trading. If the NYSE has an unscheduled early close, a Fund’s closing share price would still be determined as of that day’s regularly scheduled close of the NYSE. The NAV per share for each class of a fund is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. We generally price securities and other assets for which market quotations are readily available at their market value. The value of foreign securities may change on days when a shareholder will not be able to purchase or redeem fund shares because foreign markets are open at times and on days when US markets are not. We price fixed income securities on the basis of valuations provided to us by an independent pricing service that uses methods approved by the Board. For all other securities, we use methods approved by the Board that are designed to price securities at their fair market values.

Fair valuation

When the Funds use fair value pricing, they may take into account any factors they deem appropriate. The Funds may determine fair value based upon developments related to a specific security, current valuations of foreign stock indices (as reflected in US futures markets), and/or US sector or broad stock market indices. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The prices of securities used by the Funds to calculate their NAVs may differ from quoted or published prices for the same securities. Fair value pricing may involve subjective judgments and it is possible that the fair value determined for a security could be materially different than the value that could be realized upon the sale of that security.

The Funds anticipate using fair value pricing for securities primarily traded on US exchanges only under very limited circumstances, such as the early closing of the exchange on which a security is traded or suspension of trading in the security. The Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, normally at 4:00pm ET or the close of the NYSE. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. To account for this, the Funds may frequently value many foreign equity securities using fair value prices based on third-party vendor modeling tools to the extent available.

The Board has designated the Manager as the valuation designee, and delegated responsibility for valuing each Fund’s assets to the Manager and its Pricing Committee, which operates under the policies and procedures approved by the Board and is subject to the Board’s oversight. The Manager, as the

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valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of each Fund’s investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing vendors and services. The Manager has a Pricing Committee to assist with its designated responsibilities as valuation designee.

Retirement plans

In addition to being an appropriate investment for your IRA, Roth IRA, and Coverdell Education Savings Account, the Funds may be suitable for group retirement plans. You may establish your IRA account even if you are already a participant in an employer-sponsored retirement plan. For more information on how the Funds can play an important role in your retirement planning or for details about group plans, please consult your financial intermediary, or call the Delaware Funds by Macquarie® Service Center at 800 523-1918.

Document delivery

To reduce fund expenses, we try to identify related shareholders in a household and send only one copy of a fund's financial reports and prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call the Delaware Funds by Macquarie Service Center at 800 523-1918. At any time you may view current prospectuses and financial reports on our website.

Inactive accounts

Please note that your account may be required to transfer to the appropriate state if no activity occurs in the account within the time period specified by state law.

How to redeem shares

Under normal circumstances, each Fund typically meets redemption requests through its holdings of cash or cash equivalents, the sale of portfolio assets, and/or its ability to redeem in kind (when applicable). During stressed market conditions, the Fund may use lines of credit to meet redemption requests.

Availability of these services may be limited by your financial intermediary and by the way your account is registered with Delaware Funds.

When you send us a completed request in good order to redeem or exchange shares and the request is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00pm ET), you will receive the NAV next determined after we receive your request. If we receive your request after the close of regular trading on the NYSE, you will receive the NAV next determined on the next Business Day. If the NYSE has an unscheduled early close, we will continue to accept your order until that day’s scheduled close of the NYSE and you will receive that day’s closing Fund share price. We will deduct any applicable CDSCs. You may also have to pay taxes on the proceeds from your sale of shares. If you purchased your shares by check, those shares are subject to a 15-day hold to ensure your check has cleared. Redemption requests for shares still subject to the hold may be rejected with instructions to resubmit at the conclusion of the holding period.

If you are required to pay a CDSC when you redeem your shares, the amount subject to the fee will be based on the shares’ NAV when you purchased them or their NAV when you redeem them, whichever is less. This arrangement ensures that you will not pay a CDSC on any increase in the value of your shares. You also will not pay the charge on any shares acquired by reinvesting dividends or capital gains. If you exchange shares of one fund for shares of another, you do not pay a CDSC at the time of the exchange. If you later redeem those shares, the purchase price for purposes of the CDSC formula will be the price you paid for the original shares, not the exchange price. The redemption price for purposes of this formula will be the NAV of the shares you are actually redeeming.

If you hold your shares in certificates, you must submit the certificates with your request to sell the shares. We recommend that you send your certificates by certified mail.

Redemption proceeds will be distributed promptly, but not later than seven days after receipt of a redemption request (except as noted above). For direct transactions, redemption proceeds are typically paid the next Business Day after receipt of the redemption request. Redemptions submitted by financial intermediaries typically settle between one and three Business Days after receipt, depending on the settlement cycle requested by the financial intermediary. Settlement could be extended as a result of various factors, including but not limited to redemption amount or other market conditions. Please see the SAI for additional information.

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Through your financial intermediary

Your financial intermediary (if applicable) can handle all the details of redeeming your shares (selling them back to a Fund). Your financial intermediary may charge you a separate fee for this service.

Through the Delaware Funds by Macquarie^® Service Center

By mail

You may redeem your shares by mail by writing to: Delaware Funds by Macquarie at P.O. Box 534437, Pittsburgh, PA 15253-4437 for redemption requests by regular mail or Delaware Funds by Macquarie Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 for redemption requests by overnight courier service. Redemption requests will not be accepted at any other address. All owners of the account must sign the request. For redemptions of more than $100,000, you must include a medallion signature guarantee for each owner. Medallion signature guarantees are also required when redemption proceeds are going to an address other than the address of record on the account. Please contact the Delaware Funds by Macquarie Service Center at 800 523-1918 for more information about the medallion signature guarantee requirements.

Please note that redemption orders submitted by mail will not be considered received until such redemption orders arrive at Delaware Funds by Macquarie Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 and are determined to be in good order. For a redemption request to be in “good order,” you must provide the name of the Delaware Fund whose shares you are redeeming, your account number, account registration, and the total number of shares or dollar amount of the transaction. Redemption requests must be signed by the record owner(s) exactly as the shares are registered, along with meeting any requirements set forth in applicable forms, this Prospectus, or the SAI. The Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, redemption requests placed in the mail or with such services or receipt at the Funds’ post office box, of redemption requests, do not constitute receipt by the Funds or the transfer agent.

By telephone

You may redeem up to $100,000 of your shares by telephone. You may have the proceeds sent to you in the following ways:

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By check — Sent to your address of record, provided there has not been an address change in the last 30 days.

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By wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire fee may be deducted from your proceeds.

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By ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.

Bank information must be on file before you request a wire or ACH redemption. Your bank may charge a fee for these services.

Through automated shareholder services

You may redeem shares through our automated telephone service or through our website, delawarefunds.com. For more information about how to sign up for these services, call our Delaware Funds by Macquarie Service Center at 800 523-1918.

Redemptions-in-kind

The Funds have reserved the right to pay for redemptions with portfolio securities under certain conditions. Subsequent sale by an investor receiving a distribution in kind could result in the payment of brokerage commissions and taxable gains (if such investment was held in a taxable account). Investors bear market risks until securities are sold for cash. See the SAI for more information on redemptions-in-kind.

Low balance accounts

For Class A and Class C shares, if you redeem shares and your account balance falls below the required account minimum of $1,000 ($250 for IRAs, Roth IRAs, Uniform Gifts to Minors Act and Uniform Transfers to Minors Act accounts, or accounts with automatic investment plans, and $500 for Coverdell Education Savings Accounts) for three or more consecutive months, you will have until the end of the current calendar quarter to raise the balance to the minimum.

For Class R, Class I, Class R6, and Class Y shares, if you redeem shares and your account balance falls below $500, your shares may be redeemed after 60 days’ written notice to you.

If your account is not at the minimum for low balance purposes by the required time, you may be charged a $9 fee for that quarter and each quarter after that until your account reaches the minimum balance, or it may be redeemed after 60 days’ written notice to you. Any CDSC that would otherwise be applicable will not apply to such a redemption.

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About your account

Certain accounts held in omnibus, advisory, or asset-allocation programs or programs offered by certain intermediaries may be opened below the minimum stated account balance and may maintain balances that are below the minimum stated account balance without incurring a service fee or being subject to involuntary redemption.

If the applicable account falls below the minimum due to market fluctuation, the Fund still reserves the right to liquidate the account.

Investor services

To help make investing with us as easy as possible, and to help you build your investments, we offer the investor services described below. Information about the investor services we offer is available free of charge on the Delaware Funds website at delawarefunds.com, including hyperlinks to relevant information in fund offering documents. Availability of these services may be limited by the way your account is registered with Delaware Funds.

Online account access

Online account access is a password-protected area of the Delaware Funds website that gives you access to your account information and allows you to perform transactions in a secure Internet environment.

Electronic delivery

With Delaware Funds eDelivery, you can receive your fund documents electronically instead of via US mail. When you sign up for eDelivery, you can access your account statements, shareholder reports, and other fund materials online, in a secure Internet environment at any time.

Automatic investment plan

The automatic investment plan allows you to make regular monthly or quarterly investments directly from your bank account.

Direct deposit

With direct deposit, you can make additional investments through payroll deductions, recurring government or private payments such as Social Security, or direct transfers from your bank account.

Systematic exchange option

With the systematic exchange option, you can arrange automatic monthly exchanges between your shares in one or more Delaware Funds. These exchanges are subject to the same rules as regular exchanges (see below) and require a minimum monthly exchange of $100 per fund.

Dividend reinvestment plan

Through the dividend reinvestment plan, you can have your distributions reinvested in your account or the same share class in another Delaware Fund. The shares that you purchase through the dividend reinvestment plan are not subject to a front-end sales charge or to a CDSC. Under most circumstances, you may reinvest dividends only into like classes of shares.

Exchange of shares

You may generally exchange all or part of your shares for shares of the same class of another Delaware Fund without paying a front-end sales charge or a CDSC at the time of the exchange. However, if you exchange shares from a fund that does not have a sales charge, you will pay any applicable sales charge on your new shares. You do not pay sales charges on shares that you acquired through the reinvestment of dividends. You may have to pay taxes on your exchange. When you exchange shares, you are purchasing shares in another fund, so you should be sure to get a copy of the fund's prospectus and read it carefully before buying shares through an exchange. We may refuse the purchase side of any exchange request if, in the Manager's judgment, a fund would be unable to invest effectively in accordance with its investment objective and policies or would otherwise potentially be adversely affected. Please note that depending on the financial intermediary holding your account, this policy may be unavailable or differ from those described in this Prospectus.

Except as otherwise noted, if you hold Class Y shares of a Fund, you are permitted to exchange all or part of your Class Y shares only for Class Y shares of other Delaware Funds or, if Class Y shares are not available for a particular fund, for the Class A shares of such fund. You will pay any applicable sales charge on your new shares unless eligible to purchase shares at NAV. Contact your plan sponsor, plan fiduciary or other financial intermediary for information about exchanging your shares.

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On demand service

The on demand service allows you or your financial advisor to transfer money between your Fund account and your predesignated bank account by telephone request. There is a minimum transfer of $25 and a maximum transfer of $100,000. Macquarie Asset Management does not charge a fee for this service; however, your bank may assess one.

Direct deposit service

Through the direct deposit service, you can have $25 or more in dividends and distributions deposited directly into your bank account. Macquarie Asset Management does not charge a fee for this service; however, your bank may assess one. This service is not available for retirement plans.

Systematic withdrawal plan

You can arrange a regular monthly or quarterly payment from your account made to you or someone you designate. If the value of your account is $5,000 or more, you can make withdrawals of at least $25 monthly, or $75 quarterly. You may also have your withdrawals deposited directly to your bank account through the direct deposit service.

The applicable Limited CDSC for Class A shares and the CDSC for Class C shares redeemed via a systematic withdrawal plan will be waived if the annual amount withdrawn in each year is less than 12% of the account balance on the date that the plan is established. If the annual amount withdrawn in any year exceeds 12% of the account balance on the date that the systematic withdrawal plan is established, all redemptions under the plan will be subject to the applicable CDSC, including an assessment for previously redeemed amounts under the plan.

Right to discontinue offering shares and/or to merge or liquidate a share class

To the extent authorized by law, the Funds reserve the right to discontinue offering shares at any time and/or to merge or liquidate a share class, such as in response to shareholder redemptions of substantially or all shares in a class. For any blocked accounts involving a liquidating fund, a shareholder’s account may be moved into Delaware Investments Ultrashort Fund if no instruction is given upon receipt of a fund’s pending liquidation.

Frequent trading of Fund shares (market timing and disruptive trading)

The Funds discourage purchases by market timers and purchase orders (including the purchase side of exchange orders) by shareholders identified as market timers may be rejected. The Board has adopted policies and procedures designed to detect, deter, and prevent trading activity detrimental to the Funds and their shareholders, such as market timing and disruptive trading. The Funds will consider anyone who follows a pattern of market timing in any Delaware Fund or the Optimum Fund Trust to be a market timer and may consider anyone who has followed a similar pattern of market timing at an unaffiliated fund family to be a market timer.

Market timing of a fund occurs when investors make consecutive, rapid, short-term “round trips” — that is, purchases into a fund followed quickly by redemptions out of that fund. A short-term round trip is considered any redemption of fund shares within 20 Business Days of a purchase of that fund's shares. If you make a second such short-term round trip in a fund within 90 rolling calendar days of a previous short-term round trip in that fund, you may be considered a market timer. In determining whether market timing has occurred, the Funds consider short-term round trips to include rapid purchases and sales of Fund shares through the exchange privilege. The Funds reserve the right to consider other trading patterns to be market timing.

Your ability to use the Funds' exchange privilege may be limited if you are identified as a market timer. If you are identified as a market timer, the Funds will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. The Funds reserve the right to restrict or reject, without prior notice, any purchase order or exchange order for any reason, including any purchase order or exchange order accepted by any shareholder's financial intermediary or in any omnibus-type account. Transactions placed in violation of the Funds' market timing policy are not necessarily deemed accepted by the Funds and may be rejected by a Fund on the next Business Day following receipt by a Fund.

Redemptions will continue to be permitted in accordance with the Funds' then-current prospectus. A redemption of shares under these circumstances could be costly to a shareholder if, for example, the shares have declined in value, the shareholder recently paid a front-end sales charge, the shares are subject to a CDSC, or the sale results in adverse tax consequences. To avoid this risk, a shareholder should carefully monitor the purchases, sales, and exchanges of Fund shares and avoid frequent trading in Fund shares.

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will take actions designed to detect and prevent market timing, there can be no assurance that such trading activity will be completely eliminated. Moreover, a Fund's market timing policy does not require the Fund to take action in response to frequent trading activity. If a Fund elects not to take any action in response to frequent trading, such frequent trading activity could continue.

Risks of market timing

By realizing profits through short-term trading, shareholders who engage in rapid purchases and sales or exchanges of the Funds' shares dilute the value of shares held by long-term shareholders. Volatility resulting from excessive purchases and sales or exchanges of Fund shares, especially involving large dollar amounts, may disrupt efficient portfolio management. In particular, a Fund may have difficulty implementing its long-term investment strategies if it is forced to maintain a higher level of its assets in cash to accommodate significant short-term trading activity. Excessive purchases and sales or exchanges of a Fund's shares may also force a Fund to sell portfolio securities at inopportune times to raise cash to accommodate short-term trading activity. This could adversely affect a Fund's performance, if, for example, a Fund incurs increased brokerage costs and realization of taxable capital gains without attaining any investment advantage.

Any fund may be subject to disruptive trading activity. However, a fund that invests significantly in foreign securities may be particularly susceptible to short-term trading strategies. This is because foreign securities are typically traded on markets that close well before the time a fund calculates its NAV (normally 4:00pm ET or the close of the NYSE). Developments that occur between the closing of the foreign market and a fund's NAV calculation may affect the value of these foreign securities. The time-zone differences among international stock markets can allow a shareholder engaging in a short-term trading strategy to exploit differences in fund share prices that are based on closing prices of foreign securities established some time before a fund calculates its own share price.

Any fund that invests in securities that are thinly traded, traded infrequently, or relatively illiquid has the risk that the securities prices used to calculate the fund's NAV may not accurately reflect current market values. A shareholder may seek to engage in short-term trading to take advantage of these pricing differences. Funds that may be adversely affected by such arbitrage include, in particular, funds that significantly invest in small-cap securities, technology, and other specific industry sector securities, and in certain fixed income securities, such as high yield bonds, asset-backed securities, or municipal bonds.

Transaction monitoring procedures

Each Fund, through its transfer agent, maintains surveillance procedures designed to detect excessive or short-term trading in Fund shares. This monitoring process involves several factors, which include scrutinizing transactions in Fund shares for violations of the Funds' market timing policy or other patterns of short-term or excessive trading. For purposes of these transaction monitoring procedures, the Funds may consider trading activity by multiple accounts under common ownership, control, or influence to be trading by a single entity. Trading activity identified by these factors, or as a result of any other available information, will be evaluated to determine whether such activity might constitute market timing. These procedures may be modified from time to time to help improve the detection of excessive or short-term trading or to address other concerns. Such changes may be necessary or appropriate, for example, to deal with issues specific to certain retirement plans; plan exchange limits; US Department of Labor regulations; certain automated or pre-established exchange, asset-allocation, or dollar-cost-averaging programs; or omnibus account arrangements.

Omnibus account arrangements are common forms of holding shares of the Funds, particularly among certain broker/dealers and other financial intermediaries, including sponsors of retirement plans and variable insurance products. The Funds will attempt to have financial intermediaries apply the Funds' monitoring procedures to these omnibus accounts and to the individual participants in such accounts. However, the Funds' ability to detect frequent trading activities by investors that hold shares through financial intermediaries may be limited by the ability and/or willingness of such intermediaries to monitor for these activities. To the extent that a financial intermediary is not able or willing to monitor or enforce the Funds' frequent trading policy with respect to an omnibus account, the Funds' transfer agent may work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts, and bank trust companies) to apply their own procedures, provided that the Funds' transfer agent believes the intermediary's procedures are reasonably designed to enforce the Funds' frequent trading policies. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If the Funds' transfer agent identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner's transactions or restrict the account owner's trading. There is no assurance that the information received by the Funds from a financial intermediary will be sufficient to effectively detect or deter excessive trading in omnibus accounts. If the Funds' transfer agent is not satisfied that the intermediary has taken appropriate action, the transfer agent may terminate the intermediary's ability to transact in Fund shares, or restrict individual trading activity as applicable.

Limitations on ability to detect and curtail market timing

228

practices. In particular, the Funds may not be able to detect market timing attributable to a particular investor who effects purchase, redemption, and/or exchange activity in Fund shares through omnibus accounts. The difficulty of detecting market timing may be further compounded if these entities utilize multiple tiers or omnibus accounts.

Dividends, distributions, and taxes

Dividends and Distributions

Each Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. Usually, a Fund distributes net investment income at the following times:

Annually in December: Delaware Ivy Core Equity Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Climate Solutions 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 Science and Technology Fund, and Delaware Ivy Small Cap Growth Fund

Quarterly in March, June, September and December: Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Global Value Equity Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Smid Cap Core Fund, and Delaware Ivy Value Fund

Each Fund will distribute net realized capital gains, if any, at least annually. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee a Fund will pay either an income dividend or a capital gains distribution. We automatically reinvest all dividends and any capital gains, unless you direct us to do otherwise.

Annual statements

Each year, the Funds will send you an annual statement (Form 1099) of your account activity to assist you in completing your federal, state, and local tax returns. Your statement will show the exempt-interest dividends you received and the separately-identified portion that constitutes an item of tax preference for purposes of the alternative minimum tax (tax-exempt AMT interest). Distributions declared in October, November or December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. Prior to issuing your statement, the Funds make every effort to reduce the number of corrected forms mailed to you. However, if a Fund finds it necessary to reclassify its distributions or adjust the cost basis of any covered shares (defined below) sold or exchanged after you receive your tax statement, the Fund will send you a corrected Form 1099.

Avoid “buying a dividend”

At the time you purchase your Fund shares, a Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as “buying a dividend.”

Tax considerations

Fund distributions. Each Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

The use of derivatives by the Funds may cause a Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. Additionally, other rules applicable to derivative contracts may accelerate the recognition of income or gains to the fund, defer losses to the fund, and cause adjustments in the holding periods of the fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders.

If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you as a foreign tax credit.

229

About your account

Fund shares you sell or redeem that were purchased or acquired on or after January 1, 2012 (“covered shares”). Cost basis will be calculated using the Funds' default method, unless you instruct a Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial intermediary or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected. Additional information and updates regarding cost basis reporting and available shareholder elections will be on the Delaware Funds website at delawarefunds.com as the information becomes available.

Medicare tax. An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of US individuals, estates and trusts to the extent that such person's “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds a threshold amount. Net investment income does not include exempt-interest dividends. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

Backup withholding. By law, if you do not provide a Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale of your shares. A Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

State and local taxes. Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes.

Non-US investors. Non-US investors may be subject to US withholding tax at a 30% or lower treaty rate and US estate tax and are subject to special US tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from US withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, if any, interest-related dividends paid by the Fund from its qualified net interest income from US sources and short-term capital gain dividends, if such amounts are reported by a Fund. However, notwithstanding such exemptions from US withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a US person.

Other reporting and withholding requirements. Under the Foreign Account Tax Compliance Act (FATCA), a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the US Department of the Treasury of US-owned foreign investment accounts. After December 31, 2018, FATCA withholding would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-US taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

This discussion of “Dividends, distributions, and taxes” is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in a Fund.

Certain management considerations

Investments by fund of funds and similar investment vehicles

The Funds may accept investments from funds of funds, as well as from similar investment vehicles, such as 529 Plans and asset allocation models. A “529 Plan” is a college savings program that operates under Section 529 of the Code. Asset allocation models include the Delaware Funds by Macquarie® Premier Advisor Platform, which offers asset allocation models using a mix of Delaware Funds. From time to time, a Fund may experience large investments or redemptions due to allocations or rebalancings by these funds of funds and/or similar investment vehicles. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover.

230

Financial highlights

The financial highlights tables are intended to help you understand the financial performance of the Funds for the past five years. On April 30, 2021, Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business, acquired the investment management business of Waddell & Reed Financial, Inc., including Ivy Investment Management Company, the Funds’ prior investment manager. The performance shown from before April 30, 2021 are from the Funds’ prior investment manager. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Funds (assuming reinvestment of all dividends and distributions). The information for the fiscal years ended March 31, 2023, March 31, 2022, and March 31, 2021 have been audited by PricewaterhouseCoopers LLP, whose reports, along with the Funds’ financial statements, are included in the Funds’ annual reports, which are available upon request by calling 800 523-1918. For the fiscal years ended prior to March 31, 2021, the Funds’ prior independent registered public accounting firm audited the Funds’ financial statements.

Delaware Ivy Asset Strategy Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.05			$24.45			$17.41			$20.63			$24.02
Income (loss) from investment operations:
Net investment income1		0.32			0.29			0.29			0.43			0.38
Net realized and unrealized gain (loss)		(1.53	)		1.12			7.39			(2.42	)		0.09
Total from investment operations		(1.21	)		1.41			7.68			(1.99	)		0.47
Less dividends and distributions from:
Net investment income		(0.27	)		(0.55	)		(0.39	)		(0.42	)		(0.40	)
Net realized gain		(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(3.24	)		(2.81	)		(0.64	)		(1.23	)		(3.86	)
Net asset value, end of period		$18.60			$23.05			$24.45			$17.41			$20.63
Total return2		(4.79%	)		5.33%	3		44.79%			(10.69%	)		2.67%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,259,211			$1,531,209			$1,601	4		$1,128	4		$1,361	4
Ratio of expenses to average net assets5		1.15%			1.11%			1.07%			1.13%			1.16%
Ratio of net investment income to average net assets		1.61%			1.16%			1.33%			2.03%			1.71%
Portfolio turnover		74%			33%			40%			44%			52%


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

231

Financial highlights

Delaware Ivy Asset Strategy Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$21.25			$22.75			$16.24			$19.33			$22.71
Income (loss) from investment operations:
Net investment income1		0.11			0.08			0.13			0.27			0.22
Net realized and unrealized gain (loss)		(1.44	)		1.05			6.87			(2.26	)		0.07
Total from investment operations		(1.33	)		1.13			7.00			(1.99	)		0.29
Less dividends and distributions from:
Net investment income		(0.11	)		(0.37	)		(0.24	)		(0.29	)		(0.21	)
Net realized gain		(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(3.08	)		(2.63	)		(0.49	)		(1.10	)		(3.67	)
Net asset value, end of period		$16.84			$21.25			$22.75			$16.24			$19.33
Total return2		(5.80%	)		4.49%	3		43.70%			(11.37%	)		1.99%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$48,216			$89,955			$146	4		$298	4		$634	4
Ratio of expenses to average net assets5		2.18%			1.92%			1.86%			1.88%			1.83%
Ratio of net investment income to average net assets		0.58%			0.35%			0.63%			1.34%			1.05%
Portfolio turnover		74%			33%			40%			44%			52%


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

232

Delaware Ivy Asset Strategy Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.48			$24.85			$17.68			$20.93			$24.33
Income (loss) from investment operations:
Net investment income1		0.38			0.36			0.35			0.50			0.44
Net realized and unrealized gain (loss)		(1.57	)		1.14			7.51			(2.46	)		0.10
Total from investment operations		(1.19	)		1.50			7.86			(1.96	)		0.54
Less dividends and distributions from:
Net investment income		(0.31	)		(0.61	)		(0.44	)		(0.48	)		(0.48	)
Net realized gain		(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(3.28	)		(2.87	)		(0.69	)		(1.29	)		(3.94	)
Net asset value, end of period		$19.01			$23.48			$24.85			$17.68			$20.93
Total return2		(4.58%	)		5.59%	3		45.16%			(10.44%	)		2.93%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$393,751			$597,362			$713	4		$586	4		$805	4
Ratio of expenses to average net assets5		0.90%			0.88%			0.83%			0.87%			0.89%
Ratio of net investment income to average net assets		1.86%			1.39%			1.59%			2.31%			1.97%
Portfolio turnover		74%			33%			40%			44%			52%


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

233

Financial highlights

Delaware Ivy Asset Strategy Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.55			$24.92			$17.73			$20.99			$24.40
Income (loss) from investment operations:
Net investment income1		0.41			0.40			0.37			0.51			0.45
Net realized and unrealized gain (loss)		(1.56	)		1.14			7.54			(2.45	)		0.11
Total from investment operations		(1.15	)		1.54			7.91			(1.94	)		0.56
Less dividends and distributions from:
Net investment income		(0.35	)		(0.65	)		(0.47	)		(0.51	)		(0.51	)
Net realized gain		(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(3.32	)		(2.91	)		(0.72	)		(1.32	)		(3.97	)
Net asset value, end of period		$19.08			$23.55			$24.92			$17.73			$20.99
Total return2		(4.39%	)		5.73%	3		45.35%			(10.32%	)		3.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$17,914			$16,520			$19	4		$8	4		$5	4
Ratio of expenses to average net assets5		0.77%			0.72%			0.67%			0.72%			0.79%
Ratio of net investment income to average net assets		1.99%			1.56%			1.62%			2.35%			2.03%
Portfolio turnover		74%			33%			40%			44%			52%


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

234

Delaware Ivy Asset Strategy Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$22.68			$24.09			$17.17			$20.35			$23.73
Income (loss) from investment operations:
Net investment income1		0.25			0.20			0.22			0.36			0.31
Net realized and unrealized gain (loss)		(1.51	)		1.11			7.27			(2.37	)		0.08
Total from investment operations		(1.26	)		1.31			7.49			(2.01	)		0.39
Less dividends and distributions from:
Net investment income		(0.21	)		(0.46	)		(0.32	)		(0.36	)		(0.31	)
Net realized gain		(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(3.18	)		(2.72	)		(0.57	)		(1.17	)		(3.77	)
Net asset value, end of period		$18.24			$22.68			$24.09			$17.17			$20.35
Total return2		(5.10%	)		4.98%	3		44.26%			(10.93%	)		2.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$20,073			$23,787			$28	4		$28	4		$44	4
Ratio of expenses to average net assets5		1.47%			1.46%			1.42%			1.46%			1.47%
Ratio of net investment income to average net assets		1.29%			0.81%			1.02%			1.72%			1.40%
Portfolio turnover		74%			33%			40%			44%			52%


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

235

Financial highlights

Delaware Ivy Asset Strategy Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.14			$24.53			$17.47			$20.69			$24.09
Income (loss) from investment operations:
Net investment income1		0.33			0.30			0.30			0.44			0.39
Net realized and unrealized gain (loss)		(1.53	)		1.12			7.40			(2.42	)		0.08
Total from investment operations		(1.20	)		1.42			7.70			(1.98	)		0.47
Less dividends and distributions from:
Net investment income		(0.28	)		(0.55	)		(0.39	)		(0.43	)		(0.41	)
Net realized gain		(2.97	)		(2.26	)		(0.25	)		(0.81	)		(3.46	)
Total dividends and distributions		(3.25	)		(2.81	)		(0.64	)		(1.24	)		(3.87	)
Net asset value, end of period		$18.69			$23.14			$24.53			$17.47			$20.69
Total return2		(4.72%)	3		5.35%	3, 4		44.75%	3		(10.64%	)		2.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$78,829			$96,913			$109	5		$98	5		$151	5
Ratio of expenses to average net assets6		1.11%			1.09%			1.07%			1.11%			1.13%
Ratio of expenses to average net assets prior to fees waived6		1.11%			1.11%			1.08%			1.11%			1.13%
Ratio of net investment income to average net assets		1.65%			1.17%			1.36%			2.08%			1.73%
Ratio of net investment income to average net assets prior to fees waived		1.65%			1.15%			1.35%			2.08%			1.73%
Portfolio turnover		74%			33%			40%			44%			52%


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

236

Delaware Ivy Balanced Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$25.53			$27.29			$20.43			$23.58			$24.74
Income (loss) from investment operations:
Net investment income1		0.21			0.12			0.24			0.31			0.37
Net realized and unrealized gain (loss)		(2.06	)		1.28			8.38			(1.57	)		1.03
Total from investment operations		(1.85	)		1.40			8.62			(1.26	)		1.40
Less dividends and distributions from:
Net investment income		(0.15	)		(0.12	)		(0.28	)		(0.34	)		(0.36	)
Net realized gain		(4.68	)		(3.04	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(4.83	)		(3.16	)		(1.76	)		(1.89	)		(2.56	)
Net asset value, end of period		$18.85			$25.53			$27.29			$20.43			$23.58
Total return2		(6.71%	)		4.57%			42.81%			(6.55%	)		6.25%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,102,496			$1,485,004			$1,509	3		$1,086	3		$1,275	3
Ratio of expenses to average net assets4		1.10%			1.04%			1.07%			1.10%			1.09%
Ratio of net investment income to average net assets		0.97%			0.44%			0.95%			1.27%			1.49%
Portfolio turnover		82%			94%			52%			43%			53%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

237

Financial highlights

Delaware Ivy Balanced Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$25.21			$26.98			$20.24			$23.38			$24.56
Income (loss) from investment operations:
Net investment income (loss)1		0.01			(0.09	)		0.06			0.13			0.19
Net realized and unrealized gain (loss)		(2.03	)		1.25			8.30			(1.55	)		1.01
Total from investment operations		(2.02	)		1.16			8.36			(1.42	)		1.20
Less dividends and distributions from:
Net investment income		(0.02	)		—			(0.14	)		(0.17	)		(0.18	)
Net realized gain		(4.68	)		(2.93	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(4.70	)		(2.93	)		(1.62	)		(1.72	)		(2.38	)
Net asset value, end of period		$18.49			$25.21			$26.98			$20.24			$23.38
Total return2		(7.53%	)		3.77%			41.82%			(7.24%	)		5.46%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$63,537			$117,058			$183	3		$243	3		$366	3
Ratio of expenses to average net assets4		1.98%			1.82%			1.82%			1.83%			1.80%
Ratio of net investment income (loss) to average net assets		0.06%			(0.34%	)		0.23%			0.54%			0.78%
Portfolio turnover		82%			94%			52%			43%			53%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

238

Delaware Ivy Balanced Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$25.54			$27.29			$20.42			$23.57			$24.74
Income (loss) from investment operations:
Net investment income1		0.26			0.18			0.29			0.36			0.43
Net realized and unrealized gain (loss)		(2.06	)		1.28			8.39			(1.57	)		1.02
Total from investment operations		(1.80	)		1.46			8.68			(1.21	)		1.45
Less dividends and distributions from:
Net investment income		(0.20	)		(0.17	)		(0.33	)		(0.39	)		(0.42	)
Net realized gain		(4.68	)		(3.04	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(4.88	)		(3.21	)		(1.81	)		(1.94	)		(2.62	)
Net asset value, end of period		$18.86			$25.54			$27.29			$20.42			$23.57
Total return2		(6.52%	)		4.82%			43.15%			(6.32%	)		6.51%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$406,338			$745,878			$846	3		$671	3		$873	3
Ratio of expenses to average net assets4		0.88%			0.84%			0.86%			0.86%			0.84%
Ratio of net investment income to average net assets		1.17%			0.64%			1.17%			1.51%			1.73%
Portfolio turnover		82%			94%			52%			43%			53%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

239

Financial highlights

Delaware Ivy Balanced Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$25.60			$27.36			$20.47			$23.62			$24.78
Income (loss) from investment operations:
Net investment income1		0.29			0.22			0.33			0.40			0.46
Net realized and unrealized gain (loss)		(2.07	)		1.27			8.40			(1.57	)		1.04
Total from investment operations		(1.78	)		1.49			8.73			(1.17	)		1.50
Less dividends and distributions from:
Net investment income		(0.23	)		(0.21	)		(0.36	)		(0.43	)		(0.46	)
Net realized gain		(4.68	)		(3.04	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(4.91	)		(3.25	)		(1.84	)		(1.98	)		(2.66	)
Net asset value, end of period		$18.91			$25.60			$27.36			$20.47			$23.62
Total return2		(6.39%	)		4.93%			43.34%			(6.16%	)		6.66%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$9,291			$10,232			$11	3		$7	3		$15	3
Ratio of expenses to average net assets4		0.75%			0.70%			0.71%			0.71%			0.70%
Ratio of net investment income to average net assets		1.33%			0.78%			1.30%			1.65%			1.88%
Portfolio turnover		82%			94%			52%			43%			53%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

240

Delaware Ivy Balanced Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$25.46			$27.22			$20.39			$23.54			$24.70
Income (loss) from investment operations:
Net investment income1		0.15			0.01			0.15			0.22			0.28
Net realized and unrealized gain (loss)		(2.05	)		1.26			8.36			(1.57	)		1.04
Total from investment operations		(1.90	)		1.27			8.51			(1.35	)		1.32
Less dividends and distributions from:
Net investment income		(0.10	)		(0.01	)		(0.20	)		(0.25	)		(0.28	)
Net realized gain		(4.68	)		(3.02	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(4.78	)		(3.03	)		(1.68	)		(1.80	)		(2.48	)
Net asset value, end of period		$18.78			$25.46			$27.22			$20.39			$23.54
Total return2		(6.97%	)		4.15%			42.31%			(6.90%	)		5.91%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$8,650			$10,852			$11	3		$11	3		$13	3
Ratio of expenses to average net assets4		1.38%			1.44%			1.45%			1.45%			1.43%
Ratio of net investment income to average net assets		0.70%			0.04%			0.60%			0.91%			1.14%
Portfolio turnover		82%			94%			52%			43%			53%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

241

Financial highlights

Delaware Ivy Balanced Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$25.54			$27.29			$20.43			$23.58			$24.75
Income (loss) from investment operations:
Net investment income1		0.22			0.12			0.24			0.31			0.37
Net realized and unrealized gain (loss)		(2.07	)		1.28			8.38			(1.57	)		1.02
Total from investment operations		(1.85	)		1.40			8.62			(1.26	)		1.39
Less dividends and distributions from:
Net investment income		(0.16	)		(0.11	)		(0.28	)		(0.34	)		(0.36	)
Net realized gain		(4.68	)		(3.04	)		(1.48	)		(1.55	)		(2.20	)
Total dividends and distributions		(4.84	)		(3.15	)		(1.76	)		(1.89	)		(2.56	)
Net asset value, end of period		$18.85			$25.54			$27.29			$20.43			$23.58
Total return2		(6.71%)	3		4.59%	3		42.81%	3		(6.55%)	3		6.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$10,194			$12,699			$16	4		$14	4		$24	4
Ratio of expenses to average net assets5		1.07%			1.04%			1.07%			1.10%			1.09%
Ratio of expenses to average net assets prior to fees waived5		1.07%			1.08%			1.10%			1.11%			1.09%
Ratio of net investment income to average net assets		1.01%			0.44%			0.97%			1.27%			1.49%
Ratio of net investment income to average net assets prior to fees waived		1.01%			0.40%			0.94%			1.26%			1.49%
Portfolio turnover		82%			94%			52%			43%			53%


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

242

Delaware Ivy Core Equity Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.10			$18.01			$11.73			$13.47			$14.78
Income (loss) from investment operations:
Net investment income1		0.05			0.04			0.06			0.06			0.09
Net realized and unrealized gain (loss)		(1.36	)		2.56			6.65			(0.29	)		0.60
Total from investment operations		(1.31	)		2.60			6.71			(0.23	)		0.69
Less dividends and distributions from:
Net investment income		(0.08	)		(0.09	)		(0.04	)		(0.09	)		(0.09	)
Net realized gain		(2.02	)		(2.42	)		(0.39	)		(1.42	)		(1.91	)
Total dividends and distributions		(2.10	)		(2.51	)		(0.43	)		(1.51	)		(2.00	)
Net asset value, end of period		$14.69			$18.10			$18.01			$11.73			$13.47
Total return2		(6.71%)	3		13.88%			57.58%			(3.57%	)		5.56%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,574,630			$3,424,139			$3,411	4		$2,409	4		$2,895	4
Ratio of expenses to average net assets5		1.00%			0.97%			1.00%			1.03%			1.02%
Ratio of expenses to average net assets prior to fees waived5		1.03%			0.97%			1.00%			1.03%			1.02%
Ratio of net investment income to average net assets		0.32%			0.19%			0.36%			0.42%			0.64%
Ratio of net investment income to average net assets prior to fees waived		0.29%			0.19%			0.36%			0.42%			0.64%
Portfolio turnover		37%			36%			49%			66%			97%


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

243

Financial highlights

Delaware Ivy Core Equity Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$14.27			$14.65			$9.63			$11.31			$12.69
Income (loss) from investment operations:
Net investment loss1		(0.06	)		(0.11	)		(0.06	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		(1.10	)		2.10			5.45			(0.22	)		0.51
Total from investment operations		(1.16	)		1.99			5.39			(0.27	)		0.48
Less dividends and distributions from:
Net investment income		—			(0.01	)		—			(0.01	)		—
Net realized gain		(2.02	)		(2.36	)		(0.37	)		(1.40	)		(1.86	)
Total dividends and distributions		(2.02	)		(2.37	)		(0.37	)		(1.41	)		(1.86	)
Net asset value, end of period		$11.09			$14.27			$14.65			$9.63			$11.31
Total return2		(7.48%)	3		12.85%			56.31%			(4.44%	)		4.74%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$17,253			$27,556			$33	4		$37	4		$52	4
Ratio of expenses to average net assets5		1.84%			1.85%			1.88%			1.89%			1.85%
Ratio of expenses to average net assets prior to fees waived5		1.99%			1.85%			1.88%			1.89%			1.85%
Ratio of net investment loss to average net assets		(0.52%	)		(0.70%	)		(0.51%	)		(0.44%	)		(0.20%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.67%	)		(0.70%	)		(0.51%	)		(0.44%	)		(0.20%	)
Portfolio turnover		37%			36%			49%			66%			97%


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

244

Delaware Ivy Core Equity Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$21.24			$20.77			$13.47			$15.27			$16.48
Income (loss) from investment operations:
Net investment income1		0.10			0.08			0.10			0.10			0.14
Net realized and unrealized gain (loss)		(1.57	)		2.93			7.66			(0.37	)		0.69
Total from investment operations		(1.47	)		3.01			7.76			(0.27	)		0.83
Less dividends and distributions from:
Net investment income		(0.08	)		(0.12	)		(0.07	)		(0.11	)		(0.13	)
Net realized gain		(2.02	)		(2.42	)		(0.39	)		(1.42	)		(1.91	)
Total dividends and distributions		(2.10	)		(2.54	)		(0.46	)		(1.53	)		(2.04	)
Net asset value, end of period		$17.67			$21.24			$20.77			$13.47			$15.27
Total return2		(6.46%	)		14.00%			57.92%			(3.38%	)		5.84%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$744,911			$1,070,912			$1,101	3		$861	3		$1,089	3
Ratio of expenses to average net assets4		0.78%			0.79%			0.81%			0.83%			0.81%
Ratio of net investment income to average net assets		0.55%			0.37%			0.55%			0.63%			0.85%
Portfolio turnover		37%			36%			49%			66%			97%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

245

Financial highlights

Delaware Ivy Core Equity Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$21.31			$20.82			$13.50			$15.30			$16.51
Income (loss) from investment operations:
Net investment income1		0.12			0.12			0.12			0.13			0.16
Net realized and unrealized gain (loss)		(1.59	)		2.94			7.68			(0.37	)		0.69
Total from investment operations		(1.47	)		3.06			7.80			(0.24	)		0.85
Less dividends and distributions from:
Net investment income		(0.09	)		(0.15	)		(0.09	)		(0.14	)		(0.15	)
Net realized gain		(2.02	)		(2.42	)		(0.39	)		(1.42	)		(1.91	)
Total dividends and distributions		(2.11	)		(2.57	)		(0.48	)		(1.56	)		(2.06	)
Net asset value, end of period		$17.73			$21.31			$20.82			$13.50			$15.30
Total return2		(6.44%	)		14.23%			58.14%			(3.23%	)		6.01%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$48,677			$91,633			$90	3		$31	3		$45	3
Ratio of expenses to average net assets4		0.69%			0.64%			0.66%			0.67%			0.65%
Ratio of net investment income to average net assets		0.64%			0.52%			0.68%			0.78%			0.97%
Portfolio turnover		37%			36%			49%			66%			97%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

246

Delaware Ivy Core Equity Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$17.88			$17.82			$11.62			$13.36			$14.67
Income (loss) from investment operations:
Net investment income (loss)1		0.01			(0.04	)		(0.01	)		0.01			0.03
Net realized and unrealized gain (loss)		(1.35	)		2.53			6.59			(0.30	)		0.60
Total from investment operations		(1.34	)		2.49			6.58			(0.29	)		0.63
Less dividends and distributions from:
Net investment income		(0.05	)		(0.04	)		—			(0.03	)		(0.03	)
Net realized gain		(2.02	)		(2.39	)		(0.38	)		(1.42	)		(1.91	)
Total dividends and distributions		(2.07	)		(2.43	)		(0.38	)		(1.45	)		(1.94	)
Net asset value, end of period		$14.47			$17.88			$17.82			$11.62			$13.36
Total return2		(6.98%)	3		13.42%			56.93%			(3.93%	)		5.16%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$231			$212			$1	4		$—	4,5		$1	4
Ratio of expenses to average net assets6		1.30%			1.39%			1.40%			1.42%			1.40%
Ratio of expenses to average net assets prior to fees waived6		1.31%			1.39%			1.40%			1.42%			1.40%
Ratio of net investment income (loss) to average net assets		0.03%			(0.22%	)		(0.04%	)		0.04%			0.22%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.02%			(0.22%	)		(0.04%	)		0.04%			0.22%
Portfolio turnover		37%			36%			49%			66%			97%


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

247

Financial highlights

Delaware Ivy Core Equity Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$20.38			$20.01			$13.00			$14.78			$16.02
Income (loss) from investment operations:
Net investment income1		0.07			0.07			0.09			0.09			0.13
Net realized and unrealized gain (loss)		(1.52	)		2.83			7.37			(0.34	)		0.67
Total from investment operations		(1.45	)		2.90			7.46			(0.25	)		0.80
Less dividends and distributions from:
Net investment income		(0.08	)		(0.11	)		(0.06	)		(0.11	)		(0.13	)
Net realized gain		(2.02	)		(2.42	)		(0.39	)		(1.42	)		(1.91	)
Total dividends and distributions		(2.10	)		(2.53	)		(0.45	)		(1.53	)		(2.04	)
Net asset value, end of period		$16.83			$20.38			$20.01			$13.00			$14.78
Total return2		(6.63%	)		13.99%			57.75%			(3.37%	)		5.81%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$25,065			$29,855			$26	3		$23	3		$45	3
Ratio of expenses to average net assets4		0.94%			0.84%			0.85%			0.84%			0.84%
Ratio of expenses to average net assets prior to fees waived4		0.97%			1.04%			1.05%			1.08%			1.05%
Ratio of net investment income to average net assets		0.39%			0.32%			0.50%			0.60%			0.80%
Ratio of net investment income to average net assets prior to fees waived		0.36%			0.12%			0.30%			0.36%			0.59%
Portfolio turnover		37%			36%			49%			66%			97%


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

248

Delaware Ivy Systematic Emerging Markets Equity Fund


	Year ended
Class A sharesΦ		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$22.54			$28.07			$15.61			$19.15			$21.60
Income (loss) from investment operations:
Net investment income (loss)1		0.68			0.15			(0.01	)		0.12			0.12
Net realized and unrealized gain (loss)		(3.40	)		(5.54	)		12.68			(3.51	)		(2.46	)
Total from investment operations		(2.72	)		(5.39	)		12.67			(3.39	)		(2.34	)
Less dividends and distributions from:
Net investment income		(0.20	)		(0.14	)		(0.21	)		(0.15	)		(0.11	)
Net realized gain		(2.25	)		—			—			—			—
Total dividends and distributions		(2.45	)		(0.14	)		(0.21	)		(0.15	)		(0.11	)
Net asset value, end of period		$17.37			$22.54			$28.07			$15.61			$19.15
Total return2		(11.42%)	3		(19.25%)	3		81.21%			(17.87%	)		(10.75%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$179,755			$263,968			$377	4		$229	4		$344	4
Ratio of expenses to average net assets5		1.15%			1.35%			1.39%			1.46%			1.44%
Ratio of expenses to average net assets prior to fees waived5		1.57%			1.37%			1.39%			1.46%			1.44%
Ratio of net investment income (loss) to average net assets		3.59%			0.55%			(0.03%	)		0.61%			0.62%
Ratio of net investment income (loss) to average net assets prior to fees waived		3.17%			0.53%			(0.03%	)		0.61%			0.62%
Portfolio turnover		65%			38%			39%			32%			59%


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

249

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund


	Year ended
Class C sharesΦ		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$19.07			$23.86			$13.31			$16.39			$18.54
Income (loss) from investment operations:
Net investment income (loss)1		0.47			(0.04	)		(0.15	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		(2.90	)		(4.68	)		10.79			(2.99	)		(2.10	)
Total from investment operations		(2.43	)		(4.72	)		10.64			(3.00	)		(2.11	)
Less dividends and distributions from:
Net investment income		(0.13	)		(0.07	)		(0.09	)		(0.08	)		(0.04	)
Net realized gain		(2.25	)		—			—			—			—
Total dividends and distributions		(2.38	)		(0.07	)		(0.09	)		(0.08	)		(0.04	)
Net asset value, end of period		$14.26			$19.07			$23.86			$13.31			$16.39
Total return2		(12.02%)	3		(19.83%)	3		80.00%			(18.43%	)		(11.36%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$23,136			$39,227			$57	4		$43	4		$72	4
Ratio of expenses to average net assets5		1.84%			2.07%			2.10%			2.16%			2.11%
Ratio of expenses to average net assets prior to fees waived5		2.29%			2.09%			2.10%			2.16%			2.11%
Ratio of net investment income (loss) to average net assets		2.95%			(0.17%	)		(0.73%	)		(0.07%	)		(0.08%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		2.50%			(0.19%	)		(0.73%	)		(0.07%	)		(0.08%	)
Portfolio turnover		65%			38%			39%			32%			59%


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

250

Delaware Ivy Systematic Emerging Markets Equity Fund


	Year ended
Class I sharesΦ		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.33			$29.05			$16.13			$19.77			$22.30
Income (loss) from investment operations:
Net investment income1		0.79			0.26			0.09			0.21			0.21
Net realized and unrealized gain (loss)		(3.53	)		(5.74	)		13.12			(3.61	)		(2.55	)
Total from investment operations		(2.74	)		(5.48	)		13.21			(3.40	)		(2.34	)
Less dividends and distributions from:
Net investment income		(0.22	)		(0.24	)		(0.29	)		(0.24	)		(0.19	)
Net realized gain		(2.25	)		—			—			—			—
Total dividends and distributions		(2.47	)		(0.24	)		(0.29	)		(0.24	)		(0.19	)
Net asset value, end of period		$18.12			$23.33			$29.05			$16.13			$19.77
Total return2		(11.08%	)		(18.96%	)		82.02%			(17.50%	)		(10.34%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$532,766			$912,326			$1,548	3		$826	3		$1,209	3
Ratio of expenses to average net assets4		0.81%			0.98%			0.99%			0.99%			0.99%
Ratio of expenses to average net assets prior to fees waived4		1.08%			1.08%			1.10%			1.14%			1.11%
Ratio of net investment income to average net assets		4.00%			0.93%			0.37%			1.09%			1.06%
Ratio of net investment income to average net assets prior to fees waived		3.73%			0.83%			0.26%			0.94%			0.94%
Portfolio turnover		65%			38%			39%			32%			59%


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

251

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund


	Year ended
Class R6 sharesΦ		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.46			$29.21			$16.22			$19.88			$22.42
Income (loss) from investment operations:
Net investment income1		0.78			0.28			0.10			0.21			0.20
Net realized and unrealized gain (loss)		(3.53	)		(5.77	)		13.19			(3.63	)		(2.54	)
Total from investment operations		(2.75	)		(5.49	)		13.29			(3.42	)		(2.34	)
Less dividends and distributions from:
Net investment income		(0.24	)		(0.26	)		(0.30	)		(0.24	)		(0.20	)
Net realized gain		(2.25	)		—			—			—			—
Total dividends and distributions		(2.49	)		(0.26	)		(0.30	)		(0.24	)		(0.20	)
Net asset value, end of period		$18.22			$23.46			$29.21			$16.22			$19.88
Total return2		(11.06%)	3		(18.89%)	3		82.01%			(17.46%	)		(10.32%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$144,999			$254,340			$353	4		$200	4		$300	4
Ratio of expenses to average net assets5		0.76%			0.92%			0.95%			0.99%			0.96%
Ratio of expenses to average net assets prior to fees waived5		1.05%			0.93%			0.95%			0.99%			0.96%
Ratio of net investment income to average net assets		3.94%			0.98%			0.40%			1.05%			1.03%
Ratio of net investment income to average net assets prior to fees waived		3.65%			0.97%			0.40%			1.05%			1.03%
Portfolio turnover		65%			38%			39%			32%			59%


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

252

Delaware Ivy Systematic Emerging Markets Equity Fund


	Year ended
Class R sharesΦ		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$22.26			$27.75			$15.44			$18.95			$21.40
Income (loss) from investment operations:
Net investment income (loss)1		0.61			0.06			(0.07	)		0.07			0.06
Net realized and unrealized gain (loss)		(3.33	)		(5.46	)		12.53			(3.47	)		(2.43	)
Total from investment operations		(2.72	)		(5.40	)		12.46			(3.40	)		(2.37	)
Less dividends and distributions from:
Net investment income		(0.17	)		(0.09	)		(0.15	)		(0.11	)		(0.08	)
Net realized gain		(2.25	)		—			—			—			—
Total dividends and distributions		(2.42	)		(0.09	)		(0.15	)		(0.11	)		(0.08	)
Net asset value, end of period		$17.12			$22.26			$27.75			$15.44			$18.95
Total return2		(11.57%)	3		(19.51%)	3		80.73%			(18.07%	)		(11.03%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$6,070			$7,540			$11	4		$9	4		$15	4
Ratio of expenses to average net assets5		1.37%			1.67%			1.69%			1.72%			1.70%
Ratio of expenses to average net assets prior to fees waived5		1.64%			1.68%			1.69%			1.72%			1.70%
Ratio of net investment income (loss) to average net assets		3.30%			0.22%			(0.32%	)		0.39%			0.32%
Ratio of net investment income (loss) to average net assets prior to fees waived		3.03%			0.21%			(0.32%	)		0.39%			0.32%
Portfolio turnover		65%			38%			39%			32%			59%


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

253

Financial highlights

Delaware Ivy Systematic Emerging Markets Equity Fund


	Year ended
Class Y sharesΦ		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.01			$28.65			$15.92			$19.53			$22.02
Income (loss) from investment operations:
Net investment income1		0.67			0.16			0.01			0.14			0.13
Net realized and unrealized gain (loss)		(3.44	)		(5.65	)		12.94			(3.58	)		(2.50	)
Total from investment operations		(2.77	)		(5.49	)		12.95			(3.44	)		(2.37	)
Less dividends and distributions from:
Net investment income		(0.20	)		(0.15	)		(0.22	)		(0.17	)		(0.12	)
Net realized gain		(2.25	)		—			—			—			—
Total dividends and distributions		(2.45	)		(0.15	)		(0.22	)		(0.17	)		(0.12	)
Net asset value, end of period		$17.79			$23.01			$28.65			$15.92			$19.53
Total return2		(11.38%)	3		(19.23%)	3		81.40%			(17.80%	)		(10.68%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$27,664			$29,380			$40	4		$31	4		$45	4
Ratio of expenses to average net assets5		1.14%			1.31%			1.34%			1.37%			1.35%
Ratio of expenses to average net assets prior to fees waived5		1.41%			1.32%			1.34%			1.37%			1.35%
Ratio of net investment income to average net assets		3.50%			0.59%			0.04%			0.70%			0.69%
Ratio of net investment income to average net assets prior to fees waived		3.23%			0.58%			0.04%			0.70%			0.69%
Portfolio turnover		65%			38%			39%			32%			59%


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

254

Delaware Climate Solutions Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.69			$6.18			$3.25			$9.45			$11.55
Income (loss) from investment operations:
Net investment income (loss)1		0.18			0.11			0.07			0.04			(0.05	)
Net realized and unrealized gain (loss)		0.18			3.51			2.97			(6.24	)		(2.05	)
Total from investment operations		0.36			3.62			3.04			(6.20	)		(2.10	)
Less dividends and distributions from:
Net investment income		(0.17	)		(0.11	)		(0.11	)		—			—
Total dividends and distributions		(0.17	)		(0.11	)		(0.11	)		—			—
Net asset value, end of period		$9.88			$9.69			$6.18			$3.25			$9.45
Total return2		3.68%			59.24%			94.23%			(65.61%	)		(18.18%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$91,379			$104,280			$72	3		$40	3		$134	3
Ratio of expenses to average net assets4		1.28%			1.35%			1.35%			1.41%			1.41%
Ratio of expenses to average net assets prior to fees waived4		1.48%			1.72%			1.87%			1.71%			1.55%
Ratio of net investment income (loss) to average net assets		1.80%			1.60%			1.52%			0.52%			(0.46%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.60%			1.23%			1.00%			0.22%			(0.60%	)
Portfolio turnover		108%			113%			30%			23%			31%


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

255

Financial highlights

Delaware Climate Solutions Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$8.88			$5.68			$2.97			$8.70			$10.71
Income (loss) from investment operations:
Net investment income (loss)1		0.09			0.06			0.03			(0.01	)		(0.12	)
Net realized and unrealized gain (loss)		0.17			3.21			2.73			(5.72	)		(1.89	)
Total from investment operations		0.26			3.27			2.76			(5.73	)		(2.01	)
Less dividends and distributions from:
Net investment income		(0.11	)		(0.07	)		(0.05	)		—			—
Total dividends and distributions		(0.11	)		(0.07	)		(0.05	)		—			—
Net asset value, end of period		$9.03			$8.88			$5.68			$2.97			$8.70
Total return2		2.88%			57.97%			93.07%			(65.86%	)		(18.77%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$9,909			$13,503			$9	3		$6	3		$27	3
Ratio of expenses to average net assets4		2.03%			2.09%			2.09%			2.11%			2.11%
Ratio of expenses to average net assets prior to fees waived4		2.17%			2.34%			2.44%			2.31%			2.12%
Ratio of net investment income (loss) to average net assets		1.00%			0.87%			0.77%			(0.20%	)		(1.17%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.86%			0.62%			0.42%			(0.40%	)		(1.18%	)
Portfolio turnover		108%			113%			30%			23%			31%


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

256

Delaware Climate Solutions Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.13			$6.45			$3.40			$9.85			$11.99
Income (loss) from investment operations:
Net investment income (loss)1		0.22			0.14			0.09			0.08			(0.01	)
Net realized and unrealized gain (loss)		0.18			3.67			3.11			(6.53	)		(2.13	)
Total from investment operations		0.40			3.81			3.20			(6.45	)		(2.14	)
Less dividends and distributions from:
Net investment income		(0.19	)		(0.13	)		(0.15	)		—			—
Total dividends and distributions		(0.19	)		(0.13	)		(0.15	)		—			—
Net asset value, end of period		$10.34			$10.13			$6.45			$3.40			$9.85
Total return2		3.97%			59.90%			95.08%			(65.48%	)		(17.85%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$97,636			$110,841			$97	3		$52	3		$158	3
Ratio of expenses to average net assets4		0.99%			0.99%			0.99%			0.99%			1.03%
Ratio of expenses to average net assets prior to fees waived4		1.00%			1.14%			1.20%			1.17%			1.11%
Ratio of net investment income (loss) to average net assets		2.09%			1.93%			1.87%			0.95%			(0.08%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		2.08%			1.78%			1.66%			0.77%			(0.16%	)
Portfolio turnover		108%			113%			30%			23%			31%


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

257

Financial highlights

Delaware Climate Solutions Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.18			$6.49			$3.42			$9.90			$12.05
Income (loss) from investment operations:
Net investment income1		0.22			0.16			0.09			0.08			—	2
Net realized and unrealized gain (loss)		0.19			3.66			3.13			(6.56	)		(2.15	)
Total from investment operations		0.41			3.82			3.22			(6.48	)		(2.15	)
Less dividends and distributions from:
Net investment income		(0.20	)		(0.13	)		(0.15	)		—			—
Total dividends and distributions		(0.20	)		(0.13	)		(0.15	)		—			—
Net asset value, end of period		$10.39			$10.18			$6.49			$3.42			$9.90
Total return3		4.03%	4		59.68%	4		95.11%	4		(65.45%	)		(17.84%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$3,411			$6,610			$3	5		$2	5		$5	5
Ratio of expenses to average net assets6		0.96%			0.98%			0.99%			0.99%			0.94%
Ratio of expenses to average net assets prior to fees waived6		0.97%			0.99%			1.02%			0.99%			0.94%
Ratio of net investment income to average net assets		2.09%			2.07%			1.84%			0.95%			0.04%
Ratio of net investment income to average net assets prior to fees waived		2.08%			2.06%			1.81%			0.95%			0.04%
Portfolio turnover		108%			113%			30%			23%			31%


1	Calculated using average shares outstanding.
2	Amount is less than $0.005 per share.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

258

Delaware Climate Solutions Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.57			$6.10			$3.20			$9.34			$11.45
Income (loss) from investment operations:
Net investment income (loss)1		0.15			0.09			0.05			0.01			(0.08	)
Net realized and unrealized gain (loss)		0.17			3.46			2.93			(6.15	)		(2.03	)
Total from investment operations		0.32			3.55			2.98			(6.14	)		(2.11	)
Less dividends and distributions from:
Net investment income		(0.15	)		(0.08	)		(0.08	)		—			—
Total dividends and distributions		(0.15	)		(0.08	)		(0.08	)		—			—
Net asset value, end of period		$9.74			$9.57			$6.10			$3.20			$9.34
Total return2		3.31%	3		58.80%			93.40%	3		(65.74%	)		(18.43%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$33,606			$36,368			$24	4		$7	4		$18	4
Ratio of expenses to average net assets5		1.56%			1.73%			1.75%			1.74%			1.68%
Ratio of expenses to average net assets prior to fees waived5		1.57%			1.73%			1.77%			1.74%			1.68%
Ratio of net investment income (loss) to average net assets		1.49%			1.23%			1.06%			0.19%			(0.72%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.48%			1.23%			1.04%			0.19%			(0.72%	)
Portfolio turnover		108%			113%			30%			23%			31%


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

259

Financial highlights

Delaware Climate Solutions Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.85			$6.28			$3.30			$9.59			$11.72
Income (loss) from investment operations:
Net investment income (loss)1		0.18			0.12			0.07			0.04			(0.05	)
Net realized and unrealized gain (loss)		0.19			3.56			3.02			(6.33	)		(2.08	)
Total from investment operations		0.37			3.68			3.09			(6.29	)		(2.13	)
Less dividends and distributions from:
Net investment income		(0.14	)		(0.11	)		(0.11	)		—			—
Total dividends and distributions		(0.14	)		(0.11	)		(0.11	)		—			—
Net asset value, end of period		$10.08			$9.85			$6.28			$3.30			$9.59
Total return2		3.69%	3		59.24%	3		94.31%	3		(65.59%)	3		(18.17%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$7,290			$11,467			$8	4		$4	4		$22	4
Ratio of expenses to average net assets5		1.28%			1.35%			1.35%			1.41%			1.34%
Ratio of expenses to average net assets prior to fees waived5		1.29%			1.38%			1.42%			1.42%			1.34%
Ratio of net investment income (loss) to average net assets		1.81%			1.61%			1.50%			0.46%			(0.42%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		1.80%			1.58%			1.43%			0.45%			(0.42%	)
Portfolio turnover		108%			113%			30%			23%			31%


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

260

Delaware Global Value Equity Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.72			$13.72			$9.64			$11.90			$13.84
Income (loss) from investment operations:
Net investment income1		0.13			0.20			0.26			0.29			0.29
Net realized and unrealized gain (loss)		0.12			(0.07	)		4.23			(2.13	)		(0.34	)
Total from investment operations		0.25			0.13			4.49			(1.84	)		(0.05	)
Less dividends and distributions from:
Net investment income		(0.11	)		(0.42	)		(0.23	)		(0.30	)		(0.32	)
Net realized gain		(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(4.91	)		(1.13	)		(0.41	)		(0.42	)		(1.89	)
Net asset value, end of period		$8.06			$12.72			$13.72			$9.64			$11.90
Total return2		5.75%	3		0.51%	3		47.07%	3		(16.11%)	3		0.47%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$197,879			$263,835			$310	4		$260	4		$387	4
Ratio of expenses to average net assets5		1.19%			1.22%			1.22%			1.24%			1.24%
Ratio of expenses to average net assets prior to fees waived5		1.33%			1.25%			1.24%			1.25%			1.24%
Ratio of net investment income to average net assets		1.25%			1.41%			2.16%			2.43%			2.27%
Ratio of net investment income to average net assets prior to fees waived		1.11%			1.38%			2.14%			2.42%			2.27%
Portfolio turnover		25%			111%			39%			43%			28%


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

261

Financial highlights

Delaware Global Value Equity Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.69			$13.72			$9.64			$11.90			$13.82
Income (loss) from investment operations:
Net investment income1		0.05			0.09			0.16			0.21			0.21
Net realized and unrealized gain (loss)		0.11			(0.08	)		4.23			(2.13	)		(0.35	)
Total from investment operations		0.16			0.01			4.39			(1.92	)		(0.14	)
Less dividends and distributions from:
Net investment income		(0.07	)		(0.33	)		(0.13	)		(0.22	)		(0.21	)
Net realized gain		(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(4.87	)		(1.04	)		(0.31	)		(0.34	)		(1.78	)
Net asset value, end of period		$7.98			$12.69			$13.72			$9.64			$11.90
Total return2		4.84%	3		(0.32%	)		45.88%			(16.75%	)		(0.21%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,384			$4,780			$7	4		$10	4		$22	4
Ratio of expenses to average net assets5		2.04%			2.04%			2.03%			2.00%			1.94%
Ratio of expenses to average net assets prior to fees waived5		2.27%			2.04%			2.03%			2.00%			1.94%
Ratio of net investment income to average net assets		0.44%			0.64%			1.34%			1.76%			1.64%
Ratio of net investment income to average net assets prior to fees waived		0.21%			0.64%			1.34%			1.76%			1.64%
Portfolio turnover		25%			111%			39%			43%			28%


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

262

Delaware Global Value Equity Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.74			$13.73			$9.64			$11.91			$13.85
Income (loss) from investment operations:
Net investment income1		0.16			0.24			0.29			0.33			0.34
Net realized and unrealized gain (loss)		0.12			(0.07	)		4.24			(2.14	)		(0.35	)
Total from investment operations		0.28			0.17			4.53			(1.81	)		(0.01	)
Less dividends and distributions from:
Net investment income		(0.13	)		(0.45	)		(0.26	)		(0.34	)		(0.36	)
Net realized gain		(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(4.93	)		(1.16	)		(0.44	)		(0.46	)		(1.93	)
Net asset value, end of period		$8.09			$12.74			$13.73			$9.64			$11.91
Total return2		5.99%			0.81%			47.60%			(15.90%	)		0.78%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$117,590			$205,264			$268	3		$242	3		$374	3
Ratio of expenses to average net assets4		0.92%			0.92%			0.92%			0.92%			0.93%
Ratio of expenses to average net assets prior to fees waived4		0.93%			0.94%			0.95%			0.95%			0.95%
Ratio of net investment income to average net assets		1.58%			1.72%			2.46%			2.76%			2.58%
Ratio of net investment income to average net assets prior to fees waived		1.57%			1.70%			2.43%			2.73%			2.56%
Portfolio turnover		25%			111%			39%			43%			28%


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

263

Financial highlights

Delaware Global Value Equity Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.76			$13.74			$9.65			$11.92			$13.86
Income (loss) from investment operations:
Net investment income1		0.19			0.26			0.30			0.35			0.30
Net realized and unrealized gain (loss)		0.10			(0.06	)		4.24			(2.14	)		(0.29	)
Total from investment operations		0.29			0.20			4.54			(1.79	)		0.01
Less dividends and distributions from:
Net investment income		(0.13	)		(0.47	)		(0.27	)		(0.36	)		(0.38	)
Net realized gain		(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(4.93	)		(1.18	)		(0.45	)		(0.48	)		(1.95	)
Net asset value, end of period		$8.12			$12.76			$13.74			$9.65			$11.92
Total return2		6.09%			0.99%			47.70%			(15.76%	)		0.93%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,130			$14,281			$24	3		$17	3		$22	3
Ratio of expenses to average net assets4		0.83%			0.79%			0.79%			0.79%			0.78%
Ratio of net investment income to average net assets		1.68%			1.90%			2.54%			2.87%			2.40%
Portfolio turnover		25%			111%			39%			43%			28%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

264

Delaware Global Value Equity Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.72			$13.73			$9.65			$11.91			$13.84
Income (loss) from investment operations:
Net investment income1		0.10			0.15			0.22			0.26			0.25
Net realized and unrealized gain (loss)		0.12			(0.07	)		4.23			(2.13	)		(0.33	)
Total from investment operations		0.22			0.08			4.45			(1.87	)		(0.08	)
Less dividends and distributions from:
Net investment income		(0.10	)		(0.38	)		(0.19	)		(0.27	)		(0.28	)
Net realized gain		(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(4.90	)		(1.09	)		(0.37	)		(0.39	)		(1.85	)
Net asset value, end of period		$8.04			$12.72			$13.73			$9.65			$11.91
Total return2		5.37%	3		0.18%			46.59%			(16.36%	)		0.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$232			$308	4		$—	4,5		$1	5		$1	5
Ratio of expenses to average net assets6		1.47%			1.54%			1.54%			1.53%			1.52%
Ratio of expenses to average net assets prior to fees waived6		1.48%			1.54%			1.54%			1.53%			1.52%
Ratio of net investment income to average net assets		0.92%			1.09%			1.89%			2.14%			1.97%
Ratio of net investment income to average net assets prior to fees waived		0.91%			1.09%			1.89%			2.14%			1.97%
Portfolio turnover		25%			111%			39%			43%			28%


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

265

Financial highlights

Delaware Global Value Equity Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.72			$13.72			$9.64			$11.90			$13.84
Income (loss) from investment operations:
Net investment income1		0.13			0.20			0.26			0.30			0.30
Net realized and unrealized gain (loss)		0.12			(0.07	)		4.23			(2.13	)		(0.34	)
Total from investment operations		0.25			0.13			4.49			(1.83	)		(0.04	)
Less dividends and distributions from:
Net investment income		(0.11	)		(0.42	)		(0.23	)		(0.31	)		(0.33	)
Net realized gain		(4.80	)		(0.71	)		(0.18	)		(0.12	)		(1.57	)
Total dividends and distributions		(4.91	)		(1.13	)		(0.41	)		(0.43	)		(1.90	)
Net asset value, end of period		$8.06			$12.72			$13.72			$9.64			$11.90
Total return2		5.74%	3		0.53%			47.11%			(16.06%	)		0.49%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,409			$1,612			$2	4		$5	4		$7	4
Ratio of expenses to average net assets5		1.18%			1.18%			1.18%			1.19%			1.21%	6
Ratio of expenses to average net assets prior to fees waived5		1.19%			1.18%			1.18%			1.19%			1.21%	6
Ratio of net investment income to average net assets		1.26%			1.45%			2.25%			2.49%			2.30%
Ratio of net investment income to average net assets prior to fees waived		1.25%			1.45%			2.25%			2.49%			2.30%
Portfolio turnover		25%			111%			39%			43%			28%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	Expense ratio based on the period excluding reorganization expenses was 1.19%.

266

Delaware Ivy Global Growth Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$54.30			$56.56			$37.75			$43.12			$46.78
Income (loss) from investment operations:
Net investment income (loss)1		0.22			0.08			(0.04	)		0.05			0.09
Net realized and unrealized gain (loss)		(3.65	)		1.81			21.67			(4.97	)		1.02
Total from investment operations		(3.43	)		1.89			21.63			(4.92	)		1.11
Less dividends and distributions from:
Net investment income		—			(0.19	)		—			(0.09	)		(0.08	)
Net realized gain		(21.52	)		(3.96	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		(21.52	)		(4.15	)		(2.82	)		(0.45	)		(4.77	)
Net asset value, end of period		$29.35			$54.30			$56.56			$37.75			$43.12
Total return2		(4.48%)	3		2.84%			57.85%			(11.62%	)		3.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$333,400			$481,991			$531	4		$369	4		$477	4
Ratio of expenses to average net assets5		1.28%			1.27%			1.34%			1.36%			1.37%
Ratio of expenses to average net assets prior to fees waived5		1.39%			1.27%			1.34%			1.36%			1.37%
Ratio of net investment income (loss) to average net assets		0.53%			0.14%			(0.08%	)		0.11%			0.19%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.42%			0.14%			(0.08%	)		0.11%			0.19%
Portfolio turnover		39%			45%			32%			26%			54%


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

267

Financial highlights

Delaware Ivy Global Growth Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$43.16			$45.65			$31.11			$35.84			$39.93
Income (loss) from investment operations:
Net investment loss1		(0.10)	2		(0.40	)		(0.41	)		(0.28	)		(0.23	)
Net realized and unrealized gain (loss)		(3.14	)		1.51			17.77			(4.09	)		0.83
Total from investment operations		(3.24	)		1.11			17.36			(4.37	)		0.60
Less dividends and distributions from:
Net realized gain		(21.52	)		(3.60	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		(21.52	)		(3.60	)		(2.82	)		(0.36	)		(4.69	)
Net asset value, end of period		$18.40			$43.16			$45.65			$31.11			$35.84
Total return3		(5.30%)	4		1.88%			56.45%			(12.42%	)		2.33%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,187			$3,530			$5	5		$5	5		$9	5
Ratio of expenses to average net assets6		2.17%			2.22%			2.25%			2.24%			2.15%
Ratio of expenses to average net assets prior to fees waived6		2.51%			2.22%			2.25%			2.24%			2.15%
Ratio of net investment loss to average net assets		(0.35%	)		(0.84%	)		(1.00%	)		(0.76%	)		(0.60%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.69%	)		(0.84%	)		(1.00%	)		(0.76%	)		(0.60%	)
Portfolio turnover		39%			45%			32%			26%			54%


1	Calculated using average shares outstanding.
2	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

268

Delaware Ivy Global Growth Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$55.82			$58.10			$38.63			$44.10			$47.72
Income (loss) from investment operations:
Net investment income1		0.37			0.20			0.10			0.18			0.24
Net realized and unrealized gain (loss)		(3.75	)		1.89			22.20			(5.07	)		1.05
Total from investment operations		(3.38	)		2.09			22.30			(4.89	)		1.29
Less dividends and distributions from:
Net investment income		(0.06	)		(0.41	)		(0.01	)		(0.22	)		(0.22	)
Net realized gain		(21.52	)		(3.96	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		(21.58	)		(4.37	)		(2.83	)		(0.58	)		(4.91	)
Net asset value, end of period		$30.86			$55.82			$58.10			$38.63			$44.10
Total return2		(4.25%	)		3.09%			58.28%			(11.35%	)		3.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$196,155			$379,099			$494	3		$346	3		$436	3
Ratio of expenses to average net assets4		1.01%			1.06%			1.06%			1.06%			1.06%
Ratio of expenses to average net assets prior to fees waived4		1.03%			1.07%			1.09%			1.10%			1.08%
Ratio of net investment income to average net assets		0.85%			0.33%			0.19%			0.40%			0.50%
Ratio of net investment income to average net assets prior to fees waived		0.83%			0.32%			0.16%			0.36%			0.48%
Portfolio turnover		39%			45%			32%			26%			54%


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

269

Financial highlights

Delaware Ivy Global Growth Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$56.21			$58.51			$38.85			$44.35			$47.99
Income (loss) from investment operations:
Net investment income1		0.31			0.23			0.16			0.24			0.30
Net realized and unrealized gain (loss)		(3.70	)		1.96			22.35			(5.10	)		1.04
Total from investment operations		(3.39	)		2.19			22.51			(4.86	)		1.34
Less dividends and distributions from:
Net investment income		(0.26	)		(0.53	)		(0.03	)		(0.28	)		(0.29	)
Net realized gain		(21.52	)		(3.96	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		(21.78	)		(4.49	)		(2.85	)		(0.64	)		(4.98	)
Net asset value, end of period		$31.04			$56.21			$58.51			$38.85			$44.35
Total return2		(4.20%)	3		3.22%			58.50%			(11.26%	)		3.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,908			$2,633			$19	4		$16	4		$19	4
Ratio of expenses to average net assets5		0.98%			0.91%			0.94%			0.94%			0.92%
Ratio of expenses to average net assets prior to fees waived5		1.00%			0.91%			0.94%			0.94%			0.92%
Ratio of net investment income to average net assets		0.73%			0.37%			0.31%			0.53%			0.64%
Ratio of net investment income to average net assets prior to fees waived		0.71%			0.37%			0.31%			0.53%			0.64%
Portfolio turnover		39%			45%			32%			26%			54%


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

270

Delaware Ivy Global Growth Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$53.50			$55.69			$37.32			$42.69			$46.41
Income (loss) from investment operations:
Net investment income (loss)1		0.09			(0.15	)		(0.21	)		(0.08	)		(0.05	)
Net realized and unrealized gain (loss)		(3.61	)		1.78			21.40			(4.93	)		1.02
Total from investment operations		(3.52	)		1.63			21.19			(5.01	)		0.97
Less dividends and distributions from:
Net investment income		—			(0.01	)		—			—			—
Net realized gain		(21.52	)		(3.81	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		(21.52	)		(3.82	)		(2.82	)		(0.36	)		(4.69	)
Net asset value, end of period		$28.46			$53.50			$55.69			$37.32			$42.69
Total return2		(4.74%)	3		2.46%			57.33%			(11.92%	)		2.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$716			$835			$1	4		$1	4		$1	4
Ratio of expenses to average net assets5		1.55%			1.66%			1.68%			1.68%			1.67%
Ratio of expenses to average net assets prior to fees waived5		1.57%			1.66%			1.68%			1.68%			1.67%
Ratio of net investment income (loss) to average net assets		0.23%			(0.25%	)		(0.42%	)		(0.18%	)		(0.10%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.21%			(0.25%	)		(0.42%	)		(0.18%	)		(0.10%	)
Portfolio turnover		39%			45%			32%			26%			54%


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

271

Financial highlights

Delaware Ivy Global Growth Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$54.63			$56.88			$37.95			$43.35			$47.00
Income (loss) from investment operations:
Net investment income (loss)1		0.21			0.07			(0.05	)		0.08			0.09
Net realized and unrealized gain (loss)		(3.66	)		1.83			21.80			(5.03	)		1.04
Total from investment operations		(3.45	)		1.90			21.75			(4.95	)		1.13
Less dividends and distributions from:
Net investment income		—			(0.19	)		—			(0.09	)		(0.09	)
Net realized gain		(21.52	)		(3.96	)		(2.82	)		(0.36	)		(4.69	)
Total dividends and distributions		(21.52	)		(4.15	)		(2.82	)		(0.45	)		(4.78	)
Net asset value, end of period		$29.66			$54.63			$56.88			$37.95			$43.35
Total return2		(4.50%)	3		2.85%	3		57.86%	3		(11.63%)	3		3.17%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,483			$1,962			$3	4		$2	4		$5	4
Ratio of expenses to average net assets5		1.28%			1.28%			1.34%			1.36%			1.33%
Ratio of expenses to average net assets prior to fees waived5		1.32%			1.32%			1.36%			1.38%			1.33%
Ratio of net investment income (loss) to average net assets		0.51%			0.11%			(0.09%	)		0.19%			0.20%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.47%			0.07%			(0.11%	)		0.17%			0.20%
Portfolio turnover		39%			45%			32%			26%			54%


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

272

Delaware Ivy International Core Equity Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$19.09			$19.82			$13.29			$16.75			$19.98
Income (loss) from investment operations:
Net investment income1		0.38			0.18			0.23			0.26			0.35
Net realized and unrealized gain (loss)		(0.50	)		(0.41	)		6.48			(3.30	)		(2.11	)
Total from investment operations		(0.12	)		(0.23	)		6.71			(3.04	)		(1.76	)
Less dividends and distributions from:
Net investment income		(0.14	)		(0.50	)		(0.18	)		(0.42	)		(0.36	)
Net realized gain		—			—			—			—			(1.11	)
Total dividends and distributions		(0.14	)		(0.50	)		(0.18	)		(0.42	)		(1.47	)
Net asset value, end of period		$18.83			$19.09			$19.82			$13.29			$16.75
Total return2		(0.55%	)		(1.28%	)		50.62%			(18.72%	)		(8.57%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$278,607			$329,081			$388	3		$322	3		$568	3
Ratio of expenses to average net assets4		1.11%			1.23%			1.23%			1.25%			1.26%
Ratio of expenses to average net assets prior to fees waived4		1.42%			1.36%			1.35%			1.31%			1.27%
Ratio of net investment income to average net assets		2.20%			0.89%			1.33%			1.57%			1.90%
Ratio of net investment income to average net assets prior to fees waived		1.89%			0.76%			1.21%			1.51%			1.89%
Portfolio turnover		43%			71%			76%			62%			52%


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

273

Financial highlights

Delaware Ivy International Core Equity Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$16.62			$17.33			$11.65			$14.75			$17.77
Income (loss) from investment operations:
Net investment income1		0.22			0.04			0.09			0.14			0.20
Net realized and unrealized gain (loss)		(0.43	)		(0.36	)		5.68			(2.91	)		(1.87	)
Total from investment operations		(0.21	)		(0.32	)		5.77			(2.77	)		(1.67	)
Less dividends and distributions from:
Net investment income		(0.02	)		(0.39	)		(0.09	)		(0.33	)		(0.24	)
Net realized gain		—			—			—			—			(1.11	)
Total dividends and distributions		(0.02	)		(0.39	)		(0.09	)		(0.33	)		(1.35	)
Net asset value, end of period		$16.39			$16.62			$17.33			$11.65			$14.75
Total return2		(1.23%	)		(1.97%	)		49.63%			(19.30%	)		(9.14%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$28,549			$45,987			$67	3		$77	3		$163	3
Ratio of expenses to average net assets4		1.84%			1.92%			1.92%			1.93%			1.91%
Ratio of expenses to average net assets prior to fees waived4		2.20%			2.06%			2.05%			1.99%			1.92%
Ratio of net investment income to average net assets		1.46%			0.23%			0.58%			0.94%			1.24%
Ratio of net investment income to average net assets prior to fees waived		1.10%			0.09%			0.45%			0.88%			1.23%
Portfolio turnover		43%			71%			76%			62%			52%


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

274

Delaware Ivy International Core Equity Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$19.24			$19.98			$13.39			$16.86			$20.10
Income (loss) from investment operations:
Net investment income1		0.45			0.28			0.29			0.35			0.42
Net realized and unrealized gain (loss)		(0.50	)		(0.42	)		6.55			(3.32	)		(2.12	)
Total from investment operations		(0.05	)		(0.14	)		6.84			(2.97	)		(1.70	)
Less dividends and distributions from:
Net investment income		(0.19	)		(0.60	)		(0.25	)		(0.50	)		(0.43	)
Net realized gain		—			—			—			—			(1.11	)
Total dividends and distributions		(0.19	)		(0.60	)		(0.25	)		(0.50	)		(1.54	)
Net asset value, end of period		$19.00			$19.24			$19.98			$13.39			$16.86
Total return2		(0.17%	)		(0.88%	)		51.27%			(18.30%	)		(8.20%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$723,002			$1,024,716			$1,408	3		$1,483	3		$3,149	3
Ratio of expenses to average net assets4		0.79%			0.79%			0.79%			0.79%			0.85%
Ratio of expenses to average net assets prior to fees waived4		0.94%			1.02%			1.03%			0.98%			0.95%
Ratio of net investment income to average net assets		2.54%			1.34%			1.72%			2.08%			2.27%
Ratio of net investment income to average net assets prior to fees waived		2.39%			1.11%			1.48%			1.89%			2.17%
Portfolio turnover		43%			71%			76%			62%			52%


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

275

Financial highlights

Delaware Ivy International Core Equity Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$19.30			$20.03			$13.43			$16.91			$20.16
Income (loss) from investment operations:
Net investment income1		0.45			0.29			0.29			0.36			0.43
Net realized and unrealized gain (loss)		(0.51	)		(0.42	)		6.56			(3.34	)		(2.12	)
Total from investment operations		(0.06	)		(0.13	)		6.85			(2.98	)		(1.69	)
Less dividends and distributions from:
Net investment income		(0.19	)		(0.60	)		(0.25	)		(0.50	)		(0.45	)
Net realized gain		—			—			—			—			(1.11	)
Total dividends and distributions		(0.19	)		(0.60	)		(0.25	)		(0.50	)		(1.56	)
Net asset value, end of period		$19.05			$19.30			$20.03			$13.43			$16.91
Total return2		(0.22%	)		(0.83%	)		51.19%			(18.31%	)		(8.12%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$243,848			$347,008			$497	3		$620	3		$1,437	3
Ratio of expenses to average net assets4		0.79%			0.79%			0.79%			0.79%			0.79%
Ratio of expenses to average net assets prior to fees waived4		0.93%			0.88%			0.88%			0.83%			0.80%
Ratio of net investment income to average net assets		2.55%			1.37%			1.69%			2.09%			2.35%
Ratio of net investment income to average net assets prior to fees waived		2.41%			1.28%			1.60%			2.05%			2.34%
Portfolio turnover		43%			71%			76%			62%			52%


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

276

Delaware Ivy International Core Equity Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$19.07			$19.80			$13.29			$16.75			$19.97
Income (loss) from investment operations:
Net investment income1		0.33			0.12			0.17			0.20			0.29
Net realized and unrealized gain (loss)		(0.49	)		(0.41	)		6.48			(3.28	)		(2.10	)
Total from investment operations		(0.16	)		(0.29	)		6.65			(3.08	)		(1.81	)
Less dividends and distributions from:
Net investment income		(0.10	)		(0.44	)		(0.14	)		(0.38	)		(0.30	)
Net realized gain		—			—			—			—			(1.11	)
Total dividends and distributions		(0.10	)		(0.44	)		(0.14	)		(0.38	)		(1.41	)
Net asset value, end of period		$18.81			$19.07			$19.80			$13.29			$16.75
Total return2		(0.78%	)		(1.57%	)		50.08%			(18.93%	)		(8.82%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$41,758			$47,807			$55	3		$47	3		$104	3
Ratio of expenses to average net assets4		1.37%			1.53%			1.53%			1.53%			1.53%
Ratio of expenses to average net assets prior to fees waived4		1.51%			1.63%			1.62%			1.57%			1.54%
Ratio of net investment income to average net assets		1.92%			0.58%			1.02%			1.21%			1.60%
Ratio of net investment income to average net assets prior to fees waived		1.78%			0.48%			0.93%			1.17%			1.59%
Portfolio turnover		43%			71%			76%			62%			52%


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

277

Financial highlights

Delaware Ivy International Core Equity Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$19.24			$19.98			$13.39			$16.87			$20.12
Income (loss) from investment operations:
Net investment income1		0.39			0.21			0.22			0.27			0.37
Net realized and unrealized gain (loss)		(0.49	)		(0.43	)		6.56			(3.32	)		(2.14	)
Total from investment operations		(0.10	)		(0.22	)		6.78			(3.05	)		(1.77	)
Less dividends and distributions from:
Net investment income		(0.15	)		(0.52	)		(0.19	)		(0.43	)		(0.37	)
Net realized gain		—			—			—			—			(1.11	)
Total dividends and distributions		(0.15	)		(0.52	)		(0.19	)		(0.43	)		(1.48	)
Net asset value, end of period		$18.99			$19.24			$19.98			$13.39			$16.87
Total return2		(0.46%)	3		(1.26%)	3		50.76%	3		(18.65%)	3		(8.55%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$41,120			$49,433			$91	4		$176	4		$377	4
Ratio of expenses to average net assets5		1.09%			1.18%			1.17%			1.18%			1.19%
Ratio of expenses to average net assets prior to fees waived5		1.24%			1.28%			1.29%			1.23%			1.19%
Ratio of net investment income to average net assets		2.20%			0.99%			1.33%			1.62%			1.99%
Ratio of net investment income to average net assets prior to fees waived		2.05%			0.89%			1.21%			1.57%			1.99%
Portfolio turnover		43%			71%			76%			62%			52%


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

278

Delaware Ivy Large Cap Growth Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$31.11			$29.35			$20.52			$22.73			$22.65
Income (loss) from investment operations:
Net investment loss1		(0.06	)		(0.12	)		(0.07	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		(2.99	)		5.20			10.80			0.85			2.87
Total from investment operations		(3.05	)		5.08			10.73			0.83			2.86
Less dividends and distributions from:
Net realized gain		(2.88	)		(3.32	)		(1.90	)		(3.04	)		(2.78	)
Total dividends and distributions		(2.88	)		(3.32	)		(1.90	)		(3.04	)		(2.78	)
Net asset value, end of period		$25.18			$31.11			$29.35			$20.52			$22.73
Total return2		(9.24%)	3		16.52%			52.78%			2.18%			13.65%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,127,513			$2,834,191			$2,740	4		$1,936	4		$2,113	4
Ratio of expenses to average net assets5		0.93%			0.94%			0.98%			1.01%			1.04%
Ratio of expenses to average net assets prior to fees waived5		1.00%			0.94%			0.98%			1.01%			1.04%
Ratio of net investment loss to average net assets		(0.22%	)		(0.36%	)		(0.24%	)		(0.07%	)		(0.04%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.29%	)		(0.28%	)		(0.36%	)		(0.24%	)		(0.07%	)
Portfolio turnover		20%			12%			23%			33%			37%


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

279

Financial highlights

Delaware Ivy Large Cap Growth Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$22.78			$22.15			$15.94			$18.30			$18.87
Income (loss) from investment operations:
Net investment loss1		(0.19	)		(0.30	)		(0.22	)		(0.17	)		(0.15	)
Net realized and unrealized gain (loss)		(2.25	)		3.96			8.33			0.75			2.33
Total from investment operations		(2.44	)		3.66			8.11			0.58			2.18
Less dividends and distributions from:
Net realized gain		(2.88	)		(3.03	)		(1.90	)		(2.94	)		(2.75	)
Total dividends and distributions		(2.88	)		(3.03	)		(1.90	)		(2.94	)		(2.75	)
Net asset value, end of period		$17.46			$22.78			$22.15			$15.94			$18.30
Total return2		(9.97%)	3		15.55%			51.46%			1.38%			12.75%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$44,773			$63,666			$69	4		$69	4		$88	4
Ratio of expenses to average net assets5		1.73%			1.80%			1.82%			1.83%			1.81%
Ratio of expenses to average net assets prior to fees waived5		1.90%			1.80%			1.82%			1.83%			1.81%
Ratio of net investment loss to average net assets		(1.03%	)		(1.23%	)		(1.07%	)		(0.89%	)		(0.81%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.20%	)		(1.23%	)		(1.07%	)		(0.89%	)		(0.81%	)
Portfolio turnover		20%			12%			23%			33%			37%


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

280

Delaware Ivy Large Cap Growth Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$33.61			$31.48			$21.90			$24.09			$23.80
Income (loss) from investment operations:
Net investment income (loss)1		0.02	2		(0.02	)		0.03			0.06			0.06
Net realized and unrealized gain (loss)		(3.22	)		5.56			11.52			0.89			3.03
Total from investment operations		(3.20	)		5.54			11.55			0.95			3.09
Less dividends and distributions from:
Net investment income		—			—			(0.01	)		(0.07	)		—
Net realized gain		(2.88	)		(3.41	)		(1.96	)		(3.07	)		(2.80	)
Total dividends and distributions		(2.88	)		(3.41	)		(1.97	)		(3.14	)		(2.80	)
Net asset value, end of period		$27.53			$33.61			$31.48			$21.90			$24.09
Total return3		(8.99%	)		16.87%			53.25%			2.51%			13.99%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,723,101			$2,626,992			$2,527	4		$1,819	4		$1,970	4
Ratio of expenses to average net assets5		0.64%			0.64%			0.64%			0.69%			0.73%
Ratio of expenses to average net assets prior to fees waived5		0.66%			0.77%			0.79%			0.80%			0.82%
Ratio of net investment income (loss) to average net assets		0.07%			(0.06%	)		0.09%			0.24%			0.27%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.05%			(0.19%	)		(0.06%	)		0.13%			0.18%
Portfolio turnover		20%			12%			23%			33%			37%


1	Calculated using average shares outstanding.
2	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

281

Financial highlights

Delaware Ivy Large Cap Growth Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$33.89			$31.71			$22.05			$24.25			$23.91
Income (loss) from investment operations:
Net investment income (loss)1		0.03	2		(0.02	)		0.03			0.07			0.08
Net realized and unrealized gain (loss)		(3.26	)		5.61			11.61			0.89			3.04
Total from investment operations		(3.23	)		5.59			11.64			0.96			3.12
Less dividends and distributions from:
Net investment income		—			—			(0.02	)		(0.09	)		—
Net realized gain		(2.88	)		(3.41	)		(1.96	)		(3.07	)		(2.78	)
Total dividends and distributions		(2.88	)		(3.41	)		(1.98	)		(3.16	)		(2.78	)
Net asset value, end of period		$27.78			$33.89			$31.71			$22.05			$24.25
Total return3		(9.01%)	4		16.90%			53.28%			2.54%			14.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$185,287			$166,623			$164	5		$107	5		$108	5
Ratio of expenses to average net assets6		0.64%			0.64%			0.64%			0.66%			0.66%
Ratio of expenses to average net assets prior to fees waived6		0.66%			0.64%			0.64%			0.66%			0.66%
Ratio of net investment income (loss) to average net assets		0.09%			(0.06%	)		0.10%			0.28%			0.33%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.07%			(0.06%	)		0.10%			0.28%			0.33%
Portfolio turnover		20%			12%			23%			33%			37%


1	Calculated using average shares outstanding.
2	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

282

Delaware Ivy Large Cap Growth Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$29.09			$27.57			$19.43			$21.69			$21.79
Income (loss) from investment operations:
Net investment loss1		(0.12	)		(0.24	)		(0.16	)		(0.10	)		(0.09	)
Net realized and unrealized gain (loss)		(2.83	)		4.89			10.20			0.82			2.74
Total from investment operations		(2.95	)		4.65			10.04			0.72			2.65
Less dividends and distributions from:
Net realized gain		(2.88	)		(3.13	)		(1.90	)		(2.98	)		(2.75	)
Total dividends and distributions		(2.88	)		(3.13	)		(1.90	)		(2.98	)		(2.75	)
Net asset value, end of period		$23.26			$29.09			$27.57			$19.43			$21.69
Total return2		(9.55%)	3		16.07%			52.17%			1.75%			13.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$10,598			$12,298			$13	4		$13	4		$18	4
Ratio of expenses to average net assets5		1.23%			1.37%			1.38%			1.40%			1.40%
Ratio of expenses to average net assets prior to fees waived5		1.24%			1.37%			1.38%			1.40%			1.40%
Ratio of net investment loss to average net assets		(0.51%	)		(0.79%	)		(0.63%	)		(0.46%	)		(0.40%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.52%	)		(0.79%	)		(0.63%	)		(0.46%	)		(0.40%	)
Portfolio turnover		20%			12%			23%			33%			37%


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

283

Financial highlights

Delaware Ivy Large Cap Growth Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$32.29			$30.36			$21.18			$23.37			$23.24
Income (loss) from investment operations:
Net investment loss1		(0.06	)		(0.13	)		(0.07	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		(3.11	)		5.37			11.15			0.86			2.94
Total from investment operations		(3.17	)		5.24			11.08			0.84			2.93
Less dividends and distributions from:
Net realized gain		(2.88	)		(3.31	)		(1.90	)		(3.03	)		(2.80	)
Total dividends and distributions		(2.88	)		(3.31	)		(1.90	)		(3.03	)		(2.80	)
Net asset value, end of period		$26.24			$32.29			$30.36			$21.18			$23.37
Total return2		(9.28%	)		16.51%			52.78%			2.19%			13.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$24,849			$35,926			$31	3		$26	3		$38	3
Ratio of expenses to average net assets4		0.95%			0.95%			0.98%			1.01%			1.05%
Ratio of expenses to average net assets prior to fees waived4		0.96%			1.02%			1.04%			1.05%			1.06%
Ratio of net investment loss to average net assets		(0.24%	)		(0.37%	)		(0.24%	)		(0.08%	)		(0.05%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.25%	)		(0.44%	)		(0.30%	)		(0.12%	)		(0.06%	)
Portfolio turnover		20%			12%			23%			33%			37%


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

284

Delaware Ivy Mid Cap Growth Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$32.31			$37.42			$22.28			$25.28			$23.99
Income (loss) from investment operations:
Net investment loss1		(0.16	)		(0.29	)		(0.23	)		(0.15	)		(0.13	)
Net realized and unrealized gain (loss)		(3.20	)		0.11			19.03			(1.42	)		3.56
Total from investment operations		(3.36	)		(0.18	)		18.80			(1.57	)		3.43
Less dividends and distributions from:
Net realized gain		(2.81	)		(4.93	)		(3.66	)		(1.43	)		(2.14	)
Total dividends and distributions		(2.81	)		(4.93	)		(3.66	)		(1.43	)		(2.14	)
Net asset value, end of period		$26.14			$32.31			$37.42			$22.28			$25.28
Total return2		(10.07%)	3		(1.90%	)		85.37%	3		(7.20%)	3		15.72%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,582,726			$2,158,678			$2,453	4		$1,391	4		$1,668	4
Ratio of expenses to average net assets5		1.09%			1.12%			1.16%			1.20%			1.23%
Ratio of expenses to average net assets prior to fees waived5		1.21%			1.12%			1.17%			1.23%			1.25%
Ratio of net investment loss to average net assets		(0.59%	)		(0.76%	)		(0.68%	)		(0.55%	)		(0.53%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.71%	)		(0.76%	)		(0.69%	)		(0.58%	)		(0.55%	)
Portfolio turnover		23%			27%			33%			22%			38%


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

285

Financial highlights

Delaware Ivy Mid Cap Growth Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$24.74			$29.76			$18.26			$21.02			$20.44
Income (loss) from investment operations:
Net investment loss1		(0.28	)		(0.48	)		(0.39	)		(0.28	)		(0.26	)
Net realized and unrealized gain (loss)		(2.49	)		0.20			15.51			(1.15	)		2.98
Total from investment operations		(2.77	)		(0.28	)		15.12			(1.43	)		2.72
Less dividends and distributions from:
Net realized gain		(2.81	)		(4.74	)		(3.62	)		(1.33	)		(2.14	)
Total dividends and distributions		(2.81	)		(4.74	)		(3.62	)		(1.33	)		(2.14	)
Net asset value, end of period		$19.16			$24.74			$29.76			$18.26			$21.02
Total return2		(10.79%)	3		(2.67%	)		83.95%	3		(7.88%)	3		14.90%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$75,826			$121,668			$170	4		$143	4		$207	4
Ratio of expenses to average net assets5		1.88%			1.93%			1.92%			1.95%			1.94%
Ratio of expenses to average net assets prior to fees waived5		2.06%			1.93%			1.94%			1.98%			1.96%
Ratio of net investment loss to average net assets		(1.38%	)		(1.57%	)		(1.43%	)		(1.30%	)		(1.25%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.56%	)		(1.57%	)		(1.45%	)		(1.33%	)		(1.27%	)
Portfolio turnover		23%			27%			33%			22%			38%


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

286

Delaware Ivy Mid Cap Growth Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$36.32			$41.48			$24.41			$27.52			$25.83
Income (loss) from investment operations:
Net investment loss1		(0.09	)		(0.18	)		(0.12	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		(3.58	)		0.07			20.89			(1.57	)		3.87
Total from investment operations		(3.67	)		(0.11	)		20.77			(1.61	)		3.83
Less dividends and distributions from:
Net realized gain		(2.81	)		(5.05	)		(3.70	)		(1.50	)		(2.14	)
Total dividends and distributions		(2.81	)		(5.05	)		(3.70	)		(1.50	)		(2.14	)
Net asset value, end of period		$29.84			$36.32			$41.48			$24.41			$27.52
Total return2		(9.80%	)		(1.56%	)		86.00%			(6.75%	)		16.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,887,695			$3,577,939			$3,609	3		$1,898	3		$2,250	3
Ratio of expenses to average net assets4		0.79%			0.79%			0.79%			0.79%			0.85%
Ratio of expenses to average net assets prior to fees waived4		0.84%			0.95%			0.97%			1.00%			1.00%
Ratio of net investment loss to average net assets		(0.28%	)		(0.43%	)		(0.31%	)		(0.15%	)		(0.16%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.33%	)		(0.59%	)		(0.49%	)		(0.36%	)		(0.31%	)
Portfolio turnover		23%			27%			33%			22%			38%


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

287

Financial highlights

Delaware Ivy Mid Cap Growth Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$36.73			$41.89			$24.63			$27.76			$26.02
Income (loss) from investment operations:
Net investment loss1		(0.08	)		(0.18	)		(0.13	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		(3.63	)		0.07			21.09			(1.59	)		3.91
Total from investment operations		(3.71	)		(0.11	)		20.96			(1.63	)		3.88
Less dividends and distributions from:
Net realized gain		(2.81	)		(5.05	)		(3.70	)		(1.50	)		(2.14	)
Total dividends and distributions		(2.81	)		(5.05	)		(3.70	)		(1.50	)		(2.14	)
Net asset value, end of period		$30.21			$36.73			$41.89			$24.63			$27.76
Total return2		(9.80%	)		(1.54%	)		86.00%			(6.77%	)		16.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,048,374			$980,539			$736	3		$256	3		$282	3
Ratio of expenses to average net assets4		0.79%			0.79%			0.79%			0.79%			0.80%
Ratio of expenses to average net assets prior to fees waived4		0.83%			0.80%			0.82%			0.85%			0.85%
Ratio of net investment loss to average net assets		(0.28%	)		(0.43%	)		(0.33%	)		(0.15%	)		(0.11%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.32%	)		(0.44%	)		(0.36%	)		(0.21%	)		(0.16%	)
Portfolio turnover		23%			27%			33%			22%			38%


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

288

Delaware Ivy Mid Cap Growth Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$30.81			$35.92			$21.54			$24.51			$23.40
Income (loss) from investment operations:
Net investment loss1		(0.22	)		(0.44	)		(0.35	)		(0.23	)		(0.21	)
Net realized and unrealized gain (loss)		(3.07	)		0.14			18.37			(1.37	)		3.46
Total from investment operations		(3.29	)		(0.30	)		18.02			(1.60	)		3.25
Less dividends and distributions from:
Net realized gain		(2.81	)		(4.81	)		(3.64	)		(1.37	)		(2.14	)
Total dividends and distributions		(2.81	)		(4.81	)		(3.64	)		(1.37	)		(2.14	)
Net asset value, end of period		$24.71			$30.81			$35.92			$21.54			$24.51
Total return2		(10.34%	)		(2.30%	)		84.62%			(7.47%	)		15.29%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$58,839			$74,908			$88	3		$46	3		$63	3
Ratio of expenses to average net assets4		1.38%			1.54%			1.55%			1.55%			1.55%
Ratio of expenses to average net assets prior to fees waived4		1.42%			1.55%			1.56%			1.58%			1.57%
Ratio of net investment loss to average net assets		(0.87%	)		(1.18%	)		(1.07%	)		(0.90%	)		(0.86%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.91%	)		(1.19%	)		(1.08%	)		(0.93%	)		(0.88%	)
Portfolio turnover		23%			27%			33%			22%			38%


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

289

Financial highlights

Delaware Ivy Mid Cap Growth Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$34.43			$39.57			$23.45			$26.53			$25.06
Income (loss) from investment operations:
Net investment loss1		(0.17	)		(0.31	)		(0.24	)		(0.15	)		(0.13	)
Net realized and unrealized gain (loss)		(3.41	)		0.09			20.02			(1.50	)		3.74
Total from investment operations		(3.58	)		(0.22	)		19.78			(1.65	)		3.61
Less dividends and distributions from:
Net realized gain		(2.81	)		(4.92	)		(3.66	)		(1.43	)		(2.14	)
Total dividends and distributions		(2.81	)		(4.92	)		(3.66	)		(1.43	)		(2.14	)
Net asset value, end of period		$28.04			$34.43			$39.57			$23.45			$26.53
Total return2		(10.09%	)		(1.89%	)		85.29%			(7.14%	)		15.72%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$223,692			$284,480			$363	3		$215	3		$295	3
Ratio of expenses to average net assets4		1.09%			1.13%			1.16%			1.20%			1.21%
Ratio of expenses to average net assets prior to fees waived4		1.13%			1.19%			1.21%			1.24%			1.23%
Ratio of net investment loss to average net assets		(0.59%	)		(0.77%	)		(0.68%	)		(0.55%	)		(0.51%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.63%	)		(0.83%	)		(0.73%	)		(0.59%	)		(0.53%	)
Portfolio turnover		23%			27%			33%			22%			38%


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

290

Delaware Ivy Mid Cap Income Opportunities Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.81			$18.38			$10.98			$13.98			$13.76
Income (loss) from investment operations:
Net investment income1		0.27			0.18			0.21			0.25			0.21
Net realized and unrealized gain (loss)		(1.15	)		0.89			7.40			(2.96	)		0.51
Total from investment operations		(0.88	)		1.07			7.61			(2.71	)		0.72
Less dividends and distributions from:
Net investment income		(0.27	)		(0.18	)		(0.21	)		(0.24	)		(0.20	)
Net realized gain		(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.67	)		(0.64	)		(0.21	)		(0.29	)		(0.50	)
Net asset value, end of period		$17.26			$18.81			$18.38			$10.98			$13.98
Total return2		(4.73%	)		5.71%			69.70%			(19.84%	)		5.37%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$171,183			$188,631			$178	3		$111	3		$135	3
Ratio of expenses to average net assets4		1.12%			1.21%			1.24%			1.27%			1.35%
Ratio of expenses to average net assets prior to fees waived4		1.26%			1.26%			1.31%			1.34%			1.37%
Ratio of net investment income to average net assets		1.58%			0.95%			1.42%			1.70%			1.51%
Ratio of net investment income to average net assets prior to fees waived		1.44%			0.90%			1.35%			1.63%			1.49%
Portfolio turnover		29%			20%			23%			25%			17%


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

291

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.71			$18.30			$10.93			$13.92			$13.70
Income (loss) from investment operations:
Net investment income1		0.14			0.04			0.10			0.14			0.11
Net realized and unrealized gain (loss)		(1.14	)		0.87			7.37			(2.95	)		0.51
Total from investment operations		(1.00	)		0.91			7.47			(2.81	)		0.62
Less dividends and distributions from:
Net investment income		(0.09	)		(0.04	)		(0.10	)		(0.13	)		(0.10	)
Net realized gain		(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.49	)		(0.50	)		(0.10	)		(0.18	)		(0.40	)
Net asset value, end of period		$17.22			$18.71			$18.30			$10.93			$13.92
Total return2		(5.42%	)		4.85%			68.61%			(20.50%	)		4.58%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$20,280			$27,245			$24	3		$15	3		$17	3
Ratio of expenses to average net assets4		1.88%			1.96%			2.00%			2.02%			2.07%
Ratio of expenses to average net assets prior to fees waived4		2.02%			2.01%			2.07%			2.09%			2.12%
Ratio of net investment income to average net assets		0.82%			0.21%			0.66%			0.95%			0.79%
Ratio of net investment income to average net assets prior to fees waived		0.68%			0.16%			0.59%			0.88%			0.74%
Portfolio turnover		29%			20%			23%			25%			17%


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

292

Delaware Ivy Mid Cap Income Opportunities Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.84			$18.42			$10.99			$14.00			$13.78
Income (loss) from investment operations:
Net investment income1		0.33			0.26			0.27			0.31			0.25
Net realized and unrealized gain (loss)		(1.16	)		0.88			7.43			(2.97	)		0.51
Total from investment operations		(0.83	)		1.14			7.70			(2.66	)		0.76
Less dividends and distributions from:
Net investment income		(0.34	)		(0.26	)		(0.27	)		(0.30	)		(0.24	)
Net realized gain		(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.74	)		(0.72	)		(0.27	)		(0.35	)		(0.54	)
Net asset value, end of period		$17.27			$18.84			$18.42			$10.99			$14.00
Total return2		(4.42%	)		6.05%			70.58%			(19.53%	)		5.67%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$996,722			$1,399,865			$1,224	3		$401	3		$431	3
Ratio of expenses to average net assets4		0.83%			0.83%			0.83%			0.83%			1.05%
Ratio of expenses to average net assets prior to fees waived4		0.89%			1.07%			1.06%			1.08%			1.09%
Ratio of net investment income to average net assets		1.87%			1.34%			1.78%			2.13%			1.81%
Ratio of net investment income to average net assets prior to fees waived		1.81%			1.10%			1.55%			1.88%			1.77%
Portfolio turnover		29%			20%			23%			25%			17%


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

293

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.84			$18.42			$10.99			$14.01			$13.78
Income (loss) from investment operations:
Net investment income1		0.33			0.26			0.27			0.32			0.27
Net realized and unrealized gain (loss)		(1.15	)		0.88			7.43			(2.98	)		0.52
Total from investment operations		(0.82	)		1.14			7.70			(2.66	)		0.79
Less dividends and distributions from:
Net investment income		(0.34	)		(0.26	)		(0.27	)		(0.31	)		(0.26	)
Net realized gain		(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.74	)		(0.72	)		(0.27	)		(0.36	)		(0.56	)
Net asset value, end of period		$17.28			$18.84			$18.42			$10.99			$14.01
Total return2		(4.37%)	3		6.05%	3		70.58%	3		(19.57%)	3		5.85%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$89,010			$112,720			$103	4		$65	4		$60	4
Ratio of expenses to average net assets5		0.83%			0.83%			0.83%			0.83%			0.94%
Ratio of expenses to average net assets prior to fees waived5		0.89%			0.89%			0.92%			0.93%			0.94%
Ratio of net investment income to average net assets		1.87%			1.34%			1.80%			2.15%			1.92%
Ratio of net investment income to average net assets prior to fees waived		1.81%			1.28%			1.71%			2.05%			1.92%
Portfolio turnover		29%			20%			23%			25%			17%


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

294

Delaware Ivy Mid Cap Income Opportunities Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.77			$18.35			$10.96			$13.96			$13.74
Income (loss) from investment operations:
Net investment income1		0.22			0.12			0.16			0.20			0.17
Net realized and unrealized gain (loss)		(1.15	)		0.87			7.39			(2.96	)		0.51
Total from investment operations		(0.93	)		0.99			7.55			(2.76	)		0.68
Less dividends and distributions from:
Net investment income		(0.18	)		(0.11	)		(0.16	)		(0.19	)		(0.16	)
Net realized gain		(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.58	)		(0.57	)		(0.16	)		(0.24	)		(0.46	)
Net asset value, end of period		$17.26			$18.77			$18.35			$10.96			$13.96
Total return2		(4.99%)	3		5.28%	3		69.22%	3		(20.15%)	3		5.05%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,131			$1,205			$1	4		$3	4		$3	4
Ratio of expenses to average net assets5		1.41%			1.58%			1.58%			1.59%			1.67%
Ratio of expenses to average net assets prior to fees waived5		1.47%			1.63%			1.64%			1.66%			1.67%
Ratio of net investment income to average net assets		1.29%			0.60%			1.16%			1.38%			1.19%
Ratio of net investment income to average net assets prior to fees waived		1.23%			0.55%			1.10%			1.31%			1.19%
Portfolio turnover		29%			20%			23%			25%			17%


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

295

Financial highlights

Delaware Ivy Mid Cap Income Opportunities Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.81			$18.39			$10.98			$13.98			$13.76
Income (loss) from investment operations:
Net investment income1		0.27			0.18			0.21			0.25			0.22
Net realized and unrealized gain (loss)		(1.14	)		0.88			7.41			(2.96	)		0.50
Total from investment operations		(0.87	)		1.06			7.62			(2.71	)		0.72
Less dividends and distributions from:
Net investment income		(0.17	)		(0.18	)		(0.21	)		(0.24	)		(0.20	)
Net realized gain		(0.40	)		(0.46	)		—			(0.05	)		(0.30	)
Total dividends and distributions		(0.57	)		(0.64	)		(0.21	)		(0.29	)		(0.50	)
Net asset value, end of period		$17.37			$18.81			$18.39			$10.98			$13.98
Total return2		(4.68%)	3		5.63%	3		69.84%	3		(19.89%)	3		5.45%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$11,656			$27,888			$38	4		$13	4		$14	4
Ratio of expenses to average net assets5		1.15%			1.22%			1.24%			1.26%			1.33%
Ratio of expenses to average net assets prior to fees waived5		1.22%			1.30%			1.31%			1.33%			1.33%
Ratio of net investment income to average net assets		1.52%			0.92%			1.40%			1.71%			1.54%
Ratio of net investment income to average net assets prior to fees waived		1.45%			0.84%			1.33%			1.64%			1.54%
Portfolio turnover		29%			20%			23%			25%			17%


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

296

Delaware Ivy Science and Technology Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$63.48			$92.04			$59.85			$65.00			$65.33
Income (loss) from investment operations:
Net investment loss1		(0.24	)		(0.66	)		(0.55	)		(0.38	)		(0.30	)
Net realized and unrealized gain (loss)		(8.49	)		2.73			40.68			3.45			7.42
Total from investment operations		(8.73	)		2.07			40.13			3.07			7.12
Less dividends and distributions from:
Net realized gain		(12.37	)		(30.63	)		(7.94	)		(8.22	)		(7.45	)
Total dividends and distributions		(12.37	)		(30.63	)		(7.94	)		(8.22	)		(7.45	)
Net asset value, end of period		$42.38			$63.48			$92.04			$59.85			$65.00
Total return2		(12.32%	)		(0.21%	)		67.65%			2.98%			12.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$3,186,208			$4,958,005			$5,696	3		$3,626	3		$3,956	3
Ratio of expenses to average net assets4		1.21%			1.13%			1.14%			1.18%			1.20%
Ratio of net investment loss to average net assets		(0.51%	)		(0.76%	)		(0.66%	)		(0.54%	)		(0.45%	)
Portfolio turnover		51%			53%			9%			23%			14%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

297

Financial highlights

Delaware Ivy Science and Technology Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$43.75			$72.44			$48.52			$54.26			$56.20
Income (loss) from investment operations:
Net investment loss1		(0.46	)		(1.04	)		(0.95	)		(0.76	)		(0.67	)
Net realized and unrealized gain (loss)		(6.16	)		2.62			32.81			3.07			6.18
Total from investment operations		(6.62	)		1.58			31.86			2.31			5.51
Less dividends and distributions from:
Net realized gain		(12.37	)		(30.27	)		(7.94	)		(8.05	)		(7.45	)
Total dividends and distributions		(12.37	)		(30.27	)		(7.94	)		(8.05	)		(7.45	)
Net asset value, end of period		$24.76			$43.75			$72.44			$48.52			$54.26
Total return2		(13.14%	)		(1.00%	)		66.37%			2.17%			11.79%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$109,544			$237,610			$413	3		$407	3		$532	3
Ratio of expenses to average net assets4		2.14%			1.92%			1.92%			1.95%			1.94%
Ratio of net investment loss to average net assets		(1.45%	)		(1.56%	)		(1.45%	)		(1.31%	)		(1.18%	)
Portfolio turnover		51%			53%			9%			23%			14%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

298

Delaware Ivy Science and Technology Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$76.68			$105.32			$67.65			$72.51			$71.85
Income (loss) from investment operations:
Net investment loss1		(0.17	)		(0.60	)		(0.45	)		(0.27	)		(0.17	)
Net realized and unrealized gain (loss)		(10.05	)		2.83			46.06			3.71			8.28
Total from investment operations		(10.22	)		2.23			45.61			3.44			8.11
Less dividends and distributions from:
Net realized gain		(12.37	)		(30.87	)		(7.94	)		(8.30	)		(7.45	)
Total dividends and distributions		(12.37	)		(30.87	)		(7.94	)		(8.30	)		(7.45	)
Net asset value, end of period		$54.09			$76.68			$105.32			$67.65			$72.51
Total return2		(12.14%	)		(0.04%	)		67.96%			3.17%			12.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,281,422			$2,354,813			$2,878	3		$1,938	3		$2,203	3
Ratio of expenses to average net assets4		0.99%			0.96%			0.96%			0.98%			0.98%
Ratio of net investment loss to average net assets		(0.29%	)		(0.59%	)		(0.48%	)		(0.34%	)		(0.23%	)
Portfolio turnover		51%			53%			9%			23%			14%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

299

Financial highlights

Delaware Ivy Science and Technology Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$77.75			$106.48			$68.24			$73.03			$72.20
Income (loss) from investment operations:
Net investment loss1		(0.09	)		(0.45	)		(0.32	)		(0.15	)		(0.04	)
Net realized and unrealized gain (loss)		(10.18	)		2.84			46.50			3.75			8.32
Total from investment operations		(10.27	)		2.39			46.18			3.60			8.28
Less dividends and distributions from:
Net realized gain		(12.37	)		(31.12	)		(7.94	)		(8.39	)		(7.45	)
Total dividends and distributions		(12.37	)		(31.12	)		(7.94	)		(8.39	)		(7.45	)
Net asset value, end of period		$55.11			$77.75			$106.48			$68.24			$73.03
Total return2		(12.02%	)		0.10%			68.22%			3.34%			13.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$108,424			$173,276			$192	3		$96	3		$101	3
Ratio of expenses to average net assets4		0.86%			0.81%			0.81%			0.83%			0.82%
Ratio of net investment loss to average net assets		(0.15%	)		(0.44%	)		(0.33%	)		(0.20%	)		(0.05%	)
Portfolio turnover		51%			53%			9%			23%			14%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

300

Delaware Ivy Science and Technology Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$59.21			$87.86			$57.58			$62.89			$63.68
Income (loss) from investment operations:
Net investment loss 1		(0.38	)		(0.97	)		(0.85	)		(0.63	)		(0.52	)
Net realized and unrealized gain (loss)		(8.00	)		2.69			39.07			3.37			7.18
Total from investment operations		(8.38	)		1.72			38.22			2.74			6.66
Less dividends and distributions from:
Net realized gain		(12.37	)		(30.37	)		(7.94	)		(8.05	)		(7.45	)
Total dividends and distributions		(12.37	)		(30.37	)		(7.94	)		(8.05	)		(7.45	)
Net asset value, end of period		$38.46			$59.21			$87.86			$57.58			$62.89
Total return2		(12.65%	)		(0.63%	)		66.99%			2.57%			12.23%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$94,005			$120,945			$151	3		$110	3		$127	3
Ratio of expenses to average net assets4		1.57%			1.55%			1.55%			1.57%			1.56%
Ratio of net investment loss to average net assets		(0.86%	)		(1.18%	)		(1.08%	)		(0.93%	)		(0.81%	)
Portfolio turnover		51%			53%			9%			23%			14%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

301

Financial highlights

Delaware Ivy Science and Technology Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$70.42			$98.99			$64.00			$69.01			$68.90
Income (loss) from investment operations:
Net investment loss1		(0.28	)		(0.74	)		(0.58	)		(0.40	)		(0.31	)
Net realized and unrealized gain (loss)		(9.32	)		2.79			43.51			3.60			7.87
Total from investment operations		(9.60	)		2.05			42.93			3.20			7.56
Less dividends and distributions from:
Net realized gain		(12.37	)		(30.62	)		(7.94	)		(8.21	)		(7.45	)
Total dividends and distributions		(12.37	)		(30.62	)		(7.94	)		(8.21	)		(7.45	)
Net asset value, end of period		$48.45			$70.42			$98.99			$64.00			$69.01
Total return2		(12.34%	)		(0.22%)	3		67.64%	3		2.98%	3		12.64%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$229,962			$351,136			$455	4		$340	4		$442	4
Ratio of expenses to average net assets5		1.23%			1.14%			1.14%			1.18%			1.20%
Ratio of expenses to average net assets prior to fees waived5		1.23%			1.20%			1.20%			1.22%			1.21%
Ratio of net investment loss to average net assets		(0.53%	)		(0.78%	)		(0.66%	)		(0.54%	)		(0.44%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.53%	)		(0.84%	)		(0.72%	)		(0.58%	)		(0.45%	)
Portfolio turnover		51%			53%			9%			23%			14%


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

302

Delaware Ivy Smid Cap Core Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.43			$22.43			$12.88			$16.87			$18.29
Income (loss) from investment operations:
Net investment income (loss)1		0.05			(0.04	)		(0.06	)		(0.04	)		(0.09	)
Net realized and unrealized gain (loss)		(1.44	)		(0.18	)		9.61			(3.83	)		1.04
Total from investment operations		(1.39	)		(0.22	)		9.55			(3.87	)		0.95
Less dividends and distributions from:
Net investment income		(0.05	)		—			—			—			—
Net realized gain		(3.78	)		(3.78	)		—			(0.12	)		(2.37	)
Total dividends and distributions		(3.83	)		(3.78	)		—			(0.12	)		(2.37	)
Net asset value, end of period		$13.21			$18.43			$22.43			$12.88			$16.87
Total return2		(7.02%	)		(1.21%	)		74.15%			(23.13%	)		6.30%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$111,950			$151,380			$176	3		$114	3		$174	3
Ratio of expenses to average net assets4		1.23%			1.33%			1.37%			1.38%			1.40%
Ratio of expenses to average net assets prior to fees waived4		1.44%			1.36%			1.41%			1.41%			1.42%
Ratio of net investment income (loss) to average net assets		0.33%			(0.19%	)		(0.37%	)		(0.24%	)		(0.48%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.12%			(0.22%	)		(0.41%	)		(0.27%	)		(0.50%	)
Portfolio turnover		13%			122%			127%			138%			119%


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

303

Financial highlights

Delaware Ivy Smid Cap Core Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$14.84			$18.75			$10.85			$14.32			$15.81
Income (loss) from investment operations:
Net investment loss1		(0.05)	2		(0.17	)		(0.15	)		(0.14	)		(0.19	)
Net realized and unrealized gain (loss)		(1.18	)		(0.14	)		8.05			(3.21	)		0.89
Total from investment operations		(1.23	)		(0.31	)		7.90			(3.35	)		0.70
Less dividends and distributions from:
Net investment income		(0.01	)		—			—			—			—
Net realized gain		(3.78	)		(3.60	)		—			(0.12	)		(2.19	)
Total dividends and distributions		(3.79	)		(3.60	)		—			(0.12	)		(2.19	)
Net asset value, end of period		$9.82			$14.84			$18.75			$10.85			$14.32
Total return3		(7.71%	)		(1.93%	)		72.81%			(23.62%	)		5.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$12,188			$17,505			$22	4		$20	4		$35	4
Ratio of expenses to average net assets5		1.98%			2.07%			2.09%			2.10%			2.07%
Ratio of expenses to average net assets prior to fees waived5		2.18%			2.10%			2.12%			2.12%			2.09%
Ratio of net investment loss to average net assets		(0.42%	)		(0.94%	)		(1.07%	)		(0.96%	)		(1.15%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.62%	)		(0.97%	)		(1.10%	)		(0.98%	)		(1.17%	)
Portfolio turnover		13%			122%			127%			138%			119%


1	Calculated using average shares outstanding.
2	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

304

Delaware Ivy Smid Cap Core Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$20.60			$24.68			$14.10			$18.40			$19.79
Income (loss) from investment operations:
Net investment income (loss)1		0.12			0.06			0.02			0.05			(0.01	)
Net realized and unrealized gain (loss)		(1.60	)		(0.21	)		10.56			(4.19	)		1.13
Total from investment operations		(1.48	)		(0.15	)		10.58			(4.14	)		1.12
Less dividends and distributions from:
Net investment income		(0.06	)		—			—			(0.02	)		—
Net realized gain		(3.78	)		(3.93	)		—			(0.14	)		(2.51	)
Total dividends and distributions		(3.84	)		(3.93	)		—			(0.16	)		(2.51	)
Net asset value, end of period		$15.28			$20.60			$24.68			$14.10			$18.40
Total return2		(6.69%	)		(0.79%	)		75.04%			(22.74%	)		6.79%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$159,794			$316,727			$451	3		$304	3		$393	3
Ratio of expenses to average net assets4		0.89%			0.89%			0.89%			0.89%			0.95%
Ratio of expenses to average net assets prior to fees waived4		0.97%			1.07%			1.09%			1.10%			1.09%
Ratio of net investment income (loss) to average net assets		0.68%			0.25%			0.11%			0.25%			(0.03%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.60%			0.07%			(0.09%	)		0.04%			(0.17%	)
Portfolio turnover		13%			122%			127%			138%			119%


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

305

Financial highlights

Delaware Ivy Smid Cap Core Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$20.80			$24.88			$14.22			$18.55			$19.96
Income (loss) from investment operations:
Net investment income1		0.12			0.06			0.02			0.05			0.01
Net realized and unrealized gain (loss)		(1.62	)		(0.21	)		10.64			(4.22	)		1.13
Total from investment operations		(1.50	)		(0.15	)		10.66			(4.17	)		1.14
Less dividends and distributions from:
Net investment income		(0.04	)		—			—			(0.02	)		—
Net realized gain		(3.78	)		(3.93	)		—			(0.14	)		(2.55	)
Total dividends and distributions		(3.82	)		(3.93	)		—			(0.16	)		(2.55	)
Net asset value, end of period		$15.48			$20.80			$24.88			$14.22			$18.55
Total return2		(6.73%	)		(0.79%	)		74.96%			(22.72%	)		6.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$39,951			$82,144			$77	3		$59	3		$77	3
Ratio of expenses to average net assets4		0.89%			0.89%			0.89%			0.89%			0.90%
Ratio of expenses to average net assets prior to fees waived4		0.96%			0.94%			0.95%			0.95%			0.94%
Ratio of net investment income to average net assets		0.67%			0.25%			0.11%			0.24%			0.04%
Ratio of net investment income to average net assets prior to fees waived		0.60%			0.20%			0.05%			0.18%			0.04%
Portfolio turnover		13%			122%			127%			138%			119%


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

306

Delaware Ivy Smid Cap Core Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$18.22			$22.20			$12.78			$16.78			$18.18
Income (loss) from investment operations:
Net investment income (loss)1		0.01			(0.11	)		(0.11	)		(0.09	)		(0.13	)
Net realized and unrealized gain (loss)		(1.42	)		(0.19	)		9.53			(3.79	)		1.03
Total from investment operations		(1.41	)		(0.30	)		9.42			(3.88	)		0.90
Less dividends and distributions from:
Net investment income		(0.02	)		—			—			—			—
Net realized gain		(3.78	)		(3.68	)		—			(0.12	)		(2.30	)
Total dividends and distributions		(3.80	)		(3.68	)		—			(0.12	)		(2.30	)
Net asset value, end of period		$13.01			$18.22			$22.20			$12.78			$16.78
Total return2		(7.21%	)		(1.57%	)		73.71%			(23.32%	)		6.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$18,550			$22,950			$25	3		$15	3		$16	3
Ratio of expenses to average net assets4		1.48%			1.64%			1.64%			1.65%			1.65%
Ratio of expenses to average net assets prior to fees waived4		1.54%			1.67%			1.67%			1.67%			1.67%
Ratio of net investment income (loss) to average net assets		0.08%			(0.50%	)		(0.64%	)		(0.52%	)		(0.73%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.02%			(0.53%	)		(0.67%	)		(0.54%	)		(0.75%	)
Portfolio turnover		13%			122%			127%			138%			119%


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

307

Financial highlights

Delaware Ivy Smid Cap Core Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$19.71			$23.73			$13.62			$17.81			$19.20
Income (loss) from investment operations:
Net investment income (loss)1		0.06			(0.04	)		(0.05	)		(0.03	)		(0.08	)
Net realized and unrealized gain (loss)		(1.53	)		(0.19	)		10.16			(4.04	)		1.10
Total from investment operations		(1.47	)		(0.23	)		10.11			(4.07	)		1.02
Less dividends and distributions from:
Net investment income		(0.04	)		—			—			—			—
Net realized gain		(3.78	)		(3.79	)		—			(0.12	)		(2.41	)
Total dividends and distributions		(3.82	)		(3.79	)		—			(0.12	)		(2.41	)
Net asset value, end of period		$14.42			$19.71			$23.73			$13.62			$17.81
Total return2		(7.00%	)		(1.19%	)		74.23%			(23.08%	)		6.45%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$5,348			$8,110			$9	3		$7	3		$16	3
Ratio of expenses to average net assets4		1.20%			1.30%			1.30%			1.32%			1.31%
Ratio of expenses to average net assets prior to fees waived4		1.27%			1.33%			1.34%			1.35%			1.33%
Ratio of net investment income (loss) to average net assets		0.35%			(0.17%	)		(0.28%	)		(0.19%	)		(0.41%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.28%			(0.20%	)		(0.32%	)		(0.22%	)		(0.43%	)
Portfolio turnover		13%			122%			127%			138%			119%


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

308

Delaware Ivy Small Cap Growth Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$14.47			$22.28			$13.27			$17.19			$18.63
Income (loss) from investment operations:
Net investment loss1		(0.07	)		(0.16	)		(0.18	)		(0.15	)		(0.15	)
Net realized and unrealized gain (loss)		(2.12	)		(1.56	)		11.15			(2.59	)		1.44
Total from investment operations		(2.19	)		(1.72	)		10.97			(2.74	)		1.29
Less dividends and distributions from:
Net investment income		—			(0.19	)		—			—			—
Net realized gain		(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.73	)
Total dividends and distributions		(0.61	)		(6.09	)		(1.96	)		(1.18	)		(2.73	)
Net asset value, end of period		$11.67			$14.47			$22.28			$13.27			$17.19
Total return2		(14.90%)	3		(8.23%	)		84.34%			(17.35%	)		7.76%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$681,798			$1,030,905			$1,318	4		$788	4		$1,099	4
Ratio of expenses to average net assets5		1.21%			1.24%			1.26%			1.31%			1.32%
Ratio of expenses to average net assets prior to fees waived5		1.34%			1.24%			1.26%			1.31%			1.32%
Ratio of net investment loss to average net assets		(0.58%	)		(0.81%	)		(0.93%	)		(0.87%	)		(0.84%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.71%	)		(0.81%	)		(0.93%	)		(0.87%	)		(0.84%	)
Portfolio turnover		51%			40%			57%			40%			42%


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

309

Financial highlights

Delaware Ivy Small Cap Growth Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$8.66			$15.96			$9.92			$13.23			$14.97
Income (loss) from investment operations:
Net investment loss1		(0.09	)		(0.22	)		(0.24	)		(0.21	)		(0.23	)
Net realized and unrealized gain (loss)		(1.29	)		(1.07	)		8.24			(1.92	)		1.14
Total from investment operations		(1.38	)		(1.29	)		8.00			(2.13	)		0.91
Less dividends and distributions from:
Net investment income		—			(0.11	)		—			—			—
Net realized gain		(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.65	)
Total dividends and distributions		(0.61	)		(6.01	)		(1.96	)		(1.18	)		(2.65	)
Net asset value, end of period		$6.67			$8.66			$15.96			$9.92			$13.23
Total return2		(15.56%)	3		(8.89%)	3		82.81%			(17.94%)	3		6.99%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$20,607			$36,063			$57	4		$51	4		$88	4
Ratio of expenses to average net assets5		1.95%			2.04%			2.04%			2.05%			2.05%
Ratio of expenses to average net assets prior to fees waived5		2.28%			2.11%			2.04%			2.09%			2.06%
Ratio of net investment loss to average net assets		(1.33%	)		(1.62%	)		(1.69%	)		(1.62%	)		(1.56%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.66%	)		(1.69%	)		(1.69%	)		(1.66%	)		(1.57%	)
Portfolio turnover		51%			40%			57%			40%			42%


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

310

Delaware Ivy Small Cap Growth Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.48			$32.06			$18.51			$23.43			$24.36
Income (loss) from investment operations:
Net investment loss1		(0.05	)		(0.14	)		(0.15	)		(0.11	)		(0.11	)
Net realized and unrealized gain (loss)		(3.43	)		(2.28	)		15.66			(3.63	)		1.93
Total from investment operations		(3.48	)		(2.42	)		15.51			(3.74	)		1.82
Less dividends and distributions from:
Net investment income		—			(0.26	)		—			—			—
Net realized gain		(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.75	)
Total dividends and distributions		(0.61	)		(6.16	)		(1.96	)		(1.18	)		(2.75	)
Net asset value, end of period		$19.39			$23.48			$32.06			$18.51			$23.43
Total return2		(14.68%	)		(7.88%	)		85.00%			(16.99%	)		8.14%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$560,403			$904,112			$1,216	3		$778	3		$1,034	3
Ratio of expenses to average net assets4		0.89%			0.89%			0.89%			0.89%			0.94%
Ratio of expenses to average net assets prior to fees waived4		0.92%			1.02%			1.03%			1.04%			1.04%
Ratio of net investment loss to average net assets		(0.26%	)		(0.46%	)		(0.55%	)		(0.46%	)		(0.47%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.29%	)		(0.59%	)		(0.69%	)		(0.61%	)		(0.57%	)
Portfolio turnover		51%			40%			57%			40%			42%


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

311

Financial highlights

Delaware Ivy Small Cap Growth Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$23.70			$32.30			$18.63			$23.58			$24.49
Income (loss) from investment operations:
Net investment loss1		(0.05	)		(0.13	)		(0.15	)		(0.10	)		(0.10	)
Net realized and unrealized gain (loss)		(3.46	)		(2.30	)		15.78			(3.67	)		1.96
Total from investment operations		(3.51	)		(2.43	)		15.63			(3.77	)		1.86
Less dividends and distributions from:
Net investment income		—			(0.27	)		—			—			—
Net realized gain		(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.77	)
Total dividends and distributions		(0.61	)		(6.17	)		(1.96	)		(1.18	)		(2.77	)
Net asset value, end of period		$19.58			$23.70			$32.30			$18.63			$23.58
Total return2		(14.67%)	3		(7.88%	)		85.10%			(17.01%	)		8.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$157,251			$209,855			$252	4		$161	4		$155	4
Ratio of expenses to average net assets5		0.89%			0.87%			0.87%			0.89%			0.89%
Ratio of expenses to average net assets prior to fees waived5		0.91%			0.87%			0.87%			0.89%			0.89%
Ratio of net investment loss to average net assets		(0.25%	)		(0.44%	)		(0.54%	)		(0.44%	)		(0.42%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.27%	)		(0.44%	)		(0.54%	)		(0.44%	)		(0.42%	)
Portfolio turnover		51%			40%			57%			40%			42%


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

312

Delaware Ivy Small Cap Growth Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$13.75			$21.50			$12.89			$16.78			$18.27
Income (loss) from investment operations:
Net investment loss1		(0.10	)		(0.23	)		(0.24	)		(0.20	)		(0.20	)
Net realized and unrealized gain (loss)		(2.02	)		(1.49	)		10.81			(2.51	)		1.41
Total from investment operations		(2.12	)		(1.72	)		10.57			(2.71	)		1.21
Less dividends and distributions from:
Net investment income		—			(0.13	)		—			—			—
Net realized gain		(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.70	)
Total dividends and distributions		(0.61	)		(6.03	)		(1.96	)		(1.18	)		(2.70	)
Net asset value, end of period		$11.02			$13.75			$21.50			$12.89			$16.78
Total return2		(15.18%)	3		(8.57%	)		83.70%			(17.60%	)		7.42%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$43,146			$56,050			$70	4		$43	4		$66	4
Ratio of expenses to average net assets5		1.48%			1.61%			1.62%			1.63%			1.62%
Ratio of expenses to average net assets prior to fees waived5		1.50%			1.61%			1.62%			1.63%			1.62%
Ratio of net investment loss to average net assets		(0.84%	)		(1.19%	)		(1.29%	)		(1.19%	)		(1.14%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.86%	)		(1.19%	)		(1.29%	)		(1.19%	)		(1.14%	)
Portfolio turnover		51%			40%			57%			40%			42%


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

313

Financial highlights

Delaware Ivy Small Cap Growth Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$21.10			$29.47			$17.17			$21.90			$23.00
Income (loss) from investment operations:
Net investment loss1		(0.10	)		(0.22	)		(0.23	)		(0.18	)		(0.18	)
Net realized and unrealized gain (loss)		(3.08	)		(2.08	)		14.49			(3.37	)		1.82
Total from investment operations		(3.18	)		(2.30	)		14.26			(3.55	)		1.64
Less dividends and distributions from:
Net investment income		—			(0.17	)		—			—			—
Net realized gain		(0.61	)		(5.90	)		(1.96	)		(1.18	)		(2.74	)
Total dividends and distributions		(0.61	)		(6.07	)		(1.96	)		(1.18	)		(2.74	)
Net asset value, end of period		$17.31			$21.10			$29.47			$17.17			$21.90
Total return2		(14.91%)	3		(8.19%)	3		84.34%			(17.36%	)		7.83%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$72,634			$99,698			$135	4		$91	4		$141	4
Ratio of expenses to average net assets5		1.19%			1.23%			1.26%			1.28%			1.27%
Ratio of expenses to average net assets prior to fees waived5		1.21%			1.26%			1.26%			1.28%			1.27%
Ratio of net investment loss to average net assets		(0.56%	)		(0.81%	)		(0.93%	)		(0.84%	)		(0.79%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.58%	)		(0.84%	)		(0.93%	)		(0.84%	)		(0.79%	)
Portfolio turnover		51%			40%			57%			40%			42%


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

314

Delaware Ivy Value Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$27.62			$26.18			$16.79			$22.61			$23.27
Income (loss) from investment operations:
Net investment income1		0.25			0.31			0.29			0.41			0.28
Net realized and unrealized gain (loss)		(2.01	)		4.14			9.86			(3.98	)		0.50
Total from investment operations		(1.76	)		4.45			10.15			(3.57	)		0.78
Less dividends and distributions from:
Net investment income		(0.45	)		(0.44	)		(0.29	)		(0.33	)		(0.20	)
Net realized gain		(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(4.84	)		(3.01	)		(0.76	)		(2.25	)		(1.44	)
Net asset value, end of period		$21.02			$27.62			$26.18			$16.79			$22.61
Total return2		(6.47%)	3		17.35%			61.22%	3		(18.67%	)		3.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$318,903			$405,826			$359	4		$251	4		$354	4
Ratio of expenses to average net assets5		1.10%			1.09%			1.19%			1.21%			1.21%
Ratio of expenses to average net assets prior to fees waived5		1.14%			1.09%			1.20%			1.21%			1.21%
Ratio of net investment income to average net assets		1.01%			1.07%			1.36%			1.68%			1.21%
Ratio of net investment income to average net assets prior to fees waived		0.97%			1.07%			1.35%			1.68%			1.21%
Portfolio turnover		103%			64%			60%			68%			51%


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

315

Financial highlights

Delaware Ivy Value Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$26.19			$24.95			$16.02			$21.69			$22.40
Income (loss) from investment operations:
Net investment income1		0.05			0.05			0.13			0.22			0.13
Net realized and unrealized gain (loss)		(1.90	)		3.95			9.39			(3.79	)		0.45
Total from investment operations		(1.85	)		4.00			9.52			(3.57	)		0.58
Less dividends and distributions from:
Net investment income		(0.30	)		(0.19	)		(0.12	)		(0.18	)		(0.05	)
Net realized gain		(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(4.69	)		(2.76	)		(0.59	)		(2.10	)		(1.29	)
Net asset value, end of period		$19.65			$26.19			$24.95			$16.02			$21.69
Total return2		(7.24%)	3		16.32%			59.94%			(19.29%	)		2.94%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$6,143			$6,611			$7	4		$8	4		$14	4
Ratio of expenses to average net assets5		1.88%			1.97%			1.99%			1.99%			1.94%
Ratio of expenses to average net assets prior to fees waived5		1.98%			1.97%			1.99%			1.99%			1.94%
Ratio of net investment income to average net assets		0.23%			0.18%			0.65%			0.94%			0.59%
Ratio of net investment income to average net assets prior to fees waived		0.13%			0.18%			0.65%			0.94%			0.59%
Portfolio turnover		103%			64%			60%			68%			51%


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

316

Delaware Ivy Value Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$27.78			$26.31			$16.88			$22.72			$23.38
Income (loss) from investment operations:
Net investment income1		0.36			0.37			0.35			0.47			0.36
Net realized and unrealized gain (loss)		(2.07	)		4.17			9.91			(4.00	)		0.50
Total from investment operations		(1.71	)		4.54			10.26			(3.53	)		0.86
Less dividends and distributions from:
Net investment income		(0.50	)		(0.50	)		(0.36	)		(0.39	)		(0.28	)
Net realized gain		(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(4.89	)		(3.07	)		(0.83	)		(2.31	)		(1.52	)
Net asset value, end of period		$21.18			$27.78			$26.31			$16.88			$22.72
Total return2		(6.25%	)		17.61%			61.66%	3		(18.40%	)		3.95%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$346,249			$938,672			$829	4		$522	4		$579	4
Ratio of expenses to average net assets5		0.86%			0.88%			0.91%			0.92%			0.91%
Ratio of expenses to average net assets prior to fees waived5		0.86%			0.88%			0.92%			0.92%			0.91%
Ratio of net investment income to average net assets		1.45%			1.28%			1.62%			1.94%			1.51%
Ratio of net investment income to average net assets prior to fees waived		1.45%			1.28%			1.61%			1.94%			1.51%
Portfolio turnover		103%			64%			60%			68%			51%


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

317

Financial highlights

Delaware Ivy Value Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$27.89			$26.40			$16.94			$22.80			$23.45
Income (loss) from investment operations:
Net investment income1		0.44			0.41			0.39			0.51			0.41
Net realized and unrealized gain (loss)		(2.13	)		4.19			9.94			(4.02	)		0.50
Total from investment operations		(1.69	)		4.60			10.33			(3.51	)		0.91
Less dividends and distributions from:
Net investment income		(0.43	)		(0.54	)		(0.40	)		(0.43	)		(0.32	)
Net realized gain		(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(4.82	)		(3.11	)		(0.87	)		(2.35	)		(1.56	)
Net asset value, end of period		$21.38			$27.89			$26.40			$16.94			$22.80
Total return2		(6.18%	)		17.81%			61.93%			(18.29%	)		4.15%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,247			$126,573			$146	3		$113	3		$140	3
Ratio of expenses to average net assets4		0.74%			0.72%			0.76%			0.77%			0.76%
Ratio of net investment income to average net assets		1.70%			1.42%			1.81%			2.13%			1.72%
Portfolio turnover		103%			64%			60%			68%			51%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

318

Delaware Ivy Value Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$27.54			$26.11			$16.74			$22.56			$23.22
Income (loss) from investment operations:
Net investment income1		0.12			0.08			0.21			0.33			0.22
Net realized and unrealized gain (loss)		(2.00	)		4.28			9.83			(3.98	)		0.49
Total from investment operations		(1.88	)		4.36			10.04			(3.65	)		0.71
Less dividends and distributions from:
Net investment income		(0.35	)		(0.36	)		(0.20	)		(0.25	)		(0.13	)
Net realized gain		(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(4.74	)		(2.93	)		(0.67	)		(2.17	)		(1.37	)
Net asset value, end of period		$20.92			$27.54			$26.11			$16.74			$22.56
Total return2		(6.95%)	3		16.99%			60.59%			(18.94%	)		3.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$20			$14			$—	4, 5		$—	4, 5		$—	4, 5
Ratio of expenses to average net assets6		1.56%			1.53%			1.57%			1.55%			1.52%
Ratio of expenses to average net assets prior to fees waived6		1.80%			1.53%			1.57%			1.55%			1.52%
Ratio of net investment income to average net assets		0.49%			0.29%			0.96%			1.34%			0.95%
Ratio of net investment income to average net assets prior to fees waived		0.25%			0.29%			0.96%			1.34%			0.95%
Portfolio turnover		103%			64%			60%			68%			51%


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

319

Financial highlights

Delaware Ivy Value Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$27.57			$26.14			$16.77			$22.65			$23.31
Income (loss) from investment operations:
Net investment income1		0.25			0.28			0.33			0.46			0.33
Net realized and unrealized gain (loss)		(2.01	)		4.16			9.80			(4.09	)		0.47
Total from investment operations		(1.76	)		4.44			10.13			(3.63	)		0.80
Less dividends and distributions from:
Net investment income		(0.45	)		(0.44	)		(0.29	)		(0.33	)		(0.22	)
Net realized gain		(4.39	)		(2.57	)		(0.47	)		(1.92	)		(1.24	)
Total dividends and distributions		(4.84	)		(3.01	)		(0.76	)		(2.25	)		(1.46	)
Net asset value, end of period		$20.97			$27.57			$26.14			$16.77			$22.65
Total return2		(6.49%	)		17.32%	3		61.18%			(18.89%	)		3.76%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$87			$108			$—	4, 5		$—	4, 5		$—	4, 5
Ratio of expenses to average net assets6		1.11%			1.11%			1.18%			1.19%			1.15%
Ratio of expenses to average net assets prior to fees waived6		1.11%			1.14%			1.18%			1.19%			1.15%
Ratio of net investment income to average net assets		1.01%			1.03%			1.61%			1.93%			1.37%
Ratio of net investment income to average net assets prior to fees waived		1.01%			1.00%			1.61%			1.93%			1.37%
Portfolio turnover		103%			64%			60%			68%			51%


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

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How to read the financial highlights

Net investment income (loss)
Net investment income (loss) includes dividend and interest income earned from a fund’s investments; it is calculated after expenses have been deducted.

Net realized and unrealized gain (loss) on investments
A realized gain occurs when we sell an investment at a profit, while a realized loss occurs when we sell an investment at a loss. When an investment increases or decreases in value but we do not sell it, we record an unrealized gain or loss. The amount of realized gain per share, if any, that we pay to shareholders would be listed under “Less dividends and distributions from: Net realized gain.”

Net asset value (NAV)
This is the value of a mutual fund share, calculated by dividing the net assets by the number of shares outstanding.

Total return
This represents the rate that an investor would have earned or lost on an investment in a fund. In calculating this figure for the financial highlights table, we include applicable fee waivers, exclude front-end sales charges and contingent deferred sales charges, and assume the shareholder has reinvested all dividends and realized gains.

Net assets
Net assets represent the total value of all the assets in a fund’s portfolio, less any liabilities, that are attributable to that class of the fund.

Ratio of expenses to average net assets
The expense ratio is the percentage of net assets that a fund pays annually for operating expenses and management fees. These expenses include accounting and administration expenses, services for shareholders, and similar expenses.

Ratio of net investment income (loss) to average net assets
We determine this ratio by dividing net investment income (loss) by average net assets.

Portfolio turnover
This figure tells you the amount of trading activity in a fund’s portfolio. A turnover rate of 100% would occur if, for example, a fund bought and sold all of the securities in its portfolio once in the course of a year or frequently traded a single security. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains.

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Broker-defined sales charge waiver policies

From time to time, shareholders purchasing fund shares through a brokerage platform or account may be eligible for sales charge waivers (front-end sales load or CDSC) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI. In all instances, it is the purchaser’s responsibility to notify the Funds or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase a Fund’s shares directly from the Fund or through another intermediary to receive such waivers or discounts. Please see the section entitled About Your Account — Choosing a Share Class for more information on sales charges and waivers available for different classes.

CDSC waivers on Class C shares

—

Death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

—

Return of excess contributions from an IRA Account.

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½.

—

Shares sold to pay certain brokerage fees initiated by the broker.

—

Shares acquired through a right of reinstatement.

—

Shares held in retirement accounts, that are exchanged for a lower cost share class due to transfer to certain other types of accounts or platforms where the financial intermediary has entered into an agreement with the Distributor (or its affiliates).

Merrill Lynch:

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

Front-end sales charge waivers for Class A shares available at Merrill Lynch

—

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

—

Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents).

—

Shares purchased through a Merrill Lynch affiliated investment advisory program.

—

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers.

—

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform.

—

Shares of Delaware Funds purchased through the Merrill Edge Self-Directed platform (if applicable).

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within Delaware Funds).

—

Shares exchanged from Class C (that is, level-load) shares of the same Fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers.

—

Employees and registered representatives of Merrill Lynch or its affiliates and their family members.

—

Trustees of the Trust and employees of the Manager or any of its affiliates, as described in this Prospectus.

—

Eligible shares purchased from the proceeds of redemptions within Delaware Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (that is, systematic purchases and withdrawals) and purchase made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement.

CDSC waivers on Class A and C shares available at Merrill Lynch

—

Death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

—

Return of excess contributions from an IRA Account.

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

—

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch.

—

Shares acquired through a right of reinstatement.

—

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms.

—

Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers.

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Front-end sales charge discounts available at Merrill Lynch: Breakpoints, rights of accumulation, and letters of intent

—

Breakpoints as described in this Prospectus.

—

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in this Prospectus will be automatically calculated based on the aggregated holding of Delaware Fund assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible Delaware Fund assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

—

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within Delaware Funds, through Merrill Lynch, over a 13-month period of time (if applicable).

Morgan Stanley Wealth Management:

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Prospectus or the SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

—

Employer-sponsored retirement plans (e.g. 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

—

Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules.

—

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund.

—

Shares purchased through a Morgan Stanley self-directed brokerage account.

—

Class C (that is, level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same Fund pursuant to Morgan Stanley Wealth Management’s share class conversion program.

—

Shares purchased from the proceeds of redemptions within Delaware Funds, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Ameriprise Financial:

Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Shareholders purchasing Fund shares through an Ameriprise Financial retail brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Prospectus or the SAI:

—

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within Delaware Funds).

—

Shares exchanged from Class C shares of the same Fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following such shorter period, that waiver will apply.

—

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

—

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

—

Shares purchased from the proceeds of redemptions within Delaware Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (that is, Rights of Reinstatement).

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James Affiliates (“Raymond James”):

Shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

323

Front-end sales load waivers on Class A shares available at Raymond James

—

Shares purchased in an investment advisory program.

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the Delaware Funds).

—

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

—

A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC waivers on Class A and C shares available at Raymond James

—

Death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

—

Return of excess contributions from an IRA Account.

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in this Prospectus.

—

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

—

Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: Breakpoints, and/or rights of accumulation

—

Breakpoints as described in this Prospectus.

—

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Delaware Funds assets held by accounts within the purchaser’s household at Raymond James. Eligible Delaware Funds assets not held at Raymond James may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Edward D. Jones & Co., L.P. (“Edward Jones”):

Policies Regarding Transactions Through Edward Jones

The following information has been provided by Edward Jones:

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Shareholders purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in this Prospectus or the SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Delaware Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Breakpoints

—

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in this Prospectus.

Rights of Accumulation (“ROA”)

—

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Delaware Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible Delaware Funds assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

—

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

—

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

Letter of Intent (“LOI”)

—

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible Delaware Funds assets in the LOI calculation is dependent on the shareholder notifying Edward

324

Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

—

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

Sales Charge Waivers:

Sales charges are waived for the following shareholders and in the following situations:

—

Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.

—

Shares purchased in an Edward Jones fee-based program.

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

—

Shares purchased from the proceeds of redeemed shares of the same Delaware Funds so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

—

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this Prospectus.

—

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

Contingent Deferred Sales Charge (“CDSC”) Waivers:

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

—

The death or disability of the shareholder.

—

Systematic withdrawals with up to 10% per year of the account value.

—

Return of excess contributions from an Individual Retirement Account (IRA).

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

—

Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

—

Shares exchanged in an Edward Jones fee-based program.

—

Shares acquired through NAV reinstatement.

—

Shares redeemed at the discretion of Edward Jones for Minimums Balances, as described below.

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

—

Initial purchase minimum: $250

—

Subsequent purchase minimum: none

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

—

A fee-based account held on an Edward Jones platform.

—

A 529 account held on an Edward Jones platform.

—

An account with an active systematic investment plan or LOI.

Exchanging Share Classes

—

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

Janney Montgomery Scott, LLC (“Janney”):

If you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

325

Front-end sales charge* waivers on Class A shares available at Janney

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Delaware Funds).

—

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

—

Shares purchased from the proceeds of redemptions within the Delaware Funds, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

—

Shares acquired through a right of reinstatement.

—

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and C shares available at Janney

—

Shares sold upon the death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

—

Shares purchased in connection with a return of excess contributions from an IRA account.

—

Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in this Prospectus.

—

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

—

Shares acquired through a right of reinstatement.

—

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent

—

Breakpoints as described in this Prospectus.

—

Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of Delaware Funds assets held by accounts within the purchaser’s household at Janney. Eligible Delaware Funds assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

—

Letters of intent which allow for breakpoint discounts based on anticipated purchases within Delaware Funds, over a 13-month time period. Eligible Delaware Funds assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor of such assets.

*Also referred to as an “initial sales charge.”

Oppenheimer & Co. Inc. (“OPCO”)

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at OPCO

—

Shares purchased by or through a 529 Plan.

—

Shares purchased through a OPCO affiliated investment advisory program.

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Delaware Funds).

—

Shares purchased from the proceeds of redemptions within the same Delaware Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

—

Employees and registered representatives of OPCO or its affiliates and their family members.

—

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this Prospectus.

326

CDSC Waivers on A and C Shares available at OPCO

—

Death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

—

Return of excess contributions from an IRA Account.

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code as described in this Prospectus.

—

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO.

—

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

—

Breakpoints as described in this Prospectus.

—

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Delaware Funds assets held by accounts within the purchaser’s household at OPCO. Eligible Delaware Funds assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Robert W. Baird & Co. Incorporated (“Baird”):

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

Front-End Sales Charge Waivers on Class A Shares Available at Baird

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

—

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

—

Shares purchase from the proceeds of redemptions from another Delaware Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

—

A shareholder in the Fund’s Class C shares will have their share converted at net asset value to Class A shares of the same Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

—

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

CDSC Waivers on Class A and C Shares Available at Baird

—

Shares sold due to death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

—

Shares bought due to returns of excess contributions from an IRA Account.

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in this Prospectus.

—

Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

—

Shares acquired through a right of reinstatement.

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

—

Breakpoints as described in this Prospectus.

—

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Delaware Funds assets held by accounts within the purchaser’s household at Baird. Eligible Delaware Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

—

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Delaware Funds through Baird, over a 13-month period of time.

327

Appendix A: Hypothetical Investment and Expense Information

The following charts provide additional hypothetical information about the effect of the expenses of the Funds included below (see note following these charts), including investment advisory fees and other Fund costs, on the Funds’ assumed returns over a ten-year period. Each chart shows the estimated cumulative expenses that would be incurred in respect of a Hypothetical Investment of $10,000, assuming a 5% return each year, and no redemption of shares. Each chart also assumes that a Fund’s annual expense ratio stays the same throughout the ten-year period (except for Class C shares, which convert to Class A shares after you have held them for eight years and except for any contractual expense waivers currently in place) and that all dividends and other distributions are reinvested. The annual expense ratio used in each chart is the same as stated in the Fees and Expenses table of this Prospectus regarding the Funds (except in limited circumstances) (and thus may not reflect any voluntary fee waiver or expense reimbursement currently in effect). The maximum amount of any sales charge (Load) that might be imposed on the purchase of shares (and deducted from the hypothetical initial investment of $10,000) is reflected in the Hypothetical Expenses column. The Hypothetical Investment information does not reflect the effect of charges, if any, normally applicable to redemptions of shares (e.g., CDSC). If redemption charges, if any, were reflected, the amounts shown in the Hypothetical Expenses column would be higher, and the amounts shown in the Hypothetical Ending Investment column would be lower. Mutual fund returns, as well as fees and expenses, may fluctuate over time, and your actual investment returns and total expenses may be higher or lower than those shown below.


Delaware Ivy Balanced Fund ‑ Class A
Average expense ratio: 1.05% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$675.92	$9,797.29
Termination of Contractual Waiver				Annual Expense Ratio: 1.10%
2	$9,797.29	$489.86	$10,287.15	$109.87	$10,179.38
3	$10,179.38	$508.97	$10,688.35	$114.16	$10,576.38
4	$10,576.38	$528.82	$11,105.20	$118.61	$10,988.86
5	$10,988.86	$549.44	$11,538.30	$123.23	$11,417.42
6	$11,417.42	$570.87	$11,988.29	$128.04	$11,862.70
7	$11,862.70	$593.14	$12,455.84	$133.03	$12,325.35
8	$12,325.35	$616.27	$12,941.61	$138.22	$12,806.04
9	$12,806.04	$640.30	$13,446.34	$143.61	$13,305.47
10	$13,305.47	$665.27	$13,970.74	$149.21	$13,824.38
Cumulative Total				$1,833.90

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Delaware Ivy Balanced Fund ‑ Class C
Average expense ratio: 1.80%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$182.88	$10,320.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.98%
2	$10,320.00	$516.00	$10,836.00	$207.42	$10,631.66
3	$10,631.66	$531.58	$11,163.25	$213.69	$10,952.74
4	$10,952.74	$547.64	$11,500.38	$220.14	$11,283.51
5	$11,283.51	$564.18	$11,847.69	$226.79	$11,624.28
6	$11,624.28	$581.21	$12,205.49	$233.64	$11,975.33
7	$11,975.33	$598.77	$12,574.09	$240.69	$12,336.98
8	$12,336.98	$616.85	$12,953.83	$247.96	$12,709.56
Converts from Class C to Class A				Annual Expense Ratio: 1.10%
9	$12,709.56	$635.48	$13,345.04	$142.53	$13,205.23
10	$13,205.23	$660.26	$13,865.49	$148.09	$13,720.24
Cumulative Total				$2,063.83


Delaware Ivy Balanced Fund ‑ Class I
Average expense ratio: 0.80%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$81.68	$10,420.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.88%
2	$10,420.00	$521.00	$10,941.00	$93.58	$10,849.30
3	$10,849.30	$542.47	$11,391.77	$97.44	$11,296.30
4	$11,296.30	$564.81	$11,861.11	$101.46	$11,761.70
5	$11,761.70	$588.09	$12,349.79	$105.64	$12,246.28
6	$12,246.28	$612.31	$12,858.60	$109.99	$12,750.83
7	$12,750.83	$637.54	$13,388.37	$114.52	$13,276.17
8	$13,276.17	$663.81	$13,939.97	$119.24	$13,823.14
9	$13,823.14	$691.16	$14,514.30	$124.15	$14,392.66
10	$14,392.66	$719.63	$15,112.29	$129.26	$14,985.64
Cumulative Total				$1,076.96

329

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Balanced Fund ‑ Class R6
Average expense ratio: 0.71%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$72.52	$10,429.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.75%
2	$10,429.00	$521.45	$10,950.45	$79.88	$10,872.23
3	$10,872.23	$543.61	$11,415.84	$83.27	$11,334.30
4	$11,334.30	$566.72	$11,901.02	$86.81	$11,816.01
5	$11,816.01	$590.80	$12,406.81	$90.50	$12,318.19
6	$12,318.19	$615.91	$12,934.10	$94.35	$12,841.71
7	$12,841.71	$642.09	$13,483.80	$98.36	$13,387.49
8	$13,387.49	$669.37	$14,056.86	$102.54	$13,956.45
9	$13,956.45	$697.82	$14,654.28	$106.90	$14,549.60
10	$14,549.60	$727.48	$15,277.08	$111.44	$15,167.96
Cumulative Total				$926.57


Delaware Ivy Balanced Fund ‑ Class R
Average expense ratio: 1.30%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$132.41	$10,370.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.38%
2	$10,370.00	$518.50	$10,888.50	$145.70	$10,745.39
3	$10,745.39	$537.27	$11,282.66	$150.97	$11,134.38
4	$11,134.38	$556.72	$11,691.10	$156.44	$11,537.44
5	$11,537.44	$576.87	$12,114.31	$162.10	$11,955.10
6	$11,955.10	$597.75	$12,552.85	$167.97	$12,387.87
7	$12,387.87	$619.39	$13,007.27	$174.05	$12,836.31
8	$12,836.31	$641.82	$13,478.13	$180.35	$13,300.99
9	$13,300.99	$665.05	$13,966.04	$186.88	$13,782.48
10	$13,782.48	$689.12	$14,471.61	$193.64	$14,281.41
Cumulative Total				$1,650.51

330


Delaware Ivy Balanced Fund ‑ Class Y
Average expense ratio: 1.05%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$107.07	$10,395.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.07%
2	$10,395.00	$519.75	$10,914.75	$113.41	$10,803.52
3	$10,803.52	$540.18	$11,343.70	$117.87	$11,228.10
4	$11,228.10	$561.41	$11,789.51	$122.50	$11,669.37
5	$11,669.37	$583.47	$12,252.83	$127.32	$12,127.97
6	$12,127.97	$606.40	$12,734.37	$132.32	$12,604.60
7	$12,604.60	$630.23	$13,234.83	$137.52	$13,099.96
8	$13,099.96	$655.00	$13,754.96	$142.92	$13,614.79
9	$13,614.79	$680.74	$14,295.53	$148.54	$14,149.85
10	$14,149.85	$707.49	$14,857.35	$154.38	$14,705.94
Cumulative Total				$1,303.85


Delaware Ivy Core Equity Fund ‑ Class A
Average expense ratio: 1.00% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$671.14	$9,802.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.03%
2	$9,802.00	$490.10	$10,292.10	$102.96	$10,191.14
3	$10,191.14	$509.56	$10,700.70	$107.05	$10,595.73
4	$10,595.73	$529.79	$11,125.51	$111.30	$11,016.38
5	$11,016.38	$550.82	$11,567.20	$115.72	$11,453.73
6	$11,453.73	$572.69	$12,026.41	$120.32	$11,908.44
7	$11,908.44	$595.42	$12,503.86	$125.09	$12,381.21
8	$12,381.21	$619.06	$13,000.27	$130.06	$12,872.74
9	$12,872.74	$643.64	$13,516.38	$135.22	$13,383.79
10	$13,383.79	$669.19	$14,052.98	$140.59	$13,915.12
Cumulative Total				$1,759.45

331

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Core Equity Fund ‑ Class C
Average expense ratio: 1.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$177.84	$10,325.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.99%
2	$10,325.00	$516.25	$10,841.25	$208.56	$10,635.78
3	$10,635.78	$531.79	$11,167.57	$214.84	$10,955.92
4	$10,955.92	$547.80	$11,503.72	$221.30	$11,285.69
5	$11,285.69	$564.28	$11,849.98	$227.97	$11,625.39
6	$11,625.39	$581.27	$12,206.66	$234.83	$11,975.32
7	$11,975.32	$598.77	$12,574.08	$241.90	$12,335.77
8	$12,335.77	$616.79	$12,952.56	$249.18	$12,707.08
Converts from Class C to Class A				Annual Expense Ratio: 1.03%
9	$12,707.08	$635.35	$13,342.43	$133.48	$13,211.55
10	$13,211.55	$660.58	$13,872.13	$138.78	$13,736.05
Cumulative Total				$2,048.68


Delaware Ivy Core Equity Fund ‑ Class I
Average expense ratio: 0.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$76.59	$10,425.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.78%
2	$10,425.00	$521.25	$10,946.25	$83.03	$10,864.94
3	$10,864.94	$543.25	$11,408.18	$86.53	$11,323.44
4	$11,323.44	$566.17	$11,889.61	$90.19	$11,801.28
5	$11,801.28	$590.06	$12,391.35	$93.99	$12,299.30
6	$12,299.30	$614.96	$12,914.26	$97.96	$12,818.33
7	$12,818.33	$640.92	$13,459.25	$102.09	$13,359.26
8	$13,359.26	$667.96	$14,027.23	$106.40	$13,923.02
9	$13,923.02	$696.15	$14,619.17	$110.89	$14,510.57
10	$14,510.57	$725.53	$15,236.10	$115.57	$15,122.92
Cumulative Total				$963.24

332


Delaware Ivy Core Equity Fund ‑ Class R6
Average expense ratio: 0.67%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$68.45	$10,433.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.69%
2	$10,433.00	$521.65	$10,954.65	$73.54	$10,882.66
3	$10,882.66	$544.13	$11,426.80	$76.71	$11,351.71
4	$11,351.71	$567.59	$11,919.29	$80.01	$11,840.96
5	$11,840.96	$592.05	$12,433.01	$83.46	$12,351.31
6	$12,351.31	$617.57	$12,968.87	$87.06	$12,883.65
7	$12,883.65	$644.18	$13,527.83	$90.81	$13,438.94
8	$13,438.94	$671.95	$14,110.88	$94.73	$14,018.15
9	$14,018.15	$700.91	$14,719.06	$98.81	$14,622.34
10	$14,622.34	$731.12	$15,353.45	$103.07	$15,252.56
Cumulative Total				$856.65


Delaware Ivy Core Equity Fund ‑ Class R
Average expense ratio: 1.25%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$127.34	$10,375.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.31%
2	$10,375.00	$518.75	$10,893.75	$138.42	$10,757.84
3	$10,757.84	$537.89	$11,295.73	$143.53	$11,154.80
4	$11,154.80	$557.74	$11,712.54	$148.82	$11,566.41
5	$11,566.41	$578.32	$12,144.73	$154.32	$11,993.21
6	$11,993.21	$599.66	$12,592.88	$160.01	$12,435.76
7	$12,435.76	$621.79	$13,057.55	$165.91	$12,894.64
8	$12,894.64	$644.73	$13,539.38	$172.04	$13,370.46
9	$13,370.46	$668.52	$14,038.98	$178.38	$13,863.83
10	$13,863.83	$693.19	$14,557.02	$184.97	$14,375.40
Cumulative Total				$1,573.74

333

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Core Equity Fund ‑ Class Y
Average expense ratio: 0.97%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$98.95	$10,403.00
2	$10,403.00	$520.15	$10,923.15	$102.94	$10,822.24
3	$10,822.24	$541.11	$11,363.35	$107.09	$11,258.38
4	$11,258.38	$562.92	$11,821.30	$111.41	$11,712.09
5	$11,712.09	$585.60	$12,297.69	$115.90	$12,184.09
6	$12,184.09	$609.20	$12,793.29	$120.57	$12,675.11
7	$12,675.11	$633.76	$13,308.86	$125.43	$13,185.91
8	$13,185.91	$659.30	$13,845.21	$130.48	$13,717.30
9	$13,717.30	$685.87	$14,403.17	$135.74	$14,270.11
10	$14,270.11	$713.51	$14,983.62	$141.21	$14,845.20
Cumulative Total				$1,189.72


Delaware Climate Solutions Fund ‑ Class A
Average expense ratio: 1.24% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$694.07	$9,779.38
Termination of Contractual Waiver				Annual Expense Ratio: 1.48%
2	$9,779.38	$488.97	$10,268.35	$147.28	$10,123.61
3	$10,123.61	$506.18	$10,629.79	$152.47	$10,479.97
4	$10,479.97	$524.00	$11,003.96	$157.83	$10,848.86
5	$10,848.86	$542.44	$11,391.30	$163.39	$11,230.74
6	$11,230.74	$561.54	$11,792.28	$169.14	$11,626.06
7	$11,626.06	$581.30	$12,207.37	$175.09	$12,035.30
8	$12,035.30	$601.76	$12,637.06	$181.26	$12,458.94
9	$12,458.94	$622.95	$13,081.89	$187.64	$12,897.50
10	$12,897.50	$644.87	$13,542.37	$194.24	$13,351.49
Cumulative Total				$2,222.41

334


Delaware Climate Solutions Fund ‑ Class C
Average expense ratio: 1.99%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$201.99	$10,301.00
Termination of Contractual Waiver				Annual Expense Ratio: 2.17%
2	$10,301.00	$515.05	$10.816.05	$226.69	$10,592.52
3	$10,592.52	$529.63	$11,122.14	$233.11	$10,892.29
4	$10,892.29	$544.61	$11,436.90	$239.71	$11,200.54
5	$11,200.54	$560.03	$11,760.57	$246.49	$11,517.51
6	$11,517.51	$575.88	$12,093.39	$253.47	$11,843.46
7	$11,843.46	$592.17	$12,435.63	$260.64	$12,178.63
8	$12,178.63	$608.93	$12,787.56	$268.02	$12,523.28
Converts from Class C to Class A				Annual Expense Ratio: 1.48%
9	$12,523.28	$626.16	$13,149.45	$188.61	$12,964.10
10	$12,964.10	$648.21	$13,612.31	$195.25	$13,420.44
Cumulative Total				$2,313.98


Delaware Climate Solutions Fund ‑ Class I
Average expense ratio: 0.99%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$100.98	$10,401.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.00%
2	$10,401.00	$520.05	$10,921.05	$106.09	$10,817.04
3	$10,817.04	$540.85	$11,357.89	$110.33	$11,249.72
4	$11,249.72	$562.49	$11,812.21	$114.75	$11,699.71
5	$11,699.71	$584.99	$12,284.70	$119.34	$12,167.70
6	$12,167.70	$608.38	$12,776.08	$124.11	$12,654.41
7	$12,654.41	$632.72	$13,287.13	$129.07	$13,160.58
8	$13,160.58	$658.03	$13,818.61	$134.24	$13,687.01
9	$13,687.01	$684.35	$14,371.36	$139.61	$14,234.49
10	$14,234.49	$711.72	$14,946.21	$145.19	$14,803.87
Cumulative Total				$1,223.71

335

Appendix A: Hypothetical Investment and Expense Information


Delaware Climate Solutions Fund ‑ Class R6
Average expense ratio: 0.83%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$84.73	$10,417.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.97%
2	$10,417.00	$520.85	$10,937.85	$103.08	$10,836.81
3	$10,836.81	$541.84	$11,378.65	$107.24	$11,273.53
4	$11,273.53	$563.68	$11,837.20	$111.56	$11,727.85
5	$11,727.85	$586.39	$12,314.24	$116.05	$12,200.48
6	$12,200.48	$610.02	$12,810.51	$120.73	$12,692.16
7	$12,692.16	$634.61	$13,326.77	$125.59	$13,203.66
8	$13,203.66	$660.18	$13,863.84	$130.66	$13,735.77
9	$13,735.77	$686.79	$14,422.55	$135.92	$14,289.32
10	$14,289.32	$714.47	$15,003.78	$141.40	$14,865.18
Cumulative Total				$1,176.96


Delaware Climate Solutions Fund ‑ Class R
Average expense ratio: 1.49%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$151.61	$10,351.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.57%
2	$10,351.00	$517.55	$10,868.55	$165.30	$10,706.04
3	$10,706.04	$535.30	$11,241.34	$170.97	$11,073.26
4	$11,073.26	$553.66	$11,626.92	$176.83	$11,453.07
5	$11,453.07	$572.65	$12,025.72	$182.90	$11,845.91
6	$11,845.91	$592.30	$12,438.20	$189.17	$12,252.22
7	$12,252.22	$612.61	$12,864.84	$195.66	$12,672.48
8	$12,672.48	$633.62	$13,306.10	$202.37	$13,107.14
9	$13,107.14	$655.36	$13,762.50	$209.31	$13,556.72
10	$13,556.72	$677.84	$14,234.55	$216.49	$14,021.71
Cumulative Total				$1,860.61

336


Delaware Climate Solutions Fund ‑ Class Y
Average expense ratio: 1.24%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$126.33	$10,376.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.29%
2	$10,376.00	$518.80	$10,894.80	$136.33	$10,760.95
3	$10,760.95	$538.05	$11,299.00	$141.39	$11,160.18
4	$11,160.18	$558.01	$11,718.19	$146.64	$11,574.22
5	$11,574.22	$578.71	$12,152.93	$152.08	$12,003.63
6	$12,003.63	$600.18	$12,603.81	$157.72	$12,448.96
7	$12,448.96	$622.45	$13,071.41	$163.57	$12,910.82
8	$12,910.82	$645.54	$13,556.36	$169.64	$13,389.81
9	$13,389.81	$669.49	$14,059.30	$175.93	$13,886.57
10	$13,886.57	$694.33	$14,580.90	$182.46	$14,401.76
Cumulative Total				$1,552.09


Delaware Global Value Equity Fund ‑ Class A
Average expense ratio: 1.17% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$687.38	$9,785.98
Termination of Contractual Waiver				Annual Expense Ratio: 1.33%
2	$9,785.98	$489.30	$10,275.28	$132.54	$10,145.12
3	$10,145.12	$507.26	$10,652.38	$137.41	$10,517.45
4	$10,517.45	$525.87	$11,043.32	$142.45	$10,903.44
5	$10,903.44	$545.17	$11,448.61	$147.68	$11,303.60
6	$11,303.60	$565.18	$11,868.78	$153.10	$11,718.44
7	$11,718.44	$585.92	$12,304.36	$158.72	$12,148.50
8	$12,148.50	$607.43	$12,755.93	$164.54	$12,594.35
9	$12,594.35	$629.72	$13,224.07	$170.58	$13,056.57
10	$13,056.57	$652.83	$13,709.40	$176.84	$13,535.74
Cumulative Total				$2,071.24

337

Appendix A: Hypothetical Investment and Expense Information


Delaware Global Value Equity Fund ‑ Class C
Average expense ratio: 1.92%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$194.96	$10,308.00
Termination of Contractual Waiver				Annual Expense Ratio: 2.27%
2	$10,308.00	$515.40	$10,823.40	$237.19	$10,589.41
3	$10,589.41	$529.47	$11,118.88	$243.66	$10,878.50
4	$10,878.50	$543.92	$11,422.42	$250.31	$11,175.48
5	$11,175.48	$558.77	$11,734.26	$257.15	$11,480.57
6	$11,480.57	$574.03	$12,054.60	$264.17	$11,793.99
7	$11,793.99	$589.70	$12,383.69	$271.38	$12,115.97
8	$12,115.97	$605.80	$12,721.77	$278.79	$12,446.73
Converts from Class C to Class A				Annual Expense Ratio: 1.33%
9	$12,446.73	$622.34	$13,069.07	$168.58	$12,903.53
10	$12,903.53	$645.18	$13,548.71	$174.77	$13,377.09
Cumulative Total				$2,340.96


Delaware Global Value Equity Fund ‑ Class I
Average expense ratio: 0.92%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$93.88	$10,408.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.93%
2	$10,408.00	$520.40	$10,928.40	$98.76	$10,831.61
3	$10,831.61	$541.58	$11,373.19	$102.78	$11,272.45
4	$11,272.45	$563.62	$11,836.07	$106.97	$11,731.24
5	$11,731.24	$586.56	$12,317.80	$111.32	$12,208.70
6	$12,208.70	$610.44	$12,819.14	$115.85	$12,705.60
7	$12,705.60	$635.28	$13,340.88	$120.57	$13,222.71
8	$13,222.71	$661.14	$13,883.85	$125.47	$13,760.88
9	$13,760.88	$688.04	$14,448.92	$130.58	$14,320.95
10	$14,320.95	$716.05	$15,036.99	$135.90	$14,903.81
Cumulative Total				$1,142.08

338


Delaware Global Value Equity Fund ‑ Class R6
Average expense ratio: 0.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$76.59	$10,425.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.83%
2	$10,425.00	$521.25	$10,946.25	$88.33	$10,859.72
3	$10,859.72	$542.99	$11,402.71	$92.02	$11,312.57
4	$11,312.57	$565.63	$11,878.20	$95.85	$11,784.31
5	$11,784.31	$589.22	$12,373.52	$99.85	$12,275.71
6	$12,275.71	$613.79	$12,889.50	$104.01	$12,787.61
7	$12,787.61	$639.38	$13,426.99	$108.35	$13,320.85
8	$13,320.85	$666.04	$13,986.90	$112.87	$13,876.33
9	$13,876.33	$693.82	$14,570.15	$117.57	$14,454.98
10	$14,454.98	$722.75	$15,177.72	$122.48	$15,057.75
Cumulative Total				$1,017.92


Delaware Global Value Equity Fund ‑ Class R
Average expense ratio: 1.42%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$144.54	$10,358.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.48%
2	$10,358.00	$517.90	$10,875.90	$156.00	$10,722.60
3	$10,722.60	$536.13	$11,258.73	$161.49	$11,100.04
4	$11,100.04	$555.00	$11,655.04	$167.17	$11,490.76
5	$11,490.76	$574.54	$12,065.30	$173.06	$11,895.23
6	$11,895.23	$594.76	$12,489.99	$179.15	$12,313.95
7	$12,313.95	$615.70	$12,929.64	$185.45	$12,747.40
8	$12,747.40	$637.37	$13,384.77	$191.98	$13,196.10
9	$13,196.10	$659.81	$13,855.91	$198.74	$13,660.61
10	$13,660.61	$683.03	$14,343.64	$205.74	$14,141.46
Cumulative Total				$1,763.32

339

Appendix A: Hypothetical Investment and Expense Information


Delaware Global Value Equity Fund ‑ Class Y
Average expense ratio: 1.17%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$119.24	$10,383.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.19%
2	$10,383.00	$519.15	$10,902.15	$125.91	$10,778.59
3	$10,778.59	$538.93	$11,317.52	$130.71	$11,189.26
4	$11,189.26	$559.46	$11,748.72	$135.69	$11,615.57
5	$11,615.57	$580.78	$12,196.35	$140.86	$12,058.12
6	$12,058.12	$602.91	$12,661.03	$146.23	$12,517.53
7	$12,517.53	$625.88	$13,143.41	$151.80	$12,994.45
8	$12,994.45	$649.72	$13,644.18	$157.58	$13,489.54
9	$13,489.54	$674.48	$14,164.02	$163.58	$14,003.49
10	$14,003.49	$700.17	$14,703.67	$169.82	$14,537.03
Cumulative Total				$1,441.42


Delaware Ivy Global Growth Fund ‑ Class A
Average expense ratio: 1.17% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$687.38	$9,785.98
Termination of Contractual Waiver				Annual Expense Ratio: 1.39%
2	$9,785.98	$489.30	$10,275.28	$138.48	$10,139.25
3	$10,139.25	$506.96	$10,646.21	$143.48	$10,505.28
4	$10,505.28	$525.26	$11,030.54	$148.66	$10,884.52
5	$10,884.52	$544.23	$11,428.74	$154.03	$11,277.45
6	$11,277.45	$563.87	$11,841.32	$159.59	$11,684.57
7	$11,684.57	$584.23	$12,268.79	$165.35	$12,106.38
8	$12,106.38	$605.32	$12,711.70	$171.32	$12,543.42
9	$12,543.42	$627.17	$13,170.59	$177.50	$12,996.24
10	$12,996.24	$649.81	$13,646.05	$183.91	$13,465.40
Cumulative Total				$2,129.70

340


Delaware Ivy Global Growth Fund ‑ Class C
Average expense ratio: 1.92%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$194.96	$10,308.00
Termination of Contractual Waiver				Annual Expense Ratio: 2.51%
2	$10,308.00	$515.40	$10,823.40	$261.95	$10,564.67
3	$10,564.67	$528.23	$11,092.90	$268.47	$10,827.73
4	$10,827.73	$541.39	$11,369.12	$275.16	$11,097.34
5	$11,097.34	$554.87	$11,652.21	$282.01	$11,373.66
6	$11,373.66	$568.68	$11,942.35	$289.03	$11,656.87
7	$11,656.87	$582.84	$12,239.71	$296.23	$11,947.12
8	$11,947.12	$597.36	$12,544.48	$303.61	$12,244.61
Converts from Class C to Class A				Annual Expense Ratio: 1.39%
9	$12,244.61	$612.23	$12,856.84	$173.27	$12,686.64
10	$12,686.64	$634.33	$13,320.97	$179.53	$13,144.63
Cumulative Total				$2,524.22


Delaware Ivy Global Growth Fund ‑ Class I
Average expense ratio: 0.92%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$93.88	$10,408.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.03%
2	$10,408.00	$520.40	$10,928.40	$109.33	$10,821.20
3	$10,821.20	$541.06	$11,362.26	$113.67	$11,250.80
4	$11,250.80	$562.54	$11,813.34	$118.18	$11,697.46
5	$11,697.46	$584.87	$12,282.33	$122.88	$12,161.84
6	$12,161.84	$608.09	$12,769.94	$127.75	$12,644.67
7	$12,644.67	$632.23	$13,276.90	$132.83	$13,146.66
8	$13,146.66	$657.33	$13,804.00	$138.10	$13,668.59
9	$13,668.59	$683.43	$14,352.02	$143.58	$14,211.23
10	$14,211.23	$710.56	$14,921.79	$149.28	$14,775.41
Cumulative Total				$1,249.48

341

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Global Growth Fund ‑ Class R6
Average expense ratio: 0.81%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$82.70	$10,419.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.00%
2	$10,419.00	$520.95	$10,939.95	$106.27	$10,835.76
3	$10,835.76	$541.79	$11,377.55	$110.52	$11,269.19
4	$11,269.19	$563.46	$11,832.65	$114.95	$11,719.96
5	$11,719.96	$586.00	$12,305.96	$119.54	$12,188.76
6	$12,188.76	$609.44	$12,798.19	$124.33	$12,676.31
7	$12,676.31	$633.82	$13,310.12	$129.30	$13,183.36
8	$13,183.36	$659.17	$13,842.53	$134.47	$13,710.69
9	$13,710.69	$685.53	$14,396.23	$139.85	$14,259.12
10	$14,259.12	$712.96	$14,972.08	$145.44	$14,829.49
Cumulative Total				$1,207.37


Delaware Ivy Global Growth Fund ‑ Class R
Average expense ratio: 1.42%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$144.54	$10,358.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.57%
2	$10,358.00	$517.90	$10,875.90	$165.41	$10,713.28
3	$10,713.28	$535.66	$11,248.94	$171.08	$11,080.74
4	$11,080.74	$554.04	$11,634.78	$176.95	$11,460.81
5	$11,460.81	$573.04	$12,033.86	$183.02	$11,853.92
6	$11,853.92	$592.70	$12,446.62	$189.30	$12,260.51
7	$12,260.51	$613.03	$12,873.54	$195.79	$12,681.05
8	$12,681.05	$634.05	$13,315.10	$202.51	$13,116.01
9	$13,116.01	$655.80	$13,771.81	$209.45	$13,565.88
10	$13,565.88	$678.29	$14,244.18	$216.64	$14,031.19
Cumulative Total				$1,854.69

342


Delaware Ivy Global Growth Fund ‑ Class Y
Average expense ratio: 1.17%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$119.24	$10,383.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.32%
2	$10,383.00	$519.15	$10,902.15	$139.58	$10,765.09
3	$10,765.09	$538.25	$11,303.35	$144.71	$11,161.25
4	$11,161.25	$558.06	$11,719.31	$150.04	$11,571.98
5	$11,571.98	$578.60	$12,150.58	$155.56	$11,997.83
6	$11,997.83	$599.89	$12,597.72	$161.29	$12,439.35
7	$12,439.35	$621.97	$13,061.32	$167.22	$12,897.12
8	$12,897.12	$644.86	$13,541.98	$173.37	$13,371.74
9	$13,371.74	$668.59	$14,040.32	$179.75	$13,863.82
10	$13,863.82	$693.19	$14,557.01	$186.37	$14,374.00
Cumulative Total				$1,577.13


Delaware Ivy Large Cap Growth Fund ‑ Class A
Average expense ratio: 0.89% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$660.61	$9,812.37
Termination of Contractual Waiver				Annual Expense Ratio: 1.00%
2	$9,812.37	$490.62	$10,302.99	$100.09	$10,204.86
3	$10,204.86	$510.24	$10,715.11	$104.09	$10,613.06
4	$10,613.06	$530.65	$11,143.71	$108.25	$11,037.58
5	$11,037.58	$551.88	$11,589.46	$112.58	$11,479.08
6	$11,479.08	$573.95	$12,053.04	$117.09	$11,938.25
7	$11,938.25	$596.91	$12,535.16	$121.77	$12,415.78
8	$12,415.78	$620.79	$13,036.56	$126.64	$12,912.41
9	$12,912.41	$645.62	$13,558.03	$131.71	$13,428.90
10	$13,428.90	$671.45	$14,100.35	$136.97	$13,966.06
Cumulative Total				$1,719.80

343

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Large Cap Growth Fund ‑ Class C
Average expense ratio: 1.64%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$166.76	$10,336.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.90%
2	$10,336.00	$516.80	$10,852.80	$199.43	$10,656.42
3	$10,656.42	$532.82	$11,189.24	$205.61	$10,986.76
4	$10,986.76	$549.34	$11,536.10	$211.98	$11,327.35
5	$11,327.35	$566.37	$11,893.72	$218.56	$11,678.50
6	$11,678.50	$583.93	$12,262.43	$225.33	$12,040.54
7	$12,040.54	$602.03	$12,642.56	$232.32	$12,413.79
8	$12,413.79	$620.69	$13,034.48	$239.52	$12,798.62
Converts from Class C to Class A				Annual Expense Ratio: 1.00%
9	$12,798.62	$639.93	$13,438.55	$130.55	$13,310.57
10	$13,310.57	$665.53	$13,976.09	$135.77	$13,842.99
Cumulative Total				$1,965.83


Delaware Ivy Large Cap Growth Fund ‑ Class I
Average expense ratio: 0.64%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$65.40	$10,436.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.66%
2	$10,436.00	$521.80	$10,957.80	$70.37	$10,888.92
3	$10,888.92	$544.45	$11,433.37	$73.43	$11,361.50
4	$11,361.50	$568.08	$11,929.58	$76.61	$11,854.59
5	$11,854.59	$592.73	$12,447.32	$79.94	$12,369.08
6	$12,369.08	$618.45	$12,987.53	$83.41	$12,905.90
7	$12,905.90	$645.29	$13,551.19	$87.03	$13,466.01
8	$13,466.01	$673.30	$14,139.31	$90.80	$14,050.44
9	$14,050.44	$702.52	$14,752.96	$94.75	$14,660.23
10	$14,660.23	$733.01	$15,393.24	$98.86	$15,296.48
Cumulative Total				$820.60

344


Delaware Ivy Large Cap Growth Fund ‑ Class R6
Average expense ratio: 0.56%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$57.24	$10,444.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.66%
2	$10,444.00	$522.20	$10,966.20	$70.43	$10,897.27
3	$10,897.27	$544.86	$11,442.13	$73.48	$11,370.21
4	$11,370.21	$568.51	$11,938.72	$76.67	$11,863.68
5	$11,863.68	$593.18	$12,456.86	$80.00	$12,378.56
6	$12,378.56	$618.93	$12,997.49	$83.47	$12,915.79
7	$12,915.79	$645.79	$13,561.58	$87.09	$13,476.34
8	$13,476.34	$673.82	$14,150.15	$90.87	$14,061.21
9	$14,061.21	$703.06	$14,764.27	$94.82	$14,671.47
10	$14,671.47	$733.57	$15,405.04	$98.93	$15,308.21
Cumulative Total				$813.00


Delaware Ivy Large Cap Growth Fund ‑ Class R
Average expense ratio: 1.14%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$116.20	$10,386.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.24%
2	$10,386.00	$519.30	$10,905.30	$131.21	$10,776.51
3	$10,776.51	$538.83	$11,315.34	$136.14	$11,181.71
4	$11,181.71	$559.09	$11,740.80	$141.26	$11,602.14
5	$11,602.14	$580.11	$12,182.25	$146.57	$12,038.38
6	$12,038.38	$601.92	$12,640.30	$152.08	$12,491.03
7	$12,491.03	$624.55	$13,115.58	$157.80	$12,960.69
8	$12,960.69	$648.03	$13,608.72	$163.73	$13,448.01
9	$13,448.01	$672.40	$14,120.41	$169.89	$13,953.66
10	$13,953.66	$697.68	$14,651.34	$176.28	$14,478.31
Cumulative Total				$1,491.16

345

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Large Cap Growth Fund ‑ Class Y
Average expense ratio: 0.89%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$90.83	$10,411.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.96%
2	$10,411.00	$520.55	$10,931.55	$101.96	$10,831.60
3	$10,831.60	$541.58	$11,373.18	$106.08	$11,269.20
4	$11,269.20	$563.46	$11,832.66	$110.37	$11,724.48
5	$11,724.48	$586.22	$12,310.70	$114.83	$12,198.15
6	$12,198.15	$609.91	$12,808.05	$119.47	$12,690.95
7	$12,690.95	$634.55	$13,325.50	$124.29	$13,203.67
8	$13,203.67	$660.18	$13,863.85	$129.32	$13,737.09
9	$13,737.09	$686.85	$14,423.95	$134.54	$14,292.07
10	$14,292.07	$714.60	$15,006.68	$139.98	$14,869.47
Cumulative Total				$1,171.67


Delaware Ivy Mid Cap Growth Fund ‑ Class A
Average expense ratio: 1.04% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$674.96	$9,798.23
Termination of Contractual Waiver				Annual Expense Ratio: 1.21%
2	$9,798.23	$489.91	$10,288.14	$120.81	$10,169.58
3	$10,169.58	$508.48	$10,678.06	$125.38	$10,555.01
4	$10,555.01	$527.75	$11,082.76	$130.14	$10,955.04
5	$10,955.04	$547.75	$11,502.80	$135.07	$11,370.24
6	$11,370.24	$568.51	$11,938.75	$140.19	$11,801.17
7	$11,801.17	$590.06	$12,391.23	$145.50	$12,248.44
8	$12,248.44	$612.42	$12,860.86	$151.01	$12,712.65
9	$12,712.65	$635.63	$13,348.29	$156.74	$13,194.46
10	$13,194.46	$659.72	$13,854.19	$162.68	$13,694.53
Cumulative Total				$1,942.48

346


Delaware Ivy Mid Cap Growth Fund ‑ Class C
Average expense ratio: 1.79%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$181.87	$10,321.00
Termination of Contractual Waiver				Annual Expense Ratio: 2.06%
2	$10,321.00	$516.05	$10,837.05	$215.74	$10,624.44
3	$10,624.44	$531.22	$11,155.66	$222.08	$10,936.80
4	$10,936.80	$546.84	$11,483.64	$228.61	$11,258.34
5	$11,258.34	$562.92	$11,821.25	$235.33	$11,589.33
6	$11,589.33	$579.47	$12,168.80	$242.25	$11,930.06
7	$11,930.06	$596.50	$12,526.56	$249.37	$12,280.80
8	$12,280.80	$614.04	$12,894.84	$256.70	$12,641.86
Converts from Class C to Class A				Annual Expense Ratio: 1.21%
9	$12,641.86	$632.09	$13,273.95	$155.87	$13,120.98
10	$13,120.98	$656.05	$13,777.03	$161.77	$13,618.27
Cumulative Total				$2,149.59


Delaware Ivy Mid Cap Growth Fund ‑ Class I
Average expense ratio: 0.79%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$80.66	$10,421.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.84%
2	$10,421.00	$521.05	$10,942.05	$89.36	$10,854.51
3	$10,854.51	$542.73	$11,397.24	$93.07	$11,306.06
4	$11,306.06	$565.30	$11,871.36	$96.95	$11,776.39
5	$11,776.39	$588.82	$12,365.21	$100.98	$12,266.29
6	$12,266.29	$613.31	$12,879.61	$105.18	$12,776.57
7	$12,776.57	$638.83	$13,415.40	$109.56	$13,308.07
8	$13,308.07	$665.40	$13,973.48	$114.11	$13,861.69
9	$13,861.69	$693.08	$14,554.77	$118.86	$14,438.34
10	$14,438.34	$721.92	$15,160.25	$123.80	$15,038.97
Cumulative Total				$1,032.53

347

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Mid Cap Growth Fund ‑ Class R6
Average expense ratio: 0.69%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$70.49	$10,431.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.83%
2	$10,431.00	$521.55	$10,952.55	$88.38	$10,865.97
3	$10,865.97	$543.30	$11,409.27	$92.07	$11,319.08
4	$11,319.08	$565.95	$11,885.04	$95.91	$11,791.09
5	$11,791.09	$589.55	$12,380.64	$99.91	$12,282.78
6	$12,282.78	$614.14	$12,896.92	$104.07	$12,794.97
7	$12,794.97	$639.75	$13,434.72	$108.41	$13,328.52
8	$13,328.52	$666.43	$13,994.95	$112.93	$13,884.32
9	$13,884.32	$694.22	$14,578.54	$117.64	$14,463.30
10	$14,463.30	$723.16	$15,186.46	$122.55	$15,066.41
Cumulative Total				$1,012.36


Delaware Ivy Mid Cap Growth Fund ‑ Class R
Average expense ratio: 1.29%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$131.39	$10,371.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.42%
2	$10,371.00	$518.55	$10,889.55	$149.90	$10,742.28
3	$10,742.28	$537.11	$11,279.40	$155.27	$11,126.86
4	$11,126.86	$556.34	$11,683.20	$160.83	$11,525.20
5	$11,525.20	$576.26	$12,101.46	$166.59	$11,937.80
6	$11,937.80	$596.89	$12,534.69	$172.55	$12,365.17
7	$12,365.17	$618.26	$12,983.43	$178.73	$12,807.85
8	$12,807.85	$640.39	$13,448.24	$185.13	$13,266.37
9	$13,266.37	$663.32	$13,929.68	$191.75	$13,741.30
10	$13,741.30	$687.07	$14,428.37	$198.62	$14,233.24
Cumulative Total				$1,690.76

348


Delaware Ivy Mid Cap Growth Fund ‑ Class Y
Average expense ratio: 1.04%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$106.06	$10,396.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.13%
2	$10,396.00	$519.80	$10,915.80	$119.75	$10,798.33
3	$10,798.33	$539.92	$11,338.24	$124.38	$11,216.22
4	$11,216.22	$560.81	$11,777.03	$129.20	$11,650.29
5	$11,650.29	$582.51	$12,232.80	$134.20	$12,101.15
6	$12,101.15	$605.06	$12,706.21	$139.39	$12,569.47
7	$12,569.47	$628.47	$13,197.94	$144.78	$13,055.91
8	$13,055.91	$652.80	$13,708.70	$150.39	$13,561.17
9	$13,561.17	$678.06	$14,239.23	$156.21	$14,085.99
10	$14,085.99	$704.30	$14,790.29	$162.25	$14,631.12
Cumulative Total				1,366.61


Delaware Ivy Science and Technology Fund ‑ Class A
Average expense ratio: 1.22% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$692.16	$9,781.27
2	$9,781.27	$489.06	$10,270.33	$121.59	$10,151.00
3	$10,151.00	$507.55	$10,658.55	$126.18	$10,534.70
4	$10,534.70	$526.74	$11,061.44	$130.95	$10,932.92
5	$10,932.92	$546.65	$11,479.56	$135.90	$11,346.18
6	$11,346.18	$567.31	$11,913.49	$141.04	$11,775.07
7	$11,775.07	$588.75	$12,363.82	$146.37	$12,220.16
8	$12,220.16	$611.01	$12,831.17	$151.90	$12,682.09
9	$12,682.09	$634.10	$13,316.19	$157.65	$13,161.47
10	$13,161.47	$658.07	$13,819.54	$163.60	$13,658.97
Cumulative Total				$1,967.34

349

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Science and Technology Fund ‑ Class C
Average expense ratio: 2.15%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$218.06	$10,285.00
2	$10,285.00	$514.25	$10,799.25	$224.28	$10,578.12
3	$10,578.12	$528.91	$11,107.03	$230.67	$10,879.60
4	$10,879.60	$543.98	$11,423.58	$237.24	$11,189.67
5	$11,189.67	$559.48	$11,749.15	$244.01	$11,508.57
6	$11,508.57	$575.43	$12,084.00	$250.96	$11,836.57
7	$11,836.57	$591.83	$12,428.40	$258.11	$12,173.91
8	$12,173.91	$608.70	$12,782.61	$265.47	$12,520.87
Converts from Class C to Class A				Annual Expense Ratio: 1.22%
9	$12,520.87	$626.04	$13,146.91	$155.64	$12,994.15
10	$12,994.15	$649.71	$13,643.86	$161.52	$13,485.33
Cumulative Total				$2,245.96


Delaware Ivy Science and Technology Fund ‑ Class I
Average expense ratio: 1.00%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$102.00	$10,400.00
2	$10,400.00	$520.00	$10,920.00	$106.08	$10,816.00
3	$10,816.00	$540.80	$11,356.80	$110.32	$11,248.64
4	$11,248.64	$562.43	$11,811.07	$114.74	$11,698.59
5	$11,698.59	$584.93	$12,283.51	$119.33	$12,166.53
6	$12,166.53	$608.33	$12,774.86	$124.10	$12,653.19
7	$12,653.19	$632.66	$13,285.85	$129.06	$13,159.32
8	$13,159.32	$657.97	$13,817.28	$134.23	$13,685.69
9	$13,685.69	$684.28	$14,369.98	$139.59	$14,233.12
10	$14,233.12	$711.66	$14,944.77	$145.18	$14,802.44
Cumulative Total				$1,224.63

350


Delaware Ivy Science and Technology Fund ‑ Class R6
Average expense ratio: 0.87%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$88.80	$10,413.00
2	$10,413.00	$520.65	$10,933.65	$92.46	$10,843.06
3	$10,843.06	$542.15	$11,385.21	$96.28	$11,290.88
4	$11,290.88	$564.54	$11,855.42	$100.26	$11,757.19
5	$11,757.19	$587.86	$12,345.05	$104.40	$12,242.76
6	$12,242.76	$612.14	$12,854.90	$108.71	$12,748.39
7	$12,748.39	$637.42	$13,385.81	$113.20	$13,274.89
8	$13,274.89	$663.74	$13,938.64	$117.88	$13,823.15
9	$13,823.15	$691.16	$14,514.31	$122.74	$14,394.04
10	$14,394.04	$719.70	$15,113.75	$127.81	$14,988.52
Cumulative Total				$1,072.54


Delaware Ivy Science and Technology Fund ‑ Class R
Average expense ratio: 1.58%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$160.70	$10,342.00
2	$10,342.00	$517.10	$10,859.10	$166.20	$10,695.70
3	$10,695.70	$534.78	$11,230.48	$171.88	$11,061.49
4	$11,061.49	$553.07	$11,614.56	$177.76	$11,439.79
5	$11,439.79	$571.99	$12,011.78	$183.84	$11,831.03
6	$11,831.03	$591.55	$12,422.58	$190.13	$12,235.65
7	$12,235.65	$611.78	$12,847.44	$196.63	$12,654.11
8	$12,654.11	$632.71	$13,286.82	$203.35	$13,086.88
9	$13,086.88	$654.34	$13,741.23	$210.31	$13,534.46
10	$13,534.46	$676.72	$14,211.18	$217.50	$13,997.33
Cumulative Total				$1,878.30


Delaware Ivy Science and Technology Fund ‑ Class Y
Average expense ratio: 1.24%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$126.33	$10,376.00
2	$10,376.00	$518.80	$10,894.80	$131.08	$10,766.14
3	$10,766.14	$538.31	$11,304.44	$136.01	$11,170.94
4	$11,170.94	$558.55	$11,729.49	$141.12	$11,590.97
5	$11,590.97	$579.55	$12,170.52	$146.43	$12,026.79
6	$12,026.79	$601.34	$12,628.13	$151.94	$12,479.00
7	$12,479.00	$623.95	$13,102.95	$157.65	$12,948.21
8	$12,948.21	$647.41	$13,595.62	$163.58	$13,435.06
9	$13,435.06	$671.75	$14,106.82	$169.73	$13,940.22
10	$13,940.22	$697.01	$14,637.23	$176.11	$14,464.37
Cumulative Total				$1,499.98

351

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Small Cap Growth Fund ‑ Class A
Average expense ratio: 1.14% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$684.52	$9,788.81
Termination of Contractual Waiver				Annual Expense Ratio: 1.34%
2	$9,788.81	$489.44	$10,278.25	$133.57	$10,147.08
3	$10,147.08	$507.35	$10,654.43	$138.46	$10,518.46
4	$10,518.46	$525.92	$11,044.38	$143.53	$10,903.43
5	$10,903.43	$545.17	$11,448.61	$148.78	$11,302.50
6	$11,302.50	$565.12	$11,867.62	$154.23	$11,716.17
7	$11,716.17	$585.81	$12,301.98	$159.87	$12,144.98
8	$12,144.98	$607.25	$12,752.23	$165.72	$12,589.49
9	$12,589.49	$629.47	$13,218.96	$171.79	$13,050.26
10	$13,050.26	$652.51	$13,702.78	$178.07	$13,527.90
Cumulative Total				$2,078.54


Delaware Ivy Small Cap Growth Fund ‑ Class C
Average expense ratio: 1.89%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$191.94	$10,311.00
Termination of Contractual Waiver				Annual Expense Ratio: 2.28%
2	$10,311.00	$515.55	$10,826.55	$238.29	$10,591.46
3	$10,591.46	$529.57	$11,121.03	$244.77	$10,879.55
4	$10,879.55	$543.98	$11,423.52	$251.43	$11,175.47
5	$11,175.47	$558.77	$11,734.24	$258.27	$11,479.44
6	$11,479.44	$573.97	$12,053.42	$265.29	$11,791.68
7	$11,791.68	$589.58	$12,381.27	$272.51	$12,112.42
8	$12,112.42	$605.62	$12,718.04	$279.92	$12,441.88
Converts from Class C to Class A				Annual Expense Ratio: 1.34%
9	$12,441.88	$622.09	$13,063.97	$169.77	$12,897.25
10	$12,897.25	$644.86	$13,542.11	$175.99	$13,369.29
Cumulative Total				$2,348.18

352


Delaware Ivy Small Cap Growth Fund ‑ Class I
Average expense ratio: 0.89%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$90.83	$10,411.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.92%
2	$10,411.00	$520.55	$10,931.55	$97.74	$10,835.77
3	$10,835.77	$541.79	$11,377.56	$101.72	$11,277.87
4	$11,277.87	$563.89	$11,841.76	$105.87	$11,738.01
5	$11,738.01	$586.90	$12,324.91	$110.19	$12,216.92
6	$12,216.92	$610.85	$12,827.76	$114.69	$12,715.37
7	$12,715.37	$635.77	$13,351.13	$119.37	$13,234.15
8	$13,234.15	$661.71	$13,895.86	$124.24	$13,774.11
9	$13,774.11	$688.71	$14,462.81	$129.31	$14,336.09
10	$14,336.09	$716.80	$15,052.89	$134.58	$14,921.00
Cumulative Total				$1,128.54


Delaware Ivy Small Cap Growth Fund ‑ Class R6
Average expense ratio: 0.76%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	77.61	$10,424.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.91%
2	$10,424.00	$521.20	$10,945.20	$96.80	$10,850.34
3	$10,850.34	$542.52	$11,392.86	$100.76	$11,294.12
4	$11,294.12	$564.71	$11,858.83	$104.88	$11,756.05
5	$11,756.05	$587.80	$12,343.85	$109.17	$12,236.87
6	$12,236.87	$611.84	$12,848.72	$113.63	$12,737.36
7	$12,737.36	$636.87	$13,374.23	$118.28	$13,258.32
8	$13,258.32	$662.92	$13,921.23	$123.12	$13,800.58
9	$13,800.58	$690.03	$14,490.61	$128.15	$14,365.03
10	$14,365.03	$718.25	$15,083.28	$133.40	$14,952.56
Cumulative Total				$1,105.80

353

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Small Cap Growth Fund ‑ Class R
Average expense ratio: 1.39%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$141.51	$10,361.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.50%
2	$10,361.00	$518.05	$10,879.05	$158.13	$10,723.64
3	$10,723.64	$536.18	$11,259.82	$163.67	$11,098.96
4	$11,098.96	$554.95	$11,653.91	$169.40	$11,487.43
5	$11,487.43	$574.37	$12,061.80	$175.33	$11,889.49
6	$11,889.49	$594.47	$12,483.96	$181.46	$12,305.62
7	$12,305.62	$615.28	$12,920.90	$187.81	$12,736.31
8	$12,736.31	$636.82	$13,373.13	$194.39	$13,182.09
9	$13,182.09	$659.10	$13,841.19	$201.19	$13,643.46
10	$13,643.46	$682.17	$14,325.63	$208.23	$14,120.98
Cumulative Total				$1,781.12


Delaware Ivy Small Cap Growth Fund ‑ Class Y
Average expense ratio: 1.14%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$116.20	$10,386.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.21%
2	$10,386.00	$519.30	$10,905.30	$128.05	$10,779.63
3	$10,779.63	$538.98	$11,318.61	$132.91	$11,188.18
4	$11,188.18	$559.41	$11,747.59	$137.94	$11,612.21
5	$11,612.21	$580.61	$12,192.82	$143.17	$12,052.31
6	$12,052.31	$602.62	$12,654.93	$148.60	$12,509.09
7	$12,509.09	$625.45	$13,134.55	$154.23	$12,983.19
8	$12,983.19	$649.16	$13,632.35	$160.07	$13,475.25
9	$13,475.25	$673.76	$14,149.01	$166.14	$13,985.96
10	$13,985.96	$699.30	$14,685.26	$172.44	$14,516.03
Cumulative Total				$1,459.75

354


Delaware Ivy Value Fund ‑ Class A
Average expense ratio: 1.08% Maximum front-end sales charge: 5.75%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$471.25	$9,896.25	$678.79	$9,794.46
Termination of Contractual Waiver				Annual Expense Ratio: 1.14%
2	$9,794.46	$489.72	$10,284.18	$113.81	$10,172.53
3	$10,172.53	$508.63	$10,681.15	$118.20	$10,565.19
4	$10,565.19	$528.26	$11,093.44	$122.77	$10,973.00
5	$10,973.00	$548.65	$11,521.65	$127.51	$11,396.56
6	$11,396.56	$569.83	$11,966.39	$132.43	$11,836.47
7	$11,836.47	$591.82	$12,428.29	$137.54	$12,293.35
8	$12,293.35	$614.67	$12,908.02	$142.85	$12,767.88
9	$12,767.88	$638.39	$13,406.27	$148.36	$13,260.72
10	$13,260.72	$663.04	$13,923.75	$154.09	$13,772.58
Cumulative Total				$1,876.35


Delaware Ivy Value Fund ‑ Class C
Average expense ratio: 1.83%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$185.90	$10,317.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.98%
2	$10,317.00	$515.85	$10,832.85	$207.36	$10,628.57
3	$10,628.57	$531.43	$11,160.00	$213.62	$10,949.56
4	$10,949.56	$547.48	$11,497.03	$220.07	$11,280.23
5	$11,280.23	$564.01	$11,844.24	$226.72	$11,620.90
6	$11,620.90	$581.04	$12,201.94	$233.57	$11,971.85
7	$11,971.85	$598.59	$12,570.44	$240.62	$12,333.40
8	$12,333.40	$616.67	$12,950.07	$247.89	$12,705.87
Converts from Class C to Class A				Annual Expense Ratio: 1.14%
9	$12,705.87	$635.29	$13,341.16	$147.64	$13,196.31
10	$13,196.31	$659.82	$13,856.13	$153.34	$13,705.69
Cumulative Total				$2,076.73

355

Appendix A: Hypothetical Investment and Expense Information


Delaware Ivy Value Fund ‑ Class I
Average expense ratio: 0.83%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$84.73	$10,417.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.86%
2	$10,417.00	$520.85	$10,937.85	$91.44	$10,848.26
3	$10,848.26	$542.41	$11,390.68	$95.23	$11,297.38
4	$11,297.38	$564.87	$11,862.25	$99.17	$11,765.09
5	$11,765.09	$588.25	$12,353.35	$103.27	$12,252.17
6	$12,252.17	$612.61	$12,864.78	$107.55	$12,759.41
7	$12,759.41	$637.97	$13,397.38	$112.00	$13,287.65
8	$13,287.65	$664.38	$13,952.03	$116.64	$13,837.76
9	$13,837.76	$691.89	$14,529.64	$121.47	$14,410.64
10	$14,410.64	$720.53	$15,131.17	$126.50	$15,007.24
Cumulative Total				$1,058.00


Delaware Ivy Value Fund ‑ Class R6
Average expense ratio: 0.72%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$73.54	$10,428.00
Termination of Contractual Waiver				Annual Expense Ratio: 0.74%
2	$10,428.00	$521.40	$10,949.40	$78.81	$10,872.23
3	$10,872.23	$543.61	$11,415.84	$82.17	$11,335.39
4	$11,335.39	$566.77	$11,902.16	$85.67	$11,818.28
5	$11,818.28	$590.91	$12,409.19	$89.32	$12,321.74
6	$12,321.74	$616.09	$12,937.82	$93.12	$12,846.64
7	$12,846.64	$642.33	$13,488.97	$97.09	$13,393.91
8	$13,393.91	$669.70	$14,063.60	$101.23	$13,964.49
9	$13,964.49	$698.22	$14,662.71	$105.54	$14,559.38
10	$14,559.38	$727.97	$15,287.35	$110.03	$15,179.61
Cumulative Total				$916.52

356


Delaware Ivy Value Fund ‑ Class R
Average expense ratio: 1.33%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$135.44	$10,367.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.80%
2	$10,367.00	$518.35	$10,885.35	$189.59	$10,698.74
3	$10,698.74	$534.94	$11,233.68	$195.66	$11,041.10
4	$11,041.10	$552.06	$11,593.16	$201.92	$11,394.42
5	$11,394.42	$569.72	$11,964.14	$208.38	$11,759.04
6	$11,759.04	$587.95	$12,346.99	$215.05	$12,135.33
7	$12,135.33	$606.77	$12,742.10	$221.93	$12,523.66
8	$12,523.66	$626.18	$13,149.84	$229.03	$12,924.42
9	$12,924.42	$646.22	$13,570.64	$236.36	$13,338.00
10	$13,338.00	$666.90	$14,004.90	$243.93	$13,764.81
Cumulative Total				$2,077.29


Delaware Ivy Value Fund ‑ Class Y
Average expense ratio: 1.08%
Year	Hypothetical Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$110.12	$10,392.00
Termination of Contractual Waiver				Annual Expense Ratio: 1.11%
2	$10,392.00	$519.60	$10,911.60	$117.59	$10,796.25
3	$10,796.25	$539.81	$11,336.06	$122.17	$11,216.22
4	$11,216.22	$560.81	$11,777.03	$126.92	$11,652.53
5	$11,652.53	$582.63	$12,235.16	$131.86	$12,105.82
6	$12,105.82	$605.29	$12,711.11	$136.99	$12,576.73
7	$12,576.73	$628.84	$13,205.57	$142.32	$13,065.97
8	$13,065.97	$653.30	$13,719.27	$147.85	$13,574.23
9	$13,574.23	$678.71	$14,252.95	$153.60	$14,102.27
10	$14,102.27	$705.11	$14,807.39	$159.58	$14,650.85
Cumulative Total				$1,349.00

Note: Each of the Funds included above in this Appendix A was a party to a reorganization with a corresponding series of the Waddell & Reed Advisors Funds (each, a WRA Fund). Pursuant to such reorganizations, each WRA Fund was reorganized out of existence. The above Hypothetical Investment and Expense Information was historically included in each WRA Fund prospectus.

357

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Additional information

Contact information

•

Website: delawarefunds.com

•

Delaware Funds by Macquarie® Service Center: 800 523-1918 (representatives are normally available weekdays from 8:30am to 6:00pm ET)

○

For fund information, literature, price, yield, and performance figures.

○

For information on existing regular investment accounts and retirement plan accounts including wire investments, wire redemptions, telephone redemptions, and telephone exchanges.

•

Automated telephone service: 800 523-1918 (seven days a week, 24 hours a day)

○

For convenient access to account information or current performance information on all Delaware Funds, use this touch-tone service.

•

Written correspondence: Delaware Funds by Macquarie, P.O. Box 534437, Pittsburgh, PA 15253-4437 (by regular mail) or Delaware Funds by Macquarie Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 (by overnight courier service).

361

Additional information about the Funds’ investments is available in their annual and semiannual shareholder reports. In the Funds’ annual shareholder report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during the period covered by the report. You can find more information about the Funds in their current SAI, which is filed electronically with the SEC, and which is legally a part of this Prospectus (it is incorporated by reference). To receive a free copy of the SAI, or the annual or semiannual reports, or if you have any questions about investing in the Funds, write to us at P.O. Box 534437, Pittsburgh, PA 15253-4437 by regular mail or at Delaware Funds by Macquarie Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 by overnight courier service, or call toll-free 800 523-1918. The SAI and shareholder reports are available, free of charge, through the Funds’ website at delawarefunds.com/literature. You may also obtain additional information about the Funds from your financial advisor.

You can find reports and other information about the Funds on the EDGAR database on the SEC website at sec.gov. You may obtain copies of this information, after paying a duplication fee, by emailing the SEC at publicinfo@sec.gov.

Investment Company Act number: 811-06569

IVYPRO 7/23

Prospectus


Nasdaq ticker symbols
	Class A	Class C	Class I	Class R6	Class R	Class Y
Delaware Ivy Global Bond Fund	IVSAX	IVSCX	IVSIX	IVBDX	IYGOX	IVSYX
Delaware Ivy High Income Fund	WHIAX	WRHIX	IVHIX	IHIFX	IYHIX	WHIYX
Delaware Global Real Estate Fund	IREAX	IRECX	IRESX	IRENX	IRERX	IREYX
Delaware Ivy Limited-Term Bond Fund	WLTAX	WLBCX	ILTIX	ILMDX	IYLTX	WLTYX
Delaware Ivy Managed International Opportunities Fund	IVTAX	IVTCX	IVTIX	IVTNX	IYMGX	IVTYX
Delaware Ivy Municipal Bond Fund	WMBAX	WMBCX	IMBIX	IMBNX	n/a	n/a
Delaware Ivy Municipal High Income Fund	IYIAX	IYICX	WYMHX	IYINX	n/a	IYIYX
Delaware Ivy Natural Resources Fund	IGNAX	IGNCX	IGNIX	INRSX	IGNRX	IGNYX
Delaware Ivy International Value Fund	ICDAX	ICDCX	ICVIX	ICNGX	IYCUX	ICDYX
Delaware Ivy Core Bond Fund	IBOAX	IBOCX	IVBIX	IBNDX	IYBDX	IBOYX
Delaware Real Estate Securities Fund	IRSAX	IRSCX	IREIX	IRSEX	IRSRX	IRSYX

July 31, 2023

The US Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

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

Table of contents


Fund summaries	1
Delaware Ivy Global Bond Fund	1
Delaware Ivy High Income Fund	7
Delaware Global Real Estate Fund	12
Delaware Ivy Limited-Term Bond Fund	18
Delaware Ivy Managed International Opportunities Fund	23
Delaware Ivy Municipal Bond Fund	28
Delaware Ivy Municipal High Income Fund	33
Delaware Ivy Natural Resources Fund	39
Delaware Ivy International Value Fund	45
Delaware Ivy Core Bond Fund	50
Delaware Real Estate Securities Fund	56
How we manage the Funds	61
Our principal investment strategies	61
Other investment strategies	74
The risks of investing in the Funds	74
Disclosure of portfolio holdings information	153
Who manages the Funds	154
Investment manager	154
Sub-advisors	154
Portfolio managers	155
Manager of managers structure	159
Who’s who	160
About your account	161
Investing in the Funds	161
Choosing a share class	161
Dealer compensation	165
Payments to intermediaries	166
How to reduce your sales charge	167
Buying Class A shares at net asset value	169
Waivers of contingent deferred sales charges	170
How to buy shares	171
Calculating share price	172
Fair valuation	172
Retirement plans	172
Document delivery	172
Inactive accounts	173
How to redeem shares	173
Investor services	174
Frequent trading of Fund shares (market timing and disruptive trading)	176
Dividends, distributions, and taxes	177
Certain management considerations	180
Financial highlights	181
Appendix A: Hypothetical Investment and Expense Information	254
Additional information	265

Fund summaries

Delaware Ivy Global Bond Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Global Bond Fund seeks to provide a combination of current income and capital appreciation.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

4.50%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.62%			0.62%			0.62%			0.62%			0.62%			0.62%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.37%			0.44%			0.13%			0.11%			0.19%			0.12%
Total annual fund operating expenses		1.24%			2.06%			0.75%			0.73%			1.31%			0.99%
Fee waivers and expense reimbursements		(0.28%)	2		(0.35%)	2		(0.04%)	2		(0.14%)	2		(0.10%)	2		(0.03%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.96%			1.71%			0.71%			0.59%			1.21%			0.96%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.71% of the Fund’s average daily net assets for all classes other than Class R6, and 0.59% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$544		$174		$274		$73		$60		$123		$98
3 years		$799		$612		$612		$236		$219		$405		$312
5 years		$1,075		$1,076		$1,076		$413		$392		$709		$544
10 years		$1,859		$2,362		$2,362		$927		$893		$1,570		$1,210

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Global Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of bonds of foreign and US issuers. The Fund may invest in debt securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), issued by foreign or US companies of any size, including those in emerging markets, as well as in debt securities issued by foreign or US governments. Under normal circumstances, the Fund invests at least 40% (or, if Delaware Management Company (Manager), the Fund’s investment manager, deems it warranted by market conditions, at least 30%) of its total assets in securities of non-US issuers, including those located in at least three countries including the United States. Non-US issuers are those that are (1) economically tied to a non-US country or countries, or (2) issued or guaranteed by a company domiciled in, or government of, a non-US country. The Fund may invest up to 100% of its total assets in foreign securities and in securities denominated in currencies other than the US dollar. The Fund may invest in securities of any maturity.

The Fund may invest in both investment and non-investment-grade securities. It may invest up to 35% of its total assets in non-investment-grade bonds, commonly called “high-yield” or “junk” bonds, that include bonds rated BB+ or lower by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. The Fund will invest in non-investment-grade securities only if the Manager deems the risks to be consistent with the Fund’s objectives.

The Manager may consider analysis of environmental, social and governance (ESG) factors in evaluating investments for the Fund. This analysis considers various inputs, including metrics sourced from external parties and ESG research providers; commitments on ESG progress from issuers; specific bond formats (such as green or sustainability-linked bonds); issuer engagement; and other external and proprietary inputs to judge the issuer’s contribution to improvements in ESG practice. The Fund may favor securities of issuers that are judged by the Manager to meet high ESG standards, and may avoid investment in certain industry sectors, or in securities of issuers that are judged to not meet the Manager’s ESG requirements. The Manager relies on a proprietary ESG framework where issuers are assessed on their exposure to, and management of, environmental, social and governance risks. The Manager’s ESG framework relies on its quantitative and qualitative analysis of factors such as industry sector, issuer specific factors such as history and management, and data from multiple sources, including government reports, company filings and external data providers. This framework is subjective in nature and not intended to be an exhaustive list of all possible risks and are provided as an indication of the types of factors being utilized by the Manager.

The Fund may invest in mortgage-backed securities and other asset-backed securities.

The Fund may also use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forwards, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective.

The Manager may look at a number of factors in selecting securities for the Fund’s portfolio including: identifying fundamental global themes; country analysis (economic, legislative/judicial and demographic trends); credit analysis of the issuer (financial strength, cash flow, balance sheet, capital structure, management, strategy and accounting); the maturity, quality, and denomination (US dollar, euro, yen, other) of the issue; domicile, market share and industry of the issuer; and analysis of the issuer’s profit history through various economic cycles.

Generally, in determining whether to sell a security, the Manager continues to analyze the factors considered for buying the security. The Manager also considers its assumptions regarding a company, an industry, the markets, an individual economy and/or the global economy. The Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

“Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

What are the principal risks of investing in the Fund?

Prepayment risk — The risk that the principal on a bond that is held by a fund will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A fund may then have to reinvest that money at a lower interest rate.

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Fund summaries

contract is associated, moves in the opposite direction from what the 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).

Environmental, social and governance (ESG) investing risk — ESG investing risk is the risk that a fund’s strategy may exclude securities of certain issuers for non-financial reasons and the fund may forgo some market opportunities available to funds that do not integrate ESG factors in investment decisions. In addition, there is a risk that the companies identified by a fund’s ESG factors will not operate as expected when addressing ESG issues or they will not exhibit positive ESG characteristics as intended.

How has Delaware Ivy Global Bond Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. Effective November 15, 2021, the Fund’s subadvisers changed to the Affiliated Sub-Advisors and the Fund changed its investment strategy. The Fund’s performance prior to November 15, 2021 reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 1.25%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 9.39% for the quarter ended June 30, 2020, and its lowest quarterly return was -6.60% for the quarter ended March 31, 2020. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-13.16%		-0.37%		0.81%
Class A return after taxes on distributions		-14.28%		-1.44%		-0.32%
Class A return after taxes on distributions and sale of Fund shares		-7.78%		-0.70%		0.14%
Class C return before taxes		-10.61%		0.07%		0.82%
Class I return before taxes		-8.82%		1.07%		1.67%
Class R6 return before taxes (lifetime: 7/31/14‑12/31/22)		-8.79%		1.09%		1.37%
Class R return before taxes		-9.40%		0.34%		0.93%
Class Y return before taxes		-9.13%		0.81%		1.41%
Bloomberg Global Aggregate 1-10yr TR, Hedged to USD (reflects no deduction for fees, expenses or taxes)		-7.37%		0.71%		1.48%
Bloomberg Global Aggregate Bond Index, Hedged to USD* (reflects no deduction for fees, expenses or taxes)*		-11.22%		0.36%		1.70%

Effective July 31, 2023, the Fund's new benchmark index is the Bloomberg Global Aggregate Bond Index, Hedged to USD. The Manager believes that this index is more consistent with the investment philosophy of the Fund and more reflective of the types of securities in which the Fund invests than the previous benchmark index. Both the new benchmark index and the Fund's previous benchmark index noted above are included in this Prospectus for comparison purposes.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Andrew Vonthethoff, CFA	Senior Vice President, Senior Portfolio Manager	November 2021
Matthew Mulcahy	Managing Director, Head of Rates and Currency	November 2021

Fund summaries

Sub-Advisors

Macquarie Investment Management Austria Kapitalanlage (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Ivy High Income Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy High Income Fund seeks to provide total return through a combination of high current income and capital appreciation.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

4.50%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.55%			0.55%			0.55%			0.55%			0.55%			0.55%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.22%			0.26%			0.20%			0.09%			0.23%			0.20%
Total annual fund operating expenses		1.02%			1.81%			0.75%			0.64%			1.28%			1.00%
Fee waivers and expense reimbursements		(0.05%)	2		(0.09%)	2		(0.03%)	2		(0.01%)	2		(0.06%)	2		(0.03%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.97%			1.72%			0.72%			0.63%			1.22%			0.97%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.72% of the Fund’s average daily net assets for all classes other than Class R6, and 0.63% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$545		$175		$275		$74		$64		$124		$99
3 years		$755		$561		$561		$237		$204		$400		$315
5 years		$983		$972		$972		$414		$356		$696		$550
10 years		$1,637		$2,119		$2,119		$928		$797		$1,540		$1,222

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy High Income Fund seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), of US and foreign issuers, the risks of which are, in the judgment of Delaware Management Company (Manager), the Fund's investment manager, consistent with the Fund’s objective. The Fund invests primarily in lower-quality debt securities, which include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment-grade debt securities, commonly called “high-yield” or “junk” bonds, which include debt securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest in fixed-income securities of any maturity.

The Fund may invest up to 100% of its total assets in foreign securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund may invest in restricted securities.

Although the Manager considers credit ratings in selecting investments for the Fund, the Manager bases its investment decisions for a particular instrument primarily on its own credit analysis and not on a NRSRO’s credit rating. In selecting securities, the Manager may conduct an initial screening of issuers based on characteristics such as yield, performance, maturity and relative value across and within sectors. Following its initial screening, the Manager may look at a number of factors beginning with a primarily bottom-up (researching individual issuers) analysis that includes extensive modeling and talking with a company’s management team, industry consultants and sell-side research to help formulate opinions, and progressing to consideration of the current economic environment, the direction and level of interest rates and inflation, and industry fundamentals and trends in the general economy. Other factors considered include a company’s financial strength, growth of operating cash flows, strength of management, borrowing requirements, improving credit metrics, potential to improve credit standing, responsiveness to changes in interest rates and business conditions, strength of business model, competitive advantage and capital structure and future capital needs. Initial position sizes are determined based on factors that include size of issue, rating, duration, coupon, call-ability, exposure to a specific industry and leverage.

The Manager attempts to optimize the Fund’s risk/reward by investing in the debt portion of the capital structure that the Manager believes to be most attractive, which may include secured and/or unsecured loans, floating rate notes and/or secured and/or unsecured high-yield bonds. For example, if the Manager believes that market conditions are favorable for a particular type of fixed-income instrument, such as high-yield bonds, most or all of the fixed-income instruments in which the Fund invests may be high-yield bonds. Similarly, if the Manager believes that market conditions are favorable for loans, most or all of the fixed-income instruments in which the Fund invests may be loans, including second-lien loans which typically are lower in the capital structure and less liquid than first-lien loans.

Generally, in determining whether to sell a security, the Manager considers the dynamics of an industry and/or company change or anticipated change, a change in strategy by a company, a deterioration of the company’s financial model, credit quality or credit standing, and/or a change in management’s consideration of its creditors. The Manager also may sell a security if, in the Manager’s opinion, the price of the security has risen to fully reflect the company’s improved creditworthiness and other investments with greater potential exist. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund’s holding in that security or to raise cash.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

What are the principal risks of investing in the Fund?

Restricted securities risk — The risk that restricted securities are subject to legal or contractual restrictions on resale, and there can be no assurance of a ready market for resale. These securities include private placements or other unregistered securities, such as “Rule 144A Securities”, which are securities that may be sold only to qualified institutional buyers pursuant to the Securities Act of 1933, as amended (1933 Act). Privately placed securities, Rule 144A securities and other restricted securities may have the effect of increasing the level of Fund illiquidity to the extent the Fund finds it difficult to sell these securities when the Manager believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid, or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair market value of such securities for purposes of computing the NAV of the Fund.

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Fund summaries

How has Delaware Ivy High Income Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 5.36%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 8.54% for the quarter ended June 30, 2020, and its lowest quarterly return was -15.83% for the quarter ended March 31, 2020. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-15.36%		0.31%		2.87%
Class A return after taxes on distributions		-17.65%		-2.39%		-0.18%
Class A return after taxes on distributions and sale of Fund shares		-9.05%		-0.85%		0.85%
Class C return before taxes		-12.84%		0.79%		2.90%
Class I return before taxes		-11.17%		1.74%		3.72%
Class R6 return before taxes (lifetime: 7/31/14‑12/31/22)		-11.05%		1.89%		2.91%
Class R return before taxes		-11.66%		1.14%		3.12%
Class Y return before taxes		-11.39%		1.51%		3.48%
ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses or taxes)		-11.21%		2.10%		3.94%

investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Adam H. Brown, CFA	Managing Director, Senior Portfolio Manager	November 2021
John P. McCarthy, CFA	Managing Director, Senior Portfolio Manager	November 2021

Sub-Advisors

Macquarie Investment Management Austria Kapitalanlage (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Global Real Estate Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Global Real Estate Fund seeks to provide total return through long-term capital appreciation and current income.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.95%			0.95%			0.95%			0.95%			0.95%			0.95%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.94%			1.27%			0.64%			0.59%			0.73%			0.69%
Total annual fund operating expenses		2.14%			3.22%			1.59%			1.54%			2.18%			1.89%
Fee waivers and expense reimbursements		(0.85%)	2		(1.18%)	2		(0.55%)	2		(0.65%)	2		(0.64%)	2		(0.60%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.29%			2.04%			1.04%			0.89%			1.54%			1.29%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.04% of the Fund’s average daily net assets for all classes other than Class R6, and 0.89% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$699		$207		$307		$106		$91		$157		$131
3 years		$1,129		$882		$882		$448		$423		$621		$536
5 years		$1,585		$1,581		$1,581		$814		$778		$1,111		$966
10 years		$2,842		$3,441		$3,441		$1,843		$1,779		$2,463		$2,163

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Global Real Estate Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies in the real estate or real estate-related industries (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. The Fund intends to invest primarily in equity and equity-related securities issued by Global Real Estate Companies. The Fund does not invest directly in real estate. The Fund may invest in securities of issuers of any size, but typically will have more exposure to securities issued by large- and mid-capitalization companies. There is no guarantee, however, that the Fund will achieve its objective. The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

Global Real Estate Companies are companies that meet one of the following criteria:

•

companies qualifying for US federal income tax purposes as REITs;

•

entities similar to REITs formed under the laws of a country other than the US;

•

companies located in any country that, at the time of initial purchase by the Fund, derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or that have at least 50% of their assets invested in such real estate; or

•

companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.

Most of the Fund’s real estate securities portfolio consists of securities issued by REITs and REOCs that are listed on a securities exchange or traded over-the-counter (OTC). A REIT is a corporation or trust that invests in real estate, mortgages on real estate or shares issued by other REITs. REITs may be characterized as equity REITs (that is, REITs that primarily invest in land and improvements thereon), mortgage REITs (that is, REITs that primarily invest in mortgages on real estate and other real estate debt) or hybrid REITs, which invest in both land and improvements thereon and real estate mortgages. A REIT that meets the applicable requirements of the Internal Revenue Code of 1986, as amended (Code), may deduct dividends paid to shareholders, effectively enabling it to eliminate any entity-level federal income tax. As a result, REITs (like regulated investment companies such as the Fund) distribute a larger portion of their earnings to investors than other entities subject to federal income tax that cannot deduct such dividends. A REOC is a corporation or partnership (or an entity classified as such for federal tax purposes) that invests in real estate, mortgages on real estate or shares issued by REITs but also may engage in related or unrelated businesses. A REOC typically is structured as a “C” corporation under the Code and does not qualify for the pass-through tax treatment that is accorded a REIT. In addition, the value of the Fund’s securities issued by REOCs may be adversely affected by income streams derived from businesses other than real estate ownership. At times, the Fund may invest a significant portion of the Fund’s total assets in a limited number of issuers.

The Fund’s investment strategy utilizes a three-step bottom-up approach (researching individual issuers) with a strong focus on quality, risk and a valuation-based stock selection methodology, supported by a top-down (assessing the market environment) overlay as a check and a balance. The Macquarie Global Listed Real Estate Team (the “Team”) seeks to identify and capitalize on investment opportunities through an integrated approach to individual security-level analysis and long-term trends impacting real estate markets and cycles. The Team applies combined research sources in a disciplined and systematic manner, taking account of mis-pricing opportunities, long term value creation and the level of risk these assets bring to the Fund in both absolute and relative terms. The Team looks to manage risk by allocating capital where it believes it will have the most potential to drive returns which is ultimately in bottom-up stock and sector selection (as further described below) over and above top-down country and regional selection, where the Team feels performance is far harder to derive consistently.

A comprehensive and detailed bottom-up research approach is a key element of the Team’s investment process. The Team’s globally integrated, boots on the ground approach applies a rigorous focus on bottom-up company fundamentals to determine risk profile and growth prospects through a detailed review of their property portfolio, business strategy, organizational issues, balance sheet, liquidity, capital structure and management capabilities. Analysts with primary coverage of a company are further complemented by team members with secondary coverage of the company which encourages peer review and debate and a strong top-down review from regional and global leadership. Delaware Management Company (Manager), the Fund's investment manager, believes that bottom-up fundamental research is central in producing the measures used to identify and rank opportunities suitable

Fund summaries

for investment, skew portfolio construction to quality and help manage risk. The Team believes that a top-down perspective is an important secondary component in building a global listed real estate portfolio and supporting the primary bottom-up function.

The Fund may invest up to 20% of its net assets in securities issued by companies outside of the real estate industry.

Many of the Global Real Estate Companies in which the Fund may invest have diverse operations, with products or services in markets other than their home market. Therefore, the Fund may have indirect exposure to various additional foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

Under normal circumstances, the Fund will invest at least 40% (or, if the portfolio managers deem it warranted by market conditions, at least 30%) of its total assets in securities of non-US issuers.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use futures, options, forward contracts, and swaps in an effort to produce incremental earnings, hedge existing positions, increase or reduce market exposure, manage its exposure (increase or decrease) to various foreign currencies, or to otherwise manage the risks of the Fund’s investments. The Fund also may invest in companies that are offered in IPOs.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Global Limited (MIMGL) and Macquarie Investment Management Europe Limited (MIMEL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

What are the principal risks of investing in the Fund?

Real estate industry risk — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.

Real assets industries risk — The risk that the value of a fund’s shares will be affected by factors particular to real assets securities and related industries or sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of industries.

REOC-related risk — The risk that the value of a fund’s REOC securities may be adversely affected by certain of the same factors that adversely affect REITs and also that a fund may experience a decline in its income from REOC securities due to falling interest rates or decreasing dividend payments.

Concentration risk — The risk that the Fund’s industry concentration in real asset securities will cause the Fund to be more exposed to developments affecting that single industry or industry group than a more broadly diversified fund would be. The Fund could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it is more susceptible to the economic, regulatory, political, legal and other risks associated with those industries than a fund that invests more broadly.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Large capitalization company risk — Large-capitalization companies tend to be less volatile than companies with smaller market capitalizations. This potentially lower risk means that the Fund's share price may not rise as much as the share prices of funds that focus on smaller-capitalization companies.

How has Delaware Global Real Estate Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-year, 5-year, and lifetime periods compare with those of a broad measure of market performance. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. Effective July 29, 2022, the Fund changed its investment strategy. Performance prior to July 29, 2022 reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place.The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Fund summaries

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 1.00%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 14.96% for the quarter ended March 31, 2019, and its lowest quarterly return was -26.02% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		Lifetime
Class A return before taxes (lifetime: 4/1/13‑12/31/22)		-27.12%		-0.02%		1.99%
Class A return after taxes on distributions		-29.37%		-1.88%		0.54%
Class A return after taxes on distributions and sale of Fund shares		-14.43%		-0.43%		1.10%
Class C return before taxes (lifetime: 4/1/13‑12/31/22)		-24.06%		0.44%		1.83%
Class I return before taxes (lifetime: 4/1/13‑12/31/22)		-22.46%		1.59%		2.83%
Class R6 return before taxes (lifetime: 7/5/17‑12/31/22)		-22.44%		1.59%		2.51%
Class R return before taxes (lifetime: 4/1/13‑12/31/22)		-22.92%		0.86%		2.14%
Class Y return before taxes (lifetime: 4/1/13‑12/31/22)		-22.66%		1.23%		2.75%
FTSE EPRA Nareit Developed Index (lifetime: 4/1/13‑12/31/22) (reflects no deduction for fees, expenses or taxes)		-24.41%		0.69%		3.35%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio manager	Title with Delaware Management Company	Start date on the Fund
Matthew Hodgkins	Head of Americas Listed Real Estate	July 2022

Sub-advisors

Macquarie Investment Management Global Limited (MIMGL)


Portfolio managers	Title with MIMGL	Start date on the Fund
James Maydew*	Head of Global Listed Real Estate	July 2022


Portfolio managers	Title with MIMGL	Start date on the Fund
Jessica Koh	Head of Asia Listed Real Estate	July 2022

* James Maydew is the lead portfolio manager responsible for the day-to-day management of the Fund.

Macquarie Investment Management Europe Limited (MIMEL)


Portfolio manager	Title with MIMEL	Start date on the Fund
Ryan Watson	Senior Portfolio Manager, Head of European Listed Real Estate	July 2022

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Ivy Limited-Term Bond Fund, a series of Ivy Funds

On February 15-16, 2023, the Board of Trustees of the Delaware Ivy Limited-Term Bond Fund approved the reorganization of each class of the Fund into and with the substantially similar classes of the Delaware Limited-Term Diversified Income Fund, a series of Delaware Group Limited-Term Government Funds (the “Reorganization”). The Reorganization is subject to the approval of Fund shareholders at a special shareholder meeting to be held August 10, 2023. If approved by Fund shareholders, the Reorganization is expected to take place on or about September 15, 2023 (Reorganization Date). The Fund will continue to accept purchases from both new and existing shareholders until close of business one week before the Reorganization Date. Reinvested dividends and capital gains may continue until the Reorganization Date. Prior to the closing of the Reorganization, the Fund will distribute to its shareholders, in one or more distributions, all of its income and gains (net of available capital loss carryovers) not previously distributed for taxable years ending on or prior to the Reorganization Date.

What is the Fund’s investment objective?

Delaware Ivy Limited-Term Bond Fund seeks to provide current income consistent with preservation of capital.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

2.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.48%			0.48%			0.48%			0.48%			0.48%			0.48%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.22%			0.35%			0.16%			0.07%			0.18%			0.16%
Total annual fund operating expenses		0.95%			1.83%			0.64%			0.55%			1.16%			0.89%
Fee waivers and expense reimbursements		(0.18%)	2		(0.31%)	2		(0.12%)	2		(0.13%)	2		(0.14%)	2		(0.12%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.77%			1.52%			0.52%			0.42%			1.02%			0.77%


¹	For Class A shares, a 0.75% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.52% of the Fund’s average daily net assets for all classes other than Class R6, and 0.42% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$351		$155		$255		$53		$43		$104		$79
3 years		$552		$545		$545		$193		$163		$355		$272
5 years		$769		$961		$961		$345		$294		$625		$481
10 years		$1,393		$2,123		$2,123		$787		$677		$1,397		$1,085

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Limited-Term Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities (80% policy), including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations. The Fund may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Fund may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or “junk” bonds). Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases The Fund will maintain an average effective duration from one to three years.

Investment grade debt securities include those that are rated within the four highest ratings categories by Moody’s Investors Service, Inc. (Moody’s) or Standard & Poor’s Financial Services LLC (S&P) or that are unrated but determined by Delaware Management Company (Manager), the Fund's investment manager, to be of equivalent quality.

The Fund may use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forward foreign currency contracts, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of its net assets.

The Manager may look at a number of factors in selecting securities for the Fund’s portfolio, beginning with a top-down (assessing the market environment) review of the broad economic and financial trends in the US and world markets. This process aids in the determination of economic fundamentals, which leads to sector allocation. Within a sector, the Manager typically considers the maturity and perceived liquidity of the security, the relative value of the security based on historical yield information, the creditworthiness of the particular issuer (if not backed by the full faith and credit of the Treasury), and prepayment risks for mortgage-backed securities and other debt securities with call provisions.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities, including review of the security’s valuation and the issuer’s creditworthiness. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund’s holding in that security or to raise cash.

Fund summaries

What are the principal risks of investing in the Fund?

Mortgage-backed and asset-backed securities risk — 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. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a fund that holds mortgage-related securities may exhibit additional volatility.

How has Delaware Ivy Limited-Term Bond Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 1.33%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 2.36% for the quarter ended June 30, 2020 and its lowest quarterly return was -2.69% for the quarter ended March 31, 2022. The maximum Class A sales charge of 2.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-6.91%		0.18%		0.52%
Class A return after taxes on distributions		-7.51%		-0.47%		-0.15%
Class A return after taxes on distributions and sale of Fund shares		-4.09%		-0.13%		0.11%
Class C return before taxes		-5.98%		-0.07%		0.17%
Class I return before taxes		-4.05%		0.92%		1.01%
Class R6 return before taxes (lifetime: 7/31/14‑12/31/22)		-3.96%		1.06%		1.28%
Class R return before taxes		-4.58%		0.33%		0.41%
Class Y return before taxes		-4.29%		0.69%		0.77%
Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses or taxes)		-3.69%		0.92%		0.88%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
J. David Hillmeyer, CFA	Senior Managing Director, Co-Head of US Multisector Fixed Income	November 2021
Daniela Mardarovici, CFA	Managing Director, Co-Head of US Multisector Fixed Income	November 2021

Sub-Advisors

Macquarie Investment Management Austria Kapitalanlage (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Fund summaries

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Managed International Opportunities Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Managed International Opportunities Fund seeks to provide capital growth and appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.05%			0.05%			0.05%			0.05%			0.05%			0.05%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.43%			0.62%			0.34%			0.40%			0.37%			0.36%
Acquired fund fees and expenses		0.82%	3		0.82%	3		0.82%	3		0.82%	3		0.82%	3		0.82%	3
Total annual fund operating expenses		1.55%	2		2.49%	2		1.21%	2		1.27%	2		1.74%	2		1.48%	2


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The “Total annual fund operating expenses” ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the “Acquired fund fees and expenses.”
³	Acquired fund fees and expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The actual Acquired fund fees and expenses will vary with changes in the allocations of the Fund's assets. The Acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.

Example


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$724		$252		$352		$123		$129		$177		$151
3 years		$1,036		$776		$776		$384		$403		$548		$468
5 years		$1,371		$1,326		$1,326		$665		$697		$944		$808
10 years		$2,314		$2,826		$2,826		$1,466		$1,534		$2,052		$1,768

Fund summaries

Portfolio turnover

The Fund does not incur transaction costs, such as commissions, when it buys and sells shares of the underlying funds (or “turns over” its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly, including shares of unaffiliated funds. If the Fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when Fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual fund operating expenses or in the example and would affect the Fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio.

What are the Fund’s principal investment strategies?

Delaware Ivy Managed International Opportunities Fund is a “fund-of-funds” that seeks to achieve its objective by providing investors a diversified portfolio of international stocks by investing primarily in Class R6 shares of certain Delaware Funds global/international mutual funds, as identified below. Each underlying Delaware Fund, in turn, invests in a diversified portfolio of foreign equity securities of issuers in developed as well as emerging markets, and, to a lesser extent, in US equity securities.

The Board, based upon the recommendation of Delaware Management Company (Manager), the Fund's investment manager, has authorized the following target allocation ranges for investment of the Fund’s assets in specific underlying funds, although the Manager expects the allocation will change over time.


Underlying Fund	Maximum Allocation		Minimum Allocation
Delaware Ivy Systematic Emerging Markets Equity Fund		60%		0%
Delaware Global Value Equity Fund		60%		0%
Delaware Ivy Global Growth Fund		60%		0%
Delaware Ivy International Small Cap Fund		60%		0%
Delaware Ivy International Core Equity Fund		60%		0%
Delaware Ivy International Value Fund		60%		0%

For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), with respect to its role as sub-advisor of the Fund.

The Manager monitors the Fund’s holdings and cash flow and, in general, manages them as needed in order to maintain the Fund’s target allocations. The Manager does not intend to trade actively among the underlying funds nor does it intend to attempt to capture short-term market opportunities. However, in seeking to enhance performance, the Manager may change allocations within the stated ranges. The Manager may modify the above-specified target asset allocations for the Fund and also may modify, from time to time, the underlying funds selected for the Fund. In addition, the percentage specified at the high end of the investment range for an underlying fund is a target, and from time to time, the Manager or market movements (or a combination of both) may cause the Fund’s investment in an underlying fund to temporarily exceed its target percentage.

By owning shares of the underlying funds, the Fund indirectly holds primarily equity securities of international, including emerging market and, to a lesser extent, US companies of any size.

In addition, the Manager may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL), to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Fund of funds risk — The ability of the Fund to meet its investment objective is directly related to its target allocations among the underlying funds and the ability of those funds to meet their investment objectives. The Fund’s share price will likely change daily based on the performance of the underlying funds in which it invests. In general, the Fund is subject to the same risks as those of the underlying funds it holds. The Manager has the authority to select and replace underlying funds. The Manager is subject to a potential conflict of interest in doing so because the Manager serves as the investment manager to the underlying funds and the advisory fees paid by some of the underlying funds are higher than fees paid by other underlying funds. It is important to note, however, that the Manager has a fiduciary duty to the Fund and must act in the Fund’s best interests.

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Investment company securities risk — Investment in other investment companies typically reflects the risks of the types of securities in which the investment companies invest. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses, which could result in the duplication of certain fees.

Additional information about principal investment strategies, other investments and risks of the underlying funds is provided in each underlying fund’s prospectus.

How has Delaware Ivy Managed International Opportunities Fund performed?

Effective February 11, 2014, the name of one of the Fund’s underlying funds, Ivy Pacific Opportunities Fund, was changed to Ivy Emerging Markets Equity Fund, and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects Ivy Pacific Opportunities Fund’s former strategy to invest primarily in Pacific region equity securities, and the Fund’s performance may have differed if Ivy Emerging Markets Equity Fund’s current strategy had been in place. In addition, in November 2014, Ivy International Growth Fund increased its emphasis on investment in the stocks of US companies. Also, effective January 1, 2015, the name of Ivy International Growth Fund was changed to Ivy Global Growth Fund and its strategy was changed to reflect a global focus. Performance prior to January 2015 reflects Ivy Global Growth Fund’s former international strategy and may have differed if Ivy Global Growth Fund’s current strategy that includes investing globally had been in place.

Effective November 15, 2021, the Fund changed its investment strategy. Performance prior to November 15, 2021 reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place.

Fund summaries

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 10.01%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 20.38% for the quarter ended June 30, 2020, and its lowest quarterly return was -25.36% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-24.08%		-0.92%		3.14%
Class A return after taxes on distributions		-26.62%		-2.46%		2.17%
Class A return after taxes on distributions and sale of Fund shares		-12.47%		-0.79%		2.39%
Class C return before taxes		-20.90%		-0.43%		3.20%
Class I return before taxes		-19.12%		0.55%		4.02%
Class R6 return before taxes (lifetime: 7/5/17-12/31/22)		-19.10%		0.56%		2.22%
Class R return before taxes		-19.57%		0.11%		3.58%
Class Y return before taxes		-19.32%		0.36%		3.84%
MSCI ACWI (All Country World Index) ex USA Index (reflects no deduction for fees, expenses or taxes)		-15.57%		1.36%		4.28%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio manager	Title with Delaware Management Company	Start date on the Fund
Aaron D. Young	Vice President, Portfolio Manager	October 2016

Sub-Advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)


Portfolio managers	Title with MIMAK	Start date on the Fund
Stefan Löwenthal	Managing Director, Chief Investment Officer — Global Multi Asset Team	November 2021
Jürgen Wurzer	Senior Vice President, Deputy Head of Portfolio Management — Global Multi Asset Team	November 2021

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Ivy Municipal Bond Fund, a series of Ivy Funds

On June 27, 2023, the shareholders of the Delaware Ivy Municipal Bond Fund approved the reorganization of each class of the Fund into and with substantially similar classes of the Delaware Tax-Free USA Fund, a series of Delaware Group® Tax-Free Fund (the “Reorganization”). The Reorganization is expected to take place on or about September 15, 2023 (Reorganization Date). The Fund will continue to accept purchases from both new and existing shareholders until close of business one week before the Reorganization Date. Reinvested dividends and capital gains may continue until the Reorganization Date. Prior to the closing of the Reorganization, the Fund will distribute to its shareholders, in one or more distributions, all of its income and gains (net of available capital loss carryovers) not previously distributed for taxable years ending on or prior to the Reorganization Date.

What is the Fund’s investment objective?

Delaware Ivy Municipal Bond Fund seeks to provide the level of current income consistent with preservation of capital and that is not subject to federal income tax.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

4.50%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6
Management fees		0.52%			0.52%			0.52%			0.52%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none
Other expenses		0.20%			0.41%			0.17%			0.14%
Total annual fund operating expenses		0.97%			1.93%			0.69%			0.66%
Fee waivers and expense reimbursements		(0.17%)	2		(0.38%)	2		(0.14%)	2		(0.11%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.80%			1.55%			0.55%			0.55%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.55% of the Fund’s average daily net assets from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6
1 year		$528		$158		$258		$56		$56
3 years		$729		$569		$569		$207		$200
5 years		$946		$1,007		$1,007		$370		$357
10 years		$1,571		$2,223		$2,223		$845		$812

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Municipal Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in municipal bonds. The Fund mainly invests in municipal bonds of investment grade and of any maturity. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam), the interest on which is excludable from gross income for federal income tax purposes, although a portion of such interest may be an item of tax preference for purposes of the federal alternative minimum tax (AMT) (Tax Preference Item). Investment grade debt securities include debt securities rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by Delaware Management Company (Manager), the Fund’s investment manager, to be of comparable quality.

The Fund diversifies its holdings between two main types of municipal bonds:

•

General obligation bonds, which are backed by the full faith, credit and taxing power of the governmental authority

•

Revenue bonds, which are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and multi-family housing projects and student loan bonds that finance pools of student loans as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues.

The Manager attempts to enhance Fund performance by utilizing opportunities presented by the shape and slope of the yield curve. As an overlay to this core strategy, the Manager attempts to identify and capitalize on relative value opportunities that exist between sectors, states (including US possessions), security structures and ratings categories. The Manager monitors relative attractiveness to other taxable fixed-income asset classes, as well as municipal market supply/demand patterns, expectations of US Treasury (Treasury) market performance and overall market liquidity, tax policies and other technical factors, in seeking to identify opportunities for the Fund.

The Manager may look at a number of factors in selecting securities for the Fund’s portfolio. These include the security’s current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, the structure of the security, including whether it has a call feature, and the state in which the security is issued.

The Manager seeks to emphasize prudent diversification among sectors, states, security structures, position sizes and ratings categories, in an attempt to reduce overall portfolio risk and performance volatility as well as to emphasize capital preservation. However, the Fund may invest significantly in municipal bonds payable from revenues derived from similar projects, such as those in the healthcare, transportation and utility sectors.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

Fund summaries

What are the principal risks of investing in the Fund?

Focus risk — The risk that, at times, the Fund may invest significantly in municipal bonds that finance similar types of projects, such as those in health care, life care, public power, education and transportation, among others, and in municipal bonds of issuers located in the same geographical area. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project or a declining need for the project, likely would affect all similar projects, thereby increasing market risk.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Political, legislative or regulatory risk — The risk that the municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level.

Alternative minimum tax risk — The risk that the Fund may invest in municipal bonds the interest on which (and, therefore, any part of Fund dividends attributable to such interest) is a Tax Preference Item for shareholders subject to the AMT. If a Fund shareholder’s AMT liability is increased as a result of such treatment, that would reduce the Fund’s after-tax return to the shareholder.

Taxability risk — The risk that the Fund and the Manager rely on the opinion of an issuer’s bond counsel that the interest paid on the issuer’s securities will not be subject to federal income tax. However, after the Fund buys a security backed by such an opinion, distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal tax laws, or adverse interpretations of tax laws by the Internal Revenue Service (IRS) or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of the Fund’s shares, to decline.

relates to an investment (a) each 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 company 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.

How has Delaware Ivy Municipal Bond Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 4.87%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 3.30% for the quarter ended December 31, 2022, and its lowest quarterly return was -6.67% for the quarter ended March 31, 2022. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-16.54%		-1.33%		0.36%
Class A return after taxes on distributions		-16.60%		-1.40%		0.32%
Class A return after taxes on distributions and sale of Fund shares		-8.57%		-0.32%		0.92%
Class C return before taxes		-14.20%		-1.33%		0.15%
Class I return before taxes		-12.42%		-0.32%		0.97%
Class R6 return before taxes (lifetime: 7/5/17-12/31/22)		-12.37%		-0.21%		0.08%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)		-8.53%		1.25%		2.13%

Fund summaries

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Gregory A. Gizzi	Senior Managing Director, Head of US Fixed Income and Municipal Bonds	November 2021
Stephen J. Czepiel	Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager	November 2021
Jake van Roden	Managing Director, Senior Portfolio Manager	November 2021
William Roach	Vice President, Senior Trader, Portfolio Manager	May 2023

Purchase and redemption of Fund shares

For Class A and Class C shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Class I and Class R6 shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under “Choosing a share class” and on the Fund’s website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Dividends paid from interest on municipal securities are excludable from gross income for federal income tax purposes. Dividends paid from interest paid on certain PABs may be a Tax Preference Item and, therefore, increase your AMT liability, if you are subject to the AMT.

The Fund’s distributions, from sources other than tax-exempt interest, generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Municipal High Income Fund, a series of Ivy Funds

On February 15-16, 2023, the Board of Trustees of the Delaware Ivy Municipal High Income Fund approved the reorganization of each class of the Fund into and with the substantially similar classes of the Delaware National High-Yield Municipal Bond Fund, a series of Voyageur Mutual Funds (the “Reorganization”). The Reorganization is subject to the approval of Fund shareholders at a special shareholder meeting to be held August 10, 2023. If approved by Fund shareholders, the Reorganization is expected to take place on or about September 15, 2023 (Reorganization Date). The Fund will continue to accept purchases from both new and existing shareholders until close of business one week before the Reorganization Date. Reinvested dividends and capital gains may continue until the Reorganization Date. Prior to the closing of the Reorganization, the Fund will distribute to its shareholders, in one or more distributions, all of its income and gains (net of available capital loss carryovers) not previously distributed for taxable years ending on or prior to the Reorganization Date.

What is the Fund’s investment objective?

Delaware Ivy Municipal High Income Fund seeks to provide a high level of current income that is not subject to federal income tax.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

4.50%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			Y
Management fees		0.52%			0.52%			0.52%			0.52%			0.52%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.25%
Other expenses		0.17%			0.35%			0.11%			0.13%			0.14%
Total annual fund operating expenses		0.94%			1.87%			0.63%			0.65%			0.91%
Fee waivers and expense reimbursements		(0.08%)	2		(0.29%)	2		(0.02%)	2		(0.04%)	2		(0.05%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.86%			1.58%			0.61%			0.61%			0.86%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.61% of the Fund’s average daily net assets for all classes other than Class C, and 0.58% of the Fund’s Class C shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Fund summaries


Class	A		(if not redeemed) C		C		I		R6		Y
1 year		$534		$161		$261		$62		$62		$88
3 years		$728		$560		$560		$200		$204		$285
5 years		$939		$984		$984		$349		$358		$499
10 years		$1,546		$2,167		$2,167		$784		$807		$1,115

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Municipal High Income Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of municipal bonds. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam), the interest on which is excludable from gross income for federal income tax purposes, although a significant portion of such interest may be an item of tax preference for purposes of the federal alternative minimum tax (AMT) (Tax Preference Item). (Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, corporations no longer are subject to the AMT for taxable years of the corporation beginning after December 31, 2017.)

The Fund typically invests at least 65% of its total assets in medium- and lower-quality bonds that include bonds rated BBB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by Delaware Management Company (Manager), the Fund's investment manager, to be of comparable quality. Such investments include non-investment grade debt securities, commonly called “high yield” or “junk” bonds, which typically are rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade bonds. Although the Manager considers credit ratings in selecting investments for the Fund, the Manager bases its investment decision for a particular instrument primarily on its own credit analysis and not on a NRSRO’s credit rating. The Manager will consider, among other things, the issuer’s financial resources and operating history, its sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, and interest and asset coverage.

The Fund may invest in higher-quality municipal bonds at times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk, and/or when, in the opinion of the Manager, there is a lack of medium- and lower-quality bonds in which to invest.

After conducting a top-down (assessing the market environment) analysis of the municipal high income market, the Manager uses a research-oriented, bottom-up (researching individual issuers) credit-by-credit investment approach. The Manager considers a number of factors in selecting individual securities for the Fund’s portfolio, including the security’s current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, the structure of the security, including whether it has a call feature, and the state in which the security is issued.

The Fund primarily invests in revenue bonds: revenue bonds are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues.

The Fund may invest in PABs in general, in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education, transportation and special tax sectors, and in municipal bonds of issuers located in the same geographical area.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the security’s current credit quality. Additionally, the Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

What are the principal risks of investing in the Fund?

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Fund summaries

all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

How has Delaware Ivy Municipal High Income Fund performed?

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 3.38%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 4.53% for the quarter ended March 31, 2014, and its lowest quarterly return was -6.34% for the quarter ended June 30, 2022. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-18.16%		-0.74%		1.17%
Class A return after taxes on distributions		-18.18%		-0.75%		1.15%
Class A return after taxes on distributions and sale of Fund shares		-9.34%		0.37%		1.83%
Class C return before taxes		-15.77%		-0.56%		1.03%
Class I return before taxes		-14.11%		0.41%		1.84%
Class R6 return before taxes (lifetime: 7/5/17-12/31/22)		-14.12%		0.45%		0.74%
Class Y return before taxes		-14.37%		0.14%		1.61%
Bloomberg Municipal High Yield Index (reflects no deduction for fees, expenses or taxes)		-13.10%		2.63%		3.49%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		-8.53%		1.25%		2.13%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Gregory A. Gizzi	Senior Managing Director, Head of US Fixed Income and Municipal Bonds	November 2021
Stephen J. Czepiel	Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager	November 2021
Jake van Roden	Managing Director, Senior Portfolio Manager	November 2021
William Roach	Vice President, Senior Trader, Portfolio Manager	May 2023

Purchase and redemption of Fund shares

For Class A and Class C shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Class I, Class Y, and Class R6 shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under “Choosing a share class” and on the Fund’s website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Fund summaries

Payments to broker/dealers and other financial intermediaries

Delaware Ivy Natural Resources Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Natural Resources Fund seeks to provide capital growth and appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.85%			0.85%			0.85%			0.85%			0.85%			0.85%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.55%			0.57%			0.29%			0.22%			0.31%			0.28%
Acquired fund fees and expenses		0.03%	2		0.03%	2		0.03%	2		0.03%	2		0.03%	2		0.03%	2
Total annual fund operating expenses		1.68%	3		2.45%	3		1.17%	3		1.10%	3		1.69%	3		1.41%	3
Fee waivers and expense reimbursements		(0.32%)	4		(0.34%)	4		(0.06%)	4		(0.15%)	4		(0.08%)	4		(0.05%)	4
Total annual fund operating expenses after fee waivers and expense reimbursements		1.36%			2.11%			1.11%			0.95%			1.61%			1.36%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	Acquired fund fees and expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The Acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.
³	The Total annual fund operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the Acquired fund fees and expenses.
⁴	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.08% of the Fund’s average daily net assets for all classes other than Class R6, and 0.92% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Fund summaries


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$706		$214		$314		$113		$97		$164		$138
3 years		$1,045		$731		$731		$366		$335		$525		$441
5 years		$1,407		$1,275		$1,275		$638		$592		$910		$766
10 years		$2,423		$2,761		$2,761		$1,415		$1,327		$1,991		$1,687

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Natural Resources Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

For these purposes, “natural resources” generally includes, but is not limited to: energy (such as electricity and gas utilities, producers/developers, equipment/services, storage/transportation, gas/oil refining and marketing, service/drilling, pipelines, and master limited partnerships (MLPs)), alternative energy (such as uranium, coal, nuclear, hydrogen, wind, solar, and fuel cells), industrial products (such as building materials, cement, packaging, chemicals, materials infrastructure, supporting transport and machinery), forest products (such as lumber, plywood, pulp, paper, newsprint, and tissue), base metals (such as aluminum, copper, nickel, zinc, iron ore, and steel), precious metals and minerals (such as gold, silver, platinum, and diamonds), and agricultural products (such as grains and other foods, seeds, fertilizers, and water). The Fund also may invest in companies that are not within the energy sector but that are engaged in the development of products and services to enhance energy efficiency in the manufacturing, development, and/or providing of products and services.

After conducting a top-down (assessing the market environment) market analysis of the natural resources industry and identifying trends and sectors, Delaware Management Company (Manager), the Fund's investment manager, uses a research-oriented, bottom-up (researching individual issuers) investment approach when selecting securities for the Fund, focusing on company fundamentals and growth prospects. The Fund invests in a blend of value and growth companies across the capitalization spectrum, and emphasizes companies that the Manager believes are strongly managed and can generate above-average capital growth and appreciation. The Manager focuses on companies that it believes are high quality, have the potential for sustainable long-term growth and that are low-cost leaders that possess historically strong-producing assets. The Fund typically holds a limited number of stocks (generally 30 to 60).

Under normal circumstances, the Manager anticipates that a significant portion of the Fund’s portfolio will consist of issuers in the energy and materials sectors.

The Fund seeks to be diversified internationally, and therefore, the Manager invests in foreign companies and US companies that have principal operations in foreign jurisdictions. While the Manager typically seeks to invest a majority of the Fund’s assets in the US, the Fund may invest up to 100% of its total assets in foreign securities. Exposure to companies in any one particular foreign country will generally be less than 15% of the Fund’s total assets or two times the Fund’s benchmark index (currently the S&P Global Natural Resources Index) weight, whichever is greater. The Fund also may have exposure to companies located in, and/or doing business in, emerging markets.

An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund may use forward currency contracts in an effort to manage foreign currency exposure.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities to determine whether the security has ceased to offer significant growth potential, has sufficiently exceeded its target price, has become overvalued and/or whether the prospects of the issuer have deteriorated. The Manager also will consider the effect of commodity price trends on certain holdings, poor capital management or whether

a company has experienced a change or deterioration in its fundamentals, its valuation or its competitive advantage. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund’s holding in that security or to raise cash.

What are the principal risks of investing in the Fund?

Natural resources industry risk — Investment risks associated with investing in securities of natural resources companies, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed by natural resource companies in complying with environmental and safety regulations, changes in supply of, or demand for, various natural resources, changes in energy prices, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and special risks associated with natural or man-made disasters. Securities of natural resource companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may exhibit high volatility attributable to commodity prices.

Energy sector risk — The risk that investment risks associated with investing in energy securities, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, demand of energy fuels, energy conservation, the success of exploration projects, and tax and other governmental regulations.

Commodity-related investments risk — The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and economic health, political, international regulatory and other developments. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The investment team does not plan to always implement exposure to commodities in the Fund, however they will consider holding commodity exchange traded funds (ETFs) in market scenarios where inflation is running higher than normal and their asset allocation model signals for additional commodity exposure. In addition, the Fund may use futures and options on commodities for a variety of purposes such as hedging against adverse changes in the market prices of securities, as a substitute for purchasing or selling securities, to increase the Fund’s return as a non-hedging strategy that may be considered speculative and to manage the Fund’s portfolio characteristics.

Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as natural resources) will decline because of changing expectations for the performance of that industry or sector.

Concentration risk — The risk that a concentration in a particular industry will cause a fund to be more exposed to developments affecting that single industry or industry group than a more broadly diversified fund would be. A fund could experience greater volatility or may perform poorly during a downturn in the industry or industry group because it may be more susceptible to economic, regulatory, political, legal and other risks associated with those industries than a fund that invests more broadly.

Fund summaries

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Foreign currency exchange transactions and forward foreign currency contracts risk — The risk that a fund's use of foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement) may increase the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

IBOR risk —The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

How has Delaware Ivy Natural Resources Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. Mackenzie Financial Corporation served as the investment subadviser to the Fund until July 1, 2013, at which time Ivy Investment Management Company, the Fund’s prior investment manager, assumed direct investment management responsibilities for the Fund. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. Effective November 15, 2021, the Fund changed its investment strategy. Performance prior to November 15, 2021 reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of -2.08%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 25.86% for the quarter ended June 30, 2020, and its lowest quarterly return was -38.77% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		10.81%		0.36%		-0.60%
Class A return after taxes on distributions		10.29%		0.00%		-0.78%
Class A return after taxes on distributions and sale of Fund shares		6.77%		0.18%		-0.50%
Class C return before taxes		15.65%		0.91%		-0.52%
Class I return before taxes		17.99%		2.14%		0.52%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		18.18%		2.28%		-1.39%
Class R return before taxes		17.30%		1.54%		-0.07%
Class Y return before taxes		17.76%		1.89%		0.28%
S&P Global Natural Resources Index (net) (reflects no deduction for fees or expenses)*		10.32%		7.34%		4.89%
S&P North American Natural Resources Sector Index (reflects no deduction for fees, expenses or taxes)		34.07%		7.13%		4.05%


*	Effective April 28, 2023, the Fund's new benchmark index is S&P Global Natural Resources Index. The Manager believes that this index is more consistent with the investment philosophy of the Fund and more reflective of the types of securities in which the Fund invests than the previous benchmark index.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Samuel Halpert	Managing Director, Chief Investment Officer — Global Natural Resources Equity	November 2021
Geoffrey King	Senior Vice President, Portfolio Manager	November 2021

Fund summaries

Sub-Advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Delaware Ivy International Value Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy International Value Fund seeks to provide capital appreciation.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		1.00%			1.00%			1.00%			1.00%			1.00%			1.00%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.54%			0.52%			0.26%			0.16%			0.39%			0.25%
Total annual fund operating expenses		1.79%			2.52%			1.26%			1.16%			1.89%			1.50%
Fee waivers and expense reimbursements		(0.75%)	2		(0.73%)	2		(0.47%)	2		(0.51%)	2		(0.60%)	2		(0.46%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.04%			1.79%			0.79%			0.65%			1.29%			1.04%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.79% of the Fund’s average daily net assets for all classes other than Class R6, and 0.65% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$675		$182		$282		$81		$66		$131		$106
3 years		$1,037		$715		$715		$353		$318		$536		$429
5 years		$1,423		$1,275		$1,275		$646		$589		$966		$775
10 years		$2,501		$2,801		$2,801		$1,481		$1,363		$2,163		$1,751

Fund summaries

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy International Value Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities of issuers that are organized, have a majority of their assets, or generate the majority of their operating income outside the United States. The Fund generally invests up to 15% of its portfolio in emerging markets. The Fund may invest more than 25% of its total assets in the securities of issuers located in the same country. The Fund’s portfolio generally will consist of 60 to 80 stocks identified through a research-driven, bottom-up security selection process based on fundamental research, with relative sizing based on valuation, risk and diversification. The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers.

The portfolio management team searches for undervalued companies that have potential for improvement that has not yet been recognized by others in the marketplace. These opportunities may exist because of temporary company-specific problems or because the companies are in industries that may be out of favor. The portfolio management team believes that the potential for strong returns can be realized by assembling an international portfolio of fundamentally strong companies that have superior business prospects and that are priced below the team’s estimate of intrinsic value. The portfolio management team focuses on out-of-favor stocks that have the potential to realize their intrinsic value within a three- to five-year horizon.

In selecting investments for the Fund:

•

Fundamental research and analysis are the driving forces behind each security chosen by the portfolio management team. Security selection is based on relative value comparisons, applying the team’s understanding of industry cycles, global competitors, and company-specific variables. The investment process combines quantitative valuation screens with traditional in-depth fundamental analysis, experienced judgment, and patience.

•

The portfolio management team places great emphasis on those securities it believes can offer the best long-term appreciation within a three- to five-year horizon. The team constructs the portfolio on a stock-by-stock basis, and the holdings are diversified across market capitalization, geography, and economic sector.

•

The Fund may invest in the consumer staples sector. The consumer staples sector consists of companies that are involved in areas such as the production, manufacture, distribution, or sale of, consumer goods and services that have non-cyclical characteristics, such as food and beverage, household goods, personal products, and non-discretionary retail.

Delaware Management Company (Manager), the Fund's investment manager, may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL), to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Industry, sector, and security risk — The risk that the value of securities in a particular industry or sector (such as financial services or consumer staples) will decline because of changing expectations for the performance of that industry or sector.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Ivy International Value Fund performed?

Effective July 31, 2018, the name of the Fund changed from Ivy Cundill Global Value Fund to Ivy Pzena International Value Fund, the Fund’s subadviser changed to Pzena, and the Fund changed its investment strategy to invest in equity securities of issuers located in, or with significant business, assets, or operations in, countries throughout the world other than the United States. Effective November 15, 2021, the Fund’s subadviser changed to MIMGL and the Fund changed its investment strategy. The Fund’s performance for the period prior to July 31, 2018 and from July 31, 2018 through November 15, 2021 reflects the Fund’s former strategies; its performance may have differed if the Fund’s current strategy had been in place.

Fund summaries

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 16.32%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 24.06% for the quarter ended December 31, 2020, and its lowest quarterly return was -30.45% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-22.88%		-2.33%		2.35%
Class A return after taxes on distributions		-24.50%		-3.61%		1.63%
Class A return after taxes on distributions and sale of Fund shares		-11.95%		-1.74%		1.84%
Class C return before taxes		-19.50%		-1.86%		2.46%
Class I return before taxes		-17.88%		-0.75%		3.43%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-17.83%		-0.60%		0.60%
Class R return before taxes		-18.40%		-1.32%		2.82%
Class Y return before taxes		-18.11%		-1.00%		3.16%
MSCI EAFE (Europe, Australasia, Far East) Index (net) (reflects no deduction for fees or expenses but reflects the deduction of foreign withholding taxes on dividends)		-14.45%		1.54%		4.67%
MSCI EAFE (Europe, Australasia, Far East) Index (gross) (reflects no deduction for fees, expenses or foreign withholding taxes on dividends)		-14.01%		2.03%		5.16%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Aditya Kapoor, CFA	Managing Director, Senior Portfolio Manager	August 2023
Charles John, CFA	Managing Director, Senior Portfolio Manager	August 2023

Sub-Advisor

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Ivy Core Bond Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Ivy Core Bond Fund seeks to provide current income consistent with preservation of capital.

What are the Fund’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.”

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

4.50%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.52%			0.52%			0.52%			0.52%			0.52%			0.52%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.32%			0.50%			0.12%			0.10%			0.18%			0.18%
Total annual fund operating expenses		1.09%			2.02%			0.64%			0.62%			1.20%			0.95%
Fee waivers and expense reimbursements		(0.40%)	2		(0.58%)	2		(0.20%)	2		(0.29%)	2		(0.26%)	2		(0.26%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		0.69%			1.44%			0.44%			0.33%			0.94%			0.69%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.44% of the Fund’s average daily net assets for all classes other than Class R6, and 0.33% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$517		$147		$247		$45		$34		$96		$70
3 years		$743		$578		$578		$185		$169		$355		$277
5 years		$987		$1,035		$1,035		$337		$317		$635		$500
10 years		$1,685		$2,302		$2,302		$779		$747		$1,432		$1,143

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Ivy Core Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed-income securities (80% policy). Delaware Management Company (Manager), the Fund's investment manager, invests the Fund in a variety of fixed-income securities that have investment grade credit ratings from any nationally recognized statistical rating organization (NRSRO). The fixed-income securities the Manager selects for the portfolio are typically rated BBB- and above by S&P Global Ratings, a division of S&P Global Inc. (S&P), Baa3 and above by Moody’s, or similarly rated by another NRSRO. The Manager may also invest the Fund in unrated fixed-income securities if the Manager believes their credit quality is comparable to those that have investment grade ratings.

The Fund may invest in a wide range of fixed-income securities, including, but not limited to, investment grade and high yield debt securities, corporate debt securities, residential and commercial mortgage-backed securities, debt securities issued or guaranteed by the US government or any of its agencies or instrumentalities (US government securities), other asset-backed securities, international developed and emerging market debt securities, and bank loans, among others. The Fund has no limitations regarding the maturity, duration or dollar-weighted average of its holdings, and may invest in debt securities with varying maturities located within a variety of sectors and industries. The Manager will determine how much of the Fund’s assets to allocate to each of these types of securities, based on its evaluation of economic and market conditions, and its assessment of the returns and potential for appreciation that can be achieved. The Manager will periodically reallocate the Fund’s assets as deemed necessary.

Although the Fund invests primarily in investment-grade debt securities, it may invest up to 35% of its net assets in non-investment grade debt securities, commonly called “high yield” or “junk” bonds, that include debt securities rated below BBB- by S&P, and similarly rated by all other NRSROs, subject to available rating or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 40% of its net assets in foreign securities. The Fund’s total non-US-dollar currency exposure will be limited, in the aggregate, to no more than 20% of net assets. The Fund’s investments in emerging markets will, in the aggregate, be limited to no more than 20% of the Fund’s net assets.

The Fund may also use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Fund will use derivatives for both hedging and non-hedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective.

In selecting securities for the Fund, the Manager uses a bottom-up (researching individual issuers), fundamental approach by focusing on security selection and sector allocation. The Manager focuses on relative value trading among fixed-income securities, and considers factors such as security pricing, industry outlook, current and anticipated market and economic conditions, general levels of debt prices and issuer operations.

The Manager’s investment process also includes a top-down (assessing the market environment) overlay for portfolio and risk management that considers factors such as economic growth, inflation expectations, business sentiment, fiscal and monetary policy, global growth and the credit cycle, among other factors. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities, including review of the security’s valuation and the issuer’s creditworthiness. The Manager also may sell a security in light of interest rate expectations, changes in credit spreads, if the issuer’s investment thesis is no longer valid, to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Fund summaries

What are the principal risks of investing in the Fund?

Loans and other indebtedness risk — The risk that a fund 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 and the lending institution. A fund’s ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a fund invests may not be considered securities. A fund therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

Leveraging risk — The risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

Valuation risk — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.

How has Delaware Ivy Core Bond Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. Effective July 29, 2022, the Fund changed its investment strategy. The Fund’s performance for the period prior to July 29, 2022 reflects the Fund’s former strategies; its performance may have differed if the Fund’s current strategy had been in place. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 2.40%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 6.28% for the quarter ended June 30, 2020, and its lowest quarterly return was -5.94% for the quarter ended March 31, 2022. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Fund summaries

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or lifetime
Class A return before taxes		-17.15%		-1.30%		0.71%
Class A return after taxes on distributions		-18.07%		-2.52%		-0.48%
Class A return after taxes on distributions and sale of Fund shares		-10.14%		-1.43%		0.05%
Class C return before taxes		-14.82%		-0.88%		0.70%
Class I return before taxes		-12.93%		0.31%		1.69%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-12.92%		0.32%		1.61%
Class R return before taxes		-13.50%		-0.42%		1.01%
Class Y return before taxes		-13.23%		-0.08%		1.35%
Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		-13.01%		0.02%		1.06%

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio managers	Title with Delaware Management Company	Start date on the Fund
J. David Hillmeyer, CFA	Senior Managing Director, Co-Head of US Multisector Fixed Income	July 2022
Daniela Mardarovici, CFA	Managing Director, Co-Head of US Multisector Fixed Income	July 2022

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

Fund summaries

Delaware Real Estate Securities Fund, a series of Ivy Funds

What is the Fund’s investment objective?

Delaware Real Estate Securities Fund seeks to provide total return through capital appreciation and current income.

What are the Fund’s fees and expenses?

Shareholder fees (fees paid directly from your investment)

Class

Maximum sales charge (load) imposed on purchases as a percentage of offering price

5.75%

none

Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower

none

1.00%

none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)


Class	A			C			I			R6			R			Y
Management fees		0.90%			0.90%			0.90%			0.90%			0.90%			0.90%
Distribution and service (12b-1) fees		0.25%			1.00%			none			none			0.50%			0.25%
Other expenses		0.42%			0.86%			0.19%			0.16%			0.25%			0.14%
Total annual fund operating expenses		1.57%			2.76%			1.09%			1.06%			1.65%			1.29%
Fee waivers and expense reimbursements		(0.37%)	2		(0.81%)	2		(0.14%)	2		(0.26%)	2		(0.20%)	2		(0.09%)	2
Total annual fund operating expenses after fee waivers and expense reimbursements		1.20%			1.95%			0.95%			0.80%			1.45%			1.20%


¹	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
²	The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.95% of the Fund’s average daily net assets for all classes other than Class R6, and 0.80% of the Fund’s Class R6 shares’ average daily net assets, from July 31, 2023 through July 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Class	A		(if not redeemed) C		C		I		R6		R		Y
1 year		$690		$198		$298		$97		$82		$148		$122
3 years		$1,008		$780		$780		$333		$311		$501		$400
5 years		$1,348		$1,388		$1,388		$587		$560		$878		$699
10 years		$2,305		$3,031		$3,031		$1,316		$1,271		$1,938		$1,549

Portfolio turnover

What are the Fund’s principal investment strategies?

Delaware Real Estate Securities Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of companies in the real estate or real estate-related industries (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. The Fund does not invest directly in real estate. The Fund may invest in securities of issuers of any size, including issuers with small, mid or large market capitalizations, although the Fund generally tends to focus on mid- and large-capitalization issuers.

“Real estate” securities include securities offered by issuers that receive at least 50% of their gross revenue from the construction, ownership, leasing, management, financing or sale of residential, commercial or industrial real estate. Real estate securities issuers typically include REITs, REOCs, real estate brokers and developers, real estate managers, hotel franchisers, real estate holding companies and publicly-traded limited partnerships.

“Real estate-related” securities include securities issued by companies primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry. Real estate-related securities issuers typically include construction and related building companies, manufacturers and distributors of building supplies, brokers, financial institutions that issue or service mortgages and resort companies.

The Fund may invest up to 25% of its total assets in foreign securities and may invest up to 20% of its net assets in securities issued by companies outside of the real estate industry.

An investment in the a may encounter the risk of greater volatility, due to the limited number of issuers of real estate and real estate-related securities, than an investment in a portfolio of securities selected from a greater number of issuers.

Fund summaries

What are the principal risks of investing in the Fund?

REIT-related risk — The value of the Fund’s securities of a REIT may be adversely affected by changes in the value of the REIT’s underlying property or the property secured by mortgages the REIT holds, loss of the REIT’s federal tax status or changes in laws and/or rules related to that status, or the REIT’s failure to maintain its exemption from registration under the Investment Company Act of 1940, as amended. In addition, the Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

Limited number of securities risk — The possibility that a single security’s increase or decrease in value may have a greater impact on a fund’s value and total return because the fund may hold larger positions in fewer securities than other fund. In addition, a fund that holds a limited number of securities may be more volatile than those fund that hold a greater number of securities.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

How has Delaware Real Estate Securities Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. On April 30, 2021, the Fund became part of Delaware Funds by Macquarie® and Delaware Management Company became the Fund’s investment manager. The returns shown from before April 30, 2021 are from the Fund’s prior investment manager. Effective on or about July 31, 2022, the Fund changed its investment strategy. The Fund’s performance for the period prior to July 31, 2022 reflects the Fund’s former strategies; its performance may have differed if the Fund’s current strategy had been in place. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

As of June 30, 2023, the Fund’s Class A shares had a calendar year-to-date return of 4.44%. During the periods illustrated in this bar chart, Class A’s highest quarterly return was 15.60% for the quarter ended December 31, 2021, and its lowest quarterly return was -21.73% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2022


	1 year		5 years		10 years or Lifetime
Class A return before taxes		-29.47%		2.75%		5.53%
Class A return after taxes on distributions		-33.93%		-0.29%		3.03%
Class A return after taxes on distributions and sale of Fund shares		-14.45%		1.89%		4.01%
Class C return before taxes		-26.41%		3.10%		5.52%
Class I return before taxes		-24.91%		4.34%		6.58%
Class R6 return before taxes (lifetime: 7/31/14-12/31/22)		-24.86%		4.48%		5.87%
Class R return before taxes		-25.36%		3.73%		5.94%
Class Y return before taxes		-25.16%		4.10%		6.33%
FTSE Nareit Equity REITs Index (reflects no deduction for fees, expenses or taxes)		-24.37%		3.68%		6.53%

Fund summaries

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)


Portfolio manager	Title with Delaware Management Company	Start date on the Fund
Matthew Hodgkins	Head of Americas Listed Real Estate	July 2022

Sub-advisors

Macquarie Investment Management Global Limited (MIMGL)


Portfolio managers	Title with MIMGL	Start date on the Fund
James Maydew*	Head of Global Listed Real Estate	July 2022
Jessica Koh	Head of Asia Listed Real Estate	July 2022

* James Maydew is the lead portfolio manager responsible for the day-to-day management of the Fund.

Macquarie Investment Management Europe Limited (MIMEL)


Portfolio manager	Title with MIMEL	Start date on the Fund
Ryan Watson	Senior Portfolio Manager, Head of European Listed Real Estate	July 2022

Purchase and redemption of Fund shares

Please refer to the Fund’s prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

Tax information

Payments to broker/dealers and other financial intermediaries

How we manage the Funds

Our principal investment strategies

Delaware Ivy Global Bond Fund

Under normal circumstances, the Fund invests at least 80% of its net assets in a diversified portfolio of bonds of foreign and US issuers. The Fund may invest in debt securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), issued by foreign or US companies of any size, including those in emerging markets, as well as in debt securities issued by foreign or US governments. Under normal circumstances, the Fund invests at least 40% (or, if the Manager deems it warranted by market conditions, at least 30%) of its total assets in securities of non-US issuers, including those located in at least three countries including the United States. Non-US issuers are those that are (1) economically tied to a non-US country or countries, or (2) issued or guaranteed by a company domiciled in, or government of, a non-US country. The Fund may invest up to 100% of its total assets in foreign securities and in securities denominated in currencies other than the US dollar. The Fund may invest in securities of any maturity.

The Fund may invest in mortgage-backed securities and other asset-backed securities.

How we manage the Funds

Delaware Ivy High Income Fund

The Fund seeks to achieve its objective to provide total return through a combination of high current income and capital appreciation by investing primarily in a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), of US and foreign issuers, the risks of which are, in the judgment of the Manager, consistent with the Fund’s objective. There is no guarantee, however, that the Fund will achieve its objective.

In general, the high level of income that the Fund seeks is paid by debt securities rated in the lower rating categories of the NRSROs or unrated securities that are determined by the Manager to be of comparable quality; these include debt securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment-grade debt securities, commonly called “high-yield” or “junk” bonds, which include debt securities rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. Lower-quality debt securities (which include junk bonds) are considered to be speculative and involve greater risk of default or price changes due to changes in the issuer’s creditworthiness. The market prices of these securities may fluctuate more than higher-quality securities and may decline significantly in periods of general economic difficulty.

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that it believes are the best investments for the Fund. The Manager invests primarily in fixed income securities that it believes will have a liberal and consistent yield and will tend to reduce the risk of market fluctuations. Before selecting high yield corporate bonds, the Manager carefully evaluates each individual bond, including its income potential and the size of the bond issuance. The size of the issuance helps the Manager evaluate how easily it may be able to buy and sell the bond.

The Manager also does a thorough credit analysis of the issuer to determine whether that company has the financial ability to meet the bond's payments.

The Manager maintains a well-diversified portfolio of high yield bonds that represents many different sectors and industries. Through diversification the Manager can help to reduce the impact that any individual bond might have on the portfolio should the issuer have difficulty making payments.

The Fund strives to provide total return, with high current income as a secondary objective. Before purchasing a bond, the Manager evaluates both the income level and its potential for price appreciation.

The Manager attempts to optimize the Fund’s risk/reward by investing in the debt portion of the capital structure that the Manager believes to be most attractive, which may include secured and/or unsecured loans, floating rate notes and/or secured and/or unsecured high- yield bonds. For example, if the Manager believes that market conditions are favorable for a particular type of fixed-income instrument, such as high-yield bonds, most or all of the fixed-income instruments in which the Fund invests may be high-yield bonds. Similarly, if the Manager believes that market conditions are favorable for loans, most or all of the fixed-income instruments in which the Fund invests may be loans, including second-lien loans which typically are lower in the capital structure and less liquid than first-lien loans.

The Fund also may own, to a lesser degree, preferred stocks, common stocks and convertible securities and other equity securities or warrants generally incidental to the purchase or ownership of a fixed-income instrument or in connection with a reorganization of an issuer. The prices of common stocks and other equity securities tend to fluctuate in the short term, particularly those of smaller companies. The Fund may invest in restricted securities, including Rule 144A Securities. The Fund may purchase shares of other investment companies subject to the restrictions and limitations of the 1940 Act.

The Fund may invest up to 100% of its total assets in foreign securities, including securities of issuers in emerging markets. Investments in foreign securities also present additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use futures contracts and swaps (including credit default swaps and total return swaps). The Fund may use these derivatives in an attempt to enhance return, to hedge broad or specific fixed-income market movements, to gain or increase exposure to specific securities, sectors and/or geographical areas, to invest in foreign currencies or securities not otherwise readily available, to mitigate the impact of rising interest rates or to otherwise manage the risks of the Fund. In an effort to manage foreign currency exposure, the Fund may use forward currency contracts to either increase or decrease exposure to a given currency. With credit default swaps, the Fund either may sell or buy credit protection with respect to bonds, loans or other debt securities pursuant to the terms of these contracts.

When the Manager believes that a full or partial temporary defensive position is desirable, due to present or anticipated market or economic conditions and to attempt to reduce the price volatility of the Fund, the Manager may invest up to 100% of the Fund’s assets in cash or cash equivalents. The “cash equivalents” in which the Fund may invest include, but are not limited to: short-term obligations such as rated commercial paper and variable amount

master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable quality. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. It also may shorten the average maturity of the Fund’s debt holdings or emphasize investment-grade debt securities.

By taking a temporary defensive position in any one or more of these manners, the Fund may not achieve its investment objective.

Delaware Global Real Estate Fund

The Fund is a nondiversified Fund that seeks to achieve its objective to provide total return through long-term capital appreciation and current income by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies in the real estate or real estate-related industries (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. The Fund intends to invest primarily in equity and equity-related securities issued by Global Real Estate Companies. The Fund does not invest directly in real estate. The Fund may invest in securities of issuers of any size, but typically will have more exposure to securities issued by large- and mid-capitalization companies. There is no guarantee, however, that the Fund will achieve its objective.

Global Real Estate Companies are companies that meet one of the following criteria:

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companies qualifying for US federal income tax purposes as REITs;

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entities similar to REITs formed under the laws of a country other than the US;

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companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.

How we manage the Funds

with primary coverage of a company are further complemented by team members with secondary coverage of the company which encourages peer review and debate and a strong top-down review from regional and global leadership. The Manager believes that bottom-up fundamental research is central in producing the measures used to identify and rank opportunities suitable for investment, skew portfolio construction to quality and help manage risk. The Team believes that a top-down perspective is an important secondary component in building a global listed real estate portfolio and supporting the primary bottom-up function.

The Fund may invest up to 20% of its net assets in securities issued by companies outside of the real estate industry.

Under normal circumstances, the Fund will invest at least 40% (or, if the portfolio managers deem it warranted by market conditions, at least 30%) of its total assets in securities of non-US issuers.

The Fund also may invest in an exchange traded fund (ETF) to replicate a REIT or real estate stock index or a basket of REITs or real estate stocks. Ownership of ETFs results in the Fund bearing its proportionate share of the ETFs’ fees and expenses and proportionate exposure to the risks associated with the ETFs’ underlying investments.

An investment in the Fund may encounter the risk of greater volatility, due to the limited number of issuers of real estate securities, than an investment in a portfolio of securities selected from a greater number of issuers. Moreover, the value of the Fund’s investments may decrease due to fluctuations in rental income, overbuilding and increased competition, casualty and condemnation losses, environmental costs and liabilities, changes in the Code or failure to meet Code requirements, extended vacancies of property, lack of available mortgage funds, government regulation and limitations, increases in property taxes, cash flow dependency, declines in real estate value, physical depreciation of buildings, inability to obtain project financing, increased operating costs and changes in general or local economic conditions.

When the Team believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The “cash equivalents” in which the Fund may invest include: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Team believes are of comparable high quality. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

Delaware Ivy Limited-Term Bond Fund

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities (80% policy), including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations. The Fund may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Fund may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or “junk” bonds). Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases The Fund will maintain an average effective duration from one to three years.

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that the Manager believes are the best investments for the Fund. Securities in which the Fund may invest include, but are not limited to, the following:

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securities issued or guaranteed by the US government, such as US Treasuries;

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securities issued by US government agencies or instrumentalities, such as securities of Ginnie Mae;

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investment grade and below-investment-grade corporate bonds; nonagency mortgage-backed securities (MBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), collateralized mortgage obligations (CMOs), and real estate mortgage investment conduits (REMICs);

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securities of foreign issuers in both developed and emerging markets, denominated in foreign currencies and US dollars;

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bank loans; and

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short-term investments.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use futures contracts, options on futures contracts, Treasury swaps and OTC options, in an attempt to hedge broad or specific fixed-income market movements, to take a directional position on interest rates, to mitigate the impact of rising interest rates, to manage or adjust the duration of its investments or to otherwise manage the risks of the Fund’s investments.

The Fund may invest in Rule 144A Securities. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Fund receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. The Manager will limit the Fund's investments in total non-US dollar currency to no more than 10% of its net assets. The Fund may hedge its total foreign currency exposure.

The Fund's investments in these fixed income securities may include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Economic Community, the European Investment Bank, the Inter-Development Bank, and the Asian Development Bank.

The Fund may invest in sponsored and unsponsored American depositary receipts (ADRs), European depositary receipts (EDRs), or global depositary receipts (GDRs). The Fund may also invest in zero coupon bonds and may purchase shares of other investment companies.

The Fund will invest in both rated and unrated foreign securities.

The Fund may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Fund may, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Fund transactions and to minimize currency value fluctuations.

When the Manager believes that a defensive position is desirable, due to present or anticipated market or economic conditions, it may take a number of actions. For example, the Fund may sell longer-term debt securities and buy shorter-term debt securities or invest in money market instruments. By taking a temporary defensive position, the Fund may not achieve its investment objective.

The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy.

How we manage the Funds

Delaware Ivy Managed International Opportunities Fund

Delaware Ivy Managed International Opportunities Fund, whose objective is to seek to provide capital growth and appreciation, is a “fund of funds,” which means that it invests, almost exclusively, in other funds within Delaware Funds as described earlier, rather than investing directly in stocks, bonds and other instruments.

The Fund seeks to provide investors a diversified portfolio of international stocks by investing primarily in Class R6 shares of certain Delaware Funds global/international mutual funds, as identified below. Each underlying fund, in turn, invests in a diversified portfolio of foreign equity securities of issuers in developed as well as emerging markets, and, to a lesser extent, in US equity securities.

The Board, based upon the recommendation of the Manager, has authorized the following target allocation ranges for investment of the Fund’s assets in specific underlying funds, although the Manager expects the allocation will change over time:


Underlying Fund	Maximum Allocation		Minimum Allocation
Delaware Ivy Systematic Emerging Markets Equity Fund		60%		0%
Delaware Global Value Equity Fund		60%		0%
Delaware Ivy Global Growth Fund		60%		0%
Delaware Ivy International Small Cap Fund		60%		0%
Delaware Ivy International Core Equity Fund		60%		0%
Delaware Ivy International Value Fund		60%		0%

For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), with respect to its role as sub-advisor of the Fund.

The Fund also may purchase shares of any registered investment company not affiliated with Delaware Funds (an “unaffiliated fund”), provided that, immediately after such purchase, the Fund does not own more than 3% of the total outstanding stock of such unaffiliated fund. The Fund anticipates that investments in unaffiliated funds will be minimal, if any.

Certain of the funds within Delaware Funds are selected for the Fund to establish a diversified range of investments to assist the Fund in achieving its investment objectives.

Delaware Ivy Municipal Bond Fund

The Fund seeks to achieve its objective to provide the level of current income consistent with preservation of capital and that is not subject to federal income tax by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds. The Fund mainly invests in municipal bonds of investment grade and of any maturity. There is no guarantee, however, that the Fund will achieve its objective.

As used in this Prospectus, “municipal bonds” means obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam), the interest on which is excludable from gross income for federal income tax purposes. The Fund and the Manager rely on the opinion of bond counsel for an issuer in determining whether the interest on such issuer’s obligations is excludable. A portion of such interest and, therefore, Fund dividends attributable to such interest, may be a Tax Preference Item.

Municipal bonds are issued by a wide range of state and local governments, agencies and authorities for various purposes. The two main types of municipal bonds are general obligation bonds and revenue bonds. The Fund’s investments may have various types of interest rate payments and reset terms, including fixed-rate, floating-rate and auction-rate features.

For general obligation bonds, the issuer has pledged its full faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable only from specific sources; these may include revenues from a particular project or class of projects, a special tax, lease payments, appropriated funds, revenue pass-through arrangements, settlement payments or other revenue source.

The Manager attempts to enhance Fund performance by utilizing opportunities presented by the shape and slope of the yield curve. As an overlay to this core strategy, the Manager attempts to identify and capitalize on relative value opportunities that exist between sectors, states (including US possessions), security structures and ratings categories. The Manager monitors relative attractiveness to other taxable fixed-income asset classes, as well as municipal market supply/demand patterns, expectations of Treasury market performance and overall market liquidity, tax policies and other technical factors, in seeking to identify opportunities for the Fund.

The Fund may invest in revenue bonds, which are revenue bonds issued by or on behalf of public authorities to obtain funds to finance privately operated facilities. Other municipal obligations include lease obligations of municipal authorities or entities and participations in these obligations, housing bonds that finance pools of single family home mortgages and multi-family housing projects, student loan bonds that finance pools of student loans, bonds that finance charter schools and tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues.

The Fund may invest up to 100% of its total assets in revenue bonds (which may have adverse federal income tax consequences), in securities the payment of principal and interest on which are payable from revenues derived from similar projects, or in municipal bonds of issuers located in the same geographical area. The Fund will not, however, have more than 25% of its total assets in revenue bonds issued for any one industry or in any one state.

The Fund may invest up to 20% of its net assets in a combination of obligations that pay taxable interest (taxable obligations) and options, futures contracts and other derivatives instruments, which generate taxable income. Such taxable obligations and instruments may include, but are not limited to, the following:

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US government securities

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obligations of US banks and certain savings and loan associations

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US dollar-denominated commercial paper and other cash equivalent securities issued by US and foreign issuers that are rated at least A by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality

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any of the foregoing obligations subject to repurchase agreements

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credit default swaps on the debt of financial entities that insure municipal bonds

Subject to its policies regarding the amount of Fund assets invested in municipal bonds and debt securities that pay taxable interest and its other investment limitations, the Fund may invest in other types of securities and use certain other instruments in seeking to achieve its objective. The Fund may invest in exchange traded funds (ETFs).

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use futures contracts and similar derivatives instruments designed for hedging purposes and/or to take a directional position on interest rates. The Fund also may hold a portion of its assets in municipal bonds for which the applicable interest rate formula varies inversely with prevailing interest rates. Distributions to Fund shareholders of net income from taxable obligations, repurchase agreements and derivatives instruments, as well as of any net capital gains the Fund realizes, will be subject to federal income tax.

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shorten the average maturity of the Fund’s investments

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hold taxable obligations, subject to the limitations stated above

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emphasize debt securities which the Manager believes are of a higher quality than those the Fund would ordinarily hold

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invest in higher coupon pre-refunded bonds

By taking a temporary defensive position however, the Fund may not achieve its investment objective.

Delaware Ivy Municipal High Income Fund

The Fund seeks to achieve its objective to provide a high level of current income that is not subject to federal income tax by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of municipal bonds. The Fund typically

How we manage the Funds

invests at least 65% of its total assets in medium- and lower-quality municipal bonds that generally provide higher yields than bonds of higher quality. The Fund may invest up to 100% of its total assets in non-investment grade bonds. There is no guarantee, however, that the Fund will achieve its objective.

The Fund and the Manager rely on the opinion of bond counsel for an issuer in determining whether the interest on such issuer’s obligations is excludable from gross income for federal income tax purposes. A significant portion, up to 40%, of the Fund’s dividends attributable to municipal bond interest may be a Tax Preference Item; however, the Manager does not currently anticipate that the Fund will reach this level and estimates that approximately 20% or less of the Fund’s dividends attributable to municipal bond interest may be a Tax Preference Item. This would have the effect of reducing the Fund’s after-tax return to any investor whose AMT liability was increased by the Fund’s dividends.

As used in this Prospectus, “municipal bonds” means obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam), the interest on which is excludable from gross income for federal income tax purposes. The main type of municipal bond in which the Fund invests are revenue bonds. The Fund’s investments may have various types of interest rate payments and reset terms, including fixed-rate, floating-rate and auction-rate features.

Revenue bonds are payable only from specific sources; these may include revenues from a particular project or class of projects, a special tax, lease payments, appropriated funds, revenue pass-through arrangements, settlement payments or other revenue source. Other municipal obligations include lease obligations of municipal authorities or entities and participations in these obligations. The Fund may periodically invest in general obligation bonds for which the issuer has pledged its full faith, credit and taxing power for the payment of principal and interest.

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that it thinks are the best investments for the Fund.

The Manager considers a number of factors in selecting individual securities for the Fund’s portfolio, including the security’s current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, the structure of the security, including whether it has a call feature, and the state in which the security is issued. The Fund will generally invest in securities for income rather than seeking capital appreciation through active trading. However, the Manager may sell securities for a variety of reasons such as: to reinvest the proceeds in higher yielding securities; to eliminate investments not consistent with the preservation of capital; to honor redemption requests; or to address a weakening credit situation. As a result, the Fund may realize capital gains that could be taxable to shareholders or they may realize losses.

During normal circumstances, the Fund invests:

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at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds

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at least 65% of its total assets in medium and lower-quality municipal bonds, that include bonds rated BBB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality

At times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk and/or when, in the opinion of the Manager, there is a lack of medium- and lower-quality securities in which to invest, the Fund may invest in higher- quality municipal bonds, and may invest less than 65% of its total assets in medium- and lower-quality municipal bonds.

The Fund may purchase municipal securities that are additionally secured by insurance, bank credit agreements, or escrow accounts. The credit quality of companies which provide such credit enhancements for municipal securities will affect the value of those securities. Although the insurance feature reduces certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund’s income. The Fund may purchase municipal securities insured by any insurer, regardless of its rating. A municipal security will be deemed to have the rating of its insurer. The insurance feature does not guarantee the market value of the insured obligations or the NAV of the Fund.

During normal market conditions, the Fund may invest up to 20% of its net assets in a combination of taxable obligations and in options, futures contracts and other derivatives instruments, which generate taxable income. Such taxable obligations and instruments may include, but are not limited to, the following:

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US government securities

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obligations of US banks and certain savings and loan associations

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any of the foregoing obligations subject to repurchase agreements

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credit default swaps on the debt of financial entities that insure municipal bonds

The Fund may use a variety of derivatives instruments for various purposes. The Fund may, at any given time, use futures contracts and similar derivatives instruments designed for hedging purposes, and/or to take a directional position on interest rates. The Fund also may hold a portion of its assets in municipal bonds for which the applicable interest rate formula varies inversely with prevailing interest rates. Distributions to Fund shareholders of net income from taxable obligations, repurchase agreements and derivatives instruments, as well as of any net capital gains the Fund realizes, will be subject to federal income tax.

When the Manager believes that a temporary defensive position is desirable, the Fund may invest up to all of its assets in cash or cash equivalents. The “cash equivalents” in which the Fund may invest include: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers’ acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund’s investment policies and restrictions, the Fund may utilize derivatives instruments, including, but not limited to, futures contracts, options and other types of derivatives, for defensive purposes. In addition, the Manager may invest in shorter-duration bonds which the Manager believes are of higher credit quality or up to all of its assets in taxable obligations, which would result in a higher proportion of its income (and thus its dividends) being subject to federal income tax. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

Delaware Ivy Natural Resources Fund

The Fund seeks to achieve its objective to provide capital growth and appreciation by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. There is no guarantee, however, that the Fund will achieve its objective.

The Manager attempts to manage risk through diversifying the Fund’s holdings by commodity, country, issuer, and market capitalization of companies; however, such diversification may not necessarily reduce Fund volatility.

After conducting a top-down (assessing the market environment) market analysis of the natural resources industry and identifying trends and sectors, the Manager uses a research-oriented, bottom-up (researching individual issuers) investment approach when selecting securities for the Fund, focusing on company fundamentals and growth prospects. The Manager searches for what it believes are well-managed companies with strong balance sheets; low cost structure; capital discipline; business model; barriers to entry; competitive advantage; high incremental returns and margins; profitable growth; strong management; and the technological capability and expertise to grow independently of commodity prices. The Fund invests in a blend of value and growth companies across the capitalization spectrum, which may include companies that are offered in IPOs, and emphasizes companies that the Manager believes are strongly managed and can generate above-average capital growth and appreciation. In addition, the Manager focuses on companies that it believes are high quality, have the potential for sustainable long-term growth and that are low-cost leaders that possess historically strong-producing assets. From a macro perspective, the Manager monitors demand expectations for various commodities and utilizes this information to adjust the level of sector exposure and individual security holdings in the Fund. The Fund also may invest in companies that are not within the energy sector but that are engaged in the development of products and services to enhance energy efficiency in the manufacturing, development, and/or providing of products and services.

Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. The Fund typically holds a limited number of stocks (generally 30 to 60). Under normal circumstances, the Manager anticipates that a significant portion of the Fund’s holdings will consist of issuers in the energy and materials sectors.

The Fund may use a variety of derivatives instruments for various purposes. The Fund may use forward currency contracts in an effort to manage foreign currency exposure. In seeking to manage the Fund’s exposure to precious metals, the Fund may use futures contracts, both long and short positions, as well as options, both written and purchased, on precious metals.

How we manage the Funds

The Fund may use a range of other investment techniques, including investing in publicly traded partnerships (often referred to as MLPs). An MLP is an entity that combines the tax benefits of a partnership with the liquidity of publicly traded securities. The MLPs in which the Fund may invest are primarily engaged in investing in oil and gas-related businesses, including energy processing and distribution. The Fund’s investments in MLPs will be limited by tax considerations.

The Fund’s 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any change.

Delaware Ivy International Value Fund

Delaware Ivy International Value Fund invests at least 80% of its net assets in equity securities of issuers that are organized, have a majority of their assets, or generate the majority of their operating income outside the United States. The Fund generally invests up to 15% of its portfolio in emerging markets. The Fund may invest more than 25% of its total assets in the securities of issuers located in the same country. The Fund’s portfolio generally will consist of 60 to 80 stocks identified through a research-driven, bottom-up security selection process based on fundamental research, with relative sizing based on valuation, risk and diversification. The Fund is nondiversified, meaning that it may invest a significant portion of its total assets in a limited number of issuers. The Fund may invest up to 15% of its total assets in emerging markets securities.

In selecting investments for the Fund:

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Delaware Ivy Core Bond Fund

Delaware Ivy Core Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed-income securities (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. Delaware Management

Company (Manager) invests in a variety of fixed-income securities that have investment grade credit ratings from any nationally recognized statistical rating organization (NRSRO). The fixed-income securities the Manager selects for the portfolio are typically rated BBB- and above by S&P Global Ratings, a division of S&P Global Inc. (S&P), Baa3 and above by Moody’s, or similarly rated by another NRSRO. The Manager may also invest in unrated fixed-income securities if it believes their credit quality is comparable to those that have investment grade ratings.

Delaware Real Estate Securities Fund

The Fund seeks to achieve its objective to provide total return through capital appreciation and current income by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in the securities of companies in the real estate or real estate-related industries (80% policy). The 80% policy is nonfundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. The Fund does not invest directly in real estate. The Fund may invest in securities of issuers of any size, including issuers with small, mid or large market capitalizations, although the Fund generally tends to focus on mid- and large-capitalization issuers. There is no guarantee, however, that the Fund will achieve its objective.

How we manage the Funds

A comprehensive and detailed bottom-up research approach is a key element of our investment process. The Team’s globally integrated, boots on the ground approach applies a rigorous focus on bottom-up company fundamentals to determine risk profile and growth prospects through a detailed review of their property portfolio, business strategy, organizational issues, balance sheet, liquidity, capital structure and management capabilities. Analysts with primary coverage of a company are further complemented by team members with secondary coverage of the company which encourages peer review and debate and a strong top-down review from regional and global leadership. The Team believes that bottom-up fundamental research is central in producing the measures used to identify and rank opportunities suitable for investment, skew portfolio construction to quality and help manage risk. We believe that a top-down perspective is an important secondary component in building a global listed real estate portfolio and supporting the primary bottom-up function.

Most of the Fund’s real estate securities portfolio consists of securities issued by REITs and REOCs that are listed on a securities exchange or traded over-the-counter. A REIT is a corporation (or trust or association that otherwise would be taxable as such) that invests in real estate, mortgages on real estate or shares issued by other REITs. REITs may be characterized as equity REITs (that is, REITs that primarily invest in land and improvements thereon), mortgage REITs (that is, REITs that primarily invest in mortgages on real estate and other real estate debt) or hybrid REITs, which invest in both land and improvements thereon and real estate mortgages. The Fund primarily invests in shares of equity REITs but also invests lesser portions of its assets in shares of mortgage REITs and hybrid REITs. A REIT that meets the applicable requirements of the Internal Revenue Code of 1986, as amended (Code), may deduct dividends paid to shareholders, effectively enabling it to eliminate any entity-level federal income tax. As a result, REITs (like regulated investment companies such as the Fund) distribute a larger portion of their earnings to investors than other entities subject to federal income tax that cannot deduct such dividends. A REOC is a corporation or partnership (or an entity classified as such for federal tax purposes) that invests in real estate, mortgages on real estate or shares issued by REITs, but also may engage in related or unrelated businesses. A REOC typically is structured as a “C” corporation under the Code and does not qualify for the pass-through tax treatment that is accorded a REIT. In addition, the value of the Fund’s securities issued by REOCs may be adversely affected by income streams derived from businesses other than real estate ownership.

The Fund may invest up to 25% of its total assets in foreign securities and may invest up to 20% of its net assets in securities issued by companies outside of the real estate industry. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

The Fund also may invest in an ETF to replicate a REIT or real estate stock index or a basket of REITs or real estate stocks, as well as in an ETF that attempts to provide enhanced performance, or inverse performance, on such indexes or baskets. The Fund may invest in companies that are offered in IPOs. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the Fund receives liquid collateral equal to at least 102% (105% for international securities) of the value of the loaned portfolio securities. This collateral is marked-to-market on a daily basis.

An investment in the Fund may encounter the risk of greater volatility, due to the limited number of issuers of real estate and real estate-related securities, than an investment in a portfolio of securities selected from a greater number of issuers. Moreover, the value of the Fund’s investments may decrease due to fluctuations in rental income, overbuilding and increased competition, casualty and condemnation losses, environmental costs and liabilities, changes in the Code or failure to meet Code requirements, extended vacancies of property, lack of available mortgage funds, government regulation and limitations, increases in property taxes, cash flow dependency, declines in real estate value, physical depreciation of buildings, inability to obtain project financing, increased operating costs and changes in general or local economic conditions.

Additional investment considerations

Because the Funds own different types of investments, their performance will be affected by a variety of factors. The value of a Fund's investments and the income it generates will vary from day to day, generally reflecting changes in interest rates, market conditions, and other company and economic news. From time to time, based on market or economic conditions, a Fund may have significant positions in one or more sectors of the market and may be overweight or underweight sectors as compared to its benchmark index.

Certain types of mortgage-backed and asset-backed securities may experience significant valuation uncertainties, greater volatility, and significantly less liquidity due to the sharp rise of foreclosures on home loans secured by subprime mortgages in recent years. Subprime mortgages have a higher credit risk than prime mortgages, as the credit criteria for obtaining a subprime mortgage is more flexible than that used with prime borrowers. To the extent that a Fund invests in securities that are backed by pools of mortgage loans, the risk to that Fund may be significant. Other asset-backed securities also may experience significant valuation uncertainties, increased volatility, and significantly reduced liquidity.

Each Fund may actively trade securities in seeking to achieve its objective(s). Factors that can lead to active trading include market volatility, a significant positive or negative development concerning a security, an attempt to maintain a Fund's market capitalization target of the securities in each such Fund's holdings and the need to sell a security to meet redemption activity. Actively trading securities may increase transaction costs (which may reduce performance) and increase net realized gains that a Fund must distribute for federal tax purposes, the distribution of which would increase your taxable income.

Each of the Funds generally seeks to be fully invested, except to the extent that it takes a temporary defensive position. In addition, at times, the Manager may invest a portion of a Fund's assets in cash or cash equivalents if the Manager is unable to identify and acquire a sufficient number of securities that meet its selection criteria for implementing the Fund's investment objective(s), strategies and policies, or for other reasons.

Please see the Funds’ SAI for additional information about certain of the securities described below as well as other securities in which the Funds may invest.

How we manage the Funds

Other investment strategies

Borrowing from banks

Lending securities

Purchasing securities on a when-issued or delayed-delivery basis

Each Fund may buy or sell securities on a when-issued or delayed-delivery basis (i.e., paying for securities before delivery or taking delivery at a later date).

Temporary defensive positions

Initial public offerings (IPOs)

The risks of investing in the Funds

Delaware Ivy Global Bond Fund

Principal Risks. An investment in Delaware Ivy Global Bond Fund is subject to various risks, including the following:

Capital repatriation risk

Credit risk

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund's securities could affect the Fund's performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager’s analysis of credit risk more heavily than usual.

Following the financial crisis, some credit rating agencies began applying more stringent criteria, with the result that some securities are being downgraded. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Ratings represent the ratings agency’s opinion regarding the quality of the security and are not a guarantee of quality.

Emerging markets risk

Prepayment risk

Fixed income risk

Currency risk

How we manage the Funds

imposed on foreign currency holdings. A Fund may use derivatives to manage its foreign currency risk. Derivatives on non-US currencies involve a risk of loss if currency exchange rates move against the Fund, unless the derivative is a currency forward to hedge against the non-US currency movement.

Foreign risk

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

Interest rate risk

How we manage the Funds

Liquidity risk

Bank loans and other direct indebtedness risk

In addition to the risks typically associated with fixed-income securities, loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. The risks associated with loans are similar to the risks of low-rated debt securities or “junk” bonds since loans typically are below investment-grade. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be difficult to value, sometimes trade infrequently on the secondary market and generally are subject to extended settlement periods. Any of these factors may impair a Fund's ability to sell or realize promptly the full value of its loans in the event of a need to liquidate such loans. Difficulty in selling a loan can result in a loss. Accordingly, loans that have been sold may not be immediately available to meet redemptions. Extended trade settlement periods may result in cash not being immediately available to a Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of the collateral securing the loan may decline after a Fund invests and that the collateral may not be sufficient to cover the amount owed to the Fund. In the event the borrower defaults, a Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. These risks could cause the Fund to lose income or principal on a particular investment, which could affect the Fund's returns. In addition, loans also are subject to the risk that a court could subordinate the loan to presently existing or future indebtedness or take other action detrimental to the holders of the loan. Further, in the event of a default, second or lower lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower’s obligations to the senior secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which a Fund has an interest. If the loan is unsecured, there is no specific collateral on which a Fund can foreclose. In addition, if a secured loan is foreclosed, a Fund may bear the costs and liabilities associated with owning and disposing of the collateral, including the risk that collateral may be difficult to sell. The restructuring of a loan, either in a negotiated work-out or in the context of bankruptcy, could involve an exchange of such loan for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered.

High yield (junk bond) risk

and market liquidity. The market value of these securities can be volatile. Ratings of a security or obligation may not accurately reflect the actual credit risk associated with such a security. The creditworthiness of issuers of low-rated securities may be more complex to analyze than that of issuers of investment-grade debt securities.

US government securities risk

Derivatives risk

How we manage the Funds

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

Complying with those de minimis trading limitations may restrict the Manager's ability to use derivatives as part of a Fund's investment strategies. Although the Manager believes that it will be able to execute a Fund's investment strategies within the de minimis trading limitations, the Fund's performance could be adversely affected. In addition, the CFTC recently has proposed changes to the de minimis trading rules and limitations that could potentially change a Fund's ability to trade derivatives. Also, a Fund's ability to use certain derivatives instruments may be limited by tax considerations.

Mortgage-backed and asset-backed securities risk

Mortgage-backed and asset-backed securities are subject to prepayment risk and extension risk. When interest rates decline, unscheduled prepayments can be expected to accelerate, shortening the average lives of such securities, and a Fund may be required to reinvest the proceeds of the prepayments at the lower interest rates then available. Unscheduled prepayments also would limit the potential for capital appreciation on mortgage- backed and asset-backed securities and may make them less effective than other fixed-income securities as a means of “locking in” long-term interest rates, thereby reducing a Fund's income. Conversely, when interest rates rise, the values of mortgage- backed and asset-backed securities generally fall. Rising interest rates typically result in decreased prepayments and longer average lives of such securities. This could cause the value of such securities to be more volatile or to decline more than other fixed-income securities, and may magnify the effect of the rate increase on the price of such securities. If a Fund purchases mortgage-backed or asset-backed securities that are “subordinated” to other interests in the same pool, the Fund, as a holder of those securities, may only receive payments after the pool’s obligations to other investors have been satisfied. For example, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to a Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless; the risk of such defaults generally is higher in the case of mortgage pools that include so-called “subprime” mortgages.

ESG investing risk

ESG investing risk is the risk that a fund’s strategy may exclude securities of certain issuers for non-financial reasons and the fund may forgo some market opportunities available to funds that do not integrate ESG factors in investment decisions. In addition, there is a risk that the companies identified by a fund’s ESG factors will not operate as expected when addressing ESG issues or they will not exhibit positive ESG characteristics as intended.

Government and regulatory risks

IBOR risk

Active management and selection risk

How we manage the Funds

other mutual funds with investment objectives that are similar to the investment objective(s) of the Fund. In general, investment decisions made by the Manager may not produce the anticipated returns, may cause a Fund's shares to lose value or may cause a Fund to perform less favorably than other mutual funds with similar investment objectives.

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Global Bond Fund may be subject to other, non-principal risks, including the following:

Commodities-related investment risk

Convertible security risk

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock. Convertible securities issued by smaller capitalized companies may be more volatile.

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund's holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Foreign government obligations and securities of supranational entities risk

Investing in foreign government obligations and the sovereign debt of emerging market countries creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. Such investments are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal. Factors which may influence the ability or willingness of a foreign government or country to service debt include a country’s cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government’s policy towards the International Monetary Fund, the International Bank for Reconstruction and Development and other international agencies, the obligor’s balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. There may be no legal or bankruptcy process for collecting sovereign debt.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Preferred stock risk

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

Redemption risk

Restricted securities risk

How we manage the Funds

Securities lending risk

Small- and mid-market capitalization company risk

Natural disaster and epidemic risk

Delaware Ivy High Income Fund

Principal Risks. An investment in Delaware Ivy High Income Fund is subject to various risks, including the following:

Foreign risk

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

How we manage the Funds

High yield (junk bond) risk

Credit risk

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund's securities could affect the Fund's performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager’s analysis of credit risk more heavily than usual.

Following the financial crisis, some credit rating agencies began applying more stringent criteria, with the result that some securities are being downgraded. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Ratings represent the ratings agency’s opinion regarding the quality of the security and are not a guarantee of quality.

Bank loans and other direct indebtedness risk

In addition to the risks typically associated with fixed-income securities, loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. The risks associated with loans are similar to the risks of low-rated debt securities or “junk” bonds since loans typically are below investment-grade. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be difficult to value, sometimes trade infrequently on the secondary market and generally are subject to extended settlement periods. Any of these factors may impair a Fund's ability to sell or realize promptly the full value of its loans in the event of a need to liquidate such loans. Difficulty in selling a loan can result in a loss. Accordingly, loans that have been sold may not be immediately available to meet redemptions. Extended trade settlement periods may result in cash not being immediately available to a Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of the collateral securing the loan may decline after a Fund invests and that the collateral may not be sufficient to cover the amount owed to the Fund. In the event the borrower defaults, a Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. These risks could cause the Fund to lose income or principal on a particular investment, which could affect the Fund's returns. In addition, loans also are subject to the risk that a court could subordinate the loan to presently existing or future indebtedness or take other action detrimental to the holders of the loan. Further, in the event of a default, second or lower lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower’s obligations to the senior secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which a Fund has an interest. If the loan is unsecured, there is no specific collateral on which a Fund can foreclose. In addition, if a secured loan is foreclosed, a Fund may bear the costs and liabilities associated with owning and

disposing of the collateral, including the risk that collateral may be difficult to sell. The restructuring of a loan, either in a negotiated work-out or in the context of bankruptcy, could involve an exchange of such loan for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered.

Restricted securities risk

Fixed income risk

Currency risk

Interest rate risk

How we manage the Funds

obligations generally are more sensitive to interest rate changes than short-term debt securities. A Fund may experience a decline in its income due to falling interest rates. 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. A Fund may use derivatives to hedge its exposure to interest rate risk.

Liquidity risk

Prepayment risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy High Income Fund may be subject to other, non-principal risks, including the following:

Convertible security risk

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock. Convertible securities issued by smaller capitalized companies may be more volatile.

Derivatives risk

How we manage the Funds

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

Emerging markets risk

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund's holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

How we manage the Funds

derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Political, legislative or regulatory risk

The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level. For example, political or legislative changes (as well as economic conditions) in a particular state or political subdivision of the state may affect the ability of the state or subdivision’s governmental entities to pay interest, to repay principal on their obligations or to issue new municipal obligations.

In addition, the value of municipal securities is affected by the value of tax-exempt income to investors. For example, a significant change in rates or a restructuring of the federal income tax (or serious consideration of such a change by the US government) may cause a decline in municipal securities prices, since lower income tax rates or tax restructuring could reduce the advantage of owning municipal securities. Lower state or municipal income tax rates may have a similar effect on the value of municipal securities issued by a governmental entity in that state or municipality.

Preferred stock risk

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

Redemption risk

Securities lending risk

Natural disaster and epidemic risk

Delaware Global Real Estate Fund

Principal Risks. An investment in Delaware Global Real Estate Fund is subject to various risks, including the following:

Market risk

of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value. Market risk may affect a single issuer or the market as a whole. At times, a Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector.

The value of assets or income from a Fund's investments may be adversely affected by inflation or changes in the market’s expectations regarding inflation. Furthermore, there is a risk that the prices of goods and services in the US and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.

Real estate industry risk

Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes, differences in real estate market values, overbuilding and extended vacancies, increased competition, operating expenses or zoning laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers and tenants.

Real assets industries risk

The risk that the value of a fund’s shares will be affected by factors particular to real assets securities and related industries or sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of industries.

REIT-related risks ‑ The value of a Fund's investments in a REIT may be adversely affected by (1) changes in the value of the REIT’s underlying property or the property secured by mortgages the REIT holds; (2) loss of REIT federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Code) or changes in laws and/or rules related to that status; or (3) the REIT’s failure to maintain its exemption from registration under the 1940 Act. In addition, a Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

REOC-related risks ‑ A REOC is similar to an equity REIT in that it owns and operates commercial real estate, but unlike a REIT, it has the freedom to retain all its funds from operations and, in general, faces fewer restrictions than a REIT. REOCs do not pay any specific level of income as dividends, if at all, and there is no minimum restriction on the number of owners nor limits on ownership concentration. The value of a Fund's REOC securities may be adversely affected by certain of the same factors that adversely affect REITs. In addition, a corporate REOC does not qualify for the federal tax treatment that is accorded a REIT. In addition, a Fund may experience a decline in its income from REOC securities due to falling interest rates or decreasing dividend payments

How we manage the Funds

Small- and mid-market capitalization company risk

Interest rate risk

Concentration risk

If a Fund invests more than 25% of its total assets in a particular industry, the Fund's performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in a single industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a sector or company.

Liquidity risk

Currency risk

Foreign risk

How we manage the Funds

tensions between the US and China, including the possibility of a reduction in spending on Chinese products or services, the institution of additional tariffs or other trade barriers may have an adverse impact on the Chinese economy and potentially other economies in the region.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

Large capitalization company risk

Emerging markets risk

such countries and the limited volume of trading in securities in those countries may make a Fund's investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be little financial or accounting information available with respect to issuers located in certain countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Nondiversification risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Global Real Estate Fund may be subject to other, non-principal risks, including the following:

Convertible security risk

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock. Convertible securities issued by smaller capitalized companies may be more volatile.

Credit risk

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund's securities could affect the Fund's performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager’s analysis of credit risk more heavily than usual.

Following the financial crisis, some credit rating agencies began applying more stringent criteria, with the result that some securities are being downgraded. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Ratings represent the ratings agency’s opinion regarding the quality of the security and are not a guarantee of quality.

How we manage the Funds

Derivatives risk

Foreign currency exchange transactions and forward foreign currency contracts risk

How we manage the Funds

securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Limited number of securities risk

Initial public offering (IPO) risk

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, a Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Preferred stock risk

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

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Redemption risk

Securities lending risk

Natural disaster and epidemic risk

Delaware Ivy Limited-Term Bond Fund

Principal Risks. An investment in Delaware Ivy Limited-Term Bond Fund is subject to various risks, including the following:

Fixed income risk

Interest rate risk

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How we manage the Funds

US government securities risk

Mortgage-backed and asset-backed securities risk

Mortgage-backed and asset-backed securities are subject to prepayment risk and extension risk. When interest rates decline, unscheduled prepayments can be expected to accelerate, shortening the average lives of such securities, and a Fund may be required to reinvest the proceeds of the prepayments at the lower interest rates then available. Unscheduled prepayments also would limit the potential for capital appreciation on mortgage- backed and asset-backed securities and may make them less effective than other fixed-income securities as a means of “locking in” long-term interest rates, thereby reducing a Fund's income. Conversely, when interest rates rise, the values of mortgage- backed and asset-backed securities generally fall. Rising interest rates typically result in decreased prepayments and longer average lives of such securities. This could cause the value of such securities to be more volatile or to decline more than other fixed-income securities, and may magnify the effect of the rate increase on the price of such securities. If a Fund purchases mortgage-backed or asset-backed securities that are “subordinated” to other interests in the same pool, the Fund, as a holder of those securities, may only receive payments after the pool’s obligations to other investors have been satisfied. For example, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to a Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless; the risk of such defaults generally is higher in the case of mortgage pools that include so-called “subprime” mortgages.

Credit risk

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund's securities could affect the Fund's performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager’s analysis of credit risk more heavily than usual.

Following the financial crisis, some credit rating agencies began applying more stringent criteria, with the result that some securities are being downgraded. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Ratings represent the ratings agency’s opinion regarding the quality of the security and are not a guarantee of quality.

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Prepayment risk

Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Limited-Term Bond Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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How we manage the Funds

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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Foreign risk

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How we manage the Funds

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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High yield (junk bond) risk

Redemption risk

Restricted securities risk

Sector risk

Securities lending risk

Natural disaster and epidemic risk

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How we manage the Funds

Delaware Ivy Managed International Opportunities Fund

Principal Risks. An investment in Delaware Ivy Managed International Opportunities Fund is subject to various risks, including the following:

Market risk

Markets can be volatile, and stock prices change daily, sometimes rapidly or unpredictably. As a result, a Fund's holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value. Market risk may affect a single issuer or the market as a whole. At times, a Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector.

Fund of funds risk

Delaware Ivy Managed International Opportunities Fund is a “fund of funds,” which means that it invests substantially all of its assets in a number of other mutual funds within the Delaware Funds, rather than investing directly in stocks, bonds and other instruments. The ability of Delaware Ivy Managed International Opportunities Fund to meet its investment objective is directly related to its target allocations among the underlying funds and the ability of those funds to meet their investment objective(s). The share price of Delaware Ivy Managed International Opportunities Fund likely will change daily based on the performance of the underlying funds.

As a fund of funds, the Fund is subject to the following additional risks:

•

an investment in the Fund is subject to all the risks of an investment directly in the underlying funds the Fund holds. See the applicable prospectus and SAI disclosure for the risks of investing in each underlying fund.

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•

the Fund’s performance will reflect the investment performance of the underlying funds it holds. The Fund’s performance thus depends both on the allocation of its assets among the various underlying funds and the ability of those funds to meet their investment objectives. The Manager may not accurately assess the attractiveness or risk potential of a particular underlying fund, asset class, or investment style.

•

the Fund invests in a limited number of underlying funds and may invest a significant portion of its assets in a single underlying fund. Therefore, the performance of a single underlying fund can have a significant effect on the performance of the Fund and the price of its shares. As with any mutual fund, there is no assurance that any underlying fund will achieve its investment objective(s).

•

each underlying fund pays its own management fees and also pays other operating expenses. An investor in the Fund will pay both the Fund’s expenses and, indirectly, the management fees and other expenses of the underlying funds that the Fund holds.

•

one underlying fund may purchase the same securities that another underlying fund sells. If the Fund invests in both underlying funds, the Fund would indirectly bear the costs of these trades.

Certain of the funds within Delaware Funds are selected for the Fund to establish a diversified range of investments to assist the Funding achieving its investment objectives.

Foreign risk

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How we manage the Funds

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

Currency risk

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Emerging markets risk

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, a Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

IBOR risk

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How we manage the Funds

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Managed International Opportunities Fund may be subject to other, non-principal risks, including the following:

High yield (junk bond) risk

Redemption risk

Liquidity risk

Natural disaster and epidemic risk

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Delaware Ivy Municipal Bond Fund

Principal Risks. An investment in Delaware Ivy Municipal Bond Fund is subject to various risks, including the following:

Fixed income risk

Interest rate risk

Prepayment risk

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How we manage the Funds

Focus risk

At times, a Fund may invest primarily in municipal securities that finance similar types of projects, such as those in health care, life care, public power, education and transportation, among others, and in municipal securities of issuers located in the same geographical area. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project or a declining need for the project, likely would affect all similar projects, thereby increasing market risk.

Credit risk

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund's securities could affect the Fund's performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager’s analysis of credit risk more heavily than usual.

Following the financial crisis, some credit rating agencies began applying more stringent criteria, with the result that some securities are being downgraded. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Ratings represent the ratings agency’s opinion regarding the quality of the security and are not a guarantee of quality.

Liquidity risk

Political, legislative or regulatory risk

Alternative minimum tax risk

Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund each may invest in municipal bonds the interest on which (and, therefore, any part of Fund dividends attributable to such interest) is a Tax Preference Item for shareholders subject to the AMT. If a Fund shareholder’s AMT liability is increased as a result of such treatment, that would reduce the Fund’s after-tax return to the shareholder.

Taxability risk

In purchasing municipal securities, a Fund and the Manager rely on the opinion of an issuer’s bond counsel that the interest paid on the issuer’s securities will not be subject to federal income tax. A tax opinion generally is provided at the time a municipal security is initially issued. However, after a Fund buys a security backed by such an opinion, distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the IRS or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of the Fund’s shares, to decline.

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IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Municipal Bond Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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How we manage the Funds

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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100% of the Fund's liquidation value (after taking into account unrealized profits and unrealized losses on any such positions) unless the Manager has registered as a CPO. The Manager, in its management of each Fund, currently is complying, and intends to continue to comply, with at least one of the two alternative limitations described above.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, a Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Redemption risk

Natural disaster and epidemic risk

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How we manage the Funds

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Delaware Ivy Municipal High Income Fund

Principal Risks. An investment in Delaware Ivy Municipal High Income Fund is subject to various risks, including the following:

High yield (junk bond) risk

Focus risk

Credit risk

An issuer of a fixed-income obligation (including a mortgage-backed security) or a REIT may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. This could lead to greater volatility in the price of the security, could affect the security’s liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund's securities could affect the Fund's performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager’s analysis of credit risk more heavily than usual.

Following the financial crisis, some credit rating agencies began applying more stringent criteria, with the result that some securities are being downgraded. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Ratings represent the ratings agency’s opinion regarding the quality of the security and are not a guarantee of quality.

Fixed income risk

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How we manage the Funds

Interest rate risk

Prepayment risk

Liquidity risk

Political, legislative or regulatory risk

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Alternative minimum tax risk

Taxability risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Municipal High Income Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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How we manage the Funds

close out or sell a derivative position at a particular time or at an anticipated price. Moreover, some derivatives are more sensitive to interest rate changes and market price fluctuations than other instruments. To the extent the judgment of the Manager as to certain anticipated price movements is incorrect, the risk of loss may be greater than if the derivative technique(s) had not been used. When used for hedging, the change in value of the derivative also may not correlate perfectly with the security or other risk being hedged. Appropriate derivatives may not be available in all circumstances, and there can be no assurance that a Fund will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may amplify or otherwise increase a Fund's investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Fund's gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund also may remain obligated to meet margin requirements until a derivative position is closed.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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Redemption risk

US government securities risk

Natural disaster and epidemic risk

Delaware Ivy Natural Resources Fund

Principal Risks. An investment in Delaware Ivy Natural Resources Fund is subject to various risks, including the following:

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How we manage the Funds

Market risk

Natural resources industry risk

Investment risks associated with investing in securities of natural resources companies, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed by natural resource companies in complying with environmental and safety regulations, changes in supply of, or demand for, various natural resources, changes in energy prices, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and special risks associated with natural or man-made disasters. Securities of natural resource companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may exhibit high volatility attributable to commodity prices.

Energy sector risk

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Commodity-related investments risk

Industry and sector risk

Growth stock risk

Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

Limited number of securities risk

If a Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of a Fund's total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund's NAV than it would if the Fund invested in a larger number of securities or the Manager invested a greater portion of the Fund's total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase a Fund's volatility.

Concentration risk

Foreign risk

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redenomination; nationalization or expropriation of assets; and custodial or other operational delays. It also may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Settlement of portfolio transactions also may be delayed due to local restrictions or communication problems, which can cause a Fund to miss attractive investment opportunities or impair its ability to dispose of securities in a timely fashion (resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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UK and the EU (as well as political divisions within the UK that have been highlighted by the 2016 Brexit referendum) could cause a period of instability and market volatility, which may adversely impact both the UK economy and the economies of other countries in Europe, as well as greater volatility in the global financial and currency markets. Brexit also may trigger additional member states to consider departing the EU, which would likely perpetuate such political and economic instability in the region. It is not possible to ascertain the precise impact these events may have on a Fund or its investments from an economic, financial, tax or regulatory perspective, but any such impact could be material.

Currency risk

Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund's holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Emerging markets risk

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How we manage the Funds

Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Natural Resources Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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correlate perfectly with the security or other risk being hedged. Appropriate derivatives may not be available in all circumstances, and there can be no assurance that a Fund will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may amplify or otherwise increase a Fund's investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Fund's gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund also may remain obligated to meet margin requirements until a derivative position is closed.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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a Fund to be used for collateral in support of those derivatives than is currently the case, or restrict the ability of a Fund to enter into certain types of derivative transactions, or could limit a Fund's ability to pursue its investment strategies. In addition, changes in government regulation of derivatives could affect the character, timing and amount of the Fund's taxable income or gains.

Initial public offering (IPO) risk

Large capitalization company risk

Master limited partnership (MLP) risk

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Materials sector risk

Investment risks associated with investing in securities in the materials sector, in addition to other risks, include adverse effects from commodity price volatility, exchange rates, import controls and increased competition; the possibility that production of industrial materials will exceed demand as a result of overbuilding or economic downturns, leading to poor investment returns; risk for environmental damage and product liability claims; and adverse effects from depletion of resources, technical progress, labor relations and government regulations.

Metals investment risk

Natural disaster and epidemic risk

Redemption risk

Securities lending risk

Small- and mid-market capitalization company risk

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Delaware Ivy International Value Fund

Principal Risks. An investment in Delaware Ivy International Value Fund is subject to various risks, including the following:

Foreign risk

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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Emerging markets risk

Market risk

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How we manage the Funds

perceptions of the market generally. The value of securities also may go up or down due to factors that affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within the industry. Market prices of equity securities generally are more volatile than debt securities. This may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

Industry, sector, and security risk

Industry and sector risks are the risks that the value of securities in a particular industry or sector (such as financial services or consumer staples) will decline because of changing expectations for the performance of that industry or sector.

Consumer staples industry risk

Nondiversification risk

Government and regulatory risk

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may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a fund.

Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy International Value Fund may be subject to other, non-principal risks, including the following:

Convertible security risk

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock. Convertible securities issued by smaller capitalized companies may be more volatile.

Currency risk

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Derivatives risk

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Financials sector risk

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Foreign currency exchange transactions and forward foreign currency contracts risk

The Fund may use foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks (such as interest rates, currency exchange rates and broad or specific market movement). These investment techniques involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the Manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between a Fund's holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent a Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position.

Frontier market risk

Frontier market countries generally have smaller economies and even less developed capital markets than typical emerging market countries (which themselves have increased investment risk relative to more developed market countries) and, as a result, a Fund's exposure to risks associated with investing in emerging market countries are magnified when a Fund invests in frontier market countries. The increased risks include: the potential for extreme price volatility and illiquidity in frontier market countries; government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. Securities issued by foreign governments or companies in frontier market countries are even more likely than emerging market securities to have greater exposure to the risks of investing in foreign securities that are described above in Foreign risk.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, a Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease a Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

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Large capitalization company risk

Participatory note risk

Participatory Notes (P-Notes) represent interests in securities listed on certain foreign exchanges. Although P-Notes seek to offer a return linked to a particular underlying equity security, the P-Note’s performance may differ due to transaction costs and other expenses. Investments in P-Notes involve risks normally associated with a direct investment in the underlying securities. In addition, P-Notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the P-Notes will not fulfill its contractual obligation to complete the transaction with a Fund.

Preferred stock risk

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

Redemption risk

REIT-related risk

The value of a Fund's investments in a REIT may be adversely affected by (1) changes in the value of the REIT’s underlying property or the property secured by mortgages the REIT holds; (2) loss of REIT federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Code) or changes in laws and/or rules related to that status; or (3) the REIT’s failure to maintain its exemption from registration under the 1940 Act. In addition, a Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

Small- and mid-market capitalization company risk

Securities lending risk

Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

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Natural disaster and epidemic risk

Delaware Ivy Core Bond Fund

Principal Risks. An investment in Delaware Ivy Core Bond Fund is subject to various risks, including the following:

Market risk

Markets can be volatile, and stock prices change daily, sometimes rapidly or unpredictably. As a result, the Fund's holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. Market risk may affect a single issuer or the market as a whole. At times, the Fund may hold a relatively high percentage of its assets in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector.

Global economies and financial markets have become increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by the Fund. In addition, certain events, such as natural disasters, terrorist attacks, war, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

In the years since the financial crisis that started in 2008, the US and many global economies at times have experienced volatility in the financial markets. Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on the Fund. In addition, there is a risk that recent policy changes by the US government and the Federal Reserve, which include increasing interest rates, could cause increased volatility in financial markets.

The value of assets or income from the Fund's investments may be adversely affected by inflation or changes in the market's expectations regarding inflation. Furthermore, there is a risk that the prices of goods and services in the US and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.

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Credit risk

High yield (junk bond) risk

In general, low-rated debt securities (commonly referred to as “high-yield” or “junk” bonds) offer higher yields due to the increased risk that the issuer will be unable to meet its obligations on interest or principal payments at the time called for by the debt instrument. For this reason, these securities are considered speculative and could significantly weaken the Fund's returns. In adverse economic or other circumstances, issuers of these low-rated securities and obligations are more likely to have difficulty making principal and interest payments than issuers of higher-rated securities and obligations.

In addition, these low-rated securities and obligations may fluctuate more widely in price and yield than higher-rated securities and obligations and may fall in price during times when the economy is weak or is expected to become weak. Low-rated securities and obligations also may require a greater degree of judgment to establish a price, may be difficult to sell at the time and price the Fund desires, and may carry higher transaction costs. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. In addition, a defaulted obligation or other restructuring of an obligation could involve an exchange of such obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered. Low-rated securities and obligations are susceptible to such a default or decline in market value due to real or perceived adverse economic and business developments relating to the issuer, the industry in general, market interest rates and market liquidity. The market value of these securities can be volatile. Ratings of a security or obligation may not accurately reflect the actual credit risk associated with such a security. The creditworthiness of issuers of low-rated securities may be more complex to analyze than that of issuers of investment-grade debt securities.

Interest rate risk

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Loans and other indebtedness risk

Loans and other indebtedness risk is the risk that a fund 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 a 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 indebtedness acquired by a fund may involve revolving credit facilities or other standby financing commitments that obligate a fund to pay additional cash on a certain date or on demand. These commitments may require a fund to increase its investment in a company at a time when that 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 a 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 a fund may be required to rely upon another lending institution to collect and pass on to the fund amounts payable with respect to the loan and to enforce the fund's rights under the loan and other indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the fund from receiving such amounts. The highly leveraged nature of many such loans and other indebtedness may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other indebtedness may involve additional risk to the fund.

A fund's ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. Extended trade settlement periods may result in cash not being immediately available to a fund. As a result of these factors, a fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations.

Federal securities laws provide protections against fraud and misrepresentation in connection with the offering and sale of a “security.” Loans in which a fund may invest may not be deemed to be “securities” for purposes of such anti-fraud protections. A fund may therefore not have the protection of the anti-fraud provisions of the federal securities laws in the event of fraud or misrepresentation by a borrower. However, a fund in such a scenario may be able to rely on contractual provisions in the loan documents for alternative protections, or use common-law fraud protections under applicable state law.

Prepayment risk

Income from the Fund's debt securities may decline if the Fund invests the proceeds from matured, traded, prepaid or called securities in securities with interest rates lower than the current earnings rate of the Fund's portfolio. For example, debt securities with high relative interest rates may be paid by the issuer prior to maturity, particularly during periods of falling interest rates. During periods of falling interest rates, there is the possibility that an issuer will call its securities if they can be refinanced by issuing new securities with a lower interest rate (commonly referred to as optional call risk). Moreover, falling interest rates could cause prepayments of mortgage loans to occur more quickly than expected. This may occur because, as interest rates fall, more property owners refinance the mortgages underlying mortgage-backed securities (including shares of mortgage REITs). As a result, the Fund may have to reinvest the proceeds in other securities with generally lower interest rates, resulting in a decline in the Fund's investment income.

Foreign risk

Derivatives risk

Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy (including a strategy involving equity-linked securities, futures, options, forward foreign currency contracts, or swaps such as interest rate swaps, index swaps, or credit default swaps) related to a security, index, reference rate, or other asset or market factor (collectively, a “reference instrument”) and that reference instrument moves in the opposite direction from what the Manager had anticipated. If a market or markets, or prices of particular classes of investments, move in an unexpected manner, a fund may not achieve the anticipated benefits of the transaction and it may realize losses. Derivatives also involve additional expenses, which could reduce any benefit or increase any loss to a fund from using the strategy. In addition, changes in government regulation of derivatives could affect the character, timing, and amount of a fund's taxable income or gains. A fund's transactions in derivatives may be subject to one or more special tax rules. These rules may: (i) affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the fund, (iii) defer losses to the fund, and (iv) cause adjustments in the holding periods of the fund's securities. A fund's use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company.

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Investing in derivatives may subject a fund to counterparty risk. Please refer to “Counterparty risk” for more information. Other risks include illiquidity, mispricing or improper valuation of the derivatives contract, and imperfect correlation between the value of the derivatives instrument and the underlying reference instrument so that the fund may not realize the intended benefits. In addition, since there can be no assurance that a liquid secondary market will exist for any derivatives instrument purchased or sold, a fund may be required to hold a derivatives instrument to maturity and take or make delivery of an underlying reference instrument that the Manager would have otherwise attempted to avoid, which could result in losses. 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.

Leveraging risk

Leveraging risk is the risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged. While it is anticipated that leverage may increase profitability, it may also accentuate the consequences of adverse price movements, resulting in increased losses.

Liquidity risk

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. The fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment. There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

Valuation risk

A less liquid secondary market as described above can make it more difficult to obtain precise valuations of certain securities. During periods of reduced liquidity, judgment plays a greater role in valuing less liquid investments.

Government and regulatory risks

IBOR risk

Active management and selection risk

The Manager applies the Fund's investment strategies and selects securities for the Fund in seeking to achieve the Fund's investment objective(s). There can be no guarantee that its decisions will produce the desired results, and securities selected by the Fund may not perform as well as the securities held by other mutual funds with investment objectives that are similar to the investment objective(s) of the Fund. In general, investment decisions made by the Manager may not produce the anticipated returns, may cause the Fund's shares to lose value or may cause the Fund to perform less favorably than other mutual funds with similar investment objectives.

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Ivy Core Bond Fund may be subject to other, non-principal risks, including the following:

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Currency risk

Foreign securities may be denominated in foreign currencies. The value of the Fund's investments, as measured in US dollars, may be unfavorably affected by changes in foreign currency exchange rates and exchange control regulations. Domestic issuers that hold substantial foreign assets may be similarly affected. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the US dollar. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by US or foreign governments or central banks or by currency controls or political developments in the US or abroad. Devaluations of a currency by a government or banking authority also may have significant impact on the value of any investments denominated in that currency. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate. A US dollar investment in an investment denominated in a foreign currency is subject to currency risk. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Currency markets also are generally not as regulated as securities markets. In addition, in order to transact in foreign investments, the Fund may exchange and hold foreign currencies. Regulatory fees or higher custody fees may be imposed on foreign currency holdings. The Fund may use derivatives to manage its foreign currency risk. Derivatives on non-US currencies involve a risk of loss if currency exchange rates move against the Fund, unless the derivative is a currency forward to hedge against the non-US currency movement.

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, the Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, the Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by the Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and the Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or “short” ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease the Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in the Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Preferred stock risk

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

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Redemption risk

The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance.

Sector risk

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than mutual funds that invest more broadly.

Securities lending risk

Securities lending involves a risk of loss because the borrower may fail to return the securities in a timely manner or at all. If the Fund that lent its securities were unable to recover the securities loaned, it may sell the collateral and purchase a replacement security in the market. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the loaned securities increases and the collateral is not increased accordingly. Cash received as collateral for loaned securities may be invested, and such investment is subject to market appreciation or depreciation, with the Fund bearing any loss.

Natural disaster and epidemic risk

Natural disaster and epidemic risk is the risk that the value of the fund’s investments may be negatively affected by natural disasters, epidemics, or similar events. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the fund from executing advantageous investment decisions in a timely manner and could negatively impact the fund’s ability to achieve its investment objective.

Delaware Real Estate Securities Fund

Principal Risks. An investment in Delaware Real Estate Securities Fund is subject to various risks, including the following:

Market risk

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How we manage the Funds

Real estate industry risk

Real assets industries risk

REIT-related risk — The value of a Fund's investments in a REIT may be adversely affected by (1) changes in the value of the REIT’s underlying property or the property secured by mortgages the REIT holds; (2) loss of REIT federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Code) or changes in laws and/or rules related to that status; or (3) the REIT’s failure to maintain its exemption from registration under the 1940 Act. In addition, a Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

REOC-related risk — A REOC is similar to an equity REIT in that it owns and operates commercial real estate, but unlike a REIT, it has the freedom to retain all its funds from operations and, in general, faces fewer restrictions than a REIT. REOCs do not pay any specific level of income as dividends, if at all, and there is no minimum restriction on the number of owners nor limits on ownership concentration. The value of a Fund's REOC securities may be adversely affected by certain of the same factors that adversely affect REITs. In addition, a corporate REOC does not qualify for the federal tax treatment that is accorded a REIT. In addition, a Fund may experience a decline in its income from REOC securities due to falling interest rates or decreasing dividend payments.

Limited number of securities risk

Interest rate risk

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with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities may result in decreased liquidity and increased volatility in the fixed-income markets, which could cause a Fund's NAV to fluctuate more and adversely affect the Fund's return.

Concentration risk

Liquidity risk

IBOR risk

Active management and selection risk

Non-Principal Risks. In addition to the Principal Risks identified above, an investment in Delaware Real Estate Securities Fund may be subject to other, non-principal risks, including the following:

Derivatives risk

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How we manage the Funds

purchaser the right to buy or sell an underlying reference instrument, such as a security or other instrument, index, or commodity at a specific price on or before a specific date. A swap is an OTC agreement involving the exchange by a Fund with another party of their respective commitments to pay or receive payments at specified dates on the basis of a specified notional amount. The statutory definition under the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of the term “Swap” includes options on commodities (excluding equities listed on exchanges), caps, floors, collars and certain forward contracts. The statutory definition of a swap also includes an instrument that is dependent on the occurrence, nonoccurrence or the extent of the occurrence of an event or contingency associated with a potential financial, economic or commercial consequence, such as a credit default swap. A swap agreement may be privately negotiated bilaterally and traded OTC between the two parties or, in some instances, must be transacted through a futures commission merchant (FCM) and cleared through a clearinghouse that serves as a central counterparty (for an OTC swap required to be cleared). Certain standardized swaps are, and more OTC derivatives in the future may be, subject to mandatory OTC central clearing.

There may be risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Certain of the protections afforded to exchange-traded participants will not be available to participants in OTC derivatives transactions. OTC derivatives transactions are not subject to the guarantee of an exchange or clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions. For some counterparties, a Fund has put in place a guarantee of the counterparty’s payment obligations under OTC derivative transactions issued by its parent holding company, which provides some protection to a Fund from a payment or delivery default by such counterparties. When traded on foreign exchanges, derivatives may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the US, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments.

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Complying with those de minimis trading limitations may restrict the Manager's ability to use derivatives as part of a Fund's investment strategies. Although the Manager believes that it will be able to execute a Fund's investment strategies within the de minimis trading limitations, the Fund's performance could be adversely affected. In addition, the CFTC recently has proposed changes to the de minimis trading rules and limitations that could potentially change a Fund's ability to trade derivatives. Also, a Fund's ability to use certain derivatives instruments may be limited by tax considerations.

Foreign risk

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How we manage the Funds

Central and South American Investments — High interest rates, inflation, government defaults and unemployment rates characterize the economies in some Central and South American countries. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility.

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Growth stock risk

Income risk

The risk that a Fund may experience a decline in its income due to falling interest rates, earnings declines, or income decline within a security. The amount and rate of distributions that a Fund's shareholders receive are affected by the income that the Fund receives from its portfolio holdings. If the income is reduced, distributions by a Fund to shareholders may be less.

Initial public offering (IPO) risk

Investment company securities risk

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company’s expenses, which could result in the duplication of certain fees, including management and administrative fees.

The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, a Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

ETFs have a market price that reflects a specified fraction of the value of the designated index or underlying basket of commodities or commodities futures and are exchange-traded. As with other equity securities transactions, brokers charge a commission in connection with the purchase and sale of shares of ETFs. In addition, an asset management fee is charged in connection with the management of the ETF’s portfolio (which is in addition to the investment management fee paid by a Fund).

Investments in an ETF generally present the same primary risks as investments in conventional funds, which are not exchange- traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade at a premium or discount to its NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange officials determine such action to be appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

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Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in a Fund bearing its proportionate share of the ETF’s fees and expenses and proportionate exposure to the risks associated with the ETF’s underlying investments.

Large capitalization company risk

Redemption risk

Reinvestment risk

Securities lending risk

Small- and mid-market capitalization company risk

Value stock risk

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security’s value may decrease or such security may be appropriately priced.

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Natural disaster and epidemic risk

Disclosure of portfolio holdings information

A description of the Funds’ policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI.

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Who manages the Funds

Investment manager


	As a percentage of average daily net assets
Delaware Ivy Global Bond Fund		0.60%
Delaware Ivy High Income Fund		0.55%
Delaware Global Real Estate Fund		0.42%
Delaware Ivy Limited-Term Bond Fund		0.45%
Delaware Ivy Managed International Opportunities Fund		0.01%
Delaware Ivy Municipal Bond Fund		0.45%
Delaware Ivy Municipal High Income Fund		0.50%
Delaware Ivy Natural Resources Fund		0.80%
Delaware Ivy International Value Fund		0.67%
Delaware Ivy Core Bond Fund		0.34%
Delaware Real Estate Securities Fund		0.76%

Sub-advisors

Macquarie Investment Management Austria Kapitalanlage AG Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), located at Kaerntner Strasse 28, 1010 Vienna, Austria, is an affiliate of the Manager and a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. As of June 30, 2023, MAM managed more than $357.9 billion in assets for institutional and individual clients. The Manager has entered into a separate sub-advisory agreement with MIMAK for Delaware Ivy Managed International Opportunities Fund and compensates MIMAK out of the investment advisory fees it receives from that Fund. In addition to the services MIMAK provides to Delaware Ivy Managed International Opportunities Fund, and although the Manager has principal responsibility for all investment advisory services for the Funds, with respect to Delaware Ivy Global Bond Fund, Delaware Ivy High Income Fund, Delaware Ivy Limited-Term Bond Fund, and Delaware Ivy Core Bond Fund, the Manager may seek investment advice and recommendations from MIMAK and the Manager may also permit MIMAK to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMAK’s specialized market knowledge.

Macquarie Investment Management Europe Limited Macquarie Investment Management Europe Limited (MIMEL), located at 28 Ropemaker Street, London, England, is an affiliate of the Manager and a part of MAM. The Manager has entered into a separate sub-advisory agreement with MIMEL for Delaware Global Real Estate Fund and Delaware Real Estate Securities Fund and compensates MIMGL out of the investment advisory fees it receives from those Funds. In addition to the services MIMEL provides to those Funds, and although the Manager has principal responsibility for all investment advisory services for the Funds, with respect to Delaware Ivy Global Bond Fund, Delaware Ivy High Income Fund, Delaware Ivy Limited-Term Bond Fund, and Delaware Ivy Core Bond Fund, the Manager may seek investment advice and recommendations from MIMEL and the Manager may also permit MIMEL to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL’s specialized market knowledge.

Macquarie Investment Management Global Limited Macquarie Investment Management Global Limited (MIMGL), located at 50 Martin Place, Sydney, Australia, is an affiliate of the Manager and a part of MAM. The Manager has entered into a separate sub-advisory agreement with MIMGL for Delaware Global Real Estate Fund and Delaware Real Estate

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Securities Fund and compensates MIMGL out of the investment advisory fees it receives from those Funds. In addition to the services MIMGL provides to those Funds, and although the Manager has principal responsibility for all investment advisory services for the Funds, with respect to Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy International Value Fund, the Manager may seek quantitative support from MIMGL, and may permit MIMGL to execute Fund security trades on behalf of the Manager, and with respect to Delaware Ivy Global Bond Fund, Delaware Ivy High Income Fund, Delaware Ivy Limited-Term Bond Fund, and Delaware Ivy Core Bond Fund, the Manager may seek investment advice and recommendations from MIMGL and the Manager may also permit MIMGL to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMGL’s specialized market knowledge.

A discussion of the basis for the Board’s approval of the Funds' sub-advisory contracts with MIMEL, MIMGL, and MIMAK is available in the Funds' semiannual report to shareholders for the period ended September 30, 2022.

Portfolio managers

Delaware Ivy Global Bond Fund
Andrew Vonthethoff and Matthew Mulcahy are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy High Income Fund
Adam H. Brown and John P. McCarthy are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Global Real Estate Fund
James Maydew is responsible for the day-to-day management of the Fund. Mr. Maydew regularly consults with Jessica Koh, Matthew Hodgkins, and Ryan Watson in managing the Fund.

Delaware Ivy Limited-Term Bond Fund
J. David Hillmeyer and Daniela Mardarovici are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Managed International Opportunities Fund
Stefan Löwenthal, Jürgen Wurzer and Aaron D. Young are primarily responsible for the day-to-day portfolio management of the Fund and determining its asset allocation.

Delaware Ivy Municipal Bond Fund Gregory A. Gizzi, Stephen J. Czepiel, Jake van Roden and William Roach are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Municipal High Income Fund
Gregory A. Gizzi, Stephen J. Czepiel, Jake van Roden and William Roach are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Natural Resources Fund
Samuel Halpert and Geoffrey King are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy International Value Fund
Aditya Kapoor and Charles John are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Ivy Core Bond Fund
J. David Hillmeyer and Daniela Mardarovici are primarily responsible for the day-to-day portfolio management of the Fund.

Delaware Real Estate Securities Fund
James Maydew is responsible for the day-to-day management of the Fund. Mr. Maydew regularly consults with Jessica Koh, Matthew Hodgkins, and Ryan Watson in managing the Fund.

Adam H. Brown, CFA Managing Director, Senior Portfolio Manager
Adam H. Brown is a Senior Portfolio Manager for the firm's high yield strategies within Macquarie Asset Management Fixed Income (MFI). He manages MFI's bank loan portfolios and is a co-portfolio manager for the high yield, fixed rate multisector, and core plus strategies. He joined Macquarie Asset Management (MAM) in April 2011 as part of the firm's integration of Macquarie Four Corners Capital Management, where he had worked since 2002. At Four Corners, he was a co-portfolio manager on the firm's collateralized loan obligations (CLOs) and a senior research analyst supporting noninvestment grade portfolios. Before that, he was with the predecessor of Wells Fargo Securities, where he worked in the leveraged finance group arranging senior

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Who manages the Funds

secured bank loans and high yield bond financings for financial sponsors and corporate issuers. He earned an MBA from the A.B. Freeman School of Business at Tulane University and a bachelor's degree in Accounting from the University of Florida.

Stephen J. Czepiel Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager
Stephen J. Czepiel leads the portfolio management of the firm's municipal bonds strategies for Macquarie Asset Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. He is a co-portfolio manager of the firm's municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Asset Management (MAM) in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. He earned his bachelor's degree in finance and economics from Duquesne University.

Gregory A. Gizzi Senior Managing Director, Head of US Fixed Income and Municipal Bonds
Gregory A. Gizzi is Head of US Fixed Income and Head of Municipal Bonds for Macquarie Asset Management Fixed Income (MFI) in the Americas. He oversees the US fixed income component of the firm's global MFI business. Additionally, he leads the MFI municipal business and is Team Lead on several of the tax-exempt strategies. He is also responsible for MFI's taxable municipal business and the marketing efforts for the team's municipal products. Previously, he was co-portfolio manager of the firm's municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Asset Management (MAM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm's tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS. He has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. He earned his bachelor's degree in economics from Harvard University.

J. David Hillmeyer, CFA Senior Managing Director, Co-Head of US Multisector Fixed Income
J. David Hillmeyer co-leads the firm's US Multisector Fixed Income team for Macquarie Asset Management Fixed Income (MFI) with responsibility for investment strategy and business development across the full suite of US multisector strategies. In addition, he has responsibility for our global credit strategies. He is also a member of MFI's Global Leadership Group which is responsible for the overall management of MFI including setting and executing on the team's strategic vision. Prior to joining Macquarie Asset Management (MAM) in August 2007 as a vice president and corporate bond trader, he worked for more than 11 years in various roles at Hartford Investment Management Company, including senior corporate bond trader, high yield portfolio manager / trader, and quantitative analyst. He began his career as an investment advisor in January 1989 at Shawmut Bank, leaving the firm as an investment officer in November 1995. He earned his bachelor's degree from Colorado State University, and he is a member of the CFA Society of Philadelphia and the Philadelphia Council for Business Economics.

Matthew Hodgkins Head of Americas Listed Real Estate, Delaware Management Company, a series of Macquarie Investment Management Business Trust
Matthew Hodgkins is Head of Americas Listed Real Estate, based in Chicago. He joined Macquarie Asset Management (MAM) as part of the acquisition of the AMP Capital team in March 2022. Hodgkins commenced in the investment management industry in 2005 at ABN AMRO in London, including roles in emerging markets and global equities. Prior to joining AMP Capital in 2012, he worked at BNP Paribas Asset Management in Singapore as an Asian Property analyst. Hodgkins graduated from the University of Nottingham with a Bachelor of Arts and is an APREA certificate holder.

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Investments in 2008 as an equity investment analyst. He had served as assistant vice president and assistant portfolio manager for investment companies managed by Ivy Investments (or its affiliates) since 2013. He became portfolio manager in 2017. He earned a Bachelor of Technology in production and industrial engineering from the Indian Institute of Technology (IIT-Delhi) and holds an MBA from The Johnson School at Cornell University.

Jessica Koh Head of Asia Listed Real Estate, Macquarie Investment Management Global Limited
Jessica Koh is Head of Asian Listed Real Estate, based in Hong Kong. She joined Macquarie Asset Management (MAM) as part of the acquisition of the AMP Capital team in March 2022. Koh commenced in the investment management industry in 2003, working at Colonial First State Global Asset Management for four years across its listed real estate and wholesale funds management businesses. Koh joined AMP Capital in March 2006. She holds a Bachelor of Property Economics, with honours, from the University of Technology, Sydney.

Stefan Löwenthal, CFA Managing Director, Chief Investment Officer — Global Multi-Asset
Stefan Löwenthal is the Chief Investment Officer for Macquarie Asset Management’s Global Multi Asset team, a role he assumed in February 2013. He heads the global multi asset team, which is responsible for asset allocation and portfolio construction, the management of multi asset funds and institutional accounts, as well as the development of new investment strategies. In addition, he oversees all research, portfolio management, and thought leadership activities of the team. He chairs the firm’s Investment Policy Committee and is a member of the Professional Series Multi Manager Committee and the Private Infrastructure Fund Governance Committee. He joined Macquarie in February 2008 as a portfolio manager on the global multi asset team. He holds a Master of Management Science from Vienna University of Economics and Business. He is a member of the CFA Society Austria and is a frequent speaker at industry events and universities.

Daniela Mardarovici, CFA Managing Director, Co-Head of US Multisector Fixed Income
Daniela Mardarovici co-leads the firm's US Multisector Fixed Income efforts for Macquarie Asset Management Fixed Income (MFI) with responsibility for investment and business strategy for the full suite of US multisector solutions. She is also a member of MFI's Global Leadership Group which is responsible for the overall management of MFI including setting and executing the team's strategic vision. Prior to joining Macquarie Asset Management (MAM) in March 2019, she spent more than 13 years at BMO Global Asset Management as a senior investment leader. Since 2014, she was a member of the management committee of Taplin, Canida & Habacht (TCH), BMO's US fixed income group, and helped lead business strategy and development efforts. In addition, she was responsible for driving investment strategy and managing institutional portfolios and mutual funds across a wide spectrum of strategies, including core, core plus, credit, multisector, and liability-driven investing (LDI). Previously, she managed taxable fixed income strategies and led investment management efforts for mortgage-backed securities at Harris Investment Management. She started her career in 2000 as a proprietary trader at Gelber Group. In 2018, she was named one of the top 20 female portfolio managers by CityWire. She graduated magna cum laude with a major in economics and finance/banking from the University of Nebraska at Omaha. She is a member of the CFA Society New York and the CFA Institute.

James Maydew Head of Global Listed Real Estate, Macquarie Investment Management Global Limited
James Maydew is Head of Global Listed Real Estate, based in Sydney. He commenced in the real estate industry in 2002, starting his career in the direct markets as a chartered surveyor in London working within the capital transactions division of Cushman & Wakefield, where he advised clients on single asset and portfolio transactions. Maydew joined AMP Capital's Shopping Centres division in 2006 as an analyst, before transferring to the listed market by joining the firm's global listed real estate team one year later as an investment analyst and portfolio manager. He had advanced through the business becoming deputy head of the team in 2013 and head of the team in late 2016 covering a whole host of geographic markets on both a primary and secondary basis. Maydew joined Macquarie Asset Management (MAM) as part of the acquisition of the AMP Capital Global Equities and Fixed Income team in March 2022. He holds a Bachelor of Science in real estate investment and finance from the University of Reading and he is a fully accredited member of the Royal Institution of Chartered Surveyors (MRICS).

John P. McCarthy, CFA Managing Director, Senior Portfolio Manager
John P. McCarthy is a Senior Portfolio Manager for the Macquarie Asset Management Fixed Income (MFI) high yield strategies, a role he assumed in July 2016. From December 2012 to June 2016, he was co-head of credit research for MFI. He rejoined Macquarie Asset Management (MAM) in March 2007 as a senior research analyst, after he worked in the firm's fixed income area from 1990 to 2000 as a senior high yield analyst and high yield trader, and from 2001 to 2002 as a municipal bond trader. Prior to rejoining the firm, he was a senior high yield analyst/trader at Chartwell Investment Partners. He earned a bachelor's degree in business administration from Babson College, and he is a member of the CFA Society of Philadelphia.

Matthew Mulcahy Managing Director, Head of Rates and Currency
Matthew Mulcahy leads the Macquarie Asset Management Fixed Income (MFI) Global Rates and Currency team. He is also a lead portfolio manager of the

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Who manages the Funds

Macquarie Australian Fixed Interest Fund and Macquarie Dynamic Bond and co-manages MFI's Australian fixed interest portfolios. His experience and expertise has contributed to MFI's investment strategies across all the cash and fixed income solutions globally. He joined Macquarie Asset Management (MAM) in 2015, and before that he spent nine years as a senior portfolio manager at PIMCO and was also a member of the Macro Strategic Trading Team at UBS. He holds a Bachelor of Business in Accounting and Finance from the University of Technology Sydney.

William Roach, CFA, CMT Vice President, Senior Trader, Portfolio Manager
William Roach is a Co-Portfolio Manager for the firm's municipal bond funds and client accounts, a role he assumed in May 2023. He is also a Senior Trader for the Municipal Bond Team within Macquarie Asset Management Fixed Income (MFI) a position he has held since March 2019. From November 2012 to May 2015, he was an internal consultant for the firm's third-party distribution group, managing relationships with clients in New Jersey and Southern California. Before joining Macquarie Asset Management (MAM), he worked as a financial advisor, first with Creative Financial Group from October 2009 to November 2010, and then with Merrill Lynch from November 2010 to November 2012. He earned a bachelor's degree with dual concentrations in business administration and political science from Albright College and an MBA with a concentration in finance from Villanova University.

Jake van Roden Managing Director, Senior Portfolio Manager
Jake van Roden is a Senior Portfolio Manager on the municipal bond team within Macquarie Asset Management Fixed Income (MFI) in the Americas, a role he assumed in 2017. In addition to portfolio management, his responsibilities include oversight of distressed and high yield investments across municipals, public purpose, and corporate credit sectors. He joined MFI's municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Prior to joining MFI, he interned at Macquarie Asset Management (MAM) in the client services department. He received a bachelor's degree in American studies with a minor in government from Franklin & Marshall College.

Andrew Vonthethoff, CFA Managing Director, Senior Portfolio Manager
Andrew Vonthethoff is a Senior Portfolio Manager for the Macquarie Asset Management Fixed Income (MFI) credit and multi-sector strategies. He is also a portfolio manager for the Macquarie Dynamic Bond Fund and Macquarie Income Opportunities Fund. Since transferring from the MFI quantitative and markets research team in 2010, he has been responsible for portfolio management, including global relative value, sector rotation, and security selection. He joined the firm in 2008 as a quantitative analyst, and was involved in building and maintaining financial models as well as providing general quantitative and systems support across MFI. He earned a Bachelor of Commerce (Actuarial Studies and Finance) from the University of New South Wales.

Ryan Watson Senior Portfolio Manager, Head of European Listed Real Estate
Ryan Watson is Macquarie's Head of European Listed Real Estate, a role he assumed in March 2022, and he is based in London. Together with James Maydew, he is responsible for the capital and risk allocation across the EMEA region, and therefore the risk and return delivered to clients. He joined Macquarie as part of the acquisition of the AMP Capital team. He spent 13 years with AMP Capital in various roles, including Head of European Listed Real Estate from January 2017 to March 2022. He began his career in financial services in 2009 with AMP Capital's direct property asset manager. He transferred to the Global Listed Real Estate team after working with the Direct Property team for two years across capital transactions, retail asset management, and fund of fund investing. He has invested in markets across the globe, including Australasia, Asia, and EMEA. He holds a Bachelor of Applied Finance from Macquarie University.

Jürgen Wurzer, CFA Managing Director, Deputy Head — Global Multi-Asset
Jürgen Wurzer is the Deputy Head of Portfolio Management for Macquarie Asset Management's Global Multi Asset team, a role he assumed in April 2018. He is responsible for designing and managing multi asset strategies, overseeing quantitative research and modelling, as well as analyzing global equity markets. He initially joined Macquarie in January 2007, focusing on multi asset solutions. Prior to re-joining Macquarie in April 2018, he was part of the multi asset management team at Erste Asset Management from September 2016 to March 2018. He graduated from University of Applied Sciences Wiener Neustadt with a master's degree. He is a lecturer for asset allocation, quantitative finance, and portfolio and risk management at several educational institutions.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of Fund shares.

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Manager of managers structure

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Who manages the Funds

Who’s who

Portfolio managers: Portfolio managers make investment decisions for individual portfolios.

Service agent: Mutual fund companies employ service agents (sometimes called transfer agents) to maintain records of shareholder accounts, calculate and disburse dividends and capital gains, and prepare and mail shareholder statements and tax information, among other functions. Many service agents also provide administrative services to a fund and oversight of other fund service providers. Accountant services agents provide services such as calculating a fund’s net asset value (NAV) and providing financial reporting information for the fund.

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About your account

Investing in the Funds

Choosing a share class

Each share class may be eligible for purchase through programs sponsored by financial intermediaries that require the purchase of a specific class of shares.

Certain existing investors or programs sponsored by certain intermediaries that were eligible under prior eligibility requirements may continue to invest in a particular share class.

Class A

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Class A shares have an upfront sales charge that is noted in the Class A sales charges table below.

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If you invest the amounts noted in the Class A sales charges table below, your front-end sales charge will be reduced.

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You may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in “How to reduce your sales charge” below.

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Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. See “Dealer compensation” below for further information.

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Class A shares generally are not subject to a CDSC, except in the limited circumstances described in the table below.

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Because of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class I and Class R6 shares.

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In addition, you may have received Class A shares as the result of a merger or reorganization of a predecessor fund.

Class A sales charges

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About your account

Class A shares of Delaware Global Real Estate Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy International Value Fund, and Delaware Real Estate Securities Fund


Amount of purchase	Sales charge as a % of offering price		Sales charge as a % of net amount invested
Less than $50,000		5.75%		6.54%
$50,000 but less than $100,000		4.75%		5.41%
$100,000 but less than $250,000		3.75%		4.31%
$250,000 but less than $500,000		2.50%		3.00%
$500,000 but less than $1 million		2.00%		2.44%
$1 million or more		none*		none*

Class A shares of Delaware Ivy Global Bond Fund, Delaware Ivy High Income Fund, and Delaware Ivy Core Bond Fund


Amount of purchase	Sales charge as a % of offering price		Sales charge as a % of net amount invested
Less than $100,000		4.50%		5.13%
$100,000 but less than $250,000		3.50%		4.00%
$250,000 but less than $500,000		2.50%		3.00%
$500,000 but less than $1 million		2.00%		2.44%
$1 million or more		none*		none*

Class A shares of Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund


Amount of purchase	Sales charge as a % of offering price		Sales charge as a % of net amount invested
Less than $100,000		4.50%		5.13%
$100,000 but less than $250,000		3.50%		4.00%
$250,000 or more		none*		none*

* There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See “Dealer compensation” below for a description of the dealer commission that is paid.

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Class A shares of Delaware Ivy Limited-Term Bond Fund


Amount of purchase	Sales charge as a % of offering price		Sales charge as a % of net amount invested
Less than $100,000		2.75%		3.23%
$100,000 but less than $250,000		2.00%		2.44%
$250,000 but less than $1 million		1.00%		1.34%
$1 million or more		none*		none*

*There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) 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 CDSC of 0.75% if you redeem these shares within the first 12 months after your purchase, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See “Dealer compensation” below for a description of the dealer commission that is paid.

Class C

•

Under certain circumstances, the CDSC may be waived; please see “Waivers of contingent deferred sales charges” below for further information.

•

You may purchase only up to $1 million of Class C shares at any one time. Orders that equal or exceed $1 million will be rejected.

•

Because of their higher 12b-1 fee, Class C shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Class R, Class I, and Class R6 shares.

•

Calculation of contingent deferred sales charges — Class C
CDSCs are charged as a percentage of the dollar amount subject to the CDSC. The charge will be assessed on an amount equal to the lesser of the NAV at the time the shares being redeemed were purchased or the NAV of those shares at the time of redemption. No CDSC will be imposed on increases in NAV above the initial purchase price, nor will a CDSC be assessed on redemptions of shares acquired through reinvestment of dividends or capital gains distributions. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of Class C shares of the Fund, even if those shares are later exchanged for shares of another Delaware Fund. In the event of an exchange of the shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares that were acquired in the exchange.

Class I

•

Class I shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund.

•

Class I shares are not subject to a CDSC.

•

Class I shares do not assess a 12b-1 fee.

•

Class I shares are available for purchase only by the following:

○

tax-exempt employee benefit plans of the Manager, its affiliates, and securities dealers that have a selling agreement with the Distributor;

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About your account

○

exchanges from the Institutional Class shares of Delaware Investments Ultrashort Fund;

○

private investment vehicles, including, but not limited to, foundations and endowments; or

○

•

In addition, you may have received Class I shares as the result of a merger or reorganization of a predecessor fund.

•

A shareholder transacting in Class I shares through a broker or other financial intermediary may be required to pay a commission and/or other forms of compensation to the financial intermediary.

Class R6

•

Class R6 shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R6 shares are not subject to a CDSC.

•

Class R6 shares do not assess a 12b-1 fee.

•

Class R6 shares do not pay any service fees, sub-accounting fees, and/or subtransfer agency fees to any brokers, dealers, or other financial intermediaries.

•

Class R6 shares are also generally available for purchase by or through funds (including mutual funds registered under the 1940 Act and collective trusts) of funds.

•

Class R6 shares may not be available through certain financial intermediaries.

•

In addition, you may have received Class R6 shares as the result of a merger or reorganization of a predecessor fund.

Class R

•

Class R shares have no upfront sales charge, so the full amount of your purchase is invested in a Fund. Class R shares are not subject to a CDSC.

•

Class R shares are subject to an annual 12b-1 fee no greater than 0.50% of average daily net assets.

•

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rollovers from legacy Delaware Investments plans that were previously maintained on the Delaware Investments retirement recordkeeping system or the retirement recordkeeping system of Ascensus that are offering Class R shares to participants.

•

Except as noted above, no other IRAs are eligible for Class R shares (for example, no traditional IRAs, Roth IRAs, SIMPLE IRAs, SEPs, or SARSEPs).

•

Unlike Class C shares, Class R shares do not automatically convert into another class.

•

Because of their higher 12b-1 fee, Class R shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Class I, and Class R6 shares.

•

Certain intermediaries may offer Class R to other account types under an agreement with the Distributor or its affiliates relating to such accounts.

Class Y

•

Each Fund reserves the right to modify or waive the above policies at any time without prior notice to shareholders.

Dealer compensation

Delaware Global Real Estate Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy International Value Fund, and Delaware Real Estate Securities Fund


Commission (%)	Class A1		Class C2		Class R3		Class Y4
Investment less than $50,000		5.00%		1.00%		-		-
$50,000 but less than $100,000		4.00%		-		-		-
$100,000 but less than $250,000		3.00%		-		-		-
$250,000 but less than $500,000		2.00%		-		-		-
$500,000 but less than $1 million		1.60%		-		-		-
$1 million but less than $5 million		1.00%		-		-		-
$5 million but less than $25 million		0.50%		-		-		-
$25 million or more		0.25%		-		-		-
12b-1 fee to dealer		0.25%		1.00%		0.50%		0.25%

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


Commission (%)	Class A1		Class C2		Class R3		Class Y4
Less than $100,000		4.00%		1.00%		-		-
$100,000 but less than $250,000		3.00%		-		-		-
$250,000 but less than $500,000		2.00%		-		-		-
$500,000 but less than $1 million		1.60%		-		-		-

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Commission (%)	Class A¹		Class C²		Class R³		Class Y⁴
$1 million but less than $5 million		1.00%		-		-		-
$5 million but less than $25 million		0.50%		-		-		-
$25 million or more		0.25%		-		-		-
12b-1 fee to dealer		0.25%		1.00%		0.50%		0.25%

Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund


Commission (%)	Class A1		Class C2		Class Y (as applicable)4
Less than $100,000		4.00%		1.00%		-
$100,000 but less than $250,000		3.00%		-		-
$250,000 but less than $5 million		1.00%		-		-
$5 million but less than $25 million		0.50%		-		-
$25 million or more		0.25%		-		-
12b-1 fee to dealer		0.25%		1.00%		0.25%

Delaware Ivy Limited-Term Bond Fund


Commission (%)	Class A1		Class C2		Class R3		Class Y4
Less than $100,000		2.35%		1.00%		-		-
$100,000 but less than $250,000		1.75%		-		-		-
$250,000 but less than $1 million		0.75%		-		-		-
$1 million but less than $5 million		0.75%		-		-		-
$5 million but less than $25 million		0.50%		-		-		-
$25 million or more		0.25%		-		-		-
12b-1 fee to dealer		0.25%		1.00%		0.50%		0.25%

Payments to intermediaries

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The level of payments made to a qualifying Financial Intermediary in any given year may vary. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Distributor may pay, or allow its affiliates to pay, other promotional incentives or payments to Financial Intermediaries.

How to reduce your sales charge

Letter of intent and rights of accumulation


Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

Reinvestment of redeemed shares

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About your account


Class A	Class C
Available.	Not available.

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SIMPLE IRA, SEP, SARSEP, 401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans


Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

If you are investing $1 million or more ($250,000 or more for Delaware Ivy Municipal Bond Fund or Delaware Ivy Municipal High Income Fund), either as a lump sum or through one of the sales charge reduction features described above, you may be eligible to buy Class A shares without a sales charge. However, if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares ($250,000 or more for Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund) that received a NAV breakpoint, for shares that are subject to a CDSC, for each Fund except Delaware Ivy Limited-Term Bond Fund, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. For Delaware Ivy Limited-Term Bond Fund, if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a Limited CDSC of 0.75% if you redeem these shares within the first 12 months after your purchase, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time.

Buying Class A shares at net asset value

•

Shares purchased under the Delaware Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 90-day reinvestment privilege.

•

Purchases by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning sales of shares of Delaware Funds.

•

Purchases by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.

•

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•

Purchases by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase Class I shares, if applicable.

•

Purchases by certain legacy bank-sponsored retirement plans and certain legacy retirement assets that meet requirements set forth in the SAI.

•

Investments made by plan level and/or participant retirement accounts that are for the purpose of repaying a loan taken from such accounts.

•

Purchases by certain participants of particular group retirement plans as described in the SAI.

•

Additional purchases by existing shareholders whose accounts were eligible for purchasing shares at NAV under a predecessor fund’s eligibility requirements set by the predecessor fund’s company.

•

Investments made into an account with no financial intermediary or no longer associated with a financial intermediary may invest in Class A shares without a sales charge.

Waivers of contingent deferred sales charges

Certain sales charges may be based on historical cost. Therefore, you should maintain any records that substantiate these costs because the Funds, their transfer agent, and financial intermediaries may not maintain this information. Please note that you or your financial intermediary will have to notify us at the time of redemption that the trade qualifies for such waiver. As applicable, Class R, Class I, Class R6, and Class Y shares do not have CDSCs so they are not included in the list below. Please also see the “Shareholder fees” table in the Fund summary and “Choosing a share class” for more information about applicable CDSCs. Your financial intermediary may offer waivers for certain account types or programs that may be different than what is noted below. See the “Broker-defined sales charge waiver policies” section or contact your financial intermediary for information on program availability.

CDSCs for Class A and Class C shares may be waived under the following circumstances, except as noted otherwise:

•

Distributions by other employee benefit plans: Distributions by other employee benefit plans to pay benefits.

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•

Redemptions by certain legacy retirement assets: Redemptions by certain legacy retirement assets that meet the requirements set forth in the SAI, as applicable.

•

Redemptions in connection with a fund liquidation: Redemptions subsequent to the fund liquidation notice to shareholders.

•

Redemptions from a Fund (as applicable) prior to the closing of its respective Reorganization.

Certain existing investors or programs sponsored by certain intermediaries that were eligible for waivers of CDSCs may continue to be eligible for those waivers of CDSCs.

How to buy shares

Through your financial intermediary

Your financial intermediary (if applicable) can handle all the details of purchasing shares, including opening an account. Your financial intermediary may charge you a separate fee for this service.

Through the Delaware Funds by Macquarie^® Service Center

By mail

Complete an investment slip and mail it with your check, made payable to the fund and class of shares you wish to purchase, to Delaware Funds by Macquarie at P.O. Box 534437, Pittsburgh, PA 15253-4437 for investments by regular mail or Delaware Funds by Macquarie Service Center at Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 for investments by overnight courier service. If you are making an initial purchase by mail, you must include a completed investment application (or an appropriate retirement plan application if you are opening a retirement account) with your check. Purchase orders will not be accepted at any other address.

Please note that purchase orders submitted by mail will not be considered received until such purchase orders arrive at Delaware Funds by Macquarie Service Center at 4400 Computer Drive, Westborough, MA 01581-1722 and are determined to be in good order. For a purchase request to be in “good order,” you must provide the name of the Delaware Fund in which you are investing, your account registration/number (if you are an existing shareholder), and the total number of shares or dollar amount of the shares to be purchased, along with meeting any requirements set forth in applicable forms, this Prospectus, or the SAI. The Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, deposits in the mail or with such services or receipt at the Funds’ post office box, of purchase orders, do not constitute receipt by the Funds or their agent. Please note that the Funds reserve the right to reject any purchase.

By wire

By exchange

Through automated shareholder services

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Calculating share price

The price you pay for shares will depend on when we receive your purchase order. If your order is received by an authorized agent or us before the close of regular trading on the New York Stock Exchange (NYSE) (normally 4:00pm ET), you will pay that day’s closing Fund share price, which is based on the Fund’s NAV. If the NYSE has an unscheduled early close, we will continue to accept your order until that day’s scheduled close of the NYSE and you will pay that day’s closing Fund share price. If your order is received after the scheduled close of regular trading on the NYSE, you will pay the next Business Day’s closing Fund share price. We reserve the right to reject any purchase order.

We determine the NAV per share for each class of a Delaware Fund at the close of regular trading on the NYSE on each Business Day (normally 4:00pm Eastern time). A Fund does not calculate its NAV on days the NYSE is closed for trading. If the NYSE has an unscheduled early close, a Fund’s closing share price would still be determined as of that day’s regularly scheduled close of the NYSE. The NAV per share for each class of a fund is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. We generally price securities and other assets for which market quotations are readily available at their market value. The value of foreign securities may change on days when a shareholder will not be able to purchase or redeem fund shares because foreign markets are open at times and on days when US markets are not. We price fixed income securities on the basis of valuations provided to us by an independent pricing service that uses methods approved by the Board. For all other securities, we use methods approved by the Board that are designed to price securities at their fair market values.

Fair valuation

The Board has designated the Manager as the valuation designee, and delegated responsibility for valuing each Fund's assets to the Manager and its Pricing Committee, which operates under the policies and procedures approved by the Board and is subject to the Board’s oversight. The Manager, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of each Fund’s investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing vendors and services. The Manager has a Pricing Committee to assist with its designated responsibilities as valuation designee.

Retirement plans

Document delivery

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Inactive accounts

Please note that your account may be required to transfer to the appropriate state if no activity occurs in the account within the time period specified by state law.

How to redeem shares

Availability of these services may be limited by your financial intermediary and by the way your account is registered with Delaware Funds.

If you hold your shares in certificates, you must submit the certificates with your request to sell the shares. We recommend that you send your certificates by certified mail.

Through your financial intermediary

Through the Delaware Funds by Macquarie^® Service Center

By mail

You may redeem your shares by mail by writing to: Delaware Funds by Macquarie at P.O. Box 534437, Pittsburgh, PA 15253-4437 for redemption requests by regular mail or Delaware Funds by Macquarie Service Center at Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 for redemption requests by overnight courier service. Redemption requests will not be accepted at any other address. All owners of the account must sign the request. For redemptions of more than $100,000, you must include a medallion signature guarantee for each owner. Medallion signature guarantees are also required when redemption proceeds are going to an address other than the address of record on the account. Please contact the Delaware Funds by Macquarie Service Center at 800 523-1918 for more information about the medallion signature guarantee requirements.

Please note that redemption orders submitted by mail will not be considered received until such redemption orders arrive at Delaware Funds by Macquarie Service Center at 4400 Computer Drive, Westborough, MA 01581-1722 and are determined to be in good order. For a redemption request to be in “good order,” you must provide the name of the Delaware Fund whose shares you are redeeming, your account number, account registration, and the total number of shares or dollar amount of the transaction. Redemption requests must be signed by the record owner(s) exactly as the shares are registered, along with meeting any requirements set forth in applicable forms, this Prospectus, or the SAI. The Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, redemption requests placed in the mail or with such services or receipt at the Funds’ post office box, of redemption requests, do not constitute receipt by the Funds or the transfer agent.

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By telephone

You may redeem up to $100,000 of your shares by telephone. You may have the proceeds sent to you in the following ways:

•

By check — Sent to your address of record, provided there has not been an address change in the last 30 days.

•

By wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire fee may be deducted from your proceeds.

•

By ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.

Bank information must be on file before you request a wire or ACH redemption. Your bank may charge a fee for these services.

Through automated shareholder services

Redemptions-in-kind

Low balance accounts

For Class R, Class I, Class R6, and Class Y shares, as applicable, if you redeem shares and your account balance falls below $500, your shares may be redeemed after 60 days’ written notice to you.

If the applicable account falls below the minimum due to market fluctuation, the Fund still reserves the right to liquidate the account.

Investor services

Online account access

Electronic delivery

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Automatic investment plan

The automatic investment plan allows you to make regular monthly or quarterly investments directly from your bank account.

Direct deposit

With direct deposit, you can make additional investments through payroll deductions, recurring government or private payments such as Social Security, or direct transfers from your bank account.

Systematic exchange option

Dividend reinvestment plan

Exchange of shares

On demand service

Direct deposit service

Systematic withdrawal plan

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Right to discontinue offering shares and/or to merge or liquidate a share class

Frequent trading of Fund shares (market timing and disruptive trading)

Each Fund reserves the right to modify this policy at any time without notice, including modifications to a Fund's monitoring procedures and the procedures to close accounts to new purchases. Although the implementation of this policy involves certain judgments that are inherently subjective and may be selectively applied, the Funds seek to make judgments and applications that are consistent with the interests of each Fund's shareholders. While the Funds will take actions designed to detect and prevent market timing, there can be no assurance that such trading activity will be completely eliminated. Moreover, a Fund's market timing policy does not require the Fund to take action in response to frequent trading activity. If a Fund elects not to take any action in response to frequent trading, such frequent trading activity could continue.

Risks of market timing

176

differences. Funds that may be adversely affected by such arbitrage include, in particular, funds that significantly invest in small-cap securities, technology, and other specific industry sector securities, and in certain fixed income securities, such as high yield bonds, asset-backed securities, or municipal bonds.

Transaction monitoring procedures

Limitations on ability to detect and curtail market timing

Shareholders seeking to engage in market timing may employ a variety of strategies to avoid detection and, despite the efforts of the Funds and their agents to detect market timing in Fund shares, there is no guarantee that the Funds will be able to identify these shareholders or curtail their trading practices. In particular, the Funds may not be able to detect market timing attributable to a particular investor who effects purchase, redemption, and/or exchange activity in Fund shares through omnibus accounts. The difficulty of detecting market timing may be further compounded if these entities utilize multiple tiers or omnibus accounts.

Dividends, distributions, and taxes

Dividends and Distributions

Annually in December: Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Natural Resources Fund, and Delaware Ivy International Value Fund

Quarterly in March, June, September and December: Delaware Global Real Estate Fund and Delaware Real Estate Securities Fund

Declared monthly and paid monthly: Delaware Ivy Global Bond Fund

Declared daily and paid monthly: Delaware Ivy High Income Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Municipal Bond Fund, Delaware Ivy Municipal High Income Fund, and Delaware Ivy Core Bond Fund

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Annual statements

Avoid “buying a dividend”

The information below is supplemented or modified by the discussion under the subheading, “Additional Information for Tax-Exempt Funds.”

Tax considerations

For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares. A portion of income dividends reported by a Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met. Because the income of the fixed income Funds is primarily derived from investments earning interest rather than dividend income, generally none or only a small portion of the income dividends paid to you by such a Fund is anticipated to be qualified dividend income eligible for taxation by individuals at long-term capital gain tax rates. Money market funds do not anticipate realizing any long-term capital gains. None of the money market funds’ income dividends will be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain tax rates.

The real estate funds may derive “excess inclusion income” from certain equity interests in mortgage pooling vehicles either directly or through an investment in a US REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event a real estate fund realizes excess inclusion income in excess of certain threshold amounts.

Sale or redemption of Fund shares. A sale or redemption of Fund shares is a taxable event and, accordingly, a capital gain or loss may be recognized. For tax purposes, an exchange of your Fund shares for shares of a different Delaware Fund is the same as a sale. The Funds are required to report to you and the Internal Revenue Service (IRS) annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also the cost basis of Fund shares you sell or redeem that were purchased or acquired on or after January 1, 2012 (“covered shares”). Cost basis will be calculated using the Funds' default method, unless you instruct a Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial intermediary or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected. Additional information and updates regarding cost basis reporting and available shareholder elections will be on the Delaware Funds website at delawarefunds.com as the information becomes available.

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State and local taxes. Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes.

Additional Information for Tax-Exempt Funds (The next six paragraphs apply to Delaware Ivy Municipal Bond Fund and Delaware Ivy Municipal High Income Fund)

Exempt-Interest Dividends. Dividends from the Fund will consist primarily of exempt-interest dividends from interest earned on municipal securities. In general, exempt-interest dividends are exempt from regular federal income tax. Exempt-interest dividends from interest earned on municipal securities of a state, or its political subdivisions, generally are exempt from that state’s personal income tax. Most states, however, do not grant tax-free treatment to interest from municipal securities of other states.

Because of these tax exemptions, a tax-free fund may not be a suitable investment for retirement plans and other tax-exempt investors. These dividends may be taxable to corporate shareholders subject to a state’s corporate franchise tax, corporate income tax, or both and such shareholders should consult with their tax advisors about the taxability of this income before investing in a Fund.

Exempt-interest dividends are taken into account when determining the taxable portion of your social security or railroad retirement benefits. The Fund may invest a portion of its assets in private activity bonds. The income from these bonds is a tax preference item when determining your federal alternative minimum tax, unless such bonds were issued in 2009 or 2010.

While the Fund endeavors to purchase only bona fide tax-exempt securities, there are risks that: (a) a security issued as tax-exempt may be reclassified by the Internal Revenue Service or a state tax authority as taxable and/or (b) future legislative, administrative or court actions could adversely impact the qualification of income from a tax-exempt security as tax-free. Such reclassifications or actions could cause interest from a security to become taxable, possibly retroactively, subjecting you to increased tax liability. In addition, such reclassifications or actions could cause the value of a security, and therefore, the value of the Fund’s shares, to decline.

Taxable Income Dividends. The Fund may invest a portion of its assets in securities that pay income that is not tax-exempt. The Fund also may distribute to you any market discount and net short-term capital gains from the sale of its portfolio securities. If you are a taxable investor, Fund distributions from this income are taxable to you as ordinary income, and generally will not be treated as qualified dividend income subject to reduced rates of taxation for individuals. Distributions of ordinary income are taxable whether you reinvest your distributions in additional Fund shares or receive them in cash.

Capital Gain Distributions. The Fund also may realize net long-term capital gains from the sale of its portfolio securities. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares.

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About your account

Certain management considerations

Investments by fund of funds and similar investment vehicles

180

Financial highlights

The financial highlights tables are intended to help you understand the financial performance of the Funds for the past five years. On April 30, 2021, Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business, acquired the investment management business of Waddell & Reed Financial, Inc., including Ivy Investment Management Company, the Funds’ prior investment manager. The performance shown from before April 30, 2021 are from the Funds’ prior investment manager. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Funds (assuming reinvestment of all dividends and distributions). The information for the fiscal years ended March 31, 2023, March 31, 2022 and March 31, 2021 have been audited by PricewaterhouseCoopers LLP, whose reports, along with the Funds’ financial statements, are included in the Funds’ annual reports, which are available upon request by calling 800 523-1918. For the fiscal years ended prior to March 31, 2021, the Funds’ prior independent registered public accounting firm audited the Funds’ financial statements.

Delaware Ivy Global Bond Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.57			$10.26			$9.26			$9.71			$9.68
Income (loss) from investment operations:
Net investment income1		0.24			0.25			0.32			0.34			0.32
Net realized and unrealized gain (loss)		(0.44	)		(0.69	)		0.95			(0.59	)		0.01
Total from investment operations		(0.20	)		(0.44	)		1.27			(0.25	)		0.33
Less dividends and distributions from:
Net investment income		(0.28	)		(0.25	)		(0.27	)		(0.20	)		(0.28	)
Net realized gain		—			—			—			—			(0.02	)
Total dividends and distributions		(0.28	)		(0.25	)		(0.27	)		(0.20	)		(0.30	)
Net asset value, end of period		$9.09			$9.57			$10.26			$9.26			$9.71
Total return2		(2.00%	)		(4.39%	)		13.77%			(2.69%	)		3.47%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$111,266			$150,133			$178	3		$170	3		$211	3
Ratio of expenses to average net assets4		0.96%			0.96%			0.96%			0.99%			0.99%
Ratio of expenses to average net assets prior to fees waived4		1.24%			1.19%			1.20%			1.22%			1.23%
Ratio of net investment income to average net assets		2.64%			2.46%			3.18%			3.43%			3.32%
Ratio of net investment income to average net assets prior to fees waived		2.36%			2.23%			2.94%			3.20%			3.08%
Portfolio turnover		124%			50%			43%			38%			35%


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

181

Financial highlights

Delaware Ivy Global Bond Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.57			$10.25			$9.26			$9.71			$9.68
Income (loss) from investment operations:
Net investment income1		0.17			0.17			0.25			0.26			0.25
Net realized and unrealized gain (loss)		(0.43	)		(0.68	)		0.94			(0.59	)		0.01
Total from investment operations		(0.26	)		(0.51	)		1.19			(0.33	)		0.26
Less dividends and distributions from:
Net investment income		(0.22	)		(0.17	)		(0.20	)		(0.12	)		(0.21	)
Net realized gain		—			—			—			—			(0.02	)
Total dividends and distributions		(0.22	)		(0.17	)		(0.20	)		(0.12	)		(0.23	)
Net asset value, end of period		$9.09			$9.57			$10.25			$9.26			$9.71
Total return2		(2.68%	)		(5.04%	)		12.81%			(3.42%	)		2.71%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,675			$3,499			$4	3		$6	3		$9	3
Ratio of expenses to average net assets4		1.71%			1.72%			1.72%			1.74%			1.73%
Ratio of expenses to average net assets prior to fees waived4		2.06%			1.97%			1.96%			1.98%			1.93%
Ratio of net investment income to average net assets		1.91%			1.69%			2.45%			2.68%			2.58%
Ratio of net investment income to average net assets prior to fees waived		1.56%			1.44%			2.21%			2.44%			2.38%
Portfolio turnover		124%			50%			43%			38%			35%


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

182

Delaware Ivy Global Bond Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.57			$10.25			$9.26			$9.71			$9.68
Income (loss) from investment operations:
Net investment income1		0.26			0.27			0.35			0.36			0.34
Net realized and unrealized gain (loss)		(0.43	)		(0.68	)		0.93			(0.59	)		0.01
Total from investment operations		(0.17	)		(0.41	)		1.28			(0.23	)		0.35
Less dividends and distributions from:
Net investment income		(0.31	)		(0.27	)		(0.29	)		(0.22	)		(0.30	)
Net realized gain		—			—			—			—			(0.02	)
Total dividends and distributions		(0.31	)		(0.27	)		(0.29	)		(0.22	)		(0.32	)
Net asset value, end of period		$9.09			$9.57			$10.25			$9.26			$9.71
Total return2		(1.76%	)		(4.08%	)		13.90%			(2.45%	)		3.73%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$179,446			$198,358			$241	3		$204	3		$240	3
Ratio of expenses to average net assets4		0.72%			0.74%			0.74%			0.74%			0.74%
Ratio of expenses to average net assets prior to fees waived4		0.75%			0.86%			0.89%			0.89%			0.88%
Ratio of net investment income to average net assets		2.91%			2.67%			3.39%			3.67%			3.58%
Ratio of net investment income to average net assets prior to fees waived		2.88%			2.55%			3.24%			3.52%			3.44%
Portfolio turnover		124%			50%			43%			38%			35%


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

183

Financial highlights

Delaware Ivy Global Bond Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.57			$10.26			$9.26			$9.71			$9.69
Income (loss) from investment operations:
Net investment income1		0.26			0.27			0.34			0.36			0.34
Net realized and unrealized gain (loss)		(0.43	)		(0.68	)		0.95			(0.58	)		0.01
Total from investment operations		(0.17	)		(0.41	)		1.29			(0.22	)		0.35
Less dividends and distributions from:
Net investment income		(0.31	)		(0.28	)		(0.29	)		(0.23	)		(0.31	)
Net realized gain		—			—			—			—			(0.02	)
Total dividends and distributions		(0.31	)		(0.28	)		(0.29	)		(0.23	)		(0.33	)
Net asset value, end of period		$9.09			$9.57			$10.26			$9.26			$9.71
Total return2		(1.75%	)		(4.14%	)		14.02%			(2.42%	)		3.75%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$132,679			$143,870			$62	3		$23	3		$31	3
Ratio of expenses to average net assets4		0.73%			0.70%			0.72%			0.73%			0.71%
Ratio of net investment income to average net assets		2.90%			2.65%			3.32%			3.69%			3.61%
Portfolio turnover		124%			50%			43%			38%			35%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

184

Delaware Ivy Global Bond Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.55			$10.23			$9.24			$9.69			$9.67
Income (loss) from investment operations:
Net investment income1		0.21			0.20			0.28			0.29			0.27
Net realized and unrealized gain (loss)		(0.43	)		(0.68	)		0.93			(0.59	)		0.01
Total from investment operations		(0.22	)		(0.48	)		1.21			(0.30	)		0.28
Less dividends and distributions from:
Net investment income		(0.26	)		(0.20	)		(0.22	)		(0.15	)		(0.24	)
Net realized gain		—			—			—			—			(0.02	)
Total dividends and distributions		(0.26	)		(0.20	)		(0.22	)		(0.15	)		(0.26	)
Net asset value, end of period		$9.07			$9.55			$10.23			$9.24			$9.69
Total return2		(2.31%)	3		(4.77%	)		13.13%			(3.16%	)		2.89%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$257			$260			$—	4, 5		$1	4		$1	4
Ratio of expenses to average net assets6		1.29%			1.45%			1.46%			1.47%			1.45%
Ratio of expenses to average net assets prior to fees waived6		1.31%			1.45%			1.46%			1.47%			1.45%
Ratio of net investment income to average net assets		2.35%			1.96%			2.77%			2.95%			2.86%
Ratio of net investment income to average net assets prior to fees waived		2.33%			1.96%			2.77%			2.95%			2.86%
Portfolio turnover		124%			50%			43%			38%			35%


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

185

Financial highlights

Delaware Ivy Global Bond Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$9.58			$10.26			$9.26			$9.71			$9.69
Income (loss) from investment operations:
Net investment income1		0.25			0.25			0.32			0.34			0.32
Net realized and unrealized gain (loss)		(0.45	)		(0.68	)		0.95			(0.59	)		—
Total from investment operations		(0.20	)		(0.43	)		1.27			(0.25	)		0.32
Less dividends and distributions from:
Net investment income		(0.29	)		(0.25	)		(0.27	)		(0.20	)		(0.28	)
Net realized gain		—			—			—			—			(0.02	)
Total dividends and distributions		(0.29	)		(0.25	)		(0.27	)		(0.20	)		(0.30	)
Net asset value, end of period		$9.09			$9.58			$10.26			$9.26			$9.71
Total return2		(2.06%	)		(4.29%	)		13.76%			(2.69%	)		3.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,879			$881			$1	3		$1	3		$1	3
Ratio of expenses to average net assets4		0.96%			0.96%			0.96%			0.99%			0.99%
Ratio of expenses to average net assets prior to fees waived4		0.99%			1.11%			1.12%			1.23%			1.11%
Ratio of net investment income to average net assets		2.74%			2.42%			3.18%			3.46%			3.29%
Ratio of net investment income to average net assets prior to fees waived		2.71%			2.27%			3.02%			3.22%			3.17%
Portfolio turnover		124%			50%			43%			38%			35%


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

186

Delaware Ivy High Income Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$6.73			$7.10			$5.91			$7.20			$7.49
Income (loss) from investment operations:
Net investment income1		0.44			0.46			0.41			0.49			0.50
Net realized and unrealized gain (loss)		(0.86	)		(0.38	)		1.21			(1.29	)		(0.29	)
Total from investment operations		(0.42	)		0.08			1.62			(0.80	)		0.21
Less dividends and distributions from:
Net investment income		(0.44	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)
Total dividends and distributions		(0.44	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)
Net asset value, end of period		$5.87			$6.73			$7.10			$5.91			$7.20
Total return2		(6.02%)	3		1.09%	4		28.16%			(12.03%	)		2.93%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,196,375			$1,576,813			$1,816	5		$1,465	5		$1,930	5
Ratio of expenses to average net assets6		1.00%			0.95%			0.97%			0.95%			0.95%
Ratio of expenses to average net assets prior to fees waived6		1.02%			0.95%			0.97%			0.95%			0.95%
Ratio of net investment income to average net assets		7.38%			6.44%			6.16%			6.89%			6.81%
Ratio of net investment income to average net assets prior to fees waived		7.36%			6.44%			6.16%			6.89%			6.81%
Portfolio turnover		50%			48%			59%			30%			41%


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

187

Financial highlights

Delaware Ivy High Income Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$6.73			$7.10			$5.91			$7.20			$7.49
Income (loss) from investment operations:
Net investment income1		0.40			0.40			0.36			0.44			0.45
Net realized and unrealized gain (loss)		(0.86	)		(0.37	)		1.22			(1.29	)		(0.29	)
Total from investment operations		(0.46	)		0.03			1.58			(0.85	)		0.16
Less dividends and distributions from:
Net investment income		(0.40	)		(0.40	)		(0.39	)		(0.44	)		(0.45	)
Total dividends and distributions		(0.40	)		(0.40	)		(0.39	)		(0.44	)		(0.45	)
Net asset value, end of period		$5.87			$6.73			$7.10			$5.91			$7.20
Total return2		(6.70%)	3		0.38%	3, 4		27.28%	3		(12.66%)	3		2.21%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$141,497			$221,601			$321	5		$447	5		$683	5
Ratio of expenses to average net assets6		1.71%			1.66%			1.66%			1.66%			1.66%
Ratio of expenses to average net assets prior to fees waived6		1.81%			1.70%			1.70%			1.68%			1.66%
Ratio of net investment income to average net assets		6.64%			5.72%			5.50%			6.17%			6.10%
Ratio of net investment income to average net assets prior to fees waived		6.54%			5.68%			5.46%			6.15%			6.10%
Portfolio turnover		50%			48%			59%			30%			41%


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

188

Delaware Ivy High Income Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$6.73			$7.10			$5.91			$7.20			$7.49
Income (loss) from investment operations:
Net investment income1		0.45			0.47			0.43			0.50			0.52
Net realized and unrealized gain (loss)		(0.85	)		(0.37	)		1.21			(1.29	)		(0.29	)
Total from investment operations		(0.40	)		0.10			1.64			(0.79	)		0.23
Less dividends and distributions from:
Net investment income		(0.46	)		(0.47	)		(0.45	)		(0.50	)		(0.52	)
Total dividends and distributions		(0.46	)		(0.47	)		(0.45	)		(0.50	)		(0.52	)
Net asset value, end of period		$5.87			$6.73			$7.10			$5.91			$7.20
Total return2		(5.79%	)		1.31%	3		28.44%			(11.83%	)		3.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,035,891			$1,454,150			$1,868	4		$1,487	4		$2,058	4
Ratio of expenses to average net assets5		0.75%			0.74%			0.75%			0.73%			0.72%
Ratio of net investment income to average net assets		7.61%			6.66%			6.38%			7.11%			7.05%
Portfolio turnover		50%			48%			59%			30%			41%


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

189

Financial highlights

Delaware Ivy High Income Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$6.73			$7.10			$5.91			$7.20			$7.49
Income (loss) from investment operations:
Net investment income1		0.46			0.48			0.44			0.51			0.53
Net realized and unrealized gain (loss)		(0.86	)		(0.37	)		1.21			(1.29	)		(0.29	)
Total from investment operations		(0.40	)		0.11			1.65			(0.78	)		0.24
Less dividends and distributions from:
Net investment income		(0.46	)		(0.48	)		(0.46	)		(0.51	)		(0.53	)
Total dividends and distributions		(0.46	)		(0.48	)		(0.46	)		(0.51	)		(0.53	)
Net asset value, end of period		$5.87			$6.73			$7.10			$5.91			$7.20
Total return2		(5.68%	)		1.45%	3		28.63%			(11.69%	)		3.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$59,659			$64,630			$67	4		$64	4		$71	4
Ratio of expenses to average net assets5		0.64%			0.60%			0.60%			0.58%			0.56%
Ratio of net investment income to average net assets		7.78%			6.78%			6.54%			7.27%			7.22%
Portfolio turnover		50%			48%			59%			30%			41%


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

190

Delaware Ivy High Income Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$6.73			$7.10			$5.91			$7.20			$7.49
Income (loss) from investment operations:
Net investment income1		0.42			0.43			0.39			0.46			0.47
Net realized and unrealized gain (loss)		(0.85	)		(0.37	)		1.21			(1.29	)		(0.29	)
Total from investment operations		(0.43	)		0.06			1.60			(0.83	)		0.18
Less dividends and distributions from:
Net investment income		(0.43	)		(0.43	)		(0.41	)		(0.46	)		(0.47	)
Total dividends and distributions		(0.43	)		(0.43	)		(0.41	)		(0.46	)		(0.47	)
Net asset value, end of period		$5.87			$6.73			$7.10			$5.91			$7.20
Total return2		(6.29%	)		0.71%	3		27.67%			(12.36%	)		2.58%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$34,322			$44,613			$48	4		$45	4		$62	4
Ratio of expenses to average net assets5		1.28%			1.34%			1.35%			1.32%			1.30%
Ratio of net investment income to average net assets		7.09%			6.05%			5.79%			6.52%			6.47%
Portfolio turnover		50%			48%			59%			30%			41%


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

191

Financial highlights

Delaware Ivy High Income Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$6.73			$7.10			$5.91			$7.20			$7.49
Income (loss) from investment operations:
Net investment income1		0.44			0.45			0.41			0.49			0.50
Net realized and unrealized gain (loss)		(0.86	)		(0.37	)		1.21			(1.29	)		(0.29	)
Total from investment operations		(0.42	)		0.08			1.62			(0.80	)		0.21
Less dividends and distributions from:
Net investment income		(0.44	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)
Total dividends and distributions		(0.44	)		(0.45	)		(0.43	)		(0.49	)		(0.50	)
Net asset value, end of period		$5.87			$6.73			$7.10			$5.91			$7.20
Total return2		(6.02%	)		1.09%	3,4		28.17%	4		(12.03%)	4		2.94%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$68,758			$99,847			$138	5		$133	5		$239	5
Ratio of expenses to average net assets6		1.00%			0.96%			0.97%			0.95%			0.95%
Ratio of expenses to average net assets prior to fees waived6		1.00%			0.99%			1.00%			0.98%			0.96%
Ratio of net investment income to average net assets		7.34%			6.37%			6.17%			6.87%			6.80%
Ratio of net investment income to average net assets prior to fees waived		7.34%			6.34%			6.14%			6.84%			6.79%
Portfolio turnover		50%			48%			59%			30%			41%


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

192

Delaware Global Real Estate Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.23			$10.86			$8.16			$11.22			$10.38
Income (loss) from investment operations:
Net investment income1		0.17			0.16			0.12			0.15			0.15
Net realized and unrealized gain (loss)		(2.64	)		1.58			2.88			(2.57	)		1.21
Total from investment operations		(2.47	)		1.74			3.00			(2.42	)		1.36
Less dividends and distributions from:
Net investment income		(0.17	)		(0.37	)		(0.30	)		(0.38	)		(0.31	)
Net realized gain		(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(1.29	)		(0.37	)		(0.30	)		(0.64	)		(0.52	)
Net asset value, end of period		$8.47			$12.23			$10.86			$8.16			$11.22
Total return2		(20.45%	)		16.12%			37.08%			(22.88%	)		13.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$5,413			$10,754			$11	3		$11	3		$20	3
Ratio of expenses to average net assets4		1.38%			1.48%			1.48%			1.51%			1.61%	5
Ratio of expenses to average net assets prior to fees waived4		2.14%			1.76%			1.79%			1.68%			1.90%
Ratio of net investment income to average net assets		1.70%			1.38%			1.23%			1.44%			1.40%
Ratio of net investment income to average net assets prior to fees waived		0.94%			1.10%			0.92%			1.27%			1.11%
Portfolio turnover		109%			88%			90%			88%			91%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.
5	Expense ratio based on the period excluding reorganization expenses was 1.51%.

193

Financial highlights

Delaware Global Real Estate Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.10			$10.76			$8.11			$11.15			$10.32
Income (loss) from investment operations:
Net investment income1		0.10			0.08			0.05			0.08			0.06
Net realized and unrealized gain (loss)		(2.62	)		1.56			2.86			(2.55	)		1.21
Total from investment operations		(2.52	)		1.64			2.91			(2.47	)		1.27
Less dividends and distributions from:
Net investment income		(0.11	)		(0.30	)		(0.26	)		(0.31	)		(0.23	)
Net realized gain		(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(1.23	)		(0.30	)		(0.26	)		(0.57	)		(0.44	)
Net asset value, end of period		$8.35			$12.10			$10.76			$8.11			$11.15
Total return2		(21.14%	)		15.28%			36.12%			(23.32%	)		12.72%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$196			$499			$3	3		$3	3		$4	3
Ratio of expenses to average net assets4		2.16%			2.15%			2.15%			2.17%			2.27%
Ratio of expenses to average net assets prior to fees waived4		3.22%			2.21%			2.31%			2.26%			2.44%
Ratio of net investment income to average net assets		0.99%			0.64%			0.52%			0.75%			0.60%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.07%	)		0.58%			0.36%			0.66%			0.43%
Portfolio turnover		109%			88%			90%			88%			91%


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

194

Delaware Global Real Estate Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.29			$10.91			$8.19			$11.24			$10.41
Income (loss) from investment operations:
Net investment income1		0.21			0.21			0.16			0.21			0.19
Net realized and unrealized gain (loss)		(2.66	)		1.59			2.89			(2.57	)		1.21
Total from investment operations		(2.45	)		1.80			3.05			(2.36	)		1.40
Less dividends and distributions from:
Net investment income		(0.20	)		(0.42	)		(0.33	)		(0.43	)		(0.36	)
Net realized gain		(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(1.32	)		(0.42	)		(0.33	)		(0.69	)		(0.57	)
Net asset value, end of period		$8.52			$12.29			$10.91			$8.19			$11.24
Total return2		(20.24%	)		16.62%			37.55%			(22.41%	)		14.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$16,455			$43,193			$63	3		$60	3		$88	3
Ratio of expenses to average net assets4		1.05%			1.05%			1.05%			1.05%			1.20%	5
Ratio of expenses to average net assets prior to fees waived4		1.59%			1.36%			1.41%			1.34%			1.55%
Ratio of net investment income to average net assets		2.09%			1.77%			1.64%			1.90%			1.76%
Ratio of net investment income to average net assets prior to fees waived		1.55%			1.46%			1.28%			1.61%			1.41%
Portfolio turnover		109%			88%			90%			88%			91%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.
5	Expense ratio based on the period excluding reorganization expenses was 1.05%.

195

Financial highlights

Delaware Global Real Estate Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.30			$10.92			$8.19			$11.26			$10.42
Income (loss) from investment operations:
Net investment income1		0.20			0.23			0.16			0.20			0.21
Net realized and unrealized gain (loss)		(2.65	)		1.57			2.90			(2.58	)		1.19
Total from investment operations		(2.45	)		1.80			3.06			(2.38	)		1.40
Less dividends and distributions from:
Net investment income		(0.21	)		(0.42	)		(0.33	)		(0.43	)		(0.35	)
Net realized gain		(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(1.33	)		(0.42	)		(0.33	)		(0.69	)		(0.56	)
Net asset value, end of period		$8.52			$12.30			$10.92			$8.19			$11.26
Total return2		(20.21%	)		16.60%			37.67%			(22.53%	)		14.08%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$11,624			$22,562			$15	3		$22	3		$30	3
Ratio of expenses to average net assets4		1.05%			1.05%			1.05%			1.05%			1.13%	5
Ratio of expenses to average net assets prior to fees waived4		1.54%			1.30%			1.22%			1.16%			1.31%
Ratio of net investment income to average net assets		1.94%			1.92%			1.71%			1.90%			2.01%
Ratio of net investment income to average net assets prior to fees waived		1.45%			1.67%			1.54%			1.79%			1.83%
Portfolio turnover		109%			88%			90%			88%			91%


1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.
5	Expense ratio based on the period excluding reorganization expenses was 1.05%.

196

Delaware Global Real Estate Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.18			$10.82			$8.14			$11.19			$10.36
Income (loss) from investment operations:
Net investment income1		0.13			0.12			0.15			0.12			0.09
Net realized and unrealized gain (loss)		(2.61	)		1.58			2.81			(2.56	)		1.23
Total from investment operations		(2.48	)		1.70			2.96			(2.44	)		1.32
Less dividends and distributions from:
Net investment income		(0.16	)		(0.34	)		(0.28	)		(0.35	)		(0.28	)
Net realized gain		(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(1.28	)		(0.34	)		(0.28	)		(0.61	)		(0.49	)
Net asset value, end of period		$8.42			$12.18			$10.82			$8.14			$11.19
Total return2		(20.66%	)		15.74%			36.66%			(23.08%	)		13.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$631			$857			$1	3		$3	3		$6	3
Ratio of expenses to average net assets4		1.64%			1.80%			1.80%			1.80%			1.93%
Ratio of expenses to average net assets prior to fees waived4		2.18%			1.97%			1.98%			1.93%			2.10%
Ratio of net investment income to average net assets		1.28%			1.03%			1.66%			1.16%			0.83%
Ratio of net investment income to average net assets prior to fees waived		0.74%			0.86%			1.48%			1.03%			0.66%
Portfolio turnover		109%			88%			90%			88%			91%


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

197

Financial highlights

Delaware Global Real Estate Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$12.40			$11.00			$8.27			$11.35			$10.50
Income (loss) from investment operations:
Net investment income1		0.16			0.17			0.20			0.16			0.14
Net realized and unrealized gain (loss)		(2.67	)		1.61			2.83			(2.59	)		1.24
Total from investment operations		(2.51	)		1.78			3.03			(2.43	)		1.38
Less dividends and distributions from:
Net investment income		(0.18	)		(0.38	)		(0.30	)		(0.39	)		(0.32	)
Net realized gain		(1.12	)		—			—			(0.26	)		(0.21	)
Total dividends and distributions		(1.30	)		(0.38	)		(0.30	)		(0.65	)		(0.53	)
Net asset value, end of period		$8.59			$12.40			$11.00			$8.27			$11.35
Total return2		(20.49%	)		16.21%			36.96%			(22.73%	)		13.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$924			$1,205			$1	3		$4	3		$5	3
Ratio of expenses to average net assets4		1.36%			1.47%			1.45%			1.46%			1.51%
Ratio of expenses to average net assets prior to fees waived4		1.89%			1.65%			1.61%			1.55%			1.68%
Ratio of net investment income to average net assets		1.55%			1.39%			2.15%			1.46%			1.29%
Ratio of net investment income to average net assets prior to fees waived		1.02%			1.21%			1.99%			1.37%			1.12%
Portfolio turnover		109%			88%			90%			88%			91%


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

198

Delaware Ivy Limited-Term Bond Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.61			$11.04			$10.87			$10.74			$10.64
Income (loss) from investment operations:
Net investment income1		0.21			0.11			0.15			0.20			0.21
Net realized and unrealized gain (loss)		(0.23	)		(0.43	)		0.17			0.14			0.10
Total from investment operations		(0.02	)		(0.32	)		0.32			0.34			0.31
Less dividends and distributions from:
Net investment income		(0.21	)		(0.11	)		(0.15	)		(0.21	)		(0.21	)
Total dividends and distributions		(0.21	)		(0.11	)		(0.15	)		(0.21	)		(0.21	)
Net asset value, end of period		$10.38			$10.61			$11.04			$10.87			$10.74
Total return2		(0.17%)	3		(2.95%	)		2.99%			3.14%			2.95%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$286,217			$348,269			$421	4		$381	4		$382	4
Ratio of expenses to average net assets5		0.84%			0.89%			0.89%			0.91%			0.91%
Ratio of expenses to average net assets prior to fees waived5		0.95%			0.89%			0.89%			0.91%			0.91%
Ratio of net investment income to average net assets		2.06%			0.98%			1.39%			1.86%			1.90%
Ratio of net investment income to average net assets prior to fees waived		1.95%			0.98%			1.39%			1.86%			1.90%
Portfolio turnover		120%			88%			55%			61%			83%


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

199

Financial highlights

Delaware Ivy Limited-Term Bond Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.61			$11.04			$10.87			$10.74			$10.64
Income (loss) from investment operations:
Net investment income1		0.12			0.02			0.07			0.12			0.13
Net realized and unrealized gain (loss)		(0.22	)		(0.43	)		0.17			0.13			0.10
Total from investment operations		(0.10	)		(0.41	)		0.24			0.25			0.23
Less dividends and distributions from:
Net investment income		(0.13	)		(0.02	)		(0.07	)		(0.12	)		(0.13	)
Total dividends and distributions		(0.13	)		(0.02	)		(0.07	)		(0.12	)		(0.13	)
Net asset value, end of period		$10.38			$10.61			$11.04			$10.87			$10.74
Total return2		(0.95%)	3		(3.70%	)		2.23%			2.36%			2.20%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$7,124			$14,208			$25	4		$27	4		$45	4
Ratio of expenses to average net assets5		1.64%			1.67%			1.65%			1.67%			1.65%
Ratio of expenses to average net assets prior to fees waived5		1.83%			1.67%			1.65%			1.67%			1.65%
Ratio of net investment income to average net assets		1.17%			0.22%			0.65%			1.12%			1.16%
Ratio of net investment income to average net assets prior to fees waived		0.98%			0.22%			0.65%			1.12%			1.16%
Portfolio turnover		120%			88%			55%			61%			83%


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

200

Delaware Ivy Limited-Term Bond Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.61			$11.04			$10.87			$10.74			$10.64
Income (loss) from investment operations:
Net investment income1		0.23			0.13			0.18			0.23			0.24
Net realized and unrealized gain (loss)		(0.23	)		(0.43	)		0.17			0.13			0.10
Total from investment operations		—			(0.30	)		0.35			0.36			0.34
Less dividends and distributions from:
Net investment income		(0.23	)		(0.13	)		(0.18	)		(0.23	)		(0.24	)
Total dividends and distributions		(0.23	)		(0.13	)		(0.18	)		(0.23	)		(0.24	)
Net asset value, end of period		$10.38			$10.61			$11.04			$10.87			$10.74
Total return2		0.07%	3		(2.76%	)		3.21%			3.38%			3.19%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$257,146			$434,583			$596	4		$570	4		$677	4
Ratio of expenses to average net assets5		0.60%			0.68%			0.68%			0.69%			0.67%
Ratio of expenses to average net assets prior to fees waived5		0.64%			0.68%			0.68%			0.69%			0.67%
Ratio of net investment income to average net assets		2.24%			1.19%			1.61%			2.10%			2.14%
Ratio of net investment income to average net assets prior to fees waived		2.20%			1.19%			1.61%			2.10%			2.14%
Portfolio turnover		120%			88%			55%			61%			83%


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

201

Financial highlights

Delaware Ivy Limited-Term Bond Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.61			$11.04			$10.87			$10.74			$10.64
Income (loss) from investment operations:
Net investment income1		0.18			0.15			0.20			0.24			0.25
Net realized and unrealized gain (loss)		(0.17	)		(0.43	)		0.17			0.14			0.10
Total from investment operations		0.01			(0.28	)		0.37			0.38			0.35
Less dividends and distributions from:
Net investment income		(0.24	)		(0.15	)		(0.20	)		(0.25	)		(0.25	)
Total dividends and distributions		(0.24	)		(0.15	)		(0.20	)		(0.25	)		(0.25	)
Net asset value, end of period		$10.38			$10.61			$11.04			$10.87			$10.74
Total return2		0.11%	3		(2.60%	)		3.37%			3.54%			3.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,284			$140,580			$122	4		$130	4		$169	4
Ratio of expenses to average net assets5		0.54%			0.53%			0.53%			0.53%			0.51%
Ratio of expenses to average net assets prior to fees waived5		0.55%			0.53%			0.53%			0.53%			0.51%
Ratio of net investment income to average net assets		1.73%			1.34%			1.77%			2.25%			2.30%
Ratio of net investment income to average net assets prior to fees waived		1.72%			1.34%			1.77%			2.25%			2.30%
Portfolio turnover		120%			88%			55%			61%			83%


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

202

Delaware Ivy Limited-Term Bond Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.61			$11.04			$10.87			$10.74			$10.64
Income (loss) from investment operations:
Net investment income1		0.18			0.06			0.12			0.16			0.17
Net realized and unrealized gain (loss)		(0.23	)		(0.43	)		0.16			0.14			0.10
Total from investment operations		(0.05	)		(0.37	)		0.28			0.30			0.27
Less dividends and distributions from:
Net investment income		(0.18	)		(0.06	)		(0.11	)		(0.17	)		(0.17	)
Total dividends and distributions		(0.18	)		(0.06	)		(0.11	)		(0.17	)		(0.17	)
Net asset value, end of period		$10.38			$10.61			$11.04			$10.87			$10.74
Total return2		(0.46%)	3		(3.34%	)		2.61%			2.76%			2.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$336			$478			$—	4,5		$1	4		$—	4,5
Ratio of expenses to average net assets6		1.13%			1.29%			1.27%			1.28%			1.26%
Ratio of expenses to average net assets prior to fees waived6		1.16%			1.29%			1.27%			1.28%			1.26%
Ratio of net investment income to average net assets		1.76%			0.59%			1.06%			1.47%			1.54%
Ratio of net investment income to average net assets prior to fees waived		1.73%			0.59%			1.06%			1.47%			1.54%
Portfolio turnover		120%			88%			55%			61%			83%


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

203

Financial highlights

Delaware Ivy Limited-Term Bond Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.61			$11.04			$10.87			$10.74			$10.64
Income (loss) from investment operations:
Net investment income1		0.21			0.11			0.16			0.20			0.21
Net realized and unrealized gain (loss)		(0.23	)		(0.43	)		0.16			0.14			0.10
Total from investment operations		(0.02	)		(0.32	)		0.32			0.34			0.31
Less dividends and distributions from:
Net investment income		(0.21	)		(0.11	)		(0.15	)		(0.21	)		(0.21	)
Total dividends and distributions		(0.21	)		(0.11	)		(0.15	)		(0.21	)		(0.21	)
Net asset value, end of period		$10.38			$10.61			$11.04			$10.87			$10.74
Total return2		(0.18%)	3		(2.95%)	3		2.99%	3		3.14%	3		2.95%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,955			$2,129			$3	4		$6	4		$7	4
Ratio of expenses to average net assets5		0.85%			0.89%			0.89%			0.91%			0.91%
Ratio of expenses to average net assets prior to fees waived5		0.89%			0.93%			0.93%			0.96%			0.91%
Ratio of net investment income to average net assets		2.06%			0.98%			1.45%			1.88%			1.89%
Ratio of net investment income to average net assets prior to fees waived		2.02%			0.94%			1.41%			1.83%			1.89%
Portfolio turnover		120%			88%			55%			61%			83%


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

204

Delaware Ivy Managed International Opportunities Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$11.31			$12.52			$7.80			$10.18			$11.87
Income (loss) from investment operations:
Net investment income1		0.07			0.26			0.08			0.18			0.14
Net realized and unrealized gain (loss)		(0.62	)		(1.16	)		4.73			(1.88	)		(1.08	)
Total from investment operations		(0.55	)		(0.90	)		4.81			(1.70	)		(0.94	)
Less dividends and distributions from:
Net investment income		—			(0.28	)		(0.09	)		(0.20	)		(0.16	)
Net realized gain		(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		(1.41	)		(0.31	)		(0.09	)		(0.68	)		(0.75	)
Net asset value, end of period		$9.35			$11.31			$12.52			$7.80			$10.18
Total return2		(3.79%	)		(7.34%	)		61.81%			(18.31%	)		(7.32%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$36,341			$51,379			$64	3		$45	3		$66	3
Ratio of expenses to average net assets4		0.68%			0.46%			0.46%			0.48%			0.49%
Ratio of expenses to average net assets prior to fees waived4		0.73%			0.59%			0.50%			0.51%			0.51%
Ratio of net investment income to average net assets		0.73%			2.06%			0.80%			1.82%			1.32%
Ratio of net investment income to average net assets prior to fees waived		0.68%			1.93%			0.76%			1.79%			1.30%
Portfolio turnover		19%			36%			17%			10%			71%


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

205

Financial highlights

Delaware Ivy Managed International Opportunities Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.99			$12.22			$7.53			$9.92			$11.64
Income (loss) from investment operations:
Net investment income (loss)1		(0.02)	2		0.17			—	3		0.10			0.06
Net realized and unrealized gain (loss)		(0.60	)		(1.16	)		4.73			(1.86	)		(1.09	)
Total from investment operations		(0.62	)		(0.99	)		4.73			(1.76	)		(1.03	)
Less dividends and distributions from:
Net investment income		—			(0.21	)		(0.04	)		(0.15	)		(0.10	)
Net realized gain		(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		(1.41	)		(0.24	)		(0.04	)		(0.63	)		(0.69	)
Net asset value, end of period		$8.96			$10.99			$12.22			$7.53			$9.92
Total return4		(4.57%	)		(8.22%	)		62.89%			(19.36%	)		(8.32%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$566			$876			$1	5		$1	5		$2	5
Ratio of expenses to average net assets6		1.56%			1.25%			1.25%			1.29%			1.29%
Ratio of expenses to average net assets prior to fees waived6		1.67%			1.48%			1.36%			1.36%			1.31%
Ratio of net investment income (loss) to average net assets		(0.21%	)		1.34%			0.01%			0.98%			0.58%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.32%	)		1.11%			(0.10%	)		0.91%			0.56%
Portfolio turnover		19%			36%			17%			10%			71%


1	Calculated using average shares outstanding.
2	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.
3	Amount is less than $(0.005) per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

206

Delaware Ivy Managed International Opportunities Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$11.40			$12.61			$7.87			$10.24			$11.93
Income (loss) from investment operations:
Net investment income1		—	2		0.29			0.12			0.22			0.18
Net realized and unrealized gain (loss)		(0.52	)		(1.16	)		4.74			(1.88	)		(1.09	)
Total from investment operations		(0.52	)		(0.87	)		4.86			(1.66	)		(0.91	)
Less dividends and distributions from:
Net investment income		—			(0.31	)		(0.12	)		(0.23	)		(0.19	)
Net realized gain		(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		(1.41	)		(0.34	)		(0.12	)		(0.71	)		(0.78	)
Net asset value, end of period		$9.47			$11.40			$12.61			$7.87			$10.24
Total return3		(3.50%	)		(7.08%	)		61.80%			(17.91%	)		(7.03%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$41,079			$80,847			$112	4		$90	4		$109	4
Ratio of expenses to average net assets5		0.34%			0.16%			0.16%			0.16%			0.16%
Ratio of expenses to average net assets prior to fees waived5		0.39%			0.20%			0.19%			0.19%			0.19%
Ratio of net investment income to average net assets		0.01%			2.23%			1.10%			2.19%			1.59%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.04%	)		2.19%			1.07%			2.16%			1.56%
Portfolio turnover		19%			36%			17%			10%			71%


1	Calculated using average shares outstanding.
2	Amount is less than $0.005 per share.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

207

Financial highlights

Delaware Ivy Managed International Opportunities Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$11.41			$12.62			$7.88			$10.25			$11.94
Income (loss) from investment operations:
Net investment income1		0.24			0.23			0.12			0.23			0.19
Net realized and unrealized gain (loss)		(0.76	)		(1.10	)		4.74			(1.89	)		(1.10	)
Total from investment operations		(0.52	)		(0.87	)		4.86			(1.66	)		(0.91	)
Less dividends and distributions from:
Net investment income		—			(0.31	)		(0.12	)		(0.23	)		(0.19	)
Net realized gain		(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		(1.41	)		(0.34	)		(0.12	)		(0.71	)		(0.78	)
Net asset value, end of period		$9.48			$11.41			$12.62			$7.88			$10.25
Total return2		(3.48%	)		(7.07%	)		61.72%			(17.90%	)		(7.03%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$76			$81			$1	3		$—	3,4		$—	3,4
Ratio of expenses to average net assets5		0.43%			0.16%			0.16%			0.16%			0.16%
Ratio of expenses to average net assets prior to fees waived5		0.45%			0.21%			0.18%			0.19%			0.17%
Ratio of net investment income to average net assets		2.47%			1.82%			1.08%			2.25%			1.71%
Ratio of net investment income to average net assets prior to fees waived		2.45%			1.77%			1.06%			2.22%			1.70%
Portfolio turnover		19%			36%			17%			10%			71%


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

208

Delaware Ivy Managed International Opportunities Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$11.25			$12.47			$7.75			$10.14			$11.83
Income (loss) from investment operations:
Net investment income1		0.17			0.15			0.02			0.18			0.13
Net realized and unrealized gain (loss)		(0.74	)		(1.08	)		4.78			(1.90	)		(1.08	)
Total from investment operations		(0.57	)		(0.93	)		4.80			(1.72	)		(0.95	)
Less dividends and distributions from:
Net investment income		—			(0.26	)		(0.08	)		(0.19	)		(0.15	)
Net realized gain		(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		(1.41	)		(0.29	)		(0.08	)		(0.67	)		(0.74	)
Net asset value, end of period		$9.27			$11.25			$12.47			$7.75			$10.14
Total return2		(4.01%)	3		(7.58%)	3		62.03%	3		(18.59%	)		(7.47%)	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$91			$75			$—	4,5		$1	4		$1	4
Ratio of expenses to average net assets6		0.90%			0.67%			0.66%			0.67%			0.66%
Ratio of expenses to average net assets prior to fees waived6		0.92%			0.70%			0.67%			0.67%			0.67%
Ratio of net investment income to average net assets		1.71%			1.18%			0.23%			1.77%			1.16%
Ratio of net investment income to average net assets prior to fees waived		1.69%			1.15%			0.22%			1.77%			1.15%
Portfolio turnover		19%			36%			17%			10%			71%


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

209

Financial highlights

Delaware Ivy Managed International Opportunities Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$11.32			$12.53			$7.81			$10.18			$11.87
Income (loss) from investment operations:
Net investment income1		0.04			0.28			0.09			0.10			0.16
Net realized and unrealized gain (loss)		(0.58	)		(1.17	)		4.73			(1.78	)		(1.09	)
Total from investment operations		(0.54	)		(0.89	)		4.82			(1.68	)		(0.93	)
Less dividends and distributions from:
Net investment income		—			(0.29	)		(0.10	)		(0.21	)		(0.17	)
Net realized gain		(1.41	)		(0.03	)		—			(0.48	)		(0.59	)
Total dividends and distributions		(1.41	)		(0.32	)		(0.10	)		(0.69	)		(0.76	)
Net asset value, end of period		$9.37			$11.32			$12.53			$7.81			$10.18
Total return2		(3.70%	)		(7.27%	)		61.81%			(18.15%	)		(7.24%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$96			$135			$—	3, 4		$—	3, 4		$1	3
Ratio of expenses to average net assets5		0.61%			0.38%			0.38%			0.38%			0.38%
Ratio of expenses to average net assets prior to fees waived5		0.66%			0.48%			0.44%			0.76%			0.43%
Ratio of net investment income to average net assets		0.36%			2.16%			0.82%			0.95%			1.44%
Ratio of net investment income to average net assets prior to fees waived		0.31%			2.06%			0.76%			0.57%			1.39%
Portfolio turnover		19%			36%			17%			10%			71%


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

210

Delaware Ivy Municipal Bond Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.95			$11.89			$11.68			$11.70			$11.72
Income (loss) from investment operations:
Net investment income1		0.35			0.30			0.26			0.34			0.40
Net realized and unrealized gain (loss)		(0.77	)		(0.88	)		0.21			(0.03	)		(0.03	)
Total from investment operations		(0.42	)		(0.58	)		0.47			0.31			0.37
Less dividends and distributions from:
Net investment income		(0.37	)		(0.25	)		(0.26	)		(0.33	)		(0.39	)
Net realized gain		(0.03	)		(0.11	)		—			—			—
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.41	)		(0.36	)		(0.26	)		(0.33	)		(0.39	)
Net asset value, end of period		$10.12			$10.95			$11.89			$11.68			$11.70
Total return2		(3.83%	)		(5.09%	)		4.07%			2.68%			3.28%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$244,981			$375,510			$445	3		$453	3		$476	3
Ratio of expenses to average net assets4		0.81%			0.83%			0.83%			0.84%			0.84%
Ratio of expenses to average net assets prior to fees waived4		0.97%			0.87%			0.90%			0.91%			0.90%
Ratio of net investment income to average net assets		3.46%			2.50%			2.21%			2.87%			3.38%
Ratio of net investment income to average net assets prior to fees waived		3.30%			2.46%			2.14%			2.80%			3.32%
Portfolio turnover		49%			60%			22%			18%			7%


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

211

Financial highlights

Delaware Ivy Municipal Bond Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.95			$11.89			$11.68			$11.70			$11.72
Income (loss) from investment operations:
Net investment income1		0.27			0.18			0.16			0.24			0.30
Net realized and unrealized gain (loss)		(0.78	)		(0.86	)		0.21			(0.03	)		(0.01	)
Total from investment operations		(0.51	)		(0.68	)		0.37			0.21			0.29
Less dividends and distributions from:
Net investment income		(0.28	)		(0.15	)		(0.16	)		(0.23	)		(0.31	)
Net realized gain		(0.03	)		(0.11	)		—			—			—
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.32	)		(0.26	)		(0.16	)		(0.23	)		(0.31	)
Net asset value, end of period		$10.12			$10.95			$11.89			$11.68			$11.70
Total return2		(4.65%)	3		(5.87%	)		3.14%			1.80%			2.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$3,401			$4,842			$8	4		$16	4		$19	4
Ratio of expenses to average net assets5		1.68%			1.67%			1.73%			1.72%			1.70%
Ratio of expenses to average net assets prior to fees waived5		1.93%			1.67%			1.73%			1.72%			1.70%
Ratio of net investment income to average net assets		2.61%			1.56%			1.36%			2.00%			2.53%
Ratio of net investment income to average net assets prior to fees waived		2.36%			1.56%			1.36%			2.00%			2.53%
Portfolio turnover		49%			60%			22%			18%			7%


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

212

Delaware Ivy Municipal Bond Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.95			$11.89			$11.68			$11.70			$11.72
Income (loss) from investment operations:
Net investment income1		0.37			0.31			0.28			0.36			0.42
Net realized and unrealized gain (loss)		(0.77	)		(0.88	)		0.21			(0.03	)		(0.02	)
Total from investment operations		(0.40	)		(0.57	)		0.49			0.33			0.40
Less dividends and distributions from:
Net investment income		(0.39	)		(0.26	)		(0.28	)		(0.35	)		(0.42	)
Net realized gain		(0.03	)		(0.11	)		—			—			—
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.43	)		(0.37	)		(0.28	)		(0.35	)		(0.42	)
Net asset value, end of period		$10.12			$10.95			$11.89			$11.68			$11.70
Total return2		(3.62%	)		(4.96%	)		4.21%			2.83%			3.53%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$103,953			$238,886			$302	3		$293	3		$315	3
Ratio of expenses to average net assets4		0.62%			0.70%			0.70%			0.70%			0.70%
Ratio of expenses to average net assets prior to fees waived4		0.69%			0.72%			0.74%			0.74%			0.73%
Ratio of net investment income to average net assets		3.54%			2.59%			2.33%			3.01%			3.52%
Ratio of net investment income to average net assets prior to fees waived		3.47%			2.57%			2.29%			2.97%			3.49%
Portfolio turnover		49%			60%			22%			18%			7%


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

213

Financial highlights

Delaware Ivy Municipal Bond Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.95			$11.89			$11.68			$11.70			$11.72
Income (loss) from investment operations:
Net investment income1		0.38			0.32			0.29			0.36			0.43
Net realized and unrealized gain (loss)		(0.78	)		(0.87	)		0.21			(0.02	)		(0.02	)
Total from investment operations		(0.40	)		(0.55	)		0.50			0.34			0.41
Less dividends and distributions from:
Net investment income		(0.39	)		(0.28	)		(0.29	)		(0.36	)		(0.43	)
Net realized gain		(0.03	)		(0.11	)		—			—			—
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.43	)		(0.39	)		(0.29	)		(0.36	)		(0.43	)
Net asset value, end of period		$10.12			$10.95			$11.89			$11.68			$11.70
Total return2		(3.60%)	3		(4.84%	)		4.32%			2.94%			3.62%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$795			$1,124			$1	4		$1	4		$1	4
Ratio of expenses to average net assets5		0.58%			0.58%			0.60%			0.60%			0.59%
Ratio of expenses to average net assets prior to fees waived5		0.66%			0.58%			0.60%			0.60%			0.59%
Ratio of net investment income to average net assets		3.68%			2.75%			2.43%			3.09%			3.62%
Ratio of net investment income to average net assets prior to fees waived		3.60%			2.75%			2.43%			3.09%			3.62%
Portfolio turnover		49%			60%			22%			18%			7%


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

214

Delaware Ivy Municipal High Income Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$4.81			$5.04			$4.87			$5.02			$5.05
Income (loss) from investment operations:
Net investment income1		0.15			0.21			0.17			0.19			0.22
Net realized and unrealized gain (loss)		(0.48	)		(0.28	)		0.17			(0.15	)		(0.03	)
Total from investment operations		(0.33	)		(0.07	)		0.34			0.04			0.19
Less dividends and distributions from:
Net investment income		(0.19	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)
Total dividends and distributions		(0.19	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)
Net asset value, end of period		$4.29			$4.81			$5.04			$4.87			$5.02
Total return2		(6.78%)	3		(1.44%	)		7.13%			0.72%			3.76%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$357,078			$556,920			$6,367	4		$610	4		$665	4
Ratio of expenses to average net assets5		0.88%			0.89%			0.89%			0.88%			0.87%
Ratio of expenses to average net assets prior to fees waived5		0.94%			0.89%			0.89%			0.88%			0.87%
Ratio of net investment income to average net assets		3.42%			4.14%			3.47%			3.76%			4.32%
Ratio of net investment income to average net assets prior to fees waived		3.36%			4.14%			3.47%			3.76%			4.32%
Portfolio turnover		79%			42%			7%			18%			10%


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

215

Financial highlights

Delaware Ivy Municipal High Income Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$4.81			$5.04			$4.87			$5.02			$5.05
Income (loss) from investment operations:
Net investment income1		0.11			0.17			0.14			0.15			0.18
Net realized and unrealized gain (loss)		(0.47	)		(0.27	)		0.17			(0.15	)		(0.03	)
Total from investment operations		(0.36	)		(0.10	)		0.31			—			0.15
Less dividends and distributions from:
Net investment income		(0.16	)		(0.13	)		(0.14	)		(0.15	)		(0.18	)
Total dividends and distributions		(0.16	)		(0.13	)		(0.14	)		(0.15	)		(0.18	)
Net asset value, end of period		$4.29			$4.81			$5.04			$4.87			$5.02
Total return2		(7.44%	)		(2.12%	)		6.39%			0.01%			3.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$10,442			$18,899			$30	3		$79	3		$106	3
Ratio of expenses to average net assets4		1.58%			1.58%			1.58%			1.58%			1.58%
Ratio of expenses to average net assets prior to fees waived4		1.87%			1.71%			1.68%			1.65%			1.63%
Ratio of net investment income to average net assets		2.59%			3.32%			2.85%			3.06%			3.63%
Ratio of net investment income to average net assets prior to fees waived		2.30%			3.19%			2.75%			2.99%			3.58%
Portfolio turnover		79%			42%			7%			18%			10%


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

216

Delaware Ivy Municipal High Income Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$4.81			$5.04			$4.87			$5.02			$5.05
Income (loss) from investment operations:
Net investment income1		0.16			0.23			0.19			0.20			0.23
Net realized and unrealized gain (loss)		(0.47	)		(0.28	)		0.17			(0.15	)		(0.03	)
Total from investment operations		(0.31	)		(0.05	)		0.36			0.05			0.20
Less dividends and distributions from:
Net investment income		(0.21	)		(0.18	)		(0.19	)		(0.20	)		(0.23	)
Total dividends and distributions		(0.21	)		(0.18	)		(0.19	)		(0.20	)		(0.23	)
Net asset value, end of period		$4.29			$4.81			$5.04			$4.87			$5.02
Total return2		(6.53%	)		(1.16%	)		7.42%			0.99%			4.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$144,710			$278,654			$313	3		$355	3		$413	3
Ratio of expenses to average net assets4		0.61%			0.61%			0.61%			0.61%			0.64%
Ratio of expenses to average net assets prior to fees waived4		0.63%			0.75%			0.74%			0.72%			0.71%
Ratio of net investment income to average net assets		3.58%			4.42%			3.76%			4.02%			4.57%
Ratio of net investment income to average net assets prior to fees waived		3.56%			4.28%			3.63%			3.91%			4.50%
Portfolio turnover		79%			42%			7%			18%			10%


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

217

Financial highlights

Delaware Ivy Municipal High Income Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$4.81			$5.04			$4.87			$5.02			$5.05
Income (loss) from investment operations:
Net investment income1		0.16			0.23			0.19			0.20			0.23
Net realized and unrealized gain (loss)		(0.48	)		(0.28	)		0.17			(0.14	)		(0.03	)
Total from investment operations		(0.32	)		(0.05	)		0.36			0.06			0.20
Less dividends and distributions from:
Net investment income		(0.20	)		(0.18	)		(0.19	)		(0.21	)		(0.23	)
Total dividends and distributions		(0.20	)		(0.18	)		(0.19	)		(0.21	)		(0.23	)
Net asset value, end of period		$4.29			$4.81			$5.04			$4.87			$5.02
Total return2		(6.55%)	3		(1.15%	)		7.43%			1.03%			4.13%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,118			$1,095			$1	4		$1	4		$1	4
Ratio of expenses to average net assets5		0.64%			0.60%			0.60%			0.58%			0.57%
Ratio of expenses to average net assets prior to fees waived5		0.65%			0.60%			0.60%			0.58%			0.57%
Ratio of net investment income to average net assets		3.72%			4.46%			3.77%			4.03%			4.56%
Ratio of net investment income to average net assets prior to fees waived		3.71%			4.46%			3.77%			4.03%			4.56%
Portfolio turnover		79%			42%			7%			18%			10%


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

218

Delaware Ivy Municipal High Income Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$4.81			$5.04			$4.87			$5.02			$5.05
Income (loss) from investment operations:
Net investment income1		0.15			0.21			0.17			0.19			0.22
Net realized and unrealized gain (loss)		(0.48	)		(0.28	)		0.17			(0.15	)		(0.03	)
Total from investment operations		(0.33	)		(0.07	)		0.34			0.04			0.19
Less dividends and distributions from:
Net investment income		(0.19	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)
Total dividends and distributions		(0.19	)		(0.16	)		(0.17	)		(0.19	)		(0.22	)
Net asset value, end of period		$4.29			$4.81			$5.04			$4.87			$5.02
Total return2		(6.79%	)		(1.44%	)		7.12%			0.72%			3.79%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,997			$3,955			$4	3		$6	3		$7	3
Ratio of expenses to average net assets4		0.89%			0.89%			0.89%			0.88%			0.87%
Ratio of expenses to average net assets prior to fees waived4		0.91%			1.00%			0.99%			0.98%			0.96%
Ratio of net investment income to average net assets		3.45%			4.14%			3.49%			3.75%			4.36%
Ratio of net investment income to average net assets prior to fees waived		3.43%			4.03%			3.39%			3.65%			4.27%
Portfolio turnover		79%			42%			7%			18%			10%


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

219

Financial highlights

Delaware Ivy Natural Resources Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$16.92			$12.42			$7.85			$13.45			$14.82
Income (loss) from investment operations:
Net investment income1		0.35			0.21			0.09			0.13			0.12
Net realized and unrealized gain (loss)		(1.20	)		4.61			4.51			(5.51	)		(1.49	)
Total from investment operations		(0.85	)		4.82			4.60			(5.38	)		(1.37	)
Less dividends and distributions from:
Net investment income		(0.32	)		(0.32	)		(0.03	)		(0.22	)		—
Total dividends and distributions		(0.32	)		(0.32	)		(0.03	)		(0.22	)		—
Net asset value, end of period		$15.75			$16.92			$12.42			$7.85			$13.45
Total return2		(5.03%)	3		39.47%			58.68%			(40.58%	)		(9.31%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$150,383			$170,746			$136	4		$102	4		$218	4
Ratio of expenses to average net assets5		1.44%			1.82%			1.84%			1.77%			1.59%
Ratio of expenses to average net assets prior to fees waived5		1.65%			1.82%			1.84%			1.77%			1.59%
Ratio of net investment income to average net assets		2.20%			1.57%			0.82%			1.05%			0.82%
Ratio of net investment income to average net assets prior to fees waived		1.99%			1.57%			0.82%			1.05%			0.82%
Portfolio turnover		48%			116%			52%			44%			21%


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

220

Delaware Ivy Natural Resources Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$13.81			$10.22			$6.48			$11.13			$12.33
Income (loss) from investment operations:
Net investment income1		0.19			0.09			0.01			0.03			0.03
Net realized and unrealized gain (loss)		(0.98	)		3.77			3.74			(4.55	)		(1.23	)
Total from investment operations		(0.79	)		3.86			3.75			(4.52	)		(1.20	)
Less dividends and distributions from:
Net investment income		(0.31	)		(0.27	)		(0.01	)		(0.13	)		—
Total dividends and distributions		(0.31	)		(0.27	)		(0.01	)		(0.13	)		—
Net asset value, end of period		$12.71			$13.81			$10.22			$6.48			$11.13
Total return2		(5.76%)	3		38.45%			57.83%			(41.02%	)		(9.73%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$3,846			$3,460			$3	4		$5	4		$21	4
Ratio of expenses to average net assets5		2.20%			2.52%			2.49%			2.48%			2.07%
Ratio of expenses to average net assets prior to fees waived5		2.42%			2.52%			2.49%			2.48%			2.07%
Ratio of net investment income to average net assets		1.46%			0.84%			0.07%			0.30%			0.28%
Ratio of net investment income to average net assets prior to fees waived		1.24%			0.84%			0.07%			0.03%			0.28%
Portfolio turnover		48%			116%			52%			44%			21%


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

221

Financial highlights

Delaware Ivy Natural Resources Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$17.72			$12.99			$8.18			$14.06			$15.50
Income (loss) from investment operations:
Net investment income1		0.42			0.31			0.16			0.21			0.20
Net realized and unrealized gain (loss)		(1.25	)		4.82			4.73			(5.74	)		(1.57	)
Total from investment operations		(0.83	)		5.13			4.89			(5.53	)		(1.37	)
Less dividends and distributions from:
Net investment income		(0.37	)		(0.40	)		(0.08	)		(0.35	)		(0.07	)
Total dividends and distributions		(0.37	)		(0.40	)		(0.08	)		(0.35	)		(0.07	)
Net asset value, end of period		$16.52			$17.72			$12.99			$8.18			$14.06
Total return2		(4.73%)	3		40.30%			59.85%			(40.26%	)		(8.86%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$76,474			$84,343			$71	4		$54	4		$106	4
Ratio of expenses to average net assets5		1.11%			1.21%			1.20%			1.19%			1.10%
Ratio of expenses to average net assets prior to fees waived5		1.14%			1.21%			1.20%			1.19%			1.10%
Ratio of net investment income to average net assets		2.52%			2.17%			1.46%			1.63%			1.30%
Ratio of net investment income to average net assets prior to fees waived		2.49%			2.17%			1.46%			1.63%			1.30%
Portfolio turnover		48%			116%			52%			44%			21%


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

222

Delaware Ivy Natural Resources Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$17.79			$13.03			$8.21			$14.12			$15.58
Income (loss) from investment operations:
Net investment income1		0.42			0.36			0.18			0.23			0.23
Net realized and unrealized gain (loss)		(1.24	)		4.82			4.73			(5.75	)		(1.59	)
Total from investment operations		(0.82	)		5.18			4.91			(5.52	)		(1.36	)
Less dividends and distributions from:
Net investment income		(0.41	)		(0.42	)		(0.09	)		(0.39	)		(0.10	)
Total dividends and distributions		(0.41	)		(0.42	)		(0.09	)		(0.39	)		(0.10	)
Net asset value, end of period		$16.56			$17.79			$13.03			$8.21			$14.12
Total return2		(4.63%)	3		40.61%			59.94%			(40.11%	)		(8.71%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,213			$2,228			$1	4		$3	4		$5	4
Ratio of expenses to average net assets5		1.03%			1.04%			0.99%			1.02%			0.93%
Ratio of expenses to average net assets prior to fees waived5		1.07%			1.04%			0.99%			1.02%			0.93%
Ratio of net investment income to average net assets		2.49%			2.46%			1.64%			1.81%			1.48%
Ratio of net investment income to average net assets prior to fees waived		2.45%			2.46%			1.64%			1.81%			1.48%
Portfolio turnover		48%			116%			52%			44%			21%


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

223

Financial highlights

Delaware Ivy Natural Resources Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$16.69			$12.25			$7.75			$13.26			$14.63
Income (loss) from investment operations:
Net investment income1		0.32			0.22			0.09			0.13			0.10
Net realized and unrealized gain (loss)		(1.19	)		4.54			4.45			(5.42	)		(1.47	)
Total from investment operations		(0.87	)		4.76			4.54			(5.29	)		(1.37	)
Less dividends and distributions from:
Net investment income		(0.30	)		(0.32	)		(0.04	)		(0.22	)		—
Total dividends and distributions		(0.30	)		(0.32	)		(0.04	)		(0.22	)		—
Net asset value, end of period		$15.52			$16.69			$12.25			$7.75			$13.26
Total return2		(5.21%)	3		39.60%			58.67%			(40.53%	)		(9.36%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$12,202			$14,145			$12	4		$7	4		$15	4
Ratio of expenses to average net assets5		1.64%			1.78%			1.77%			1.76%			1.67%
Ratio of expenses to average net assets prior to fees waived5		1.66%			1.78%			1.77%			1.76%			1.67%
Ratio of net investment income to average net assets		2.03%			1.60%			0.90%			1.06%			0.73%
Ratio of net investment income to average net assets prior to fees waived		2.01%			1.60%			0.90%			1.06%			0.73%
Portfolio turnover		48%			116%			52%			44%			21%


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

224

Delaware Ivy Natural Resources Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$17.38			$12.74			$8.04			$13.79			$15.21
Income (loss) from investment operations:
Net investment income1		0.38			0.28			0.13			0.17			0.16
Net realized and unrealized gain (loss)		(1.24	)		4.73			4.63			(5.63	)		(1.54	)
Total from investment operations		(0.86	)		5.01			4.76			(5.46	)		(1.38	)
Less dividends and distributions from:
Net investment income		(0.33	)		(0.37	)		(0.06	)		(0.29	)		(0.04	)
Total dividends and distributions		(0.33	)		(0.37	)		(0.06	)		(0.29	)		(0.04	)
Net asset value, end of period		$16.19			$17.38			$12.74			$8.04			$13.79
Total return2		(4.95%)	3		40.08%			59.33%			(40.40%	)		(9.03%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$12,632			$14,348			$11	4		$8	4		$18	4
Ratio of expenses to average net assets5		1.35%			1.42%			1.42%			1.42%			1.33%
Ratio of expenses to average net assets prior to fees waived5		1.38%			1.42%			1.42%			1.42%			1.33%
Ratio of net investment income to average net assets		2.27%			1.97%			1.23%			1.39%			1.09%
Ratio of net investment income to average net assets prior to fees waived		2.24%			1.97%			1.23%			1.39%			1.09%
Portfolio turnover		48%			116%			52%			44%			21%


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

225

Financial highlights

Delaware Ivy International Value Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$16.57			$18.54			$11.08			$14.93			$18.08
Income (loss) from investment operations:
Net investment income1		0.16			0.21			0.16			0.32			0.16
Net realized and unrealized gain (loss)		(0.31	)		(1.76	)		7.48			(3.81	)		(1.33	)
Total from investment operations		(0.15	)		(1.55	)		7.64			(3.49	)		(1.17	)
Less dividends and distributions from:
Net investment income		—			(0.42	)		(0.18	)		(0.36	)		(0.07	)
Net realized gain		(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		(1.51	)		(0.42	)		(0.18	)		(0.36	)		(1.98	)
Net asset value, end of period		$14.91			$16.57			$18.54			$11.08			$14.93
Total return2		0.23%	3		(8.50%	)		69.18%	3		(24.08%)	3		(6.19%)	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$41,665			$53,118			$66	4		$45	4		$75	4
Ratio of expenses to average net assets5		1.37%			1.45%			1.55%			1.56%			1.55%
Ratio of expenses to average net assets prior to fees waived5		1.79%			1.45%			1.76%			1.77%			1.75%
Ratio of net investment income to average net assets		1.10%			1.13%			1.08%			2.19%			0.99%
Ratio of net investment income to average net assets prior to fees waived		0.68%			1.13%			0.87%			1.98%			0.79%
Portfolio turnover		36%			119%			20%			26%			85%


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

226

Delaware Ivy International Value Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$15.29			$17.16			$10.28			$13.89			$16.99
Income (loss) from investment operations:
Net investment income1		0.06			0.04			0.02			0.22			0.06
Net realized and unrealized gain (loss)		(0.31	)		(1.62	)		6.95			(3.55	)		(1.25	)
Total from investment operations		(0.25	)		(1.58	)		6.97			(3.33	)		(1.19	)
Less dividends and distributions from:
Net investment income		—			(0.29	)		(0.09	)		(0.28	)		—
Net realized gain		(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		(1.51	)		(0.29	)		(0.09	)		(0.28	)		(1.91	)
Net asset value, end of period		$13.53			$15.29			$17.16			$10.28			$13.89
Total return2		(0.42%)	3		(9.30%	)		67.92%	3		(24.55%)	3		(6.74%)	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$396			$650			$1	4		$1	4		$2	4
Ratio of expenses to average net assets5		2.12%			2.28%			2.31%			2.20%			2.13%
Ratio of expenses to average net assets prior to fees waived5		2.52%			2.28%			2.52%			2.41%			2.33%
Ratio of net investment income to average net assets		0.44%			0.23%			0.18%			1.57%			0.39%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.04%			0.23%			(0.03%	)		1.36%			0.19%
Portfolio turnover		36%			119%			20%			26%			85%


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

227

Financial highlights

Delaware Ivy International Value Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$17.03			$19.05			$11.37			$15.30			$18.48
Income (loss) from investment operations:
Net investment income1		0.24			0.30			0.22			0.39			0.24
Net realized and unrealized gain (loss)		(0.33	)		(1.83	)		7.70			(3.89	)		(1.37	)
Total from investment operations		(0.09	)		(1.53	)		7.92			(3.50	)		(1.13	)
Less dividends and distributions from:
Net investment income		—			(0.49	)		(0.24	)		(0.43	)		(0.14	)
Net realized gain		(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		(1.51	)		(0.49	)		(0.24	)		(0.43	)		(2.05	)
Net asset value, end of period		$15.43			$17.03			$19.05			$11.37			$15.30
Total return2		0.58%	3		(8.21%	)		69.97%	3		(23.71%)	3		(5.79%)	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$40,058			$66,566			$92	4		$74	4		$95	4
Ratio of expenses to average net assets5		1.06%			1.08%			1.12%			1.11%			1.12%
Ratio of expenses to average net assets prior to fees waived5		1.26%			1.08%			1.33%			1.32%			1.32%
Ratio of net investment income to average net assets		1.62%			1.54%			1.48%			2.60%			1.43%
Ratio of net investment income to average net assets prior to fees waived		1.42%			1.54%			1.27%			2.39%			1.23%
Portfolio turnover		36%			119%			20%			26%			85%


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

228

Delaware Ivy International Value Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$17.08			$19.11			$11.40			$15.34			$18.53
Income (loss) from investment operations:
Net investment income1		0.23			0.32			0.24			0.43			0.28
Net realized and unrealized gain (loss)		(0.32	)		(1.83	)		7.74			(3.91	)		(1.39	)
Total from investment operations		(0.09	)		(1.51	)		7.98			(3.48	)		(1.11	)
Less dividends and distributions from:
Net investment income		—			(0.52	)		(0.27	)		(0.46	)		(0.17	)
Net realized gain		(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		(1.51	)		(0.52	)		(0.27	)		(0.46	)		(2.08	)
Net asset value, end of period		$15.48			$17.08			$19.11			$11.40			$15.34
Total return2		0.58%	3		(8.08%	)		70.31%	3		(23.58%)	3		(5.66%)	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$44,969			$66,050			$90	4		$84	4		$105	4
Ratio of expenses to average net assets5		1.03%			0.92%			0.94%			0.93%			0.91%
Ratio of expenses to average net assets prior to fees waived5		1.16%			0.92%			1.15%			1.14%			1.11%
Ratio of net investment income to average net assets		1.51%			1.69%			1.62%			2.84%			1.72%
Ratio of net investment income to average net assets prior to fees waived		1.38%			1.69%			1.41%			2.63%			1.52%
Portfolio turnover		36%			119%			20%			26%			85%


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

229

Financial highlights

Delaware Ivy International Value Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$16.52			$18.50			$11.06			$14.90			$18.05
Income (loss) from investment operations:
Net investment income1		0.07			0.50			0.14			0.30			0.14
Net realized and unrealized gain (loss)		(0.24	)		(2.10	)		7.47			(3.79	)		(1.33	)
Total from investment operations		(0.17	)		(1.60	)		7.61			(3.49	)		(1.19	)
Less dividends and distributions from:
Net investment income		—			(0.38	)		(0.17	)		(0.35	)		(0.05	)
Net realized gain		(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		(1.51	)		(0.38	)		(0.17	)		(0.35	)		(1.96	)
Net asset value, end of period		$14.84			$16.52			$18.50			$11.06			$14.90
Total return2		0.10%	3		(8.79%	)		68.98%	3		(24.13%)	3		(6.33%)	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$132			$6			$—	4,5		$—	4,5		$—	4,5
Ratio of expenses to average net assets6		1.47%			1.75%			1.69%			1.67%			1.69%
Ratio of expenses to average net assets prior to fees waived6		1.89%			1.75%			1.90%			1.88%			1.89%
Ratio of net investment income to average net assets		0.52%			2.66%			0.98%			2.03%			0.85%
Ratio of net investment income to average net assets prior to fees waived		0.10%			2.66%			0.77%			1.82%			0.65%
Portfolio turnover		36%			119%			20%			26%			85%


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

230

Delaware Ivy International Value Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$16.85			$18.85			$11.26			$15.16			$18.33
Income (loss) from investment operations:
Net investment income1		0.18			0.23			0.20			0.38			0.20
Net realized and unrealized gain (loss)		(0.30	)		(1.79	)		7.60			(3.89	)		(1.36	)
Total from investment operations		(0.12	)		(1.56	)		7.80			(3.51	)		(1.16	)
Less dividends and distributions from:
Net investment income		—			(0.44	)		(0.21	)		(0.39	)		(0.10	)
Net realized gain		(1.51	)		—			—			—			(1.91	)
Total dividends and distributions		(1.51	)		(0.44	)		(0.21	)		(0.39	)		(2.01	)
Net asset value, end of period		$15.22			$16.85			$18.85			$11.26			$15.16
Total return2		0.41%	3		(8.43%	)		69.55%	3		(23.93%)	3		(6.04%)	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$689			$953			$1	4		$1	4		$2	4
Ratio of expenses to average net assets5		1.29%			1.34%			1.36%			1.41%			1.36%
Ratio of expenses to average net assets prior to fees waived5		1.50%			1.34%			1.57%			1.62%			1.56%
Ratio of net investment income to average net assets		1.24%			1.23%			1.32%			2.52%			1.17%
Ratio of net investment income to average net assets prior to fees waived		1.03%			1.23%			1.11%			2.31%			0.97%
Portfolio turnover		36%			119%			20%			26%			85%


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

231

Financial highlights

Delaware Ivy Core Bond Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.15			$10.79			$10.49			$10.66			$10.57
Income (loss) from investment operations:
Net investment income1		0.30			0.18			0.20			0.27			0.32
Net realized and unrealized gain (loss)		(0.80	)		(0.59	)		0.57			(0.07	)		0.09
Total from investment operations		(0.50	)		(0.41	)		0.77			0.20			0.41
Less dividends and distributions from:
Net investment income		(0.31	)		(0.20	)		(0.22	)		(0.28	)		(0.32	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.31	)		(0.23	)		(0.47	)		(0.37	)		(0.32	)
Net asset value, end of period		$9.34			$10.15			$10.79			$10.49			$10.66
Total return2		(4.91%	)		(3.95%	)		7.32%			1.79%			3.96%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$135,039			$177,936			$219	3		$199	3		$177	3
Ratio of expenses to average net assets4		0.78%			0.86%			0.87%			1.00%			1.02%
Ratio of expenses to average net assets prior to fees waived4		1.09%			0.98%			0.97%			1.02%			1.05%
Ratio of net investment income to average net assets		3.12%			1.65%			1.77%			2.48%			2.95%
Ratio of net investment income to average net assets prior to fees waived		2.81%			1.53%			1.67%			2.46%			2.92%
Portfolio turnover		128%			86%			98%			118%			91%


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

232

Delaware Ivy Core Bond Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.15			$10.79			$10.49			$10.66			$10.57
Income (loss) from investment operations:
Net investment income1		0.21			0.09			0.11			0.19			0.25
Net realized and unrealized gain (loss)		(0.79	)		(0.59	)		0.58			(0.07	)		0.09
Total from investment operations		(0.58	)		(0.50	)		0.69			0.12			0.34
Less dividends and distributions from:
Net investment income		(0.23	)		(0.11	)		(0.14	)		(0.20	)		(0.25	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.23	)		(0.14	)		(0.39	)		(0.29	)		(0.25	)
Net asset value, end of period		$9.34			$10.15			$10.79			$10.49			$10.66
Total return2		(5.69%	)		(4.71%	)		6.50%			1.02%			3.25%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,022			$6,362			$11	3		$14	3		$13	3
Ratio of expenses to average net assets4		1.61%			1.66%			1.64%			1.75%			1.71%
Ratio of expenses to average net assets prior to fees waived4		2.02%			1.76%			1.74%			1.77%			1.74%
Ratio of net investment income to average net assets		2.27%			0.85%			1.01%			1.73%			2.26%
Ratio of net investment income to average net assets prior to fees waived		1.86%			0.75%			0.91%			1.71%			2.23%
Portfolio turnover		128%			86%			98%			118%			91%


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

233

Financial highlights

Delaware Ivy Core Bond Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.15			$10.79			$10.49			$10.66			$10.57
Income (loss) from investment operations:
Net investment income1		0.32			0.22			0.24			0.32			0.37
Net realized and unrealized gain (loss)		(0.79	)		(0.59	)		0.58			(0.07	)		0.09
Total from investment operations		(0.47	)		(0.37	)		0.82			0.25			0.46
Less dividends and distributions from:
Net investment income		(0.34	)		(0.24	)		(0.27	)		(0.33	)		(0.37	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.34	)		(0.27	)		(0.52	)		(0.42	)		(0.37	)
Net asset value, end of period		$9.34			$10.15			$10.79			$10.49			$10.66
Total return2		(4.61%	)		(3.55%	)		7.77%			2.25%			4.46%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$250,769			$493,000			$772	3		$742	3		$586	3
Ratio of expenses to average net assets4		0.45%			0.45%			0.45%			0.54%			0.54%
Ratio of expenses to average net assets prior to fees waived4		0.64%			0.71%			0.72%			0.73%			0.74%
Ratio of net investment income to average net assets		3.37%			2.06%			2.20%			2.93%			3.43%
Ratio of net investment income to average net assets prior to fees waived		3.18%			1.80%			1.93%			2.74%			3.23%
Portfolio turnover		128%			86%			98%			118%			91%


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

234

Delaware Ivy Core Bond Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.15			$10.79			$10.49			$10.66			$10.57
Income (loss) from investment operations:
Net investment income1		0.32			0.22			0.24			0.32			0.37
Net realized and unrealized gain (loss)		(0.79	)		(0.59	)		0.58			(0.07	)		0.09
Total from investment operations		(0.47	)		(0.37	)		0.82			0.25			0.46
Less dividends and distributions from:
Net investment income		(0.34	)		(0.24	)		(0.27	)		(0.33	)		(0.37	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.34	)		(0.27	)		(0.52	)		(0.42	)		(0.37	)
Net asset value, end of period		$9.34			$10.15			$10.79			$10.49			$10.66
Total return2		(4.60%	)		(3.55%	)		7.77%			2.25%			4.46%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$74,458			$147,696			$184	3		$133	3		$110	3
Ratio of expenses to average net assets4		0.45%			0.45%			0.45%			0.54%			0.54%
Ratio of expenses to average net assets prior to fees waived4		0.62%			0.58%			0.57%			0.58%			0.58%
Ratio of net investment income to average net assets		3.35%			2.06%			2.20%			2.94%			3.41%
Ratio of net investment income to average net assets prior to fees waived		3.18%			1.93%			2.08%			2.90%			3.37%
Portfolio turnover		128%			86%			98%			118%			91%


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

235

Financial highlights

Delaware Ivy Core Bond Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.15			$10.79			$10.49			$10.66			$10.57
Income (loss) from investment operations:
Net investment income1		0.28			0.14			0.16			0.24			0.29
Net realized and unrealized gain (loss)		(0.81	)		(0.59	)		0.57			(0.07	)		0.09
Total from investment operations		(0.53	)		(0.45	)		0.73			0.17			0.38
Less dividends and distributions from:
Net investment income		(0.28	)		(0.16	)		(0.18	)		(0.25	)		(0.29	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.28	)		(0.19	)		(0.43	)		(0.34	)		(0.29	)
Net asset value, end of period		$9.34			$10.15			$10.79			$10.49			$10.66
Total return2		(5.17%	)		(4.28%	)		6.97%			1.48%			3.67%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$891			$863			$1	3		$1	3		$1	3
Ratio of expenses to average net assets4		1.03%			1.21%			1.20%			1.30%			1.30%
Ratio of expenses to average net assets prior to fees waived4		1.20%			1.34%			1.30%			1.32%			1.33%
Ratio of net investment income to average net assets		2.95%			1.30%			1.46%			2.18%			2.67%
Ratio of net investment income to average net assets prior to fees waived		2.78%			1.17%			1.36%			2.16%			2.64%
Portfolio turnover		128%			86%			98%			118%			91%


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

236

Delaware Ivy Core Bond Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$10.15			$10.79			$10.49			$10.66			$10.57
Income (loss) from investment operations:
Net investment income1		0.30			0.18			0.20			0.27			0.33
Net realized and unrealized gain (loss)		(0.80	)		(0.59	)		0.57			(0.07	)		0.09
Total from investment operations		(0.50	)		(0.41	)		0.77			0.20			0.42
Less dividends and distributions from:
Net investment income		(0.31	)		(0.20	)		(0.22	)		(0.28	)		(0.33	)
Net realized gain		—			(0.03	)		(0.25	)		(0.09	)		—
Total dividends and distributions		(0.31	)		(0.23	)		(0.47	)		(0.37	)		(0.33	)
Net asset value, end of period		$9.34			$10.15			$10.79			$10.49			$10.66
Total return2		(4.90%	)		(3.94%	)		7.33%			1.82%			4.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,909			$6,186			$7	3		$10	3		$5	3
Ratio of expenses to average net assets4		0.76%			0.86%			0.87%			0.96%			0.95%
Ratio of expenses to average net assets prior to fees waived4		0.95%			0.99%			0.97%			0.98%			0.98%
Ratio of net investment income to average net assets		3.16%			1.65%			1.78%			2.48%			3.03%
Ratio of net investment income to average net assets prior to fees waived		2.97%			1.52%			1.68%			2.46%			3.00%
Portfolio turnover		128%			86%			98%			118%			91%


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

237

Financial highlights

Delaware Real Estate Securities Fund


	Year ended
Class A shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$27.72			$24.82			$18.83			$24.45			$22.41
Income (loss) from investment operations:
Net investment income1		0.30			0.21			0.17			0.30			0.30
Net realized and unrealized gain (loss)		(5.87	)		6.44			6.22			(3.61	)		3.35
Total from investment operations		(5.57	)		6.65			6.39			(3.31	)		3.65
Less dividends and distributions from:
Net investment income		(0.40	)		(0.14	)		(0.25	)		(0.32	)		(0.33	)
Net realized gain		(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(5.72	)		(3.75	)		(0.40	)		(2.31	)		(1.61	)
Net asset value, end of period		$16.43			$27.72			$24.82			$18.83			$24.45
Total return2		(20.26%)	3		26.90%			34.24%	3		(15.35%)	3		16.83%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$86,795			$143,562			$130	4		$122	4		$173	4
Ratio of expenses to average net assets5		1.29%			1.38%			1.45%			1.43%			1.44%
Ratio of expenses to average net assets prior to fees waived5		1.57%			1.38%			1.55%			1.53%			1.54%
Ratio of net investment income to average net assets		1.39%			0.74%			0.79%			1.21%			1.29%
Ratio of net investment income to average net assets prior to fees waived		1.11%			0.74%			0.69%			1.11%			1.19%
Portfolio turnover		57%			43%			76%			59%			69%


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

238

Delaware Real Estate Securities Fund


	Year ended
Class C shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$26.73			$24.11			$18.32			$23.86			$21.90
Income (loss) from investment operations:
Net investment income (loss)1		0.10			(0.07	)		0.06			0.12			0.17
Net realized and unrealized gain (loss)		(5.66	)		6.27			5.96			(3.52	)		3.21
Total from investment operations		(5.56	)		6.20			6.02			(3.40	)		3.38
Less dividends and distributions from:
Net investment income		(0.25	)		—			(0.08	)		(0.15	)		(0.14	)
Net realized gain		(5.32	)		(3.58	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(5.57	)		(3.58	)		(0.23	)		(2.14	)		(1.42	)
Net asset value, end of period		$15.60			$26.73			$24.11			$18.32			$23.86
Total return2		(21.00%)	3		25.74%			33.03%	3		(15.99%)	3		15.90%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$815			$1,707			$2	4		$3	4		$6	4
Ratio of expenses to average net assets5		2.19%			2.33%			2.33%			2.25%			2.19%
Ratio of expenses to average net assets prior to fees waived5		2.76%			2.33%			2.43%			2.35%			2.29%
Ratio of net investment income (loss) to average net assets		0.49%			(0.24%	)		0.27%			0.50%			0.74%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.08%	)		(0.24%	)		0.17%			0.40%			0.64%
Portfolio turnover		57%			43%			76%			59%			69%


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

239

Financial highlights

Delaware Real Estate Securities Fund


	Year ended
Class I shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$28.05			$25.05			$18.99			$24.63			$22.57
Income (loss) from investment operations:
Net investment income1		0.38			0.29			0.25			0.38			0.39
Net realized and unrealized gain (loss)		(5.97	)		6.52			6.27			(3.62	)		3.36
Total from investment operations		(5.59	)		6.81			6.52			(3.24	)		3.75
Less dividends and distributions from:
Net investment income		(0.44	)		(0.20	)		(0.31	)		(0.41	)		(0.41	)
Net realized gain		(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(5.76	)		(3.81	)		(0.46	)		(2.40	)		(1.69	)
Net asset value, end of period		$16.70			$28.05			$25.05			$18.99			$24.63
Total return2		(20.07%)	3		27.32%			34.68%	3		(15.01%)	3		17.22%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$64,516			$133,161			$127	4		$121	4		$160	4
Ratio of expenses to average net assets5		1.00%			1.09%			1.08%			1.08%			1.07%
Ratio of expenses to average net assets prior to fees waived5		1.09%			1.09%			1.18%			1.18%			1.17%
Ratio of net investment income to average net assets		1.74%			1.01%			1.15%			1.54%			1.65%
Ratio of net investment income to average net assets prior to fees waived		1.65%			1.01%			1.05%			1.44%			1.55%
Portfolio turnover		57%			43%			76%			59%			69%


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

240

Delaware Real Estate Securities Fund


	Year ended
Class R6 shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$28.10			$25.09			$19.02			$24.66			$22.59
Income (loss) from investment operations:
Net investment income1		0.28			0.36			0.28			0.43			0.57
Net realized and unrealized gain (loss)		(5.86	)		6.50			6.28			(3.64	)		3.23
Total from investment operations		(5.58	)		6.86			6.56			(3.21	)		3.80
Less dividends and distributions from:
Net investment income		(0.46	)		(0.24	)		(0.34	)		(0.44	)		(0.45	)
Net realized gain		(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(5.78	)		(3.85	)		(0.49	)		(2.43	)		(1.73	)
Net asset value, end of period		$16.74			$28.10			$25.09			$19.02			$24.66
Total return2		(19.99%)	3		27.48%			34.84%	3		(14.86%)	3		17.42%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,973			$1,112			$1	4		$—	4,5		$1	4
Ratio of expenses to average net assets6		0.99%			0.93%			0.94%			0.94%			0.91%
Ratio of expenses to average net assets prior to fees waived6		1.06%			0.93%			1.04%			1.04%			1.01%
Ratio of net investment income to average net assets		1.38%			1.26%			1.26%			1.70%			2.40%
Ratio of net investment income to average net assets prior to fees waived		1.31%			1.26%			1.16%			1.60%			2.30%
Portfolio turnover		57%			43%			76%			59%			69%


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

241

Financial highlights

Delaware Real Estate Securities Fund


	Year ended
Class R shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$27.66			$24.78			$18.81			$24.42			$22.39
Income (loss) from investment operations:
Net investment income1		0.20			0.12			0.13			0.27			0.25
Net realized and unrealized gain (loss)		(5.82	)		6.44			6.20			(3.62	)		3.34
Total from investment operations		(5.62	)		6.56			6.33			(3.35	)		3.59
Less dividends and distributions from:
Net investment income		(0.36	)		(0.07	)		(0.21	)		(0.27	)		(0.28	)
Net realized gain		(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(5.68	)		(3.68	)		(0.36	)		(2.26	)		(1.56	)
Net asset value, end of period		$16.36			$27.66			$24.78			$18.81			$24.42
Total return2		(20.50%)	3		26.55%			33.88%	3		(15.51%)	3		16.57%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$497			$555			$—	4,5		$—	4,5		$1	4
Ratio of expenses to average net assets6		1.54%			1.69%			1.67%			1.69%			1.64%
Ratio of expenses to average net assets prior to fees waived6		1.65%			1.69%			1.77%			1.79%			1.74%
Ratio of net investment income to average net assets		0.93%			0.42%			0.61%			1.07%			1.05%
Ratio of net investment income to average net assets prior to fees waived		0.82%			0.42%			0.51%			0.97%			0.95%
Portfolio turnover		57%			43%			76%			59%			69%


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

242

Delaware Real Estate Securities Fund


	Year ended
Class Y shares		3/31/23		3/31/22			3/31/21			3/31/20			3/31/19
Net asset value, beginning of period		$27.79			$24.87			$18.86			$24.48			$22.44
Income (loss) from investment operations:
Net investment income1		0.43			0.23			0.21			0.33			0.34
Net realized and unrealized gain (loss)		(6.02	)		6.45			6.23			(3.60	)		3.34
Total from investment operations		(5.59	)		6.68			6.44			(3.27	)		3.68
Less dividends and distributions from:
Net investment income		(0.28	)		(0.15	)		(0.28	)		(0.36	)		(0.36	)
Net realized gain		(5.32	)		(3.61	)		(0.15	)		(1.99	)		(1.28	)
Total dividends and distributions		(5.60	)		(3.76	)		(0.43	)		(2.35	)		(1.64	)
Net asset value, end of period		$16.60			$27.79			$24.87			$18.86			$24.48
Total return2		(20.27%)	3		26.98%			34.45%	3		(15.21%)	3		16.99%	3
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$3,481			$90,376			$70	4		$63	4		$90	4
Ratio of expenses to average net assets5		1.25%			1.31%			1.30%			1.29%			1.28%
Ratio of expenses to average net assets prior to fees waived5		1.29%			1.31%			1.40%			1.39%			1.38%
Ratio of net investment income to average net assets		1.79%			0.82%			0.95%			1.35%			1.45%
Ratio of net investment income to average net assets prior to fees waived		1.75%			0.82%			0.85%			1.25%			1.35%
Portfolio turnover		57%			43%			76%			59%			69%


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