# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001206774-23-000342
**Filing Date:** 2023-3
**Character Count:** 201180
**Document Hash:** 5cefc6321a5ef1c5a115561f4ec06703
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-23-000342.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001206774-23-000342

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622
- **IRS NUMBER:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 23721703

**BUSINESS ADDRESS:**
- **STREET 1:** 6300 LAMAR AVE
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66202
- **BUSINESS PHONE:** 9132362000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 29217
- **CITY:** SHAWNEE MISSION
- **STATE:** KS
- **ZIP:** 66201-9217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVY FUNDS INC
- **DATE OF NAME CHANGE:** 20030630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R FUNDS INC
- **DATE OF NAME CHANGE:** 20000829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WADDELL & REED FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Delaware Ivy Accumulative Fund (Series ID: S000058120)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000190303 | Class A      | IATAX           |
| C000190305 | Class C      | IATCX           |
| C000190307 | Class I      | IATIX           |

### Delaware Ivy Wilshire Global Allocation Fund (Series ID: S000058121)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000190312 | Class C      | IWGCX           |
| C000190314 | Class I      | IWGIX           |
| C000190315 | Class R6     | IWGNX           |
| C000190318 | Class A      | IWGAX           |

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT <br> INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number: | &nbsp;&nbsp;811-06569 |
| &nbsp;&nbsp;Exact name of registrant as specified in charter: | &nbsp;&nbsp;Ivy Funds |
| &nbsp;&nbsp;Address of principal executive offices: | &nbsp;&nbsp; 610 Market Street<br> Philadelphia, PA 19106 |
| &nbsp;&nbsp;Name and address of agent for service: | &nbsp;&nbsp; David F. Connor, Esq.<br> 610 Market Street<br> Philadelphia, PA 19106 |
| &nbsp;&nbsp;Registrant's telephone number, including area code: | &nbsp;&nbsp;(800) 523-1918 |
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;June 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;December 31, 2022 |

---

Item 1. Reports to Stockholders

---

| | |
|:---|:---|
| ![](ddf4167521x1x1.jpg) | ![](ddf4167521x1x2.jpg) |

---

Semiannual report

Delaware Ivy Accumulative Fund

December 31, 2022

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

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

**[**Table of Contents**](#toc)** 

Experience Delaware Funds by Macquarie<sup>®</sup>

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus for Delaware Ivy Accumulative Fund at delawarefunds.com/literature.

**Manage your account online**

&nbsp;&nbsp;&nbsp;&nbsp;● Check your account balance and transactions

● View statements and tax forms

● Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

The Fund is governed by US laws and regulations.

Table of contents

---

| | |
|:---|:---|
| [Disclosure of Fund expenses](#a001) | [1](#a001) |
| [Security type / sector allocations and top 10 equity holdings](#a002) | [3](#a002) |
| [Schedule of investments](#a003) | [5](#a003) |
| [Statement of assets and liabilities.](#a004) | [8](#a004) |
| [Statement of operations](#a005) | [10](#a005) |
| [Statements of changes in net assets](#a006) | [12](#a006) |
| [Financial highlights](#a007) | [14](#a007) |
| [Notes to financial statements.](#a008) | [20](#a008) |
| [Other Fund information](#a009) | [31](#a009) |

---

This semiannual report is for the information of Delaware Ivy Accumulative Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Unless otherwise noted, views expressed herein are current as of December 31, 2022, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

All third-party marks cited are the property of their respective owners.© 2023 Macquarie Management Holdings, Inc.

**[**Table of Contents**](#toc)** 

Disclosure of Fund expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

The Fund seeks to provide capital growth and appreciation.

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

**Actual expenses**

The first section of the table shown, "Actual Fund return," provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes**

The second section of the table shown, "Hypothetical 5% return," provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund's expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

**[**Table of Contents**](#toc)** 

Disclosure of Fund expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

**Delaware Ivy Accumulative Fund**

**Expense analysis of an investment of $1,000**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account Value<br> 7/1/22 | Ending<br> Account Value<br> 12/31/22 | Annualized<br> Expense Ratio | Expenses<br> Paid During Period<br> 7/1/22 to 12/31/22\* |
| **Actual Fund return<sup>†</sup>** |  |  |  |  |
| Class A | $1000.00 | $961.30 | 1.17% | $5.78 |
| Class C | 1000.00 | 956.40 | 1.95% | 9.62 |
| Class I | 1000.00 | 963.70 | 0.87% | 4.31 |
| **Hypothetical 5% return** (5% return before expenses) | **Hypothetical 5% return** (5% return before expenses) | **Hypothetical 5% return** (5% return before expenses) |  |  |
| Class A | $1000.00 | $1019.31 | 1.17% | $5.96 |
| Class C | 1000.00 | 1015.38 | 1.95% | 9.91 |
| Class I | 1000.00 | 1020.82 | 0.87% | 4.43 |

---

\*"Expenses Paid During Period" are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

In addition to the Fund's expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

2.0 **[**Table of Contents**](#toc)** 

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Accumulative Fund As of December 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager's internal sector classifications, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage of net assets |
| **Common Stocks** | **99.94%** |
| Communication Services | 4.59% |
| Consumer Discretionary | 22.36% |
| Consumer Staples | 2.03% |
| Healthcare\* | 26.55% |
| Industrials | 8.20% |
| Information Technology\* | 36.21% |
| **Short-Term Investments** | **0.16%** |
| **Securities Lending Collateral** | **3.88%** |
| **Total Value of Securities** | **103.98%** |
| **Obligation to Return Securities Lending Collateral** | **(3.88** **%)** |
| **Liabilities Net of Receivables and Other Assets** | **(0.10** **%)** |
| **Total Net Assets** | **100.00%** |

---

\*To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Healthcare and Information Technology sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of "industries" (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Healthcare sector consisted of Commercial Services, Healthcare Products, Internet, and Pharmaceuticals. As of December 31, 2022, such amounts, as a percentage of total net assets were 5.38%, 11.93%, 2.69%, and 6.55%, respectively. The Information Technology sector consisted of Commercial Services, Diversified Financial Services, Energy – Alternate Sources, Internet, Semiconductors, Software, and Telecommunications. As of December 31, 2022, such amounts, as a percentage of total net assets were 5.49%, 0.27%, 3.12%, 1.81%, 3.28%, 18.01%, and 4.23%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Healthcare and Information Technology sector for financial reporting purposes may exceed 25%.

3.0 **[**Table of Contents**](#toc)** 

Security type / sector allocations and top 10 equity holdings

Delaware Ivy Accumulative Fund

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

---

| | |
|:---|:---|
| Top 10 equity holdings | Percentage of net assets |
| Inspire Medical Systems | 6.81% |
| Shift4 Payments Class A | 5.48% |
| Progyny | 5.39% |
| Inari Medical | 5.12% |
| Dexcom | 4.37% |
| Arista Networks | 4.23% |
| Chewy Class A | 4.12% |
| Chipotle Mexican Grill | 3.81% |
| Bill.com Holdings | 3.64% |
| Lululemon Athletica | 3.62% |

---

4.0 **[**Table of Contents**](#toc)** 

Schedule of investments

Delaware Ivy Accumulative Fund December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares | Value (US $) |
| &nbsp;&nbsp;**Common Stocks — 99.94% ♦** |  |  |
| &nbsp;&nbsp;Communication Services — 4.59% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A † | 72765 | $6420056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk Class A † | 479922 | 21514903 |
|  |  | 27934959 |
| &nbsp;&nbsp;Consumer Discretionary — 22.36% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 133940 | 11250960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chewy Class A \*, † | 677076 | 25105978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill † | 16739 | 23225195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica † | 68881 | 22068095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks | 76292 | 7568166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla † | 63511 | 7823285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top Build † | 46661 | 7301980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty † | 40215 | 18863650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings † | 314942 | 13010254 |
|  |  | 136217563 |
| &nbsp;&nbsp;Consumer Staples — 2.03% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings † | 118915 | 12371917 |
|  |  | 12371917 |
| &nbsp;&nbsp;Healthcare — 26.55% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom † | 234712 | 26578787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figs Class A † | 2437261 | 16402767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inari Medical \*, † | 490386 | 31168934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | 164702 | 41485140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacira BioSciences \*, † | 344221 | 13290373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progyny † | 1052850 | 32796277 |
|  |  | 161722278 |
| &nbsp;&nbsp;Industrials — 8.20% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas | 16701 | 7542506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply † | 60555 | 7104313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex † | 103425 | 4377980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies † | 674154 | 16671828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals † | 40046 | 14233149 |
|  |  | 49929776 |
| &nbsp;&nbsp;Information Technology — 36.21% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | 76853 | 4977769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks † | 212342 | 25767702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bill.com Holdings † | 203329 | 22154728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Class A † | 104031 | 4703242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | 229464 | 16865604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy † | 71731 | 19005846 |

---

5.0 **[**Table of Contents**](#toc)** 

Schedule of investments

Delaware Ivy Accumulative Fund

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares | Value (US $) |
| &nbsp;&nbsp;**Common Stocks ♦ (continued)** |  |  |
| &nbsp;&nbsp;Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot † | 48770 | $14100870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | 14142 | 5504349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology | 268842 | 9957908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 75875 | 18196342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 34619 | 5059221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks † | 78984 | 11021427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow † | 40998 | 15918293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments Class A \*, † | 597177 | 33400110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | 85462 | 12267215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Class A \* | 7841 | 1629046 |
|  |  | 220529672 |
| &nbsp;&nbsp;**Total Common Stocks** (cost $729,223,612) |  | **608706165** |
| **Short-Term Investments — 0.16%** |  |  |
| Money Market Mutual Funds — 0.16% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.03%) | 245272 | 245272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio - Class I (seven-day effective yield 4.06%) | 245272 | 245272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund - Institutional Shares (seven-day effective yield 4.23%) | 245272 | 245272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class (seven-day effective yield 4.11%) | 245272 | 245272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Short-Term Investments (cost $981,088) |  | **981088** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Value of Securities Before <br>Securities Lending Collateral—100.10% <br>(cost $730,204,700) |  | **609687253** |
| **Securities Lending Collateral\*\* — 3.88%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Mutual Fund — 3.88% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 23670840 | 23670840 |
| **Total Securities Lending Collateral (cost $23,670,840)** |  | **23670840** |
| **Total Value of Securities—103.98% (cost $753,875,540)** |  | $**633,358,093**■** |

---

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

6.0 **[**Table of Contents**](#toc)** 

---

| | |
|:---|:---|
| † | Non-income producing security. |
| \* | Fully or partially on loan. |
| \*\* | See Note 7 in "Notes to financial statements" for additional information on securities lending collateral. |
| ■ | Includes $59,675,272 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $38,063,989. |

---

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

7.0 **[**Table of Contents**](#toc)** 

Statement of assets and liabilities

Delaware Ivy Accumulative Fund December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value<sup>\*,†</sup> | $609687253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments held as collateral for loaned securities, at value<sup>=</sup> | 23670840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold | 3235354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1604100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 25541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 6697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 81642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 638311556 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligation to return securities lending collateral | 23670840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 3929275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | 984368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 458908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 90935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 84383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 29218709 |
| **Total Net Assets** | $609092847 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $1003164583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (394071736) |
| **Total Net Assets** | $609092847 |

---

8.0 **[**Table of Contents**](#toc)** 

---

| | |
|:---|:---|
| **Net Asset Value** |  |
| **Class A:** |  |
| Net assets | $496868433.0 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 123867241.0 |
| Net asset value per share | $4.01 |
| Sales charge | 5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $4.25 |
| **Class C:** |  |
| Net assets | $1613051.0 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 679845.0 |
| Net asset value per share | $2.37 |
| **Class I:** |  |
| Net assets | $110611363.0 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 26791086.0 |
| Net asset value per share | $4.13 |
| \* Investments, at cost | $730204700.0 |
| † Including securities on loan | 59675272.0 |
| = Short-term investments held as collateral for loaned securities, at cost | 23670840.0 |

---

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

9.0 **[**Table of Contents**](#toc)** 

Statement of operations

Delaware Ivy Accumulative Fund Six months ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $194205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 59766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 959 |
|  | 254930 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 2882567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses — Class A | 842369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses — Class C | 10192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 637116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports and statements to shareholders servicing expenses | 120751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administration expenses | 109541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 96208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 53834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 18192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 17533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 3866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 26537 |
|  | 4818706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less expenses waived | (3813) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waived distribution expenses — Class A | (130355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waived distribution expenses — Class C | (5071) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less expenses paid indirectly | (808) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waived shareholder servicing expenses | (69009) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4609650 |
| **Net Investment Income (Loss)** | (4354720) |

---

10.0 **[**Table of Contents**](#toc)** 

---

| | |
|:---|:---|
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | $(231197181) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 219709212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 219709353 |
| **Net Realized and Unrealized Gain (Loss)** | (11487828) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(15842548) |

---

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

11.0 **[**Table of Contents**](#toc)** 

Statements of changes in net assets

Delaware Ivy Accumulative Fund

---

| | | |
|:---|:---|:---|
|  | Six months<br> ended<br> 12/31/22<br> (Unaudited) | Year ended<br> 6/30/22 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(4354720) | $(14063103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (231197181) | 393189726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 219709353 | (1213363352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (15842548) | (834236729) |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (223593475) | (198758302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (969030) | (714287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (50522798) | (49090256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> |  | (28920) |
|  | (275085303) | (248591765) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 7701910 | 23635881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 162498 | 696609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 38780691 | 82535919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 221116929 | 196056620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 969030 | 714239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 50520720 | 48916734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> |  | 28920 |
|  | 319251778 | 352584922 |

---

12.0 **[**Table of Contents**](#toc)** 

---

| | | |
|:---|:---|:---|
|  | Six months<br> ended<br> 12/31/22<br> (Unaudited) | Year ended<br> 6/30/22 |
| **Capital Share Transactions (continued):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $(182779669) | $(237279910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>2</sup> |  | (168514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (570047) | (1317994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (83793243) | (174763478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> | (123558) | (18434) |
|  | (267266517) | (413548330) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | 51985261 | (60963408) |
| **Net Decrease in Net Assets** | (238942590) | (1143791902) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 848035437 | 1991827339 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $609092847 | $848035437 |

---

<sup>1</sup> Effective July 1, 2021, Class N shares were renamed Class R6 shares.

<sup>2</sup> On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.

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

13.0 **[**Table of Contents**](#toc)** 

Financial highlights

Delaware Ivy Accumulative Fund Class A

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

---

| |
|:---|
| **Net asset value, beginning of period** |
| **Income (loss) from investment operations:** |
| Net investment income (loss)<sup>2</sup> |
| Net realized and unrealized gain (loss) |
| Total from investment operations |
| **Less dividends and distributions from:** |
| Net investment income |
| Net realized gain |
| Total dividends and distributions |
| **Net asset value, end of period** |
| **Total return**<sup>4</sup> |
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted) |
| Ratio of expenses to average net assets<sup>7</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets |
| Ratio of net investment income (loss) to average net assets prior to fees waived |
| Portfolio turnover |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Total return during the period shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

14.0 **[**Table of Contents**](#toc)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six months ended<br> 12/31/22<sup>1</sup> | Year ended | Year ended | Year ended | Year ended | Year ended |
| (Unaudited) | 6/30/22 | 6/30/21 | 6/30/20 | 6/30/19 | 6/30/18 |
| $7.02 | $15.44 | $11.18 | $10.57 | $10.47 | $10.09 |
| (0.04) | (0.11) | (0.08) | (0.05) | —<sup>3</sup> | 0.05 |
| (0.13) | (6.28) | 5.07 | 1.54 | 1.25 | 1.08 |
| (0.17) | (6.39) | 4.99 | 1.49 | 1.25 | 1.13 |
|  | (0.10) |  |  | (0.05) | (0.05) |
| (2.84) | (1.93) | (0.73) | (0.88) | (1.10) | (0.70) |
| (2.84) | (2.03) | (0.73) | (0.88) | (1.15) | (0.75) |
| $4.01 | $7.02 | $15.44 | $11.18 | $10.57 | $10.47 |
| (3.87%)<sup>5</sup> | (47.36%) | 45.48% | 15.01% | 13.86% | 11.66%<sup>5</sup> |
| $496869 | $688124 | $1578<sup>6</sup> | $1185<sup>6</sup> | $1141<sup>6</sup> | $1119<sup>6</sup> |
| 1.17% | 1.06% | 1.04% | 1.10% | 1.11% | 1.10% |
| 1.21% | 1.06% | 1.04% | 1.10% | 1.11% | 1.11% |
| (1.11%) | (0.89%) | (0.56%) | (0.50%) | 0.02% | 0.43% |
| (1.15%) | (0.89%) | (0.56%) | (0.50%) | 0.02% | 0.42% |
| 25% | 116% | 40% | 85% | 123% | 79% |

---

15.0 **[**Table of Contents**](#toc)** 

Financial highlights

Delaware Ivy Accumulative Fund Class C

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

---

| |
|:---|
| **Net asset value, beginning of period** |
| **Income (loss) from investment operations:** |
| Net investment loss<sup>2</sup> |
| Net realized and unrealized gain (loss) |
| Total from investment operations |
| **Less dividends and distributions from:** |
| Net investment income |
| Net realized gain |
| Total dividends and distributions |
| **Net asset value, end of period** |
| **Total return**<sup>3</sup> |
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted) |
| Ratio of expenses to average net assets<sup>5</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> |
| Ratio of net investment loss to average net assets |
| Ratio of net investment loss to average net assets prior to fees waived |
| Portfolio turnover |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

16.0 **[**Table of Contents**](#toc)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six months ended<br> 12/31/22<sup>1</sup> | Year ended | Year ended | Year ended | Year ended | Year ended |
| (Unaudited) | 6/30/22 | 6/30/21 | 6/30/20 | 6/30/19 | 6/30/18 |
| $5.34 | $12.28 | $9.07 | $8.81 | $8.90 | $8.70 |
| (0.05) | (0.18) | (0.17) | (0.12) | (0.08) | (0.05) |
| (0.08) | (4.79) | 4.07 | 1.26 | 1.04 | 0.92 |
| (0.13) | (4.97) | 3.90 | 1.14 | 0.96 | 0.87 |
|  | (0.04) |  |  |  |  |
| (2.84) | (1.93) | (0.69) | (0.88) | (1.05) | (0.67) |
| (2.84) | (1.97) | (0.69) | (0.88) | (1.05) | (0.67) |
| $2.37 | $5.34 | $12.28 | $9.07 | $8.81 | $8.90 |
| (4.36%) | (47.80%) | 43.94% | 13.99% | 12.88% | 10.45% |
| $1613 | $2077 | $5<sup>4</sup> | $3<sup>4</sup> | $3<sup>4</sup> | $3<sup>4</sup> |
| 1.95% | 1.99% | 2.03% | 2.06% | 2.07% | 2.07% |
| 2.46% | 2.08% | 2.04% | 2.14% | 2.15% | 2.08% |
| (1.89%) | (1.83%) | (1.53%) | (1.46%) | (0.97%) | (0.56%) |
| (2.40%) | (1.92%) | (1.54%) | (1.54%) | (1.05%) | (0.57%) |
| 25% | 116% | 40% | 85% | 123% | 79% |

---

17.0 **[**Table of Contents**](#toc)** 

Financial highlights

Delaware Ivy Accumulative Fund Class I

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

---

| |
|:---|
| **Net asset value, beginning of period** |
| **Income (loss) from investment operations:** |
| Net investment income (loss)<sup>2</sup> |
| Net realized and unrealized gain (loss) |
| Total from investment operations |
| **Less dividends and distributions from:** |
| Net investment income |
| Net realized gain |
| Total dividends and distributions |
| **Net asset value, end of period** |
| **Total return**<sup>3</sup> |
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted) |
| Ratio of expenses to average net assets<sup>5</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets |
| Ratio of net investment income (loss) to average net assets prior to fees waived |
| Portfolio turnover |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

18.0 **[**Table of Contents**](#toc)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six months ended<br> 12/31/22<sup>1</sup> | Year ended | Year ended | Year ended | Year ended | Year ended |
| (Unaudited) | 6/30/22 | 6/30/21 | 6/30/20 | 6/30/19 | 6/30/18 |
| $7.13 | $15.63 | $11.31 | $10.65 | $10.55 | $10.16 |
| (0.03) | (0.09) | (0.05) | (0.03) | 0.03 | 0.07 |
| (0.13) | (6.36) | 5.11 | 1.57 | 1.25 | 1.08 |
| (0.16) | (6.45) | 5.06 | 1.54 | 1.28 | 1.15 |
|  | (0.12) |  |  | (0.08) | (0.07) |
| (2.84) | (1.93) | (0.74) | (0.88) | (1.10) | (0.69) |
| (2.84) | (2.05) | (0.74) | (0.88) | (1.18) | (0.76) |
| $4.13 | $7.13 | $15.63 | $11.31 | $10.65 | $10.55 |
| (3.63%) | (47.24%) | 45.60% | 15.38% | 14.07% | 11.91% |
| $110611 | $157719 | $409<sup>4</sup> | $289<sup>4</sup> | $261<sup>4</sup> | $240<sup>4</sup> |
| 0.87% | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
| 0.96% | 0.89% | 0.88% | 0.91% | 0.91% | 0.92% |
| (0.81%) | (0.70%) | (0.39%) | (0.28%) | 0.25% | 0.65% |
| (0.90%) | (0.72%) | (0.40%) | (0.32%) | 0.21% | 0.60% |
| 25% | 116% | 40% | 85% | 123% | 79% |

---

19.0 **[**Table of Contents**](#toc)** 

Notes to financial statements

Delaware Ivy Accumulative Fund December 31, 2022 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 39 series. These financial statements and the related notes pertain to Delaware Ivy Accumulative Fund. The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act). The Fund offers Class A, Class C, and Class I shares. Effective December 10, 2021, all remaining shares of Class B were converted to Class A shares. On December 02, 2022, Class R6 shares were liquidated. Class A shares are subject to an initial 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 in the prospectus, you may be eligible to buy Class A shares without a sales charge. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares that received a net asset value (NAV) breakpoint, for shares purchased on or after July 1, 2021 that are subject to a contingent deferred sales charge (CDSC) you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class I shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

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

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies, other than ETFs, are valued at their published NAV. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund's valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Fund's Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment

20.0 **[**Table of Contents**](#toc)** 

company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken or expected to be taken on the Fund's federal income tax returns through the six months ended December 31, 2022, and for all open tax years (years ended June 30, 2019–June 30, 2022), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in "Other" on the "Statement of operations." During the six months ended December 31, 2022, the Fund did not incur any interest or tax penalties.

**Class Accounting** — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

**Foreign Currency Transactions** — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These gains and losses are included on the "Statement of operations" under "Net realized gain (loss) on investments." The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

**Other** — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie<sup>®</sup> (Delaware Funds) are generally allocated among such fund on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Income and capital gain distributions from any investment

21.0 **[**Table of Contents**](#toc)** 

Notes to financial statements

Delaware Ivy Accumulative Fund

1. Significant Accounting Policies (continued)

companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. The Fund declares and pays dividends from net investment income and dividends semiannually. The Fund declares and pays distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly."

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

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment adviser, an annual fee which is calculated daily and paid monthly at the rates of 0.70% of net assets up to $1 billion, 0.65% of net assets over $1 billion and up to $2 billion, 0.60% of net assets over $2 billion and up to $3 billion, and 0.55% of net assets over $3 billion.

DMC, DDLP and/or Delaware Investments Fund Services Company (DIFSC), the Fund's transfer agent, have contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.87% of the Fund's average daily net assets from October 27, 2022 through October 27, 2023 for all share classes other than Class R6 shares. These waivers and reimbursements may only be terminated by agreement of DMC, DDLP and/or the Fund, as applicable. Prior to October 27, 2022, DMC and DIFSC had contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class C shares at 1.99%; and Class I Shares at 0.87%.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the "Affiliated Sub-Advisors"), to execute Fund equity security trades on its behalf. DMC may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

DIFSC, an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC's fees are calculated daily and paid monthly,

22.0 **[**Table of Contents**](#toc)** <br>

based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the six months ended December 31, 2022, the Fund paid $13,673 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the six months ended December 31, 2022, the Fund was charged $190,617 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% and 1.00% of the average daily net assets of the Class A and Class C shares, respectively. The fees are calculated daily and paid monthly. Class I shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended December 31, 2022, the Fund paid $17,411 for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees. This amount is included on the "Statement of operations" under "Legal fees."

For the six months ended December 31, 2022, DDLP earned $12,063 for commissions on sales of the Fund's Class A shares. For the six months ended December 31, 2022, DDLP received gross CDSC commissions of $1,186 and $1,417 on redemptions of the Fund's Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

23.0 **[**Table of Contents**](#toc)** 

Notes to financial statements

Delaware Ivy Accumulative Fund

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

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

3. Investments

For the six months ended December 31, 2022, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $202090631 |
| Sales | 427242572 |

---

At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments | $753875540 |
| Aggregate unrealized appreciation of investments | $52238902 |
| Aggregate unrealized depreciation of investments | (172756349) |
| Net unrealized depreciation of investments | $(120517447) |

---

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

---

| | |
|:---|:---|
| Level 1 – | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
| Level 2 – | Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, |

---

24.0 **[**Table of Contents**](#toc)** <br>

---

| | |
|:---|:---|
|  | prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
| Level 3 – | Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |

---

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

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2022:

---

| | |
|:---|:---|
|  | Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | $608706165 |
| Short-Term Investments | 981088 |
| Securities Lending Collateral | 23670840 |
| Total Value of Securities | $633358093 |

---

During the six months ended December 31, 2022, there were no transfers into or out of Level 3 investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. During the six months ended December 31, 2022, there were no Level 3 investments.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months<br> ended<br> 12/31/22 | Six months<br> ended<br> 12/31/22 | Year ended<br> 6/30/22 | Year ended<br> 6/30/22 |
| Shares sold: | | | | |
| &nbsp;&nbsp;&nbsp;Class A |  | 1381867 |  | 1846064 |
| &nbsp;&nbsp;&nbsp;Class C |  | 31392 |  | 80912 |
| &nbsp;&nbsp;&nbsp;Class I |  | 5233957 |  | 7284189 |

---

25.0 **[**Table of Contents**](#toc)** 

Notes to financial statements

Delaware Ivy Accumulative Fund

**4. Capital Shares (continued)**

---

| | | |
|:---|:---|:---|
|  | Six months <br> ended<br> 12/31/22 | Year ended<br> 6/30/22 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 53153108 | 15174661 |
| &nbsp;&nbsp;&nbsp;Class C | 393914 | 72365 |
| &nbsp;&nbsp;&nbsp;Class I | 11803907 | 3731254 |
| &nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> |  | 2219 |
|  | 71998145 | 28191664 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (28693614) | (21198449) |
| &nbsp;&nbsp;&nbsp;Class B<sup>2</sup> |  | (14035) |
| &nbsp;&nbsp;&nbsp;Class C | (134804) | (149836) |
| &nbsp;&nbsp;&nbsp;Class I | (12364009) | (15056991) |
| &nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> | (16236) | (1090) |
|  | (41208663) | (36420401) |
| Net increase (decrease) | 30789482 | (8228737) |

---

<sup>1</sup> Effective July 1, 2021, Class N shares were renamed Class R6 shares. <br> <sup>2</sup> On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the "Statements of changes in net assets." For the six months ended December 31, 2022 and the year ended June 30, 2022, the Fund had the following exchange transactions:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Exchange Redemptions | Exchange Redemptions | Exchange Redemptions | Exchange Redemptions | Exchange Subscriptions | Exchange Subscriptions | |
|  | Class A<br>Shares | Class B <br> Shares | Class C<br> Shares | Class I<br> Shares | Class A<br> Shares | Class I<br> Shares | <br>Value |
| Six months ended |  |  |  |  |  |  |  |
| 12/31/22 | 12815 |  | 998 |  | 724 | 12605 | $102512 |
| Year ended |  |  |  |  |  |  |  |
| 6/30/22 | 138381 | 8101 | 9619 | 16344 | 28119 | 138570 | 2103820 |

---

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares.

26.0 **[**Table of Contents**](#toc)** 

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

On October 31, 2022, the Fund, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Fund had no amounts outstanding as of December 31, 2022, or at any time during the period then ended.

6. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds only for purposes of this Note 6) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Fund may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Fund made no Interfund Loans under the Interfund Lending Program during the six months ended December 31, 2022.

7. Securities Lending

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

27.0 **[**Table of Contents**](#toc)** 

Notes to financial statements

Delaware Ivy Accumulative Fund

7. Securities Lending (continued)

value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund's cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

28.0 **[**Table of Contents**](#toc)** 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Securities Lending<br> Transactions | Overnight <br> and <br> continuous | Under<br> 30 days | Between<br> 30 & 90 days | Over <br> 90 Days | Total |
| Money Market <br> Mutual Fund | $23670840 | $— | $— | $— | $23670840 |

---

At December 31, 2022, the value of securities on loan was $59,675,272, for which the Fund received non-cash collateral of $38,063,989. Investments purchased with cash collateral are presented on the "Schedule of investments" under the caption "Securities Lending Collateral."

8. Credit and Market Risk

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's 15% limit on investments in illiquid securities. As of December 31, 2022, there were no Rule 144A securities held by the Fund.

29.0 **[**Table of Contents**](#toc)** 

Notes to financial statements

Delaware Ivy Accumulative Fund

9. Contractual Obligations

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

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Fund's financial statements.

30.0 **[**Table of Contents**](#toc)** 

Other Fund information (Unaudited)

Delaware Ivy Accumulative Fund

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware Ivy Accumulative Fund (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC"); and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Funds Management Hong Kong Limited ("MFMHKL" and together with MIMGL, the "Affiliated Sub-Advisers").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

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

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

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement, and the experience of the officers and employees of DMC who provide these services, including the Fund's portfolio manager. The

31.0 **[**Table of Contents**](#toc)** 

Other Fund information (Unaudited)

Delaware Ivy Accumulative Fund

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

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

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

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2021. The Board considered that the Fund was managed by Ivy Investment Management Company prior to the acquisition of its parent

32.0 **[**Table of Contents**](#toc)** 

company, Waddell & Reed Financial, Inc. and its subsidiaries (the "Transaction"), and that the Fund's performance prior to the closing of the Transaction on April 30, 2021 is that of its predecessor manager.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional multi-cap growth funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-and 10-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5- and 10-year periods. The Board, however, noted that the investment performance of the current portfolio manager only began as of November 2021. The Board noted the explanations from DMC concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

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

The expense comparisons for the Fund showed that its actual management fee was slightly above the median of its Expense Universe and its actual total expenses were above its Expense Group average.

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

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

33.0 **[**Table of Contents**](#toc)** 

Other Fund information (Unaudited)

Delaware Ivy Accumulative Fund

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 9-11, 2022 (continued)**

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

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including the current breakpoints. The Board noted that, as of March 31, 2022, the Fund's net assets exceeded its first breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

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

34.0 **[**Table of Contents**](#toc)** 

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

**Form N-PORT and proxy voting information**

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund's most recent Form N-PORT are available without charge on the Fund's website at delawarefunds.com/literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund's website at delawarefunds.com/proxy; and (ii) on the SEC's website at sec.gov.

35.0 **[**Table of Contents**](#toc)** 

---

| | |
|:---|:---|
| ![](ddf4167521x1x3.jpg) | ![](ddf4167521x1x4.jpg) |

---

Semiannual report

Delaware Ivy Wilshire Global Allocation Fund

December 31, 2022

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

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

[**Table of Contents**](#toc1)

Experience Delaware Funds by Macquarie**<sup>®</sup>**

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus for Delaware Ivy Wilshire Global Allocation Fund at delawarefunds.com/literature.

**Manage your account online**

● Check
 your account balance and transactions

● View
 statements and tax forms

● Make
 purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

The Fund is governed by US laws and regulations.

**Table of contents**

---

| | |
|:---|:---|
| [Disclosure of Fund expenses](#a_001) | [**1**](#a_001) |
| [Security type / sector allocations](#a_002) | [**3**](#a_002) |
| [Consolidated schedule of investments](#a_003) | [**4**](#a_003) |
| [Consolidated statement of assets and liabilities](#a_004) | [**6**](#a_004) |
| [Consolidated statement of operations](#a_005) | [**8**](#a_005) |
| [Consolidated statements of changes in net assets](#a_006) | **[10](#a_006)** |
| [Consolidated financial highlights](#a_007) | [**12**](#a_007) |
| [Notes to consolidated financial statements](#a_008) | [**20**](#a_008) |
| [Other Fund information](#a_009) | [**36**](#a_009) |

---

This semiannual report is for the information of Delaware Ivy Wilshire Global Allocation Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Unless otherwise noted, views expressed herein are current as of December 31, 2022, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

All third-party marks cited are the property of their respective owners.© 2023 Macquarie Management Holdings, Inc.

[**Table of Contents**](#toc1)

Disclosure of Fund expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

The Fund seeks to provide total return.

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

**Actual expenses**

The first section of the table shown, "Actual Fund return," provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes**

The second section of the table shown, "Hypothetical 5% return," provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund's expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

[**Table of Contents**](#toc1)

Disclosure of Fund expenses

For the six-month period from July 1, 2022 to December 31, 2022 (Unaudited)

**Delaware Ivy Wilshire Global Allocation Fund**

**Expense analysis of an investment of $1,000**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br> Account Value<br>7/1/22 | Ending<br> Account Value<br>12/31/22 | Annualized<br>Expense Ratio | Expenses<br> Paid During Period<br>7/1/22 to 12/31/22\* |
| **Actual Fund return<sup>†</sup>** |  |  |  |  |
| Class A | $1000.00 | $1021.90 | 0.42% | $2.14 |
| Class C | 1000.00 | 1016.00 | 1.25% | 6.35 |
| Class I | 1000.00 | 1022.30 | 0.11% | 0.56 |
| Class R6 | 1000.00 | 1021.80 | 0.10% | 0.51 |
| **Hypothetical 5% return** (5% return before expenses) | **Hypothetical 5% return** (5% return before expenses) | **Hypothetical 5% return** (5% return before expenses) | **Hypothetical 5% return** (5% return before expenses) | **Hypothetical 5% return** (5% return before expenses) |
| Class A | $1000.00 | $1023.09 | 0.42% | $2.14 |
| Class C | 1000.00 | 1018.90 | 1.25% | 6.36 |
| Class I | 1000.00 | 1024.65 | 0.11% | 0.56 |
| Class R6 | 1000.00 | 1024.70 | 0.10% | 0.51 |

---

\*"Expenses Paid During Period" are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

In addition to the Fund's expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

[**Table of Contents**](#toc1)

Security type / sector allocations

Delaware Ivy Wilshire Global Allocation Fund As of December 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager's internal sector classifications, which may result in the sector designations for one fund being different from another fund's sector designations.

---

| | |
|:---|:---|
| Security type / sector | Percentage of net assets |
| **Corporate Bond** | **0.20**% |
| **Common Stocks** | **0.00**% |
| **Affiliated Mutual Funds** | **99.38**% |
| **Short-Term Investments** | **0.50**% |
| **Total Value of Securities** | **100.08**% |
| **Liabilities Net of Receivables and Other Assets** | **(0.08**%) |
| **Total Net Assets** | **100.00**% |

---

[**Table of Contents**](#toc1)

Consolidated schedule of investments

Delaware Ivy Wilshire Global Allocation Fund December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount<sup>°</sup> | Value (US $) |
| &nbsp;&nbsp;&nbsp;**Corporate Bond — 0.20%** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples — 0.20% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COTA Series D 144A 4.896% 10/2/23 #, <<, =, @ | 7284794 | $1274839 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bond** (cost $7,026,250) |  | **1274839** |
|  | Number of<br> shares |  |
| &nbsp;&nbsp;&nbsp;**Common Stocks — 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary — 0.00% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series H <<, † | 72709 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series T <<, † | 9113 | 0 |
|  |  | 0 |
| &nbsp;&nbsp;&nbsp;Consumer Staples — 0.00% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COTA Series B <<, =, @, † | 52 | 0 |
|  |  | 0 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** (cost $69,700,043) |  | **0** |
| &nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds — 99.38%<<** |  |  |
| &nbsp;&nbsp;&nbsp;Delaware Global Real Estate Fund Class R6 | 1384515 | 11782223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware High-Yield Opportunities Fund Class R6 | 4935229 | 16138198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Core Bond Fund Class R6 | 6702792 | 61330543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Core Equity Fund Class R6 | 2070269 | 34552793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Emerging Markets Local Currency Debt Fund Class R6 | 1784531 | 13526748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Global Bond Fund Class R6 | 7764156 | 69100988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Government Securities Fund Class R6 | 5066860 | 24371597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy International Core Equity Fund Class R6 | 5091153 | 89655207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy International Small Cap Fund Class R6 | 1888978 | 16641892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy International Value Fund Class R6 | 1779979 | 24581512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Large Cap Growth Fund Class R6 | 2546228 | 62637218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Mid Cap Growth Fund Class R6 | 331676 | 9001697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Smid Cap Core Fund Class R6 | 1253263 | 18786408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Systematic Emerging Markets Equity Fund Class R6 | 2400414 | 41455149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Total Return Bond Fund Class R6 | 3875153 | 31311239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Value Fund Class R6 | 2397760 | 51911497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Opportunity Fund Class R6 | 206576 | 6420389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Value Fund Class R6 | 2912033 | &nbsp;&nbsp;&nbsp;&nbsp;53668776 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds** (cost $649,001,979) |  | **636874074** |

---

[**Table of Contents**](#toc1)

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares | Value (US $) |
| &nbsp;&nbsp;&nbsp;**Short-Term Investments — 0.50%** |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Mutual Funds — 0.50% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 812364 | $812364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 812363 | 812363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 812364 | 812364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 812364 | 812364 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** (cost $3,249,455) |  | **3249455** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.08%** (cost $728,977,727) |  | $**641398368** |

---

---

| |
|:---|
| Principal amount shown is stated in USD. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was |
| $1,274,839, which represents 0.20% of the Fund's net assets. See Note 10 in "Notes to financial statements." |
| Affiliated company. See Note 2 in "Notes to financial statements." |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| Security was not affiliated at June 30, 2022. |
| Non-income producing security. |

---

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

[**Table of Contents**](#toc1)

Consolidated statement of assets and liabilities

Delaware Ivy Wilshire Global Allocation Fund December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value\* | $3249455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | 638148913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 74282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1722644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold | 484528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 414902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 148511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | 45184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 63341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 644351760 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to custodian | 45184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 2216690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | 725121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased | 400577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration expenses payable to affiliates | 94253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | 12940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 3494949 |
| **Total Net Assets** | $640856811 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $737225289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (96368478) |
| **Total Net Assets** | $640856811 |

---

[**Table of Contents**](#toc1)

**Net Asset Value**

---

| | |
|:---|:---|
| **Class A:** | |
| Net assets | $473550176 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 66162907 |
| Net asset value per share | $7.16 |
| Sales charge | 5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | $7.60 |
| **Class C:** |  |
| Net assets | $3580025 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 535149 |
| Net asset value per share | $6.69 |
| **Class I:** |  |
| Net assets | $163664798 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 22531521 |
| Net asset value per share | $7.26 |
| **Class R6:** |  |
| Net assets | $61812 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | 8642 |
| Net asset value per share | $7.15 |

---

---

| | |
|:---|:---|
| \*Investments of unaffiliated issuers, at cost | $3249455 |
| \*\*Investments of affiliated issuers, at cost | 725728272 |

---

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

[**Table of Contents**](#toc1)

Consolidated statement of operations

Delaware Ivy Wilshire Global Allocation Fund Six months ended December 31, 2022 (Unaudited)

 **Investment Income:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated funds | $10182245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 2115935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;52647 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12350827 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 202500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses — Class A | 647022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses — Class C | 19468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | 241579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 104155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administration expenses | 103831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 45450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 13535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 10584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports and statements to shareholders servicing expenses | 9509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;19761 |
|  | 1418270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less expenses waived | (159364) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waived distribution expenses — Class A | (55158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less waived distribution expenses — Class C | (516) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;(1148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;1202084 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;11148743 |

---

[**Table of Contents**](#toc1)

---

| | |
|:---|:---|
| **Net Realized and Unrealized Gain (Loss):** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | $(1283159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 4674718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain received from investments in affiliated funds | 39428092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 42819493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5584339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (44984991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (39399854) |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;3419639 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $14568382 |

---

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

[**Table of Contents**](#toc1)

Consolidated statements of changes in net assets

Delaware Ivy Wilshire Global Allocation Fund

---

| | | |
|:---|:---|:---|
|  | Six months<br> ended<br> 12/31/22<br> (Unaudited) | Year ended<br> 6/30/22 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $11148743 | $16284639 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 42819493 | 57009605 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (39399854) | (211584251) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 14568382 | (138290007) |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (44711210) | (46626115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (328808) | (366617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (15841573) | (22311463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> | (5977) | (4200) |
|  | (60887568) | (69308395) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 8978608 | 16454414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>2</sup> |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 228297 | 661435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 17175320 | 23090265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> | 8594 | 13467 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 44642724 | 46513144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 328803 | 365267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 15841573 | 22235523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> | 5977 | 4200 |
|  | 87209896 | 109337745 |

---

[**Table of Contents**](#toc1)

---

| | | |
|:---|:---|:---|
|  | Six months<br> ended <br> 12/31/22<br> (Unaudited) | Year ended<br> /30/22 |
| **Capital Share Transactions (continued):** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $(86275218) | $(134874719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B<sup>2</sup> |  | (487939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (770109) | (2443346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (61844519) | (149114593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14063) |
|  | (148889846) | (286934660) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(61679950) | (177596915) |
| **Net Decrease in Net Assets** | (107999136) | (385195317) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 748855947 | 1134051264 |
| &nbsp;&nbsp;&nbsp;End of period | $640856811 | $748855947 |

---

<sup>1</sup> Effective July 1, 2021, Class N shares were renamed Class R6 shares.

<sup>2</sup> On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.

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

[**Table of Contents**](#toc1)

Consolidated financial highlights

Delaware Ivy Wilshire Global Allocation Fund Class A

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

---

| |
|:---|
| **Net asset value, beginning of period** |
| **Income (loss) from investment operations:** |
| Net investment income<sup>2</sup> |
| Net realized and unrealized gain (loss) |
| Total from investment operations |
| **Less dividends and distributions from:** |
| Net investment income |
| Net realized gain |
| Total dividends and distributions |
| **Net asset value, end of period** |
| **Total return<sup>3</sup>** |
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted) |
| Ratio of expenses to average net assets<sup>5</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> |
| Ratio of net investment income to average net assets |
| Ratio of net investment income to average net assets prior to fees waived |
| Portfolio turnover |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Expense ratio excluding litigation expenses reimbursement was 0.38%.

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

[**Table of Contents**](#toc1)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six months ended 12/31/22<sup>1</sup> | Year ended | Year ended | Year ended | Year ended | Year ended |
| (Unaudited) | 6/30/22 | 6/30/21 | 6/30/20 | 6/30/19 | 6/30/18 |
| $7.73 | $9.71 | $7.84 | $8.11 | $8.48 | $8.59 |
| 0.13 | 0.14 | 0.15 | 0.17 | 0.15 | 0.11 |
| 0.04 | (1.48) | 1.99 | (0.07) | 0.08 | 0.42 |
| 0.17 | (1.34) | 2.14 | 0.10 | 0.23 | 0.53 |
| (0.12) | (0.27) | (0.15) | (0.18) | (0.17) | (0.16) |
| (0.62) | (0.37) | (0.12) | (0.19) | (0.43) | (0.48) |
| (0.74) | (0.64) | (0.27) | (0.37) | (0.60) | (0.64) |
| $7.16 | $7.73 | $9.71 | $7.84 | $8.11 | $8.48 |
| 2.19% | (14.78%) | 27.59% | 0.95% | 3.52% | 6.14% |
| $473550 | $540381 | $756<sup>4</sup> | $686<sup>4</sup> | $820<sup>4</sup> | $972<sup>4</sup> |
| 0.42% | 0.38% | 0.32%<sup>6</sup> | 0.38% | 0.40% | 0.41% |
| 0.48% | 0.51% | 0.35% | 0.42% | 0.44% | 0.45% |
| 3.21% | 1.53% | 1.65% | 2.12% | 1.89% | 1.27% |
| 3.15% | 1.40% | 1.62% | 2.08% | 1.85% | 1.23% |
| 23% | 28% | 20% | 33% | 36% | 35% |

---

[**Table of Contents**](#toc1)

Consolidated financial highlights

Delaware Ivy Wilshire Global Allocation Fund Class C

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

---

| |
|:---|
| **Net asset value, beginning of period** |
| **Income (loss) from investment operations:** |
| Net investment income<sup>2</sup> |
| Net realized and unrealized gain (loss) |
| Total from investment operations |
| **Less dividends and distributions from:** |
| Net investment income |
| Net realized gain |
| Total dividends and distributions |
| **Net asset value, end of period** |
| **Total return<sup>3</sup>** |
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted) |
| Ratio of expenses to average net assets<sup>5</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> |
| Ratio of net investment income to average net assets |
| Ratio of net investment income to average net assets prior to fees waived |
| Portfolio turnover |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Expense ratio excluding litigation expenses reimbursement was 1.19%.

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

[**Table of Contents**](#toc1)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six months ended |  |  |  |  |  |
| 12/31/22<sup>1</sup> | Year ended | Year ended | Year ended | Year ended | Year ended |
| (Unaudited) | 6/30/22 | 6/30/21 | 6/30/20 | 6/30/19 | 6/30/18 |
| $7.24 | $9.12 | $7.39 | $7.68 | $8.04 | $8.15 |
| 0.10 | 0.06 | 0.08 | 0.10 | 0.08 | 0.05 |
| 0.02 | (1.37) | 1.86 | (0.08) | 0.09 | 0.39 |
| 0.12 | (1.31) | 1.94 | 0.02 | 0.17 | 0.44 |
| (0.05) | (0.20) | (0.09) | (0.12) | (0.10) | (0.07) |
| (0.62) | (0.37) | (0.12) | (0.19) | (0.43) | (0.48) |
| (0.67) | (0.57) | (0.21) | (0.31) | (0.53) | (0.55) |
| $6.69 | $7.24 | $9.12 | $7.39 | $7.68 | $8.04 |
| 1.60% | (15.33%) | 26.45% | 0.02% | 2.91% | 5.31% |
| $3580 | $4056 | $7<sup>4</sup> | $8<sup>4</sup> | $11<sup>4</sup> | $14<sup>4</sup> |
| 1.25% | 1.21% | 1.13%<sup>6</sup> | 1.20% | 1.19% | 1.18% |
| 1.31% | 1.26% | 1.16% | 1.23% | 1.21% | 1.22% |
| 2.60% | 0.70% | 0.96% | 1.32% | 1.07% | 0.64% |
| 2.54% | 0.65% | 0.93% | 1.29% | 1.05% | 0.60% |
| 23% | 28% | 20% | 33% | 36% | 35% |

---

[**Table of Contents**](#toc1)

Consolidated financial highlights

Delaware Ivy Wilshire Global Allocation Fund Class I

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

---

| |
|:---|
| **Net asset value, beginning of period** |
| **Income (loss) from investment operations:** |
| Net investment income<sup>2</sup> |
| Net realized and unrealized gain (loss) |
| Total from investment operations |
| **Less dividends and distributions from:** |
| Net investment income |
| Net realized gain |
| Total dividends and distributions |
| **Net asset value, end of period** |
| **Total return<sup>3</sup>** |
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted) |
| Ratio of expenses to average net assets<sup>5</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> |
| Ratio of net investment income to average net assets |
| Ratio of net investment income to average net assets prior to fees waived |
| Portfolio turnover |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based 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.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Expense ratio excluding litigation expenses reimbursement was 0.08%.

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

[**Table of Contents**](#toc1)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six months ended |  |  |  |  |  |
| 12/31/22<sup>1</sup> | Year ended | Year ended | Year ended | Year ended | Year ended |
| (Unaudited) | 6/30/22 | 6/30/21 | 6/30/20 | 6/30/19 | 6/30/18 |
| $7.85 | $9.85 | $7.94 | $8.22 | $8.58 | $8.70 |
| 0.12 | 0.17 | 0.18 | 0.20 | 0.18 | 0.15 |
| 0.06 | (1.50) | 2.02 | (0.09) | 0.09 | 0.41 |
| 0.18 | (1.33) | 2.20 | 0.11 | 0.27 | 0.56 |
| (0.15) | (0.30) | (0.17) | (0.20) | (0.20) | (0.20) |
| (0.62) | (0.37) | (0.12) | (0.19) | (0.43) | (0.48) |
| (0.77) | (0.67) | (0.29) | (0.39) | (0.63) | (0.68) |
| $7.26 | $7.85 | $9.85 | $7.94 | $8.22 | $8.58 |
| 2.23% | (14.51%) | 28.09% | 1.13% | 3.98% | 6.43% |
| $163665 | $204367 | $371<sup>4</sup> | $339<sup>4</sup> | $426<sup>4</sup> | $534<sup>4</sup> |
| 0.11% | 0.08% | 0.03%<sup>6</sup> | 0.07% | 0.07% | 0.09% |
| 0.16% | 0.13% | 0.06% | 0.12% | 0.12% | 0.15% |
| 2.96% | 1.86% | 1.95% | 2.42% | 2.22% | 1.59% |
| 2.91% | 1.81% | 1.92% | 2.37% | 2.17% | 1.53% |
| 23% | 28% | 20% | 33% | 36% | 35% |

---

[**Table of Contents**](#toc1)

Consolidated financial highlights

Delaware Ivy Wilshire Global Allocation Fund Class R6

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

---

| |
|:---|
| **Net asset value, beginning of period** |
| **Income (loss) from investment operations:** |
| Net investment income<sup>3</sup> |
| Net realized and unrealized gain (loss) |
| Total from investment operations |
| **Less dividends and distributions from:** |
| Net investment income |
| Net realized gain |
| Total dividends and distributions |
| **Net asset value, end of period** |
| **Total return<sup>4</sup>** |
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted) |
| Ratio of expenses to average net assets<sup>7</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> |
| Ratio of net investment income to average net assets |
| Ratio of net investment income to average net assets prior to fees waived |
| Portfolio turnover |

---

<sup>1</sup> Date of commencement of operations; ratios have been annualized and total return has not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>3</sup> Calculated using average shares outstanding.

<sup>4</sup> Total return is based 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.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Rounds to less than $500 thousands.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Portfolio turnover is representative of the Fund for the entire period.

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

[**Table of Contents**](#toc1)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six months ended<br> 12/31/22<sup>2</sup> | Year ended | Year ended | Year ended | Year ended | 2/26/18<sup>1</sup> to |
| (Unaudited) | 6/30/22 | 6/30/21 | 6/30/20 | 6/30/19 | 6/30/18 |
| $7.75 | $9.72 | $7.84 | $8.12 | $8.48 | $8.72 |
| 0.23 | 0.16 | 0.18 | 0.19 | 0.18 | 0.03 |
| (0.06) | (1.46) | 1.99 | (0.08) | 0.08 | (0.27) |
| 0.17 | (1.30) | 2.17 | 0.11 | 0.26 | (0.24) |
| (0.15) | (0.30) | (0.17) | (0.20) | (0.19) |  |
| (0.62) | (0.37) | (0.12) | (0.19) | (0.43) |  |
| (0.77) | (0.67) | (0.29) | (0.39) | (0.62) |  |
| $7.15 | $7.75 | $9.72 | $7.84 | $8.12 | $8.48 |
| 2.18% | (14.39%) | 28.06% | 1.14% | 3.95% | (2.75%) |
| $62 | $52 | $—<sup>5,6</sup> | $—<sup>5,6</sup> | $—<sup>5,6</sup> | $—<sup>5,6</sup> |
| 0.10% | 0.08% | 0.02% | 0.07% | 0.07% | 0.25% |
| 0.13% | 0.11% | 0.05% | 0.10% | 0.09% | 0.36% |
| 5.99% | 1.76% | 2.04% | 2.42% | 2.25% | 0.91% |
| 5.96% | 1.73% | 2.01% | 2.39% | 2.23% | 0.80% |
| 23% | 28% | 20% | 33% | 36% | 35%<sup>8</sup> |

---

[**Table of Contents**](#toc1)

Notes to consolidated financial statements

Delaware Ivy Wilshire Global Allocation Fund December 31, 2022 (Unaudited)

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 39 series. The consolidated financial statements and the related notes pertain to Delaware Ivy Wilshire Global Allocation Fund. The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act). The Fund offers Class A, Class C, Class I, and Class R6 shares. Effective December 10, 2021, all remaining shares of Class B were converted to Class A shares. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares that received a net asset value (NAV) breakpoint, for shares purchased on or after July 1, 2021 that are subject to a contingent deferred sales charge (CDSC) you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class I and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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

**Security Valuation** — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Foreign currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Open-end investment companies, other than ETFs, are valued at their published NAV. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund's valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Fund's Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair

[**Table of Contents**](#toc1)

valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

**Federal Income Taxes** — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken or expected to be taken on the Fund's federal income tax returns through the six months ended December 31, 2022, and for all open tax years (years ended June 30, 2019-June 30, 2022), and has concluded that no provision for federal income tax is required in the Fund's consolidated financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in "Other" on the "Consolidated statement of operations." During the six months ended December 31, 2022, the Fund did not incur any interest or tax penalties.

**Class Accounting** — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

**Underlying Funds** — The Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Fund may invest include ETFs. The Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.

**Foreign Currency Transactions** — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These gains and losses are included on the "Consolidated statement of operations" under "Net realized gain (loss) on investments." The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

[**Table of Contents**](#toc1)

Notes to consolidated financial statements

Delaware Ivy Wilshire Global Allocation Fund

1. Significant Accounting Policies (continued)

**Derivative Financial Instruments** — The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to consolidated financial statements.

**Segregation and Collateralizations** — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Fund may deliver or receive collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Fund under derivative contracts, if any, will be reported separately on the "Consolidated statement of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Consolidated schedule of investments."

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

**Other** — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie<sup>®</sup> (Delaware Funds) are generally allocated among such fund on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income

[**Table of Contents**](#toc1)

is recorded on the accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. The Fund declares and pays dividends from net investment income and dividends semiannually. The Fund declares and pays distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly."

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

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment adviser, an annual fee which is calculated daily and paid monthly at the following annual rates as a percentage of average daily net assets:

For the Private Equity Segment: 0.70% of net assets of this segment up to $1 billion; 0.65% of net assets of this segment over $1 billion and up to $2 billion; 0.60% of net assets of this segment over $2 billion and up to $3 billion; and 0.55% of net assets of this segment over $3 billion.

For the Multi-Asset Segment, the Fund's cash on hand and all other Fund assets other than the Private Equity Segment: 0.06% of net assets of this segment up to $500 million; 0.05% of net assets of this segment over $500 million and up to $1 billion; 0.04% of net assets of this segment over $1 billion and up to $2 billion; and 0.03% of net assets of this segment over $2 billion.

Prior to October 28, 2022, DMC, DDLP and/or Delaware Investments Fund Services Company (DIFSC), the Fund's transfer agent, had contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any 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 as follows: Class A shares at 1.13%; Class C shares at 1.96%; and Class I shares at 0.83%.

Under an agreement between DMC and Wilshire, Wilshire serves as sub-adviser to the Fund. The sub-adviser makes investment decisions in accordance with the Fund's investment objectives, policies and restrictions under the supervision of DMC and the oversight of the Board. DMC pays all applicable costs of the sub-adviser.

[**Table of Contents**](#toc1)

Notes to consolidated financial statements

Delaware Ivy Wilshire Global Allocation Fund

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

DIFSC, an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Consolidated statement of operations" under "Accounting and administration expenses." For the six months ended December 31, 2022, the Fund paid $11,793 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the "Consolidated statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the six months ended December 31, 2022, the Fund was charged $269,654 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the "Consolidated statement of operations" under "Dividend disbursing and transfer agent fees and expenses." The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% and 1.00% of the average daily net assets of the Class A and Class C shares, respectively. The fees are calculated daily and paid monthly. Class I shares and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended December 31, 2022, the Fund paid $13,691 for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees. This amount is included on the "Consolidated statement of operations" under "Legal fees."

For the six months ended December 31, 2022, DDLP earned $21,268 for commissions on sales of the Fund's Class A shares. For the six months ended December 31, 2022, DDLP received gross CDSC commissions of $914 and $276 on redemptions of the Fund's Class A and Class C

[**Table of Contents**](#toc1)

shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

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

A summary of the transactions in affiliated companies during the six months ended December 31, 2022 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value,<br> beginning<br> of period | Gross<br> additions | Gross<br> reductions<sup>\*</sup> | Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> securities | Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities |
| **Corporate Bond—0.2%** |  |  |  |  |  |
| COTA<sup>#,=,@</sup> | $1274839 | $167071 | $— | $— | $(167071) |
| **Common Stocks—0.0%** |  |  |  |  |  |
| COTA<sup>=,@,†</sup> |  |  |  |  |  |
| Media Group Holdings<sup>†</sup> |  |  | 46577 |  | 46577 |
| Media Group Holdings<sup>†</sup> |  |  |  |  |  |
| Total | $— | $— | $46577 | $— | $46577 |
| **Affiliated Mutual Funds—99.4%** |  |  |  |  |  |
| Delaware Global Real Estate Fund | 15038659 | 1672755 | 2376288 | (544728) | (2008175) |
| Delaware High-Yield Opportunities Fund |  | 18608726 | 1885997 | (53039) | (531492) |
| Delaware Ivy Core Bond Fund | 74888990 | 4565032 | 14800864 | (2304340) | (1018275) |
| Delaware Ivy Core Equity Fund | 41222301 | 4233812 | 8737311 | 1519844 | (3685853) |
| Delaware Ivy Emerging Markets Local Currency Debt Fund | 14822565 | 787150 | 2376290 | (621576) | 914899 |
| Delaware Ivy Global Bond Fund | 74396321 | 11521813 | 15364312 | (2219971) | 767137 |
| Delaware Ivy Government Securities Fund | 37489131 | 568778 | 12083151 | (1256133) | (347028) |
| Delaware Ivy High Yield Fund | 18309316 | 326095 | 19456718 | (1309844) | 2131151 |
| Delaware Ivy International Core Equity Fund | 96847220 | 5967819 | 15445920 | (1692655) | 3978743 |
| Delaware Ivy International Small Cap Fund | 18422425 | 2098653 | 2970416 | (905788) | (2982) |

---

[**Table of Contents**](#toc1)

Notes to consolidated financial statements

Delaware Ivy Wilshire Global Allocation Fund

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value,<br> beginning<br> of period | Gross<br> additions | Gross<br> reductions<sup>\*</sup> | Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> securities | Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities |
| Delaware Ivy International Value Fund | $26135325 | $4431299 | $4158596 | $(132088) | $(1694428) |
| Delaware Ivy Large Cap Growth Fund | 78681493 | 7404070 | 17522480 | (467705) | (5458160) |
| Delaware Ivy Mid Cap Growth Fund | 11224502 | 958847 | 2820782 | (18307) | (342563) |
| Delaware Ivy Mid Cap Income Opportunities Fund | 7552328 | 51284 | 8285606 | 2713786 | (2031792) |
| Delaware Ivy Smid Cap Core Fund | 22672771 | 4055921 | 5595471 | (2330368) | (16445) |
| Delaware Ivy Systematic Emerging Markets Equity Fund | 48719562 | 7202685 | 7723018 | 390490 | (7134570) |
| Delaware Ivy Total Return Bond Fund | 37114856 | 4294099 | 7150192 | (1061931) | (1885593) |
| Delaware Ivy Value Fund | 82354248 | 10164795 | 36322325 | 4936425 | (9221646) |
| Delaware Opportunity Fund |  | 7874827 | 754385 | (28031) | (672022) |
| Delaware Sustainable Equity Income Fund | 37841687 | 256438 | 40857591 | 10147113 | (7387647) |
| Delaware Value Fund |  | 63423812 | 6035184 | (86436) | (3633416) |
| Total | $743733700 | $160468710 | $232722897 | $4674718 | $(39280157) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value,<br> end of<br> period | Shares | Dividend<br> Income | Capital gain<br> distributions |
| **Corporate Bond—0.2%** |  |  |  |  |
| COTA<sup>#,=,@</sup> | $1274839 | 7284794 | $— | $— |
| **Common Stocks—0.0%** |  |  |  |  |
| COTA<sup>=,@,†</sup> |  | 52 |  |  |
| Media Group Holdings<sup>†</sup> |  | 72709 |  |  |
| Media Group Holdings<sup>†</sup> |  | 9113 |  |  |
| Total | $— |  | $— | $— |
| **Affiliated Mutual Funds—99.4%** |  |  |  |  |
| Delaware Global Real Estate Fund | 11782223 | 1384515 | 158315 | 1400177 |
| Delaware High-Yield Opportunities Fund | 16138198 | 4935229 | 346363 |  |
| Delaware Ivy Core Bond Fund | 61330543 | 6702792 | 1312878 |  |
| Delaware Ivy Core Equity Fund | 34552793 | 2070269 | 161602 | 3790137 |
| Delaware Ivy Emerging Markets Local Currency Debt Fund | 13526748 | 1784531 |  |  |
| Delaware Ivy Global Bond Fund | 69100988 | 7764156 | 1841877 |  |

---

[**Table of Contents**](#toc1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Value, <br> end of <br> period | Shares | Dividend<br> Income | Capital gain<br> distributions |
| Delaware Ivy Government Securities Fund | $24371597 | 5066860 | $298734 | $— |
| Delaware Ivy High Yield Fund |  |  | 197880 |  |
| Delaware Ivy International Core Equity Fund | 89655207 | 5091153 | 975017 |  |
| Delaware Ivy International Small Cap Fund | 16641892 | 1888978 |  | 1692603 |
| Delaware Ivy International Value Fund | 24581512 | 1779979 |  | 2473540 |
| Delaware Ivy Large Cap Growth Fund | 62637218 | 2546228 |  | 6865569 |
| Delaware Ivy Mid Cap Growth Fund | 9001697 | 331676 |  | 881904 |
| Delaware Ivy Mid Cap Income Opportunities Fund |  |  |  |  |
| Delaware Ivy Smid Cap Core Fund | 18786408 | 1253263 | 39082 | 3862977 |
| Delaware Ivy Systematic Emerging Markets Equity Fund | 41455149 | 2400414 | 513311 | 4803737 |
| Delaware Ivy Total Return Bond Fund | 31311239 | 3875153 | 2879361 |  |
| Delaware Ivy Value Fund | 51911497 | 2397760 | 756361 | 8844269 |
| Delaware Opportunity Fund | 6420389 | 206576 | 99567 | 465929 |
| Delaware Sustainable Equity Income Fund |  |  |  |  |
| Delaware Value Fund | 53668776 | 2912033 | 601897 | 4347250 |
| Total | $636874074 |  | $10182245 | $39428092 |

---

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $1,274,839, which represents 0.20% of the Fund's net assets. See Note 10 in "Notes to financial statements."

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements."

@ Security was not affiliated at June 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;† Non-income producing security.

\* Includes return of capital.

3. Investments

For the six months ended December 31, 2022, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $160468707 |
| Sales | 232722893 |

---

At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At December 31, 2022, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments | $728977726 |
| Aggregate unrealized appreciation of investments | $77237039 |
| Aggregate unrealized depreciation of investments | (164816398) |
| Net unrealized depreciation of investments | $(87579359) |

---

[**Table of Contents**](#toc1)

Notes to consolidated financial statements

Delaware Ivy Wilshire Global Allocation Fund

3. Investments (continued)

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

---

| |
|:---|
| Level 1 – Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
| Level 2 – Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market- corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
| Level 3 – Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities) |

---

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

[**Table of Contents**](#toc1)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 3 | Total |
| <u>Securities</u> |  |  |  |
| <u>Assets:</u> |  |  |  |
| Affiliated Mutual Funds | $636874074 | $— | $636874074 |
| Common Stocks |  | —<sup>1</sup> |  |
| Corporate Bond |  | 1274839 | 1274839 |
| Short-Term Investments | 3249455 |  | 3249455 |
| Total Value of Securities | $640123529 | $1274839 | $641398368 |

---

<sup>1</sup> The security that has been valued at zero on the "Consolidated schedule of investments" is considered to be Level 3 investment in this table.

During the six months ended December 31, 2022, there were no transfers into or out of Level 3 investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund's net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund's net assets at the end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Six months<br> ended<br> 12/31/22 | Year ended<br> 6/30/22 |
| Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1153779 | 1795112 |
| &nbsp;&nbsp;&nbsp;Class B<sup>1</sup> |  | 5 |
| &nbsp;&nbsp;&nbsp;Class C | 31559 | 76289 |
| &nbsp;&nbsp;&nbsp;Class I | 2136818 | 2529294 |
| &nbsp;&nbsp;&nbsp;Class R6<sup>2</sup> | 1129 | 1373 |

---

[**Table of Contents**](#toc1)

Notes to consolidated financial statements

Delaware Ivy Wilshire Global Allocation Fund

**4. Capital Shares (continued)**

---

| | | |
|:---|:---|:---|
|  | Six months<br> ended<br> 12/31/22 | Year ended<br> 6/30/22 |
| Shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6270045 | 5122593 |
| &nbsp;&nbsp;&nbsp;Class C | 49370 | 42821 |
| &nbsp;&nbsp;&nbsp;Class I | 2191089 | 2416905 |
| &nbsp;&nbsp;&nbsp;Class R6<sup>2</sup> | 839 | 463 |
|  | 11834628 | 11984855 |
| Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (11125288) | (14978431) |
| &nbsp;&nbsp;&nbsp;Class B<sup>1</sup> |  | (54109) |
| &nbsp;&nbsp;&nbsp;Class C | (106293) | (287583) |
| &nbsp;&nbsp;&nbsp;Class I | (7820373) | (16555632) |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (1471) |
|  | (19051954) | (31877226) |
| Net decrease | (7217326) | (19892371) |

---

<sup>1</sup> On December 10, 2021, all Class B shares were converted into Class A shares. These transactions are included as subscriptions of Class A shares and redemptions of Class B shares in the table above.

<sup>2</sup> Effective July 1, 2021, Class N shares were renamed Class R6 shares.

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the "Consolidated statements of changes in net assets." For the six months ended December 31, 2022 and the year ended June 30, 2022, the Fund had the following exchange transactions:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Exchange Redemptions | Exchange Redemptions | Exchange Redemptions | Exchange Redemptions | Exchange Subscriptions | Exchange Subscriptions | Exchange Subscriptions | |
|  | Class A<br> Shares | Class A<br> Shares | Class C<br> Shares | Class I<br> Shares | Class A<br> Shares | Class I<br> Shares | Class R6<br> Shares | <br>Value |
| <u>Six months ended</u> <br> 12/31/22 |  |  | 3743 | 23888 | 26624 |  | 1129 | $216560 |
| <u>Year ended</u> <br> 6/30/22 | 57074 | 33542 | 20253 | 47939 | 97431 | 56053 | 1373 | 1501352 |

---

5. Basis of consolidation for Delaware Ivy Wilshire Global Allocation Fund

Ivy WGA III (SBP), LLC (formerly known as WRA ASF III (SBP), LLC) (the "Company"), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Delaware Ivy Wilshire Global Allocation Fund (referred to as "the

[**Table of Contents**](#toc1)

Fund" in this subsection). The Company acts as an investment vehicle for the Fund, in order to affect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and SAI.

The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Company. The consolidated financial statements include the accounts of the Fund and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Company comprising the entire issued share capital of the Company with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Company.

See the table below for details regarding the structure, incorporation and relationship as of December 31, 2022 of the Company to the Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Date of<br> Incorporation | Subscription <br> Agreement | Fund Net<br> Assets | Subsidiary/<br> company net <br> assets | Percentage<br> of Fund net<br> assets |
| Ivy WGA III (SBP), LLC | 4-9-13 | 4-23-13 | $640839372 | $17439 | 0.00% |

---

6. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 31, 2022.

On October 31, 2022, the Fund, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

The Fund had no amounts outstanding as of December 31, 2022, or at any time during the period then ended.

[**Table of Contents**](#toc1)

Notes to consolidated financial statements

Delaware Ivy Wilshire Global Allocation Fund

7. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds only for purposes of this Note 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Fund made no Interfund Loans under the Interfund Lending Program during the six months ended December 31, 2022.

8. Derivatives

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

**Foreign Currency Exchange Contracts** — The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. No foreign currency exchange contracts were outstanding at December 31, 2022.

During the six months ended December 31, 2022, the Fund entered into foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

[**Table of Contents**](#toc1)

During the six months ended December 31, 2022, the Fund experienced net realized gains or losses attributable to foreign currency holdings, which is disclosed as on the "Consolidated statement of operations."

9. Securities Lending

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

Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset- backed securities. The Fund can also accept US government securities and letters of credit (non- cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable,

[**Table of Contents**](#toc1)

Notes to consolidated financial statements

Delaware Ivy Wilshire Global Allocation Fund

9. Securities Lending (continued)

on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund's cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the six months ended December 31, 2022, the Fund had no securities out on loan.

10. Credit and Market Risk

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.

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

[**Table of Contents**](#toc1)

which are determined to be liquid, are not subject to the Fund's 15% limit on investments in illiquid securities. As of December 31, 2022, there were no Rule 144A securities held by the Fund.

11. Contractual Obligations

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

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in the Fund's financial statements.

[**Table of Contents**](#toc1)

Other Fund information (Unaudited)

Delaware Ivy Wilshire Global Allocation Fund

**Form N-PORT and proxy voting information**

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund's most recent Form N-PORT are available without charge on the Fund's website at delawarefunds.com/literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund's website at delawarefunds.com/proxy; and (ii) on the SEC's website at sec.gov.

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreement at a Meeting Held on August 9-11, 2022**

At a meeting held on August 9-11, 2022 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Delaware Ivy Wilshire Global Allocation Fund (the "Fund") Investment Management Agreement with Delaware Management Company ("DMC") and the Sub-Advisory Agreement with Wilshire Advisors LLC ("Wilshire").

Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreement, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information

[**Table of Contents**](#toc1)

relating to the approval of the Fund's Investment Management Agreement and the Sub-Advisory Agreement, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

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

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

**Nature, extent, and quality of services.** The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement. The Board's review included consideration of DMC's investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC's programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. ("Macquarie"), the parent company of DMC, and the resources available to DMC as part of Macquarie's global asset management business.

The Board received and considered various information with respect to the services provided by Wilshire under the Sub-Advisory Agreement and the credentials and experience of the officers and employees of Wilshire who provide these services, including the Fund's portfolio managers. The Board considered the division of responsibilities between DMC and Wilshire and the oversight provided by DMC. The Board considered the expertise of Wilshire with respect to certain asset classes and/or investment styles. The Board took into account that the Sub-Advisory Agreement may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of Wilshire in managing the Fund.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and Wilshire.

**Investment performance.** The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized

[**Table of Contents**](#toc1)

Other Fund information (Unaudited)

Delaware Ivy Wilshire Global Allocation Fund

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreement at a Meeting Held on August 9-11, 2022 (continued)**

performance for the Fund was shown for the past 1-, 3-, 5- and 10-year periods and since inception, as applicable, ended December 31, 2021. The Board considered that the Fund was managed by Ivy Investment Management Company prior to the acquisition of its parent company, Waddell & Reed Financial, Inc. and its subsidiaries (the "Transaction"), and that the Fund's performance prior to the closing of the Transaction on April 30, 2021 is that of its predecessor manager.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional flexible portfolio funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 10-year periods was in the third quartile and for the 3- and 5-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1- and 10-year periods was below the median and for the 3- and 5-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-year period and underperformed its benchmark index for the 3-, 5- and 10-year periods. The Board noted the explanations from DMC and Wilshire concerning the reasons for the Fund's relative performance versus the Performance Universe and its benchmark for the various periods.

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

The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Group average.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing

[**Table of Contents**](#toc1)

registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

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

**Economies of scale.** The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the Delaware Funds complex, including its current breakpoints. The Board noted that, as of March 31, 2022, the Fund's net assets exceeded its first breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability.** The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Ancillary benefits.** The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

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

[**Table of Contents**](#toc1)

Other Fund information (Unaudited)

Delaware Ivy Wilshire Global Allocation Fund

**Board Consideration of Investment Management Agreement and Sub-Advisory Agreement at a Meeting Held on August 9-11, 2022 (continued)**

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

[**Table of Contents**](#toc1)

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

### Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.

Item 11. Controls and Procedures.

The registrant's principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)

under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.](ddf4167521_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.](ddf4167521_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

**IVY FUNDS**

---

| | |
|:---|:---|
| /s/SHAWN K. LYTLE | /s/SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | March 9, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| /s/SHAWN K. LYTLE | /s/SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | March 9, 2023 |
| **/s/RICHARD SALUS** | **/s/RICHARD SALUS** |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | March 9, 2023 |

---

## Ex-99.Cert

**EXHIBIT 99.CERT**

**<u>CERTIFICATION</u>**

I, Shawn K. Lytle, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

Date: March 9, 2023

---

| | |
|:---|:---|
| /s/SHAWN K. LYTLE | /s/SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

Date: March 9, 2023

---

| | |
|:---|:---|
| **/s/RICHARD SALUS** | **/s/RICHARD SALUS** |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. The Report fully complies with the requirements of Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly represents,
in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in
the Report.

Date: March 9, 2023

---

| | |
|:---|:---|
| /s/SHAWN K. LYTLE | /s/SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| **/s/RICHARD SALUS** | **/s/RICHARD SALUS** |
| **By:** | **Richard Salus** |
| **Title:** | **Chief Financial Officer** |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.