# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001145443-23-000029
**Filing Date:** 2023-1
**Character Count:** 2426226
**Document Hash:** d432e892119a8f5820f8c3ef43b4630d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145443-23-000029.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001145443-23-000029

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 50

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 23564306

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-45961
- **FILM NUMBER:** 23564305

**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 Emerging Markets Local Currency Debt Fund (Series ID: S000043807)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000135880 | Class A      | IECAX           |
| C000135881 | Class C      | IECCX           |
| C000135883 | Class I      | IECIX           |
| C000135885 | Class Y      | IECYX           |
| C000154020 | Class R6     | IMMCX           |

### Delaware Ivy Strategic Income Fund (Series ID: S000051065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000160881 | Class A      | IAPOX           |
| C000160882 | Class C      | ICPOX           |
| C000160883 | Class I      | IIPOX           |
| C000160884 | Class R6     | IRPOX           |
| C000160885 | Class Y      | IYPOX           |

### Delaware Ivy Multi-Asset Income Fund (Series ID: S000051066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000160886 | Class Y      | IMAYX           |
| C000160887 | Class A      | IMAAX           |
| C000160888 | Class C      | IMACX           |
| C000160889 | Class I      | IMAIX           |
| C000160890 | Class R6     | IMURX           |

### Delaware Ivy Total Return Bond Fund (Series ID: S000052348)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000164624 | Class A      | IRBAX           |
| C000164625 | Class C      | IRBCX           |
| C000164626 | Class I      | IRBIX           |
| C000164627 | Class R6     | IRBRX           |

### Delaware Ivy California Municipal High Income Fund (Series ID: S000055249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173730 | Class A      | IMHAX           |
| C000173731 | Class C      | IMHCX           |
| C000173732 | Class I      | IMHIX           |
| C000173733 | Class Y      | IMHYX           |

### Delaware Ivy International Small Cap Fund (Series ID: S000056044)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176465 | Class A      | IVJAX           |
| C000176466 | Class C      | IVJCX           |
| C000176467 | Class I      | IVJIX           |
| C000176468 | Class R6     | IVJRX           |
| C000176469 | Class Y      | IVJYX           |

### Delaware Ivy Crossover Credit Fund (Series ID: S000056903)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000180678 | Class A      | ICKAX           |
| C000180680 | Class I      | ICKIX           |
| C000180684 | Class Y      | ICKYX           |

### Delaware Sustainable Equity Income Fund (Series ID: S000057248)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000182589 | Class A      | IDAAX           |
| C000182591 | Class I      | IDAIX           |
| C000182592 | Class R6     | IDANX           |
| C000182593 | Class R      | IDARX           |

### Delaware Ivy High Yield Fund (Series ID: S000057669)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000184431 | Class A      | IPNAX           |
| C000184432 | Class I      | IPNIX           |
| C000184433 | Class R6     | IPNNX           |

### Delaware Ivy Corporate Bond Fund (Series ID: S000058122)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000190319 | Class A      | IBJAX           |
| C000190321 | Class C      | IBJCX           |
| C000190323 | Class I      | IBJIX           |
| C000190326 | Class Y      | IBJYX           |

### Delaware Ivy Government Securities Fund (Series ID: S000058123)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000190327 | Class A      | IGJAX           |
| C000190329 | Class C      | IGJCX           |
| C000190331 | Class I      | IGJIX           |
| C000190332 | Class R6     | IGJNX           |

?xml version='1.0' encoding='ASCII'? IVY FUNDS - Form 485BPOS SEC filing

------

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

File No. 033-45961

File No. 811-06569

---

| | | | |
|:---|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | /X/ |
|  | Pre-Effective Amendment No. |  | / / |
|  | Post-Effective Amendment No. | 203 | /X/ |
|  |  |  | and/or |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | /X/ |
|  | Amendment No. | 203 |  |
| (Check appropriate box or boxes) | (Check appropriate box or boxes) | (Check appropriate box or boxes) | (Check appropriate box or boxes) |
| IVY FUNDS | IVY FUNDS | IVY FUNDS | IVY FUNDS |
| (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) |
| 100 Independence, 610 Market Street, Philadelphia, PA | 100 Independence, 610 Market Street, Philadelphia, PA | 100 Independence, 610 Market Street, Philadelphia, PA | 19106-2354 |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |
| Registrant's Telephone Number, including Area Code: | Registrant's Telephone Number, including Area Code: | Registrant's Telephone Number, including Area Code: | (800) 523-1918 |
| David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 | David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 | David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 | David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354 |
| (Name and Address of Agent for Service) | (Name and Address of Agent for Service) | (Name and Address of Agent for Service) | (Name and Address of Agent for Service) |
| Please send copies of all communications to:<br> Jonathan M. Kopcsik, Esq.<br> Taylor Brody, Esq.<br> Stradley, Ronon, Stevens & Young, LLP<br> 2005 Market Street, Suite 2600, Philadelphia, PA 19103<br> (215) 564-8099<br> (215) 564-8071 | Please send copies of all communications to:<br> Jonathan M. Kopcsik, Esq.<br> Taylor Brody, Esq.<br> Stradley, Ronon, Stevens & Young, LLP<br> 2005 Market Street, Suite 2600, Philadelphia, PA 19103<br> (215) 564-8099<br> (215) 564-8071 | Please send copies of all communications to:<br> Jonathan M. Kopcsik, Esq.<br> Taylor Brody, Esq.<br> Stradley, Ronon, Stevens & Young, LLP<br> 2005 Market Street, Suite 2600, Philadelphia, PA 19103<br> (215) 564-8099<br> (215) 564-8071 | Please send copies of all communications to:<br> Jonathan M. Kopcsik, Esq.<br> Taylor Brody, Esq.<br> Stradley, Ronon, Stevens & Young, LLP<br> 2005 Market Street, Suite 2600, Philadelphia, PA 19103<br> (215) 564-8099<br> (215) 564-8071 |
| Approximate Date of Proposed Public Offering:  | Approximate Date of Proposed Public Offering:  | Approximate Date of Proposed Public Offering:  | January 30, 2023 |
| It is proposed that this filing will become effective (check appropriate box): | It is proposed that this filing will become effective (check appropriate box): | It is proposed that this filing will become effective (check appropriate box): | It is proposed that this filing will become effective (check appropriate box): |
| / / | immediately upon filing pursuant to paragraph (b) | immediately upon filing pursuant to paragraph (b) | immediately upon filing pursuant to paragraph (b) |
| /X/ | on January 30, 2023 pursuant to paragraph (b) | on January 30, 2023 pursuant to paragraph (b) | on January 30, 2023 pursuant to paragraph (b) |
| / / | 60 days after filing pursuant to paragraph (a)(1) | 60 days after filing pursuant to paragraph (a)(1) | 60 days after filing pursuant to paragraph (a)(1) |
| / / | on (date) pursuant to paragraph (a)(1) | on (date) pursuant to paragraph (a)(1) | on (date) pursuant to paragraph (a)(1) |
| / / | 75 days after filing pursuant to paragraph (a)(2) | 75 days after filing pursuant to paragraph (a)(2) | 75 days after filing pursuant to paragraph (a)(2) |
| / / | on (date) pursuant to paragraph (a)(2) of Rule 485. | on (date) pursuant to paragraph (a)(2) of Rule 485. | on (date) pursuant to paragraph (a)(2) of Rule 485. |
| If appropriate, check the following box: | If appropriate, check the following box: | If appropriate, check the following box: | If appropriate, check the following box: |
| / / | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

This Post-Effective Amendment relates solely to the Delaware Ivy California Municipal High Income Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy International Small Cap Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund, Delaware Ivy Total Return Bond Fund and Delaware Sustainable Equity Income Fund, series of the Registrant. The prospectuses and statements of additional information relating to the other series of the Registrant are not amended or superseded hereby.

------

---

 C O N T E N T S ---

This Post-Effective Amendment No. 203 to Registration File No. 033-45961 includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Facing Page

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Contents Page

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Part A – Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Part B – Statement of Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Part C – Other Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Signatures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Exhibits

------

![Picture](delawareivyfunds485127202_1.jpg)

Prospectus

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class I | Class R6 | Class R | Class Y |
| Delaware Ivy California Municipal High Income Fund | IMHAX | IMHCX | IMHIX | n/a | n/a | IMHYX |
| Delaware Ivy Corporate Bond Fund | IBJAX | IBJCX | IBJIX | n/a | n/a | IBJYX |
| Delaware Ivy Crossover Credit Fund | ICKAX | n/a | ICKIX | n/a | n/a | ICKYX |
| Delaware Ivy Emerging Markets Local Currency Debt Fund | IECAX | IECCX | IECIX | IMMCX | n/a | IECYX |
| Delaware Ivy Government Securities Fund | IGJAX | IGJCX | IGJIX | IGJNX | n/a | n/a |
| Delaware Ivy High Yield Fund | IPNAX | n/a | IPNIX | IPNNX | n/a | n/a |
| Delaware Ivy International Small Cap Fund | IVJAX | IVJCX | IVJIX | IVJRX | n/a | IVJYX |
| Delaware Ivy Multi-Asset Income Fund | IMAAX | IMACX | IMAIX | IMURX | n/a | IMAYX |
| Delaware Ivy Strategic Income Fund | IAPOX | ICPOX | IIPOX | IRPOX | n/a | IYPOX |
| Delaware Ivy Total Return Bond Fund | IRBAX | IRBCX | IRBIX | IRBRX | n/a | n/a |
| Delaware Sustainable Equity Income Fund | IDAAX | n/a | IDAIX | IDANX | IDARX | n/a |

---

January 30, 2023

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

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

------

Table of contents

---

| | |
|:---|:---|
| **Fund summaries** | 1 |
| Delaware Ivy California Municipal High Income Fund | 1 |
| Delaware Ivy Corporate Bond Fund | 6 |
| Delaware Ivy Crossover Credit Fund | 11 |
| Delaware Ivy Emerging Markets Local Currency Debt Fund | 16 |
| Delaware Ivy Government Securities Fund | 23 |
| Delaware Ivy High Yield Fund | 28 |
| Delaware Ivy International Small Cap Fund | 33 |
| Delaware Ivy Multi-Asset Income Fund | 38 |
| Delaware Ivy Strategic Income Fund | 44 |
| Delaware Ivy Total Return Bond Fund | 49 |
| Delaware Sustainable Equity Income Fund | 55 |
| **How we manage the Funds** | 60 |
| Our principal investment strategies | 60 |
| Other investment strategies | 79 |
| The risks of investing in the Funds | 80 |
| Disclosure of portfolio holdings information | 158 |
| **Who manages the Funds** | 159 |
| Investment manager and sub-advisors | 159 |
| Portfolio managers | 160 |
| Manager of managers structure  | 165 |
| Who's who | 165 |
| **About your account** | 167 |
| Investing in the Funds | 167 |
| Choosing a share class | 167 |
| Dealer compensation | 171 |
| Payments to intermediaries  | 172 |
| How to reduce your sales charge  | 172 |
| Buying Class A shares at net asset value | 174 |
| Waivers of contingent deferred sales charges | 174 |
| How to buy shares  | 175 |
| Calculating share price | 176 |
| Fair valuation | 176 |
| Retirement plans  | 177 |
| Document delivery | 177 |
| Inactive accounts | 177 |
| How to redeem shares  | 177 |
| Low balance accounts | 178 |
| Investor services | 179 |
| Frequent trading of Fund shares (market timing and disruptive trading) | 180 |
| Dividends, distributions, and taxes | 182 |
| Certain management considerations | 185 |
| **Financial highlights** | 186 |
| **Appendix A: Hypothetical Investment and Expense Information** | 239 |
| **Additional information** | 245 |

---

------

Fund summaries

**Delaware Ivy California Municipal High Income Fund** **, a series of** **Ivy** Funds

**What is the Fund's investment objective?**

Delaware Ivy California Municipal High Income Fund seeks to provide a high level of current income that is not subject to Federal and California income tax.

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Class | A | C | I | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 4.50% |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) | 1.00%(1) |  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | Class | A | C | I | Y |
| Management fees | Management fees | 0.53% | 0.53% | 0.53% | 0.53% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% | 1.00% |  | 0.25% |
| Other expenses | Other expenses | 0.74% | 0.67% | 0.92% | 0.48% |
| Total annual fund operating expenses | Total annual fund operating expenses | 1.52% | 2.20% | 1.45% | 1.26% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.72%)(2) | (0.65%)(2) | (0.90%)(2) | (0.46%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 0.80% | 1.55% | 0.55% | 0.80% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.55% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.55% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.55% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.55% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.55% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

---

**Example**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | (if not redeemed)C | C | I | Y |
| 1 year | $528 | $158 | $258 | $56 | $82 |
| 3 years | $841 | $626 | $626 | $370 | $354 |
| 5 years | $1176 | $1120 | $1120 | $706 | $647 |
| 10 years | $2122 | $2483 | $2483 | $1658 | $1482 |

---

------

Fund summaries

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy California Municipal High Income Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of municipal securities with income payments that are exempt from Federal and California income taxes. These municipal securities primarily include obligations issued by the State of California and its subdivisions, authorities, instrumentalities and corporations. It is possible that up to 20% of the Fund's net assets may be in securities that pay taxable income. A significant portion of the current income paid by the Fund may be a tax preference item for purposes of the Federal alternative minimum tax (AMT) (Tax Preference Item). (Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, corporations no longer are subject to the AMT for taxable years of the corporation beginning after December 31, 2017.)

The Fund typically invests at least 50% of its total assets in medium- and lower-quality municipal securities that include securities rated BBB+ by Standard & Poor's (S&P) or similarly rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, in the Manager's opinion, that are equivalent in quality. Such investments include non-investment grade debt securities, commonly called "high yield" or "junk" bonds, which typically are rated BBB- or lower by S&P or comparably rated by another NRSRO or, if unrated, of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade bonds.

The Fund may invest in higher-quality municipal securities at times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk, and/or when, in the opinion of the Manager, there is a lack of medium and lower-quality securities in which to invest.

After conducting a top-down (assessing the market environment) analysis, the Manager uses a research-oriented, bottom-up (researching individual issuers) credit-by-credit investment approach. The Manager considers a number of factors in selecting individual securities for the Fund's portfolio, including the security's current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, and the structure of the security, including whether it has a call feature.

The Fund primarily invests in revenue bonds: revenue bonds are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state's share of annual tobacco settlement revenues.

The Fund may invest in PABs in general, in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education, transportation and special tax sectors, and in municipal securities of issuers located in the same geographical area.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the security's current credit quality. Additionally, the Manager may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

**What are the principal risks of investing in the Fund?**

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

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

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

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

**Call risk** — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

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

**Alternative minimum tax risk** — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

**Geographic concentration risk** — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.

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

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

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

**How has Delaware Ivy California Municipal High Income Fund performed?**

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

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Fund summaries

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2017 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**8.51**% | &nbsp;&nbsp;**-0.04**% | &nbsp;&nbsp;**8.67**% | &nbsp;&nbsp;**2.97**% | &nbsp;&nbsp;**2.63**% | &nbsp;&nbsp;**-11.71%** |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 3.44% for the quarter ended June 30, 2017, and its lowest quarterly return was -5.98% for the quarter ended March 31, 2022. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 10/3/16–12/31/22) | -15.68% | -0.59% | 0.41%  |
| Class A return after taxes on distributions (lifetime: 10/3/16–12/31/22) | -15.75% | -0.66% | 0.34% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 10/3/16–12/31/22) | -8.23% | 0.13% | 0.89% |
| Class C return before taxes (lifetime: 10/3/16–12/31/22) | -13.44% | -0.64% | 0.24% |
| Class I return before taxes (lifetime: 10/3/16–12/31/22) | -11.53% | 0.47% | 1.29% |
| Class Y return before taxes (lifetime: 10/3/16–12/31/22) | -11.73% | 0.27% | 1.09% |
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/3/16–12/31/22)  | -8.53% | 1.25% | 1.27% |

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

**Who manages the Fund?**

**Investment manager** 

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

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| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Gregory A. Gizzi | Managing Director, Head of US Fixed Income and Head of Municipal Bonds, Senior Portfolio Manager | November 2021 |
| Stephen J. Czepiel | Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager | November 2021 |
| Jake van Roden | Managing Director, Senior Portfolio Manager | November 2021 |

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**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

**Payments to broker/dealers and other financial intermediaries**

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

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Fund summaries

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**Delaware Ivy Corporate Bond Fund,** a series of Ivy Funds

**What is the Fund's investment objective?**

Delaware Ivy Corporate Bond Fund seeks to provide current income consistent with preservation of capital.

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Class | A | C | I | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 4.50% |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) | 1.00%(1) |  |  |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | Class | A | C | I | Y |
| Management fees | Management fees | 0.47% | 0.47% | 0.47% | 0.47% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% | 1.00% |  | 0.25% |
| Other expenses | Other expenses | 0.29% | 0.58% | 0.25% | 0.23% |
| Total annual fund operating expenses | Total annual fund operating expenses | 1.01% | 2.05% | 0.72% | 0.95% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.15%)(2) | (0.44%)(2) | (0.11%)(2) | (0.09%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 0.86% | 1.61% | 0.61% | 0.86% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.61% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.61% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.61% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.61% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.61% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

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**Example**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | (if not redeemed)C | C | I | Y |
| 1 year | $534 | $164 | $264 | $62 | $88 |
| 3 years | $743 | $600 | $600 | $219 | $294 |
| 5 years | $969 | $1063 | $1063 | $390 | $517 |
| 10 years | $1618 | $2344 | $2344 | $884 | $1158 |

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 52% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy Corporate Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in corporate bonds (also referred to as corporate "debt securities" or "fixed-income securities"). For this purpose, "corporate bonds" includes any debt security issued by a domestic or foreign company with an initial maturity greater than one year. The Fund invests primarily in investment-grade debt securities (including bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality). The Fund has no limitations regarding the duration or dollar-weighted average of its holdings, may invest in debt securities with varying maturities and can invest in debt securities issued by both domestic and foreign companies, in a variety of sectors and industries. The Fund may invest significantly in debt securities payable from the same sector.

In selecting debt securities for the Fund, the Manager looks at a number of factors, including both a top-down (assessing the market environment) and a bottom-up (researching individual issuers) analysis. The top-down analysis looks at broad economic and financial trends in an effort to anticipate their impact on the fixed-income market and seeks to identify certain criteria that contribute to the overall target portfolio characteristics such as duration, spread, ratings and liquidity. The bottom-up analysis seeks to identify securities that the Manager believes have favorable risk/reward characteristics and targets those securities for overweight positioning. From the sector level, the Manager identifies companies that have positive attributes and considers the issuer's past, present and estimated future: financial strength, cash flow, management, borrowing requirements, balance sheet policy and relative safety. Additional factors considered include leverage, interest coverage, revenue and margin stability, competition and industry trends, as well as relative value and liquidity.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. For example, the Manager may sell a holding if, in the Manager's opinion, the issuer's financial strength weakens and/or the yield and relative safety of the security decline. The Manager also may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

**What are the principal risks of investing in the Fund?**

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

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

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

**Fixed income risk** — The risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

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Fund summaries

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

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

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

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

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

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

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

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

**How has Delaware Ivy Corporate Bond Fund performed?**

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

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2013 | &nbsp;&nbsp;2014 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;2016 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**-2.33**% | &nbsp;&nbsp;**3.54**% | &nbsp;&nbsp;**0.13**% | &nbsp;&nbsp;**3.96**% | &nbsp;&nbsp;**3.8**% | &nbsp;&nbsp;**-1.79**% | &nbsp;&nbsp;**11.64**% | &nbsp;&nbsp;**10.49**% | &nbsp;&nbsp;**-0.92**% | &nbsp;&nbsp;**-16.89**% |

---

During the periods illustrated in this bar chart, Class A's highest quarterly return was 9.13% for the quarter ended June 30, 2020, and its lowest quarterly return was -7.90% for the quarter ended June 30, 2022. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or <br> lifetime |
| Class A return before taxes | -20.66% | -1.23% | 0.28% |
| Class A return after taxes on distributions | -21.41% | -2.63% | -1.08% |
| Class A return after taxes on distributions and sale of Fund shares | -12.21% | -1.34% | -0.29% |
| Class C return before taxes | -18.50% | -1.01% | 0.12% |
| Class I return before taxes | -16.61% | 0.25% | 1.16% |
| Class Y return before taxes (lifetime: 10/16/17-12/31/22) | -16.69% | 0.01% | 0.00% |
| Bloomberg US Corporate Investment Grade Index (reflects no deduction for fees, expenses, or taxes) | -15.76% | 0.45% | 1.96% |

---

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

**Who manages the Fund?**

**Investment manager** 

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

---

| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Michael G. Wildstein, CFA | Senior Managing Director, Head of US Credit and Insurance | November 2021 |
| Wayne A. Anglace, CFA | Managing Director, Senior Portfolio Manager | November 2021 |
| Kashif Ishaq | Managing Director, Senior Portfolio Manager | November 2021 |

---

 **Sub-Advisors** 

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

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Fund summaries

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**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

**Payments to broker/dealers and other financial intermediaries**

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

------

**Delaware Ivy Crossover Credit Fund,** a series of Ivy Funds

**What is the Fund's investment objective?**

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

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

---

| | | | |
|:---|:---|:---|:---|
| Class | A | I | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class | Class | A | I | Y |
| Management fees | Management fees | 0.51% | 0.51% | 0.51% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% |  | 0.25% |
| Other expenses | Other expenses | 0.93% | 0.76% | 0.81% |
| Total annual fund operating expenses | Total annual fund operating expenses | 1.69% | 1.27% | 1.57% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.79%)(2) | (0.62%)(2) | (0.67%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 0.90% | 0.65% | 0.90% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.65% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.65% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.65% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.65% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

---

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| Class | A | I | Y |
| 1 year | $538 | $66 | $92 |
| 3 years | $885 | $341 | $430 |
| 5 years | $1256 | $637 | $792 |
| 10 years | $2295 | $1479 | $1811 |

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Fund summaries

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 60% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy Crossover Credit Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in bonds (for this purpose, "bonds" includes any debt security with an initial maturity greater than one year).

The Fund invests primarily in corporate debt fixed-income securities, which can include both investment grade and non-investment grade rated bonds. Investment grade bonds include bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. By contrast, non-investment grade debt securities, commonly called "high yield" or "junk" bonds, include bonds rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality.

"Crossover" debt generally refers to bonds rated at or near the point where the lower end of investment grade debt and the higher end of high yield debt meet. Such bonds are on the verge of losing or regaining investment-grade status (i.e., they are on the verge of "crossing over," falling to junk status or rising to investment grade status). In addition, crossover bonds include those that have been rated below investment grade since issuance, but may be close to achieving investment grade status (i.e., so-called "rising stars"), or those that at one time were considered to be investment grade and now are categorized as "junk" bonds due to a reduction in the issuer's credit rating (i.e., so-called "fallen angels"). Depending on the current Fund composition and market conditions, the Manager expects that a majority of the crossover bonds will be rated either BBB or BB by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality.

Except as noted above, the Fund has no limitations regarding the maturity, duration or dollar-weighted average of its holdings, may invest in debt securities with varying maturities and can invest in debt securities issued by companies of any size, in a variety of sectors and industries. The Fund will primarily invest in debt securities issued by domestic companies, but also may invest up to 40% of its total assets in debt securities issued by foreign companies, including foreign securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. The Fund typically will not invest more than 35% of its total assets in non-investment grade securities.

In selecting debt securities for the Fund, the Manager looks at a number of factors, including both a top-down (assessing the market environment) and a bottom-up (researching individual issuers) analysis. The top-down analysis looks at broad economic and financial trends in an effort to anticipate their impact on the fixed-income market and seeks to identify certain criteria that contribute to the overall target portfolio characteristics such as duration, spread, ratings and liquidity. The bottom-up analysis seeks to identify securities that the Manager believes have favorable risk/reward characteristics and targets those securities for overweight positioning. From the sector level, the Manager identifies companies that have positive attributes and considers the issuer's past, present and estimated future: financial strength, cash flow, management, borrowing requirements, balance sheet policy and relative safety. Additional factors considered include leverage, interest coverage, revenue and margin stability, competition and industry trends, as well as relative value and liquidity.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities, including a review of the risk and reward potential for a specific issuer. The Manager also may sell a security if, in the Manager's opinion, the price of the security has risen to fully reflect the company's improved creditworthiness. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund's holding in that security or to raise cash.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

------

**What are the principal risks of investing in the Fund?**

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

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

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

**Fixed income risk** — The risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

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

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

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

**Portfolio turnover risk** — High portfolio turnover rates may increase a fund's transaction costs and lower returns.

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

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

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

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

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

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Fund summaries

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relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

**How has Delaware Ivy Crossover Credit Fund performed?**

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**-4.26**% | &nbsp;&nbsp;**15.62**% | &nbsp;&nbsp;**13.3**% | &nbsp;&nbsp;**0.68**% | &nbsp;&nbsp;**-17.57%** |

---

During the periods illustrated in this bar chart, Class A's highest quarterly return was 14.81% for the quarter ended June 30, 2020, and its lowest quarterly return was -9.01% for the quarter ended June 30, 2022. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 4/3/17–12/31/22) | -21.30% | -0.38% | 0.42%  |
| Class A return after taxes on distributions (lifetime: 4/3/17–12/31/22) | -22.16% | -2.19% | -1.38% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 4/3/17–12/31/22) | -12.59% | -0.87% | -0.29% |
| Class I return before taxes (lifetime: 4/3/17–12/31/22) | -17.34% | 1.06% | 1.72% |
| Class Y return before taxes (lifetime: 4/3/17–12/31/22) | -17.54% | 0.81% | 1.47% |
| Bloomberg US Corporate Investment Grade Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 4/3/17–12/31/22)  | -15.76% | 0.45% | 1.22% |

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

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**Who manages the Fund?**

**Investment manager** 

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

---

| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Michael G. Wildstein, CFA | Senior Managing Director, Head of US Credit and Insurance | November 2021 |
| Wayne A. Anglace, CFA | Managing Director, Senior Portfolio Manager | November 2021 |
| Kashif Ishaq | Managing Director, Senior Portfolio Manager | November 2021 |

---

 **Sub-Advisors** 

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

**Payments to broker/dealers and other financial intermediaries**

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

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Fund summaries

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**Delaware Ivy Emerging Markets Local Currency Debt Fund,** a series of Ivy Funds

**What is the Fund's investment objective?**

Delaware Ivy Emerging Markets Local Currency Debt Fund seeks to provide total return through a combination of current income and capital appreciation.

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | C | I | R6 | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 4.50% |  |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) | 1.00%(1) |  |  |  |

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | Class | A | C | I | R6 | Y |
| Management fees | Management fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  | 0.25% |
| Other expenses | Other expenses | 1.53% | 1.38% | 0.98% | 0.79% | 1.01% |
| Total annual fund operating expenses | Total annual fund operating expenses | 2.53% | 3.13% | 1.73% | 1.54% | 2.01% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (1.48%)(2) | (1.33%)(2) | (0.93%)(2) | (0.74%)(2) | (0.96%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 1.05% | 1.80% | 0.80% | 0.80% | 1.05% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

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**Example**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | A | (if not redeemed)C | C | I | R6 | Y |
| 1 year | $552 | $183 | $283 | $82 | $82 | $107 |
| 3 years | $1067 | $841 | $841 | $454 | $414 | $538 |
| 5 years | $1608 | $1524 | $1524 | $851 | $769 | $994 |
| 10 years | $3080 | $3347 | $3347 | $1964 | $1772 | $2261 |

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy Emerging Markets Local Currency Debt Fund is a non-diversified fund that seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in debt securities that are denominated in local currencies of emerging market countries, as well as derivative instruments that provide investment exposure to such debt securities. The Fund may, but is not required to, hedge its exposure to those non-US currencies, which strategy, if utilized, may effectively reduce the Fund's exposure to the local currencies of the emerging market countries in which the Fund invests.

For purposes of this Fund, emerging market countries include, but are not limited to, those considered to be developing by the International Monetary Fund, the World Bank, the International Financial Corporation or one of the leading global investment banks. The Manager has broad discretion to identify other countries that it considers to qualify as emerging market countries. The majority of these emerging market countries are likely to be located in Asia, Latin America, the Middle East, Central and Eastern Europe, and Africa. The Fund may invest up to 100% of its net assets in emerging market countries. The Fund also may invest up to 20% of its net assets in securities denominated in the US Dollar.

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

The debt securities in which the Fund primarily invests include emerging market sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities. Sovereign debt securities are securities that are issued or guaranteed by foreign sovereign governments, while quasi-sovereign debt securities are securities that are issued by their agencies, authorities or political subdivisions or instrumentalities. The Manager may use structured products such as credit-linked notes and bonds or other transferable securities whose returns may be related to the performance of a particular investment index. Credit-linked notes typically are structured as a limited purpose trust or other vehicle that, in turn, invests in a derivative or basket of derivatives instruments, such as credit default swaps, interest rate swaps and/or other securities, to provide exposure to emerging markets debt securities. The Manager may focus the Fund's investments in particular countries and/or currencies.

The Fund may invest in debt securities of any maturity, may invest in unlisted debt securities and may invest up to 100% of its total assets in non-investment grade debt securities, commonly called junk bonds, that include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. The emerging market debt securities in which the Fund invests may be rated or unrated. In addition, the countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. Debt securities in which the Fund may invest may have all types of interest rate payment and reset terms, including fixed-rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features.

The Fund expects to use a variety of derivative instruments for various purposes. The Fund's investments in, and use of, derivatives may be significant. The Fund may, at any given time, use a combination of the following types of derivatives: primarily forward currency contracts and interest rate swaps, but also including, but not limited to, options, futures contracts, forward contracts on financial instruments or on a security or an index of securities, options on futures contracts, over-the-counter (OTC) total return swaps and/or credit default swaps. The Fund may use derivatives in an attempt to hedge various instruments, to hedge an investment in one currency back to another currency, to enhance return, to invest in a position not otherwise available, to take a fundamental position long or short in a particular currency, or to mitigate the impact of rising interest rates. In addition, the Fund may use derivatives as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies. With credit default swaps, the Fund may either sell or buy credit protection with respect to bonds or other debt securities pursuant to the terms of these derivative contracts.

The Manager uses a multi-staged, systematic investment process in selecting emerging market investments for inclusion in the Fund's portfolio. The process combines a top-down (assessing the market environment) and bottom-up (researching individual issuers) analysis in an attempt to invest opportunistically in such instruments that the Manager believes can provide risk-adjusted outperformance. Part of the Manager's top-down analysis includes assessing the global risk environment, taking into account a variety of factors, and examining country fundamentals to develop interest rate forecasts and currency forecasts by country. Interest rate factors the Manager will examine include a country's monetary policy, inflation, growth, fiscal policy and politics. Currency factors examined include a country's interest rate and growth differential, balance of payments and currency policy.

Following its top-down analysis, the Manager conducts a bottom-up analysis and selects investments for inclusion in the Fund's portfolio based on the Manager's perceived value of an individual investment relative to alternative investments, credit and currency opportunities, duration and yield curve positioning for the interest rate outlook, and an effort to achieve appropriate diversification. The Manager also considers an issuer's capitalization, asset quality, management, earnings and liquidity.

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Fund summaries

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Generally, in determining whether to sell a security, the Manager continues to analyze the factors considered for buying the security. The Manager may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes to be more attractive opportunities or to raise cash.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

**What are the principal risks of investing in the Fund?**

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

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

**Credit-linked notes risk** — The risk that the value of a credit-linked note may be impacted by its underlying reference obligation. Risks associated with underlying reference obligations, include but are not limited to market risk, interest rate risk, credit risk, default risk and foreign currency risk. The buyer of a credit-linked note assumes the risk of default by the issuer and the underlying reference asset or entity. If the underlying investment defaults, the payments and principal received by the Fund will be reduced or eliminated. Also, in the event the issuer defaults or there is a credit event that relates to the reference asset, the recovery rate generally is less than a fund's initial investment, and a fund may lose money.

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

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

*Futures contracts risk* —The risk that there will be imperfect correlation between the change in market value of a fund's securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of a portfolio manager to correctly predict the direction of securities' prices, interest rates, currency exchange rates and other economic factors, which may make the fund's returns more volatile or increase the risk of loss.

*Interest rate swap risk* — Interest rate swaps are subject to interest rate risk and credit risk. An interest rate swap transaction could result in losses if the underlying asset or reference does not perform as anticipated. Interest rate swaps also are subject to counterparty risk. If the counterparty fails to meet its obligations, a fund may lose money, potentially including amounts in excess of the fund's initial investment.

*Options risk* — Options can offer large amounts of leverage, which may result in the Fund's NAV being more sensitive to changes in the value of the related instrument. When a fund purchases an OTC option, it relies on the counterparty from whom it purchased the option to make or take delivery of the underlying investment upon exercise of the option. Failure by the counterparty to do so could result in the loss of any premium paid by a fund as well as the loss of any expected benefit of the transaction. A fund's ability to establish and close out positions in exchange-listed options depends on the existence of a liquid market, and there can be no assurance that such a market will exist at any particular time. If a fund were unable to effect a closing transaction for an option it had purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction or an economically offsetting purchase transaction from another counterparty for a covered call option written by a fund could cause material losses to the fund because the fund would, if unable to substitute other collateral, be unable to sell the investment used as cover for the written option until the option expires or is exercised.

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*Swaps risk* — The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated with investing directly in the reference instrument that underlies the swap agreement. Swap agreements may have a leverage component, and adverse changes in the value or level of the reference instrument, such as an underlying asset, reference rate or index, can result in gains or losses that are substantially greater than the amount invested in the swap itself. Examples of swap agreements include, but are not limited to, equity, commodity, index or other total return swaps, foreign currency swaps, credit default swaps and interest rate swaps.

**Duration risk** — The risk that longer-duration debt securities are more likely to decline in price than shorter duration debt securities in a rising interest rate environment. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes.

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

**Fixed income risk** — The risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

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

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

**Foreign government/supranational risk** — The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.

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

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

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

**Portfolio turnover risk** — High portfolio turnover rates may increase a fund's transaction costs and lower returns.

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

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Fund summaries

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

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

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

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

**How has Delaware Ivy Emerging Markets Local Currency Debt Fund performed?**

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

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2015 | &nbsp;&nbsp;2016 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**-11.32**% | &nbsp;&nbsp;**7.81**% | &nbsp;&nbsp;**9.61**% | &nbsp;&nbsp;**-10.01**% | &nbsp;&nbsp;**9.16**% | &nbsp;&nbsp;**3.97**% | &nbsp;&nbsp;**-9.65**% | &nbsp;&nbsp;**-12.79%** |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 11.57% for the quarter ended December 31, 2020, and its lowest quarterly return was -16.52% for the quarter ended March 31, 2020. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

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**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 4/30/14–12/31/22) | -16.70% | -5.26% | -3.40%  |
| Class A return after taxes on distributions (lifetime: 4/30/14–12/31/22) | -16.70% | -5.36% | -3.67% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 4/30/14–12/31/22) | -9.89% | -3.94% | -2.60% |
| Class C return before taxes (lifetime: 4/30/14–12/31/22) | -14.35% | -4.71% | -3.38% |
| Class I return before taxes (lifetime: 4/30/14–12/31/22) | -12.47% | -3.72% | -2.39% |
| Class R6 return before taxes (lifetime: 1/30/15-12/31/22) | -12.37% | -3.72% | -1.66% |
| Class Y return before taxes (lifetime: 4/30/14–12/31/22) | -12.78% | -4.10% | -2.73% |
| JP Morgan GBI-EM Global Diversified Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 4/30/14–12/31/22)  | -11.69% | -2.51% | -1.59% |

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

**Who manages the Fund?**

**Investment manager** 

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

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| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Alex Kozhemiakin, CFA | Managing Director, Head of Emerging Markets Debt | November 2021 |
| Mansur Z. Rasul | Senior Vice President, Senior Portfolio Manager | November 2021 |

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 **Sub-Advisors** 

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

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Fund summaries

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**Payments to broker/dealers and other financial intermediaries**

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

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**Delaware Ivy Government Securities Fund,** a series of Ivy Funds

**What is the Fund's investment objective?**

Delaware Ivy Government Securities Fund seeks to provide current income consistent with preservation of capital.

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | | |
|:---|:---|:---|:---|:---|
| Class | A | C | I | R6 |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 4.50% |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) | 1.00%(1) |  |  |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | Class | A | C | I | R6 |
| Management fees | Management fees | 0.50% | 0.50% | 0.50% | 0.50% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| Other expenses | Other expenses | 0.38% | 0.56% | 0.30% | 0.13% |
| Total annual fund operating expenses | Total annual fund operating expenses | 1.13% | 2.06% | 0.80% | 0.63% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.24%)(2) | (0.42%)(2) | (0.16%)(2) | (0.03%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 0.89% | 1.64% | 0.64% | 0.60% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.64% of the Fund's average daily net assets for all classes other than Class R6, and 0.60% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.64% of the Fund's average daily net assets for all classes other than Class R6, and 0.60% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.64% of the Fund's average daily net assets for all classes other than Class R6, and 0.60% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.64% of the Fund's average daily net assets for all classes other than Class R6, and 0.60% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.64% of the Fund's average daily net assets for all classes other than Class R6, and 0.60% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

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**Example**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | (if not redeemed)C | C | I | R6 |
| 1 year | $537 | $167 | $267 | $65 | $61 |
| 3 years | $770 | $605 | $605 | $239 | $199 |
| 5 years | $1022 | $1070 | $1070 | $428 | $348 |
| 10 years | $1742 | $2356 | $2356 | $975 | $783 |

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Fund summaries

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 148% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy Government Securities Fund seeks to achieve its objective by investing at least 80% of its net assets, plus any borrowings for investment purposes, in US government securities (80% policy). US government securities include: US Treasury (Treasury) obligations, such as bills, bonds and notes; obligations issued or guaranteed as to principal and interest by the Treasury, and certain US government agencies or instrumentalities, such as Government National Mortgage Association (Ginnie Mae); obligations of issuers that are supported by the ability of the issuer to borrow from the US Treasury; and obligations of US government-sponsored entities that are neither issued nor guaranteed by the US government, such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae). The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective. The Fund may invest in mortgage-backed securities issued by US government-sponsored entities or agencies or instrumentalities of US government agencies. The Fund has no limitations on the range of maturities of the debt securities in which it may invest.

The Manager may look at a number of factors in selecting securities for the Fund's portfolio. These include utilizing economic research and analyzing interest rate trends to determine which types of securities to emphasize at a given time. The Manager attempts to enhance Fund performance by utilizing opportunities presented by the shape and slope of the yield curve.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund. The Manager also may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

**What are the principal risks of investing in the Fund?**

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

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

**Fixed income risk** — The risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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**Mortgage-backed and asset-backed securities risk** — The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a fund that holds mortgage-related securities may exhibit additional volatility.

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

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

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

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

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

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

**How has Delaware Ivy Government Securities Fund performed?**

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

The Fund commenced operations on October 16, 2017, in connection with a reorganization (the "Reorganization") in which the Fund acquired all of the assets and liabilities of the Waddell & Reed Advisors Government Securities Fund (the "Predecessor Fund"). Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not commenced operations. As a result of the Reorganization, the Fund has adopted the performance of the Predecessor Fund. Therefore, the returns presented below for the Fund reflect the performance of the Predecessor Fund through October 16, 2017 and the performance of the Fund thereafter.

The chart and table below provide some indication of the risks of investing in the Predecessor Fund prior to October 16, 2017, and in the Fund beginning on October 16, 2017.

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Fund summaries

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2013 | &nbsp;&nbsp;2014 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;2016 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**-4.51**% | &nbsp;&nbsp;**3.18**% | &nbsp;&nbsp;**0**% | &nbsp;&nbsp;**0.4**% | &nbsp;&nbsp;**1.33**% | &nbsp;&nbsp;**0.34**% | &nbsp;&nbsp;**5.37**% | &nbsp;&nbsp;**5.02**% | &nbsp;&nbsp;**-1.97**% | &nbsp;&nbsp;**-12.55**% |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 5.22% for the quarter ended March 31, 2020, and its lowest quarterly return was -5.40% for the quarter ended March 31, 2022. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or <br> lifetime |
| Class A return before taxes | -16.45% | -1.84% | -0.90% |
| Class A return after taxes on distributions | -16.88% | -2.36% | -1.48% |
| Class A return after taxes on distributions and sale of Fund shares | -9.73% | -1.58% | -0.91% |
| Class C return before taxes | -14.18% | -1.83% | -1.14% |
| Class I return before taxes | -12.32% | -0.73% | -0.18% |
| Class R6 return before taxes (lifetime: 10/16/17-12/31/22) | -12.22% | -0.60% | -0.64%  |
| Bloomberg US Government/Mortgage-Backed Securities Index (reflects no deduction for fees, expenses, or taxes) | -12.12% | -0.24% | 0.67% |

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

**Who manages the Fund?**

**Investment manager** 

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

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| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Brian M. Scotto | Senior Vice President, Senior Portfolio Manager | November 2021 |
| Eric Frei, CMT | Vice President, Senior Portfolio Manager | November 2021 |

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 **Sub-Advisors** 

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

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**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

**Payments to broker/dealers and other financial intermediaries**

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

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Fund summaries

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**Delaware Ivy High Yield Fund** **, a series of** **Ivy** Funds

**What is the Fund's investment objective?**

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

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | |
|:---|:---|:---|:---|
| Class | A | I | R6 |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) |  |  |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Class | Class | A | I | R6 |
| Management fees | Management fees | 0.63% | 0.63% | 0.63% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% |  |  |
| Other expenses | Other expenses | 0.40% | 0.40% | 0.24% |
| Total annual fund operating expenses | Total annual fund operating expenses | 1.28% | 1.03% | 0.87% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.31%)(2) | (0.31%)(2) | (0.15%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 0.97% | 0.72% | 0.72% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase.  | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase.  | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase.  | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase.  |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.72% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.72% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.72% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.72% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

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**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| Class | A | I | R6 |
| 1 year | $545 | $74 | $74 |
| 3 years | $808 | $297 | $263 |
| 5 years | $1092 | $538 | $468 |
| 10 years | $1900 | $1231 | $1059 |

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy High Yield Fund seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, lower-quality fixed-income securities of US and foreign issuers, the risks of which are, in the judgment of Delaware Management Company (Manager), consistent with the Fund's investment objective. Under normal circumstances, the Fund invests at least 80% of its net assets in non-investment grade debt securities, commonly called "high yield" or "junk" bonds. Such bonds include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO), or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade debt securities.

The Fund also may invest up to 20% of its total assets in lower-quality debt securities that are considered investment grade securities rated by S&P (or comparably rated by another NRSRO, or, if unrated, determined by the Manager to be of comparable quality). The Fund may invest in fixed-income securities of any maturity and in companies of any size, but intends to invest primarily in intermediate and long-term corporate obligations.

The Fund may invest up to 100% of its total assets in foreign debt securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

In selecting securities for the Fund, the Manager combines a top-down (assessing the market environment) and bottom-up (researching individual issuers) investment philosophy, with a strong focus on a security's relative value. From a top-down perspective, the Manager considers both industry specific trends and other macroeconomic events that are impacting issuers.

Generally, in determining whether to sell a security, the Manager utilizes the same factors it considers for buying a security, in addition to its relative valuation. The Manager also may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes to be more attractive opportunities, or to raise cash.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

**What are the principal risks of investing in the Fund?**

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

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

**Fixed income risk** — The risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

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

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Fund summaries

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**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

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

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

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

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

**How has Delaware Ivy High Yield Fund performed?**

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**-4.06**% | &nbsp;&nbsp;**14.86**% | &nbsp;&nbsp;**7.36**% | &nbsp;&nbsp;**4.97**% | &nbsp;&nbsp;**-12.66%** |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 9.39% for the quarter ended June 30, 2020, and its lowest quarterly return was -11.60% for the quarter ended March 31, 2020. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 5/18/17–12/31/22) | -16.62% | 0.44% | 0.92%  |
| Class A return after taxes on distributions (lifetime: 5/18/17–12/31/22) | -18.55% | -1.84% | -1.35% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 5/18/17–12/31/22) | -9.80% | -0.57% | -0.21% |
| Class I return before taxes (lifetime: 5/18/17–12/31/22) | -12.43% | 1.91% | 2.26% |
| Class R6 return before taxes (lifetime: 5/18/17–12/31/22) | -12.39% | 1.90% | 2.26% |
| ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 5/18/17–12/31/22) | -11.21% | 2.10% | 2.45% |

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

**Who manages the Fund?**

**Investment manager** 

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

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| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Adam H. Brown, CFA | Managing Director, Senior Portfolio Manager | November 2021 |
| John P. McCarthy, CFA | Managing Director, Senior Portfolio Manager | November 2021 |

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 **Sub-Advisors** 

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

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Fund summaries

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**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

**Payments to broker/dealers and other financial intermediaries**

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

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**Delaware Ivy International Small Cap Fund,** a series of Ivy Funds

**What is the Fund's investment objective?**

Delaware Ivy International Small Cap Fund seeks to provide capital growth and appreciation.

**What are the Fund's fees and expenses?**

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

**Shareholder fees (fees paid directly from your investment)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | C | I | R6 | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 5.75% |  |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) | 1.00%(1) |  |  |  |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | Class | A | C | I | R6 | Y |
| Management fees | Management fees | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  | 0.25% |
| Other expenses | Other expenses | 0.78% | 0.87% | 0.62% | 0.48% | 0.69% |
| Total annual fund operating expenses | Total annual fund operating expenses | 2.03% | 2.87% | 1.62% | 1.48% | 1.94% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.79%)(2) | (0.88%)(2) | (0.63%)(2) | (0.49%)(2) | (0.70%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 1.24% | 1.99% | 0.99% | 0.99% | 1.24% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.99% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.99% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.99% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.99% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.99% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.99% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

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**Example**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | A | (if not redeemed)C | C | I | R6 | Y |
| 1 year | $694 | $202 | $302 | $101 | $101 | $126 |
| 3 years | $1103 | $806 | $806 | $449 | $420 | $541 |
| 5 years | $1537 | $1436 | $1436 | $822 | $761 | $982 |
| 10 years | $2738 | $3132 | $3132 | $1869 | $1726 | $2208 |

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Fund summaries

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 132% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy International Small Cap Fund seeks to achieve its objective to provide capital growth and appreciation by investing, under normal circumstances, at least 80% of its net assets in common stocks of small-capitalization companies located throughout the world. The Fund considers small-cap market capitalization companies to be companies with market capitalizations within the range of companies in the MSCI ACWI ex USA Small Cap Index at the time of purchase. As of December 31, 2022, this range of market capitalizations was between $16.13 million and $6.86 billion. This range is subject to change with market fluctuations. The Fund may continue to hold securities of a company even if its current market cap later exceeds the market cap range of the MSCI ACWI ex USA Small Cap Index.

The Manager currently invests primarily in companies domiciled outside of the United States, although the Fund also may invest in companies located in emerging markets. The Fund also may invest in depositary receipts (e.g., American depositary receipts, European depositary receipts, and global depositary receipts) of foreign issuers. The Fund may invest up to 100% of its total assets in foreign securities, including securities denominated in currencies other than the US dollar.

The Fund may focus a portion of its investments in a particular sector or sectors of the economy. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various additional foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. Using a bottom-up approach, the Manager will seek to select securities of companies that it believes are undergoing positive fundamental change, which may lead to better-than-expected earnings growth. The Manager believes that the magnitude and duration of growth driven by positive fundamental change is often underestimated and that the shares of companies experiencing such a change typically will continue to experience relative price strength and continue to outperform the broader market. The Manager may sell a security if it no longer believes that the security is likely to contribute to meeting the investment objective of the Fund or if there are other opportunities that appear more attractive.

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

**What are the principal risks of investing in the Fund?**

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

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

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

**Geographic focus risk** — The risk that local political and economic conditions could adversely affect the performance of a fund investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries.

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

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

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

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

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

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

**How has Delaware Ivy International Small Cap Fund performed?**

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**-19.08**% | &nbsp;&nbsp;**23.75**% | &nbsp;&nbsp;**14.28**% | &nbsp;&nbsp;**11.2**% | &nbsp;&nbsp;**-25.92%** |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 20.24% for the quarter ended June 30, 2020, and its lowest quarterly return was -26.11% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

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Fund summaries

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**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 1/10/17–12/31/22) | -30.17% | -2.34% | 2.15%  |
| Class A return after taxes on distributions (lifetime: 1/10/17–12/31/22) | -31.85% | -3.97% | 0.72% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 1/10/17–12/31/22) | -16.68% | -1.83% | 1.60% |
| Class C return before taxes (lifetime: 1/10/17–12/31/22) | -27.11% | -1.91% | 2.39% |
| Class I return before taxes (lifetime: 1/10/17–12/31/22) | -25.61% | -0.78% | 3.56% |
| Class R6 return before taxes (lifetime: 1/10/17–12/31/22) | -25.63% | -0.78% | 3.55% |
| Class Y return before taxes (lifetime: 1/10/17–12/31/22) | -25.91% | -1.16% | 3.17% |
| MSCI ACWI ex USA Small Cap Index (net) (reflects no deduction for fees or expenses) (lifetime: 1/10/17–12/31/22) | -19.97% | 0.67% | 4.53% |

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

**Who manages the Fund?**

**Investment manager** 

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

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| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Joseph Devine | Managing Director, Chief Investment Officer — Global Small Cap Equity | November 2021 |
| Stephan Maikkula, CFA, CMT | Senior Vice President, Portfolio Manager | November 2021 |
| Gabriel Wallach | Senior Vice President, Portfolio Manager | November 2021 |

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 **Sub-Advisor** 

Macquarie Investment Management Global Limited (MIMGL)

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

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**Payments to broker/dealers and other financial intermediaries**

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

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Fund summaries

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**Delaware Ivy Multi-Asset Income Fund,** a series of Ivy Funds

What is the Fund's investment objective?

Delaware Ivy Multi-Asset Income Fund seeks to provide a high level of current income. Capital appreciation is a secondary objective.

**What are the Fund's fees and expenses?**

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

**Shareholder fees (fees paid directly from your investment)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | C | I | R6 | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 5.75% |  |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) | 1.00%(1) |  |  |  |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | Class | A | C | I | R6 | Y |
| Management fees | Management fees | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  | 0.25% |
| Other expenses | Other expenses | 0.41% | 0.48% | 0.35% | 0.22% | 0.38% |
| Total annual fund operating expenses | Total annual fund operating expenses | 1.36% | 2.18% | 1.05% | 0.92% | 1.33% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.36%)(2) | (0.43%)(2) | (0.30%)(2) | (0.17%)(2) | (0.33%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 1.00% | 1.75% | 0.75% | 0.75% | 1.00% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.75% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.75% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.75% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.75% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.75% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.75% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

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**Example**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | A | (if not redeemed)C | C | I | R6 | Y |
| 1 year | $671 | $178 | $278 | $77 | $77 | $102 |
| 3 years | $948 | $641 | $641 | $304 | $276 | $389 |
| 5 years | $1244 | $1130 | $1130 | $550 | $493 | $697 |
| 10 years | $2087 | $2480 | $2480 | $1255 | $1116 | $1573 |

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 127% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy Multi-Asset Income Fund seeks to achieve its objective by primarily investing its assets among a diversified portfolio of global equity and equity-income generating securities, including but not limited to infrastructure securities, natural resource securities, Master Limited Partnerships (MLPs) and global real estate securities which are primarily in equity and equity-related securities issued by "Global Real Estate Companies. The Fund may also invest in high-yield, high-risk, fixed-income securities of US and foreign issuers, as well as investment grade debt and inflation-linked bonds.

The portfolio targets approximately 30% high yield, high income securities; 40% in global equity and income generating equity securities and approximately 10% in global real estate securities. Together, these allocations determine the 80% policy.

Under normal market conditions, the Fund will invest at least 30% of its net assets in foreign securities, including emerging markets issuers. The Fund may purchase both equity and fixed income securities. The Fund may invest in securities of companies or issuers of any size market capitalization.

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), the Fund's sub-advisor that is primarily responsible for the day-to-day management of the portfolio, uses an active allocation approach when selecting investments for the Fund. The Fund has flexibility in the relative weightings given to each of these categories. In addition, the Fund may, in the future, invest in additional investment categories other than those listed herein, to the extent consistent with the Fund's investment objective.

The high yield portion of the portfolio is a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), of US and foreign issuers, the risks of which are, in the Manager's judgment, consistent with the Fund's objectives. The Manager invests the assets allocated to this portion of the portfolio primarily in lower-quality debt securities, which include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Manager may invest an unlimited amount of the assets allocated to this portion of the portfolio in junk bonds. The Manager may invest assets allocated to the high income strategy in fixed-income securities of any maturity. The Manager may invest up to 100% of this portion of the portfolio's assets in foreign securities that are denominated in US dollars or foreign currencies.

The Fund may also invest in other fixed-income securities, including investment grade debt, which include debt securities rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest in Inflation-linked securities including US and Global TIPS securities (generally sovereign debt with inflation-linked coupon step-ups). The Manager may invest in fixed-income securities of any maturity. The Manager may invest in foreign securities that are denominated in US dollars or foreign currencies.

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

Within the global equity portion, under normal circumstances, the Manager invests primarily in equity securities, including dividend-paying common stocks, from across the globe. Although this portion of the portfolio invests primarily in large capitalization companies (typically companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in companies of any size. This portion of the portfolio might also invest in infrastructure securities that derive at least 50% of their revenues or profits directly or indirectly from infrastructure assets, or commit at least 50% of its assets to activities related to infrastructure. Infrastructure securities can include master limited partnerships (MLPs). The equity portion of the portfolio can also invest in natural resources companies that (i) derives at least 50% of its revenues, profits or value, either directly or indirectly, from natural resources assets including, but not limited to: (a) timber and agriculture assets and securities; (b) commodities and commodity-linked assets and securities, including, but not limited to, precious metals, such as gold, silver and platinum, ferrous and nonferrous metals, such as iron, aluminum and copper, metals such as uranium and titanium, hydrocarbons such as coal, oil and natural gas, timberland, undeveloped real property and agricultural commodities; and (c) energy, including the exploration, production, processing and manufacturing of hydrocarbon-related and chemical-related products; or (ii) provides supporting services to such natural resources companies.

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Fund summaries

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"Global Real Estate Companies" are companies that meet one of the following criteria: companies qualifying for US Federal income tax purposes as real estate investment trusts (REITs);entities similar to REITs formed under the laws of a country other than the US; companies located in any country that, at the time of initial purchase by this portion of the portfolio, derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or that have at least 50% of their assets invested in such real estate; or companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry. The equity and equity-related securities in which this portion of the portfolio invests include common stocks, rights or warrants to purchase common stocks, securities convertible into common stocks, and preferred stocks. This portion of the portfolio does not directly invest in real estate.

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

**What are the principal risks of investing in the Fund?**

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

**Asset allocation risk** — The risk associated with the allocation of a fund's assets amongst varying underlying styles. Portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions which could be detrimental to a fund's performance. There is a risk that the allocation of assets may skew toward a category or underlying fund that performs poorly relative to other categories or funds, or to the market as a whole, which could result in a fund performing poorly.

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

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

**Fixed income risk** — The risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

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

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

**Senior loan risk** — The risk that a court could subordinate a senior loan to presently existing or future indebtedness or take other action detrimental to the holders of senior loans and that if a borrower prepays a senior loan, a fund will have to reinvest the proceeds in other senior loans or securities that may pay lower interest rates. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Senior loans are also subject to the risks typically associated with debt securities, such as credit risk, interest rate risk, and prepayment risk.

**REIT-related risk** — The risk that the value of a fund's investments in a REIT may be adversely affected by (1) changes in the value of the REIT's underlying property or the property secured by mortgages the REIT holds; (2) loss of REIT federal tax status (and the resulting inability to qualify for

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

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Duration risk** — The risk that longer-duration debt securities are more likely to decline in price than shorter duration debt securities in a rising interest rate environment. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes.

**Mortgage-backed and asset-backed securities risk** — The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a fund that holds mortgage-related securities may exhibit additional volatility.

**MLP risk** — MLPs are subject to significant federal, state and local government regulation. Investment in MLPs may also have tax consequences for shareholders. If a fund retains its investment until its basis is reduced to zero, subsequent distributions will be taxable at ordinary income rates and shareholders may receive corrected 1099s.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Natural resources risk** — The market value of natural resources securities may be affected by numerous factors, including events occurring in nature, inflationary pressures and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups, military confrontations or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource.

**Commodity-related investments risk** — The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and economic health, political, international regulatory and other developments. Exposure to the commodities markets may subject a fund to greater volatility than investments in traditional securities.

**Distressed securities risk** — The risk that a fund may lose a substantial portion or all of its investment in distressed securities or may be required to accept cash, securities or other property with a value less than its original investment. Distressed debt securities are speculative and involve substantial risks in addition to the risks of investing in lower-grade debt securities. In certain periods, there may be little or no liquidity in the markets for distressed securities. The prices of such securities may be subject to periods of abrupt and erratic market movements and above average price volatility and it may be difficult to value such securities.

**Equity-linked securities risk** — The risk that, although common stocks and other equity securities have a history of long-term growth in value, the prices of equity-linked securities may fluctuate in the short term, particularly those linked to smaller companies.

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

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

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

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Fund summaries

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

**How has Delaware Ivy Multi-Asset Income Fund performed?**

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

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2016 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**7.09**% | &nbsp;&nbsp;**10.49**% | &nbsp;&nbsp;**-4.71**% | &nbsp;&nbsp;**15.53**% | &nbsp;&nbsp;**3.87**% | &nbsp;&nbsp;**11.7**% | &nbsp;&nbsp;**-12.11%** |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 12.24% for the quarter ended June 30, 2020, and its lowest quarterly return was -19.88% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 10/1/15–12/31/22) | -17.13% | 1.14% | 3.19%  |
| Class A return after taxes on distributions (lifetime: 10/1/15–12/31/22) | -19.12% | -0.88% | 1.41% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 10/1/15–12/31/22) | -9.14% | 0.27% | 1.91% |
| Class C return before taxes (lifetime: 10/1/15–12/31/22) | -13.58% | 1.57% | 3.26% |
| Class I return before taxes (lifetime: 10/1/15–12/31/22) | -11.64% | 2.79% | 4.44% |
| Class R6 return before taxes (lifetime: 10/1/15–12/31/22) | -11.68% | 2.83% | 4.50% |
| Class Y return before taxes (lifetime: 10/1/15–12/31/22) | -12.05% | 2.40% | 4.09% |
| 50% MSCI ACWI (All Country World Index) (net) (reflects no deduction for fees or expenses) + 50% ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/1/15–12/31/22)  | -14.69% | 1.52% | 4.60% |
| MSCI ACWI (All Country World Index) (net) (reflects no deduction for fees or expenses) (lifetime: 10/1/15-12/31/22)  | -18.36% | 5.23% | 8.54% |
| ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/1/15-12/31/22)  | -11.22% | 2.12% | 4.46% |

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

**Who manages the Fund?**

**Investment manager** 

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

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

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 **Sub-Advisors** 

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

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

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Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

**Payments to broker/dealers and other financial intermediaries**

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

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Fund summaries

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**Delaware Ivy Strategic Income Fund,** a series of Ivy Funds

**What is the Fund's investment objective?**

Delaware Ivy Strategic Income Fund seeks to provide a high level of current income. Capital appreciation is a secondary objective.

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | C | I | R6 | Y |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 4.50% |  |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) | 1.00%(1) |  |  |  |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | Class | A | C | I | R6 | Y |
| Management fees | Management fees | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  | 0.25% |
| Other expenses | Other expenses | 0.35% | 0.57% | 0.32% | 0.20% | 0.62% |
| Total annual fund operating expenses | Total annual fund operating expenses | 1.28% | 2.25% | 1.00% | 0.88% | 1.55% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.36%)(2) | (0.58%)(2) | (0.33%)(2) | (0.21%)(2) | (0.63%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 0.92% | 1.67% | 0.67% | 0.67% | 0.92% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.67% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.67% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.67% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.67% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.67% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 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 0.67% of the Fund's average daily net assets from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

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**Example**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | A | (if not redeemed)C | C | I | R6 | Y |
| 1 year | $540 | $170 | $270 | $68 | $68 | $94 |
| 3 years | $804 | $648 | $648 | $286 | $260 | $428 |
| 5 years | $1088 | $1152 | $1152 | $520 | $467 | $785 |
| 10 years | $1895 | $2540 | $2540 | $1195 | $1065 | $1792 |

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 57% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy Strategic Income Fund seeks to achieve its objectives by investing at least 80% of the Fund's net assets, plus the amount of any borrowings for investment purposes, in US and foreign debt securities, including those in emerging markets (80% policy). Debt securities include all varieties of fixed, variable and floating rate income securities, including bonds, US and foreign government and agency securities, corporate loans (and loan participations), mortgage-backed securities and other asset-backed securities and convertible securities. To achieve the Fund's investment objective, the Manager will allocate investments among various sectors of debt securities and at any given time may have a substantial amount of its assets invested in any class of debt security.

The Fund may invest up to 100% of its net assets in high yield, lower-quality debt securities (also known as "junk bonds").

The Fund may invest up to 100% of its net assets in foreign securities, including emerging markets securities. The Fund's total non-US dollar currency exposure may reach 100% of net assets. Due to the manner in which the Fund is managed, it may be subject to a high rate of portfolio turnover.

The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective.

In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

**What are the principal risks of investing in the Fund?**

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

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

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

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

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

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Fund summaries

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**Loans and other indebtedness risk** — The risk that a fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A fund's ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a fund invests may not be considered securities. A fund therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

**Adjustable rate securities risk** — During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities.

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

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Leveraging risk** — The risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.

**Mortgage-backed and asset-backed securities risk** — The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value.

**Prepayment risk** — The risk that the principal on a bond that is held by a fund will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A fund may then have to reinvest that money at a lower interest rate.

**Valuation risk** — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.

**Portfolio turnover risk** — High portfolio turnover rates may increase a fund's transaction costs and lower returns.

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

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

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

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

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relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

**How has Delaware Ivy Strategic Income Fund performed?**

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

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2016 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**7.8**% | &nbsp;&nbsp;**4.19**% | &nbsp;&nbsp;**-0.55**% | &nbsp;&nbsp;**8.74**% | &nbsp;&nbsp;**7.25**% | &nbsp;&nbsp;**2.15**% | &nbsp;&nbsp;**-10.14%** |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 8.71% for the quarter ended June 30, 2020, and its lowest quarterly return was -9.59% for the quarter ended March 31, 2020. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 10/1/15–12/31/22) | -14.16% | 0.06% | 1.40%  |
| Class A return after taxes on distributions (lifetime: 10/1/15–12/31/22) | -15.70% | -1.71% | -0.35% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 10/1/15–12/31/22) | -8.37% | -0.66% | 0.33% |
| Class C return before taxes (lifetime: 10/1/15–12/31/22) | -11.74% | 0.48% | 1.47% |
| Class I return before taxes (lifetime: 10/1/15–12/31/22) | -9.78% | 1.64% | 2.61% |
| Class R6 return before taxes (lifetime: 10/1/15–12/31/22) | -9.77% | 1.66% | 2.62% |
| Class Y return before taxes (lifetime: 10/1/15–12/31/22) | -10.13% | 1.27% | 2.26% |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/1/15–12/31/22) | -13.01% | 0.02% | 0.77% |

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

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Fund summaries

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**Who manages the Fund?**

**Investment manager** 

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

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| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| J. David Hillmeyer, CFA | Senior Managing Director, Co-Head of US Multisector Fixed Income | November 2021 |
| Daniela Mardarovici, CFA | Managing Director, Co-Head of US Multisector Fixed Income | November 2021 |

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 **Sub-Advisors** 

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

Macquarie Investment Management Global Limited (MIMGL)

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

**Payments to broker/dealers and other financial intermediaries**

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

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**Delaware Ivy Total Return Bond Fund,** a series of Ivy Funds

What is the Fund's investment objective?

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

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | | |
|:---|:---|:---|:---|:---|
| Class | A | C | I | R6 |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 4.50% |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) | 1.00%(1) |  |  |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | Class | A | C | I | R6 |
| Management fees | Management fees | 0.88% | 0.88% | 0.88% | 0.88% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| Other expenses | Other expenses | 0.46% | 0.70% | 0.39% | 0.25% |
| Total annual fund operating expenses | Total annual fund operating expenses | 1.59% | 2.58% | 1.27% | 1.13% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.39%)(2) | (0.63%)(2) | (0.32%)(2) | (0.26%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 1.20% | 1.95% | 0.95% | 0.87% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |
| 2 | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.95% of the Fund's average daily net assets for all classes other than Class R6, and 0.87% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.95% of the Fund's average daily net assets for all classes other than Class R6, and 0.87% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.95% of the Fund's average daily net assets for all classes other than Class R6, and 0.87% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.95% of the Fund's average daily net assets for all classes other than Class R6, and 0.87% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. | Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, 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 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.95% of the Fund's average daily net assets for all classes other than Class R6, and 0.87% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable. |

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**Example**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | (if not redeemed)C | C | I | R6 |
| 1 year | $567 | $198 | $298 | $97 | $89 |
| 3 years | $893 | $743 | $743 | $371 | $333 |
| 5 years | $1242 | $1314 | $1314 | $666 | $597 |
| 10 years | $2223 | $2868 | $2868 | $1506 | $1351 |

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Fund summaries

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 105% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Ivy Total Return Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in bonds. Under normal circumstances, the Fund invests at least 40% of its total assets in securities of non-US issuers. The Fund may invest up to 100% of its total assets in foreign securities and in securities denominated in currencies other than the US dollar, although the Fund will limit its foreign currency exposure (from non-US dollar-denominated securities or currencies) to 75% of its total assets as described below. The Fund has the flexibility to invest in any form of debt security, including, but not limited to, US government and foreign government securities, corporate bonds, convertible and non-convertible bonds, inflation-indexed bonds, asset- and mortgage-backed securities. The Fund also may invest in currencies. The Fund may invest directly in the debt securities listed above, as well as in derivative instruments that provide investment exposure to such debt securities. The Fund is unconstrained in its investment approach, meaning that it is not limited by the types of investments in a particular securities index, nor is it limited to any single type of investment strategy.

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

The Manager may consider analysis of environmental, social and governance (ESG) factors in evaluating investments for the Fund. This analysis considers various inputs, including metrics sourced from external parties and ESG research providers; commitments on ESG progress from issuers; specific bond formats (such as green or sustainability-linked bonds); issuer engagement; and other external and proprietary inputs to judge the issuer's contribution to improvements in ESG practice. The Fund may favor securities of issuers that are judged by the Manager to meet high ESG standards, and may avoid investment in certain industry sectors, or in securities of issuers that are judged to not meet the Manager's ESG requirements. The Manager relies on a proprietary ESG framework where issuers are assessed on their exposure to, and management of, environmental, social and governance risks. The Manager's ESG framework relies on its quantitative and qualitative analysis of factors such as industry sector, issuer specific factors such as history and management, and data from multiple sources, including government reports, company filings and external data providers. This framework is subjective in nature and not intended to be an exhaustive list of all possible risks and are provided as an indication of the types of factors being utilized by the Manager.

As described in more detail below, the Fund expects to use derivatives for various purposes. The Fund may take long positions in derivatives (the values of which typically move in the same direction as the prices of the underlying investments) and short positions in derivatives (the values of which typically move in the opposite direction from the prices of the underlying investments).

The Fund may invest in debt securities of any credit rating and may invest up to 50% of its total assets in non-investment grade debt securities, or high yield or junk bonds, which include bonds rated BB+ or below by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined to be of comparable quality by the Manager.

The Fund may invest in debt securities from any market or country or denominated in any currency, including issuers located in, and/or generating revenue from, both developed and emerging markets. The Fund will limit its foreign currency exposure (from non-US dollar-denominated securities or currencies) to 75% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances. The Fund expects to use a variety of derivative instruments for various purposes.

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

The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective.

MIMGL, an affiliate of the Fund's investment manager, Delaware Management Company (Manager), serves as the Fund's sub-advisor and manages the Fund's assets. The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria

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Kapitalanlage AG (MIMAK) and Macquarie Investment Management Europe Limited (MIMEL) (together with MIMGL, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

**What are the principal risks of investing in the Fund?**

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

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

**Convertible security risk** — The risk that the value of a convertible security may be influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer of a convertible security and other factors also may have an effect on the convertible security's investment value. Since a convertible security derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.

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

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Duration risk** — The risk that longer-duration debt securities are more likely to decline in price than shorter duration debt securities in a rising interest rate environment. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes.

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

**Fixed income risk** — The risk that bonds may decrease in value if interest rates increase; an issuer may not be able to make principal and interest payments when due; a bond may be prepaid prior to maturity; and, in the case of high yield bonds ("junk bonds"), such bonds may be subject to an increased risk of default, a more limited secondary market than investment grade bonds, and greater price volatility. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

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

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

**Foreign government/supranational risk** — The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.

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Fund summaries

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

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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

**Mortgage-backed and asset-backed securities risk** — The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a fund that holds mortgage-related securities may exhibit additional volatility.

**Portfolio turnover risk** — High portfolio turnover rates may increase a fund's transaction costs and lower returns.

**Geographic focus risk** — The risk that local political and economic conditions could adversely affect the performance of a fund investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries.

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

**Environmental, social and governance (ESG) investing risk** — ESG investing risk is the risk that a fund's strategy may exclude securities of certain issuers for non-financial reasons and the fund may forgo some market opportunities available to funds that do not integrate ESG factors in investment decisions. In addition, there is a risk that the companies identified by a fund's ESG factors will not operate as expected when addressing ESG issues or they will not exhibit positive ESG characteristics as intended.

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

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

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

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

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

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**How has Delaware Ivy Total Return Bond Fund performed?**

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2017 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**1.9**% | &nbsp;&nbsp;**0.41**% | &nbsp;&nbsp;**7.3**% | &nbsp;&nbsp;**3.35**% | &nbsp;&nbsp;**-2.96**% | &nbsp;&nbsp;**-10.01%** |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 3.37% for the quarter ended June 30, 2020, and its lowest quarterly return was -5.79% for the quarter ended June 30, 2022. The maximum Class A sales charge of 4.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 1/4/16–12/31/22) | -14.07% | -1.73% | -0.80%  |
| Class A return after taxes on distributions (lifetime: 1/4/16–12/31/22) | -17.01% | -3.21% | -2.03% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 1/4/16–12/31/22) | -8.31% | -1.85% | -1.06% |
| Class C return before taxes (lifetime: 1/4/16–12/31/22) | -11.49% | -1.28% | -0.66% |
| Class I return before taxes (lifetime: 1/4/16–12/31/22) | -9.69% | -0.31% | 0.30% |
| Class R6 return before taxes (lifetime: 1/4/16–12/31/22) | -9.51% | -0.17% | 0.43% |
| Bloomberg Global Aggregate 1-10 Year Index, Hedged to USD (reflects no deduction for fees, expenses, or taxes) (lifetime: 1/4/16–12/31/22)  | -7.37% | 0.71% | 1.19% |

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

**Who manages the Fund?**

**Investment manager** 

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

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| | | |
|:---|:---|:---|
| **Portfolio manager** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Andrew Vonthethoff, CFA | Senior Vice President, Senior Portfolio Manager | November 2021 |

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Fund summaries

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 **Sub-Advisors** 

Macquarie Investment Management Global Limited (MIMGL)

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| | | |
|:---|:---|:---|
| **Portfolio manager** | **Title with MIMGL** | **Start date on the <br> Fund** |
| Matthew Mulcahy | Managing Director, Head of Rates and Currency | November 2021 |

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Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Macquarie Investment Management Europe Limited (MIMEL)

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

**Payments to broker/dealers and other financial intermediaries**

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

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**Delaware Sustainable Equity Income Fund,** a series of the Ivy Funds

**What is the Fund's investment objective?**

Delaware Sustainable Equity Income Fund seeks long-term growth of capital and current income.

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $250,000 in Delaware Funds by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | | |
|:---|:---|:---|:---|:---|
| Class | A | I | R6 | R |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price | 2.50% |  |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower | 1.00%(1) |  |  |  |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | Class | A | I | R6 | R |
| Management fees | Management fees | 0.35% | 0.35% | 0.35% | 0.35% |
| Distribution and service (12b-1) fees | Distribution and service (12b-1) fees | 0.25% |  |  | 0.50% |
| Other expenses | Other expenses | 0.33% | 0.33% | 0.17% | 0.43% |
| Total annual fund operating expenses | Total annual fund operating expenses | 0.93% | 0.68% | 0.52% | 1.28% |
| Fee waivers and expense reimbursements | Fee waivers and expense reimbursements | (0.19%)(2) | (0.18%)(2) | (0.04%)(2) | (0.06%)(2) |
| Total annual fund operating expenses after fee waivers and expense reimbursements | Total annual fund operating expenses after fee waivers and expense reimbursements | 0.74% | 0.50% | 0.48% | 1.22% |
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase. | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase. |
| 2 | From January 30, 2023 through January 30, 2024, Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, and/or Delaware Investments Fund Services Company (DIFSC), the Fund's transfer agent, have 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: 0.74% for Class A shares; 0.50% for Class I shares; 1.22% for Class R shares; and 0.48% for Class R6 shares. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). | From January 30, 2023 through January 30, 2024, Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, and/or Delaware Investments Fund Services Company (DIFSC), the Fund's transfer agent, have 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: 0.74% for Class A shares; 0.50% for Class I shares; 1.22% for Class R shares; and 0.48% for Class R6 shares. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). | From January 30, 2023 through January 30, 2024, Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, and/or Delaware Investments Fund Services Company (DIFSC), the Fund's transfer agent, have 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: 0.74% for Class A shares; 0.50% for Class I shares; 1.22% for Class R shares; and 0.48% for Class R6 shares. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). | From January 30, 2023 through January 30, 2024, Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, and/or Delaware Investments Fund Services Company (DIFSC), the Fund's transfer agent, have 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: 0.74% for Class A shares; 0.50% for Class I shares; 1.22% for Class R shares; and 0.48% for Class R6 shares. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). | From January 30, 2023 through January 30, 2024, Delaware Management Company (Manager), the Fund's investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, and/or Delaware Investments Fund Services Company (DIFSC), the Fund's transfer agent, have 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: 0.74% for Class A shares; 0.50% for Class I shares; 1.22% for Class R shares; and 0.48% for Class R6 shares. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). |

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**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| Class | A | I | R6 | R |
| 1 year | $324 | $51 | $49 | $124 |
| 3 years | $521 | $199 | $163 | $400 |
| 5 years | $734 | $361 | $287 | $697 |
| 10 years | $1347 | $830 | $649 | $1540 |

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Fund summaries

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**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 94% of the average value of its portfolio.

**What are the Fund's principal investment strategies?**

Delaware Sustainable Equity Income Fund seeks to achieve its investment objective by investing its assets primarily in companies that meet the Fund's sustainable investment criteria, and that the Manager believes have investment profiles that are similar to representative companies of the Russell 1000 Value Index. The Index, which is constructed and maintained by FTSE Russell, is designed to measure the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower medium-term growth forecast, and lower sales per share historical growth. The Fund seeks to achieve a dividend yield in excess of its benchmark.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies that meet the Fund's sustainable investment criteria. In seeking investments in sustainable companies, the Fund identifies companies that have been classified as positively aligned in some manner toward the Sustainable Development Goals (SDGs) of the United Nations (UN) and excludes companies from investment that it believes are detrimental to these goals. SDGs are a list of 17 global goals adopted by the UN General Assembly that are intended to produce positive environmental, social and economic impacts. These global goals include the following areas: no poverty; zero hunger; good health and well-being; quality education; gender equality; clean water and sanitation; affordable and clean energy; decent work and economic growth; industries, innovation and infrastructure; reduced inequalities; sustainable cities and communities; responsible consumption and production; climate action; life below water; life on land; peace, justice and strong institutions; and partnerships for the goals. While the Manager identifies and selects the data points it deems relevant to these goals, metrics relating to the 150+ data points will be obtained from external parties. Sources of such metrics may include providers such as Sustainalytics, MSCI, FactSet, Rep Risk, as well as a number of non-profit and non-governmental organizations. These data providers help to identify a company's sustainable products and services, revenue exposure by geography and sector, and provide assessments of a company's sustainability actions and practices, each of which helps to identify companies that are aligned with the SDG global goals.

Alignment with the UN SDGs is determined by the Manager through the utilization of its proprietary database. The Manager's UN SDG database and scoring system is a repository of over 150+ data points from various sources, with each datapoint serving to identify a company's products, services and/or actions as aligned to one of the 17 SDGs. The Fund's investment process includes metrics that may prevent it from investing in specific industries that are associated with practices that are not consistent with the SDGs. Our harm metrics explicitly exclude industries involved in alcohol, gambling, tobacco, weapons, coal, oil sands, and adult entertainment. This aspect of the investment process could have a negative effect on the Fund's performance during periods when those industries are favored by investors.

Data points within the Manager's UN SDG database are assigned a score based on the perceived relative importance of the metric, and every company in the database receives a cumulative score. Companies in the UN SDG database that obtain a cumulative SDG alignment score above a certain minimum threshold are determined to be suitable for investment by the Manager. Companies with a score below the threshold are excluded from investment in the Fund.

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

**What are the principal risks of investing in the Fund?**

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

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

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

**Sustainability risk** — Investing with a focus on companies that exhibit a commitment to sustainable practices may result in the Fund investing in certain types of companies, industries or sectors that the market may not favor.

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

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.

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

**Portfolio turnover risk** — High portfolio turnover rates may increase a fund's transaction costs and lower returns.

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

How has Delaware Sustainable Equity Income Fund performed?

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Year | &nbsp;&nbsp;2018 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year Total Return | &nbsp;&nbsp;**-3.54**% | &nbsp;&nbsp;**26.99**% | &nbsp;&nbsp;**7.88**% | &nbsp;&nbsp;**25.00**% | &nbsp;&nbsp;**-6.37%** |

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During the periods illustrated in this bar chart, Class A's highest quarterly return was 17.47% for the quarter ended June 30, 2020, and its lowest quarterly return was -23.39% for the quarter ended March 31, 2020. The maximum Class A sales charge of 2.50%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

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Fund summaries

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**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | Lifetime |
| Class A return before taxes (lifetime: 4/20/17–12/31/22) | -8.72% | 8.57% | 10.13%  |
| Class A return after taxes on distributions (lifetime: 4/20/17–12/31/22) | -22.58% | 3.99% | 6.02% |
| Class A return after taxes on distributions and sale of Fund shares (lifetime: 4/20/17–12/31/22) | 4.71% | 6.60% | 7.94% |
| Class I return before taxes (lifetime: 4/20/17–12/31/22) | -5.95% | 9.41% | 10.92% |
| Class R6 return before taxes (lifetime: 4/20/17–12/31/22) | -5.94% | 9.42% | 10.93% |
| Class R return before taxes (lifetime: 4/20/17–12/31/22) | -6.60% | 8.62% | 10.11% |
| Russell 1000 Value Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 4/20/17–12/31/22)1 | -7.54% | 6.67% | 7.74% |
| S&P 500 Dividend Aristocrats Total Return Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 4/20/17–12/31/22)1 | -6.21% | 9.84% | 11.38% |

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1The Russell 1000 Value Index replaced the S&P 500 Dividend Aristocrats Total Return Index, the Fund's prior benchmark index, due to the repositioning of the Fund as an actively managed, sustainable large-cap focused, equity income fund. The Russell 1000 Value Index, the Fund's new index, measures the performance of the large-cap value segment of the U.S. equity universe. The S&P 500 Dividend Aristocrats Total Return Index, the Fund's former index, targets companies that are currently members of the S&P 500 Index, have increased dividend payments each year for at least 25 years and meet certain market capitalization and liquidity requirements.

**Who manages the Fund?**

**Investment manager** 

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

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| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Barry Gladstein | Managing Director, Head of Sustainable Investing | November 2021 |
| Christopher Gowlland, CFA | Senior Vice President, Head of Equity Quantitative Research | November 2021 |

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**Sub-advisor** 

Macquarie Investment Management Global Limited (MIMGL)

Purchase and redemption of Fund shares

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie®, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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

**Tax information**

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

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**Payments to broker/dealers and other financial intermediaries**

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

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How we manage the Funds

**Our principal investment strategies**

**Delaware Ivy California Municipal High Income Fund**

The Fund seeks to achieve its objective to provide a high level of current income that is not subject to federal and California income tax by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of municipal securities with income payments that are exempt from federal and California income taxes. For purposes of this 80% test, such municipal securities include obligations issued by territories and possessions of the United States (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam).

The Fund typically invests at least 50% of its total assets in medium- and lower-quality municipal securities that generally provide higher yields than securities of higher quality. *The Fund may invest up to 100% of its total assets in non-investment-grade bonds.*

There is no guarantee, however, that the Fund will achieve its objective.

The Fund and the Manager rely on the opinion of bond counsel for an issuer in determining whether the interest on such issuer's obligations is excludable from gross income for federal and California income tax purposes. A significant portion, up to 40%, of the Fund's dividends attributable to municipal bond interest may be a Tax Preference Item; however, the Manager does not currently anticipate that the Fund will reach this level and estimates that approximately 20% or less of the Fund's dividends attributable to municipal bond interest may be a Tax Preference Item. This would have the effect of reducing the Fund's after-tax return to any investor whose AMT liability was increased by the Fund's dividends.

Although the Fund expects to invest its assets primarily in obligations issued by the State of California (which include its subdivisions, authorities, instrumentalities and corporations), the Fund also may, to a lesser extent, invest in obligations issued by other US states, territories or possessions (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam).

The main type of municipal securities in which the Fund invests are revenue bonds. The Fund's investments may have various types of interest rate payments and reset terms, including fixed-rate, floating-rate and auction-rate features.

Revenue bonds are payable only from specific sources; these may include revenues from a particular project or class of projects, a special tax, lease payments, appropriated funds, revenue pass-through arrangements, settlement payments or other revenue source. Revenue bonds include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance healthcare centers, special tax districts and charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state's share of annual tobacco settlement revenues. The Fund may periodically invest in general obligation bonds for which the issuer has pledged its full faith, credit and taxing power for the payment of principal and interest.

After conducting a top-down (assessing the market environment) analysis, the Manager uses a research-oriented, bottom-up (researching individual issuers) credit-by-credit investment approach. Although the Manager considers credit ratings in selecting investments for the Fund, the Manager bases its investment decision for a particular instrument primarily on its own credit analysis and not on a NRSRO's credit rating. The Manager considers a number of factors in selecting individual securities for the Fund's portfolio, including the security's current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the issuer's sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage, the sector in which the security is identified, and the structure of the security, including whether it has a call feature.

During normal circumstances, the Fund invests:

• at least 80% of its net assets, plus any borrowings for investment purposes, in municipal securities with income payments exempt from federal and California income taxes (including, to a lesser extent, obligations issued by territories and possessions of the United States)

• at least 50% of its total assets in medium and lower-quality municipal securities, that include securities rated BBB+ or lower by S&P or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality

The Fund may invest up to 100% of its total assets in revenue bonds, in securities the payment of principal and interest on which are payable from revenues derived from similar projects, or in municipal securities of issuers located in the same geographical area. The Fund will not, however, have more than 25% of its total assets in revenue bonds issued for any one industry.

At times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk and/or when, in the opinion of the Manager, there is a lack of medium- and lower-quality securities in which to invest, the Fund may invest in higher-quality municipal securities, and may invest less than 50% of its total assets in medium- and lower-quality municipal securities.

The Fund may purchase municipal securities that are additionally secured by insurance, bank credit agreements, or escrow accounts. The credit quality of companies which provide such credit enhancements for municipal securities will affect the value of those securities. Although the insurance feature reduces certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund's income. The

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Fund may purchase municipal securities insured by any insurer, regardless of its rating. A municipal security will be deemed to have the rating of its insurer. The insurance feature does not guarantee the market value of the insured obligations or the NAV of the Fund.

During normal market conditions, the Fund may invest up to 20% of its net assets in a combination of taxable obligations and in options, futures contracts and other derivative instruments, which generate taxable income. Such taxable obligations and instruments may include, but are not limited to, the following:

• US government securities

• obligations of US banks and certain savings and loan associations

• US dollar-denominated commercial paper and other cash equivalent securities issued by US and foreign issuers that are rated at least A by S&P or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality

• any of the foregoing obligations subject to repurchase agreements

• credit default swaps on the debt of financial entities that insure municipal securities

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

The Fund also may hold a portion of its assets in municipal securities for which the applicable interest rate formula varies inversely with prevailing interest rates. Distributions to Fund shareholders of income from taxable obligations, repurchase agreements and derivative instruments, as well as of any net capital gains the Fund realizes, will be subject to federal income tax.

At times the Manager may believe that a full or partial defensive position is desirable, temporarily, due to present or anticipated market or economic conditions that are affecting or could affect the values of municipal securities. During such periods, it may invest up to all of the Fund's assets in cash or cash equivalents. The "cash equivalents" in which the Fund may invest include: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund's investment policies and restrictions, the Fund may utilize derivative instruments, including, but not limited to, futures contracts, options, credit default swaps and other types of derivatives, for defensive purposes. In addition, the Manager may invest in shorter-duration bonds which the Manager believes are of higher credit quality or up to all of its assets in taxable obligations, which would result in a higher proportion of its income (and thus its dividends) being subject to federal income tax. By taking a temporary defensive position, the Fund may not achieve its investment objective.

**Delaware Ivy Corporate Bond Fund**

The Fund seeks to achieve its objective to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in corporate bonds (also referred to as corporate "debt securities" or "fixed-income securities") (80% policy). For this purpose, "corporate bonds" includes any debt security issued by a domestic or foreign company with an initial maturity greater than one year. The Fund invests primarily in investment-grade debt securities, and, to a lesser extent, in non-investment-grade debt securities and convertible securities. The Fund may invest up to 20% of its net assets in other types of debt securities, including mortgage-backed securities, debt securities issued or guaranteed by the US government or any of its agencies or instrumentalities (US government securities), other asset-backed securities, and to a lesser extent, debt securities issued by foreign governments or municipal issuers. The Manager may use various techniques to manage the duration of the Fund's holdings. The Manager typically determines sector allocation by fundamental analysis and a comparison of relative value between sectors. The Fund may invest significantly in debt securities payable from the same sector. There is no guarantee, however, that the Fund will achieve its objective.

In selecting debt securities for the Fund, the Manager looks at a number of factors, including both a top-down (assessing the market environment) and a bottom-up (researching individual issuers) analysis. The top-down analysis looks at broad economic and financial trends in an effort to anticipate their impact on the fixed-income market and seeks to identify certain criteria that contribute to the overall target portfolio characteristics such as duration, spread, ratings and liquidity. The bottom-up analysis seeks to identify securities that the Manager believes have favorable risk/reward characteristics and targets those securities for overweight positioning. From the sector level, the Manager identifies companies that have positive attributes and considers the issuer's past, present and estimated future: financial strength, cash flow, management, borrowing requirements, balance sheet policy and relative safety. Additional factors considered include leverage, interest coverage, revenue and margin stability, competition and industry trends, as well as relative value and liquidity.

The Fund may invest a portion of its assets in mortgage-backed securities, including US government or US government-related mortgage loan pools or private mortgage loan pools. In US government or US government-related mortgage loan pools, the US government or certain agencies guarantee to mortgage pool security holders the payment of principal and interest. The principal US government-related guarantors of mortgage-related securities are

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How we manage the Funds

Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac generally guarantee payment of principal and interest on mortgage loan pool securities issued by certain preapproved institutions (such as savings and loan institutions, commercial banks and mortgage bankers). However, securities issued by Fannie Mae, Freddie Mac and the FHLB are not backed by the full faith and credit of the US government, are not insured or guaranteed by the US government and, instead, may be supported only by the right of the issuer to borrow from the Treasury or by the credit of the issuer. In addition, the Fund purchases securities issued by non-government related entities which may be backed only by the pool of assets pledged as security for the transaction.

The Fund may invest up to 20% of its total assets in non-investment-grade debt securities, commonly called "high-yield" or "junk" bonds, which are more susceptible to the risk of non-payment or default, and their prices may be more volatile than higher-rated bonds.

The Fund also may invest up to 40% of its total assets in foreign securities. An investment in foreign securities presents additional risks such as currency fluctuations and political or economic conditions affecting the foreign country. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. In addition, the Fund may invest in secured and unsecured loan assignments, loan participations and other loan instruments.

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

The Fund may invest in Rule 144A Securities.

When the Manager believes that a temporary defensive position is desirable, due to present or anticipated market or economic conditions, it may invest up to all of the Fund's assets in cash or cash equivalents. The "cash equivalents" in which the Fund may invest include: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund's investment policies and restrictions, the Fund may utilize derivative instruments, including, but not limited to, futures contracts, options, credit default swaps and other types of derivatives, when taking a position for defensive purposes. By taking a temporary defensive position, the Fund may not achieve its investment objective.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

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

**Delaware Ivy Crossover Credit Fund**

The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in bonds (for this purpose, "bonds" includes any debt security with an initial maturity greater than one year) (80% policy). The Fund invests in a variety of fixed-income securities, primarily, corporate debt securities which can include both investment grade and non-investment grade rated bonds, but also mortgage-backed securities, debt securities issued or guaranteed by the US government or any of its agencies or instrumentalities (US government securities) and other asset-backed securities. Certain of the mortgage-backed securities in which the Fund may invest are not backed by the full faith and credit of the US government and, like other asset-backed securities in which the Fund may invest, may be backed only by the pool of assets pledged as security for the transaction.

Investment-grade bonds include bonds rated BBB- or higher by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. By contrast, non-investment-grade debt securities, commonly called "high yield" or "junk" bonds, include bonds rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality.

"Crossover" debt generally refers to bonds rated at or near the point where the lower end of investment-grade debt and the higher end of high yield debt meet. Such bonds are on the verge of losing or regaining investment-grade status (i.e., they are on the verge of "crossing over," falling to junk status or rising to investment-grade status). In addition, crossover bonds include those that have been rated below investment-grade since issuance but may be close to achieving investment-grade status (i.e., so-called "rising stars"), or those that at one time were considered to be investment-grade and now are categorized as "junk" bonds due to a reduction in the issuer's credit rating (i.e., so-called "fallen angels"). Dependent on the current Fund composition and

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market conditions, the Manager expects that a majority of the crossover bonds will be rated either BBB or BB by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality.

Crossover bonds often experience significant price volatility when they are transitioning between investment-grade and high yield ratings categories. This price volatility and dislocation often occurs due to forced selling (or buying) as bonds transition from one investor base to another. This transition process (buying/selling) introduces price inefficiencies in the crossover space of the credit market. The Manager believes that these inefficiencies often present an attractive risk-reward opportunity on certain of these crossover bonds.

Except as noted above, the Fund has no limitations regarding the maturity, duration or dollar-weighted average of its holdings, may invest in debt securities with varying maturities and can invest in debt securities issued by companies of any size, in a variety of sectors and industries. The Fund will primarily invest in debt securities issued by domestic companies, but also may invest up to 40% of its total assets in debt securities issued by foreign companies, including foreign securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. The Fund typically will not invest more than 35% of its total assets in non-investment-grade securities.

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

While the Fund primarily owns debt securities, the Fund also may own, subject to its investment policies and restrictions, preferred stocks and convertible securities. In addition, the Fund may invest in secured and unsecured loan assignments, loan participations and other loan instruments. The Fund may invest in Rule 144A Securities.

In selecting debt securities for the Fund, the Manager looks at a number of factors, including both a top-down (assessing the market environment) and a bottom-up (researching individual issuers) analysis. The top-down analysis looks at broad economic and financial trends in an effort to anticipate their impact on the fixed-income market and seeks to identify certain criteria that contribute to the overall target portfolio characteristics such as duration, spread, ratings and liquidity. The bottom-up analysis seeks to identify securities that the Manager believes have favorable risk/reward characteristics and targets those securities for overweight positioning. From the sector level, the Manager identifies companies that have positive attributes and considers the issuer's past, present and estimated future: financial strength, cash flow, management, borrowing requirements, balance sheet policy and relative safety. Additional factors considered include leverage, interest coverage, revenue and margin stability, competition and industry trends, as well as relative value and liquidity.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities, including a review of the risk and reward potential for a specific issuer. The Manager also may sell a security if, in the Manager's opinion, the price of the security has risen to fully reflect the company's improved creditworthiness. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund's holding in that security or to raise cash.

When the Manager believes that a temporary defensive position is desirable, due to present or anticipated market or economic conditions, it may invest up to all of the Fund's assets in cash or cash equivalents. The "cash equivalents" in which the Fund may invest include: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund's investment policies and restrictions, the Fund may utilize derivative instruments, including, but not limited to, futures contracts, options, credit default swaps and other types of derivatives, when taking a position for defensive purposes. By taking a temporary hedging position, the Fund may not achieve its investment objective.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

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

**Delaware Ivy Emerging Markets Local Currency Debt Fund**

The Fund's investment objective is to seek to provide total return through a combination of current income and capital appreciation. The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in debt

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How we manage the Funds

securities that are denominated in local currencies of emerging market countries, as well as derivative instruments that provide investment exposure to such debt securities (80% policy). The Fund may, but is not required to, hedge its exposure to those non-US currencies, which strategy, if utilized, may effectively reduce the Fund's exposure to the local currencies of the emerging market countries in which the Fund invests. There is no guarantee that the Fund will achieve its objective.

For purposes of this Fund, emerging market countries include, but are not limited to, those considered to be developing by the International Monetary Fund, the World Bank, the International Financial Corporation or one of the leading global investment banks. The Manager has broad discretion to identify other countries that they consider to qualify as emerging market countries. The majority of these emerging market countries are likely to be located in Asia, Latin America, the Middle East, Central and Eastern Europe, and Africa. The Fund may invest up to 100% of its net assets in emerging market countries. The Fund also may invest up to 20% of its net assets in securities denominated in the US Dollar.

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

The debt securities in which the Fund primarily invests include emerging market sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities, but also include debt securities issued by central banks, as well as other fixed-income securities or instruments that provide investment exposure to emerging market debt. The Manager may use structured products such as credit-linked notes and bonds or other transferable securities whose returns may be related to the performance of a particular investment index. Credit-linked notes typically are structured as a limited purpose trust or other vehicle that, in turn, invests in a derivative or basket of derivatives instruments, such as credit default swaps, interest rate swaps and/or other securities, to provide exposure to emerging markets debt securities. The Manager may focus the Fund's investments in particular countries and/or currencies.

The Fund generally invests in debt securities that are listed, or admitted to trading, on recognized, regulated, regularly functioning securities exchanges and markets that are open to the public, in securities that trade OTC, and in securities issued in direct principal transactions with counterparties that specialize in such securities. The Fund may engage in active and frequent trading.

The Fund may invest in debt securities of any maturity, may invest in unlisted debt securities and may invest up to 100% of its total assets in non-investment-grade debt securities or unrated securities determined by the Manager to be of comparable quality. Non-investment-grade debt securities, commonly called junk bonds, may involve greater risk of default or price changes due to changes in the issuer's creditworthiness. The emerging market debt securities in which the Fund invests may be rated or unrated. In addition, the countries in which the Fund invests may have sovereign ratings that are below investment-grade or are unrated. Debt securities in which the Fund may invest may have all types of interest rate payment and reset terms, including fixed-rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features.

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

The Fund expects to use a variety of derivative instruments for various purposes. The Fund's investments in, and use of, derivatives may be significant. The Fund may, at any given time, use a combination of the following types of derivatives: primarily forward foreign currency contracts and interest rate swaps, but also including, but not limited to, options, futures contracts, forward contracts on financial instruments or on a security or an index of securities, options on futures contracts, OTC total return swaps and/or credit default swaps. The Fund may use derivatives in an attempt to hedge various instruments, to hedge an investment in one currency back to another currency, to enhance return, to invest in a position not otherwise available, to take a fundamental position long or short in a particular currency or to mitigate the impact of rising interest rates. In addition, the Fund may use derivatives as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies. With credit default swaps, the Fund may either sell or buy credit protection with respect to bonds, loans or other debt securities pursuant to the terms of these derivative contracts.

The Manager uses a multi-staged, systematic investment process in selecting emerging market investments for inclusion in the Fund's portfolio. The process combines a top-down (assessing the market environment) and bottom-up (researching individual issuers) analysis in an attempt to invest opportunistically in such instruments that the Manager believes can provide risk-adjusted outperformance. Part of the Manager's top-down analysis includes assessing the global risk environment, taking into account a variety of factors, and examining country fundamentals to develop interest rate forecasts and currency forecasts by country. Interest rate factors the Manager will examine include a country's monetary policy, inflation, growth, fiscal policy and politics. Currency factors examined include a country's interest rate and growth differential, balance of payments and currency policy.

Following its top-down analysis, the Manager conducts a bottom-up analysis and selects investments for inclusion in the Fund's portfolio based on the Manager's perceived value of an individual investment relative to alternative investments, credit and currency opportunities, duration and yield curve positioning for the interest rate outlook, and an effort to achieve appropriate diversification. The Manager also considers an issuer's capitalization, asset quality, management, earnings and liquidity.

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

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

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

**Delaware Ivy Government Securities Fund**

The Fund seeks to achieve its objective by investing at least 80% of its net assets, plus any borrowings for investment purposes, in US government securities (80% policy). There is no guarantee, however, that the Fund will achieve its objective.

US government securities include: US Treasury (Treasury) obligations, such as bills, bonds and notes; obligations issued or guaranteed as to principal and interest by the Treasury, and certain US government agencies or instrumentalities, such as Government National Mortgage Association (Ginnie Mae); obligations of issuers that are supported by the ability of the issuer to borrow from the US Treasury; and obligations of US government-sponsored entities that are neither issued nor guaranteed by the US government, such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae). The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective. The Fund may invest in mortgage-backed securities issued by US government-sponsored entities or agencies or instrumentalities of US government agencies. The Fund has no limitations on the range of maturities of the debt securities in which it may invest.

The Manager may look at a number of factors in selecting securities for the Fund's portfolio. These include utilizing economic research and analyzing interest rate trends to determine which types of securities to emphasize at a given time. The Manager attempts to enhance Fund performance by utilizing opportunities presented by the shape and slope of the yield curve.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities of that type. For example, the Manager may sell a security if it believes the security no longer provides significant income potential or if the safety of the principal is weakened. As well, the Manager may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

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

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

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors"). The

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How we manage the Funds

Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

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

**Delaware Ivy High Yield Fund**

The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, lower-quality fixed-income securities of US and foreign issuers, the risks of which are, in the judgment of the Manager, consistent with the Fund's objective. Under normal circumstances, the Fund invests at least 80% of its net assets in non-investment-grade debt securities, commonly called "high yield" or "junk" bonds (80% policy). Such bonds include debt securities rated BB+ or lower by S&P or comparably rated by another NRSRO, or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment-grade debt securities; however, the Fund's allocation to high yield securities rated CCC or lower by S&P (or comparably rated by another NRSRO, or, if unrated, determined by the Manager to be of comparable quality), is capped so that the Fund's exposure to such securities will never be greater than 1.2 times the CCC or lower exposure of the Fund's benchmark, the ICE BofA US High Yield Constrained Index.

The Fund also may invest up to 20% of its total assets in lower-quality debt securities that are considered investment-grade. Such securities include those rated BBB+, BBB or BBB- by S&P (or comparably rated by another NRSRO, or, if unrated, determined by the Manager to be of comparable quality). The Fund may invest in fixed-income securities of any maturity and in companies of any size, but intends to invest primarily in intermediate and long-term corporate obligations. There is no guarantee, however, that the Fund will achieve its objective.

The Fund may invest up to 100% of its total assets in foreign debt securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets.

In addition to junk bonds, the Fund may invest in other fixed-income securities, primarily convertible bonds, repurchase and reverse repurchase agreements, defaulted debt securities, preferred stocks and zero coupon and deferred interest bonds. To a lesser extent, the Fund may invest in US government securities, investment-grade bonds and pay-in-kind bonds. The Fund also may own common stocks and other equity securities or warrants generally incidental to the purchase or ownership of a fixed-income instrument or in connection with a reorganization of an issuer. The Fund also may purchase shares of other investment companies subject to the restrictions and limitations of the 1940 Act. The Fund may invest in Rule 144A Securities.

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

The Fund also may use a variety of derivative instruments for various purposes. The Fund may, at any given time, use forward foreign currency contracts, futures contracts, options and swaps, relating to securities, currencies, or other instruments in an attempt to enhance return, to hedge broad of specific fixed-income market movements, to manage cash flows or to otherwise manage the risks of the Fund's investments.

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that it believes are the best investments for the Fund.

The Manager invests primarily in fixed income securities that it believes will have a liberal and consistent yield and will tend to reduce the risk of market fluctuations.

Before selecting high yield corporate bonds, the Manager carefully evaluates each individual bond, including its income potential and the size of the bond issuance. The size of the issuance helps the Manager evaluate how easily it may be able to buy and sell the bond.

The Manager also does a thorough credit analysis of the issuer to determine whether that company has the financial ability to meet the bond's payments.

The Manager maintains a well-diversified portfolio of high yield bonds that represents many different sectors and industries. Through diversification the Manager can help to reduce the impact that any individual bond might have on the portfolio should the issuer have difficulty making payments.

Generally, in determining whether to sell a security, the Manager utilizes the same factors it considers for buying the security. The Manager also may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes to be more attractive opportunities, or to raise cash.

When the Manager believes that a full or partial temporary defensive position is desirable, due to present or anticipated market or economic conditions, it may invest up to 100% of the Fund's assets in cash or cash equivalents. The "cash equivalents" in which the Fund may invest include: short-term obligations such as rated commercial paper and variable amount master demand notes; US dollar-denominated time and savings deposits (including

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certificates of deposit); bankers' acceptances; obligations of the US government or its agencies or instrumentalities; repurchase agreements (which investments also are subject to their own fees and expenses); and other similar short-term US dollar-denominated obligations which the Manager believes are of comparable high quality. Subject to the Fund's investment policies and restrictions, the Fund may utilize derivative instruments, including, but not limited to, futures contracts, options, credit default swaps and other types of derivatives, for defensive purposes. It also may shorten the average maturity of the Fund's debt holdings or emphasize investment-grade debt securities. However, by taking a temporary defensive position, the Fund may not achieve its investment objective.

The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

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

**Delaware Ivy International Small Cap Fund**

The Fund seeks to achieve its objective to provide capital growth and appreciation by investing, under normal circumstances, at least 80% of its net assets in common stocks of small-capitalization companies (80% policy) located throughout the world. The Fund considers small-cap market capitalization companies to be companies with market capitalizations within the range of companies in the MSCI ACWI ex USA Small Cap Index at the time of purchase. As of December 31, 2022, this range of market capitalizations was between $16.13 million and $6.86 billion. This range is subject to change with market fluctuations. The Fund may continue to hold securities of a company even if its current market cap later exceeds the market cap range of the MSCI ACWI ex USA Small Cap Index.

The Manager currently invests primarily in companies domiciled outside of the United States, although the Fund also may invest in companies located in emerging markets. The Fund also may invest in depositary receipts (e.g., American depositary receipts, European depositary receipts, and global depositary receipts) of foreign issuers. The Fund may invest up to 100% of its total assets in foreign securities, including securities denominated in currencies other than the US dollar.

The Fund may focus a portion of its investments in a particular sector or sectors of the economy. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various additional foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. Using a bottom-up approach, the Manager will seek to select securities of companies that it believes are undergoing positive fundamental change, which may lead to better-than-expected earnings growth. The Manager believes that the magnitude and duration of growth driven by positive fundamental change is often underestimated and that the shares of companies experiencing such a change typically will continue to experience relative price strength and continue to outperform the broader market. The Manager may sell a security if it no longer believes that the security is likely to contribute to meeting the investment objective of the Fund or if there are other opportunities that appear more attractive.

In an effort to manage foreign currency exposure, the Fund may use forward foreign currency contracts to either increase or decrease exposure to a given currency. In addition, the Fund may invest in ETFs as a means of gaining exposure to a particular segment of the market and/or to invest cash effectively. The Fund may invest in certain real estate securities, including securities issued by REITs.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. The Manager may sell a security if it significantly exceeds its price and valuation target, if the Manager has a high conviction that the security's earnings will be substantially below expectations, if the Manager's buy thesis is no longer valid due to company specific changes, or there is a significant change within the business or the macro landscape that impacts its investment thesis. The Manager also may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

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

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

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How we manage the Funds

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

**The securities in which the Fund typically invests**

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

 **Common or ordinary stocks**<br>

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

**How the Fund uses them:** The portfolio managers will generally invest the Fund's assets in common or ordinary stocks, some of which may be dividend-paying stocks.

 **Foreign securities**<br>

Foreign securities are securities of issuers which are classified by index providers, or by the Manager applying internally consistent guidelines, as being assigned to countries outside the United States. Investments in foreign securities include investments in American depositary receipts (ADRs), European depositary receipts (EDRs), and global depositary receipts (GDRs). ADRs are receipts issued by a depositary (usually a US bank) and EDRs and GDRs are receipts issued by a depositary outside of the US (usually a non-US bank or trust company or a foreign branch of a US bank). Depositary receipts represent an ownership interest in an underlying security that is held by the depositary. Generally, the underlying security represented by an ADR is issued by a foreign issuer and the underlying security represented by an EDR or GDR may be issued by a foreign or US issuer. Sponsored depositary receipts are issued jointly by the issuer of the underlying security and the depositary, and unsponsored depositary receipts are issued by the depositary without the participation of the issuer of the underlying security. Generally, the holder of the depositary receipt is entitled to all payments of interest, dividends, or capital gains that are made on the underlying security. "N Shares" are shares of companies controlled by Mainland Chinese entities, companies or individuals. It must be incorporated outside the People's Republic of China (PRC) and traded on the New York Stock Exchange (NYSE), the NASDAQ exchange, or the NYSE MKT with a majority of its revenue or assets derived from PRC. "China A shares" are shares of companies based in Mainland China that trade in Renminbi only on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. "Bond Connect" allows foreign investors to invest in China Interbank bonds traded on the China Interbank Bond Market. Investing in Chinese securities presents various risks including relatively volatile local markets, a volatile currency, potentially lower liquidity and greater government intervention.

**How the Fund uses them:** The Fund may invest in foreign securities directly or indirectly through ADRs, EDRs, and GDRs. The Fund may also invest in China A shares. The Fund may also invest in China Interbank bonds through Bond Connect. Determinations to purchase depositary receipts will be based on relevant factor(s) in the portfolio managers' sole discretion.

 **Forward foreign currency contracts**<br>

A fund may invest in securities of foreign issuers and may hold foreign currency. In addition, a fund may enter into contracts to purchase or sell foreign currencies at a future date (a "forward foreign currency" contract or "forward" contract). A forward contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract, agreed upon by the parties, at a price set at the time of the contract.

**How the Fund uses them:** Although the Manager values the Fund's assets daily in US dollars, it does not intend to convert the Fund's holdings of foreign currencies into US dollars on a daily basis. The Fund is permitted to, however, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of portfolio transactions and to minimize currency fluctuations. A portfolio manager may conduct the Fund's foreign currency transactions on a cash basis at the spot rate prevailing in the foreign currency exchange market or through a forward foreign currency contract. The Fund will convert currency on a spot basis from time to time, and investors should be aware of the costs of currency conversion.

A portfolio manager may also enter into forward contracts for the Fund if it has agreed to sell a security and wants to "lock in" the price of that security, in terms of US dollars or other currencies in which the transaction will be consummated. By entering into a forward contract for the purchase or sale, for a fixed amount of US dollars or foreign currency, of the amount of foreign currency involved in the underlying security transaction, the Fund may be able to protect itself against a possible loss resulting from an adverse change in currency exchange rates during the period between the date the security is purchased or sold and the date on which payment is made or received.

A portfolio manager will not enter into forward contracts or maintain a net exposure to such contracts where the consummation of the contracts would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund's securities or other assets denominated in that currency.

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At the maturity of a forward contract, the Fund may either sell the portfolio security and make delivery of the foreign currency, or it may retain the security and terminate its contractual obligation to deliver the foreign currency by purchasing an "offsetting" contract with the same currency trader obligating it to purchase, on the same maturity date, the same amount of the foreign currency. The Fund may realize gains or losses from currency transactions.

Investors should be aware of the costs of currency conversion. The Fund will not use forward contracts for speculative purposes. If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risks.

 **Investment company securities**<br>

In some countries, investments by US mutual funds are generally made by purchasing shares of investment companies that in turn invest in the securities of such countries.

**How the Fund uses them:** The Fund may hold investment company securities if a portfolio manager believes that the country offers good investment opportunities. Such investment companies may be open-end or closed-end investment companies, and exchange-traded funds. These investments involve an indirect payment by the Fund's shareholders of a portion of the expenses of the other investment companies, including their advisory fees.

 **Restricted securities**<br>

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

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

 **Illiquid investments**<br>

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

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

 **Repurchase agreements**<br>

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

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

 **Real estate investment trusts (REITs)**<br>

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

**How the Fund uses them:** Under normal circumstances, the Fund may invest in REITs.

 **Equity linked securities**<br>

Equity linked securities are privately issued derivatives securities that have a return component based on the performance of a single security, a basket of securities, or an index.

**How the Fund uses them:** The Fund may invest up to 10% of their net assets in equity linked securities. Equity linked securities may be considered illiquid and are subject to the Fund's limitation on illiquid investments. Fund management will evaluate whether a particular equity linked security is a foreign security based on all the facts and circumstances including, but not limited to, the jurisdiction of the counterparty issuing the equity linked security and the

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How we manage the Funds

location of the exchange on which the equity linked security or the underlying security trades (if applicable). In some instances, investments in equity linked securities may also be subject to the Fund's limitation on investments in investment companies.

 **Futures and options**<br>

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

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

Certain options and futures may be considered illiquid.

**How the Fund uses them:** If the Fund has stocks that have unrealized gains, a portfolio manager may want to protect those gains when it anticipates adverse conditions. A portfolio manager might use options or futures to seek to neutralize the effect of any anticipated price declines, without selling the security. A portfolio manager may also use options or futures to gain exposure to a particular market segment without purchasing individual securities in that segment, particularly if the Fund has excess cash in which a portfolio manager wants to invest quickly. The Fund may use call options if a portfolio manager believes that doing so would help the Fund to meet its investment objective. To the extent that the Fund sells or "writes" put and call options, or enters into futures contracts, the Fund will designate assets sufficient to "cover" these obligations and mark them to market daily. Use of these strategies can increase the operating costs of the Fund and can lead to loss of principal.

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**Other investment strategies**

 **Initial public offerings (IPOs)**<br>

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

 **Lending securities**<br>

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

**Delaware Ivy Multi-Asset Income Fund**

The Fund seeks to achieve its objective by primarily investing its assets among a diversified portfolio of global equity and equity-income generating securities, including but not limited to infrastructure securities, natural resource securities, Master Limited Partnerships (MLPs) and global real estate securities which are primarily in equity and equity-related securities issued by Global Real Estate Companies. The Fund may also invest in high-yield, high-risk, fixed-income securities of US and foreign issuers, as well as investment grade debt and inflation-linked bonds.

The portfolio targets approximately 30% high yield, high income securities; 40% in global equity and income generating equity securities and approximately 10% in global real estate securities. Together, these allocations determine the 80% policy.

Under normal market conditions, the Fund will invest at least 30% of its net assets in foreign securities, including emerging markets issuers. The Fund may purchase both equity and fixed income securities. The Fund may invest in securities of companies or issuers of any size market capitalization.

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), the Fund's sub-advisor that is primarily responsible for the day-to-day management of the portfolio, uses an active allocation approach when selecting investments for the Fund. The Fund has flexibility in the relative weightings given to each of these categories. In addition, the Fund may, in the future, invest in additional investment categories other than those listed herein, to the extent consistent with the Fund's investment objective.

The high yield portion of the portfolio is a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans), of US and foreign issuers, the risks of which are, in the investment manager's judgment, consistent with the Fund's objectives. The investment manager invests the assets allocated to this portion of the portfolio primarily in lower-quality debt securities, which include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another NRSRO or, if unrated, determined by the investment manager to be of comparable quality. The investment manager may invest an unlimited amount of the assets allocated to this portion of the portfolio in junk bonds, as described above. The investment manager may invest assets allocated to the high income strategy in fixed-income securities of any maturity. The investment manager may invest up to 100% of this portion of the portfolio's assets in foreign securities that are denominated in US dollars or foreign currencies.

The Fund may also invest in other fixed-income securities, including investment grade debt, which include debt securities rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another NRSRO or, if unrated, determined by the investment manager to be of comparable quality. The Fund may invest in Inflation-linked securities including US and Global TIPS securities (generally sovereign debt with inflation-linked coupon step-ups). The investment manager may invest in fixed-income securities of any maturity. The investment manager may invest in foreign securities that are denominated in US dollars or foreign currencies.

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

Within the global equity portion, under normal circumstances, the investment manager invests primarily in equity securities, including dividend-paying common stocks, from across the globe. Although this portion of the portfolio invests primarily in large capitalization companies (typically companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in companies of any size. This portion of the portfolio might also invest in infrastructure securities that derive at least 50% of their revenues or profits directly or indirectly from infrastructure assets, or commit at least 50% of its

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How we manage the Funds

assets to activities related to infrastructure. Infrastructure securities can include MLPs. The equity portion of the portfolio can also invest in natural resources companies that (i) derives at least 50% of its revenues, profits or value, either directly or indirectly, from natural resources assets including, but not limited to: (a) timber and agriculture assets and securities; (b) commodities and commodity-linked assets and securities, including, but not limited to, precious metals, such as gold, silver and platinum, ferrous and nonferrous metals, such as iron, aluminum and copper, metals such as uranium and titanium, hydrocarbons such as coal, oil and natural gas, timberland, undeveloped real property and agricultural commodities; and (c) energy, including the exploration, production, processing and manufacturing of hydrocarbon-related and chemical-related products; or (ii) provides supporting services to such natural resources companies.

"Global Real Estate Companies" which are companies that meet one of the following criteria: companies qualifying for US Federal income tax purposes as real estate investment trusts (REITs);entities similar to REITs formed under the laws of a country other than the US; companies located in any country that, at the time of initial purchase by this portion of the portfolio, derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or that have at least 50% of their assets invested in such real estate; or companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry. The equity and equity-related securities in which this portion of the portfolio invests include common stocks, rights or warrants to purchase common stocks, securities convertible into common stocks, and preferred stocks. This portion of the portfolio sleeve does not directly invest in real estate.

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

**Delaware Ivy Strategic Income Fund**

The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that it thinks are the best investments for the Fund. Following are descriptions of how the portfolio managers pursue the Fund's investment objectives.

To meet its investment objectives, the Fund invests in domestic (US) investment grade debt securities, high yield, and international fixed income securities, including those of issuers in emerging markets. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in US and foreign debt securities, including those in emerging markets. The Manager will determine how much of the Fund's assets to allocate to each of the various sectors based on its evaluation of economic and market conditions and its assessment of the yields and potential for appreciation that can be achieved from investments in each of the sectors. The Manager will periodically reallocate the Fund's assets, as deemed appropriate. The relative proportion of the Fund's assets to be allocated among the sectors is described below. The Fund may invest up to 100% of its assets in any one sector at any time.

• **US investment grade sector.** In managing the Fund's assets allocated to the US investment grade sector, the Manager will invest principally in debt obligations issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations. The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and commercial paper of US companies. The US government securities in which the Fund may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the US government, and by various agencies or instrumentalities that have been established or sponsored by the US government. The assets in the Fund's US investment grade sector may also be invested in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, or by government sponsored corporations. Other mortgage-backed securities in which the Fund may invest are issued by certain private, nongovernment entities. Subject to quality limitations, the Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases. Securities purchased by the Fund within this sector will be rated in one of the four highest rating categories or will be unrated securities that the Manager determines are of comparable quality. Please see the Statement of Additional Information (SAI) for additional ratings information.

• **High yield sector.** The Fund may invest in high yield corporate debt obligations, including notes, which may be convertible or nonconvertible, commercial paper, units consisting of bonds with stock or warrants to buy stock attached, debentures, convertible debentures, zero coupon bonds, and pay-in-kind securities. The Fund may invest in both rated and unrated bonds. The rated bonds that the Fund may purchase in this sector will be rated lower than BBB- by S&P, Baa3 by Moody's Investors Service (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO). Unrated bonds may be more speculative in nature than rated bonds.

• **International sector.** The Fund may invest in fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include foreign government securities, debt obligations of foreign companies,

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and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Central Bank, the European Investment Bank, the Inter-American Development Bank, and the Asian Development Bank. The Fund may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Fund may, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Fund transactions and to minimize currency value fluctuations. Currency exposures carry a special risk for the Fund when it allocates a significant portion of its assets to non-USD denominated securities. The Fund may invest in both rated and unrated foreign securities, and may purchase securities of issuers in any foreign country, developed and developing. These investments may include direct obligations of issuers located in emerging markets countries.

In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the "Affiliated Sub-Advisors"). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

**The securities in which the Fund typically invests**

Fixed income securities offer the potential for greater income payments than stocks, and also may provide capital appreciation. Please see the Fund's SAI for additional information about certain of the securities described below as well as other securities in which the Fund may invest.

 **High yield corporate bonds (junk bonds)**<br>

High yield corporate bonds are debt obligations issued by a corporation and rated below investment grade (lower than BBB- by S&P and lower than Baa3 by Moody's, or similarly rated by another NRSRO). High yield bonds, also known as "junk bonds," are issued by corporations that have lower credit quality and may have difficulty repaying principal and interest.

**How the Fund uses them:** The Manager carefully evaluates an individual company's financial situation, its management, the prospects for its industry and the technical factors related to its bond offering. The Manager's goal is to identify those companies that it believes will be able to repay their debt obligations in spite of poor ratings. The Fund invests in unrated bonds if the Manager believes their credit quality is comparable to the rated bonds the Fund is permitted to invest in. Unrated bonds may be more speculative in nature than rated bonds.

 **US government securities**<br>

US government securities are direct US obligations that include bills, notes, and bonds, as well as other debt securities, issued by the US Treasury, and securities of US government agencies or instrumentalities. US Treasury securities are backed by the "full faith and credit" of the United States. Securities issued or guaranteed by federal agencies and US government-sponsored instrumentalities may or may not be backed by the "full faith and credit" of the US. In the case of securities not backed by the "full faith and credit" of the US, investors in such securities look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment.

**How the Fund uses them:** The Fund may invest in US government securities as part of its principal investment strategies and for temporary purposes.

 **Mortgage-backed securities (MBS)**<br>

MBS are fixed income securities that represent pools of mortgages, with investors receiving principal and interest payments as the underlying mortgage loans are paid back. Many are issued and guaranteed against default by the US government or its agencies or instrumentalities, such as Freddie Mac, Fannie Mae, and Ginnie Mae. Others are issued by private financial institutions, with some fully collateralized by certificates issued or guaranteed by the US government or its agencies or instrumentalities.

**How the Fund uses them:** The Fund may invest in MBS issued or guaranteed by the US government, its agencies or instrumentalities, or by government-sponsored corporations. The Fund may also invest in mortgage-backed securities issued by certain private, nongovernment entities.

 **Collateralized mortgage obligations (CMOs) and real estate mortgage investment conduits (REMICs)**<br>

CMOs are privately issued mortgage-backed bonds whose underlying value is the mortgages that are collected into different pools according to their maturity. They are issued by US government agencies and private issuers. REMICs are privately issued mortgage-backed bonds whose underlying value is a fixed pool of mortgages secured by an interest in real property. Like CMOs, REMICs offer different pools according to the underlying mortgages' maturities.

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How we manage the Funds

**How the Fund uses them:** The Fund may invest in CMOs and REMICs. Certain CMOs and REMICs may have variable or floating interest rates and others may be stripped. Stripped mortgage securities are generally considered illiquid and to such extent, together with any other illiquid investments, will not exceed the Fund's limit on illiquid investments. In addition, subject to certain quality and collateral limitations, the Fund may invest up to 20% of its net assets in CMOs and REMICs issued by private entities which are not collateralized by securities issued or guaranteed by the US government, its agencies or instrumentalities, so called nonagency mortgage-backed securities.

 **Asset-backed securities (ABS)**<br>

ABS are bonds or notes backed by accounts receivable, including home equity, automobile, or credit loans.

**How the Fund uses them:** The fixed income securities in which the Fund may invest include ABS.

 **Corporate notes and bonds**<br>

Corporate notes and bonds are debt obligations issued by a corporation.

**How the Fund uses them:** The Fund may invest in investment grade corporate notes and bonds (rated BBB- or higher by S&P and above Baa3 or higher by Moody's or similarly rated by another NRSRO). The Fund may also invest in bonds rated lower than BBB- by S&P and Baa3 or lower by Moody's or similarly rated by another NRSRO.

 **Certificates of deposit and obligations of US and foreign banks**<br>

Certificates of deposit and obligations of both US and foreign banks are debt instruments issued by banks that pay interest.

**How the Fund uses them:** The Fund may invest in certificates of deposit and obligations from banks that have assets of at least $1 billion.

Investments in foreign banks and overseas branches of US banks may be subject to less stringent regulations and different risks than US domestic banks.

 **Corporate commercial paper**<br>

Corporate commercial paper is a short-term debt obligation with maturities ranging from 2 to 270 days, issued by companies.

**How the Fund uses it:** The Fund may invest in commercial paper that is rated P-1 by Moody's and/or A-1 by S&P.

 **Repurchase agreements**<br>

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

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

 **Futures and options**<br>

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

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

Certain options and futures may be considered illiquid.

**How the Fund uses them:** The Fund may invest in futures, options, and closing transactions related thereto. These activities may be entered into for hedging purposes and to facilitate the ability to quickly deploy into the market its cash, short-term debt securities, and other money market instruments at times when its assets are not fully invested. The Fund may also enter into these transactions for hedging or speculative (in the case of purchased or written options) purposes if they are consistent with its respective investment objective and policies. In addition, it may enter into futures contracts, purchase or sell options on futures contracts, and trade in options on foreign currencies, and may enter into closing transactions with respect to such activities to hedge or "cross hedge" the currency risks associated with its investments. Generally, futures contracts on foreign currencies operate similarly to futures contracts concerning securities, and options on foreign currencies operate similarly to options on securities.

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

 **Restricted securities**<br>

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

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

 **Foreign government securities**<br>

Foreign government securities are debts issued by a government or by an agency, instrumentality, or political subdivision of such government.

**How the Fund uses them:** The fixed income securities in which the Fund may invest include those issued by foreign governments.

 **Interest rate swap, index swap, and credit default swap agreements**<br>

In an interest rate swap, a fund receives payments from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with a fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate.

In an index swap, a fund receives gains or incurs losses based on the total return of a specified index, in exchange for making interest payments to another party. An index swap can also work in reverse with a fund receiving interest payments from another party in exchange for movements in the total return of a specified index.

In a credit default swap, a fund may transfer the financial risk of a credit event occurring (a bond default, bankruptcy, or restructuring, for example) on a particular security or basket of securities to another party by paying that party a periodic premium; likewise, a fund may assume the financial risk of a credit event occurring on a particular security or basket of securities in exchange for receiving premium payments from another party.

Interest rate swaps, index swaps, and credit default swaps may be considered illiquid.

**How the Fund uses them:** The Fund may use interest rate swaps to adjust its sensitivity to interest rates or to hedge against changes in interest rates. Index swaps may be used to gain exposure to markets that the Fund invests in, such as the corporate bond market. The Fund may also use index swaps as a substitute for futures or options contracts if such contracts are not directly available to the Fund on favorable terms. The Fund may enter into credit default swaps in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

At times when the Manager anticipates adverse conditions, the Manager may want to protect gains on securities without actually selling them. The Manager might use swaps to neutralize the effect of any price declines without selling a bond or bonds.

If the Fund has any financial obligation under a swap agreement, it will designate cash and liquid assets sufficient to cover the obligation and will value the designated assets daily as long as the obligation is outstanding. Use of these strategies can increase the operating costs of the Fund and can lead to loss of principal.

 **Short sales**<br>

Short sales are transactions in which a fund sells a security it does not own and, at the time the short sale is effected, the fund incurs an obligation to replace the security borrowed no matter what its price may be at the time the fund delivers it to the lender.

**How the Fund uses them:** The Manager may establish short positions in exchange traded funds in an attempt to isolate, manage, or reduce the risk of individual securities positions held by the Fund, of a decline in a particular market sector to which the Fund has significant exposure, or of the exposure to securities owned by the Fund in the aggregate. Such short sales may also be implemented in an attempt to manage the duration of the Fund's holdings. There is no assurance that any such short sales will achieve their intended objective(s). The Manager will not engage in short sales for speculative purposes.

 **Illiquid investments**<br>

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

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

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 **Zero coupon and payment-in-kind (PIK) bonds**<br>

Zero coupon bonds are debt obligations that do not entitle the holder to any periodic payments of interest prior to maturity or a specified date when the securities begin paying current interest, and therefore are issued and traded at a discount from their face amounts or par values. PIK bonds pay interest through the issuance to holders of additional securities.

**How the Fund uses them:** The Fund may purchase fixed income securities, including zero coupon bonds and PIK bonds consistent with its investment objective.

 **Forward foreign currency contracts**<br>

A fund may invest in securities of foreign issuers and may hold foreign currency. In addition, a fund may enter into contracts to purchase or sell foreign currencies at a future date (a "forward foreign currency" contract or "forward" contract). A forward contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract, agreed upon by the parties, at a price set at the time of the contract.

**How the Fund uses them:** Although the Manager values the Fund's assets daily in terms of US dollars, it does not intend to convert the Fund's holdings of foreign currencies into US dollars on a daily basis. The Fund is permitted to, however, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Fund transactions and to minimize currency value fluctuations.

 **Short-term debt investments**<br>

These instruments include: (1) time deposits, certificates of deposit, and banker's acceptances issued by US banks; (2) time deposits and certificates of deposit issued by foreign banks; (3) commercial paper with the highest quality rating; (4) short-term debt obligations with the highest quality rating; (5) US government securities; and (6) repurchase agreements collateralized by those instruments.

**How the Fund uses them:** The Fund may invest in these instruments either as a means to achieve its investment objective or, more commonly, as temporary defensive investments or pending investments in the Fund's principal investment securities. The Fund may invest in commercial paper that is rated P-1 by Moody's and/or A-1 by S&P. The Fund may invest in certificates of deposit and obligations from banks that have assets of at least $1 billion. Time deposits maturing in more than seven calendar days will not be purchased by the Fund, and time deposits maturing from two Business Days through seven calendar days will not exceed 15% of the total assets of the Fund. When investing all or a significant portion of its assets in these instruments, it may not be able to achieve its investment objective.

 **Foreign securities**<br>

Foreign securities are securities of issuers which are classified by index providers, or by the Manager applying internally consistent guidelines, as being assigned to countries outside the United States. Investments in foreign securities include investments in American depositary receipts (ADRs), European depositary receipts (EDRs), and global depositary receipts (GDRs). ADRs are receipts issued by a depositary (usually a US bank) and EDRs and GDRs are receipts issued by a depositary outside of the US (usually a non-US bank or trust company or a foreign branch of a US bank). Depositary receipts represent an ownership interest in an underlying security that is held by the depositary. Generally, the underlying security represented by an ADR is issued by a foreign issuer and the underlying security represented by an EDR or GDR may be issued by a foreign or US issuer. Sponsored depositary receipts are issued jointly by the issuer of the underlying security and the depositary, and unsponsored depositary receipts are issued by the depositary without the participation of the issuer of the underlying security. Generally, the holder of the depositary receipt is entitled to all payments of interest, dividends, or capital gains that are made on the underlying security.

**How the Fund uses them:** The Fund may invest in sponsored and unsponsored ADRs. The ADRs in which the Fund may invest will be those that are actively traded in the US.

In conjunction with its investments in foreign securities, the Fund may also invest in sponsored and unsponsored EDRs and GDRs.

 **Bank loans and other indebtedness**<br>

A bank loan represents an interest in a loan or other direct indebtedness, such as an assignment, that entitles the acquiror of such interest to payments of interest, principal, and/or other amounts due under the structure of the loan or other direct indebtedness. In addition to being structured as secured or unsecured loans, such investments could be structured as novations or assignments or represent trade or other claims owed by a company to a supplier.

**How the Fund uses them:** The Fund may invest without restriction in bank loans that meet the credit standards established by the Manager. The Manager performs its own independent credit analysis on each borrower and on the collateral securing each loan. The Manager considers the nature of the

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industry in which the borrower operates, the nature of the borrower's assets, and the general quality and creditworthiness of the borrower. The Fund may invest in bank loans in order to enhance total return, to affect diversification, or to earn additional income. It will not use bank loans for reasons inconsistent with its investment objective.

**Delaware Ivy Total Return Bond Fund**

The Fund's investment objective is to seek to provide total return through a combination of current income and capital appreciation. The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in bonds (80% policy).

Under normal circumstances, the Fund invests at least 40% of its total assets in securities of non-US issuers. The Fund may invest up to 100% of its total assets in foreign securities and in securities denominated in currencies other than the US dollar, although the Fund will limit its foreign currency exposure (from non-US dollar-denominated securities or currencies) to 75% of its total assets, as described below.

The Fund has the flexibility to invest in any form of debt security, including, but not limited to, US government and foreign government securities, corporate bonds, convertible and non-convertible bonds, inflation-indexed bonds, asset- and mortgage-backed securities. The Fund also may invest in currencies. The Fund may invest directly in the debt securities listed above, as well as in derivative instruments that provide investment exposure to such debt securities. The Fund is unconstrained in its investment approach, meaning that it is not limited by the types of investments in a particular securities index, nor is it limited to any single type of investment strategy.

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

The Manager may consider analysis of environmental, social and governance (ESG) factors in evaluating investments for the Fund. This analysis considers various inputs, including metrics sourced from external parties and ESG research providers; commitments on ESG progress from issuers; specific bond formats (such as green or sustainability-linked bonds); issuer engagement; and other external and proprietary inputs to judge the issuer's contribution to improvements in ESG practice. The Fund may favor securities of issuers that are judged by the Manager to meet high ESG standards, and may avoid investment in certain industry sectors, or in securities of issuers that are judged to not meet the Manager's ESG requirements. The Manager relies on a proprietary ESG framework where issuers are assessed on their exposure to, and management of, environmental, social and governance risks. The Manager's ESG framework relies on its quantitative and qualitative analysis of factors such as industry sector, issuer specific factors such as history and management, and data from multiple sources, including government reports, company filings and external data providers. This framework is subjective in nature and not intended to be an exhaustive list of all possible risks and are provided as an indication of the types of factors being utilized by the Manager.

As described in more detail below, the Fund expects to use derivatives for various purposes. The Fund may take long positions in derivatives (the values of which typically move in the same direction as the prices of the underlying investments) and short positions in derivatives (the values of which typically move in the opposite direction from the prices of the underlying investments).

The Fund may invest in debt securities of any credit rating and may invest up to 50% of its total assets in non-investment-grade debt securities, or high yield or junk bonds, which include bonds rated BB+ or below by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality.

The Fund may invest in debt securities from any market or country or denominated in any currency, including issuers located in, and/or generating revenue from, both developed and emerging markets. The Fund will limit its foreign currency exposure (from non-US dollar-denominated securities or currencies) to 75% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances.

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

The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective.

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

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How we manage the Funds

The Fund may own, to a lesser extent, preferred stocks. The Fund also may invest in repurchase agreements and reverse repurchase agreements.

Generally, in determining whether to sell a security, the Manager continues to analyze the factors considered in buying the security. The Manager may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes to be more attractive opportunities or to raise cash.

MIMGL, an affiliate of the Fund's investment manager, Delaware Management Company (Manager), serves as the Fund's sub-advisor and manages the Fund's assets. The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Austria Kapitalanlage AG (MIMAK). The Manager may also permit MIMEL and MIMAK (together with MIMGL, the "Affiliated Sub-Advisors") to execute Fund security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMAK to exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

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

**Delaware Sustainable Equity Income Fund**

The Fund seeks to achieve its investment objective by investing its assets primarily in companies that meet the Fund's sustainable investment criteria, and that the Manager believes have investment profiles that are similar to representative companies of the Russell 1000 Value Index. The Index, which is constructed and maintained by FTSE Russell, is designed to measure the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower medium-term growth forecast, and lower sales per share historical growth. The Fund seeks to achieve a dividend yield in excess of its benchmark.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies that meet the Fund's sustainable investment criteria. In seeking investments in sustainable companies, the Fund identifies companies that have been classified as positively aligned in some manner toward the Sustainable Development Goals (SDGs) of the United Nations (UN) and excludes companies from investment that it believes are detrimental to these goals. SDGs are a list of 17 global goals adopted by the UN General Assembly that are intended to produce positive environmental, social and economic impacts. These global goals include the following areas: no poverty; zero hunger; good health and well-being; quality education; gender equality; clean water and sanitation; affordable and clean energy; decent work and economic growth; industries, innovation and infrastructure; reduced inequalities; sustainable cities and communities; responsible consumption and production; climate action; life below water; life on land; peace, justice and strong institutions; and partnerships for the goals. While the Manager identifies and selects the data points it deems relevant to these goals, metrics relating to the 150+ data points will be obtained from external parties. Sources of such metrics may include providers such as Sustainalytics, MSCI, FactSet, Rep Risk, as well as a number of non-profit and non-governmental organizations. These data providers help to identify a company's sustainable products and services, revenue exposure by geography and sector, and provide assessments of a company's sustainability actions and practices, each of which helps to identify companies that are aligned with the SDG global goals.

Alignment with the UN SDGs is determined by the Manager through the utilization of its proprietary database. The Manager's UN SDG database and scoring system is a repository of over 150+ data points from various sources, with each datapoint serving to identify a company's products, services and/or actions as aligned to one of the 17 SDGs. The Fund's investment process includes metrics that may prevent it from investing in specific industries that are associated with practices that are not consistent with the SDGs. Our harm metrics explicitly exclude industries involved in alcohol, gambling, tobacco, weapons, coal, oil sands, and adult entertainment. This aspect of the investment process could have a negative effect on the Fund's performance during periods when those industries are favored by investors.

Data points within the Manager's UN SDG database are assigned a score based on the perceived relative importance of the metric, and every company in the database receives a cumulative score. Companies in the UN SDG database that obtain a cumulative SDG alignment score above a certain minimum threshold are determined to be suitable for investment by the Manager. Companies with a score below the threshold are excluded from investment in the Fund.

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

The Fund's 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days' notice prior to any change.

**Other investment strategies**

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 **Lending Securities**<br>

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

**Additional Investment Considerations**

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

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

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

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

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

Each Fund may actively trade securities in seeking to achieve its objective(s). Factors that can lead to active trading include market volatility, a significant positive or negative development concerning a security, an attempt to maintain a Fund's market capitalization target of the securities in each such Fund's holdings and the need to sell a security to meet redemption activity. Actively trading securities may increase transaction costs (which may reduce performance) and increase net realized gains that a Fund must distribute for federal tax purposes, the distribution of which would increase your taxable income.

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

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

**Other investment strategies**

 **Borrowing from banks**<br>

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

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How we manage the Funds

 **Purchasing securities on a when-issued or delayed-delivery basis**<br>

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

 **Temporary defensive positions**<br>

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

**The risks of investing in the Funds**

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

**Delaware Ivy California Municipal High Income Fund**

**Principal Risks.** An investment in Delaware Ivy California Municipal High Income Fund is subject to various risks, including the following:

 **Market risk**<br>

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

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

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

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

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

The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging

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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.

 **Interest rate risk**<br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. A Fund may experience a decline in its income due to falling interest rates. Interest rates in the US recently have been at, and remain near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. A Fund may use derivatives to hedge its exposure to interest rate risk.

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

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

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

 **Credit risk**<br>

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

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

 **High yield (junk bond) risk**<br>

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

In addition, these low-rated securities and obligations may fluctuate more widely in price and yield than higher-rated securities and obligations and may fall in price during times when the economy is weak or is expected to become weak. Low-rated securities and obligations also may require a greater degree of judgment to establish a price, may be difficult to sell at the time and price a Fund desires, and may carry higher transaction costs. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case a Fund may lose its entire investment. In addition, a defaulted obligation or other restructuring of an obligation could involve an exchange of such obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered. Low-rated securities and obligations are susceptible to such a default or decline in market value due to real or perceived adverse economic and business developments relating to the issuer, the industry in general, market interest rates

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How we manage the Funds

and market liquidity. The market value of these securities can be volatile. Ratings of a security or obligation may not accurately reflect the actual credit risk associated with such a security. The creditworthiness of issuers of low-rated securities may be more complex to analyze than that of issuers of investment-grade debt securities.

 **Call risk**<br>

Call risk is the risk that a bond issuer will prepay the bond during periods of low interest rates, forcing an investor to reinvest his or her money at interest rates that might be lower than rates on the called bond.

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

 **Alternative minimum tax risk**<br>

The Fund may invest in municipal bonds the interest on which (and, therefore, any part of Fund dividends attributable to such interest) is a Tax Preference Item. If a Fund shareholder's AMT liability is increased as a result of such treatment, that would reduce the Fund's after-tax return to the shareholder. (Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, corporations no longer are subject to the AMT for taxable years of the corporation beginning after December 31, 2017.)

 **Government and regulatory risk**<br>

The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level. For example, political or legislative changes (as well as economic conditions) in a particular state or political subdivision of the state may affect the ability of the state or subdivision's governmental entities to pay interest, to repay principal on their obligations or to issue new municipal obligations.

In addition, the value of municipal securities is affected by the value of tax-exempt income to investors. For example, a significant change in rates or a restructuring of the federal income tax (or serious consideration of such a change by the US government) may cause a decline in municipal securities prices, since lower income tax rates or tax restructuring could reduce the advantage of owning municipal securities. Lower state or municipal income tax rates may have a similar effect on the value of municipal securities issued by a governmental entity in that state or municipality.

 **Geographic concentration risk**<br>

An investment in the Fund may involve more risk than an investment in a fund that does not focus on securities of a single state. Because the Fund invests primarily in California municipal securities, events in California are likely to affect the Fund's investments and its performance. These events may include economic or political policy changes, man-made or natural disasters, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to California's municipal issuers. A negative change in any one of these or other areas could affect the ability of California municipal issuers to meet their obligations. In addition, any downgrade to the credit rating of the securities issued by the US government may result in a downgrade of securities issued by California. Specifically, provisions of the California Constitution and state statutes that limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations.

Moreover, there are a number of risks specific to California that threaten the state's fiscal condition, including the significant unfunded liabilities of California's two main retirement systems. In recent years, California has committed to significant increases in annual payments to these systems to reduce the unfunded liabilities and also has significant unfunded liability with respect to other post-employment benefits. While California's economy is broad, it does have major concentrations in high technology, trade, entertainment, manufacturing, government, tourism, construction and services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers.

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 **Industry and sector risk**<br>

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

 **IBOR risk**<br>

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

 **Active management and selection risk**<br>

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

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

 **Derivatives risk**<br>

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

The use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects a Fund's NAV and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. Derivatives can be highly complex, can create investment leverage, may perform in unanticipated ways and may be highly volatile, and a Fund could lose more than the amount it invests. Derivatives may be difficult to value and, depending on the instrument, may at times be highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Moreover, some derivatives are more sensitive to interest rate changes and market price fluctuations than other instruments. To the extent the judgment of the Manager as to certain anticipated price movements is incorrect, the risk of loss may be greater than if the derivative technique(s) had not been used. When used for hedging, the change in value of the derivative also may not correlate perfectly with the security or other risk being hedged. Appropriate derivatives may not be available in all circumstances, and there can be no assurance that a Fund will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may

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amplify or otherwise increase a Fund's investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Fund's gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund also may remain obligated to meet margin requirements until a derivative position is closed.

When a Fund uses derivatives, it will likely be required to provide margin or collateral and/or to segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. The amount of assets required to be segregated will depend on the type of derivative the Fund uses. If a Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which may create leverage.

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

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

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

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

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

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

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

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

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

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

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

 **Fixed income risk**<br>

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

 **Focus risk**<br>

At times, a Fund may invest primarily in municipal securities that finance similar types of projects, such as those in health care, life care, public power, education and transportation, among others, and in municipal securities of issuers located in the same geographical area. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project or a declining need for the project, likely would affect all similar projects, thereby increasing market risk.

 **Municipal lease obligations risk**<br>

Municipal lease obligations differ from other municipal securities because the relevant legislative body must appropriate the money each year to make the lease payments. If the money is not appropriated, the lease may be cancelled without penalty and investors who own the lease obligations may not be paid.

 **Natural disaster and epidemic risk**<br>

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

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How we manage the Funds

 **Puerto Rico municipal securities risk**<br>

Adverse market, political, economic or other conditions or developments within Puerto Rico may negatively affect the value of a Fund's holdings in Puerto Rican municipal obligations. The Puerto Rican economy is reliant on manufacturing, services and tourism, and its economy and financial operations parallel the economic cycles of the United States. Current economic difficulties in the United States are likely to have an adverse impact on the overall economy of Puerto Rico. Moreover, like many other US states and municipalities, Puerto Rico experienced a significant downturn during the recent recession. Puerto Rico continues to face significant fiscal challenges, including persistent government deficits, underfunded public pension benefit obligations, underfunded government retirement systems, sizeable debt service obligations and a high unemployment rate. Many ratings organizations previously downgraded a number of securities issued in Puerto Rico or placed them on "negative watch". If the economic situation in Puerto Rico persists or worsens, the volatility, credit quality and performance of the Fund could be adversely affected.

 **Redemption risk**<br>

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

 **Securities lending risk**<br>

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

 **Taxability risk**<br>

In purchasing municipal securities, the Fund and the Manager rely on the opinion of an issuer's bond counsel that the interest paid on the issuer's securities will not be subject to federal and/or California income tax. A tax opinion generally is provided at the time a municipal security is initially issued. However, after the Fund buys a security backed by such an opinion, distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the IRS or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of the Fund's shares, to decline.

 **US State and territories municipal securities risk**<br>

Although the Fund expects to invest its assets predominately in obligations issued by the State of California, the Fund may invest in municipal instruments the principal and interest payments of which are paid by obligors located in a single state, other than California, as well as US territories and possessions such as the District of Columbia, the US Virgin Islands and Guam. As with California municipal securities, events in any US state or territory where the Fund is invested may affect the Fund's investments and its performance. These events may include economic or political policy changes, tax base erosion, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of such states or territories.

**Delaware Ivy Corporate Bond Fund**

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

 **Credit risk**<br>

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

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

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 **Financials sector risk**<br>

Investment risks associated with investing in securities in the financials sector, in addition to other risks, include extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; effects on profitability by loan losses, which usually increase in economic downturns; the severe competition to which banks, insurance, and financial services companies may be subject; and increased interindustry consolidation and competition in the financials sector. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials economic sector as a whole cannot be predicted.

 **Fixed income risk**<br>

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

 **Foreign risk**<br>

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

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

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

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

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

*Asia Pacific Investments* — The level of development of the economies of countries in the Asia Pacific region varies greatly. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or

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How we manage the Funds

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

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

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

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

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

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

 **Interest rate risk**<br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. A Fund may experience a decline in its income due to falling interest rates. Interest rates in the US recently have been at, and remain near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. A Fund may use derivatives to hedge its exposure to interest rate risk.

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

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

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

 **High yield (junk bond) risk**<br>

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

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

 **Industry and sector risk**<br>

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

 **US government securities risk**<br>

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

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

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How we manage the Funds

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

 **IBOR risk**<br>

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

 **Active management and selection risk**<br>

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

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

 **Convertible security risk**<br>

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

 **Derivatives risk**<br>

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

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

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

When a Fund uses derivatives, it will likely be required to provide margin or collateral and/or to segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. The amount of assets required to be segregated will depend on the type of derivative the Fund uses. If a Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which may create leverage.

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

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

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

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

The counterparty risk for exchange-traded derivatives is significantly less than for privately negotiated or OTC derivatives, since generally an exchange or clearinghouse, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. For privately negotiated instruments, there is not a similar exchange or clearinghouse guaranteeing the performance on both sides of the transaction. In all such transactions, the Fund bears the risk that the counterparty could default, and this could result in a loss of the expected benefit of the derivative transactions and possibly other losses to the Fund. A Fund will enter into transactions in derivative instruments only with counterparties that the Manager reasonably believes are

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capable of performing under the contract. The Manager manages counterparty risk in an OTC derivative transaction by entering into bilateral collateral documentation, such as a Credit Support Annex and an accompanying Account Control Agreement, where it is market practice and/or required by law to do so for OTC derivatives.

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

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

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

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

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

 **Foreign government/supranational risk**<br>

Investing in foreign government obligations and the sovereign debt of emerging market countries creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. Such investments are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal. Factors which may influence the ability or willingness of a foreign government or country to service debt include a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the International Bank for Reconstruction and Development and other international agencies, the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. There may be no legal or bankruptcy process for collecting sovereign debt.

 **Bank loans and other direct indebtedness risk**<br>

In addition to the risks typically associated with fixed-income securities, loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. The risks associated with loans are similar to the risks of low-rated debt securities or "junk" bonds since loans typically are below investment-grade. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be difficult to value, sometimes trade infrequently on the secondary market and generally are subject to extended settlement periods. Any of these factors may impair a Fund's ability to sell or realize promptly the full value of its loans in the event of a need to liquidate such loans. Difficulty in selling a loan can result in a loss. Accordingly, loans that have been sold may not be immediately available to meet redemptions. Extended trade settlement periods may result in cash not being immediately available to a Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of the collateral securing the loan may decline after

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a Fund invests and that the collateral may not be sufficient to cover the amount owed to the Fund. In the event the borrower defaults, a Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. These risks could cause the Fund to lose income or principal on a particular investment, which could affect the Fund's returns. In addition, loans also are subject to the risk that a court could subordinate the loan to presently existing or future indebtedness or take other action detrimental to the holders of the loan. Further, in the event of a default, second or lower lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower's obligations to the senior secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which a Fund has an interest. If the loan is unsecured, there is no specific collateral on which a Fund can foreclose. In addition, if a secured loan is foreclosed, a Fund may bear the costs and liabilities associated with owning and disposing of the collateral, including the risk that collateral may be difficult to sell. The restructuring of a loan, either in a negotiated work-out or in the context of bankruptcy, could involve an exchange of such loan for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered.

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

 **Mortgage-backed and asset-backed securities risk**<br>

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

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

 **Non-agency securities risk**<br>

The risk that payments on a security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the US government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the US government. These securities may include, but are not limited to, securities issued by non-government entities which can include instruments secured by obligations of prime, Alt A, and sub-prime residential mortgage borrowers. Non-agency securities also may include asset-backed securities (which represent interests in auto, consumer and/or credit card loans) and commercial mortgage-backed securities (which represent interests in commercial mortgage loans). Non-agency securities can present valuation and liquidity issues and be subject to precipitous downgrades (or even default) during time periods characterized by recessionary market pressures such as falling home prices, rising unemployment, bank failures and/or other negative market stresses. The risk of non-payment by the issuer of any non-agency security increases when markets are stressed.

 **Natural disaster and epidemic risk**<br>

Natural disaster and epidemic risk is the risk that the value of a fund's investments may be negatively affected by natural disasters, epidemics, or similar events. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors

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affecting the value of a fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent a fund from executing advantageous investment decisions in a timely manner and could negatively impact the fund's ability to achieve its investment objective.

 **Government and regulatory risk**<br>

The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level. For example, political or legislative changes (as well as economic conditions) in a particular state or political subdivision of the state may affect the ability of the state or subdivision's governmental entities to pay interest, to repay principal on their obligations or to issue new municipal obligations.

In addition, the value of municipal securities is affected by the value of tax-exempt income to investors. For example, a significant change in rates or a restructuring of the federal income tax (or serious consideration of such a change by the US government) may cause a decline in municipal securities prices, since lower income tax rates or tax restructuring could reduce the advantage of owning municipal securities. Lower state or municipal income tax rates may have a similar effect on the value of municipal securities issued by a governmental entity in that state or municipality.

 **Redemption risk**<br>

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

 **Restricted securities risk**<br>

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

 **Securities lending risk**<br>

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

**Delaware Ivy Crossover Credit Fund**

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

 **Credit risk**<br>

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

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

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 **Financials sector risk**<br>

Investment risks associated with investing in securities in the financials sector, in addition to other risks, include extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; effects on profitability by loan losses, which usually increase in economic downturns; the severe competition to which banks, insurance, and financial services companies may be subject; and increased interindustry consolidation and competition in the financials sector. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials economic sector as a whole cannot be predicted.

 **Fixed income risk**<br>

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

 **Foreign risk**<br>

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

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

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

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

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

*Asia Pacific Investments* — The level of development of the economies of countries in the Asia Pacific region varies greatly. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or

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

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

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

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

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

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

 **Limited number of securities risk**<br>

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

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 **Interest rate risk**<br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. A Fund may experience a decline in its income due to falling interest rates. Interest rates in the US recently have been at, and remain near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. A Fund may use derivatives to hedge its exposure to interest rate risk.

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

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

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

 **High yield (junk bond) risk**<br>

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

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

 **Portfolio turnover risk**<br>

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

 **US government securities risk**<br>

Certain US government securities such as Treasury securities and securities issued by Ginnie Mae, are backed by the full faith and credit of the US government. Other securities that are issued or guaranteed by federal agencies or authorities or by US government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the US government. For example, securities issued by Fannie Mae, Freddie Mac and

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How we manage the Funds

the FHLB are not backed by the full faith and credit of the US government and, instead, may be supported only by the right of the issuer to borrow from the Treasury or by the credit of the issuer. As a result, such securities are subject to greater credit risk than securities backed by the full faith and credit of the US government.

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

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

 **IBOR risk**<br>

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

 **Active management and selection risk**<br>

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

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

 **Convertible security risk**<br>

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

 **Derivatives risk**<br>

A derivative is a financial instrument whose value or return is "derived," in some manner, from the price of an underlying security, index, asset, rate or event. Derivatives are traded either on an organized exchange or over-the-counter (OTC) (privately negotiated between two parties). Forward foreign currency contracts, futures contracts, options and swaps are common types of derivatives that a Fund occasionally may use. Forward foreign currency contracts ("forward contracts") are purchases or sales of a foreign currency at a negotiated rate to be settled at a future date. A futures contract is a standardized contract listed on an exchange to buy or sell a specific quantity of an underlying reference instrument, such as a security or other instrument, index, currency or commodity at a specific price on a specific date. An option can be entered either exchange-traded or OTC and is a contract that gives the purchaser the right to buy or sell an underlying reference instrument, such as a security or other instrument, index, or commodity at a specific price on or

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before a specific date. A swap is an OTC agreement involving the exchange by a Fund with another party of their respective commitments to pay or receive payments at specified dates on the basis of a specified notional amount. The statutory definition under the CEA, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of the term "Swap" includes options on commodities (excluding equities listed on exchanges), caps, floors, collars and certain forward contracts. The statutory definition of a swap also includes an instrument that is dependent on the occurrence, nonoccurrence or the extent of the occurrence of an event or contingency associated with a potential financial, economic or commercial consequence, such as a credit default swap. A swap agreement may be privately negotiated bilaterally and traded OTC between the two parties or, in some instances, must be transacted through a futures commission merchant (FCM) and cleared through a clearinghouse that serves as a central counterparty (for an OTC swap required to be cleared). Certain standardized swaps are, and more OTC derivatives in the future may be, subject to mandatory OTC central clearing.

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

When a Fund uses derivatives, it will likely be required to provide margin or collateral and/or to segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. The amount of assets required to be segregated will depend on the type of derivative the Fund uses. If a Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which may create leverage.

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

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

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

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

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How we manage the Funds

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

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

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

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

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

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

 **Bank loans and other direct indebtedness risk**<br>

In addition to the risks typically associated with fixed-income securities, loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. The risks associated with loans are similar to the risks of low-rated debt securities or "junk" bonds since loans typically are below investment-grade. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be difficult to value, sometimes trade infrequently on the secondary market and generally are subject to extended settlement periods. Any of these factors may impair a Fund's ability to sell or realize promptly the full value of its loans in the event of a need to liquidate such loans. Difficulty in selling a loan can result in a loss. Accordingly, loans that have been sold may not be immediately available to meet redemptions. Extended trade settlement periods may result in cash not being immediately available to a Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of the collateral securing the loan may decline after a Fund invests and that the collateral may not be sufficient to cover the amount owed to the Fund. In the event the borrower defaults, a Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. These risks could cause the Fund to lose income or principal on a particular investment, which could affect the Fund's returns. In addition, loans also are subject to the risk that a court could subordinate the loan to presently existing or future indebtedness or take other action detrimental to the holders of the loan. Further, in the event of a default, second or lower lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower's obligations to the senior secured lenders, and the remaining

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collateral may not be sufficient to cover the full amount owed on the loan in which a Fund has an interest. If the loan is unsecured, there is no specific collateral on which a Fund can foreclose. In addition, if a secured loan is foreclosed, a Fund may bear the costs and liabilities associated with owning and disposing of the collateral, including the risk that collateral may be difficult to sell. The restructuring of a loan, either in a negotiated work-out or in the context of bankruptcy, could involve an exchange of such loan for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered.

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

 **Mortgage-backed and asset-backed securities risk**<br>

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

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

 **Non-agency securities risk**<br>

The risk that payments on a security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the US government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the US government. These securities may include, but are not limited to, securities issued by non-government entities which can include instruments secured by obligations of prime, Alt A, and sub-prime residential mortgage borrowers. Non-agency securities also may include asset-backed securities (which represent interests in auto, consumer and/or credit card loans) and commercial mortgage-backed securities (which represent interests in commercial mortgage loans). Non-agency securities can present valuation and liquidity issues and be subject to precipitous downgrades (or even default) during time periods characterized by recessionary market pressures such as falling home prices, rising unemployment, bank failures and/or other negative market stresses. The risk of non-payment by the issuer of any non-agency security increases when markets are stressed.

 **Natural disaster and epidemic risk**<br>

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

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How we manage the Funds

 **Preferred stock risk**<br>

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

 **Redemption risk**<br>

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

 **Restricted securities risk**<br>

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

 **Securities lending risk**<br>

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

**Delaware Ivy Emerging Markets Local Currency Debt Fund**

**Principal Risks.** An investment in Delaware Ivy Emerging Markets Local Currency Debt Fund is subject to various risks, including the following:

 **Capital repatriation risk**<br>

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

 **Credit-linked notes risk**<br>

Risks of credit-linked notes include those risks associated with the underlying reference obligation, including but not limited to market risk, interest rate risk, credit risk, default risk and foreign currency risk. The buyer of a credit-linked note assumes the risk of default by the issuer and the underlying reference asset or entity. If the underlying investment defaults, the payments and principal received by the Fund will be reduced or eliminated. Also, in the event the issuer defaults or there is a credit event that relates to the reference asset, the recovery rate generally is less than the Fund's initial investment, and the Fund may lose money.

 **Credit risk**<br>

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

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

 **Derivatives risk**<br>

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

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

When a Fund uses derivatives, it will likely be required to provide margin or collateral and/or to segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. The amount of assets required to be segregated will depend on the type of derivative the Fund uses. If a Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which may create leverage.

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

Swap instruments may shift a Fund's investment exposure from one type of investment to another. Swap agreements also may have a leverage component, and adverse changes in the value or level of the reference instrument, such as an underlying asset, reference rate or index, can result in gains or losses that are substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated with investing directly in the reference instrument that underlies the swap agreement. Swaps are highly specialized instruments that require investment

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techniques and risk analyses different from those associated with stocks, bonds, and other traditional investments. Each Fund may enter into credit default swap contracts for hedging or investment purposes. A Fund may either sell or buy credit protection under these contracts.

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

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

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

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

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

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

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

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

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 **Duration risk**<br>

Duration risk is the risk that longer-duration debt securities are more likely to decline in price than shorter-duration debt securities in a rising interest rate environment. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes.

 **Emerging markets risk**<br>

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

 **Fixed income risk**<br>

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

 **Foreign currency exchange transactions and forward foreign currency contracts risk**<br>

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

 **Currency risk**<br>

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

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How we manage the Funds

imposed on foreign currency holdings. The Fund may use derivatives to manage its foreign currency risk. Derivatives on non-US currencies involve a risk of loss if currency exchange rates move against the Fund, unless the derivative is a currency forward to hedge against the non-US currency movement.

 **Foreign government/supranational risk**<br>

Investing in foreign government obligations and the sovereign debt of emerging market countries creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. Such investments are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal. Factors which may influence the ability or willingness of a foreign government or country to service debt include a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the International Bank for Reconstruction and Development and other international agencies, the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. There may be no legal or bankruptcy process for collecting sovereign debt.

 **Foreign risk**<br>

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

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

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

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

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

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

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

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

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

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

As a result of the military action by Russia in Ukraine, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region's economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Fund's performance.

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

 **Interest rate risk**<br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. The Fund may experience a decline in its income due to falling interest rates. Interest rates in the US recently have been at, and remain near, historic lows, which may increase the Fund's exposure to risks associated with rising rates. The Fund may use derivatives to hedge its exposure to interest rate risk.

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

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

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

 **Interest rate swap risk**<br>

Interest rate swaps are subject to interest rate risk and counterparty credit risk. An interest rate swap transaction could result in losses if the underlying interest rate does not perform as anticipated. Interest rate swaps also are subject to counterparty credit risk.

Interest rate swaps can be based on various measures of interest rates, including the London Interbank Offered Rate (LIBOR) or similar interbank offered rates ("IBORs," such as the Euro Overnight Index Average (EONIA)), swap rates, treasury rates and other foreign interest rates. See IBOR risk for the risks of changes related to the use of IBORs.

A swap agreement can increase or decrease the volatility of the Fund's investments and its net asset value. The value of swaps, like many other derivatives, may move in unexpected ways and may result in losses for the Fund. As discussed above, swaps can involve greater risks than direct investment in securities, and are, among other factors, subject to counterparty credit risk.

Because swaps may have a leverage component, adverse changes in the level of the reference rate can result in gains or losses that are substantially greater than the amount invested in the swap itself. Liquidity risk and interest rate risk can each contribute to significant and unanticipated losses to the Fund.

 **High yield (junk bond) risk**<br>

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

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

 **Nondiversification risk**<br>

Certain Funds are "non-diversified" mutual funds and, as such, their investments are not required to meet certain diversification requirements under federal law. Compared with "diversified" funds, such Funds may invest a greater percentage of its assets in the securities of an issuer. Thus, such Funds may hold fewer securities than other funds. A decline in the value of those investments would cause such Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

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 **Options risk**<br>

An option is the right to buy or sell a security or other instrument, index, or commodity at a specific price on or before a specific date or on multiple dates. Options can offer large amounts of leverage, which may result in a Fund's NAV being more sensitive to changes in the value of the underlying instrument. A Fund may purchase or write (sell) both exchange-traded options that are traded on domestic or foreign exchanges and/or OTC options. When the Fund purchases an OTC option, it relies on the counterparty from whom it purchased the option to make or take delivery of the underlying investment upon exercise of the option if the terms call for physical delivery. In the event that a Fund has purchased an OTC option, failure by the counterparty to do so could result in the loss of any premium paid by the Fund as well as the loss of any expected benefit of the transaction. In an exchange-traded option, the exchange would step in and perform in the event of counterparty nonperformance. The Fund's ability to establish and close out positions in exchange-listed options depends on the existence of a liquid market, and there can be no assurance that such a market will exist at any particular time. If a Fund was unable to effect a closing transaction for an option it had purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction or an economically offsetting purchase transaction from another counterparty for a covered call option written by the Fund could cause material losses to the Fund because the Fund would, if unable to substitute other collateral, be unable to sell the investment used as cover for the written option until the option expires or is exercised.

 **Portfolio turnover risk**<br>

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

 **Geographic focus risk**<br>

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

 **Swaps risk**<br>

A swap is an agreement involving the exchange by a Fund with another party of their respective commitments to pay or receive payments at specified dates based upon or calculated by reference to changes in specified prices or rates. The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated with investing directly in the reference instrument that underlies the swap agreement. Swap agreements may have a leverage component, and adverse changes in the value or level of the reference instrument, such as an underlying asset, reference rate or index, can result in gains or losses that are substantially greater than the amount invested in the swap itself. Examples of swap agreements include, but are not limited to, equity, commodity, index or other total return swaps, foreign currency swaps, credit default swaps and interest rate swaps.

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

 **IBOR risk**<br>

The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates ("IBORs," such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference such rates. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments

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How we manage the Funds

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

 **Active management and selection risk**<br>

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

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

 **Natural disaster and epidemic risk**<br>

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

 **Redemption risk**<br>

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

 **Reinvestment risk**<br>

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

 **Russia investment risk**<br>

Certain Funds may invest a portion of their assets in securities issued by Russian issuers. In addition to the existing general risks that a Fund faces with respect to its investments in the Russian market (including political risk, emerging market risk, and currency risk), a Fund currently faces additional, heightened risks due to recent political unrest involving Russia and Ukraine.

The US and the EU have imposed economic sanctions on certain Russian persons and issuers. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Such events and resulting sanctions, or even the threat of further sanctions, potentially pose significant risks to a Fund, as the value of its investments in Russian securities or companies with substantial exposure to the Russian economy may decline or become increasingly volatile; additionally, further potential international response may result in the immediate freeze of Russian securities, impairing the ability of a Fund to buy, sell, receive or deliver those securities. Continued retention of Russian securities mandated by law, or forced divestiture of such securities, could negatively affect the value of a Fund's assets and its investment performance. Sanctions also could result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities. As a result, a Fund's performance may be adversely affected.

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 **Sanctions risk**<br>

From time-to-time, the US Government or other governments may place "sanctions" on a country. Such sanctions may include limitations on transactions in a country, such as the purchase or sale of products or services in that country. Sanctions also may include limitations on the movement of cash and securities to and from a sanctioned country, or may limit investments in a sanctioned country. When sanctions are placed on a country, the Fund may experience limitations on its investments in that country, including, the inability to dispose of securities in that country, the inability to settle security transactions in that country, and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile and the Fund and its pricing agent may have difficulty valuing such sanctioned country securities. Investments in sanctioned countries are subject to a number of risks, including, but not limited to, liquidity risk, foreign investment risk, and currency risk. The Fund could lose money investing in a country that is later sanctioned by the US Government or other governments.

 **Securities lending risk**<br>

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

 **Small- and mid-market capitalization company risk**<br>

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

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

**Delaware Ivy Government Securities Fund**

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

 **Credit risk**<br>

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

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

 **Fixed income risk**<br>

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

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How we manage the Funds

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

 **Interest rate risk**<br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. A Fund may experience a decline in its income due to falling interest rates. Interest rates in the US recently have been at, and remain near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. A Fund may use derivatives to hedge its exposure to interest rate risk.

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

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

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

 **Mortgage-backed and asset-backed securities risk**<br>

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

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

 **Security focus risk**<br>

The risk that a focus on a particular type of security will cause a fund to be more exposed to developments affecting such type of security than a more broadly diversified fund would be. A fund could experience greater volatility or may perform poorly during a downturn in experienced by a type of security because it is more susceptible to the economic, regulatory, political, legal, and other risks associated with such type of security than a fund that invests more broadly.

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 **US government securities risk**<br>

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

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

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

 **IBOR risk**<br>

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

 **Active management and selection risk**<br>

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

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

 **Derivatives risk**<br>

A derivative is a financial instrument whose value or return is "derived," in some manner, from the price of an underlying security, index, asset, rate or event. Derivatives are traded either on an organized exchange or over-the-counter (OTC) (privately negotiated between two parties). Forward foreign currency contracts, futures contracts, options and swaps are common types of derivatives that a Fund occasionally may use. Forward foreign currency contracts ("forward contracts") are purchases or sales of a foreign currency at a negotiated rate to be settled at a future date. A futures contract is a standardized contract listed on an exchange to buy or sell a specific quantity of an underlying reference instrument, such as a security or other instrument, index, currency or commodity at a specific price on a specific date. An option can be entered either exchange-traded or OTC and is a contract that gives the purchaser the right to buy or sell an underlying reference instrument, such as a security or other instrument, index, or commodity at a specific price on or before a specific date. A swap is an OTC agreement involving the exchange by a Fund with another party of their respective commitments to pay or receive payments at specified dates on the basis of a specified notional amount. The statutory definition under the CEA, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of the term "Swap" includes options on commodities (excluding equities listed on

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How we manage the Funds

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

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

When a Fund uses derivatives, it will likely be required to provide margin or collateral and/or to segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. The amount of assets required to be segregated will depend on the type of derivative the Fund uses. If a Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which may create leverage.

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

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

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

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

The counterparty risk for exchange-traded derivatives is significantly less than for privately negotiated or OTC derivatives, since generally an exchange or clearinghouse, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. For privately negotiated

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

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

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

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

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

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

 **Natural disaster and epidemic risk**<br>

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

 **Redemption risk**<br>

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

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How we manage the Funds

 **Securities lending risk**<br>

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

**Delaware Ivy High Yield Fund**

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

 **Credit risk**<br>

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

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

 **Fixed income risk**<br>

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

 **Foreign risk**<br>

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

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

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that

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

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

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

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

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

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

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

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

*North American Investments* — A decrease in imports or exports, changes in trade regulations or an economic recession in any North American country can have a significant economic effect on the entire region. Since the implementation of the North American Free Trade Agreement (NAFTA) in 1994 among Canada, the US and Mexico, total merchandise trade among the three countries has increased. However, the United States-Mexico-Canada Agreement, that took effect in 2020, amends aspects of NAFTA, and such changes may have a significant negative impact on a country's economy and, consequently, the value of securities held by a Fund. In addition, political developments in the US may have implications for trade among the US, Mexico

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

 **Interest rate risk**<br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. The Fund may experience a decline in its income due to falling interest rates. Interest rates in the US recently have been at, and remain near, historic lows, which may increase the Fund's exposure to risks associated with rising rates. The Fund may use derivatives to hedge its exposure to interest rate risk.

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

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

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

 **High yield (junk bond) risk**<br>

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

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

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional

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investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

 **IBOR risk**<br>

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

 **Active management and selection risk**<br>

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

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

 **Convertible security risk**<br>

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

 **Derivatives risk**<br>

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

The use of derivatives presents several risks, including the risk that these instruments may change in value in a manner that adversely affects a Fund's NAV and the risk that fluctuations in the value of the derivatives may not correlate with the reference instrument underlying the derivative. Derivatives can be highly complex, can create investment leverage, may perform in unanticipated ways and may be highly volatile, and a Fund could lose more than the amount it invests. Derivatives may be difficult to value and, depending on the instrument, may at times be highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Moreover, some derivatives are more sensitive to interest rate changes and market price fluctuations than other instruments. To the extent the judgment of the Manager as to certain anticipated price movements is incorrect, the

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How we manage the Funds

risk of loss may be greater than if the derivative technique(s) had not been used. When used for hedging, the change in value of the derivative also may not correlate perfectly with the security or other risk being hedged. Appropriate derivatives may not be available in all circumstances, and there can be no assurance that a Fund will be able to use derivatives to reduce exposure to other risks when that might be beneficial. Derivatives also may be subject to counterparty credit risk, which includes the risk that a Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance with the terms in the agreement for the derivatives documentation by, another party to the transaction. Certain derivatives can create leverage, which may amplify or otherwise increase a Fund's investment loss, possibly in an amount that could exceed the cost of that instrument or, under certain circumstances, that could be unlimited. Derivatives may involve fees, commissions, or other costs that may reduce a Fund's gains (if any) from utilizing derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund also may remain obligated to meet margin requirements until a derivative position is closed.

When a Fund uses derivatives, it will likely be required to provide margin or collateral and/or to segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. The amount of assets required to be segregated will depend on the type of derivative the Fund uses. If a Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which may create leverage.

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

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

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

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

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

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

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

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

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

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

 **Emerging markets risk**<br>

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

 **Currency risk**<br>

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

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How we manage the Funds

 **Investment company securities risk**<br>

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, the Fund would bear its pro rata share of that investment company's expenses, which could result in the duplication of certain fees, including management and administrative fees. The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, the Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

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

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

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

 **Government and regulatory risk**<br>

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a fund.

 **Natural disaster and epidemic risk**<br>

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

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 **Portfolio turnover risk**<br>

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

 **Preferred stock risk**<br>

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

 **Redemption risk**<br>

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

 **Restricted securities risk**<br>

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

 **Securities lending risk**<br>

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

 **US government securities risk**<br>

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

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

**Delaware Ivy International Small Cap Fund**

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How we manage the Funds

 **Market risk**<br>

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

**How the Fund strives to manage it:** The portfolio managers maintain a long-term investment approach and focus on securities that they believe can appreciate over an extended period of time regardless of interim market fluctuations. Generally, the portfolio managers do not try to predict overall stock market movements. Although the Fund may hold securities for any amount of time, the portfolio managers generally do not trade for short-term purposes.

 **Industry, sector, and security risks**<br>

Industry and sector risks are the risks that the value of securities in a particular industry or sector (such as consumer staples or information technology) will decline because of changing expectations for the performance of that industry or sector.

Security risk is the risk that the value of an individual stock or bond will decline because of changing expectations for the performance of the individual company issuing the stock or bond (due to situations that could range from decreased sales to events such as a pending merger or actual or threatened bankruptcy).

**How the Fund strives to manage it:** The Fund typically holds a number of different securities in a variety of sectors in order to minimize the impact that a poorly performing security would have on the Fund.

 **Foreign risk**<br>

Foreign risk is the risk that foreign securities (particularly in emerging markets and frontier countries) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic or government conditions, the imposition of economic and/or trade sanctions, inadequate or different regulatory and accounting standards, and the possibility that significant events in foreign markets, including broad market moves, may affect the value of fund shares.

**How the Fund strives to manage it:** The portfolio managers attempt to reduce the risks presented by such investments by conducting world-wide fundamental research, including country visits. In addition, the portfolio managers monitor current economic and market conditions and trends, the political and regulatory environment, and the value of currencies in different countries in an effort to identify the most attractive countries and securities. In addition, the Fund may frequently value many foreign equity securities using fair value prices based on third-party vendor modeling tools, to the extent available, to account for significant market events that may occur after the close of a foreign market but before the Fund's shares are priced.

 **Emerging markets risk**<br>

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

**How the Fund strives to manage it:** The Fund may invest in emerging markets securities. To the extent that they invest in emerging markets, the portfolio managers carefully screen securities within emerging markets and attempt to consider material risks associated with an individual company or bond issuer in order to strive to manage this risk for the Fund. However, there is no way to eliminate emerging markets risk when investing internationally in emerging markets.

 **Asia-Pacific region risk**<br>

Investments in companies located or operating in the Asia-Pacific region (which consists of Hong Kong, the People's Republic of China, Republic of Korea, and Taiwan, among other countries) may involve risks and considerations not typically associated with investments in the US and other Western nations. These risks include, among others: the inability of the Public Company Accounting Oversight Board ("PCAOB") to inspect audit work and practices of PCAOB-registered public accounting firms in China; the use of variable interest equity ("VIE") organizational structures; political, legal and regulatory uncertainty; differing shareholder rights based on company structure and/or location of operations; or the institution of additional tariffs, prohibitions or other trade barriers (or the threat thereof) as a result of trade tensions between China and the United States.

**How the Fund strives to manage it:** The portfolio managers evaluate the political situations in the Asia-Pacific region and take into account any potential risks before they select securities for the Fund. However, there is no way to eliminate risk when investing in China-based issuers or in the Asia-Pacific region.

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 **Political risk**<br>

Political risk is the risk that countries or an entire region may experience political instability. This may cause greater fluctuation in the value and liquidity of investments due to changes in currency exchange rates, governmental seizures, or nationalization of assets.

**How the Fund strives to manage it:** The portfolio managers evaluate the political situations in the countries where the Fund invests and take into account any potential risks before they select securities for the Fund. However, there is no way to eliminate political risk when investing internationally. In emerging markets, political risk is typically more likely to affect the economy and share prices than in developed markets.

 **Geographic focus risk**<br>

Geographic focus risk is the risk that local political and economic conditions could adversely affect the performance of a fund investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries.

**How the Fund strives to manage it:** The portfolio managers will attempt to reduce this risk by diversifying portfolios by country and sector.

 **Currency risk**<br>

Currency risk is the risk that the value of a fund's investments may be negatively affected by changes in foreign currency exchange rates. Adverse changes in exchange rates may reduce or eliminate any gains produced by investments that are denominated in foreign currencies and may increase any losses.

**How the Fund strives to manage it:** The portfolio managers may try to hedge the Fund's currency risk by purchasing forward foreign currency contracts. If the Fund agrees to purchase or sell foreign securities at a preset price on a future date, a portfolio manager may attempt to protect the value of a security the Fund owns from future changes in currency exchange rates. If the Fund has agreed to purchase or sell a security, the Fund may also use forward foreign currency contracts to "lock in" the security's price in terms of US dollars or another applicable currency. The Fund may use forward foreign currency contracts only for defensive or protective measures, not to enhance portfolio returns. However, there is no assurance that such a strategy will be successful. Hedging is typically less practical in emerging markets.

 **Information risk**<br>

Information risk is the risk that foreign companies may be subject to different accounting, auditing, and financial reporting standards than US companies. There may be less information available about foreign issuers than domestic issuers. Furthermore, regulatory oversight of foreign issuers may be less stringent or less consistently applied than in the United States.

**How the Fund strives to manage it:** The portfolio managers conduct fundamental research on the companies that the Fund invests in rather than relying solely on information available through financial reporting.

 **Inefficient market risk**<br>

Inefficient market risk is the risk that foreign markets may be less liquid and have greater price volatility, less regulation, and higher transaction costs than US markets.

**How the Fund strives to manage it:** The portfolio managers will attempt to reduce this risk by investing in a number of different countries, noting trends in the economy, industries, and financial markets.

 **Company size risk**<br>

Company size risk is the risk that investments in small- and/or medium-sized companies typically exhibit higher volatility than investments in larger, more established companies. Company size risk also comes from lower liquidity typically associated with small company stocks, which means the price may be affected by poorly executed trades, even if the underlying business of the company is unchanged.

**How the Fund strives to manage it:** To the extent a Fund invests in small companies, the portfolio managers attempt to reduce this risk by investing in a variety of different issuers.

This is a significant risk for the Fund.

 **Transaction cost risk**<br>

Transaction costs risk is the risk that the costs of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions.

**How the Fund strives to manage it:** The portfolio managers strive to monitor transaction costs and to choose an efficient trading strategy for the Fund.

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How we manage the Funds

 **Real estate industry risk**<br>

Real estate industry risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates. REITs are subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (Internal Revenue Code), or other similar statutes in non-US countries and/or to maintain exemptions from the Investment Company Act of 1940, as amended.

**How the Fund strives to manage it:** The Fund selects REITs based on the quality of their management and their ability to generate substantial cash flow, which the Fund believes can help to shield it from some of the risks involved with real estate investing.

 **Derivatives risk**<br>

Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy (including a strategy involving equity-linked securities, futures, options, forward foreign currency contracts, or swaps such as interest rate swaps, index swaps, or credit default swaps) related to a security, index, reference rate, or other asset or market factor (collectively, a "reference instrument") and that reference instrument moves in the opposite direction from what a portfolio manager had anticipated. If a market or markets, or prices of particular classes of investments, move in an unexpected manner, a fund may not achieve the anticipated benefits of the transaction and it may realize losses. Derivatives also involve additional expenses, which could reduce any benefit or increase any loss to a fund from using the strategy. In addition, changes in government regulation of derivatives could affect the character, timing, and amount of a fund's taxable income or gains. A fund's transactions in derivatives may be subject to one or more special tax rules. These rules may: (i) affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the fund, (iii) defer losses to the fund, and (iv) cause adjustments in the holding periods of the fund's securities. A fund's use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company.

Investing in derivatives may subject a fund to counterparty risk. Please refer to "Counterparty risk" for more information. Other risks include illiquidity, mispricing or improper valuation of the derivatives contract, and imperfect correlation between the value of the derivatives instrument and the underlying reference instrument so that the fund may not realize the intended benefits. In addition, since there can be no assurance that a liquid secondary market will exist for any derivatives instrument purchased or sold, a fund may be required to hold a derivatives instrument to maturity and take or make delivery of an underlying reference instrument that a portfolio manager would have otherwise attempted to avoid, which could result in losses. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits.

**How the Fund strives to manage it:** The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. To the Fund invests in equity linked securities, the Fund will be subject to derivatives risk. The portfolio managers also research and continually monitor the creditworthiness of current or potential counterparties.

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

 **Counterparty risk**<br>

Counterparty risk is the risk that if a fund enters into a derivatives contract (such as a futures, options, or swap contract) or a repurchase agreement, the counterparty to such a contract or agreement may fail to perform its obligations under the contract or agreement due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). As a result, a fund may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all.

**How the Fund strives to manage it:** The portfolio managers try to minimize this risk by considering the creditworthiness of all counterparties before they enter into transactions with them. The Fund will hold collateral from counterparties consistent with applicable regulations.

 **Leveraging risk**<br>

Leveraging risk is the risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged. While it is anticipated that leverage may increase profitability, it may also accentuate the consequences of adverse price movements, resulting in increased losses.

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 **Natural disaster and epidemic risk**<br>

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

**How the Fund strives to manage it:** The Fund maintains a long-term investment approach. Generally, the portfolio managers do not try to predict overall market movements, but the portfolio managers do note trends in the economy, industries, and financial markets. Although the Fund may hold securities for any amount of time, they generally do not trade for short-term purposes.

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

**How the Fund strives to manage it:** The Fund may invest up to 15% of its net assets in illiquid investments.

 **IBOR risk**<br>

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

**How the Fund strives to manage it:** Due to uncertainty regarding the future use of LIBOR or similar rates (such as the Euro Overnight Index Average (EONIA)), the impact of the abandonment of such rates on the Fund or the financial instruments in which the Fund invests cannot yet be determined. However, the Fund tries to address such risk by monitoring the economic, political and regulatory climate in jurisdictions relevant to the Fund and the financial instruments in which the Fund invests in order to minimize any potential impact on the Fund. In addition, the Fund typically invests in a number of different securities in a variety of sectors in order to minimize the impact to the Fund of any legislative or regulatory development affecting particular countries, issuers, or market sectors.

 **Government and regulatory risk**<br>

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a fund.

**How the Fund strives to manage them:** The portfolio managers evaluate the economic and political climate in the relevant jurisdictions before selecting securities for the Fund. The Fund typically invests in a number of different securities in a variety of sectors in order to minimize the impact to the Fund of any legislative or regulatory development affecting particular countries, issuers, or market sectors.

**Delaware Ivy Multi-Asset Income Fund**

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

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How we manage the Funds

 **Asset allocation risk**<br>

Although asset allocation among different sleeves and asset categories of the Fund generally tends to limit risk and exposure to any one sleeve, the risk remains that the allocation of assets may skew toward a sleeve that performs poorly relative to the Fund's other sleeves, or to the market as a whole, which could result in the Fund performing poorly.

 **Market risk**<br>

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

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

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

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

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

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

 **Foreign and emerging markets risk**<br>

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

Other factors that can affect the value of the Fund's foreign investments include the comparatively weak supervision and regulation by some foreign governments of securities exchanges, brokers and issuers; the fact that many foreign companies may not be subject to uniform and/or stringent accounting, auditing and financial reporting standards; fluctuations in foreign currency exchange rates and related conversion costs or currency redenomination; nationalization or expropriation of assets; and custodial or other operational delays. It also may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Settlement of portfolio transactions also may be delayed due to local restrictions or

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communication problems, which can cause the Fund to miss attractive investment opportunities or impair its ability to dispose of securities in a timely fashion (resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

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

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

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

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

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

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

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

The EU continues to face major issues involving its membership, structure, procedures and policies, including the successful political, economic and social integration of new member states. The current and future status of the EU continues to be the subject of political controversy, and the growth of nationalist and populist parties in national legislatures may further threaten enlargement. The risk of investing in Europe may be heightened due to the decision by the United Kingdom (UK) to withdraw from the EU (commonly referred to as "Brexit"). The UK formally left the EU on January 31, 2020, and a "transition period," which was intended to allow for negotiation and implementation of new trade and other cooperative agreements, expired on December 31, 2020. The long-term impact of Brexit on the relationship between the UK and the EU remains uncertain. The uncertainty concerning the relationship between the UK and the EU (as well as political divisions within the UK that have been highlighted by the 2016 Brexit referendum) could cause a period of instability and market volatility, which may adversely impact both the UK economy and the economies of other countries in Europe, as well as greater volatility in the

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How we manage the Funds

global financial and currency markets. Brexit also may trigger additional member states to consider departing the EU, which would likely perpetuate such political and economic instability in the region. It is not possible to ascertain the precise impact these events may have on the Fund or its investments from an economic, financial, tax or regulatory perspective, but any such impact could be material.

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

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

 **Fixed income risk**<br>

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

 **Credit risk**<br>

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

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

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 **High yield (junk bond) risk**<br>

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

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

 **Senior loan risk**<br>

Senior (or first-lien) loans, which include fixed- or floating-rate (sometimes referred to as "adjustable rate") loans, hold a senior position in the capital structure of US and foreign corporate issuers. Under normal circumstances, senior loans have priority of claim ahead of other obligations of a borrower in the event of liquidation. Senior loans may be collateralized or uncollateralized. They pay interest at rates that float above, or are adjusted periodically based on, a benchmark that reflects current interest rates. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment-grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund's NAV and income distributions. In addition to the risks typically associated with debt securities, such as credit risk and interest rate risk, senior loans also are subject to the risk that a court could subordinate a senior loan to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Senior loans are subject to prepayment risk. If a borrower prepays a senior loan, the Fund will have to reinvest the proceeds in other senior loans or securities that may pay lower interest rates.

There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower's obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.

 **REIT-related risk**<br>

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

 **Interest rate risk**<br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. The Fund may experience a decline in its income due to falling interest rates. Interest rates in the US recently have been at, and remain near, historic lows, which may increase the Fund's exposure to risks associated with rising rates. The Fund may use derivatives to hedge its exposure to interest rate risk.

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

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How we manage the Funds

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

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

 **Duration risk**<br>

Duration risk is the risk that longer-duration debt securities are more likely to decline in price than shorter-duration debt securities in a rising interest rate environment. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes.

 **Mortgage-backed and asset-backed securities risk**<br>

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

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

 **Master limited partnership (MLP) risk**<br>

Investments in securities of an MLP involve risks that differ from investments in common stocks, including, among others, risks related to limited control and limited rights to vote on matters affecting the MLP, cash flow risks, dilution risks, and others.

Investing in MLPs also involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographical region are subject to risks associated with such industry or region. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

MLPs taxed as partnerships generally do not pay US federal income tax at the partnership level, subject to the application of certain partnership audit rules. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being treated as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction of the value of the underlying fund's investment, and consequently your investment in the Fund and lower income. A distribution from an MLP may consist in part of a return of the amount originally invested, which would not be taxable to the extent the distribution does not exceed the investor's adjusted basis in its MLP interest.

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 **Derivatives risk**<br>

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

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

When a Fund uses derivatives, it will likely be required to provide margin or collateral and/or to segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. The amount of assets required to be segregated will depend on the type of derivative the Fund uses. If a Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which may create leverage.

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

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

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

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How we manage the Funds

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

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

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

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

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

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

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

 **Natural resources risk**<br>

Investment risks associated with investing in securities of natural resources companies, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed by natural resource companies in complying with environmental and safety regulations, changes in supply of, or demand for, various natural resources, changes in energy prices, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and special risks associated with natural or man-made disasters. Securities of natural resource companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may exhibit high volatility attributable to commodity prices.

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 **Commodity-related investments risk**<br>

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

 **Distressed securities risk**<br>

The Fund may invest in debt securities issued by companies that are involved in reorganizations, financial restructurings or bankruptcy. Such distressed debt securities are speculative and involve substantial risks in addition to the risks of investing in lower-grade debt securities. In certain periods, there may be little or no liquidity in the markets for distressed securities. The prices of such securities may be subject to periods of abrupt and erratic market movements and above-average price volatility and it may be difficult to value such securities. The Fund may lose a substantial portion or all of its investment in distressed securities or may be required to accept cash, securities or other property with a value less than its original investment.

 **Equity-linked securities risk**<br>

An equity-linked security is a type of debt instrument that is linked to the equity market. Although common stocks and other equity securities have a history of long-term growth in value, their prices tend to fluctuate in the short term, particularly those of smaller companies.

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

 **IBOR risk**<br>

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

 **Active management and selection risk**<br>

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

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How we manage the Funds

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

 **Collateralized loan obligations risk**<br>

A CLO is an investment vehicle backed by a pool of commercial or personal loans, structured so that there are several classes of bondholders with varying maturities, called "tranches." CLOs issue classes or tranches of securities that vary in risk and yield, and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the type of the underlying loans and the tranche of the CLO in which the Fund invests.

 **Concentration risk**<br>

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

 **Convertible security risk**<br>

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

 **Currency risk**<br>

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

 **Foreign currency exchange transactions and forward foreign currency contracts risk**<br>

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

 **Growth stock risk**<br>

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

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 **Initial public offering risk**<br>

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

 **Insurance-related instruments risk**<br>

The Fund may invest in esoteric asset classes such as the insurance capital markets, which include insurance linked securities, insurance securitizations, catastrophe bonds, life insurance/life annuity combination bonds, structured settlements, insurance reserve financing, mortality/longevity swaps, premium finance loans, and other similar asset-backed securities or instruments. These are specialized asset classes with unique risks. For example, risks arising from the illiquidity and difficulty in the valuation of such instruments, risk of catastrophic events and other events giving rise to losses under such instruments, volatility of capital markets, the risk of borrowings and short sales, the risk arising from leverage associated with trading in the currencies and over-the-counter (OTC) derivatives markets, the illiquidity of derivative instruments and the risks of loss from counterparty default.

 **Interest rate swap risk**<br>

Interest rate swaps are subject to interest rate risk and counterparty credit risk. An interest rate swap transaction could result in losses if the underlying interest rate does not perform as anticipated. Interest rate swaps also are subject to counterparty credit risk.

Interest rate swaps can be based on various measures of interest rates, including the London Interbank Offered Rate (LIBOR) or similar interbank offered rates ("IBORs," such as the Euro Overnight Index Average (EONIA)), swap rates, treasury rates and other foreign interest rates. See IBOR risk for the risks of changes related to the use of IBORs.

A swap agreement can increase or decrease the volatility of the Fund's investments and its net asset value. The value of swaps, like many other derivatives, may move in unexpected ways and may result in losses for the Fund. As discussed above, swaps can involve greater risks than direct investment in securities, and are, among other factors, subject to counterparty credit risk.

Because swaps may have a leverage component, adverse changes in the level of the reference rate can result in gains or losses that are substantially greater than the amount invested in the swap itself. Liquidity risk and interest rate risk can each contribute to significant and unanticipated losses to the Fund.

 **Investment company securities risk**<br>

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, the Fund would bear its pro rata share of that investment company's expenses, which could result in the duplication of certain fees, including management and administrative fees. The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, the Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

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

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

Enhanced or inverse return ETFs present greater opportunities for investment gains, but also present correspondingly greater risk of loss. Inverse or "short" ETFs seek to deliver performance that is opposite of the performance of a market benchmark (e.g., if the benchmark goes down by 1%, the ETF will go up by 1%), typically using a combination of derivative strategies. Inverse ETFs seek to profit from falling market prices and will lose money if the market benchmark index goes up in value. Leveraged ETFs seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivative strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly

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How we manage the Funds

greater losses than a comparable unleveraged portfolio. These ETFs are complex, carry substantial risk, and generally are used to increase or decrease the Fund's exposure to the underlying index on a short-term basis. Most leveraged ETFs reset daily and seek to achieve their objectives on a daily basis and holding these ETFs for longer than one day may produce unexpected results. Due to compounding, performance over longer periods can differ significantly from the performance of the underlying index, particularly when the benchmark index experiences large ups and downs. Ownership of an ETF results in the Fund bearing its proportionate share of the ETF's fees and expenses and proportionate exposure to the risks associated with the ETF's underlying investments.

 **Investments in loans secured by real estate risk**<br>

The Fund may invest in loans secured by real estate (other than mortgage-backed securities) and may, as a result of default, foreclosure or otherwise, hold real estate assets. Special risks associated with such investments include changes in the general economic climate or local conditions (such as an oversupply of space or a reduction in demand for space), competition based on rental rates, attractiveness and location of the properties, changes in the financial condition of tenants, and changes in operating costs. Real estate values also are affected by such factors as government regulations (including those governing usage, improvements, zoning and taxes), interest rate levels, the availability of financing and potential liability under changing environmental and other laws.

 **Investments in structured products risk**<br>

The Fund may invest in securities backed by, or representing interests in, certain underlying instruments ("structured products"). Structured products, for purposes of this Prospectus, are not derivative instruments. The terms of the instrument may be determined or structured by the purchaser and the issuer of the instrument. Structured investments may have certain features of equity and debt securities, but also may have additional features. The cash flow on the underlying instruments may be apportioned among the structured products to create securities with different investment characteristics such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to the structured products is dependent on the extent of the cash flow on the underlying instruments. The Fund may invest in structured products that represent derived investment positions based on relationships among different markets or asset classes.

The performance of structured products will be affected by a variety of factors, including its priority in the capital structure of the issuer, the availability of any credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or other assets that are being securitized, remoteness of those assets from the originator or transferor, the adequacy of and ability to realize upon any related collateral and the capability of the servicer of the securitized assets. The returns on these investments may be linked to the value of an index, a basket of instruments, an individual stock, bond or other security, an interest rate or a commodity.

The risks associated with structured products involve the risks of loss of principal due to market movement. In addition, investments in structured products may be illiquid in nature, with no readily available secondary market. Because they are linked to their underlying markets or securities, investments in structured products generally are subject to greater volatility than an investment directly in the underlying market or security. Total return on a structured product is derived by linking the return to one or more characteristics of the underlying instrument. Because certain structured products of the type in which the Fund may invest may involve no credit enhancement, the credit risk of those structured products generally would be equivalent to that of the underlying instruments. The Fund may invest in a class of structured products that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured products typically have higher yields and present greater risks than unsubordinated structured products.

Certain issuers of structured products may be deemed to be "investment companies" as defined in the 1940 Act. As a result, the Fund's investments in these structured products may be limited by the restrictions contained in the 1940 Act. Structured products typically are sold in private placement transactions, and there currently is no active trading market for structured products. As a result, certain structured products in which the Fund invests may be deemed illiquid and subject to its limitation on illiquid investments.

 **Government and regulatory risk**<br>

The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level. For example, political or legislative changes (as well as economic conditions) in a particular state or political subdivision of the state may affect the ability of the state or subdivision's governmental entities to pay interest, to repay principal on their obligations or to issue new municipal obligations.

In addition, the value of municipal securities is affected by the value of tax-exempt income to investors. For example, a significant change in rates or a restructuring of the federal income tax (or serious consideration of such a change by the US government) may cause a decline in municipal securities prices, since lower income tax rates or tax restructuring could reduce the advantage of owning municipal securities. Lower state or municipal income tax rates may have a similar effect on the value of municipal securities issued by a governmental entity in that state or municipality.

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 **Large capitalization company risk**<br>

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

 **Loan origination risk**<br>

The Fund may seek to originate loans, including, but not limited to, secured and unsecured notes, senior and second lien loans, mezzanine loans, and other similar investments. The Fund will retain all fees received in connection with originating or structuring the terms of any such investment. The Fund may subsequently offer such investments for sale to third parties, which could include certain other investment funds or separately managed accounts managed by the Manager; provided, that there is no assurance that the Fund will complete the sale of such an investment. To the extent the Fund acts as an original lender, the Fund's success would depend, in part, on its ability to originate loans on advantageous terms. In making loans, the Fund would compete with a broad spectrum of lenders, many of which may have substantially greater financial resources. Additionally, the Fund may make loans to borrowers that are experiencing, or are likely to experience, financial difficulty (including highly leveraged borrowers) and such loans may constitute a material amount of the Fund's portfolio. If the Fund is unable to sell, assign or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in the Fund's investments being over-concentrated in certain borrowers.

 **Bank loans and other direct indebtedness risk**<br>

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

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

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How we manage the Funds

 **Loans to private and middle market companies risk**<br>

Loans to private and middle market companies involve a number of particular risks that may not exist in the case of loans to large public companies, including:

• these companies may have limited financial resources and limited access to additional financing, which may increase the risk of their defaulting on their obligations, leaving creditors such as the Fund dependent on any guarantees or collateral they may have obtained;

• these companies frequently have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

• there may not be as much information publicly available about these companies as would be available for public companies and such information may not be of the same quality; and

• these companies are more likely to depend on the management talents and efforts of a small group of persons; as a result, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on these companies' ability to meet their obligations.

 **Natural disaster and epidemic risk**<br>

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

 **Preferred stock risk**<br>

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

 **Real assets industry risk**<br>

Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes, differences in real estate market values, overbuilding and extended vacancies, increased competition, operating expenses or zoning laws, costs of environmental clean-up or damages from natural disasters, cash flow fluctuations, and defaults by borrowers and tenants.

*REOC-related risk.* A REOC is similar to an equity REIT in that it owns and operates commercial real estate, but unlike a REIT, it has the freedom to retain all its funds from operations and, in general, faces fewer restrictions than a REIT. REOCs do not pay any specific level of income as dividends, if at all, and there is no minimum restriction on the number of owners nor limits on ownership concentration. The value of the Fund's REOC securities may be adversely affected by certain of the same factors that adversely affect REITs. In addition, a corporate REOC does not qualify for the federal tax treatment that is accorded a REIT. In addition, the Fund may experience a decline in its income from REOC securities due to falling interest rates or decreasing dividend payments.

 **Redemption risk**<br>

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

 **Restricted securities risk**<br>

Restricted securities are subject to legal or contractual restrictions on resale, and there can be no assurance of a ready market for resale. These securities include private placements or other unregistered securities, such as "Rule 144A securities", which are securities that may be sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 1933 Act). Privately placed securities, Rule 144A securities and other restricted securities may have the effect of increasing the level of Fund illiquidity to the extent the Fund finds it difficult to sell these securities when the Manager believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the

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financial condition of the issuer, and the prices realized could be less than those originally paid, or less than the fair market value. At times, the illiquidity of the market, as well as the lack of publicly available information regarding these securities also may make it difficult to determine the fair market value of such securities for purposes of computing the NAV of the Fund.

 **Securities lending risk**<br>

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

 **Small- and mid-market capitalization company risk**<br>

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

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

 **Student loan risk**<br>

Student loan bonds are generally offered by state (or substate) authorities or commissions and are backed by pools of student loans. Underlying student loans may be guaranteed by state guarantee agencies and may be subject to reimbursement by the US Department of Education through its guaranteed student loan program. Others may be private, uninsured loans made to parents or students which are supported by reserves or other forms of credit enhancement. Recoveries of principal due to loan defaults may be applied to redemption of bonds or may be used to re-lend, depending on program latitude and demand for loans. Cash flows supporting student loan revenue bonds are impacted by numerous factors, including the rate of student loan defaults, seasoning of the loan portfolio and student repayment deferral periods of forbearance. Other risks associated with student loan bonds include potential changes in federal legislation regarding student loan revenue bonds, state guarantee agency reimbursement and continued federal interest and other program subsidies currently in effect.

 **US government securities risk**<br>

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

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

 **Value stock risk**<br>

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

**Delaware Ivy Strategic Income Fund**

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How we manage the Funds

 **Interest rate risk**<br>

Interest rate risk is the risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

Swaps may be particularly sensitive to interest rate changes. Depending on the actual movements of interest rates and how well the portfolio manager anticipates them, a fund could experience a higher or lower return than anticipated. For example, if a fund holds interest rate swaps and is required to make payments based on variable interest rates, it will have to make interest payments if interest rates rise, which will not necessarily be offset by the fixed-rate payments it is entitled to receive under the swap agreement.

**How the Fund strives to manage it:** The Manager limits the amount of the Fund's assets invested in any one industry and in any individual security.

The Fund is subject to various interest rate risks depending upon its investment objectives and policies. The Manager cannot eliminate this risk, but tries to address it by monitoring economic conditions, especially interest rate trends and their potential impact on the Fund. The Manager does not try to increase returns on the Fund's investments in debt securities by predicting and aggressively capitalizing on interest rate movements.

By investing in swaps, the Fund is subject to additional interest rate risk. Each Business Day, the Manager will calculate the amount the Fund must pay for any swaps it holds and will designate enough cash or other liquid securities to cover that amount.

 **High yield corporate (junk) bond risk**<br>

High yield corporate bonds (commonly known as "junk" bonds), while generally having higher yields, are subject to reduced creditworthiness of issuers, increased risks of default, and a more limited and less liquid secondary market than higher rated securities. These securities are subject to greater price volatility and risk of loss of income and principal than are higher rated securities because they are rated below investment grade. Lower rated and unrated fixed income securities tend to reflect short-term corporate and market developments to a greater extent than higher rated fixed income securities, which react primarily to fluctuations in the general level of interest rates. Fixed income securities of this type are considered to be of poor standing and primarily speculative. Such securities are subject to a substantial degree of credit risk.

**How the Fund strives to manage it:** The Manager attempts to reduce the risk associated with investment in high yield debt securities through portfolio diversification, credit analysis, and attention to trends in the economy, industries, and financial markets.

 **Market risk**<br>

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

Index swaps are subject to the same market risks as the investment market or sector that the index represents. Depending on the actual movements of the index and how well the portfolio manager forecasts those movements, a fund could experience a higher or lower return than anticipated.

**How the Fund strives to manage it:** The Manager maintains a long-term investment approach and focuses on securities that it believes can continue to provide returns over an extended time frame regardless of interim market fluctuations. Generally, the Manager does not try to predict overall market movements. The Fund does not buy and sell securities for short-term purposes. In evaluating the use of an index swap for the Fund, the Manager carefully considers how market changes could affect the swap and how that compares to investing directly in the market the swap is intended to represent. When selecting counterparties with whom the Manager would make interest rate or index swap agreements for the Fund, the Manager does careful credit analysis on the counterparty before engaging in the transaction.

 **Credit risk**<br>

Credit risk is the risk that an issuer of a debt security, including a governmental issuer or an entity that insures the bond, may be unable to make interest payments and/or repay principal in a timely manner. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value, which would impact fund performance.

Investing in so-called "junk" or "high yield" bonds entails the risk of principal loss because they are rated below investment grade, which may be greater than the risk involved in investment grade bonds. High yield bonds are sometimes issued by companies whose earnings at the time the bond is issued are less than the projected debt payments on the bonds. A protracted economic downturn may severely disrupt the market for high yield bonds, adversely affect the value of outstanding bonds, and adversely affect the ability of high yield issuers to repay principal and interest. Investment by a fund in defaulted securities poses additional risk of loss should nonpayment of principal and interest continue in respect of such securities. Even if such securities are held to

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maturity, recovery by a fund of its initial investment and any anticipated income or appreciation may be uncertain. A fund also may incur additional expenses in seeking recovery on defaulted securities. Defaulted securities may be considered illiquid.

**How the Fund strives to manage it:** The Manager's careful, credit-oriented bond selection and its commitment to hold a diversified selection of high yield bonds are designed to manage this risk. It is likely that protracted periods of economic uncertainty would cause increased volatility in the market prices of high yield bonds, an increase in the number of high yield bond defaults and corresponding volatility in the Fund's NAV. The Fund's holdings of high-quality investment grade bonds are less subject to credit risk and may help to balance any credit problems experienced by individual high yield bond issuers or foreign issuers. When selecting dealers with whom the Manager would make swap agreements, the Manager focuses on those with high quality ratings and does careful credit analysis before investing.

 **IBOR risk**<br>

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

**How the Fund strives to manage it:** Due to uncertainty regarding the future use of LIBOR or similar rates (such as the Euro Overnight Index Average (EONIA)), the potential impact of the abandonment of such rates on the Fund or the financial instruments in which the Fund invests cannot yet be determined. However, the Fund tries to address such risk by monitoring the economic, political and regulatory climate in jurisdictions relevant to the Fund and the financial instruments in which the Fund invests in order to minimize any potential impact on the Fund. In addition, the Fund typically invests in a number of different securities in a variety of sectors in order to minimize the impact to the Fund of any legislative or regulatory development affecting particular countries, issuers, or market sectors.

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons.

Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

**How the Fund strives to manage it:** The Fund limits exposure to illiquid investments to no more than 15% of its total assets.

 **Loans and other indebtedness risk**<br>

Loans and other indebtedness risk is the risk that a fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer a fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other indebtedness acquired by a fund may involve revolving credit facilities or other standby financing commitments that obligate a fund to pay additional cash on a certain date or on demand. These commitments may require a fund to increase its investment in a company at a time when that fund might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that a fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments.

As a fund may be required to rely upon another lending institution to collect and pass on to the fund amounts payable with respect to the loan and to enforce the fund's rights under the loan and other indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the fund from receiving such amounts. The highly leveraged nature of many such loans and other indebtedness may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other indebtedness may involve additional risk to the fund.

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How we manage the Funds

A fund's ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. Extended trade settlement periods may result in cash not being immediately available to a fund. As a result of these factors, a fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations.

Federal securities laws provide protections against fraud and misrepresentation in connection with the offering and sale of a "security." Loans in which a fund may invest may not be deemed to be "securities" for purposes of such anti-fraud protections. A fund may therefore not have the protection of the anti-fraud provisions of the federal securities laws in the event of fraud or misrepresentation by a borrower. However, a fund in such a scenario may be able to rely on contractual provisions in the loan documents for alternative protections, or use common-law fraud protections under applicable state law.

**How the Fund strives to manage it:** This risk may not be completely eliminated, but the Manager will attempt to reduce this risk through portfolio diversification, credit analysis, and attention to trends in the economy, industries, and financial markets. Should the Manager determine that any of these securities are illiquid, they would be subject to the Fund's restriction on illiquid investments.

 **Adjustable rate securities risk**<br>

The value of any collateral securing an adjustable rate security may decline, be insufficient to meet the obligations of the borrower, or be difficult or costly to liquidate. In the event of a default, it may be difficult to collect on any collateral, it would not be possible to collect on any collateral for an uncollateralized loan, and the value of an adjustable rate security can decline significantly. Access to collateral may also be limited by bankruptcy or other insolvency laws. If an adjustable rate security is acquired through an assignment, the acquirer may not be able to unilaterally enforce all rights and remedies under the loan and with regard to the associated collateral.

Although senior loans may be senior to equity and other debt securities in the borrower's capital structure, the loans may be subordinated to other obligations of the borrower or its subsidiaries. Difficulty in selling an adjustable rate loan can result in a loss. Loans trade in an over-the-counter market, and confirmation and settlement may take significantly longer than 7 days to complete. Extended trade settlement periods may present a risk regarding the Fund's ability to timely honor redemptions. Due to the lack of a regular trading market for loans, loans are subject to irregular trading activity and wide bid/ask spreads and may be difficult to value.

High yield adjustable rate loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Generally, there is less readily available, reliable public information about the loans. Therefore, the Fund may be required to rely on its own evaluation and judgment of a borrower's credit quality in addition to any available independent sources to value loans. Adjustable rate loans may not be considered "securities" for certain purposes of the federal securities laws and purchasers therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**How the Fund strives to manage it:** This risk may not be completely eliminated, but the Manager will attempt to reduce this risk through portfolio diversification, credit analysis, and attention to trends in the economy, industries, and financial markets. Should the Manager determine that any of these securities are illiquid, they would be subject to the Fund's restriction on illiquid investments.

 **Emerging markets risk**<br>

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

**How the Fund strives to manage it:** The Fund may invest a portion of its assets in securities of issuers located in emerging markets. The Fund cannot eliminate these risks but the Manager will attempt to reduce these risks through portfolio diversification, credit analysis, and attention to trends in the economy, industries and financial markets, and other relevant factors.

 **Foreign risk**<br>

Foreign risk is the risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic or government conditions, the imposition of economic and/or trade sanctions, inadequate or different regulatory and accounting standards, and the possibility that significant events in foreign markets, including broad market moves, may affect the value of fund shares.

**How the Fund strives to manage it:** The Manager attempts to reduce the risks presented by such investments by conducting world-wide fundamental research, including country visits. In addition, the Manager monitors current economic and market conditions and trends, the political and

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regulatory environment, and the value of currencies in different countries in an effort to identify the most attractive countries and securities. Additionally, when currencies appear significantly overvalued compared to average real exchange rates, the Fund may hedge exposure to those currencies for defensive purposes.

The Fund may frequently value many foreign equity securities using fair value prices based on third-party vendor modeling tools, to the extent available, to account for significant market events that may occur after the close of a foreign market but before the Fund's shares are priced.

 **Foreign government securities risk**<br>

Foreign government securities risk relates to the ability of a foreign government or government-related issuer to make timely principal and interest payments on its external debt obligations. This ability to make payments will be strongly influenced by the issuer's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates, and the extent of its foreign reserves.

**How the Fund strives to manage it:** The Manager attempts to reduce the risks associated with investing in foreign governments by limiting the portion of portfolio assets that may be invested in such securities.

 **Currency risk**<br>

Currency risk is the risk that the value of a fund's investments may be negatively affected by changes in foreign currency exchange rates. Adverse changes in exchange rates may reduce or eliminate any gains produced by investments that are denominated in foreign currencies and may increase any losses.

**How the Fund strives to manage it:** The Fund, which has exposure to global and international investments, may be affected by changes in currency rates and exchange control regulations and may incur costs in connection with conversions between currencies. To hedge this currency risk associated with investments in non-US dollar denominated securities, it may invest in forward foreign currency contracts, and foreign currency options and futures transactions. These activities pose special risks that do not typically arise in connection with investments in US securities.

 **Derivatives risk**<br>

Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy (including a strategy involving equity-linked securities, futures, options, forward foreign currency contracts, or swaps such as interest rate swaps, index swaps, or credit default swaps) related to a security, index, reference rate, or other asset or market factor (collectively, a "reference instrument") and that reference instrument moves in the opposite direction from what the portfolio manager had anticipated. If a market or markets, or prices of particular classes of investments, move in an unexpected manner, a fund may not achieve the anticipated benefits of the transaction and it may realize losses. Derivatives also involve additional expenses, which could reduce any benefit or increase any loss to a fund from using the strategy. In addition, changes in government regulation of derivatives could affect the character, timing, and amount of a fund's taxable income or gains. A fund's transactions in derivatives may be subject to one or more special tax rules. These rules may: (i) affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the fund, (iii) defer losses to the fund, and (iv) cause adjustments in the holding periods of the fund's securities. A fund's use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company.

Investing in derivatives may subject a fund to counterparty risk. Please refer to "Counterparty risk" for more information. Other risks include illiquidity, mispricing or improper valuation of the derivatives contract, and imperfect correlation between the value of the derivatives instrument and the underlying reference instrument so that the fund may not realize the intended benefits. In addition, since there can be no assurance that a liquid secondary market will exist for any derivatives instrument purchased or sold, a fund may be required to hold a derivatives instrument to maturity and take or make delivery of an underlying reference instrument that the Manager would have otherwise attempted to avoid, which could result in losses. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits.

**How the Fund strives to manage it:** The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. It will not use derivatives for reasons inconsistent with its investment objective. The Manager also researches and continually monitors the creditworthiness of current or potential counterparties. The Fund will limit its investments in derivatives instruments such that the aggregate notional amount of these investments does not exceed 100% of the Fund's net assets and initial margin for these transactions is less than 5% of the Fund's net assets.

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

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How we manage the Funds

 **Counterparty risk**<br>

Counterparty risk is the risk that if a fund enters into a derivatives contract (such as a futures, options, or swap contract) or a repurchase agreement, the counterparty to such a contract or agreement may fail to perform its obligations under the contract or agreement due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). As a result, a fund may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all.

**How the Fund strives to manage it:** The Manager seeks to minimize this risk by considering the creditworthiness of all counterparties before the Fund enters into transactions with them. The Fund will hold collateral from counterparties consistent with applicable regulations.

 **Mortgage-backed and asset-backed securities risk**<br>

Mortgage-backed and asset-backed securities risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a fund that holds mortgage-related securities may exhibit additional volatility.

**How the Fund strives to manage it:** The Fund may invest in mortgage-backed and asset-backed securities. The Manager will attempt to reduce this risk by investing in a broad range of fixed income securities.

 **Prepayment risk**<br>

Prepayment risk is the risk that homeowners will prepay mortgages during periods of low interest rates, forcing a fund to reinvest its money at interest rates that might be lower than those on the prepaid mortgage. Prepayment risk may also affect other types of debt securities, but generally to a lesser extent than mortgage securities.

**How the Fund strives to manage it:** The Fund may invest in MBS, CMOs and REMICs. The Manager takes into consideration the likelihood of prepayment when mortgages are selected. The Manager may look for mortgage securities that have characteristics that make them less likely to be prepaid, such as low outstanding loan balances or below-market interest rates.

 **Short sales risk**<br>

Short positions in securities may be more risky than long positions (purchases). If a fund has a short position in a security issued by an exchange traded fund or otherwise and the price of such security increases, the fund will lose money on its short position. Furthermore, during the time when a fund has a short position in such security, the fund must borrow that security in order to make delivery on the short sale, which raises the cost to the fund of entering into the transaction. A fund is therefore subject to the risk that a third party may fail to honor the terms of its contract with the fund related to the securities borrowing. Short sales also involve the risk of an unlimited increase in the market price of the security sold short, which would result in a theoretically unlimited loss. Moreover, although the trading price of a share of an exchange traded fund normally tracks the net asset value of such a share, in times of market stress, this value relationship will not necessarily prevail. Any deviation between the net asset value per share of such exchange traded fund and its trading price could create other risks for a fund if it held a short position in the securities of such an exchange traded fund. Such other risks include the possibility of a larger loss on the short position than would otherwise be the case, the reduced likelihood that the intended benefit of the short position will achieve its objective(s), and the increased likelihood of a demand to replace the borrowed security at a time when obtaining such replacement security may be difficult or impossible at a reasonable price.

Until a fund replaces a borrowed security in connection with a short sale, it will be required to maintain daily a segregated account at such a level that: (i) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will at all times be equal to at least 100% of the current value of the security sold short and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. Consequently, in the event of an increase in the price of a security in which a fund has a short position, it may have to increase the amount of collateral to be posted and may have to sell other securities in the portfolio to be able to do so. In times of market stress, making such sales may be difficult to do because of limited and declining liquidity.

Short sale strategies are often categorized as a form of leveraging. Please refer to "Leveraging risk" for more information.

**How the Fund strives to manage it:** The Manager will not engage in short sales for speculative purposes.

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 **Leveraging risk**<br>

Leveraging risk is the risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged. While it is anticipated that leverage may increase profitability, it may also accentuate the consequences of adverse price movements, resulting in increased losses.

 **Zero coupon and payment-in-kind (PIK) bonds risk**<br>

Zero coupon and PIK bonds involve certain risks. They are generally considered more interest sensitive than income-bearing bonds, more speculative than interest-bearing bonds, and have certain tax consequences that could, under certain circumstances, be adverse to a fund. For example, a fund accrues, and is required to distribute to shareholders, income on its zero coupon bonds. However, a fund may not receive the cash associated with this income until the bonds are sold or mature. If a fund does not have sufficient cash to make the required distribution of accrued income, the fund could be required to sell other securities in its portfolio or to borrow to generate the cash required.

**How the Fund strives to manage the risk:** The Fund may invest in zero coupon and PIK bonds to the extent consistent with its investment objective. The Fund cannot eliminate the risks of zero coupon bonds, but the Manager does try to address them by monitoring economic conditions, especially interest rate trends and their potential impact on the Fund.

 **Valuation risk**<br>

A less liquid secondary market as described above can make it more difficult to obtain precise valuations of certain securities. During periods of reduced liquidity, judgment plays a greater role in valuing less liquid investments.

**How the Fund strives to manage it:** The Manager will strive to manage this risk by carefully evaluating individual bonds. In addition, to the extent that the Fund invests in foreign securities, it may frequently value them using fair value prices based on third-party vendor modeling tools, to the extent available, to account for significant market events that may occur after the close of a foreign market but before the Fund's shares are priced.

 **Government and regulatory risks**<br>

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a fund.

**How the Fund strives to manage them:** The Manager evaluates the economic and political climate in the relevant jurisdictions before selecting securities for the Fund. The Manager typically diversifies the Fund's assets among a number of different securities in a variety of sectors in order to minimize the impact to the Fund of any legislative or regulatory development affecting particular countries, issuers, or market sectors.

 **Portfolio turnover risk**<br>

High portfolio turnover rates may increase a fund's transaction costs which may lower returns. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions, may generate short-term capital gains taxable as ordinary income, and cause dividends received on portfolio securities to not be qualified dividends eligible for reduced federal income tax rates under the Internal Revenue Code of 1986, as amended (Internal Revenue Code).

**How the Fund strives to manage it:** The Fund will not attempt to achieve or be limited to a predetermined rate of portfolio turnover. Such turnover always will be incidental to transactions undertaken with a view to achieving the Fund's investment objective.

 **Natural disaster and epidemic risk**<br>

Natural disaster and epidemic risk is the risk that the value of a fund's investments may be negatively affected by natural disasters, epidemics, or similar events. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors

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How we manage the Funds

affecting the value of a fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent a fund from executing advantageous investment decisions in a timely manner and could negatively impact the fund's ability to achieve its investment objective.

**How the Fund strives to manage it:** The Fund maintains a long-term investment approach. Generally, the portfolio managers do not try to predict overall market movements, but the portfolio managers do note trends in the economy, industries, and financial markets. Although the Fund may hold securities for any amount of time, it generally does not trade for short-term purposes.

**Delaware Ivy Total Return Bond Fund**

**Principal Risks.** An investment in Delaware Ivy Total Return Bond Fund is subject to various risks, including the following:

 **Capital repatriation risk**<br>

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

 **Convertible security risk**<br>

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

 **Credit risk**<br>

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

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

 **Derivatives risk**<br>

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

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

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

When a Fund uses derivatives, it will likely be required to provide margin or collateral and/or to segregate cash or other liquid assets in a manner that satisfies contractual undertakings and regulatory requirements. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. The amount of assets required to be segregated will depend on the type of derivative the Fund uses. If a Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which may create leverage.

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

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

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

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

The counterparty risk for exchange-traded derivatives is significantly less than for privately negotiated or OTC derivatives, since generally an exchange or clearinghouse, which is the issuer or counterparty to each exchange-traded instrument, provides a guarantee of performance. For privately negotiated instruments, there is not a similar exchange or clearinghouse guaranteeing the performance on both sides of the transaction. In all such transactions, the Fund bears the risk that the counterparty could default, and this could result in a loss of the expected benefit of the derivative transactions and possibly other losses to the Fund. A Fund will enter into transactions in derivative instruments only with counterparties that the Manager reasonably believes are

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How we manage the Funds

capable of performing under the contract. The Manager manages counterparty risk in an OTC derivative transaction by entering into bilateral collateral documentation, such as a Credit Support Annex and an accompanying Account Control Agreement, where it is market practice and/or required by law to do so for OTC derivatives.

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

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

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

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

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

 **Duration risk**<br>

Duration risk is the risk that longer-duration debt securities are more likely to decline in price than shorter-duration debt securities in a rising interest rate environment. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes.

 **Emerging markets risk**<br>

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

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 **Fixed income risk**<br>

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

 **Foreign currency exchange transactions and forward foreign currency contracts risk**<br>

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

 **Currency risk**<br>

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

 **Foreign government/supranational risk**<br>

Investing in foreign government obligations and the sovereign debt of emerging market countries creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. Such investments are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal. Factors which may influence the ability or willingness of a foreign government or country to service debt include a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the International Bank for Reconstruction and Development and other international agencies, the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. There may be no legal or bankruptcy process for collecting sovereign debt.

 **Foreign risk**<br>

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

Other factors that can affect the value of the Fund's foreign investments include the comparatively weak supervision and regulation by some foreign governments of securities exchanges, brokers and issuers; the fact that many foreign companies may not be subject to uniform and/or stringent

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How we manage the Funds

accounting, auditing and financial reporting standards; fluctuations in foreign currency exchange rates and related conversion costs or currency redenomination; nationalization or expropriation of assets; and custodial or other operational delays. It also may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Settlement of portfolio transactions also may be delayed due to local restrictions or communication problems, which can cause the Fund to miss attractive investment opportunities or impair its ability to dispose of securities in a timely fashion (resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

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

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

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

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

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

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

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

The EU continues to face major issues involving its membership, structure, procedures and policies, including the successful political, economic and social integration of new member states. The current and future status of the EU continues to be the subject of political controversy, and the growth of nationalist and populist parties in national legislatures may further threaten enlargement. The risk of investing in Europe may be heightened due to the decision by the United Kingdom (UK) to withdraw from the EU (commonly referred to as "Brexit"). The UK formally left the EU on January 31, 2020, and a "transition period," which was intended to allow for negotiation and implementation of new trade and other cooperative agreements, expired on December 31, 2020.

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The long-term impact of Brexit on the relationship between the UK and the EU remains uncertain. The uncertainty concerning the relationship between the UK and the EU (as well as political divisions within the UK that have been highlighted by the 2016 Brexit referendum) could cause a period of instability and market volatility, which may adversely impact both the UK economy and the economies of other countries in Europe, as well as greater volatility in the global financial and currency markets. Brexit also may trigger additional member states to consider departing the EU, which would likely perpetuate such political and economic instability in the region. It is not possible to ascertain the precise impact these events may have on the Fund or its investments from an economic, financial, tax or regulatory perspective, but any such impact could be material.

As a result of the military action by Russia in Ukraine, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region's economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Fund's performance.

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

 **Interest rate risk**<br>

The value of a debt security, mortgage-backed security or other fixed-income obligation, as well as of shares of mortgage REITs, may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities, mortgage-backed securities and other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. The Fund may experience a decline in its income due to falling interest rates. Interest rates in the US recently have been at, and remain near, historic lows, which may increase the Fund's exposure to risks associated with rising rates. The Fund may use derivatives to hedge its exposure to interest rate risk.

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

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

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

 **High yield (junk bond) risk**<br>

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

In addition, these low-rated securities and obligations may fluctuate more widely in price and yield than higher-rated securities and obligations and may fall in price during times when the economy is weak or is expected to become weak. Low-rated securities and obligations also may require a greater degree of

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How we manage the Funds

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

 **Mortgage-backed and asset-backed securities risk**<br>

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

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

 **Portfolio turnover risk**<br>

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

 **Geographic focus risk**<br>

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

 **US government securities risk**<br>

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

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

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 **ESG investing risk**<br>

ESG investing risk is the risk that a fund's strategy may exclude securities of certain issuers for non-financial reasons and the fund may forgo some market opportunities available to funds that do not integrate ESG factors in investment decisions. In addition, there is a risk that the companies identified by a fund's ESG factors will not operate as expected when addressing ESG issues or they will not exhibit positive ESG characteristics as intended.

 **Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. A fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

 **IBOR risk**<br>

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

 **Government and regulatory risk**<br>

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a fund.

 **Active management and selection risk**<br>

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

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

 **Investment company securities risk**<br>

The risks of investment in other investment companies typically reflect the risks of the types of securities in which the investment companies invest. As a shareholder in an investment company, the Fund would bear its pro rata share of that investment company's expenses, which could result in the duplication of certain fees, including management and administrative fees. The Fund may invest in ETFs as a means of tracking the performance of a designated stock index while maintaining liquidity or to gain exposure to precious metals and other commodities without purchasing them directly. Since many ETFs are a type of investment company, the Fund's purchases of shares of such ETFs are subject to the Fund's investment restrictions regarding investments in other investment companies.

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How we manage the Funds

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

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

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

 **Natural disaster and epidemic risk**<br>

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

 **Preferred stock risk**<br>

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

 **Redemption risk**<br>

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

 **Industry and sector risk**<br>

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

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 **Securities lending risk**<br>

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

**Delaware Sustainable Equity Income Fund**

**Principal Risks.** An investment in Delaware Sustainable Equity Income Fund is subject to various risks, including the following:

 **Market risk**<br>

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

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

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

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

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

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

 **Large-capitalization company risk**<br>

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

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How we manage the Funds

 **Sustainability risk**<br>

Investing with a focus on companies that exhibit a commitment to sustainable practices may result in the Fund investing in certain types of companies, industries or sectors that the market may not favor. In evaluating an investment opportunity, the Manager may make investment decisions based on information and data that is incomplete or inaccurate. Sustainability metrics are not uniformly defined and applying such metrics involves subjective assessments. Sustainability scorings and assessments of issuers can vary across third-party data providers and may change over time. In addition, a company's business practices, products or services may change over time. If so, the Fund may continue to hold such company's securities until the Manager deems it advantageous to sell them. Regulatory changes or interpretations regarding the definitions and/or use of sustainability criteria may limit the Fund's ability to invest in accordance with its investment policies and/or achieve its investment objective.

 **Active management and selection risk**<br>

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

 **Industry and sector risk**<br>

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

 **Government and regulatory risk**<br>

Government and regulatory risks are the risks that government or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of the Fund.

 **Portfolio turnover risk**<br>

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

**Disclosure of portfolio holdings information**

A description of the Funds' policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI.

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Who manages the Funds

**Investment manager**

The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, is the Funds' investment manager. Together, the Manager and the other subsidiaries of Macquarie Management Holdings, Inc. (MMHI) manage, as of December 31, 2022, approximately $220.6 billion in assets, including mutual funds, separate accounts, and other investment vehicles. The Manager and its predecessors have been managing Delaware Funds since 1938. The Manager is a series of Macquarie Investment Management Business Trust (a Delaware statutory trust), which is a subsidiary of MMHI. MMHI is a wholly owned subsidiary of Macquarie Group Limited. The Manager makes investment decisions for the Funds, manages the Funds' business affairs, and provides daily administrative services. For its services to the Funds, the Manager was paid an aggregate fee, net of fee waivers (if applicable) during the last fiscal year as follows:

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| | |
|:---|:---|
|  | As a percentage of average daily net assets |
| **Delaware Ivy California Municipal High Income Fund**<br>| 0.07%<br>|
| **Delaware Ivy Corporate Bond Fund**<br>| 0.47%<br>|
| **Delaware Ivy Crossover Credit Fund**<br>| 0.11%<br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>| 0.06%<br>|
| **Delaware Ivy Government Securities Fund**<br>| 0.49%<br>|
| **Delaware Ivy High Yield Fund**<br>| 0.48%<br>|
| **Delaware Ivy International Small Cap Fund**<br>| 0.55%<br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| 0.56%<br>|
| **Delaware Ivy Strategic Income Fund**<br>| 0.50%<br>|
| **Delaware Ivy Total Return Bond Fund**<br>| 0.64%<br>|
| **Delaware Sustainable Equity Income Fund**<br>| 0.32%<br>|

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A discussion of the basis for the Board's approval of the Funds'investment advisory agreement is available in the Funds' annual report to shareholders for the fiscal year ended September 30, 2022.

**Sub-advisors**

DMC has entered into sub-advisory agreements with the following entities on behalf of Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return Fund: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL), each of which is an affiliate of DMC (the Affiliated Sub-Advisors).

*Macquarie Investment Management Austria Kapitalanlage AG*

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), located at Kaerntner Strasse 28, 1010 Vienna, Austria, is an affiliate of the Manager and a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. As of December 31, 2022, MAM managed more than $355.6 billion in assets for institutional and individual clients. With respect to the Funds for which MIMAK serves as a sub-advisor, DMC has principal responsibility for all investment advisory services and may seek investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK's specialized market knowledge. In addition and with respect only to Delaware Ivy Multi-Asset Income Fund, MIMAK is responsible for the day-to-day management of the Fund. The Manager has entered into a separate sub-advisory agreement with MIMAK and compensates MIMAK out of the investment advisory fees it receives from the Fund.

*Macquarie Investment Management Global Limited*

Macquarie Investment Management Global Limited (MIMGL), located at 50 Martin Place, Sydney, Australia, is an affiliate of the Manager and a part of MAM. With respect to the Funds for which MIMGL serves as sub-advisor, DMC has principal responsibility for each Fund, and may seek investment advice and recommendations from MIMGL and DMC may also permit MIMGL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL's specialized market knowledge. In addition and with respect only to Delaware Ivy Total Return Bond Fund, MIMGL along with DMC, is responsible for the day-to-day management of the Fund. MIMGL also

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Who manages the Funds

serves as sub-advisor to Delaware Ivy International Small Cap Fund and Delaware Sustainable Equity Income Fund, executing security trades on behalf of DMC. The Manager has entered into a separate sub-advisory agreement with MIMGL and compensates MIMGL out of the investment advisory fees it receives from the Fund.

*Macquarie Investment Management Europe Limited*

Macquarie Investment Management Europe Limited (MIMEL), located at 28 Ropemaker Street, London, England, is an affiliate of the Manager and a part of MAM. Although the Manager has principal responsibility for the Manager's portion of each Fund, the Manager may seek investment advice and recommendations from MIMEL and the Manager may also permit MIMEL to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL's specialized market knowledge.

A discussion of the basis for the Board's approval of the sub-advisory contracts with MIMEL, MIMGL and MIMAK is available in the Funds' annual report to shareholders for the period ended September 30, 2022.

**Portfolio managers**

**Delaware Ivy California Municipal High Income Fund**

Gregory A. Gizzi, Stephen J. Czepiel, and Jake van Roden have day-to-day responsibilities for making investment decisions for the Delaware Ivy California Municipal High Income Fund.

**Gregory A. Gizzi** *Managing Director, Head of US Fixed Income and Head of Municipal Bonds, Senior Portfolio Manager* Gregory A. Gizzi is Head of Municipal Bonds for Macquarie Asset Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for MFI's taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm's municipal bond funds and several client accounts, a role he held since November 2011. Gizzi is also the Head of US Fixed Income, a role he assumed in July 2022. In this role, he is responsible for the oversight of the US fixed income business and works closely with US MFI leadership to ensure the delivery of the team's business objectives in the region. Before joining Macquarie Asset Management (MAM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm's tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor's degree in economics from Harvard University.

**Stephen J. Czepiel** *Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager* Stephen J. Czepiel leads the portfolio management of the firm's municipal bonds strategies for Macquarie Asset Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. He is a co-portfolio manager of the firm's municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Asset Management (MAM) in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor's degree in finance and economics from Duquesne University.

**Jake van Roden** *Managing Director, Senior Portfolio Manager* Jake van Roden is a Senior Portfolio Manager on the municipal bond team within Macquarie Asset Management Fixed Income (MFI) in the Americas, a role he assumed in 2017. In addition to portfolio management, his responsibilities include oversight of distressed and high yield investments across municipals, public purpose, and corporate credit sectors. Van Roden joined MFI's municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Prior to joining MFI, van Roden interned at Macquarie Asset Management (MAM) in the client services department. He received a bachelor's degree in American studies with a minor in government from Franklin & Marshall College.

**Delaware Ivy Corporate Bond Fund and Delaware Ivy Crossover Credit Fund**

Michael G. Wildstein, Wayne A. Anglace, and Kashif Ishaq have primary responsibility for making day-to-day investment decisions for the Delaware Ivy Corporate Bond Fund and Delaware Ivy Crossover Credit Fund.

**Michael G. Wildstein, CFA**

*Senior Managing Director, Head of US Credit and Insurance** 

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Michael G. Wildstein is Head of US Credit and Insurance for Macquarie Asset Management Fixed Income (MFI). He manages corporate credit-related portfolios. Before joining the team, he was a senior corporate bond analyst for MFI, focused on the telecommunications sector for high-grade and high yield portfolios. Prior to joining Macquarie Asset Management (MAM) in March 2007 as a senior research analyst, Wildstein spent five years at Merrill Lynch Investment Managers in various roles that included portfolio manager for the core bond team, corporate bond research analyst, and corporate bond trader. Prior to this, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned an MBA from Drexel University and a bachelor's degree from the University of Tampa.

**Wayne A. Anglace, CFA**

*Managing Director, Senior Portfolio Manager* Wayne A. Anglace currently serves as a Senior Portfolio Manager for the firm's corporate and convertible bond strategies within Macquarie Asset Management Fixed Income (MFI). Prior to joining Macquarie Asset Management (MAM) in March 2007 as a research analyst for the firm's high grade, high yield, and convertible bond portfolios, he spent more than two years as a research analyst at Gartmore Global Investments for its convertible bond strategy. From 2000 to 2004, Anglace worked in private client research at Deutsche Bank Alex. Brown in Baltimore, where he focused on equity research, and he started his financial services career with Ashbridge Investment Management in 1999. Prior to moving to the financial industry, Anglace worked as a professional civil engineer. He earned his bachelor's degree in civil engineering from Villanova University and an MBA with a concentration in finance from Saint Joseph's University, and he is a member of the CFA Society of Philadelphia. Anglace is a board member and chair of Clarifi.

**Kashif Ishaq** *Managing Director, Senior Portfolio Manager** Kashif Ishaq is a Senior Portfolio Manager across Macquarie Asset Management Fixed Income's (MFI) US Corporate Bond strategies. He manages corporate bond exposure within MFI's portfolios which include performing relative value analysis across different issuers, corporate curves and capital structures as well as risk surveillance. Given his experience in trading and risk systems, he has oversight for our corporate credit traders and maintains our key broker/dealer relationships. He started his fixed income career with Macquarie Asset Management (MAM) as a portfolio analyst on the firm's insurance portfolio management team before taking a position as an investment grade trader. Previously, he participated in Lincoln Financial Group's rotational Professional Development Program. He started the program as a financial analyst in the Hartford office, followed by a position in information technology, and lastly he spent a year in the client services department of Delaware Investments. Ishaq received his bachelor's degree in corporate finance and accounting from Bentley College.

**Delaware Ivy Emerging Markets Local Currency Debt Fund**

Alex Kozhemiakin and Mansur Z. Rasul have primary responsibility for making day-to-day investment decisions for the Delaware Ivy Emerging Markets Local Currency Debt Fund.

**Alex Kozhemiakin, CFA**

*Managing Director, Head of Emerging Markets Debt* Alex Kozhemiakin is head of the Macquarie Asset Management Fixed Income (MFI) Emerging Markets Debt team. He has overall responsibility for the team, which manages the full spectrum of emerging markets debt solutions including sovereign, local currency, and corporate. Prior to joining Macquarie Asset Management (MAM) in December 2018, Kozhemiakin was the head of emerging markets debt at Standish Mellon Asset Management from 2007 to 2016. Before that, he also worked as an emerging markets debt portfolio manager at Putnam Investments and as a sovereign analyst at Citibank. Kozhemiakin's research on fixed income has been published in leading finance journals. He has had a postdoctoral fellowship in International Relations and National Security Studies at Harvard University, and he holds a Ph.D. in political science from the University of Illinois.

**Mansur Z. Rasul**

*Senior Vice President, Senior Portfolio Manager** Mansur Z. Rasul is a Senior Portfolio Manager for the emerging markets credit strategy within Macquarie Asset Management Fixed Income (MFI), a role he assumed in July 2016. He rejoined the firm in April 2012 as head of emerging markets trading for MFI. During his previous time at Macquarie Asset Management (MAM) from 2004 to 2007, he was an analyst for MFI. From May 2011 to December 2011, Rasul worked with ING Financial Markets, where he was responsible for emerging markets credit trading and structuring. Prior to that, he worked for Daiwa Capital Markets America as director of the firm's fixed income syndicate, responsible for the placement of all fixed income products to US-based accounts from 2009 to 2011. Previously, he worked with Merrill Lynch as an associate responsible for Asian credit trading from 2007 to 2009. Rasul received his bachelor's degree in economics, with a minor in political science, from Northwestern University.

**Delaware Ivy Government Securities Fund**

Brian Scotto and Eric Frei are the lead portfolio managers primarily responsible for the overall day-to-day management of the Delaware Ivy Government Securities Fund.

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Who manages the Funds

**Brian M. Scotto**

*Senior Vice President, Senior Portfolio Manager** Brian M. Scotto is a Senior Portfolio Manager for the Macquarie Asset Management Fixed Income Team (MFI). He is a member of the US Multi-Sector Fixed Income and Global Rates and Currency teams, where he is responsible for US and Canadian interest rate strategy. He is a senior portfolio manager for the US Government Securities Fund, Diversified Floating Rate Fund, and Global Inflation products. Brian is also responsible for trading government and agency securities, sovereign and supranational securities, foreign exchange, as well as interest rate futures and options. He joined Macquarie Asset Management (MAM) in 2002, and prior to moving to MFI, he was vice president and product manager for the firm's value, international, and core mutual funds. He began his trading career as an equity and index options market maker on the floor of the Philadelphia Stock Exchange. Brian received his bachelor's degree in accounting and an MBA with a concentration in finance from La Salle University.

**Eric Frei, CMT**

*Senior Vice President, Senior Portfolio Manager* Eric Frei is Senior Portfolio Manager for Macquarie Asset Management Fixed Income (MFI). He is a member of the US Multi-Sector Fixed Income and Global Rates and Currency teams, where he is responsible for US and Canadian interest rate strategy. He is a senior portfolio manager for the US Government Securities Fund, the fixed income Separately Managed Account (SMA) strategies and Global Inflation products. Eric is also responsible for trading government and agency securities, sovereign and supranational securities, foreign exchange, as well as interest rate futures and options. He joined Macquarie Asset Management (MAM) in April 2011 as part of the firm's integration of Macquarie Allegiance Capital, responsible for trading government securities for SMA portfolios as well as portfolio management and asset allocation of the firm's aggregate-duration, intermediate-duration, and low-duration products. He began his career in the financial services industry in 1997 as a mutual fund trader with CNA Trust, later joining Macquarie Allegiance in 1999. He earned a bachelor's degree in management science from the University of California at San Diego.

**Delaware Ivy High Yield Fund**

Adam H. Brown and John P. McCarthy have primary responsibility for making day-to-day investment decisions for the Delaware Ivy High Yield Fund.

**Adam H. Brown, CFA**

*Managing Director, Senior Portfolio Manager* Adam H. Brown is a Senior Portfolio Manager for the firm's high yield strategies within Macquarie Asset Management Fixed Income (MFI). He manages MFI's bank loan portfolios and is a co-portfolio manager for the high yield, fixed rate multisector, and core plus strategies. Brown joined Macquarie Asset Management (MAM) in April 2011 as part of the firm's integration of Macquarie Four Corners Capital Management, where he had worked since 2002. At Four Corners, he was a co-portfolio manager on the firm's collateralized loan obligations (CLOs) and a senior research analyst supporting noninvestment grade portfolios. Before that, Brown was with the predecessor of Wells Fargo Securities, where he worked in the leveraged finance group arranging senior secured bank loans and high yield bond financings for financial sponsors and corporate issuers. He earned an MBA from the A.B. Freeman School of Business at Tulane University and a bachelor's degree in Accounting from the University of Florida.

**John P. McCarthy, CFA**

*Managing Director, Senior Portfolio Manager* John P. McCarthy is a Senior Portfolio Manager for the Macquarie Asset Management Fixed Income (MFI) high yield strategies, a role he assumed in July 2016. From December 2012 to June 2016, he was co-head of credit research for MFI. McCarthy rejoined Macquarie Asset Management (MAM) in March 2007 as a senior research analyst, after he worked in the firm's fixed income area from 1990 to 2000 as a senior high yield analyst and high yield trader, and from 2001 to 2002 as a municipal bond trader. Prior to rejoining the firm, he was a senior high yield analyst/trader at Chartwell Investment Partners. McCarthy earned a bachelor's degree in business administration from Babson College, and he is a member of the CFA Society of Philadelphia.

**Delaware Ivy International Small Cap Fund**

Joseph Devine, Stephan Maikkula, and Gabriel Wallach have primary responsibility for making day-to-day investment decisions for the Delaware Ivy International Small Cap Fund.

**Joseph Devine**

*Managing Director, Chief Investment Officer — Global Small Cap Equity** Joseph Devine joined Macquarie Asset Management (MAM) in March 2016 as Head of the Global Small Cap Equity team. Previously, he worked at UBS Asset Management from July 2007 to February 2016, first as senior portfolio manager and then as head of the Global ex-US Growth Equities team. Prior to UBS, Devine worked at Nicholas-Applegate Capital Management from July 2005 to July 2007 as lead portfolio manager for the Emerging Markets and Pacific Rim portfolios of the International Growth team. Prior to that, he was an Asian equity analyst at Duncan-Hurst Capital Management. Devine was also responsible for the firm's Global Emerging Markets portfolio. He previously held trading positions at Peregrine Investment Holdings in the Philippines and Singapore, and at Credit Suisse First Boston in Hong Kong and Singapore. Devine earned a bachelor's degree at the University of Southern California and an MBA at the Marshall School of Business at the University of Southern California.

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**Stephan Maikkula, CFA, CMT**

*Senior Vice President, Portfolio Manager* Stephan Maikkula joined Macquarie Asset Management (MAM) in March 2016 as a Portfolio Manager for the Global Small Cap Equity team. Previously, he worked at UBS Asset Management from July 2007 to February 2016 in various investment roles, leaving the firm as a portfolio manager on the Global ex-US Growth Equities team. Prior to UBS, Maikkula worked at Nicholas-Applegate Capital Management as a generalist on the firm's International Growth team, where he covered Europe. Previously, he was an analyst and portfolio manager with the Employees Retirement System of Texas. Prior to that, Maikkula was a portfolio manager for the MBA Investment Fund and an investment analyst intern at the Teacher Retirement System of Texas. He also worked for Cargill for six years in various commodity merchandising roles, providing fundamental and technical analysis of commodity markets. Maikkula earned a bachelor's degree at St. John's University and an MBA at the University of Texas at Austin. He is a member of the CFA Institute and the Market Technicians Association.

**Gabriel Wallach**

*Senior Vice President, Portfolio Manager* Gabriel Wallach joined Macquarie Asset Management (MAM) in August 2016 as a Portfolio Manager for the Global Small Cap Equity team. Previously, Wallach was a portfolio manager at North Grove Capital, a company he founded in August 2014 focused on emerging markets equities. From April 2004 to May 2014, he was chief investment officer, global emerging markets equities at BNP Paribas Investment Partners managing several strategies, including global emerging markets equities, frontier markets equities, and regional funds investing in Latin America, Asia, and Europe, the Middle East, and Africa (EMEA), respectively. Before that, Wallach worked at Baring Asset Management from 1997 to 2003, first as head of Latin American equities and left the firm as a senior portfolio manager with the US Equity team. Previously, he was a senior analyst at Fiduciary Trust Company, where he primarily focused on Latin America. Wallach earned his bachelor's degree in economics from Hampshire College.

**Delaware Ivy Multi-Asset Income Fund**

Stefan Löwenthal, Jürgen Wurzer and Aaron D. Young are primarily responsible for the day-to-day portfolio management of Delaware Ivy Multi-Asset Income Fund.

**Stefan Löwenthal, CFA** *Managing Director, Chief Investment Officer — Global Multi Asset Team* Stefan Löwenthal is the Chief Investment Officer for Macquarie Asset Management's Global Multi Asset team, a role he assumed in February 2013. He heads the global multi asset team, which is responsible for asset allocation and portfolio construction, the management of multi asset funds and institutional accounts, as well as the development of new investment strategies. In addition, Löwenthal oversees all research, portfolio management, and thought leadership activities of the team. He chairs the firm's Investment Policy Committee and is a member of the Professional Series Multi Manager Committee and the Private Infrastructure Fund Governance Committee. He joined Macquarie in February 2008 as a portfolio manager on the global multi asset team. He holds a Master of Management Science from Vienna University of Economics and Business. Löwenthal is a member of the CFA Society Austria and is a frequent speaker at industry events and universities.

**Jürgen Wurzer, CFA** *Senior Vice President, Deputy Head of Portfolio Management— Global Multi Asset Team** Jürgen Wurzer is the Deputy Head of Portfolio Management for Macquarie Asset Management's Global Multi Asset team, a role he assumed in April 2018. He is responsible for designing and managing multi asset strategies, overseeing quantitative research and modelling, as well as analyzing global equity markets. He initially joined Macquarie in January 2007, focusing on multi asset solutions. Prior to re-joining Macquarie in April 2018, he was part of the multi asset management team at Erste Asset Management from September 2016 to March 2018. He graduated from University of Applied Sciences Wiener Neustadt with a master's degree. Wurzer is a lecturer for asset allocation, quantitative finance, and portfolio and risk management at several educational institutions.

**Aaron D. Young**

*Senior Vice President, Portfolio Manager*

Aaron D. Young is a Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management's Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of Delaware Funds that were involved in a transaction that closed on April 30, 2021. He joined Ivy Investments in 2005 as a fixed income analyst with an emphasis in credit research and derivative securities. He joined the Asset Strategy team at Ivy Investments as an investment analyst in 2007. He had served as an assistant portfolio manager for investment companies managed by Ivy Investments (or its affiliates) since 2012 and has been a portfolio manager on the multi-asset investment team since 2016. He earned a bachelor's degree in philosophy from the University of Missouri and holds an MBA with an emphasis in finance and strategy from the Olin School of Business at Washington University.

**Delaware Ivy Strategic Income Fund**

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Who manages the Funds

J. David Hillmeyer and Daniela Mardarovici are the lead portfolio managers primarily responsible for the overall day-to-day management of the Delaware Ivy Strategic Income Fund.

**J. David Hillmeyer, CFA** *Senior Managing Director, Co-Head of US Multisector Fixed Income* J. David Hillmeyer co-leads the firm's US Multisector Fixed Income team for Macquarie Asset Management Fixed Income (MFI) with responsibility for investment strategy and business development across the full suite of US multisector strategies. In addition, Hillmeyer has responsibility for our global credit strategies. Hillmeyer is also a member of MFI's Global Leadership Group which is responsible for the overall management of MFI including setting and executing on the team's strategic vision. Prior to joining Macquarie Asset Management (MAM) in August 2007 as a vice president and corporate bond trader, he worked for more than 11 years in various roles at Hartford Investment Management Company, including senior corporate bond trader, high yield portfolio manager / trader, and quantitative analyst. He began his career as an investment advisor in January 1989 at Shawmut Bank, leaving the firm as an investment officer in November 1995. Hillmeyer earned his bachelor's degree from Colorado State University, and he is a member of the CFA Society of Philadelphia and the Philadelphia Council for Business Economics.

**Daniela Mardarovici, CFA**

*Managing Director, Co-Head of US Multisector Fixed Income* Daniela Mardarovici co-leads the firm's US Multisector Fixed Income efforts for Macquarie Asset Management Fixed Income (MFI) with responsibility for investment and business strategy for the full suite of US multisector solutions. Mardarovici is also a member of MFI's Global Leadership Group which is responsible for the overall management of MFI including setting and executing the team's strategic vision. Prior to joining Macquarie Asset Management (MAM) in March 2019, she spent more than 13 years at BMO Global Asset Management as a senior investment leader. Since 2014, she was a member of the management committee of Taplin, Canida & Habacht (TCH), BMO's US fixed income group, and helped lead business strategy and development efforts. In addition, Mardarovici was responsible for driving investment strategy and managing institutional portfolios and mutual funds across a wide spectrum of strategies, including core, core plus, credit, multisector, and liability-driven investing (LDI). Previously, she managed taxable fixed income strategies and led investment management efforts for mortgage-backed securities at Harris Investment Management. She started her career in 2000 as a proprietary trader at Gelber Group. In 2018, Mardarovici was named one of the top 20 female portfolio managers by CityWire. She graduated magna cum laude with a major in economics and finance/banking from the University of Nebraska at Omaha. She is a member of the CFA Society New York and the CFA Institute.

**Delaware Ivy Total Return Bond Fund**

Andrew Vonthethoff and Matthew Mulcahy are primarily responsible for the day-to-day portfolio management of Delaware Ivy Total Return Bond Fund.

**Andrew Vonthethoff, CFA**

*Managing Director, Senior Portfolio Manager*

Andrew Vonthethoff is a Senior Portfolio Manager for the Macquarie Asset Management Fixed Income (MFI) credit and multi-sector strategies. He is also a portfolio manager for the Macquarie Dynamic Bond Fund and Macquarie Income Opportunities Fund. Since transferring from the MFI quantitative and markets research team in 2010, Vonthethoff has been responsible for portfolio management, including global relative value, sector rotation, and security selection. Vonthethoff joined the firm in 2008 as a quantitative analyst, and was involved in building and maintaining financial models as well as providing general quantitative and systems support across MFI. Vonthethoff earned a Bachelor of Commerce (Actuarial Studies and Finance) from the University of New South Wales.

**Matthew Mulcahy**

*Managing Director, Head of Rates and Currency*

Matthew Mulcahy leads the Macquarie Asset Management Fixed Income (MFI) Global Rates and Currency team. He is also a lead portfolio manager of the Macquarie Australian Fixed Interest Fund and Macquarie Dynamic Bond and co-manages MFI's Australian fixed interest portfolios. Mulcahy's experience and expertise has contributed to MFI's investment strategies across all the cash and fixed income solutions globally. Mulcahy joined Macquarie Asset Management (MAM) in 2015, and before that he spent nine years as a senior portfolio manager at PIMCO and was also a member of the Macro Strategic Trading Team at UBS. He holds a Bachelor of Business in Accounting and Finance from the University of Technology Sydney.

**Delaware Sustainable Equity Income Fund**

Barry Gladstein and Chris Gowlland have primary responsibility for making day-to-day investment decisions for the Fund.

**Barry Gladstein, CFA** *Managing Director, Head of Sustainable Investing* Barry Gladstein oversees the responsible investment practices for Macquarie Asset Management Public Investments (MPI) and leads MPI's ESG Working Group. Prior to joining Macquarie Investment Management in 2016, Barry spent five years as founding member and portfolio manager for Cross Ledge Investments, an SEC-registered investment advisor firm whose primary product was the Cross Ledge Long/Short Equity Fund. From 1995 to 2010, he

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worked at Delaware Investments in various investment and operational roles, leaving the firm as co-chief investment officer and portfolio manager/analyst for the firm's Emerging Growth team. Barry has a Masters in Business Administration from the University of Pennsylvania's Wharton School of Business and a Bachelor of Science degree from Binghamton University. Barry is a certified public accountant, a CFA Charterholder , an FSA credential holder, and serves on the CFA Institute's ESG Technical Committee as well as the Investment Management Education Association's (IMEA) ESG Committee leadership group.

**Chris Gowlland, CFA** *Senior Vice President, Head of Equity Quantitative Research* Chris Gowlland is the head of equity quantitative research, a role he assumed in July 2019. As part of his role, he also serves as portfolio manager for certain portfolios managed by the Global Equity team and for several different strategies in the firm's multi-asset class offerings. Previously, he was a senior quantitative analyst for the firm's equity department. Prior to joining Macquarie Asset Management (MAM) in May 2007, he spent seven years working in fundamental equity research and corporate finance for Morgan Stanley and Commerzbank Securities, followed by two years as a quantitative strategist at Morgan Stanley and at State Street Global Markets. Gowlland holds a bachelor's degree in Chinese and Spanish from the University of Leeds (U.K.), a master's degree in development studies from Brown University, and another master's degree in international management from Thunderbird. He also spent several years in a Ph.D. program in political economy at Harvard University. Gowlland is a member of the CFA Institute, the CFA Society New York, the CFA Society of Philadelphia, and the Society of Quantitative Analysts.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of Fund shares.

**Manager of managers structure**

The Funds and the Manager have received an exemptive order from the US Securities and Exchange Commission (SEC) to operate under a manager of managers structure that permits the Manager, with the approval of the Funds' Board, to appoint and replace both affiliated and unaffiliated sub-advisors, and to enter into and make material amendments to the related sub-advisory contracts on behalf of the Funds without shareholder approval (Manager of Managers Structure). Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Board, for overseeing the Funds' sub-advisors and recommending to the Board their hiring, termination, or replacement.

The Manager of Managers Structure enables the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisors or sub-advisory agreements. The Manager of Managers Structure does not permit an increase in the overall management and advisory fees payable by the Funds without shareholder approval. Shareholders will be notified of the hiring of any new sub-advisor within 90 days of the hiring.

The Funds and the Manager also have an exemptive order from the SEC that allows the approval of a new sub-advisor to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting. If a new unaffiliated sub-adviser is hired for a Fund, shareholders will receive information about the new sub-advisor within 90 days of the change.

**Who's who**

**Board of trustees:** A mutual fund is governed by a board of trustees, which has oversight responsibility for the management of the fund's business affairs. Trustees establish procedures and oversee and review the performance of the fund's service providers.

**Investment manager:** An investment manager is a company responsible for selecting portfolio investments consistent with the objective and policies stated in the mutual fund's prospectus. A written contract between a mutual fund and its investment manager specifies the services the investment manager performs and the fee the manager is entitled to receive.

**Portfolio managers:** Portfolio managers make investment decisions for individual portfolios.

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Who manages the Funds

![](boardoftrustees_flowchart.jpg)

**Distributor:** Most mutual funds continuously offer new shares to the public through distributors that are regulated as broker/dealers and are subject to the Financial Industry Regulatory Authority (FINRA) rules governing mutual fund sales practices.

**Service agent:** Mutual fund companies employ service agents (sometimes called transfer agents) to maintain records of shareholder accounts, calculate and disburse dividends and capital gains, and prepare and mail shareholder statements and tax information, among other functions. Many service agents also provide administrative services to a fund and oversight of other fund service providers. Accounting services agents provide services such as calculating a fund's net asset value (NAV) and providing financial reporting information for the fund.

**Custodian:** Mutual funds are legally required to protect their portfolio securities, and most funds place them with a qualified bank custodian that segregates fund securities from other bank assets.

**Financial intermediary:** Financial professionals provide advice to their clients. They are associated with securities broker/dealers who have entered into selling and/or service arrangements with the distributor. Selling broker/dealers and financial professionals are compensated for their services generally through sales commissions, and through 12b-1 fees and/or service fees deducted from a fund's assets.

**Shareholders:** Mutual fund shareholders have specific voting rights on matters such as material changes in the terms of a fund's management contract and changes to fundamental investment policies.

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About your account

**Investing in the Funds**

You can choose from a number of share classes for each Fund. **Because each share class has a different combination of sales charges, fees, and other features, you should consult your financial intermediary or your financial professional (hereinafter collectively referred to as the "financial intermediary") to determine which share class best suits your investment goals and time frame. It is the responsibility of your financial intermediary to assist you in determining the most appropriate share class and to communicate such determination to us.**

Information about existing sales charges and sales charge reductions and waivers is available in this Prospectus below and free of charge on the Delaware Funds website at delawarefunds.com. Additional information on sales charges can be found in the SAI, which is available upon request.

**Please also see the "Broker-defined sales charge waiver policies" section in this Prospectus for information provided to the Fund by certain financial intermediaries on sales charge discounts and waivers that may be available to you through your financial intermediary.** Shareholders purchasing Fund shares through a financial intermediary may also be eligible for sales charge discounts or waivers which may differ from those disclosed elsewhere in this Prospectus or SAI. The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. It is the responsibility of the financial intermediary to implement any of its proprietary sales charge discounts or waivers listed in "Broker-defined sales charge waiver policies" or otherwise offered by the financial intermediary. Accordingly, you should consult with your financial intermediary to determine whether you qualify for any sales charge discounts or waivers.

**Choosing a share class**

Each share class may be eligible for purchase through programs sponsored by financial intermediaries that require the purchase of a specific class of shares.

Class A, Class C, Class R and Class Y shares have each adopted a separate 12b-1 plan that allows them to pay distribution fees for the sale and distribution of their shares. Because these fees are paid out of a Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Certain existing investors or programs sponsored by certain intermediaries that were eligible under prior eligibility requirements may continue to invest in a particular share class.

Plan sponsors, plan fiduciaries and other financial intermediaries may choose to impose qualification requirements for investors that differ from a Fund's share class eligibility standards. In certain cases, this could result in the selection of a share class with higher service and distribution-related fees than otherwise would have been charged. Each Fund and the Distributor are not responsible for, and have no control over, the decision of any plan sponsor, plan fiduciary or financial intermediary to impose such different requirements. Please consult with your plan sponsor, plan fiduciary or financial intermediary for more information about available share classes as not all share classes may be made available.

 **Class A**<br>

• Class A shares have an upfront sales charge that is noted in the Class A sales charges table below.

• If you invest the amounts noted in the Class A sales charges table below, your front-end sales charge will be reduced.

• You may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in "How to reduce your sales charge" below.

• Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. See "Dealer compensation" below for further information.

• Class A shares generally are not subject to a CDSC, except in the limited circumstances described in the table below.

• Because of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class I and Class R6 shares.

• In addition, you may have received Class A shares as the result of a merger or reorganization of a predecessor fund.

**Class A sales charges**

The table below details your sales charges on purchases of Class A shares. The offering price for Class A shares includes the front-end sales charge. The offering price is determined by dividing the NAV per share by an amount equal to 1 minus the sales charge (expressed in decimals) applicable to the purchase, calculated to two decimal places using standard rounding criteria. The sales charge as a percentage of the net amount invested is the maximum percentage of the amount invested rounded to the nearest hundredth. The actual sales charge that you pay as a percentage of the offering price and as a percentage of the net amount invested will vary depending on the then-current NAV, the percentage rate of the sales charge, and rounding. The number of Fund shares you will be issued will equal the amount invested divided by the applicable offering price for those shares, calculated to three decimal places using standard rounding criteria. Sales charges do not apply to shares purchased through dividend reinvestment. The ongoing expenses of Class A shares are lower than those for Class C shares and typically higher than those for Class Y shares or Class I shares.

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About your account

**Delaware Ivy California Municipal High Income Fund**

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| | | |
|:---|:---|:---|
| Amount of purchase<br>| Sales charge as a %<br>of offering price  | Sales charge as a %<br>of net amount invested  |
| Less than $100,000<br>| 4.50%<br>| 5.13%<br>|
| $100,000 but less than $250,000<br>| 3.50%<br>| 4.00%<br>|
| $250,000 or more<br>| none\*<br>| none\*<br>|

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**Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy Strategic Income Fund, and Delaware Ivy Total Return Bond Fund**

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| | | |
|:---|:---|:---|
| Amount of purchase<br>| Sales charge as a %<br>of offering price  | Sales charge as a %<br>of net amount invested  |
| Less than $100,000<br>| 4.50%<br>| 5.13%<br>|
| $100,000 but less than $250,000<br>| 3.50%<br>| 4.00%<br>|
| $250,000 but less than $500,000<br>| 2.50%<br>| 3.00%<br>|
| $500,000 but less than $1,000,000<br>| 2.00%<br>| 2.44%<br>|
| $1,000,000 or more<br>| none\*<br>| none\*<br>|

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**Delaware Ivy International Small Cap Fund and Delaware Ivy Multi-Asset Income Fund**

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| | | |
|:---|:---|:---|
| Amount of purchase<br>| Sales charge as a %<br>of offering price  | Sales charge as a %<br>of net amount invested  |
| Less than $50,000<br>| 5.75%<br>| 6.54%<br>|
| $50,000 but less than $100,000<br>| 4.75%<br>| 5.41%<br>|
| $100,000 but less than $250,000<br>| 3.75%<br>| 4.31%<br>|
| $250,000 but less than $500,000<br>| 2.50%<br>| 3.00%<br>|
| $500,000 but less than $1,000,000<br>| 2.00%<br>| 2.44%<br>|
| $1,000,000 or more<br>| none\*<br>| none\*<br>|

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**Delaware Sustainable Equity Income Fund**

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| | | |
|:---|:---|:---|
| Amount of purchase<br>| Sales charge as a %<br>of offering price  | Sales charge as a %<br>of net amount invested  |
| Less than $250,000<br>| 2.50%<br>| 2.56%<br>|
| $250,000 or more<br>| none\*<br>| none\*<br>|

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\* There is no front-end sales charge when you purchase $1 million or more ($250,000 or more for Delaware Ivy California Municipal High Income Fund and Delaware Sustainable Equity Income Fund) of Class A shares. However, if Delaware Distributors, L.P. (the Distributor) paid your financial intermediary a commission on your purchase of $1 million or more ($250,000 or more for Delaware Ivy California Municipal High Income Fund and Delaware Sustainable Equity Income Fund) or more of Class A shares that received an NAV breakpoint for shares that are subject to a CDSC, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase (within the first 12 months after your purchase only for the Delaware Sustainable Equity Income Fund), unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the "NAV at the time of purchase" will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the "NAV of such shares at the time of redemption" will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See "Dealer compensation" below for a description of the dealer commission that is paid.

 **Class C**<br>

• Class C shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. However, you will pay a CDSC of 1.00% if you redeem your shares within 12 months after you buy them.

• In determining whether the CDSC applies to a redemption of Class C shares, it will be assumed that shares held for more than 12 months are redeemed first, followed by shares acquired through the reinvestment of dividends or distributions, and finally by shares held for 12 months or less. For further information on how the CDSC is determined, please see "Calculation of contingent deferred sales charges — Class C" below.

• Under certain circumstances, the CDSC may be waived; please see "Waivers of contingent deferred sales charges" below for further information.

• For approximately eight years after you buy your Class C shares, they are subject to an annual 12b-1 fee no greater than 1.00% of average daily net assets (of which 0.25% is a service fee) paid to the Distributor, dealers, or others for providing services and maintaining shareholder accounts.

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• Class C shares are eligible to automatically convert to Class A shares with a 12b-1 fee of no more than 0.25% approximately eight years after you buy Class C shares. Conversion may occur as late as one month after the eighth anniversary of purchase, during which time Class C's higher 12b-1 fee applies. Please refer to the Fund's SAI for more details on this automatic conversion feature.

• You may purchase only up to $1 million of Class C shares at any one time. Orders that equal or exceed $1 million will be rejected.

• Because of their higher 12b-1 fee, Class C shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Class R, Class I, and Class R6 shares.

• Class C shares with no financial intermediary will be converted to Class A shares at NAV within a certain time frame after a financial intermediary resigns, as determined by the Manager. Additionally, investors may only open an account to purchase Class C shares if they have appointed a financial intermediary.

**Calculation of contingent deferred sales charges — Class C**

CDSCs are charged as a percentage of the dollar amount subject to the CDSC. The charge will be assessed on an amount equal to the lesser of the NAV at the time the shares being redeemed were purchased or the NAV of those shares at the time of redemption. No CDSC will be imposed on increases in NAV above the initial purchase price, nor will a CDSC be assessed on redemptions of shares acquired through reinvestment of dividends or capital gains distributions. For purposes of this formula, the "NAV at the time of purchase" will be the NAV at purchase of Class C shares of the Fund, even if those shares are later exchanged for shares of another Delaware Fund. In the event of an exchange of the shares, the "NAV of such shares at the time of redemption" will be the NAV of the shares that were acquired in the exchange.

 **Class I**<br>

• Class I shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund.

• Class I shares are not subject to a CDSC.

• Class I shares do not assess a 12b-1 fee.

• Class I shares are available for purchase only by the following:

○ retirement plans or certain other programs that are maintained on platforms sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliate) related to such plans or programs;

○ tax-exempt employee benefit plans of the Manager, its affiliates, and securities dealers that have a selling agreement with the Distributor;

○ a bank, trust company, or similar financial institution investing for its own account or for the account of its trust customers for whom the financial institution is exercising investment discretion in purchasing Class I shares, except where the investment is part of a program that requires payment to the financial institution of a Rule 12b-1 Plan fee;

○ registered investment advisors (RIAs) investing on behalf of clients that consist solely of institutions and high net worth individuals whose assets are entrusted to an RIA for investment purposes for accounts requiring Class I shares (use of the Class I shares is restricted to RIAs who are not affiliated or associated with a broker or dealer and who derive compensation for their services exclusively from their advisory clients);

○ programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (1) such programs allow or require the purchase of Class I shares; (2) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class I shares; and (3) a financial intermediary (i) charges clients an ongoing fee for advisory, investment consulting or similar services, or (ii) offers the Class I shares through a no-commission network or platform;

○ through a brokerage program of a financial intermediary that has entered into a written agreement with the Distributor and/or the transfer agent specifically allowing purchases of Class I shares in such programs;

○ private investment vehicles, including, but not limited to, foundations and endowments; or

○ current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, or any of the Manager's affiliates or any predecessor fund to a Delaware Fund, provided that such shares are either held in an account opened directly with a Fund or are held through an account with a financial intermediary that permits the purchase of such shares. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing individuals identified in this paragraph may also purchase Class I shares subject to the same account requirements.

○ In addition, you may have received Class I shares as the result of a merger or reorganization of a predecessor fund.

A shareholder transacting in Class I shares through a broker or other financial intermediary may be required to pay a commission and/or other forms of compensation to the financial intermediary.

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About your account

 **Class R6**<br>

• Class R6 shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R6 shares are not subject to a CDSC.

• Class R6 shares do not assess a 12b-1 fee.

• Class R6 shares do not pay any service fees, sub-accounting fees, and/or subtransfer agency fees to any brokers, dealers, or other financial intermediaries.

• Class R6 shares are generally available to certain employer-sponsored retirement plans, such as 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans and money purchase pension plans, defined benefit plans, employer-sponsored benefit plans, and non-qualified deferred compensation plans. In addition, for these employer-sponsored retirement plans, the Class R6 shares must be held through plan level or omnibus accounts held on the books of the Fund, and Class R6 shares are only available for purchase through financial intermediaries who have the appropriate agreement with the Distributor (or its affiliates) related to Class R6.

• Class R6 shares are also available for purchase through certain programs, platforms, or accounts that are maintained or sponsored by financial intermediary firms (including but not limited to, brokers, dealers, banks, trust companies, or entities performing trading/clearing functions), provided that the financial intermediary firm has entered into an agreement with the Distributor (or its affiliates) related to Class R6 for such programs, platforms or accounts.

• Class R6 shares are also generally available for purchase by or through funds (including mutual funds registered under the 1940 Act and collective trusts) of funds.

• In addition to the foregoing list of eligible investors, Class R6 shares are generally available to certain institutional investors and high net worth individuals who make a minimum initial investment directly in the Fund's Class R6 shares of $1,000,000 or more and who have completed an application and been approved by the Fund for such investment. These institutional investors and high net worth individuals must retain Class R6 shares directly in their names and will not be permitted to hold such shares through an omnibus account or other similar arrangements.

• Class R6 shares may not be available through certain financial intermediaries.

• In addition, you may have received Class R6 shares as the result of a merger or reorganization of a predecessor fund.

 **Class R**<br>

• Class R shares have no upfront sales charge, so the full amount of your purchase is invested in a Fund. Class R shares are not subject to a CDSC.

• Class R shares are subject to an annual 12b-1 fee no greater than 0.50% of average daily net assets.

• &nbsp;&nbsp;&nbsp;&nbsp;Class R shares generally are available only to: (i) qualified and nonqualified plan shareholders covering multiple employees (including 401(k), 401(a), 457, and noncustodial 403(b) plans, as well as certain other nonqualified deferred compensation plans); and (ii) individual retirement account (IRA) rollovers from legacy Delaware Investments plans that were previously maintained on the Delaware Investments retirement recordkeeping system or the retirement recordkeeping system of Ascensus that are offering Class R shares to participants.

• Except as noted above, no other IRAs are eligible for Class R shares (for example, no traditional IRAs, Roth IRAs, SIMPLE IRAs, SEPs, or SARSEPs).

• Unlike Class C shares, Class R shares do not automatically convert into another class.

• Because of their higher 12b-1 fee, Class R shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Class I, and Class R6 shares.

• Certain intermediaries may offer Class R to other account types under an agreement with the Distributor or its affiliates relating to such accounts.

 **Class Y**<br>

Class Y shares are not subject to a sales charge. Class Y shares do however pay an annual 12b-1 distribution and/or service fee of up to 0.25% of average net assets. Class Y shares are only available for purchase by:

• participants of employee benefit plans established under Section 401(a) (including a 401(k) plan), 403(b) or 457(b) of the Code for which an unaffiliated third party intermediary provides administrative, distribution and/or other support services to the plan

• individuals investing in fee-based brokerage or advisory accounts, wrap accounts and asset allocation programs that charge asset-based fees, through certain investment advisers and broker-dealers, including banks, trust institutions, investment fund administrators and other third parties investing for their own accounts or for the accounts of their customers, and for which entity an unaffiliated third party provides administrative, distribution and/or other support services

• government entities or authorities and corporations whose investment within the first 12 months after initial investment is $10 million or more and to which entity an unaffiliated third party intermediary provides certain administrative, distribution and/or other support services

• clients of financial intermediaries who have self-directed brokerage accounts (that may or may not charge transaction fees to those clients), provided that such financial intermediaries have entered into an agreement with the Distributor and have been approved by the Distributor to offer Class Y shares within such self-directed brokerage accounts

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Each Fund reserves the right to modify or waive the above policies at any time without prior notice to shareholders.

**Dealer compensation**

The financial intermediary who sells you shares of the Funds may be eligible to receive the following amounts as compensation for your investment in the Funds. These amounts are paid by the Distributor to the securities dealer with whom your financial advisor is associated.

**Delaware Ivy California Municipal High Income Fund**

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| | |
|:---|:---|
| Commission (%)<br>| Class A<sup>1</sup> |
| Investment less than $100,000<br>| 4.00%<br>|
| $100,000 but less than $250,000<br>| 3.00%<br>|
| $250,000 but less than $5 million<br>| 1.00%<br>|
| $5 million but less than $25 million<br>| 0.50%<br>|
| $25 million or more<br>| 0.25%<br>|
| 12b-1 fee to dealer<br>| 0.25%<br>|

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**Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy Strategic Income Fund, and Delaware Ivy Total Return Bond Fund**

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| | |
|:---|:---|
| Commission (%)<br>| Class A<sup>1</sup> |
| Investment less than $100,000<br>| 4.00%<br>|
| $100,000 but less than $250,000<br>| 3.00%<br>|
| $250,000 but less than $500,000<br>| 2.00%<br>|
| $500,000 but less than $1 million<br>| 1.60%<br>|
| $1 million but less than $5 million<br>| 1.00%<br>|
| $5 million but less than $25 million<br>| 0.50%<br>|
| $25 million or more<br>| 0.25%<br>|
| 12b-1 fee to dealer<br>| 0.25%<br>|

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**Delaware Ivy International Small Cap Fund and Delaware Ivy Multi-Asset Income Fund**

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| | |
|:---|:---|
| Commission (%)<br>| Class A<sup>1</sup> |
| Investment less than $50,000<br>| 5.00%<br>|
| $50,000 but less than $100,000<br>| 4.00%<br>|
| $100,000 but less than $250,000<br>| 3.00%<br>|
| $250,000 but less than $500,000<br>| 2.00%<br>|
| $500,000 but less than $1 million<br>| 1.60%<br>|
| $1 million but less than $5 million<br>| 1.00%<br>|
| $5 million but less than $25 million<br>| 0.50%<br>|
| $25 million or more<br>| 0.25%<br>|
| 12b-1 fee to dealer<br>| 0.25%<br>|

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**Delaware Sustainable Equity Income Fund**

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| | |
|:---|:---|
| Commission (%)<br>| Class A<sup>1</sup> |
| Investment less than $250,000<br>| 2.00%<br>|
| $250,000 but less than $4 million<br>| 1.00%<br>|
| $4 million but less than $50 million<br>| 0.50%<br>|
| $50 million or more<br>| 0.25%<br>|
| 12b-1 fee to dealer<br>| 0.25%<br>|

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<sup>1</sup> On sales of Class A shares, the Distributor reallows to your securities dealer a portion of the front-end sales charge depending upon the amount you invested. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.25% from the date of purchase. On sales of Class A shares where there is no front-end sales charge, the Distributor may pay your securities dealer an upfront commission of up to 1.00%. The upfront commission includes an advance of the first year's 12b-1 fee of up to 0.25%. During the first 12 months, the Distributor will retain the 12b-1 fee to partially offset the upfront commission advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 12b-1 fee applicable to Class A shares. Additionally, Class A shares under the Plan pay an annual 12b-1 fee of up to 0.25% of average Class A net assets.

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About your account

On sales of Class C shares, the Distributor may pay your securities dealer an upfront commission of 1.00%. The upfront commission includes an advance of the first year's 12b-1 service fee of up to 0.25%. During the first 12 months, the Distributor retains the full 1.00% 12b-1 fee to partially offset the upfront commission and the prepaid 0.25% service fee advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 1.00% 12b-1 fee applicable to Class C shares. Alternatively, certain intermediaries may not be eligible to receive the upfront commission of 1.00%, but may receive the 12b-1 fee for sales of Class C shares from the date of purchase. After approximately eight years, Class C shares are eligible to automatically convert to Class A shares and dealers may then be eligible to receive the 12b-1 fee applicable to Class A shares.

On sales of Class R shares, the Distributor does not pay your securities dealer an upfront commission. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.50% from the date of purchase.

**Payments to intermediaries**

The Distributor and its affiliates may pay additional compensation at their own expense and not as an expense of a Fund to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (Financial Intermediaries) in connection with the sale or retention of Fund shares and/or shareholder servicing, including providing the Fund with "shelf space" or a higher profile with the Financial Intermediaries' consultants, salespersons, and customers (distribution assistance). For example, the Distributor or its affiliates may pay additional compensation to Financial Intermediaries for various purposes, including, but not limited to, promoting the sale of Fund shares, maintaining share balances and/or for subaccounting, administrative, or shareholder processing services, marketing, educational support, data, and ticket charges. Such payments are in addition to any distribution fees, service fees, subaccounting fees, and/or transfer agency fees that may be payable by a Fund. The additional payments may be based on factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of a Fund and/or some or all other Delaware Funds), amount of assets invested by the Financial Intermediary's customers (which could include current or aged assets of a Fund and/or some or all other Delaware Funds), a Fund's advisory fees, some other agreed-upon amount, or other measures as determined from time to time by the Distributor. The level of payments made to a qualifying Financial Intermediary in any given year may vary. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Distributor may pay, or allow its affiliates to pay, other promotional incentives or payments to Financial Intermediaries.

Sub-transfer agent/recordkeeping payments may be made to third parties (including affiliates of the Manager) that provide sub-transfer agent, recordkeeping, and/or shareholder services with respect to certain shareholder accounts (including omnibus accounts), or to the shareholder account directly to offset the costs of these services, in lieu of the transfer agent providing such services. For Class R6 shares, the Distributor and its affiliates will generally not pay additional compensation to Financial Intermediaries in connection with the sale or retention of Fund shares and/or shareholder servicing (including sub-transfer agent/recordkeeping payments).

If a mutual fund sponsor or distributor makes greater payments for distribution assistance to your Financial Intermediary with respect to distribution of shares of that particular mutual fund than sponsors or distributors of other mutual funds make to your Financial Intermediary with respect to the distribution of the shares of their mutual funds, your Financial Intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund making the higher payments over shares of other mutual funds or over other investment options. In addition, depending on the arrangements in place at any particular time, a Financial Intermediary may also have a financial incentive for recommending a particular share class over other share classes. You should consult with your Financial Intermediary and review carefully any disclosure provided by such Financial Intermediary as to compensation it receives in connection with investment products it recommends or sells to you. A significant purpose of these payments is to increase sales of a Fund's shares. The Manager or its affiliates may benefit from the Distributor's or its affiliates' payment of compensation to Financial Intermediaries through increased fees resulting from additional assets acquired through the sale of Fund shares through Financial Intermediaries. In certain instances, the payments could be significant and may cause a conflict of interest for your Financial Intermediary. Any such payments will not change the NAV or the price of a Fund's shares.

**How to reduce your sales charge**

We offer a number of ways to reduce or eliminate the front-end sales charge on Class A shares, which may depend on the ability of your financial intermediary or the Funds' transfer agent to support the various ways. Please refer to the "Broker-defined sales charge waiver policies" in this Prospectus and to the SAI for detailed information and eligibility requirements. Please note that your financial intermediary's policies may differ. You can also get additional information from your financial intermediary. You or your financial intermediary must notify us at the time you purchase shares if you are eligible for any of these programs. You may also need to provide information to your financial intermediary or the Fund in order to qualify for a reduction in sales charges. Such information may include your Delaware Funds holdings in any other accounts, including retirement accounts, held indirectly or through an intermediary, and the names of qualifying family members and their holdings. If you participate in a direct deposit purchase plan or an automatic investment program for an account held directly with the Funds' transfer agent and also hold shares of Delaware Funds other than directly with us, generally those holdings will not be aggregated with the assets held with us for purposes of determining rights of accumulation in connection with direct deposit purchase

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plans and automatic investment program purchases. We reserve the right to determine whether any purchase is entitled, by virtue of the foregoing, to the reduced sales charge. Class R (if applicable), Class I, Class R6 shares (if applicable), and Class Y (if applicable) have no upfront sales charge or CDSC so they are not included in the table below.

**Letter of intent and rights of accumulation**

Through a letter of intent, you agree to invest a certain amount in Delaware Funds over a 13-month period to qualify for reduced front-end sales charges (as set forth in the SAI). Delaware Funds no longer accept retroactive letters of intent.

Upon your request, you can combine your holdings or purchases of Class A and all other classes of Delaware Funds, excluding any money market funds (unless you acquired those shares through an exchange from a Fund that did carry a front-end sales charge, CDSC, or Limited CDSC), as well as the holdings and purchases of your spouse — or equivalent, if recognized under local law — and children under the age of 21 to qualify for reduced front-end sales charges. When submitting the letter of intent or requesting rights of accumulation, you must identify which holdings or purchases you are requesting to be combined to your dealer, the Distributor or BNY Mellon at the time of purchase. You can add the value of any share class that you already own to new share purchases in order to qualify for a reduced sales charge. Please note that depending on the financial intermediary holding your account, this policy may differ from those described in this Prospectus.

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| | |
|:---|:---|
| **Class A**<br>| **Class C**<br>|
| Available.<br>| Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.<br>|

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**Reinvestment of redeemed shares**

Up to 90 days after you redeem shares, you can reinvest the proceeds without paying a sales charge. For purposes of this "right of reinvestment policy," automatic transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. Investors should consult their financial intermediary for further information.

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| | |
|:---|:---|
| **Class A**<br>| **Class C**<br>|
| Available.<br>| Not available.<br>|

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**SIMPLE IRA, SEP, SARSEP, 401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans**

These investment plans may qualify for reduced sales charges by combining the purchases of all members of the group. Members of these groups may also qualify to purchase shares without a front-end sales charge and may qualify for a waiver of any CDSCs on Class A shares.

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| | |
|:---|:---|
| **Class A**<br>| **Class C**<br>|
| Available.<br>| Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.<br>|

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If you are investing $1 million or more ($250,000 or more for Delaware Ivy California Municipal High Income Fund and Delaware Sustainable Equity Income Fund), either as a lump sum or through one of the sales charge reduction features described above, you may be eligible to buy Class A shares without a sales charge. However, if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more ($250,000 or more for Delaware Ivy California Municipal High Income Fund and Delaware Sustainable Equity Income Fund) of Class A shares that received a NAV breakpoint for shares that are subject to a CDSC, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase (within the first 12 months after your purchase only for the Delaware Sustainable Equity Income Fund), unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the "NAV at the time of purchase" will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the "NAV of such shares at the time of redemption" will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time.

This CDSC may be waived under certain circumstances, as noted in this Prospectus. Your financial advisor or a Client Services representative can answer your questions and help you determine if you are eligible.

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About your account

**Buying Class A shares at net asset value**

Class A shares of a Fund may be purchased at NAV under the following circumstances, provided that you notify the Fund in advance that the trade qualifies for this privilege. Certain existing investors or programs sponsored by certain intermediaries that were eligible to purchase Class A shares of a Fund at NAV may continue to be eligible to purchase Class A shares at NAV. The Funds reserve the right to modify or terminate these arrangements at any time.

• Shares purchased under the Delaware Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 90-day reinvestment privilege.

• Purchases by: (i) current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, any of the Manager's current affiliates and those that may in the future be created, or any predecessor fund to a Delaware Fund, including the funds formerly advised by Foresters Investment Management Company, Inc., Ivy Investment Management Company, Waddell & Reed, or any other fund families acquired or merged into the Delaware Funds; (ii) current employees of legal counsel to Delaware Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer's agreements with the Distributor. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase shares at NAV.

• Purchases by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning sales of shares of Delaware Funds.

• Purchases by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.

• Purchases by programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (i) such programs allow or require the purchase of Class A shares; (ii) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class A shares; and (iii) a financial intermediary (1) charges clients an ongoing fee for advisory, investment consulting, or similar services, or (2) offers the Class A shares through a no-commission network or platform. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares through a financial intermediary that offers these programs.

• Purchases for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries have entered into an agreement with the Distributor providing for the purchase of Class A shares at NAV through self-directed brokerage service platforms or programs. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares at NAV through a self-directed investment brokerage service platform or program.

• Purchases by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase shares of the Class I, if applicable.

• Purchases by retirement plans or certain other programs that are maintained or sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliates) related to such plans or programs.

• Purchases by certain legacy bank-sponsored retirement plans and certain legacy retirement assets that meet requirements set forth in the SAI.

• Investments made by plan level and/or participant retirement accounts that are for the purpose of repaying a loan taken from such accounts.

• Purchases by certain participants in defined contribution plans and members of their households whose plan assets will be rolled over into IRA accounts (IRA Program) where the financial intermediary has entered into an agreement specifically relating to such IRA Program with the Distributor and/or the transfer agent.

• Purchases by certain participants of particular group retirement plans as described in the SAI.

• Additional purchases by existing shareholders whose accounts were eligible for purchasing shares at NAV under a predecessor fund's eligibility requirements set by the predecessor fund's company.

• Investments made into an account with no financial intermediary or no longer associated with a financial intermediary may invest in Class A shares without a sales charge.

**Waivers of contingent deferred sales charges**

Certain sales charges may be based on historical cost. Therefore, you should maintain any records that substantiate these costs because the Funds, their transfer agent, and financial intermediaries may not maintain this information. Please note that you or your financial intermediary will have to notify us at the time of redemption that the trade qualifies for such waiver. As applicable, Class R, Class I, Class R6 and Class Y shares do not have CDSCs so they are not included in the list below. Please also see the "Shareholder fees" table in the Fund summary and "Choosing a share class" for more information about applicable CDSCs. Your financial intermediary may offer waivers for certain account types or programs that may be different than what is noted below. See the "Broker-defined sales charge waiver policies" section or contact your financial intermediary for information on program availability.

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CDSCs for Class A and Class C shares may be waived under the following circumstances, except as noted otherwise:

• **Redemptions in accordance with a systematic withdrawal plan:** Redemptions in accordance with a systematic withdrawal plan, provided the annual amount selected to be withdrawn under the plan does not exceed 12% of the value of the account on the date that the systematic withdrawal plan was established or modified.

• **Redemptions that result from the right to liquidate a shareholder's account:** Redemptions that result from the right to liquidate a shareholder's account if the aggregate NAV of the shares held in the account is less than the then-effective minimum account size.

• **Section 401(a) qualified retirement plan distributions:** Distributions to participants or beneficiaries from a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (Internal Revenue Code).

• **Section 401(a) qualified retirement plan redemptions:** Redemptions pursuant to the direction of a participant or beneficiary of a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code with respect to that retirement plan.

• **Periodic distributions or systematic withdrawals from a retirement account or qualified plan:** Periodic distributions or systematic withdrawals from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan<sup>1</sup> (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans) not subject to a penalty under Section 72(t)(2)(A) of the Internal Revenue Code or a hardship or unforeseen emergency provision in the qualified plan as described in Treas. Reg. §1.401(k)-1(d)(3) and Section 457(d)(1)(A)(iii) of the Internal Revenue Code.

• **Returns of excess contributions due to any regulatory limit:** Returns of excess contributions due to any regulatory limit from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan1 (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans).

• **Distributions by other employee benefit plans:** Distributions by other employee benefit plans to pay benefits.

• **Distributions from an account of a redemption resulting from death or disability:** Distributions from an account of a redemption resulting from the death or disability (as defined in Section 72(t)(2)(A) of the Internal Revenue Code) of a registered owner or a registered joint owner occurring after the purchase of the shares being redeemed. In the case of accounts established under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act or trust accounts, the waiver applies upon the death of all beneficial owners.

• **Redemptions by certain legacy retirement assets:** Redemptions by certain legacy retirement assets that meet the requirements set forth in the SAI, as applicable.

• **Redemptions in connection with a fund liquidation:** Redemptions subsequent to the fund liquidation notice to shareholders.

<sup>1</sup> Qualified plans that are fully redeemed at the direction of the plan's fiduciary may be subject to any applicable CDSC or Limited CDSC, unless the redemption is due to the termination of the plan.

Certain existing investors or programs sponsored by certain intermediaries that were eligible for waivers of CDSCs may continue to be eligible for those waivers of CDSCs.

**How to buy shares**

 **Through your financial intermediary**<br>

Your financial intermediary (if applicable) can handle all the details of purchasing shares, including opening an account. Your financial intermediary may charge you a separate fee for this service.

 **Through the Delaware Funds by Macquarie** <sup>®</sup> **Service Center**<br>

**By mail**

Complete an investment slip and mail it with your check, made payable to the fund and class of shares you wish to purchase, to Delaware Funds by Macquarie at P.O. Box 9876, Providence, RI 02940-8076 for investments by regular mail or Delaware Funds by Macquarie Service Center at 4400 Computer Drive, Westborough, MA 01581-1722 for investments by overnight courier service. If you are making an initial purchase by mail, you must include a completed investment application (or an appropriate retirement plan application if you are opening a retirement account) with your check. Purchase orders will not be accepted at any other address.

Please note that purchase orders submitted by mail will not be considered received until such purchase orders arrive at Delaware Funds by Macquarie <sup>®</sup> Service Center at 4400 Computer Drive, Westborough, MA 01581-1722 and are determined to be in good order. For a purchase request to be in "good order," you must provide the name of the Delaware Fund in which you are investing, your account registration/number (if you are an existing shareholder), and the total number of shares or dollar amount of the shares to be purchased, along with meeting any requirements set forth in applicable forms, this

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About your account

Prospectus, or the SAI. The Funds do not consider the US Postal Service or other independent delivery services to be its agent. Therefore, deposits in the mail or with such services or receipt at the Funds' post office box, of purchase orders, do not constitute receipt by the Funds or their agent. Please note that the Funds reserve the right to reject any purchase.

**By wire**

Ask your bank to wire the amount you want to invest to The Bank of New York Mellon, ABA #011001234, bank account #000073-6910. Include your account number, the name of the fund, registered account name, and class of shares in which you want to invest. If you are making an initial purchase by wire, you must first call the Delaware Funds by Macquarie Service Center at 800 523-1918 so we can assign you an account number.

**By exchange**

You may exchange all or part of your investment in one or more Delaware Funds for shares of other Delaware Funds. Please keep in mind, however, that under most circumstances you may exchange between like classes of shares only. To open an account by exchange, call the Delaware Funds by Macquarie Service Center at 800 523-1918.

 **Through automated shareholder services**<br>

You may purchase or exchange shares through our automated telephone service (for Class A, Class C, and Class R shares only), or through our website, delawarefunds.com (for Class A and Class C shares only). For more information about how to sign up for these services, call our Delaware Funds by Macquarie Service Center at 800 523-1918.

**Calculating share price**

The price you pay for shares will depend on when we receive your purchase order. If your order is received by an authorized agent or us before the close of regular trading on the New York Stock Exchange (NYSE) (normally 4:00pm ET), you will pay that day's closing Fund share price, which is based on the Fund's NAV. If the NYSE has an unscheduled early close, we will continue to accept your order until that day's scheduled close of the NYSE and you will pay that day's closing Fund share price. If your order is received after the scheduled close of regular trading on the NYSE, you will pay the next Business Day's closing Fund share price. We reserve the right to reject any purchase order.

We determine the NAV per share for each class of a Delaware Fund at the close of regular trading on the NYSE on each Business Day (normally 4:00pm ET). A Fund does not calculate its NAV on days the NYSE is closed for trading. If the NYSE has an unscheduled early close, a Fund's closing share price would still be determined as of that day's regularly scheduled close of the NYSE. The NAV per share for each class of a fund is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. We generally price securities and other assets for which market quotations are readily available at their market value. The value of foreign securities may change on days when a shareholder will not be able to purchase or redeem fund shares because foreign markets are open at times and on days when US markets are not. We price fixed income securities on the basis of valuations provided to us by an independent pricing service that uses methods approved by the Board. For all other securities, we use methods approved by the Board that are designed to price securities at their fair market values.

**Fair valuation**

When the Funds use fair value pricing, they may take into account any factors they deem appropriate. The Funds may determine fair value based upon developments related to a specific security, current valuations of foreign stock indices (as reflected in US futures markets), and/or US sector or broad stock market indices. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The prices of securities used by the Funds to calculate their NAVs may differ from quoted or published prices for the same securities. Fair value pricing may involve subjective judgments and it is possible that the fair value determined for a security could be materially different than the value that could be realized upon the sale of that security.

The Funds anticipate using fair value pricing for securities primarily traded on US exchanges only under very limited circumstances, such as the early closing of the exchange on which a security is traded or suspension of trading in the security. The Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, normally at 4:00pm ET or the close of the NYSE. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. To account for this, the Funds may frequently value many foreign equity securities using fair value prices based on third-party vendor modeling tools to the extent available.

The Board has designated the Manager as the valuation designee, and delegated responsibility for valuing each Fund's assets to the Manager and its Pricing Committee, which operates under the policies and procedures approved by the Board and is subject to the Board's oversight. The Manager, as the

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valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of each Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing vendors and services. The Manager has a Pricing Committee to assist with its designated responsibilities as valuation designee.

**Retirement plans**

In addition to being an appropriate investment for your IRA, Roth IRA, and Coverdell Education Savings Account, the Funds may be suitable for group retirement plans. You may establish your IRA account even if you are already a participant in an employer-sponsored retirement plan. For more information on how the Funds can play an important role in your retirement planning or for details about group plans, please consult your financial intermediary, or call the Delaware Funds by Macquarie<sup>®</sup> Service Center at 800 523-1918.

**Document delivery**

To reduce fund expenses, we try to identify related shareholders in a household and send only one copy of a fund's financial reports and prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call the Delaware Funds by Macquarie Service Center at 800 523-1918. At any time you may view current prospectuses and financial reports on our website.

**Inactive accounts**

Please note that your account may be required to transfer to the appropriate state if no activity occurs in the account within the time period specified by state law.

**How to redeem shares**

Under normal circumstances, each Fund typically meets redemption requests through its holdings of cash or cash equivalents, the sale of portfolio assets, and/or its ability to redeem in kind (when applicable). During stressed market conditions, the Fund may use lines of credit to meet redemption requests.

Availability of these services may be limited by your financial intermediary and by the way your account is registered with Delaware Funds.

When you send us a completed request in good order to redeem or exchange shares and the request is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00pm ET), you will receive the NAV next determined after we receive your request. If we receive your request after the close of regular trading on the NYSE, you will receive the NAV next determined on the next Business Day. If the NYSE has an unscheduled early close, we will continue to accept your order until that day's scheduled close of the NYSE and you will receive that day's closing Fund share price. We will deduct any applicable CDSCs. You may also have to pay taxes on the proceeds from your sale of shares. If you purchased your shares by check, those shares are subject to a 15-day hold to ensure your check has cleared. Redemption requests for shares still subject to the hold may be rejected with instructions to resubmit at the conclusion of the holding period.

If you are required to pay a CDSC when you redeem your shares, the amount subject to the fee will be based on the shares' NAV when you purchased them or their NAV when you redeem them, whichever is less. This arrangement ensures that you will not pay a CDSC on any increase in the value of your shares. You also will not pay the charge on any shares acquired by reinvesting dividends or capital gains. If you exchange shares of one fund for shares of another, you do not pay a CDSC at the time of the exchange. If you later redeem those shares, the purchase price for purposes of the CDSC formula will be the price you paid for the original shares, not the exchange price. The redemption price for purposes of this formula will be the NAV of the shares you are actually redeeming.

If you hold your shares in certificates, you must submit the certificates with your request to sell the shares. We recommend that you send your certificates by certified mail.

Redemption proceeds will be distributed promptly, but not later than seven days after receipt of a redemption request (except as noted above). For direct transactions, redemption proceeds are typically paid the next Business Day after receipt of the redemption request. Redemptions submitted by financial intermediaries typically settle between one and three Business Days after receipt, depending on the settlement cycle requested by the financial intermediary. Settlement could be extended as a result of various factors, including but not limited to redemption amount or other market conditions. Please see the SAI for additional information.

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About your account

 **Through your financial intermediary**<br>

Your financial intermediary (if applicable) can handle all the details of redeeming your shares (selling them back to a Fund). Your financial intermediary may charge you a separate fee for this service.

 **Through the Delaware Funds by Macquarie** <sup>®</sup> **Service Center**<br>

**By mail**

You may redeem your shares by mail by writing to: Delaware Funds by Macquarie at P.O. Box 9876, Providence, RI 02940-8076 for redemption requests by regular mail or Delaware Funds by Macquarie Service Center at 4400 Computer Drive, Westborough, MA 01581-1722 for redemption requests by overnight courier service. Redemption requests will not be accepted at any other address. All owners of the account must sign the request. For redemptions of more than $100,000, you must include a medallion signature guarantee for each owner. Medallion signature guarantees are also required when redemption proceeds are going to an address other than the address of record on the account. Please contact the Delaware Funds by Macquarie Service Center at 800 523-1918 for more information about the medallion signature guarantee requirements.

Please note that redemption orders submitted by mail will not be considered received until such redemption orders arrive at Delaware Funds by Macquarie Service Center at 4400 Computer Drive, Westborough, MA 01581-1722 and are determined to be in good order. For a redemption request to be in "good order," you must provide the name of the Delaware Fund whose shares you are redeeming, your account number, account registration, and the total number of shares or dollar amount of the transaction. Redemption requests must be signed by the record owner(s) exactly as the shares are registered, along with meeting any requirements set forth in applicable forms, this Prospectus, or the SAI. The Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, redemption requests placed in the mail or with such services or receipt at the Funds' post office box, of redemption requests, do not constitute receipt by the Funds or the transfer agent.

**By telephone**

You may redeem up to $100,000 of your shares by telephone. You may have the proceeds sent to you in the following ways:

• By check — Sent to your address of record, provided there has not been an address change in the last 30 days.

• By wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire fee may be deducted from your proceeds.

• By ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.

Bank information must be on file before you request a wire or ACH redemption. **Your bank may charge a fee for these services.**

 **Through automated shareholder services**<br>

You may redeem shares through our automated telephone service or through our website, delawarefunds.com. For more information about how to sign up for these services, call our Delaware Funds by Macquarie Service Center at 800 523-1918.

 **Redemptions-in-kind**<br>

The Funds have reserved the right to pay for redemptions with portfolio securities under certain conditions. Subsequent sale by an investor receiving a distribution in kind could result in the payment of brokerage commissions and taxable gains (if such investment was held in a taxable account). Investors bear market risks until securities are sold for cash. See the SAI for more information on redemptions-in-kind.

**Low balance accounts**

For Class A and Class C shares, if you redeem shares and your account balance falls below the required account minimum of $1,000 ($250 for IRAs, Roth IRAs, Uniform Gifts to Minors Act and Uniform Transfers to Minors Act accounts, or accounts with automatic investment plans, and $500 for Coverdell Education Savings Accounts) for three or more consecutive months, you will have until the end of the current calendar quarter to raise the balance to the minimum.

For Class R, Class I, Class R6, and Class Y shares, as applicable, if you redeem shares and your account balance falls below $500, your shares may be redeemed after 60 days' written notice to you.

If your account is not at the minimum for low balance purposes by the required time, you may be charged a $9 fee for that quarter and each quarter after that until your account reaches the minimum balance, or it may be redeemed after 60 days' written notice to you. Any CDSC that would otherwise be applicable will not apply to such a redemption.

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Certain accounts held in omnibus, advisory, or asset-allocation programs or programs offered by certain intermediaries may be opened below the minimum stated account balance and may maintain balances that are below the minimum stated account balance without incurring a service fee or being subject to involuntary redemption.

If the applicable account falls below the minimum due to market fluctuation, the Fund still reserves the right to liquidate the account.

**Investor services**

To help make investing with us as easy as possible, and to help you build your investments, we offer the investor services described below. Information about the investor services we offer is available free of charge on the Delaware Funds website at delawarefunds.com, including hyperlinks to relevant information in fund offering documents. Availability of these services may be limited by the way your account is registered with Delaware Funds.

 **Online account access**<br>

Online account access is a password-protected area of the Delaware Funds website that gives you access to your account information and allows you to perform transactions in a secure Internet environment.

 **Electronic delivery**<br>

With Delaware Funds eDelivery, you can receive your fund documents electronically instead of via US mail. When you sign up for eDelivery, you can access your account statements, shareholder reports, and other fund materials online, in a secure Internet environment at any time.

 **Automatic investment plan**<br>

The automatic investment plan allows you to make regular monthly or quarterly investments directly from your bank account.

 **Direct deposit**<br>

With direct deposit, you can make additional investments through payroll deductions, recurring government or private payments such as Social Security, or direct transfers from your bank account.

 **Systematic exchange option**<br>

With the systematic exchange option, you can arrange automatic monthly exchanges between your shares in one or more Delaware Funds. These exchanges are subject to the same rules as regular exchanges (see below) and require a minimum monthly exchange of $100 per fund.

 **Dividend reinvestment plan**<br>

Through the dividend reinvestment plan, you can have your distributions reinvested in your account or the same share class in another Delaware Fund. The shares that you purchase through the dividend reinvestment plan are not subject to a front-end sales charge or to a CDSC. Under most circumstances, you may reinvest dividends only into like classes of shares.

 **Exchange of shares**<br>

You may generally exchange all or part of your shares for shares of the same class of another Delaware Fund without paying a front-end sales charge or a CDSC at the time of the exchange. However, if you exchange shares from a fund that does not have a sales charge, you will pay any applicable sales charge on your new shares. You do not pay sales charges on shares that you acquired through the reinvestment of dividends. You may have to pay taxes on your exchange. When you exchange shares, you are purchasing shares in another fund, so you should be sure to get a copy of the fund's prospectus and read it carefully before buying shares through an exchange. We may refuse the purchase side of any exchange request if, in the Manager's judgment, a fund would be unable to invest effectively in accordance with its investment objective and policies or would otherwise potentially be adversely affected. Please note that depending on the financial intermediary holding your account, this policy may be unavailable or differ from those described in this Prospectus.

Except as otherwise noted, if you hold Class Y shares of a Fund, you are permitted to exchange all or part of your Class Y shares only for Class Y shares of other Delaware Funds or, if Class Y shares are not available for a particular fund, for the Class A shares of such fund. You will pay any applicable sales charge on your new shares unless eligible to purchase shares at NAV. Contact your plan sponsor, plan fiduciary or other financial intermediary for information about exchanging your shares.

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About your account

 **On demand service**<br>

The on demand service allows you or your financial advisor to transfer money between your Fund account and your predesignated bank account by telephone request. There is a minimum transfer of $25 and a maximum transfer of $100,000. Macquarie Asset Management does not charge a fee for this service; however, your bank may assess one.

 **Direct deposit service**<br>

Through the direct deposit service, you can have $25 or more in dividends and distributions deposited directly into your bank account. Macquarie Asset Management does not charge a fee for this service; however, your bank may assess one. This service is not available for retirement plans.

 **Systematic withdrawal plan**<br>

You can arrange a regular monthly or quarterly payment from your account made to you or someone you designate. If the value of your account is $5,000 or more, you can make withdrawals of at least $25 monthly, or $75 quarterly. You may also have your withdrawals deposited directly to your bank account through the direct deposit service.

The applicable Limited CDSC for Class A shares and the CDSC for Class C shares redeemed via a systematic withdrawal plan will be waived if the annual amount withdrawn in each year is less than 12% of the account balance on the date that the plan is established. If the annual amount withdrawn in any year exceeds 12% of the account balance on the date that the systematic withdrawal plan is established, all redemptions under the plan will be subject to the applicable CDSC, including an assessment for previously redeemed amounts under the plan.

 **Right to discontinue offering shares and/or to merge or liquidate a share class**<br>

To the extent authorized by law, the Funds reserve the right to discontinue offering shares at any time and/or to merge or liquidate a share class, such as in response to shareholder redemptions of substantially or all shares in a class. For any blocked accounts involving a liquidating fund, a shareholder's account may be moved into Delaware Investments Ultrashort Fund if no instruction is given upon receipt of a fund's pending liquidation.

**Frequent trading of Fund shares (market timing and disruptive trading)**

The Funds discourage purchases by market timers and purchase orders (including the purchase side of exchange orders) by shareholders identified as market timers may be rejected. The Board has adopted policies and procedures designed to detect, deter, and prevent trading activity detrimental to the Funds and their shareholders, such as market timing and disruptive trading. The Funds will consider anyone who follows a pattern of market timing in any Delaware Fund or the Optimum Fund Trust to be a market timer and may consider anyone who has followed a similar pattern of market timing at an unaffiliated fund family to be a market timer.

Market timing of a fund occurs when investors make consecutive, rapid, short-term "round trips" — that is, purchases into a fund followed quickly by redemptions out of that fund. A short-term round trip is considered any redemption of fund shares within 20 Business Days of a purchase of that fund's shares. If you make a second such short-term round trip in a fund within 90 rolling calendar days of a previous short-term round trip in that fund, you may be considered a market timer. In determining whether market timing has occurred, the Funds consider short-term round trips to include rapid purchases and sales of Fund shares through the exchange privilege. The Funds reserve the right to consider other trading patterns to be market timing.

Your ability to use the Funds' exchange privilege may be limited if you are identified as a market timer. If you are identified as a market timer, the Funds will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. The Funds reserve the right to restrict or reject, without prior notice, any purchase order or exchange order for any reason, including any purchase order or exchange order accepted by any shareholder's financial intermediary or in any omnibus-type account. Transactions placed in violation of the Funds' market timing policy are not necessarily deemed accepted by the Funds and may be rejected by a Fund on the next Business Day following receipt by a Fund.

Redemptions will continue to be permitted in accordance with the Funds' then-current prospectus. A redemption of shares under these circumstances could be costly to a shareholder if, for example, the shares have declined in value, the shareholder recently paid a front-end sales charge, the shares are subject to a CDSC, or the sale results in adverse tax consequences. To avoid this risk, a shareholder should carefully monitor the purchases, sales, and exchanges of Fund shares and avoid frequent trading in Fund shares.

Each Fund reserves the right to modify this policy at any time without notice, including modifications to a Fund's monitoring procedures and the procedures to close accounts to new purchases. Although the implementation of this policy involves certain judgments that are inherently subjective and may be selectively applied, the Funds seek to make judgments and applications that are consistent with the interests of each Fund's shareholders. While the Funds

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will take actions designed to detect and prevent market timing, there can be no assurance that such trading activity will be completely eliminated. Moreover, a Fund's market timing policy does not require the Fund to take action in response to frequent trading activity. If a Fund elects not to take any action in response to frequent trading, such frequent trading activity could continue.

**Risks of market timing**

By realizing profits through short-term trading, shareholders who engage in rapid purchases and sales or exchanges of the Funds' shares dilute the value of shares held by long-term shareholders. Volatility resulting from excessive purchases and sales or exchanges of Fund shares, especially involving large dollar amounts, may disrupt efficient portfolio management. In particular, a Fund may have difficulty implementing its long-term investment strategies if it is forced to maintain a higher level of its assets in cash to accommodate significant short-term trading activity. Excessive purchases and sales or exchanges of a Fund's shares may also force a Fund to sell portfolio securities at inopportune times to raise cash to accommodate short-term trading activity. This could adversely affect a Fund's performance, if, for example, a Fund incurs increased brokerage costs and realization of taxable capital gains without attaining any investment advantage.

Any fund may be subject to disruptive trading activity. However, a fund that invests significantly in foreign securities may be particularly susceptible to short-term trading strategies. This is because foreign securities are typically traded on markets that close well before the time a fund calculates its NAV (normally 4:00pm Eastern time or the close of the NYSE). Developments that occur between the closing of the foreign market and a fund's NAV calculation may affect the value of these foreign securities. The time-zone differences among international stock markets can allow a shareholder engaging in a short-term trading strategy to exploit differences in fund share prices that are based on closing prices of foreign securities established some time before a fund calculates its own share price.

Any fund that invests in securities that are thinly traded, traded infrequently, or relatively illiquid has the risk that the securities prices used to calculate the fund's NAV may not accurately reflect current market values. A shareholder may seek to engage in short-term trading to take advantage of these pricing differences. Funds that may be adversely affected by such arbitrage include, in particular, funds that significantly invest in small-cap securities, technology, and other specific industry sector securities, and in certain fixed income securities, such as high yield bonds, asset-backed securities, or municipal bonds.

**Transaction monitoring procedures**

Each Fund, through its transfer agent, maintains surveillance procedures designed to detect excessive or short-term trading in Fund shares. This monitoring process involves several factors, which include scrutinizing transactions in Fund shares for violations of the Funds' market timing policy or other patterns of short-term or excessive trading. For purposes of these transaction monitoring procedures, the Funds may consider trading activity by multiple accounts under common ownership, control, or influence to be trading by a single entity. Trading activity identified by these factors, or as a result of any other available information, will be evaluated to determine whether such activity might constitute market timing. These procedures may be modified from time to time to help improve the detection of excessive or short-term trading or to address other concerns. Such changes may be necessary or appropriate, for example, to deal with issues specific to certain retirement plans; plan exchange limits; US Department of Labor regulations; certain automated or pre-established exchange, asset-allocation, or dollar-cost-averaging programs; or omnibus account arrangements.

Omnibus account arrangements are common forms of holding shares of the Funds, particularly among certain broker/dealers and other financial intermediaries, including sponsors of retirement plans and variable insurance products. The Funds will attempt to have financial intermediaries apply the Funds' monitoring procedures to these omnibus accounts and to the individual participants in such accounts. However, the Funds' ability to detect frequent trading activities by investors that hold shares through financial intermediaries may be limited by the ability and/or willingness of such intermediaries to monitor for these activities. To the extent that a financial intermediary is not able or willing to monitor or enforce the Funds' frequent trading policy with respect to an omnibus account, the Funds' transfer agent may work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts, and bank trust companies) to apply their own procedures, provided that the Funds' transfer agent believes the intermediary's procedures are reasonably designed to enforce the Funds' frequent trading policies. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If the Funds' transfer agent identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner's transactions or restrict the account owner's trading. There is no assurance that the information received by the Funds from a financial intermediary will be sufficient to effectively detect or deter excessive trading in omnibus accounts. If the Funds' transfer agent is not satisfied that the intermediary has taken appropriate action, the transfer agent may terminate the intermediary's ability to transact in Fund shares, or restrict individual trading activity as applicable.

**Limitations on ability to detect and curtail market timing**

Shareholders seeking to engage in market timing may employ a variety of strategies to avoid detection and, despite the efforts of the Funds and their agents to detect market timing in Fund shares, there is no guarantee that the Funds will be able to identify these shareholders or curtail their trading

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About your account

practices. In particular, the Funds may not be able to detect market timing attributable to a particular investor who effects purchase, redemption, and/or exchange activity in Fund shares through omnibus accounts. The difficulty of detecting market timing may be further compounded if these entities utilize multiple tiers or omnibus accounts.

**Dividends, distributions, and taxes**

**Dividends and distributions**

Each Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. Usually, a Fund distributes net investment income at the following times:

**Quarterly in March, June, September and December:** Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Multi-Asset Fund, Delaware Ivy Total Return Bond Fund and Delaware Sustainable Equity Income Fund.

**Declared daily and paid monthly:** Delaware Ivy California Municipal High Income Fund, and Delaware Ivy Government Securities Fund.

**Declared monthly and paid monthly:** Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy High Yield Fund, and Delaware Ivy Strategic Income Fund.

**Declared annually and paid annually:** Delaware Ivy International Small Cap Fund.

Each Fund will distribute net realized capital gains, if any, at least annually. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee a Fund will pay either an income dividend or a capital gains distribution. We automatically reinvest all dividends and any capital gains, unless you direct us to do otherwise.

**Annual statements**

Each year, the Funds will send you an annual statement (Form 1099) of your account activity to assist you in completing your federal, state, and local tax returns. Your statement will show the exempt-interest dividends you received and the separately-identified portion that constitutes an item of tax preference for purposes of the alternative minimum tax (tax-exempt AMT interest). Distributions declared in December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. Prior to issuing your statement, the Funds make every effort to reduce the number of corrected forms mailed to you. However, if a Fund finds it necessary to reclassify its distributions or adjust the cost basis of any covered shares (defined below) sold or exchanged after you receive your tax statement, the Fund will send you a corrected Form 1099.

**Avoid "buying a dividend"**

At the time you purchase your Fund shares, a Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Tax considerations**

*Fund distributions.* Each Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares. A portion of income dividends reported by a Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met. Because the income of the fixed income Funds is primarily derived from investments earning interest rather than dividend income, generally none or only a small portion of the income dividends paid to you by such a Fund is anticipated to be qualified dividend income eligible for taxation by individuals at long-term capital gain tax rates. Money market funds do not anticipate realizing any long-term capital gains. None of the money market funds' income dividends will be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain tax rates.

The use of derivatives by the Funds may cause a Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. Additionally, other rules applicable to derivative contracts may accelerate the recognition of income or gains to the fund, defer losses to the fund, and cause adjustments in the holding periods of the fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders.

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If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you as a foreign tax credit.

The real estate funds may derive "excess inclusion income" from certain equity interests in mortgage pooling vehicles either directly or through an investment in a US REIT. Please see the SAI for a discussion of the risks and special tax consequences to shareholders in the event a real estate fund realizes excess inclusion income in excess of certain threshold amounts.

*Sale or redemption of Fund shares.* A sale or redemption of Fund shares is a taxable event and, accordingly, a capital gain or loss may be recognized. For tax purposes, an exchange of your Fund shares for shares of a different Delaware Fund is the same as a sale. The Funds are required to report to you and the Internal Revenue Service (IRS) annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also the cost basis of Fund shares you sell or redeem that were purchased or acquired on or after January 1, 2012 ("covered shares"). Cost basis will be calculated using the Funds' default method, unless you instruct a Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial intermediary or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected. Additional information and updates regarding cost basis reporting and available shareholder elections will be on the Delaware Funds website at delawarefunds.com as the information becomes available.

*Medicare tax.* An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of US individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. Net investment income does not include exempt-interest dividends. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

*Backup withholding.* By law, if you do not provide a Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale of your shares. A Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

*State and local taxes.* Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes.

*Non-US investors.* Non-US investors may be subject to US withholding tax at a 30% or lower treaty rate and US estate tax and are subject to special US tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from US withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, if any, interest-related dividends paid by the Fund from its qualified net interest income from US sources and short-term capital gain dividends, if such amounts are reported by a Fund. However, notwithstanding such exemptions from US withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a US person.

*Other reporting and withholding requirements.* Under the Foreign Account Tax Compliance Act (FATCA), a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the US Department of the Treasury of US-owned foreign investment accounts. After December 31, 2018, FATCA withholding would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-US taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

Special rules apply when you dispose of a Fund's Class A shares through a redemption or exchange within 90 calendar days after your purchase of those shares and then reacquire Class A shares of that Fund or acquire Class A shares of another fund within the Delaware Funds by January 31 of the calendar year following the redemption or exchange without paying a sales charge due to the 90-day reinvestment privilege or exchange privilege.

**Additional Information for Tax-Exempt Funds.** (The following information is applicable to Delaware Ivy California Municipal High Income Fund)

*Exempt-Interest Dividends.* Dividends from the Fund will consist primarily of exempt-interest dividends from interest earned on municipal securities. In general, exempt-interest dividends are exempt from regular federal income tax. Exempt-interest dividends from interest earned on municipal securities of a state, or its political subdivisions, generally are exempt from that state's personal income tax. Most states, however, do not grant tax-free treatment to interest from municipal securities of other states.

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About your account

Because of these tax exemptions, a tax-free fund may not be a suitable investment for retirement plans and other tax-exempt investors. These dividends may be taxable to corporate shareholders subject to a state's corporate franchise tax, corporate income tax, or both and such shareholders should consult with their tax advisors about the taxability of this income before investing in a Fund.

Exempt-interest dividends are taken into account when determining the taxable portion of your social security or railroad retirement benefits. The Fund may invest a portion of its assets in private activity bonds. The income from these bonds is a tax preference item when determining your federal alternative minimum tax, unless such bonds were issued in 2009 or 2010.

While the Fund endeavors to purchase only bona fide tax-exempt securities, there are risks that: (a) a security issued as tax-exempt may be reclassified by the Internal Revenue Service or a state tax authority as taxable and/or (b) future legislative, administrative or court actions could adversely impact the qualification of income from a tax-exempt security as tax-free. Such reclassifications or actions could cause interest from a security to become taxable, possibly retroactively, subjecting you to increased tax liability. In addition, such reclassifications or actions could cause the value of a security, and therefore, the value of the Fund's shares, to decline.

*Taxable Income Dividends.* The Fund may invest a portion of its assets in securities that pay income that is not tax-exempt. The Fund also may distribute to you any market discount and net short-term capital gains from the sale of its portfolio securities. If you are a taxable investor, Fund distributions from this income are taxable to you as ordinary income, and generally will not be treated as qualified dividend income subject to reduced rates of taxation for individuals. Distributions of ordinary income are taxable whether you reinvest your distributions in additional Fund shares or receive them in cash.

*Capital Gain Distributions.* The Fund also may realize net long-term capital gains from the sale of its portfolio securities. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares.

**This discussion of "Dividends, distributions, and taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in a Fund.**

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**Certain management considerations**

**Investments by fund of funds and similar investment vehicles**

The Funds may accept investments from funds of funds, as well as from similar investment vehicles, such as 529 Plans and asset allocation models. A "529 Plan" is a college savings program that operates under Section 529 of the Code. Asset allocation models include the Delaware Funds by Macquarie<sup>®</sup> Premier Advisor Platform, which offers asset allocation models using a mix of Delaware Funds. From time to time, a Fund may experience large investments or redemptions due to allocations or rebalancings by these funds of funds and/or similar investment vehicles. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover.

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Financial highlights

The financial highlights tables are intended to help you understand the financial performance of the Funds for the past five years or, if shorter, the period of a Class's operations. On April 30, 2021, Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited's US asset management business, acquired the investment management business of Waddell & Reed Financial, Inc., including Ivy Investment Management Company, the Funds' prior investment manager. The performance shown from before April 30, 2021 are from the Funds' prior investment manager. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Funds (assuming reinvestment of all dividends and distributions). The information for the fiscal years ended September 30, 2022 and September 30, 2021 have been audited by PricewaterhouseCoopers LLP, whose report, along with the Funds' financial statements, is included in the Funds' annual report, which is available upon request by calling 800 523-1918. For the fiscal years ended prior to September 30, 2021, the Funds' prior independent registered public accounting firm audited the Funds' financial statements.

**Delaware Ivy California Municipal High Income Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.68<br>| $10.48<br>| $10.58<br>| $9.98<br>| $10.16<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.30<br>| 0.21<br>| 0.21<br>| 0.26<br>| 0.26<br>|
| Net realized and unrealized gain (loss)<br>| (1.70)<br>| 0.20<br>| (0.11)<br>| 0.60<br>| (0.16)<br>|
| Total from investment operations<br>| (1.40)<br>| 0.41<br>| 0.10<br>| 0.86<br>| 0.10<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.27)<br>| (0.21)<br>| (0.20)<br>| (0.26)<br>| (0.26)<br>|
| Net realized gain<br>| (0.11)<br>| -<br>| -<br>| -<br>| (0.02)<br>|
| Total dividends and distributions<br>| (0.38)<br>| (0.21)<br>| (0.20)<br>| (0.26)<br>| (0.28)<br>|
| **Net asset value, end of period**<br>| $8.90<br>| $10.68<br>| $10.48<br>| $10.58<br>| $9.98<br>|
| **Total return**<sup>2</sup><br>| (13.46%)<br>| 3.97%<br>| 1.01%<br>| 8.73%<br>| 0.89%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $9573<br>| $15<br><sup>3</sup><br>| $19<br><sup>3</sup><br>| $17<br><sup>3</sup><br>| $14<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.80%<br>| 0.80%<br>| 0.80%<br>| 0.80%<br>| 0.78%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.52%<br>| 1.33%<br>| 1.23%<br>| 1.29%<br>| 1.32%<br>|
| Ratio of net investment income to average net assets<br>| 3.03%<br>| 1.94%<br>| 2.03%<br>| 2.54%<br>| 2.56%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 2.31%<br>| 1.41%<br>| 1.60%<br>| 2.05%<br>| 2.02%<br>|
| Portfolio turnover<br>| 28%<br>| 16%<br>| 9%<br>| 10%<br>| 10%<br>|

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<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

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**Delaware Ivy California Municipal High Income Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class C shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.68<br>| $10.48<br>| $10.58<br>| $9.98<br>| $10.16<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.19<br>| 0.12<br>| 0.12<br>| 0.17<br>| 0.17<br>|
| Net realized and unrealized gain (loss)<br>| (1.68)<br>| 0.20<br>| (0.11)<br>| 0.60<br>| (0.17)<br>|
| Total from investment operations<br>| (1.49)<br>| 0.32<br>| 0.01<br>| 0.77<br>| -<br><sup>2</sup><br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.18)<br>| (0.12)<br>| (0.11)<br>| (0.17)<br>| (0.16)<br>|
| Net realized gain<br>| (0.11)<br>| -<br>| -<br>| -<br>| (0.02)<br>|
| Total dividends and distributions<br>| (0.29)<br>| (0.12)<br>| (0.11)<br>| (0.17)<br>| (0.18)<br>|
| **Net asset value, end of period**<br>| $8.90<br>| $10.68<br>| $10.48<br>| $10.58<br>| $9.98<br>|
| **Total return**<sup>3</sup><br>| (14.28%)<br>| 3.09%<br>| 0.13%<br>| 7.81%<br>| (0.07%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $381<br>| $2<br><sup>4</sup><br>| $2<br><sup>4</sup><br>| $2<br><sup>4</sup><br>| $2<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 1.70%<br>| 1.65%<br>| 1.67%<br>| 1.66%<br>| 1.63%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 2.20%<br>| 2.10%<br>| 2.02%<br>| 2.06%<br>| 2.08%<br>|
| Ratio of net investment income to average net assets<br>| 1.92%<br>| 1.09%<br>| 1.16%<br>| 1.69%<br>| 1.70%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.42%<br>| 0.64%<br>| 0.81%<br>| 1.29%<br>| 1.25%<br>|
| Portfolio turnover<br>| 28%<br>| 16%<br>| 9%<br>| 10%<br>| 10%<br>|

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<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> Amount is less than $0.005 per share. 

<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. 

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Financial highlights

**Delaware Ivy California Municipal High Income Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.68<br>| $10.48<br>| $10.58<br>| $9.98<br>| $10.16<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.33<br>| 0.23<br>| 0.23<br>| 0.28<br>| 0.28<br>|
| Net realized and unrealized gain (loss)<br>| (1.71)<br>| 0.21<br>| (0.10)<br>| 0.60<br>| (0.16)<br>|
| Total from investment operations<br>| (1.38)<br>| 0.44<br>| 0.13<br>| 0.88<br>| 0.12<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.29)<br>| (0.24)<br>| (0.23)<br>| (0.28)<br>| (0.28)<br>|
| Net realized gain<br>| (0.11)<br>| -<br>| -<br>| -<br>| (0.02)<br>|
| Total dividends and distributions<br>| (0.40)<br>| (0.24)<br>| (0.23)<br>| (0.28)<br>| (0.30)<br>|
| **Net asset value, end of period**<br>| $8.90<br>| $10.68<br>| $10.48<br>| $10.58<br>| $9.98<br>|
| **Total return**<sup>2</sup><br>| (13.29%)<br>| 4.18%<br>| 1.21%<br>| 8.95%<br>| 1.10%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $7154<br>| $9<br><sup>3</sup><br>| $13<br><sup>3</sup><br>| $13<br><sup>3</sup><br>| $11<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.60%<br>| 0.60%<br>| 0.60%<br>| 0.60%<br>| 0.58%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.45%<br>| 1.21%<br>| 1.12%<br>| 1.16%<br>| 1.20%<br>|
| Ratio of net investment income to average net assets<br>| 3.27%<br>| 2.12%<br>| 2.23%<br>| 2.75%<br>| 2.74%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 2.42%<br>| 1.51%<br>| 1.71%<br>| 2.19%<br>| 2.12%<br>|
| Portfolio turnover<br>| 28%<br>| 16%<br>| 9%<br>| 10%<br>| 10%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

**Delaware Ivy California Municipal High Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class Y shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.68<br>| $10.48<br>| $10.58<br>| $9.98<br>| $10.16<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.26<br>| 0.21<br>| 0.21<br>| 0.26<br>| 0.25<br>|
| Net realized and unrealized gain (loss)<br>| (1.66)<br>| 0.20<br>| (0.11)<br>| 0.60<br>| (0.15)<br>|
| Total from investment operations<br>| (1.40)<br>| 0.41<br>| 0.10<br>| 0.86<br>| 0.10<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.27)<br>| (0.21)<br>| (0.20)<br>| (0.26)<br>| (0.26)<br>|
| Net realized gain<br>| (0.11)<br>| -<br>| -<br>| -<br>| (0.02)<br>|
| Total dividends and distributions<br>| (0.38)<br>| (0.21)<br>| (0.20)<br>| (0.26)<br>| (0.28)<br>|
| **Net asset value, end of period**<br>| $8.90<br>| $10.68<br>| $10.48<br>| $10.58<br>| $9.98<br>|
| **Total return**<sup>2</sup><br>| (13.48%)<br>| 3.97%<br>| 1.01%<br>| 8.73%<br>| 0.93%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $77<br>| $1<br><sup>3</sup><br>| $1<br><sup>3</sup><br>| $1<br><sup>3</sup><br>| $1<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.80%<br>| 0.80%<br>| 0.80%<br>| 0.80%<br>| 0.78%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.26%<br>| 1.45%<br>| 1.35%<br>| 1.40%<br>| 1.44%<br>|
| Ratio of net investment income to average net assets<br>| 2.51%<br>| 1.96%<br>| 2.03%<br>| 2.55%<br>| 2.56%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 2.05%<br>| 1.31%<br>| 1.48%<br>| 1.95%<br>| 1.90%<br>|
| Portfolio turnover<br>| 28%<br>| 16%<br>| 9%<br>| 10%<br>| 10%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

Financial highlights

**Delaware Ivy Corporate Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<sup>1</sup><br>| 9/30/21<sup>1</sup> | 9/30/20<sup>1</sup> | 9/30/19<sup>1</sup> | 9/30/18<sup>1</sup> |
| **Net asset value, beginning of period**<br>| $19.62<br>| $20.70<br>| $19.62<br>| $18.06<br>| $18.81<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>2</sup><br>| 0.36<br>| 0.39<br>| 0.45<br>| 0.48<br>| 0.45<br>|
| Net realized and unrealized gain (loss)<br>| (3.97)<br>| (0.03)<br>| 1.11<br>| 1.56<br>| (0.78)<br>|
| Total from investment operations<br>| (3.61)<br>| 0.36<br>| 1.56<br>| 2.04<br>| (0.33)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.39)<br>| (0.42)<br>| (0.48)<br>| (0.48)<br>| (0.42)<br>|
| Net realized gain<br>| (0.59)<br>| (1.02)<br>| -<br>| -<br>| -<br>|
| Total dividends and distributions<br>| (0.98)<br>| (1.44)<br>| (0.48)<br>| (0.48)<br>| (0.42)<br>|
| **Net asset value, end of period**<br>| $15.03<br>| $19.62<br>| $20.70<br>| $19.62<br>| $18.06<br>|
| **Total return**<sup>3</sup><br>| (19.22%)<br>| 1.59%<br>| 8.07%<br>| 11.48%<br>| (1.72%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $210466<br>| $333<br><sup>4</sup><br>| $355<br><sup>4</sup><br>| $348<br><sup>4</sup><br>| $364<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 1.01%<br>| 0.96%<br>| 1.00%<br>| 1.02%<br>| 1.05%<br>|
| Ratio of net investment income to average net assets<br>| 2.05%<br>| 1.89%<br>| 2.26%<br>| 2.54%<br>| 2.41%<br>|
| Portfolio turnover<br>| 52%<br>| 72%<br>| 84%<br>| 63%<br>| 29%<br>|

---

<sup>1</sup> On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been revised to reflect the reverse stock split. 

<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. 

<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. 

------

**Delaware Ivy Corporate Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class C shares**<br>| 9/30/22<sup>1</sup><br>| 9/30/21<sup>1</sup> | 9/30/20<sup>1</sup> | 9/30/19<sup>1</sup> | 9/30/18<sup>1</sup> |
| **Net asset value, beginning of period**<br>| $19.59<br>| $20.67<br>| $19.59<br>| $18.03<br>| $18.78<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>2</sup><br>| 0.18<br>| 0.21<br>| 0.27<br>| 0.30<br>| 0.27<br>|
| Net realized and unrealized gain (loss)<br>| (3.96)<br>| (0.03)<br>| 1.11<br>| 1.56<br>| (0.75)<br>|
| Total from investment operations<br>| (3.78)<br>| 0.18<br>| 1.38<br>| 1.86<br>| (0.48)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.21)<br>| (0.24)<br>| (0.30)<br>| (0.30)<br>| (0.27)<br>|
| Net realized gain<br>| (0.59)<br>| (1.02)<br>| -<br>| -<br>| -<br>|
| Total dividends and distributions<br>| (0.80)<br>| (1.26)<br>| (0.30)<br>| (0.30)<br>| (0.27)<br>|
| **Net asset value, end of period**<br>| $15.01<br>| $19.59<br>| $20.67<br>| $19.59<br>| $18.03<br>|
| **Total return**<sup>3</sup><br>| (20.01%)<br>| 0.68%<br>| 7.13%<br>| 10.52%<br>| (2.63%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $1271<br>| $2<br><sup>4</sup><br>| $4<br><sup>4</sup><br>| $4<br><sup>4</sup><br>| $4<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 2.05%<br>| 1.84%<br>| 1.89%<br>| 1.92%<br>| 1.94%<br>|
| Ratio of net investment income to average net assets<br>| 1.01%<br>| 1.02%<br>| 1.37%<br>| 1.64%<br>| 1.48%<br>|
| Portfolio turnover<br>| 52%<br>| 72%<br>| 84%<br>| 63%<br>| 29%<br>|

---

<sup>1</sup> On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been restated to reflect the reverse stock split. 

<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. 

<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. 

------

Financial highlights

**Delaware Ivy Corporate Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<sup>1</sup><br>| 9/30/21<sup>1</sup> | 9/30/20<sup>1</sup> | 9/30/19<sup>1</sup> | 9/30/18<sup>1</sup> |
| **Net asset value, beginning of period**<br>| $19.62<br>| $20.70<br>| $19.62<br>| $18.06<br>| $18.81<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>2</sup><br>| 0.41<br>| 0.42<br>| 0.51<br>| 0.54<br>| 0.51<br>|
| Net realized and unrealized gain (loss)<br>| (3.97)<br>| (0.03)<br>| 1.11<br>| 1.56<br>| (0.78)<br>|
| Total from investment operations<br>| (3.56)<br>| 0.39<br>| 1.62<br>| 2.10<br>| (0.27)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.43)<br>| (0.45)<br>| (0.54)<br>| (0.54)<br>| (0.48)<br>|
| Net realized gain<br>| (0.59)<br>| (1.02)<br>| -<br>| -<br>| -<br>|
| Total dividends and distributions<br>| (1.02)<br>| (1.47)<br>| (0.54)<br>| (0.54)<br>| (0.48)<br>|
| **Net asset value, end of period**<br>| $15.04<br>| $19.62<br>| $20.70<br>| $19.62<br>| $18.06<br>|
| **Total return**<sup>3</sup><br>| (18.98%)<br>| 1.87%<br>| 8.39%<br>| 11.84%<br>| (1.41%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $202864<br>| $442<br><sup>4</sup><br>| $460<br><sup>4</sup><br>| $523<br><sup>4</sup><br>| $545<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 0.72%<br>| 0.70%<br>| 0.71%<br>| 0.70%<br>| 0.72%<br>|
| Ratio of net investment income to average net assets<br>| 2.31%<br>| 2.15%<br>| 2.55%<br>| 2.86%<br>| 2.74%<br>|
| Portfolio turnover<br>| 52%<br>| 72%<br>| 84%<br>| 63%<br>| 29%<br>|

---

<sup>1</sup> On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been restated to reflect the reverse stock split. 

<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. 

<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. 

------

**Delaware Ivy Corporate Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class Y shares**<br>| 9/30/22<sup>2</sup><br>| 9/30/21<sup>2</sup> | 9/30/20<sup>2</sup> | 9/30/19<sup>2</sup> | 10/16/17<sup>1</sup>to<br>9/30/18<sup>2</sup> |
| **Net asset value, beginning of period**<br>| $19.62<br>| $20.70<br>| $19.59<br>| $18.03<br>| $18.84<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>3</sup><br>| 0.37<br>| 0.39<br>| 0.45<br>| 0.48<br>| 0.45<br>|
| Net realized and unrealized gain (loss)<br>| (3.97)<br>| (0.06)<br>| 1.14<br>| 1.59<br>| (0.87)<br>|
| Total from investment operations<br>| (3.60)<br>| 0.33<br>| 1.59<br>| 2.07<br>| (0.42)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.40)<br>| (0.39)<br>| (0.48)<br>| (0.51)<br>| (0.39)<br>|
| Net realized gain<br>| (0.59)<br>| (1.02)<br>| -<br>| -<br>| -<br>|
| Total dividends and distributions<br>| (0.99)<br>| (1.41)<br>| (0.48)<br>| (0.51)<br>| (0.39)<br>|
| **Net asset value, end of period**<br>| $15.03<br>| $19.62<br>| $20.70<br>| $19.59<br>| $18.03<br>|
| **Total return**<sup>4</sup><br>| (19.18%)<br>| 1.58%<br>| 8.29%<br>| 11.62%<br>| (2.16%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $200<br>| $-<br><sup>5,6</sup><br>| $-<br><sup>5,6</sup><br>| $-<br><sup>5,6</sup><br>| $-<br><sup>5,6</sup><br>|
| Ratio of expenses to average net assets<sup>7</sup><br>| 0.95%<br>| 0.95%<br>| 0.94%<br>| 0.93%<br>| 1.00%<br>|
| Ratio of net investment income to average net assets<br>| 2.13%<br>| 1.90%<br>| 2.32%<br>| 2.62%<br>| 2.62%<br>|
| Portfolio turnover<br>| 52%<br>| 72%<br>| 84%<br>| 63%<br>| 29%<br><sup>8</sup><br>|

---

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

<sup>2</sup> On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been restated to reflect the reverse stock split. 

<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. 

<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 period ended September 30, 2018. 

------

Financial highlights

**Delaware Ivy Crossover Credit Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.88<br>| $11.28<br>| $10.51<br>| $9.64<br>| $10.26<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.22<br>| 0.21<br>| 0.28<br>| 0.32<br>| 0.30<br>|
| Net realized and unrealized gain (loss)<br>| (2.30)<br>| 0.33<br>| 0.77<br>| 0.90<br>| (0.56)<br>|
| Total from investment operations<br>| (2.08)<br>| 0.54<br>| 1.05<br>| 1.22<br>| (0.26)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.23)<br>| (0.22)<br>| (0.28)<br>| (0.35)<br>| (0.27)<br>|
| Net realized gain<br>| (0.48)<br>| (0.72)<br>| -<br>| -<br>| (0.09)<br>|
| Total dividends and distributions<br>| (0.71)<br>| (0.94)<br>| (0.28)<br>| (0.35)<br>| (0.36)<br>|
| **Net asset value, end of period**<br>| $8.09<br>| $10.88<br>| $11.28<br>| $10.51<br>| $9.64<br>|
| **Total return**<sup>2</sup><br>| (20.27%)<br>| 4.93%<br>| 10.18%<br>| 13.10%<br>| (2.56%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $3924<br>| $7<br><sup>3</sup><br>| $18<br><sup>3</sup><br>| $12<br><sup>3</sup><br>| $12<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.90%<br>| 0.90%<br>| 0.90%<br>| 0.90%<br>| 0.90%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.69%<br>| 1.23%<br>| 1.21%<br>| 1.25%<br>| 1.19%<br>|
| Ratio of net investment income to average net assets<br>| 2.26%<br>| 1.92%<br>| 2.64%<br>| 3.23%<br>| 3.07%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.47%<br>| 1.59%<br>| 2.33%<br>| 2.88%<br>| 2.78%<br>|
| Portfolio turnover<br>| 60%<br>| 135%<br>| 165%<br>| 94%<br>| 85%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

**Delaware Ivy Crossover Credit Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.88<br>| $11.28<br>| $10.51<br>| $9.64<br>| $10.26<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.24<br>| 0.24<br>| 0.31<br>| 0.34<br>| 0.33<br>|
| Net realized and unrealized gain (loss)<br>| (2.29)<br>| 0.33<br>| 0.77<br>| 0.90<br>| (0.56)<br>|
| Total from investment operations<br>| (2.05)<br>| 0.57<br>| 1.08<br>| 1.24<br>| (0.23)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.26)<br>| (0.25)<br>| (0.31)<br>| (0.37)<br>| (0.30)<br>|
| Net realized gain<br>| (0.48)<br>| (0.72)<br>| -<br>| -<br>| (0.09)<br>|
| Total dividends and distributions<br>| (0.74)<br>| (0.97)<br>| (0.31)<br>| (0.37)<br>| (0.39)<br>|
| **Net asset value, end of period**<br>| $8.09<br>| $10.88<br>| $11.28<br>| $10.51<br>| $9.64<br>|
| **Total return**<sup>2</sup><br>| (20.05%)<br>| 5.19%<br>| 10.46%<br>| 13.39%<br>| (2.41%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $12427<br>| $30<br><sup>3</sup><br>| $39<br><sup>3</sup><br>| $27<br><sup>3</sup><br>| $23<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.65%<br>| 0.65%<br>| 0.65%<br>| 0.65%<br>| 0.65%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.27%<br>| 1.03%<br>| 1.06%<br>| 1.13%<br>| 1.06%<br>|
| Ratio of net investment income to average net assets<br>| 2.48%<br>| 2.18%<br>| 2.89%<br>| 3.47%<br>| 3.33%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.86%<br>| 1.80%<br>| 2.48%<br>| 2.99%<br>| 2.92%<br>|
| Portfolio turnover<br>| 60%<br>| 135%<br>| 165%<br>| 94%<br>| 85%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

Financial highlights

**Delaware Ivy Crossover Credit Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class Y shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.88<br>| $11.28<br>| $10.51<br>| $9.64<br>| $10.26<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.22<br>| 0.21<br>| 0.28<br>| 0.32<br>| 0.30<br>|
| Net realized and unrealized gain (loss)<br>| (2.31)<br>| 0.33<br>| 0.77<br>| 0.90<br>| (0.56)<br>|
| Total from investment operations<br>| (2.09)<br>| 0.54<br>| 1.05<br>| 1.22<br>| (0.26)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.23)<br>| (0.22)<br>| (0.28)<br>| (0.35)<br>| (0.27)<br>|
| Net realized gain<br>| (0.48)<br>| (0.72)<br>| -<br>| -<br>| (0.09)<br>|
| Total dividends and distributions<br>| (0.71)<br>| (0.94)<br>| (0.28)<br>| (0.35)<br>| (0.36)<br>|
| **Net asset value, end of period**<br>| $8.08<br>| $10.88<br>| $11.28<br>| $10.51<br>| $9.64<br>|
| **Total return**<sup>2</sup><br>| (20.35%)<br>| 4.93%<br>| 10.18%<br>| 13.10%<br>| (2.56%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $953<br>| $1<br><sup>3</sup><br>| $1<br><sup>3</sup><br>| $1<br><sup>3</sup><br>| $1<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.90%<br>| 0.90%<br>| 0.90%<br>| 0.90%<br>| 0.90%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.57%<br>| 1.26%<br>| 1.30%<br>| 1.37%<br>| 1.29%<br>|
| Ratio of net investment income to average net assets<br>| 2.29%<br>| 1.93%<br>| 2.65%<br>| 3.23%<br>| 3.06%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.62%<br>| 1.57%<br>| 2.25%<br>| 2.76%<br>| 2.67%<br>|
| Portfolio turnover<br>| 60%<br>| 135%<br>| 165%<br>| 94%<br>| 85%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

**Delaware Ivy Emerging Markets Local Currency Debt Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $8.74<br>| $8.46<br>| $8.68<br>| $8.22<br>| $9.47<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.33<br>| 0.29<br>| 0.31<br>| 0.42<br>| 0.39<br>|
| Net realized and unrealized gain (loss)<br>| (2.23)<br>| -<br>| (0.43)<br>| 0.04<br>| (1.40)<br>|
| Total from investment operations<br>| (1.90)<br>| 0.29<br>| (0.12)<br>| 0.46<br>| (1.01)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| -<br>| (0.01)<br>| (0.10)<br>| -<br>| (0.24)<br>|
| Total dividends and distributions<br>| -<br>| (0.01)<br>| (0.10)<br>| -<br>| (0.24)<br>|
| **Net asset value, end of period**<br>| $6.84<br>| $8.74<br>| $8.46<br>| $8.68<br>| $8.22<br>|
| **Total return**<sup>2</sup><br>| (21.74%)<br>| 3.40%<br>| (1.39%)<br>| 5.73%<br>| (11.01%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $1165<br>| $3<br><sup>3</sup><br>| $8<br><sup>3</sup><br>| $9<br><sup>3</sup><br>| $12<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 1.23%<br>| 1.23%<br>| 1.19%<br>| 1.21%<br>| 1.21%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 2.53%<br>| 1.63%<br>| 1.50%<br>| 1.44%<br>| 1.45%<br>|
| Ratio of net investment income to average net assets<br>| 4.08%<br>| 3.21%<br>| 3.63%<br>| 4.94%<br>| 4.28%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 2.78%<br>| 2.81%<br>| 3.32%<br>| 4.71%<br>| 4.04%<br>|
| Portfolio turnover<br>| 63%<br>| 120%<br>| 121%<br>| 111%<br>| 90%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

Financial highlights

**Delaware Ivy Emerging Markets Local Currency Debt Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class C shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $8.45<br>| $8.20<br>| $8.47<br>| $8.06<br>| $9.28<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.25<br>| 0.23<br>| 0.25<br>| 0.36<br>| 0.31<br>|
| Net realized and unrealized gain (loss)<br>| (2.14)<br>| 0.02<br>| (0.43)<br>| 0.05<br>| (1.37)<br>|
| Total from investment operations<br>| (1.89)<br>| 0.25<br>| (0.18)<br>| 0.41<br>| (1.06)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| -<br>| -<br>| (0.09)<br>| -<br>| (0.16)<br>|
| Total dividends and distributions<br>| -<br>| -<br>| (0.09)<br>| -<br>| (0.16)<br>|
| **Net asset value, end of period**<br>| $6.56<br>| $8.45<br>| $8.20<br>| $8.47<br>| $8.06<br>|
| **Total return**<sup>2</sup><br>| (22.37%)<br>| 3.05%<br>| (2.14%)<br>| 5.09%<br>| (11.56%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $61<br>| $-<br><sup>3,4</sup><br>| $2<br><sup>3</sup><br>| $2<br><sup>3</sup><br>| $2<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 2.00%<br>| 1.84%<br>| 1.83%<br>| 1.85%<br>| 1.86%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 3.13%<br>| 2.24%<br>| 2.14%<br>| 2.08%<br>| 2.10%<br>|
| Ratio of net investment income to average net assets<br>| 3.31%<br>| 2.66%<br>| 3.02%<br>| 4.36%<br>| 3.54%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 2.18%<br>| 2.24%<br>| 2.71%<br>| 4.13%<br>| 3.30%<br>|
| Portfolio turnover<br>| 63%<br>| 120%<br>| 121%<br>| 111%<br>| 90%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Rounds to less than $500 thousands. 

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

------

**Delaware Ivy Emerging Markets Local Currency Debt Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $8.87<br>| $8.57<br>| $8.77<br>| $8.28<br>| $9.54<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.37<br>| 0.33<br>| 0.35<br>| 0.47<br>| 0.43<br>|
| Net realized and unrealized gain (loss)<br>| (2.27)<br>| -<br>| (0.44)<br>| 0.04<br>| (1.41)<br>|
| Total from investment operations<br>| (1.90)<br>| 0.33<br>| (0.09)<br>| 0.51<br>| (0.98)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| -<br>| (0.03)<br>| (0.11)<br>| (0.02)<br>| (0.28)<br>|
| Total dividends and distributions<br>| -<br>| (0.03)<br>| (0.11)<br>| (0.02)<br>| (0.28)<br>|
| **Net asset value, end of period**<br>| $6.97<br>| $8.87<br>| $8.57<br>| $8.77<br>| $8.28<br>|
| **Total return**<sup>2</sup><br>| (21.42%)<br>| 3.88%<br>| (1.07%)<br>| 6.17%<br>| (10.56%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $7252<br>| $28<br><sup>3</sup><br>| $28<br><sup>3</sup><br>| $77<br><sup>3</sup><br>| $80<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.80%<br>| 0.80%<br>| 0.80%<br>| 0.80%<br>| 0.80%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.73%<br>| 1.42%<br>| 1.29%<br>| 1.21%<br>| 1.23%<br>|
| Ratio of net investment income to average net assets<br>| 4.49%<br>| 3.64%<br>| 4.07%<br>| 5.43%<br>| 4.80%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.56%<br>| 3.02%<br>| 3.58%<br>| 5.02%<br>| 4.37%<br>|
| Portfolio turnover<br>| 63%<br>| 120%<br>| 121%<br>| 111%<br>| 90%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

Financial highlights

**Delaware Ivy Emerging Markets Local Currency Debt Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Year ended |
| **Class R6 shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $8.86<br>| $8.57<br>| $8.77<br>| $8.28<br>| $9.54<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.36<br>| 0.32<br>| 0.36<br>| 0.46<br>| 0.44<br>|
| Net realized and unrealized gain (loss)<br>| (2.26)<br>| -<br>| (0.45)<br>| 0.05<br>| (1.42)<br>|
| Total from investment operations<br>| (1.90)<br>| 0.32<br>| (0.09)<br>| 0.51<br>| (0.98)<br>|
| **Less dividends and distributions from:**<br>|  |  |  |  |  |
| Net investment income<br>| -<br>| (0.03)<br>| (0.11)<br>| (0.02)<br>| (0.28)<br>|
| Total dividends and distributions<br>| -<br>| (0.03)<br>| (0.11)<br>| (0.02)<br>| (0.28)<br>|
| **Net asset value, end of period**<br>| $6.96<br>| $8.86<br>| $8.57<br>| $8.77<br>| $8.28<br>|
| **Total return**<sup>2</sup><br>| (21.45%)<br>| 3.76%<br>| (1.07%)<br>| 6.17%<br>| (10.56%)<br>|
| **Ratios and supplemental data:**<br>|  |  |  |  |  |
| Net assets, end of period (000 omitted)<br>| $13672<br>| $21<br><sup>3</sup><br>| $20<br><sup>3</sup><br>| $34<br><sup>3</sup><br>| $41<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.80%<br>| 0.80%<br>| 0.80%<br>| 0.80%<br>| 0.80%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.54%<br>| 1.21%<br>| 1.12%<br>| 1.04%<br>| 1.05%<br>|
| Ratio of net investment income to average net assets<br>| 4.50%<br>| 3.57%<br>| 4.12%<br>| 5.36%<br>| 4.83%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.76%<br>| 3.16%<br>| 3.80%<br>| 5.12%<br>| 4.58%<br>|
| Portfolio turnover<br>| 63%<br>| 120%<br>| 121%<br>| 111%<br>| 90%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

**Delaware Ivy Emerging Markets Local Currency Debt Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Year ended |
| **Class Y shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $8.75<br>| $8.46<br>| $8.69<br>| $8.22<br>| $9.48<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.32<br>| 0.27<br>| 0.31<br>| 0.43<br>| 0.37<br>|
| Net realized and unrealized gain (loss)<br>| (2.23)<br>| 0.03<br>| (0.44)<br>| 0.04<br>| (1.39)<br>|
| Total from investment operations<br>| (1.91)<br>| 0.30<br>| (0.13)<br>| 0.47<br>| (1.02)<br>|
| **Less dividends and distributions from:**<br>|  |  |  |  |  |
| Net investment income<br>| -<br>| (0.01)<br>| (0.10)<br>| -<br>| (0.24)<br>|
| Total dividends and distributions<br>| -<br>| (0.01)<br>| (0.10)<br>| -<br>| (0.24)<br>|
| **Net asset value, end of period**<br>| $6.84<br>| $8.75<br>| $8.46<br>| $8.69<br>| $8.22<br>|
| **Total return**<sup>2</sup><br>| (21.83%)<br>| 3.52%<br>| (1.51%)<br>| 5.72%<br>| (11.00%)<br>|
| **Ratios and supplemental data:**<br>|  |  |  |  |  |
| Net assets, end of period (000 omitted)<br>| $198<br>| $-<br><sup>3,4</sup><br>| $2<br><sup>3</sup><br>| $3<br><sup>3</sup><br>| $3<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 1.25%<br>| 1.20%<br>| 1.19%<br>| 1.21%<br>| 1.21%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 2.01%<br>| 1.60%<br>| 1.51%<br>| 1.44%<br>| 1.45%<br>|
| Ratio of net investment income to average net assets<br>| 4.07%<br>| 3.04%<br>| 3.65%<br>| 4.99%<br>| 4.11%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.31%<br>| 2.64%<br>| 3.33%<br>| 4.76%<br>| 3.87%<br>|
| Portfolio turnover<br>| 63%<br>| 120%<br>| 121%<br>| 111%<br>| 90%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Rounds to less than $500 thousands. 

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

------

Financial highlights

**Delaware Ivy Government Securities Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $5.61<br>| $5.78<br>| $5.59<br>| $5.23<br>| $5.43<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.04<br>| 0.03<br>| 0.06<br>| 0.08<br>| 0.06<br>|
| Net realized and unrealized gain (loss)<br>| (0.80)<br>| (0.14)<br>| 0.20<br>| 0.37<br>| (0.19)<br>|
| Total from investment operations<br>| (0.76)<br>| (0.11)<br>| 0.26<br>| 0.45<br>| (0.13)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.05)<br>| (0.06)<br>| (0.07)<br>| (0.09)<br>| (0.07)<br>|
| Total dividends and distributions<br>| (0.05)<br>| (0.06)<br>| (0.07)<br>| (0.09)<br>| (0.07)<br>|
| **Net asset value, end of period**<br>| $4.80<br>| $5.61<br>| $5.78<br>| $5.59<br>| $5.23<br>|
| **Total return**<sup>2</sup><br>| (13.67%)<br>| (1.94%)<br>| 4.75%<br>| 8.59%<br>| (2.35%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $55336<br>| $79<br><sup>3</sup><br>| $96<br><sup>3</sup><br>| $68<br><sup>3</sup><br>| $71<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.97%<br>| 0.97%<br>| 0.98%<br>| 1.00%<br>| 1.04%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.13%<br>| 1.00%<br>| 1.05%<br>| 1.13%<br>| 1.16%<br>|
| Ratio of net investment income to average net assets<br>| 0.67%<br>| 0.59%<br>| 1.07%<br>| 1.47%<br>| 1.19%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 0.51%<br>| 0.56%<br>| 1.00%<br>| 1.34%<br>| 1.07%<br>|
| Portfolio turnover<br>| 148%<br><sup>5</sup><br>| 31%<br>| 43%<br>| 12%<br>| 42%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>5</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

**Delaware Ivy Government Securities Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class C shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $5.61<br>| $5.78<br>| $5.59<br>| $5.23<br>| $5.43<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| (0.01)<br><sup>2</sup><br>| (0.01)<br>| 0.01<br>| 0.03<br>| 0.01<br>|
| Net realized and unrealized gain (loss)<br>| (0.80)<br>| (0.15)<br>| 0.20<br>| 0.37<br>| (0.18)<br>|
| Total from investment operations<br>| (0.81)<br>| (0.16)<br>| 0.21<br>| 0.40<br>| (0.17)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| ---<br><sup>3</sup><br>| (0.01)<br>| (0.02)<br>| (0.04)<br>| (0.03)<br>|
| Total dividends and distributions<br>| ---<br><sup>3</sup><br>| (0.01)<br>| (0.02)<br>| (0.04)<br>| (0.03)<br>|
| **Net asset value, end of period**<br>| $4.80<br>| $5.61<br>| $5.78<br>| $5.59<br>| $5.23<br>|
| **Total return**<sup>4</sup><br>| (14.44%)<br><sup>5</sup><br>| (2.75%)<br>| 3.83%<br>| 7.61%<br>| (3.14%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $754<br>| $1<br><sup>6</sup><br>| $2<br><sup>6</sup><br>| $1<br><sup>6</sup><br>| $1<br><sup>6</sup><br>|
| Ratio of expenses to average net assets<sup>7</sup><br>| 1.83%<br>| 1.82%<br>| 1.86%<br>| 1.88%<br>| 1.88%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup><br>| 2.06%<br>| 1.82%<br>| 1.90%<br>| 1.95%<br>| 2.16%<br>|
| Ratio of net investment income to average net assets<br>| (0.19%)<br>| (0.26%)<br>| 0.18%<br>| 0.59%<br>| 0.24%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| (0.42%)<br>| (0.26%)<br>| 0.14%<br>| 0.52%<br>| (0.04%)<br>|
| Portfolio turnover<br>| 148%<br><sup>8</sup><br>| 31%<br>| 43%<br>| 12%<br>| 42%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses. 

<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 reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers 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. 

<sup>8</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

Financial highlights

**Delaware Ivy Government Securities Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $5.61<br>| $5.78<br>| $5.59<br>| $5.23<br>| $5.43<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.05<br>| 0.05<br>| 0.08<br>| 0.09<br>| 0.08<br>|
| Net realized and unrealized gain (loss)<br>| (0.80)<br>| (0.15)<br>| 0.20<br>| 0.37<br>| (0.19)<br>|
| Total from investment operations<br>| (0.75)<br>| (0.10)<br>| 0.28<br>| 0.46<br>| (0.11)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.06)<br>| (0.07)<br>| (0.09)<br>| (0.10)<br>| (0.09)<br>|
| Total dividends and distributions<br>| (0.06)<br>| (0.07)<br>| (0.09)<br>| (0.10)<br>| (0.09)<br>|
| **Net asset value, end of period**<br>| $4.80<br>| 5.61<br>| $5.78<br>| $5.59<br>| $5.23<br>|
| **Total return**<sup>2</sup><br>| (13.45%)<br>| (1.69%)<br>| 5.01%<br>| 8.89%<br>| (2.10%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $101424<br>| $130<br><sup>3</sup><br>| $140<br><sup>3</sup><br>| $93<br><sup>3</sup><br>| $124<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.72%<br>| 0.72%<br>| 0.72%<br>| 0.72%<br>| 0.78%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 0.80%<br>| 0.76%<br>| 0.77%<br>| 0.77%<br>| 0.82%<br>|
| Ratio of net investment income to average net assets<br>| 0.91%<br>| 0.84%<br>| 1.32%<br>| 1.75%<br>| 1.46%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 0.83%<br>| 0.80%<br>| 1.27%<br>| 1.70%<br>| 1.42%<br>|
| Portfolio turnover<br>| 148%<br><sup>5</sup><br>| 31%<br>| 43%<br>| 12%<br>| 42%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>5</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

**Delaware Ivy Government Securities Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Year ended |
| **Class R6 shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 10/16/17<sup>1</sup>to<br>9/30/18  |
| **Net asset value, beginning of period**<br>| $5.61<br>| $5.78<br>| $5.59<br>| $5.23<br>| $5.43<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>2</sup><br>| 0.05<br>| 0.05<br>| 0.08<br>| 0.10<br>| 0.08<br>|
| Net realized and unrealized gain (loss)<br>| (0.79)<br>| (0.14)<br>| 0.20<br>| 0.37<br>| (0.19)<br>|
| Total from investment operations<br>| (0.74)<br>| (0.09)<br>| 0.28<br>| 0.47<br>| (0.11)<br>|
| **Less dividends and distributions from:**<br>|  |  |  |  |  |
| Net investment income<br>| (0.07)<br>| (0.08)<br>| (0.09)<br>| (0.11)<br>| (0.09)<br>|
| Total dividends and distributions<br>| (0.07)<br>| (0.08)<br>| (0.09)<br>| (0.11)<br>| (0.09)<br>|
| **Net asset value, end of period**<br>| $4.80<br>| $5.61<br>| $5.78<br>| $5.59<br>| $5.23<br>|
| **Total return**<sup>3</sup><br>| (13.36%)<br><sup>4</sup><br>| (1.57%)<br>| 5.13%<br>| 9.01%<br>| (1.99%)<br>|
| **Ratios and supplemental data:**<br>|  |  |  |  |  |
| Net assets, end of period (000 omitted)<br>| $28798<br>| $138<br><sup>5</sup><br>| $172<br><sup>5</sup><br>| $120<br><sup>5</sup><br>| $179<br><sup>5</sup><br>|
| Ratio of expenses to average net assets<sup>6</sup><br>| 0.62%<br>| 0.60%<br>| 0.61%<br>| 0.61%<br>| 0.63%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup><br>| 0.63%<br>| 0.60%<br>| 0.61%<br>| 0.61%<br>| 0.63%<br>|
| Ratio of net investment income to average net assets<br>| 0.96%<br>| 0.96%<br>| 1.44%<br>| 1.86%<br>| 1.74%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 0.95%<br>| 0.96%<br>| 1.44%<br>| 1.86%<br>| 1.74%<br>|
| Portfolio turnover<br>| 148%<br><sup>7</sup><br>| 31%<br>| 43%<br>| 12%<br>| 42%<br><sup>8</sup><br>|

---

<sup>1</sup> Date of commencement of operations; ratios have been annualized and total return has 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. 

<sup>4</sup> 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> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>7</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

<sup>8</sup> Portfolio turnover is representative of the Fund for the period ended September 30, 2018. 

------

Financial highlights

**Delaware Ivy High Yield Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.24<br>| $9.72<br>| $9.88<br>| $9.81<br>| $10.15<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.47<br>| 0.47<br>| 0.48<br>| 0.52<br>| 0.48<br>|
| Net realized and unrealized gain (loss)<br>| (1.98)<br>| 0.54<br>| (0.16)<br>| 0.06<br>| (0.30)<br>|
| Total from investment operations<br>| (1.51)<br>| 1.01<br>| 0.32<br>| 0.58<br>| 0.18<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.50)<br>| (0.49)<br>| (0.48)<br>| (0.51)<br>| (0.49)<br>|
| Net realized gain<br>| (0.27)<br>| -<br>| -<br>| -<br>| (0.03)<br>|
| Total dividends and distributions<br>| (0.77)<br>| (0.49)<br>| (0.48)<br>| (0.51)<br>| (0.52)<br>|
| **Net asset value, end of period**<br>| $7.96<br>| $10.24<br>| $9.72<br>| $9.88<br>| $9.81<br>|
| **Total return**<sup>2</sup><br>| (15.64%)<br>| 10.50%<br>| 3.40%<br>| 6.27%<br>| 1.71%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $9968<br>| $14<br><sup>3</sup><br>| $15<br><sup>3</sup><br>| $10<br><sup>3</sup><br>| $8<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.99%<br>| 0.99%<br>| 0.99%<br>| 1.00%<br>| 1.00%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.28%<br>| 1.13%<br>| 1.16%<br>| 1.15%<br>| 1.11%<br>|
| Ratio of net investment income to average net assets<br>| 5.05%<br>| 4.64%<br>| 5.02%<br>| 5.32%<br>| 4.83%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 4.76%<br>| 4.50%<br>| 4.85%<br>| 5.17%<br>| 4.72%<br>|
| Portfolio turnover<br>| 47%<br>| 83%<br>| 80%<br>| 69%<br>| 81%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

**Delaware Ivy High Yield Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.25<br>| $9.72<br>| $9.88<br>| $9.81<br>| $10.15<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.49<br>| 0.50<br>| 0.51<br>| 0.54<br>| 0.51<br>|
| Net realized and unrealized gain (loss)<br>| (1.98)<br>| 0.54<br>| (0.17)<br>| 0.07<br>| (0.31)<br>|
| Total from investment operations<br>| (1.49)<br>| 1.04<br>| 0.34<br>| 0.61<br>| 0.20<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.53)<br>| (0.51)<br>| (0.50)<br>| (0.54)<br>| (0.51)<br>|
| Net realized gain<br>| (0.27)<br>| -<br>| -<br>| -<br>| (0.03)<br>|
| Total dividends and distributions<br>| (0.80)<br>| (0.51)<br>| (0.50)<br>| (0.54)<br>| (0.54)<br>|
| **Net asset value, end of period**<br>| $7.96<br>| $10.25<br>| $9.72<br>| $9.88<br>| $9.81<br>|
| **Total return**<sup>2</sup><br>| (15.51%)<br>| 10.91%<br>| 3.68%<br>| 6.44%<br>| 2.10%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $32938<br>| $85<br><sup>3</sup><br>| $87<br><sup>3</sup><br>| $54<br><sup>3</sup><br>| $46<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.72%<br>| 0.72%<br>| 0.72%<br>| 0.72%<br>| 0.72%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.03%<br>| 0.97%<br>| 1.01%<br>| 1.02%<br>| 1.00%<br>|
| Ratio of net investment income to average net assets<br>| 5.23%<br>| 4.90%<br>| 5.30%<br>| 5.60%<br>| 5.14%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 4.92%<br>| 4.65%<br>| 5.01%<br>| 5.30%<br>| 4.86%<br>|
| Portfolio turnover<br>| 47%<br>| 83%<br>| 80%<br>| 69%<br>| 81%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

Financial highlights

**Delaware Ivy High Yield Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class R6 shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.24<br>| $9.71<br>| $9.88<br>| $9.80<br>| $10.15<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.49<br>| 0.50<br>| 0.51<br>| 0.54<br>| 0.51<br>|
| Net realized and unrealized gain (loss)<br>| (1.99)<br>| 0.54<br>| (0.18)<br>| 0.08<br>| (0.32)<br>|
| Total from investment operations<br>| (1.50)<br>| 1.04<br>| 0.33<br>| 0.62<br>| 0.19<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.46)<br>| (0.51)<br>| (0.50)<br>| (0.54)<br>| (0.51)<br>|
| Net realized gain<br>| (0.27)<br>| -<br>| -<br>| -<br>| (0.03)<br>|
| Total dividends and distributions<br>| (0.73)<br>| (0.51)<br>| (0.50)<br>| (0.54)<br>| (0.54)<br>|
| **Net asset value, end of period**<br>| $8.01<br>| $10.24<br>| $9.71<br>| $9.88<br>| $9.80<br>|
| **Total return**<sup>2</sup><br>| (15.56%)<br>| 10.92%<br>| 3.58%<br>| 6.55%<br>| 2.00%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $14<br>| $35<br><sup>3</sup><br>| $40<br><sup>3</sup><br>| $38<br><sup>3</sup><br>| $32<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.72%<br>| 0.72%<br>| 0.72%<br>| 0.72%<br>| 0.72%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 0.87%<br>| 0.80%<br>| 0.83%<br>| 0.84%<br>| 0.83%<br>|
| Ratio of net investment income to average net assets<br>| 5.20%<br>| 4.91%<br>| 5.29%<br>| 5.59%<br>| 5.10%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 5.05%<br>| 4.83%<br>| 5.18%<br>| 5.47%<br>| 4.99%<br>|
| Portfolio turnover<br>| 47%<br>| 83%<br>| 80%<br>| 69%<br>| 81%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

**Delaware Ivy International Small Cap Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $16.09<br>| $12.42<br>| $11.38<br>| $12.28<br>| $12.06<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.03<br>| 0.07<br>| 0.06<br>| 0.11<br>| 0.10<br>|
| Net realized and unrealized gain (loss)<br>| (5.18)<br>| 3.64<br>| 1.19<br>| (0.85)<br>| 0.14<br>|
| Total from investment operations<br>| (5.15)<br>| 3.71<br>| 1.25<br>| (0.74)<br>| 0.24<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.84)<br>| (0.04)<br>| (0.21)<br>| (0.14)<br>| (0.02)<br>|
| Net realized gain<br>| (1.61)<br>| -<br>| -<br>| (0.02)<br>| -<br>|
| Total dividends and distributions<br>| (2.45)<br>| (0.04)<br>| (0.21)<br>| (0.16)<br>| (0.02)<br>|
| **Net asset value, end of period**<br>| $8.49<br>| $16.09<br>| $12.42<br>| $11.38<br>| $12.28<br>|
| **Total return**<sup>2</sup><br>| (37.08%)<br>| 29.97%<br>| 11.04%<br>| (5.92%)<br>| 1.98%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $3285<br>| $8<br><sup>3</sup><br>| $16<br><sup>3</sup><br>| $16<br><sup>3</sup><br>| $18<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 1.37%<br>| 1.37%<br>| 1.37%<br>| 1.39%<br>| 1.45%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 2.03%<br>| 1.59%<br>| 1.57%<br>| 1.58%<br>| 1.54%<br>|
| Ratio of net investment income to average net assets<br>| 0.23%<br>| 0.48%<br>| 0.50%<br>| 1.02%<br>| 0.79%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| (0.43%)<br>| 0.26%<br>| 0.30%<br>| 0.83%<br>| 0.70%<br>|
| Portfolio turnover<br>| 132%<br><sup>5</sup><br>| 47%<br>| 75%<br>| 73%<br>| 60%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>5</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

Financial highlights

**Delaware Ivy International Small Cap Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class C shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $15.85<br>| $12.29<br>| $11.27<br>| $12.14<br>| $12.00<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>1</sup><br>| (0.06)<br><sup>2</sup><br>| (0.05)<br>| (0.03)<br>| 0.03<br>| 0.01<br>|
| Net realized and unrealized gain (loss)<br>| (5.10)<br>| 3.61<br>| 1.18<br>| (0.84)<br>| 0.13<br>|
| Total from investment operations<br>| (5.16)<br>| 3.56<br>| 1.15<br>| (0.81)<br>| 0.14<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.73)<br>| -<br>| (0.13)<br>| (0.04)<br>| -<br>|
| Net realized gain<br>| (1.61)<br>| -<br>| -<br>| (0.02)<br>| -<br>|
| Total dividends and distributions<br>| (2.34)<br>| -<br>| (0.13)<br>| (0.06)<br>| -<br>|
| **Net asset value, end of period**<br>| $8.35<br>| $15.85<br>| $12.29<br>| $11.27<br>| $12.14<br>|
| **Total return**<sup>3</sup><br>| (37.56%)<br>| 28.97%<br>| 10.22%<br>| (6.62%)<br>| 1.17%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $217<br>| $-<br><sup>4,5</sup><br>| $2<br><sup>4</sup><br>| $2<br><sup>4</sup><br>| $2<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>6</sup><br>| 2.12%<br>| 2.12%<br>| 2.13%<br>| 2.14%<br>| 2.22%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup><br>| 2.87%<br>| 2.34%<br>| 2.33%<br>| 2.33%<br>| 2.27%<br>|
| Ratio of net investment income to average net assets<br>| (0.50%)<br>| (0.33%)<br>| (0.31%)<br>| 0.25%<br>| 0.11%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| (1.25%)<br>| (0.55%)<br>| (0.51%)<br>| 0.06%<br>| 0.06%<br>|
| Portfolio turnover<br>| 132%<br><sup>7</sup><br>| 47%<br>| 75%<br>| 73%<br>| 60%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses. 

<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> Rounds to less than $500 thousands. 

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>7</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

**Delaware Ivy International Small Cap Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $16.17<br>| $12.47<br>| $11.42<br>| $12.33<br>| $12.08<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.05<br>| 0.14<br>| 0.10<br>| 0.16<br>| 0.16<br>|
| Net realized and unrealized gain (loss)<br>| (5.17)<br>| 3.64<br>| 1.21<br>| (0.87)<br>| 0.13<br>|
| Total from investment operations<br>| (5.12)<br>| 3.78<br>| 1.31<br>| (0.71)<br>| 0.29<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.90)<br>| (0.08)<br>| (0.26)<br>| (0.18)<br>| (0.04)<br>|
| Net realized gain<br>| (1.61)<br>| -<br>| -<br>| (0.02)<br>| -<br>|
| Total dividends and distributions<br>| (2.51)<br>| (0.08)<br>| (0.26)<br>| (0.20)<br>| (0.04)<br>|
| **Net asset value, end of period**<br>| $8.54<br>| $16.17<br>| $12.47<br>| $11.42<br>| $12.33<br>|
| **Total return**<sup>2</sup><br>| (36.81%)<br>| 30.45%<br>| 11.54%<br>| (5.64%)<br>| 2.33%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $12838<br>| $60<br><sup>3</sup><br>| $77<br><sup>3</sup><br>| $72<br><sup>3</sup><br>| $66<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.99%<br>| 0.99%<br>| 0.99%<br>| 0.99%<br>| 1.12%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.62%<br>| 1.40%<br>| 1.38%<br>| 1.37%<br>| 1.34%<br>|
| Ratio of net investment income to average net assets<br>| 0.43%<br>| 0.96%<br>| 0.91%<br>| 1.47%<br>| 1.28%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| (0.20%)<br>| 0.55%<br>| 0.52%<br>| 1.09%<br>| 1.06%<br>|
| Portfolio turnover<br>| 132%<br><sup>5</sup><br>| 47%<br>| 75%<br>| 73%<br>| 60%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>5</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

Financial highlights

**Delaware Ivy International Small Cap Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class R6 shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $16.17<br>| $12.46<br>| $11.42<br>| $12.32<br>| $12.09<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.07<br>| 0.14<br>| 0.10<br>| 0.15<br>| 0.16<br>|
| Net realized and unrealized gain (loss)<br>| (5.20)<br>| 3.65<br>| 1.20<br>| (0.85)<br>| 0.11<br>|
| Total from investment operations<br>| (5.13)<br>| 3.79<br>| 1.30<br>| (0.70)<br>| 0.27<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.90)<br>| (0.08)<br>| (0.26)<br>| (0.18)<br>| (0.04)<br>|
| Net realized gain<br>| (1.61)<br>| -<br>| -<br>| (0.02)<br>| -<br>|
| Total dividends and distributions<br>| (2.51)<br>| (0.08)<br>| (0.26)<br>| (0.20)<br>| (0.04)<br>|
| **Net asset value, end of period**<br>| $8.53<br>| $16.17<br>| $12.46<br>| $11.42<br>| $12.32<br>|
| **Total return**<sup>2</sup><br>| (36.87%)<br>| 30.55%<br>| 11.45%<br>| (5.57%)<br>| 2.28%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $20651<br>| $52<br><sup>3</sup><br>| $69<br><sup>3</sup><br>| $73<br><sup>3</sup><br>| $82<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.99%<br>| 0.99%<br>| 0.99%<br>| 0.99%<br>| 1.13%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.48%<br>| 1.22%<br>| 1.20%<br>| 1.20%<br>| 1.18%<br>|
| Ratio of net investment income to average net assets<br>| 0.58%<br>| 0.92%<br>| 0.89%<br>| 1.40%<br>| 1.25%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 0.09%<br>| 0.69%<br>| 0.68%<br>| 1.19%<br>| 1.20%<br>|
| Portfolio turnover<br>| 132%<br><sup>5</sup><br>| 47%<br>| 75%<br>| 73%<br>| 60%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>5</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

**Delaware Ivy International Small Cap Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class Y shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $16.09<br>| $12.42<br>| $11.37<br>| $12.28<br>| $12.06<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.04<br>| 0.07<br>| 0.03<br>| 0.08<br>| 0.14<br>|
| Net realized and unrealized gain (loss)<br>| (5.19)<br>| 3.64<br>| 1.23<br>| (0.83)<br>| 0.10<br>|
| Total from investment operations<br>| (5.15)<br>| 3.71<br>| 1.26<br>| (0.75)<br>| 0.24<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.84)<br>| (0.04)<br>| (0.21)<br>| (0.14)<br>| (0.02)<br>|
| Net realized gain<br>| (1.61)<br>| -<br>| -<br>| (0.02)<br>| -<br>|
| Total dividends and distributions<br>| (2.45)<br>| (0.04)<br>| (0.21)<br>| (0.16)<br>| (0.02)<br>|
| **Net asset value, end of period**<br>| $8.49<br>| $16.09<br>| $12.42<br>| $11.37<br>| $12.28<br>|
| **Total return**<sup>2</sup><br>| (37.08%)<br>| 29.97%<br>| 11.14%<br>| (6.00%)<br>| 1.98%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $10<br>| $-<br><sup>3,4</sup><br>| $1<br><sup>3</sup><br>| $1<br><sup>3</sup><br>| $5<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 1.35%<br>| 1.37%<br>| 1.37%<br>| 1.39%<br>| 1.45%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 1.94%<br>| 1.63%<br>| 1.59%<br>| 1.63%<br>| 1.59%<br>|
| Ratio of net investment income to average net assets<br>| 0.34%<br>| 0.50%<br>| 0.27%<br>| 0.71%<br>| 1.10%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| (0.25%)<br>| 0.24%<br>| 0.05%<br>| 0.47%<br>| 0.96%<br>|
| Portfolio turnover<br>| 132%<br><sup>6</sup><br>| 47%<br>| 75%<br>| 73%<br>| 60%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Rounds to less than $500 thousands. 

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

<sup>6</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

Financial highlights

**Delaware Ivy Multi-Asset Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $11.28<br>| $9.81<br>| $10.58<br>| $11.07<br>| $11.02<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.34<br>| 0.37<br>| 0.39<br>| 0.43<br>| 0.42<br>|
| Net realized and unrealized gain (loss)<br>| (2.18)<br>| 1.53<br>| (0.61)<br>| (0.13)<br>| 0.05<br>|
| Total from investment operations<br>| (1.84)<br>| 1.90<br>| (0.22)<br>| 0.30<br>| 0.47<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.54)<br>| (0.43)<br>| (0.42)<br>| (0.45)<br>| (0.41)<br>|
| Net realized gain<br>| -<br>| -<br>| (0.13)<br>| (0.34)<br>| (0.01)<br>|
| Total dividends and distributions<br>| (0.54)<br>| (0.43)<br>| (0.55)<br>| (0.79)<br>| (0.42)<br>|
| **Net asset value, end of period**<br>| $8.90<br>| $11.28<br>| $9.81<br>| $10.58<br>| $11.07<br>|
| **Total return**<sup>2</sup><br>| (16.99%)<br><sup>3</sup><br>| 19.57%<br><sup>3,4</sup><br>| (2.10%)<br><sup>3</sup><br>| 3.22%<br><sup>3</sup><br>| 4.41%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $56948<br>| $87<br><sup>5</sup><br>| $88<br><sup>5</sup><br>| $119<br><sup>5</sup><br>| $131<br><sup>5</sup><br>|
| Ratio of expenses to average net assets<sup>6</sup><br>| 1.19%<br>| 1.17%<br>| 1.20%<br>| 1.20%<br>| 1.24%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup><br>| 1.36%<br>| 1.24%<br>| 1.27%<br>| 1.24%<br>| 1.24%<br>|
| Ratio of net investment income to average net assets<br>| 3.21%<br>| 3.38%<br>| 3.89%<br>| 4.06%<br>| 3.77%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.04%<br>| 3.31%<br>| 3.82%<br>| 4.02%<br>| 3.77%<br>|
| Portfolio turnover<br>| 127%<br><sup>7</sup><br>| 57%<br>| 71%<br>| 54%<br>| 59%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> 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> Payments from affiliates had no impact on net asset value and total return. 

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

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>7</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

**Delaware Ivy Multi-Asset Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class C shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $11.27<br>| $9.81<br>| $10.58<br>| $11.07<br>| $11.02<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.26<br>| 0.29<br>| 0.32<br>| 0.35<br>| 0.33<br>|
| Net realized and unrealized gain (loss)<br>| (2.17)<br>| 1.51<br>| (0.61)<br>| (0.12)<br>| 0.06<br>|
| Total from investment operations<br>| (1.91)<br>| 1.80<br>| (0.29)<br>| 0.23<br>| 0.39<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.45)<br>| (0.34)<br>| (0.35)<br>| (0.38)<br>| (0.33)<br>|
| Net realized gain<br>| -<br>| -<br>| (0.13)<br>| (0.34)<br>| (0.01)<br>|
| Total dividends and distributions<br>| (0.45)<br>| (0.34)<br>| (0.48)<br>| (0.72)<br>| (0.34)<br>|
| **Net asset value, end of period**<br>| $8.91<br>| $11.27<br>| $9.81<br>| $10.58<br>| $11.07<br>|
| **Total return**<sup>2</sup><br>| (17.54%)<br><sup>3</sup><br>| 18.56%<br><sup>3,4</sup><br>| (2.85%)<br><sup>3</sup><br>| 2.46%<br><sup>3</sup><br>| 3.64%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $4909<br>| $8<br><sup>5</sup><br>| $10<br><sup>5</sup><br>| $14<br><sup>5</sup><br>| $16<br><sup>5</sup><br>|
| Ratio of expenses to average net assets<sup>6</sup><br>| 1.99%<br>| 1.95%<br>| 1.96%<br>| 1.94%<br>| 1.98%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup><br>| 2.18%<br>| 2.02%<br>| 2.03%<br>| 1.98%<br>| 1.98%<br>|
| Ratio of net investment income to average net assets<br>| 2.40%<br>| 2.61%<br>| 3.13%<br>| 3.31%<br>| 3.01%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 2.21%<br>| 2.54%<br>| 3.06%<br>| 3.27%<br>| 3.01%<br>|
| Portfolio turnover<br>| 127%<br><sup>7</sup><br>| 57%<br>| 71%<br>| 54%<br>| 59%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> 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> Payments from affiliates had no impact on net asset value and total return. 

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

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>7</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning 

------

Financial highlights

**Delaware Ivy Multi-Asset Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $11.28<br>| $9.81<br>| $10.59<br>| $11.07<br>| $11.02<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.39<br>| 0.42<br>| 0.43<br>| 0.47<br>| 0.45<br>|
| Net realized and unrealized gain (loss)<br>| (2.18)<br>| 1.53<br>| (0.61)<br>| (0.11)<br>| 0.06<br>|
| Total from investment operations<br>| (1.79)<br>| 1.95<br>| (0.18)<br>| 0.36<br>| 0.51<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.59)<br>| (0.48)<br>| (0.47)<br>| (0.50)<br>| (0.45)<br>|
| Net realized gain<br>| -<br>| -<br>| (0.13)<br>| (0.34)<br>| (0.01)<br>|
| Total dividends and distributions<br>| (0.59)<br>| (0.48)<br>| (0.60)<br>| (0.84)<br>| (0.46)<br>|
| **Net asset value, end of period**<br>| $8.90<br>| $11.28<br>| $9.81<br>| $10.59<br>| $11.07<br>|
| **Total return**<sup>2</sup><br>| (16.64%)<br>| 20.08%<br><sup>3</sup><br>| (1.76%)<br>| 3.77%<br>| 4.71%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $97268<br>| $211<br><sup>4</sup><br>| $220<br><sup>4</sup><br>| $320<br><sup>4</sup><br>| $354<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 0.75%<br>| 0.75%<br>| 0.75%<br>| 0.75%<br>| 0.93%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 1.05%<br>| 0.99%<br>| 0.99%<br>| 0.97%<br>| 0.96%<br>|
| Ratio of net investment income to average net assets<br>| 3.60%<br>| 3.81%<br>| 4.32%<br>| 4.51%<br>| 4.07%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.30%<br>| 3.57%<br>| 4.08%<br>| 4.29%<br>| 4.04%<br>|
| Portfolio turnover<br>| 127%<br><sup>6</sup><br>| 57%<br>| 71%<br>| 54%<br>| 59%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Payments from affiliates had no impact on net asset value and total return. 

<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> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

**Delaware Ivy Multi-Asset Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class R6 shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $11.28<br>| $9.82<br>| $10.59<br>| $11.08<br>| $11.03<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.39<br>| 0.43<br>| 0.44<br>| 0.47<br>| 0.47<br>|
| Net realized and unrealized gain (loss)<br>| (2.18)<br>| 1.51<br>| (0.61)<br>| (0.12)<br>| 0.05<br>|
| Total from investment operations<br>| (1.79)<br>| 1.94<br>| (0.17)<br>| 0.35<br>| 0.52<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.59)<br>| (0.48)<br>| (0.47)<br>| (0.50)<br>| (0.46)<br>|
| Net realized gain<br>| -<br>| -<br>| (0.13)<br>| (0.34)<br>| (0.01)<br>|
| Total dividends and distributions<br>| (0.59)<br>| (0.48)<br>| (0.60)<br>| (0.84)<br>| (0.47)<br>|
| **Net asset value, end of period**<br>| $8.90<br>| $11.28<br>| $9.82<br>| $10.59<br>| $11.08<br>|
| **Total return**<sup>2</sup><br>| (16.60%)<br>| 19.95%<br><sup>3</sup><br>| (1.66%)<br>| 3.69%<br>| 4.96%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $1024<br>| $2<br><sup>4</sup><br>| $3<br><sup>4</sup><br>| $4<br><sup>4</sup><br>| $4<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 0.75%<br>| 0.75%<br>| 0.75%<br>| 0.75%<br>| 0.79%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 0.92%<br>| 0.84%<br>| 0.84%<br>| 0.92%<br>| 0.80%<br>|
| Ratio of net investment income to average net assets<br>| 3.66%<br>| 3.91%<br>| 4.34%<br>| 4.50%<br>| 4.23%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.49%<br>| 3.82%<br>| 4.25%<br>| 4.33%<br>| 4.22%<br>|
| Portfolio turnover<br>| 127%<br><sup>6</sup><br>| 57%<br>| 71%<br>| 54%<br>| 59%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Payments from affiliates had no impact on net asset value and total return. 

<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> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

Financial highlights

**Delaware Ivy Multi-Asset Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class Y shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $11.28<br>| $9.82<br>| $10.59<br>| $11.07<br>| $11.02<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.34<br>| 0.39<br>| 0.40<br>| 0.42<br>| 0.42<br>|
| Net realized and unrealized gain (loss)<br>| (2.17)<br>| 1.50<br>| (0.61)<br>| (0.10)<br>| 0.06<br>|
| Total from investment operations<br>| (1.83)<br>| 1.89<br>| (0.21)<br>| 0.32<br>| 0.48<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.55)<br>| (0.43)<br>| (0.43)<br>| (0.46)<br>| (0.42)<br>|
| Net realized gain<br>| -<br>| -<br>| (0.13)<br>| (0.34)<br>| (0.01)<br>|
| Total dividends and distributions<br>| (0.55)<br>| (0.43)<br>| (0.56)<br>| (0.80)<br>| (0.43)<br>|
| **Net asset value, end of period**<br>| $8.90<br>| 11.28<br>| $9.82<br>| $10.59<br>| $11.07<br>|
| **Total return**<sup>2</sup><br>| (16.94%)<br><sup>3</sup><br>| 19.50%<br><sup>3,4</sup><br>| (2.06%)<br><sup>3</sup><br>| 3.33%<br><sup>3</sup><br>| 4.45%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $88<br>| $-<br><sup>5,6</sup><br>| $3<br><sup>5</sup><br>| $4<br><sup>5</sup><br>| $6<br><sup>5</sup><br>|
| Ratio of expenses to average net assets<sup>7</sup><br>| 1.16%<br>| 1.15%<br>| 1.15%<br>| 1.17%<br>| 1.19%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup><br>| 1.33%<br>| 1.22%<br>| 1.22%<br>| 1.21%<br>| 1.19%<br>|
| Ratio of net investment income to average net assets<br>| 3.23%<br>| 3.61%<br>| 3.95%<br>| 4.06%<br>| 3.82%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.06%<br>| 3.54%<br>| 3.88%<br>| 4.02%<br>| 3.82%<br>|
| Portfolio turnover<br>| 127%<br><sup>8</sup><br>| 57%<br>| 71%<br>| 54%<br>| 59%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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. 

<sup>3</sup> 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> Payments from affiliates had no impact on net asset value and total return. 

<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> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

------

**Delaware Ivy Strategic Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.20<br>| $9.92<br>| $9.99<br>| $9.97<br>| $10.27<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.38<br>| 0.41<br>| 0.42<br>| 0.44<br>| 0.42<br>|
| Net realized and unrealized gain (loss)<br>| (1.75)<br>| 0.33<br>| (0.05)<br>| 0.06<br>| (0.27)<br>|
| Total from investment operations<br>| (1.37)<br>| 0.74<br>| 0.37<br>| 0.50<br>| 0.15<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.40)<br>| (0.46)<br>| (0.44)<br>| (0.45)<br>| (0.40)<br>|
| Net realized gain<br>| -<br>| -<br>| -<br>| (0.03)<br>| (0.05)<br>|
| Total dividends and distributions<br>| (0.40)<br>| (0.46)<br>| (0.44)<br>| (0.48)<br>| (0.45)<br>|
| **Net asset value, end of period**<br>| $8.43<br>| $10.20<br>| $9.92<br>| $9.99<br>| $9.97<br>|
| **Total return**<sup>2</sup><br>| (13.81%)<br>| 7.59%<br><sup>3</sup><br>| 3.84%<br>| 5.13%<br>| 1.53%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $54645<br>| $87<br><sup>4</sup><br>| $111<br><sup>4</sup><br>| $120<br><sup>4</sup><br>| $117<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 1.06%<br>| 1.04%<br>| 1.05%<br>| 1.05%<br>| 1.15%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 1.28%<br>| 1.19%<br>| 1.17%<br>| 1.15%<br>| 1.16%<br>|
| Ratio of net investment income to average net assets<br>| 4.04%<br>| 4.01%<br>| 4.35%<br>| 4.45%<br>| 4.14%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.82%<br>| 3.86%<br>| 4.23%<br>| 4.35%<br>| 4.13%<br>|
| Portfolio turnover<br>| 57%<br>| 62%<br>| 59%<br>| 45%<br>| 48%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Payments from affiliates had no impact on net asset value and total return. 

<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. 

------

Financial highlights

**Delaware Ivy Strategic Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class C shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.19<br>| $9.91<br>| $9.98<br>| $9.97<br>| $10.27<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.31<br>| 0.33<br>| 0.35<br>| 0.36<br>| 0.35<br>|
| Net realized and unrealized gain (loss)<br>| (1.75)<br>| 0.33<br>| (0.06)<br>| 0.05<br>| (0.27)<br>|
| Total from investment operations<br>| (1.44)<br>| 0.66<br>| 0.29<br>| 0.41<br>| 0.08<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.32)<br>| (0.38)<br>| (0.36)<br>| (0.37)<br>| (0.33)<br>|
| Net realized gain<br>| -<br>| -<br>| -<br>| (0.03)<br>| (0.05)<br>|
| Total dividends and distributions<br>| (0.32)<br>| (0.38)<br>| (0.36)<br>| (0.40)<br>| (0.38)<br>|
| **Net asset value, end of period**<br>| $8.43<br>| $10.19<br>| $9.91<br>| $9.98<br>| $9.97<br>|
| **Total return**<sup>2</sup><br>| (14.43%)<br>| 6.77%<br><sup>3</sup><br>| 3.03%<br>| 4.21%<br>| 0.82%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $2647<br>| $5<br><sup>4</sup><br>| $5<br><sup>4</sup><br>| $5<br><sup>4</sup><br>| $6<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 1.82%<br>| 1.82%<br>| 1.83%<br>| 1.85%<br>| 1.85%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 2.25%<br>| 2.05%<br>| 2.08%<br>| 2.04%<br>| 2.02%<br>|
| Ratio of net investment income to average net assets<br>| 3.27%<br>| 3.22%<br>| 3.57%<br>| 3.65%<br>| 3.43%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 2.84%<br>| 2.99%<br>| 3.32%<br>| 3.46%<br>| 3.26%<br>|
| Portfolio turnover<br>| 57%<br>| 62%<br>| 59%<br>| 45%<br>| 48%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Payments from affiliates had no impact on net asset value and total return. 

<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. 

------

**Delaware Ivy Strategic Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.20<br>| $9.92<br>| $9.99<br>| $9.98<br>| $10.28<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.42<br>| 0.45<br>| 0.46<br>| 0.48<br>| 0.45<br>|
| Net realized and unrealized gain (loss)<br>| (1.75)<br>| 0.33<br>| (0.06)<br>| 0.05<br>| (0.27)<br>|
| Total from investment operations<br>| (1.33)<br>| 0.78<br>| 0.40<br>| 0.53<br>| 0.18<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.43)<br>| (0.50)<br>| (0.47)<br>| (0.49)<br>| (0.43)<br>|
| Net realized gain<br>| -<br>| -<br>| -<br>| (0.03)<br>| (0.05)<br>|
| Total dividends and distributions<br>| (0.43)<br>| (0.50)<br>| (0.47)<br>| (0.52)<br>| (0.48)<br>|
| **Net asset value, end of period**<br>| $8.44<br>| 10.20<br>| $9.92<br>| $9.99<br>| $9.98<br>|
| **Total return**<sup>2</sup><br>| (13.36%)<br>| 7.99%<br><sup>3</sup><br>| 4.23%<br>| 5.43%<br>| 1.95%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $114410<br>| $241<br><sup>4</sup><br>| $257<br><sup>4</sup><br>| $315<br><sup>4</sup><br>| $315<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 0.67%<br>| 0.67%<br>| 0.67%<br>| 0.67%<br>| 0.82%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 1.00%<br>| 0.98%<br>| 0.96%<br>| 0.93%<br>| 0.93%<br>|
| Ratio of net investment income to average net assets<br>| 4.41%<br>| 4.36%<br>| 4.73%<br>| 4.83%<br>| 4.46%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 4.08%<br>| 4.05%<br>| 4.44%<br>| 4.57%<br>| 4.35%<br>|
| Portfolio turnover<br>| 57%<br>| 62%<br>| 59%<br>| 45%<br>| 48%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Payments from affiliates had no impact on net asset value and total return. 

<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. 

------

Financial highlights

**Delaware Ivy Strategic Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class R6 shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.21<br>| $9.92<br>| $9.99<br>| $9.98<br>| $10.28<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.42<br>| 0.45<br>| 0.46<br>| 0.48<br>| 0.46<br>|
| Net realized and unrealized gain (loss)<br>| (1.75)<br>| 0.34<br>| (0.06)<br>| 0.05<br>| (0.27)<br>|
| Total from investment operations<br>| (1.33)<br>| 0.79<br>| 0.40<br>| 0.53<br>| 0.19<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.44)<br>| (0.50)<br>| (0.47)<br>| (0.49)<br>| (0.44)<br>|
| Net realized gain<br>| -<br>| -<br>| -<br>| (0.03)<br>| (0.05)<br>|
| Total dividends and distributions<br>| (0.44)<br>| (0.50)<br>| (0.47)<br>| (0.52)<br>| (0.49)<br>|
| **Net asset value, end of period**<br>| $8.44<br>| $10.21<br>| $9.92<br>| $9.99<br>| $9.98<br>|
| **Total return**<sup>2</sup><br>| (13.44%)<br>| 8.09%<br><sup>3</sup><br>| 4.23%<br>| 5.43%<br>| 1.92%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $796<br>| $1<br><sup>4</sup><br>| $22<br><sup>4</sup><br>| $48<br><sup>4</sup><br>| $53<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 0.67%<br>| 0.67%<br>| 0.67%<br>| 0.67%<br>| 0.77%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 0.88%<br>| 0.84%<br>| 0.80%<br>| 0.78%<br>| 0.78%<br>|
| Ratio of net investment income to average net assets<br>| 4.45%<br>| 4.72%<br>| 4.71%<br>| 4.83%<br>| 4.52%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 4.24%<br>| 4.55%<br>| 4.58%<br>| 4.72%<br>| 4.51%<br>|
| Portfolio turnover<br>| 57%<br>| 62%<br>| 59%<br>| 45%<br>| 48%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Payments from affiliates had no impact on net asset value and total return. 

<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. 

------

**Delaware Ivy Strategic Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class Y shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.20<br>| $9.92<br>| $9.99<br>| $9.97<br>| $10.27<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.39<br>| 0.44<br>| 0.42<br>| 0.44<br>| 0.42<br>|
| Net realized and unrealized gain (loss)<br>| (1.76)<br>| 0.30<br>| (0.05)<br>| 0.06<br>| (0.27)<br>|
| Total from investment operations<br>| (1.37)<br>| 0.74<br>| 0.37<br>| 0.50<br>| 0.15<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.40)<br>| (0.46)<br>| (0.44)<br>| (0.45)<br>| (0.40)<br>|
| Net realized gain<br>| -<br>| -<br>| -<br>| (0.03)<br>| (0.05)<br>|
| Total dividends and distributions<br>| (0.40)<br>| (0.46)<br>| (0.44)<br>| (0.48)<br>| (0.45)<br>|
| **Net asset value, end of period**<br>| $8.43<br>| $10.20<br>| $9.92<br>| $9.99<br>| $9.97<br>|
| **Total return**<sup>2</sup><br>| (13.80%)<br>| 7.59%<br><sup>3</sup><br>| 3.85%<br>| 5.13%<br>| 1.58%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $90<br>| $-<br><sup>4,5</sup><br>| $7<br><sup>4</sup><br>| $7<br><sup>4</sup><br>| $8<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>6</sup><br>| 1.06%<br>| 1.04%<br>| 1.05%<br>| 1.05%<br>| 1.10%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup><br>| 1.55%<br>| 1.21%<br>| 1.20%<br>| 1.18%<br>| 1.17%<br>|
| Ratio of net investment income to average net assets<br>| 4.06%<br>| 4.32%<br>| 4.35%<br>| 4.46%<br>| 4.18%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 3.57%<br>| 4.15%<br>| 4.20%<br>| 4.33%<br>| 4.11%<br>|
| Portfolio turnover<br>| 57%<br>| 62%<br>| 59%<br>| 45%<br>| 48%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Payments from affiliates had no impact on net asset value and total return. 

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

<sup>5</sup> Rounds to less than $500 thousands. 

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

Financial highlights

**Delaware Ivy Total Return Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.16<br>| $10.22<br>| $10.22<br>| $10.02<br>| $10.11<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.08<br>| 0.10<br>| 0.09<br>| 0.17<br>| 0.16<br>|
| Net realized and unrealized gain (loss)<br>| (1.50)<br>| (0.04)<br>| 0.10<br>| 0.52<br>| (0.18)<br>|
| Total from investment operations<br>| (1.42)<br>| 0.06<br>| 0.19<br>| 0.69<br>| (0.02)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.09)<br>| (0.02)<br>| (0.16)<br>| (0.49)<br>| (0.07)<br>|
| Net realized gain<br>| (0.16)<br>| (0.10)<br>| (0.03)<br>| -<br>| -<br>|
| Total dividends and distributions<br>| (0.25)<br>| (0.12)<br>| (0.19)<br>| (0.49)<br>| (0.07)<br>|
| **Net asset value, end of period**<br>| $8.49<br>| $10.16<br>| $10.22<br>| $10.22<br>| $10.02<br>|
| **Total return**<sup>2</sup><br>| (14.25%)<br>| 0.77%<br>| 2.07%<br>| 7.23%<br>| (0.22%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $7125<br>| $13<br><sup>3</sup><br>| $23<br><sup>3</sup><br>| $23<br><sup>3</sup><br>| $21<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 1.33%<br>| 1.24%<br>| 1.22%<br>| 1.22%<br>| 1.22%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.59%<br>| 1.42%<br>| 1.41%<br>| 1.40%<br>| 1.39%<br>|
| Ratio of net investment income to average net assets<br>| 0.81%<br>| 0.95%<br>| 0.90%<br>| 1.74%<br>| 1.56%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 0.55%<br>| 0.77%<br>| 0.71%<br>| 1.56%<br>| 1.39%<br>|
| Portfolio turnover<br>| 105%<br>| 119%<br>| 112%<br>| 121%<br>| 152%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

**Delaware Ivy Total Return Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class C shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.03<br>| $10.10<br>| $10.10<br>| $9.91<br>| $10.05<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| -<br><sup>2</sup><br>| 0.02<br>| 0.02<br>| 0.10<br>| 0.09<br>|
| Net realized and unrealized gain (loss)<br>| (1.47)<br>| (0.03)<br>| 0.10<br>| 0.51<br>| (0.17)<br>|
| Total from investment operations<br>| (1.47)<br>| (0.01)<br>| 0.12<br>| 0.61<br>| (0.08)<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.07)<br>| (0.01)<br>| (0.10)<br>| (0.42)<br>| (0.06)<br>|
| Net realized gain<br>| (0.16)<br>| (0.05)<br>| (0.02)<br>| -<br>| -<br>|
| Total dividends and distributions<br>| (0.23)<br>| (0.06)<br>| (0.12)<br>| (0.42)<br>| (0.06)<br>|
| **Net asset value, end of period**<br>| $8.33<br>| $10.03<br>| $10.10<br>| $10.10<br>| $9.91<br>|
| **Total return**<sup>3</sup><br>| (14.92%)<br>| (0.17%)<br>| 1.32%<br>| 6.45%<br>| (0.85%)<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $348<br>| $1<br><sup>4</sup><br>| $5<br><sup>4</sup><br>| $4<br><sup>4</sup><br>| $4<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 2.08%<br>| 1.95%<br>| 1.92%<br>| 1.92%<br>| 1.92%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 2.58%<br>| 2.13%<br>| 2.11%<br>| 2.10%<br>| 2.09%<br>|
| Ratio of net investment income to average net assets<br>| 0.05%<br>| 0.22%<br>| 0.20%<br>| 1.05%<br>| 0.86%<br>|
| Ratio of net investment income (loss) to average net assets prior to fees waived<br>| (0.45%)<br>| 0.04%<br>| 0.01%<br>| 0.87%<br>| 0.69%<br>|
| Portfolio turnover<br>| 105%<br>| 119%<br>| 112%<br>| 121%<br>| 152%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> Amount is less than $0.005 per share. 

<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. 

------

Financial highlights

**Delaware Ivy Total Return Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.20<br>| $10.25<br>| $10.26<br>| $10.06<br>| $10.13<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.10<br>| 0.12<br>| 0.11<br>| 0.20<br>| 0.18<br>|
| Net realized and unrealized gain (loss)<br>| (1.50)<br>| (0.02)<br>| 0.09<br>| 0.51<br>| (0.18)<br>|
| Total from investment operations<br>| (1.40)<br>| 0.10<br>| 0.20<br>| 0.71<br>| -<br><sup>2</sup><br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.10)<br>| (0.03)<br>| (0.18)<br>| (0.51)<br>| (0.07)<br>|
| Net realized gain<br>| (0.16)<br>| (0.12)<br>| (0.03)<br>| -<br>| -<br>|
| Total dividends and distributions<br>| (0.26)<br>| (0.15)<br>| (0.21)<br>| (0.51)<br>| (0.07)<br>|
| **Net asset value, end of period**<br>| $8.54<br>| $10.20<br>| $10.25<br>| $10.26<br>| $10.06<br>|
| **Total return**<sup>3</sup><br>| (14.03%)<br>| 0.96%<br>| 2.19%<br>| 7.45%<br>| 0.03%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $37651<br>| $99<br><sup>4</sup><br>| $102<br><sup>4</sup><br>| $120<br><sup>4</sup><br>| $123<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 1.00%<br>| 1.00%<br>| 1.00%<br>| 1.00%<br>| 1.00%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 1.27%<br>| 1.23%<br>| 1.24%<br>| 1.23%<br>| 1.21%<br>|
| Ratio of net investment income to average net assets<br>| 1.10%<br>| 1.20%<br>| 1.12%<br>| 1.98%<br>| 1.79%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 0.83%<br>| 0.98%<br>| 0.88%<br>| 1.75%<br>| 1.58%<br>|
| Portfolio turnover<br>| 105%<br>| 119%<br>| 112%<br>| 121%<br>| 152%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> Amount is less than $0.005 per share. 

<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. 

------

**Delaware Ivy Total Return Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class R6 shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $10.23<br>| $10.28<br>| $10.28<br>| $10.08<br>| $10.13<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.12<br>| 0.14<br>| 0.13<br>| 0.21<br>| 0.18<br>|
| Net realized and unrealized gain (loss)<br>| (1.51)<br>| (0.03)<br>| 0.09<br>| 0.51<br>| (0.15)<br>|
| Total from investment operations<br>| (1.39)<br>| 0.11<br>| 0.22<br>| 0.72<br>| 0.03<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.11)<br>| (0.03)<br>| (0.19)<br>| (0.52)<br>| (0.08)<br>|
| Net realized gain<br>| (0.16)<br>| (0.13)<br>| (0.03)<br>| -<br>| -<br>|
| Total dividends and distributions<br>| (0.27)<br>| (0.16)<br>| (0.22)<br>| (0.52)<br>| (0.08)<br>|
| **Net asset value, end of period**<br>| $8.57<br>| $10.23<br>| $10.28<br>| $10.28<br>| $10.08<br>|
| **Total return**<sup>2</sup><br>| (13.95%)<br>| 1.08%<br>| 2.41%<br>| 7.57%<br>| 0.25%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $34574<br>| $60<br><sup>3</sup><br>| $56<br><sup>3</sup><br>| $70<br><sup>3</sup><br>| $89<br><sup>3</sup><br>|
| Ratio of expenses to average net assets<sup>4</sup><br>| 0.87%<br>| 0.87%<br>| 0.87%<br>| 0.87%<br>| 0.87%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup><br>| 1.13%<br>| 1.06%<br>| 1.07%<br>| 1.06%<br>| 1.05%<br>|
| Ratio of net investment income to average net assets<br>| 1.26%<br>| 1.33%<br>| 1.24%<br>| 2.11%<br>| 1.79%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.00%<br>| 1.14%<br>| 1.04%<br>| 1.92%<br>| 1.61%<br>|
| Portfolio turnover<br>| 105%<br>| 119%<br>| 112%<br>| 121%<br>| 152%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</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>3</sup> Net assets reported in millions. 

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

------

Financial highlights

**Delaware Sustainable Equity Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class A shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $14.84<br>| $12.63<br>| $12.66<br>| $11.96<br>| $10.62<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.25<br>| 0.25<br>| 0.24<br>| 0.21<br>| 0.21<br>|
| Net realized and unrealized gain (loss)<br>| (1.17)<br>| 2.80<br>| 0.11<br>| 0.83<br>| 1.30<br>|
| Total from investment operations<br>| (0.92)<br>| 3.05<br>| 0.35<br>| 1.04<br>| 1.51<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.37)<br>| (0.26)<br>| (0.23)<br>| (0.22)<br>| (0.17)<br>|
| Net realized gain<br>| (0.91)<br>| (0.58)<br>| (0.15)<br>| (0.12)<br>| -<br><sup>2</sup><br>|
| Total dividends and distributions<br>| (1.28)<br>| (0.84)<br>| (0.38)<br>| (0.34)<br>| (0.17)<br>|
| **Net asset value, end of period**<br>| $12.64<br>| $14.84<br>| $12.63<br>| $12.66<br>| $11.96<br>|
| **Total return**<sup>3</sup><br>| (7.48%)<br>| 24.85%<br>| 2.88%<br>| 9.04%<br>| 14.29%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $9035<br>| $4<br><sup>4</sup><br>| $4<br><sup>4</sup><br>| $3<br><sup>4</sup><br>| $2<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 0.74%<br>| 0.74%<br>| 0.74%<br>| 0.75%<br>| 0.75%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 0.93%<br>| 0.88%<br>| 0.84%<br>| 0.89%<br>| 0.81%<br>|
| Ratio of net investment income to average net assets<br>| 1.73%<br>| 1.75%<br>| 2.01%<br>| 1.79%<br>| 1.87%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.54%<br>| 1.61%<br>| 1.91%<br>| 1.65%<br>| 1.81%<br>|
| Portfolio turnover<br>| 94%<br><sup>6</sup><br>| 29%<br>| 40%<br>| 28%<br>| 27%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> Amount is less than $(0.005) per share. 

<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> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund. 

------

**Delaware Sustainable Equity Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class I shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $14.83<br>| $12.63<br>| $12.67<br>| $11.96<br>| $10.62<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.27<br>| 0.29<br>| 0.27<br>| 0.24<br>| 0.24<br>|
| Net realized and unrealized gain (loss)<br>| (1.15)<br>| 2.78<br>| 0.10<br>| 0.84<br>| 1.30<br>|
| Total from investment operations<br>| (0.88)<br>| 3.07<br>| 0.37<br>| 1.08<br>| 1.54<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.38)<br>| (0.29)<br>| (0.26)<br>| (0.25)<br>| (0.20)<br>|
| Net realized gain<br>| (0.91)<br>| (0.58)<br>| (0.15)<br>| (0.12)<br>| -<br><sup>2</sup><br>|
| Total dividends and distributions<br>| (1.29)<br>| (0.87)<br>| (0.41)<br>| (0.37)<br>| (0.20)<br>|
| **Net asset value, end of period**<br>| $12.66<br>| $14.83<br>| $12.63<br>| $12.67<br>| $11.96<br>|
| **Total return**<sup>3</sup><br>| (7.18%)<br>| 25.05%<br>| 3.07%<br>| 9.39%<br>| 14.56%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $123164<br>| $334<br><sup>4</sup><br>| $297<br><sup>4</sup><br>| $301<br><sup>4</sup><br>| $282<br><sup>4</sup><br>|
| Ratio of expenses to average net assets<sup>5</sup><br>| 0.50%<br>| 0.50%<br>| 0.50%<br>| 0.50%<br>| 0.50%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup><br>| 0.68%<br>| 0.64%<br>| 0.64%<br>| 0.69%<br>| 0.65%<br>|
| Ratio of net investment income to average net assets<br>| 1.85%<br>| 2.00%<br>| 2.21%<br>| 2.04%<br>| 2.14%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.67%<br>| 1.86%<br>| 2.07%<br>| 1.85%<br>| 1.99%<br>|
| Portfolio turnover<br>| 94%<br><sup>6</sup><br>| 29%<br>| 40%<br>| 28%<br>| 27%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> Amount is less than $(0.005) per share. 

<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> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund. 

------

Financial highlights

**Delaware Sustainable Equity Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class R6 shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $14.84<br>| $12.63<br>| $12.67<br>| $11.96<br>| $10.62<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.28<br>| 0.29<br>| 0.27<br>| 0.24<br>| 0.25<br>|
| Net realized and unrealized gain (loss)<br>| (1.17)<br>| 2.79<br>| 0.10<br>| 0.84<br>| 1.29<br>|
| Total from investment operations<br>| (0.89)<br>| 3.08<br>| 0.37<br>| 1.08<br>| 1.54<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.25)<br>| (0.29)<br>| (0.26)<br>| (0.25)<br>| (0.20)<br>|
| Net realized gain<br>| (0.91)<br>| (0.58)<br>| (0.15)<br>| (0.12)<br>| -<br><sup>2</sup><br>|
| Total dividends and distributions<br>| (1.16)<br>| (0.87)<br>| (0.41)<br>| (0.37)<br>| (0.20)<br>|
| **Net asset value, end of period**<br>| $12.79<br>| $14.84<br>| $12.63<br>| $12.67<br>| $11.96<br>|
| **Total return**<sup>3</sup><br>| (7.21%)<br><sup>4</sup><br>| 25.16%<br>| 3.07%<br>| 9.40%<br><sup>4</sup><br>| 14.56%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $109<br>| $70<br><sup>5</sup><br>| $80<br><sup>5</sup><br>| $86<br><sup>5</sup><br>| $93<br><sup>5</sup><br>|
| Ratio of expenses to average net assets<sup>6</sup><br>| 0.48%<br>| 0.48%<br>| 0.50%<br>| 0.50%<br>| 0.49%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup><br>| 0.52%<br>| 0.48%<br>| 0.50%<br>| 0.53%<br>| 0.49%<br>|
| Ratio of net investment income to average net assets<br>| 1.86%<br>| 2.02%<br>| 2.24%<br>| 2.03%<br>| 2.17%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.82%<br>| 2.02%<br>| 2.24%<br>| 2.00%<br>| 2.17%<br>|
| Portfolio turnover<br>| 94%<br><sup>7</sup><br>| 29%<br>| 40%<br>| 28%<br>| 27%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> Amount is less than $(0.005) per share. 

<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. 

<sup>4</sup> 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> Expense ratios do not include expenses of any investment companies in which the Fund invests. 

<sup>7</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund. 

------

**Delaware Sustainable Equity Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended | Year ended | Year ended | Year ended | Year ended |
| **Class R shares**<br>| 9/30/22<br>| 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| **Net asset value, beginning of period**<br>| $14.85<br>| $12.62<br>| $12.65<br>| $11.95<br>| $10.62<br>|
| **Income (loss) from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup><br>| 0.17<br>| 0.17<br>| 0.19<br>| 0.15<br>| 0.15<br>|
| Net realized and unrealized gain (loss)<br>| (1.15)<br>| 2.79<br>| 0.10<br>| 0.83<br>| 1.29<br>|
| Total from investment operations<br>| (0.98)<br>| 2.96<br>| 0.29<br>| 0.98<br>| 1.44<br>|
| **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** | **Less dividends and distributions from:** |
| Net investment income<br>| (0.32)<br>| (0.15)<br>| (0.17)<br>| (0.16)<br>| (0.11)<br>|
| Net realized gain<br>| (0.91)<br>| (0.58)<br>| (0.15)<br>| (0.12)<br>| -<br><sup>2</sup><br>|
| Total dividends and distributions<br>| (1.23)<br>| (0.73)<br>| (0.32)<br>| (0.28)<br>| (0.11)<br>|
| **Net asset value, end of period**<br>| $12.64<br>| $14.85<br>| $12.62<br>| $12.65<br>| $11.95<br>|
| **Total return**<sup>3</sup><br>| (7.87%)<br><sup>4</sup><br>| 24.14%<br>| 2.37%<br>| 8.50%<br><sup>4</sup><br>| 13.61%<br>|
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>| $46<br>| $-<br><sup>5,6</sup><br>| $1<br><sup>5</sup><br>| $1<br><sup>5</sup><br>| $1<br><sup>5</sup><br>|
| Ratio of expenses to average net assets<sup>7</sup><br>| 1.22%<br>| 1.24%<br>| 1.19%<br>| 1.26%<br>| 1.26%<br>|
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup><br>| 1.28%<br>| 1.24%<br>| 1.19%<br>| 1.28%<br>| 1.26%<br>|
| Ratio of net investment income to average net assets<br>| 1.18%<br>| 1.22%<br>| 1.53%<br>| 1.28%<br>| 1.35%<br>|
| Ratio of net investment income to average net assets prior to fees waived<br>| 1.12%<br>| 1.22%<br>| 1.53%<br>| 1.26%<br>| 1.35%<br>|
| Portfolio turnover<br>| 94%<br><sup>8</sup><br>| 29%<br>| 40%<br>| 28%<br>| 27%<br>|

---

<sup>1</sup> Calculated using average shares outstanding. 

<sup>2</sup> Amount is less than $(0.005) per share. 

<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. 

<sup>4</sup> 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> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund. 

------

Financial highlights

**How to read the financial highlights**

**Net investment income (loss)** Net investment income (loss) includes dividend and interest income earned from a fund's investments; it is calculated after expenses have been deducted.

**Net realized and unrealized gain (loss) on investments** A realized gain occurs when we sell an investment at a profit, while a realized loss occurs when we sell an investment at a loss. When an investment increases or decreases in value but we do not sell it, we record an unrealized gain or loss. The amount of realized gain per share, if any, that we pay to shareholders would be listed under "Less dividends and distributions from: Net realized gain."

**Net asset value (NAV)** This is the value of a mutual fund share, calculated by dividing the net assets by the number of shares outstanding.

**Total return** This represents the rate that an investor would have earned or lost on an investment in a fund. In calculating this figure for the financial highlights table, we include applicable fee waivers, exclude front-end sales charges and contingent deferred sales charges, and assume the shareholder has reinvested all dividends and realized gains.

**Net assets** Net assets represent the total value of all the assets in a fund's portfolio, less any liabilities, that are attributable to that class of the fund.

**Ratio of expenses to average net assets** The expense ratio is the percentage of net assets that a fund pays annually for operating expenses and management fees. These expenses include accounting and administration expenses, services for shareholders, and similar expenses.

**Ratio of net investment income (loss) to average net assets** We determine this ratio by dividing net investment income (loss) by average net assets.

**Portfolio turnover** This figure tells you the amount of trading activity in a fund's portfolio. A turnover rate of 100% would occur if, for example, a fund bought and sold all of the securities in its portfolio once in the course of a year or frequently traded a single security. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains.

------

**Broker-defined sales charge waiver policies**

From time to time, shareholders purchasing fund shares through a brokerage platform or account may be eligible for sales charge waivers (front-end sales load or CDSC) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI. In all instances, it is the purchaser's responsibility to notify the Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase a Fund's shares directly from the fund or through another intermediary to receive such waivers or discounts. Please see the section entitled *About Your Account — Choosing a Share Class* for more information on sales charges and waivers available for different classes.

**Merrill Lynch:**

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales charge waivers for Class A shares available at Merrill Lynch**

—

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

—

Shares purchased by a 529 Plan (does not include 529 Plan units or 529 — specific share classes or equivalents).

—

Shares purchased through a Merrill Lynch affiliated investment advisory program.

—

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

—

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform.

—

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable).

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

—

Shares exchanged from Class C (*i.e.*, level-load) shares of the same fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

—

Employees and registered representatives of Merrill Lynch or its affiliates and their family members.

—

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus.

—

Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

**CDSC waivers on Class A and C shares available at Merrill Lynch**

—

Death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus.

—

Return of excess contributions from an IRA Account.

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

—

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch.

—

Shares acquired through a right of reinstatement.

—

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee- based accounts or platforms (applicable to A and C shares only).

—

Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**Front-end sales charge discounts available at Merrill Lynch: Breakpoints, rights of accumulation, and letters of intent**

—

Breakpoints as described in this Prospectus.

—

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holding, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

—

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable).

------

**Ameriprise Financial:**

**Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:**

*The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:*

Shareholders purchasing Fund shares through an Ameriprise Financial retail brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Prospectus or the SAI:

—

Employer-sponsored retirement plans (*e.g.*, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

—

Shares exchanged from Class C shares of the same Fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.

—

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

—

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

—

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (*i.e.*, Rights of Reinstatement).

**Morgan Stanley:**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Funds' Prospectus or SAI.

**Class A Shares Front-End Sales Charge Waivers Available at Morgan Stanley Wealth Management:**

—

Employer-sponsored retirement plans (*e.g.*, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

—

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

—

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

—

Shares purchased through a Morgan Stanley self-directed brokerage account

—

Class C (*i.e.*, level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

—

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James Affiliates ("Raymond James"):**

Shareholders purchasing Fund shares through a Raymond James platform or brokerage account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Funds' Prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

—

Shares purchased in an investment advisory program.

—

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

—

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

------

—

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

—

A shareholder in a Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC waivers on Class A and C shares available at Raymond James**

—

Death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in the Funds' Prospectus.

—

Return of excess contributions from an IRA Account.

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Funds' Prospectus.

—

Shares sold to pay Raymond James fees, but only if the transaction is initiated by Raymond James.

—

Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: Breakpoints, and/or rights of accumulation**

—

Breakpoints as described in this Prospectus.

—

Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

—

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Robert W. Baird & Co. Incorporated ("Baird"):**

Effective June 15, 2020, shareholders purchasing Fund shares through a Baird platform or brokerage account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares Available at Baird:**

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund (but not any other fund within the same fund family)

—

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

—

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

—

A shareholder in Class C shares will have their shares converted at net asset value to Class A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

—

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR- SEPs

**CDSC Waivers on Class A and C Shares Available at Baird**

—

Shares sold due to death or disability of the shareholder

—

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

—

Shares bought due to returns of excess contributions from an IRA Account

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's Prospectus

—

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

—

Shares acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

—

Breakpoints as described in this Prospectus

—

Rights of accumulations which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets

------

—

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases of the fund family through Baird, over a 13-month period of time.

**Oppenheimer & Co. Inc. ("OPCO")**

Effective May 1, 2020, shareholders purchasing Fund shares through an OPCO platform or brokerage account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at OPCO**

—

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

—

Shares purchased by or through a 529 Plan

—

Shares purchased through a OPCO affiliated investment advisory program

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

—

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement)

—

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

—

Employees and registered representatives of OPCO or its affiliates and their family members

—

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

**CDSC Waivers on A and C Shares available at OPCO**

—

Death or disability of the shareholder

—

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

—

Return of excess contributions from an IRA Account

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus

—

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

—

Shares acquired through a right of reinstatement

**Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent**

—

Breakpoints as described in this Prospectus

—

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Janney Montgomery Scott, LLC ("Janney"):**

If you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales charge\* waivers on Class A shares available at Janney**

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Delaware Funds).

—

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

—

Shares purchased from the proceeds of redemptions within the Delaware Funds, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

—

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

—

Shares acquired through a right of reinstatement.

------

—

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**CDSC waivers on Class A and C shares available at Janney**

—

Shares sold upon the death or disability of the shareholder.

—

Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

—

Shares purchased in connection with a return of excess contributions from an IRA account.

—

Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in this Prospectus.

—

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

—

Shares acquired through a right of reinstatement.

—

Shares exchanged into the same share class of a different fund.

**Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent**

—

Breakpoints as described in this Prospectus

—

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of Delaware Funds assets held by accounts within the purchaser's household at Janney. Eligible Delaware Funds assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

—

Letters of intent which allow for breakpoint discounts based on anticipated purchases within Delaware Funds, over a 13-month time period. Eligible Delaware Funds assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor of such assets.

\*Also referred to as an "initial sales charge."

**Edward D. Jones & Co., L.P. ("Edward Jones"):**

**Effective on or after April 1, 2021, clients of Edward Jones (also referred to as "shareholders") purchasing Fund shares on the Edward Jones fee-based platforms or brokerage accounts are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which may differ from discounts and waivers described elsewhere in this Prospectus or the SAI. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the legacy Ivy Funds or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.**

**Breakpoints**

—

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in this Prospectus.

**Rights of Accumulation ("ROA")**

—

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of legacy Ivy Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible legacy Ivy Fund assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

—

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

—

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")**

—

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost minus redemptions or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible legacy Ivy Funds assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

—

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

------

**Sales Charge Waivers**

Sales charges are waived for the following shareholders and in the following situations:

—

Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

—

Shares purchased in an Edward Jones fee-based program.

—

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

—

Shares purchased from the proceeds of redeemed shares of the same legacy Ivy Funds so long as the following conditions are met:

—

1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and. purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

—

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Prospectus.

—

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**Contingent Deferred Sales Charge ("CDSC") Waivers**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

—

The death or disability of the shareholder.

—

Systematic withdrawals with up to 10% per year of the account value.

—

Return of excess contributions from an Individual Retirement Account (IRA).

—

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

—

Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

—

Shares exchanged in an Edward Jones fee-based program.

—

Shares acquired through NAV reinstatement.

—

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts**

—

Initial purchase minimum: $250

—

Subsequent purchase minimum: none

**Minimum Balances**

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

—

A fee-based account held on an Edward Jones platform

—

A 529 account held on an Edward Jones platform

—

An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

—

At any time it deems necessary, Edward Jones has the authority to exchange a shareholder's holdings of a share class of a fund to Class A shares of the same fund at NAV.

**Stifel, Nicolaus & Company, Incorporated ("Stifel"):**

Effective July 1, 2020, shareholders purchasing Fund shares through a Stifel platform or brokerage account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver, which may differ from those disclosed elsewhere in the Prospectus or SAI. All other sales charge waivers and reductions described elsewhere in the Prospectus or SAI still apply.

**Front-end sales charge waivers on Class A shares**

—

Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel's policies and procedures.

------

Appendix A: Hypothetical Investment and Expense Information

The following charts provide additional hypothetical information about the effect of the expenses of the Funds included below (see note following these charts), including investment advisory fees and other Fund costs, on the Funds' assumed returns over a ten-year period. Each chart shows the estimated cumulative expenses that would be incurred in respect of a Hypothetical Investment of $10,000, assuming a 5% return each year, and no redemption of shares. Each chart also assumes that the Funds' annual expense ratio stays the same throughout the ten-year period (except for Class C shares, which convert to Class A shares after you have held them for eight years and except for any contractual expense waivers currently in place) and that all dividends and other distributions are reinvested. The annual expense ratio used in each chart is the same as stated in the Fees and Expenses table of this Prospectus regarding the Funds (except in limited circumstances) (and thus may not reflect any voluntary fee waiver or expense reimbursement currently in effect). The maximum amount of any sales charge (Load) that might be imposed on the purchase of shares (and deducted from the hypothetical initial investment of $10,000) is reflected in the Hypothetical Expenses column. The Hypothetical Investment information does not reflect the effect of charges, if any, normally applicable to redemptions of shares (e.g., CDSC). If redemption charges, if any, were reflected, the amounts shown in the Hypothetical Expenses column would be higher, and the amounts shown in the Hypothetical Ending Investment column would be lower. Mutual fund returns, as well as fees and expenses, may fluctuate over time, and your actual investment returns and total expenses may be higher or lower than those shown below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware Ivy Corporate Bond Fund - Class A (including contractual waiver)** | **Delaware Ivy Corporate Bond Fund - Class A (including contractual waiver)** | **Delaware Ivy Corporate Bond Fund - Class A (including contractual waiver)** |  |  |  |
| Average expense ratio: 0.86%<br>Maximum front-end sales charge: 4.50% | Average expense ratio: 0.86%<br>Maximum front-end sales charge: 4.50% | Average expense ratio: 0.86%<br>Maximum front-end sales charge: 4.50% |  |  |  |
| Year<br>| Hypothetical<br>Investment  | Hypothetical<br>Performance<br>Earnings  | Investment<br>After<br>Returns  | Hypothetical<br>Expenses  | Hypothetical<br>Ending<br>Investment  |
| 1<br>| $10000.00<br>| $477.50<br>| $10027.50<br>| $533.83<br>| $9945.37<br>|
| Termination of Contractual Waiver<br>|  |  |  | Average<br>Expense<br>Ratio: 1.01%<br>|  |
| 2<br>| $9945.37<br>| $497.27<br>| $10442.64<br>| $102.45<br>| $10342.19<br>|
| 3<br>| $10342.19<br>| $517.11<br>| $10859.30<br>| $106.54<br>| $10754.84<br>|
| 4<br>| $10754.84<br>| $537.74<br>| $11292.59<br>| $110.79<br>| $11183.96<br>|
| 5<br>| $11183.96<br>| $559.20<br>| $11743.16<br>| $115.21<br>| $11630.20<br>|
| 6<br>| $11630.20<br>| $581.51<br>| $12211.71<br>| $119.81<br>| $12094.25<br>|
| 7<br>| $12094.25<br>| $604.71<br>| $12698.96<br>| $124.59<br>| $12576.81<br>|
| 8<br>| $12576.81<br>| $628.84<br>| $13205.65<br>| $129.56<br>| $13078.62<br>|
| 9<br>| $13078.62<br>| $653.93<br>| $13732.55<br>| $134.73<br>| $13600.46<br>|
| 10<br>| $13600.46<br>| $680.02<br>| $14280.48<br>| $140.11<br>| $14143.12<br>|
| Cumulative Total<br>|  |  |  | $1617.62<br>|  |

---

------

Appendix A: Hypothetical Investment and Expense Information

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware Ivy Corporate Bond Fund - Class C (including contractual waiver)** | **Delaware Ivy Corporate Bond Fund - Class C (including contractual waiver)** | **Delaware Ivy Corporate Bond Fund - Class C (including contractual waiver)** |  |  |  |
| Average expense ratio: 1.61% | Average expense ratio: 1.61% | Average expense ratio: 1.61% |  |  |  |
| Year<br>| Hypothetical<br>Investment  | Hypothetical<br>Performance<br>Earnings  | Investment<br>After<br>Returns  | Hypothetical<br>Expenses  | Hypothetical<br>Ending<br>Investment  |
| 1<br>| $10000.00<br>| $500.00<br>| $10500.00<br>| $163.73<br>| $10339.00<br>|
| Termination of Contractual Waiver<br>|  |  |  | Average<br>Expense<br>Ratio: 2.05% <br>|  |
| 2<br>| $10339.00<br>| $516.95<br>| $10855.95<br>| $215.08<br>| $10644.00<br>|
| 3<br>| $10644.00<br>| $532.20<br>| $11176.20<br>| $221.42<br>| $10958.00<br>|
| 4<br>| $10958.00<br>| $547.90<br>| $11505.90<br>| $227.95<br>| $11281.26<br>|
| 5<br>| $11281.26<br>| $564.06<br>| $11845.32<br>| $234.68<br>| $11614.06<br>|
| 6<br>| $11614.06<br>| $580.70<br>| $12194.76<br>| $241.60<br>| $11956.67<br>|
| 7<br>| $11956.67<br>| $597.83<br>| $12554.50<br>| $248.73<br>| $12309.39<br>|
| 8<br>| $12309.39<br>| $615.47<br>| $12924.86<br>| $256.06<br>| $12672.52<br>|
| Conversion from Class C to Class A<br>|  |  |  | Average<br>Expense<br>Ratio: 1.01% <br>|  |
| 9<br>| $12672.52<br>| $633.63<br>| $13306.15<br>| $130.55<br>| $13178.15<br>|
| 10<br>| $13178.15<br>| $658.91<br>| $13837.06<br>| $135.75<br>| $13703.96<br>|
| Cumulative Total<br>|  |  |  | $2075.55<br>|  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware Ivy Corporate Bond Fund - Class I (including contractual waiver)** | **Delaware Ivy Corporate Bond Fund - Class I (including contractual waiver)** | **Delaware Ivy Corporate Bond Fund - Class I (including contractual waiver)** |  |  |  |
| Average expense ratio: 0.61% | Average expense ratio: 0.61% | Average expense ratio: 0.61% |  |  |  |
| Year<br>| Hypothetical<br>Investment  | Hypothetical<br>Performance<br>Earnings  | Investment<br>After<br>Returns  | Hypothetical<br>Expenses  | Hypothetical<br>Ending<br>Investment  |
| 1<br>| $10000.00<br>| $500.00<br>| $10500.00<br>| $62.34<br>| $10439.00<br>|
| Termination of Contractual Waiver<br>|  |  |  | Average<br>Expense<br>Ratio: 0.72% <br>|  |
| 2<br>| $10439.00<br>| $521.95<br>| $10960.95<br>| $76.77<br>| $10885.79<br>|
| 3<br>| $10885.79<br>| $544.29<br>| $11430.08<br>| $80.05<br>| $11351.70<br>|
| 4<br>| $11351.70<br>| $567.59<br>| $11919.29<br>| $83.48<br>| $11837.55<br>|
| 5<br>| $11837.55<br>| $591.88<br>| $12429.43<br>| $87.05<br>| $12344.20<br>|
| 6<br>| $12344.20<br>| $617.21<br>| $12961.41<br>| $90.78<br>| $12872.53<br>|
| 7<br>| $12872.53<br>| $643.63<br>| $13516.16<br>| $94.67<br>| $13423.48<br>|
| 8<br>| $13423.48<br>| $671.17<br>| $14094.65<br>| $98.72<br>| $13998.00<br>|
| 9<br>| $13998.00<br>| $699.90<br>| $14697.90<br>| $102.94<br>| $14597.12<br>|
| 10<br>| $14597.12<br>| $729.86<br>| $15326.97<br>| $107.35<br>| $15221.87<br>|
| Cumulative Total<br>|  |  |  | $884.15<br>|  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware Ivy Corporate Bond Fund - Class Y (including contractual waiver)** | **Delaware Ivy Corporate Bond Fund - Class Y (including contractual waiver)** | **Delaware Ivy Corporate Bond Fund - Class Y (including contractual waiver)** |  |  |  |
| Average expense ratio: 0.86% | Average expense ratio: 0.86% | Average expense ratio: 0.86% |  |  |  |
| Year<br>| Hypothetical<br>Investment  | Hypothetical<br>Performance<br>Earnings  | Investment<br>After<br>Returns  | Hypothetical<br>Expenses  | Hypothetical<br>Ending<br>Investment  |
| 1<br>| $10000.00<br>| $500.00<br>| $10500.00<br>| $87.78<br>| $10414.00<br>|
| Termination of Contractual Waiver<br>|  |  |  | Average<br>Expense<br>Ratio: 0.95% <br>|  |
| 2<br>| $10414.00<br>| $520.70<br>| $10934.70<br>| $100.94<br>| $10835.77<br>|
| 3<br>| $10835.77<br>| $541.79<br>| $11377.56<br>| $105.02<br>| $11274.62<br>|
| 4<br>| $11274.62<br>| $563.73<br>| $11838.35<br>| $109.28<br>| $11731.24<br>|
| 5<br>| $11731.24<br>| $586.56<br>| $12317.80<br>| $113.70<br>| $12206.35<br>|
| 6<br>| $12206.35<br>| $610.32<br>| $12816.67<br>| $118.31<br>| $12700.71<br>|
| 7<br>| $12700.71<br>| $635.04<br>| $13335.75<br>| $123.10<br>| $13215.09<br>|
| 8<br>| $13215.09<br>| $660.75<br>| $13875.84<br>| $128.09<br>| $13750.30<br>|
| 9<br>| $13750.30<br>| $687.51<br>| $14437.81<br>| $133.27<br>| $14307.19<br>|
| 10<br>| $14307.19<br>| $715.36<br>| $15022.55<br>| $138.67<br>| $14886.63<br>|
| Cumulative Total<br>|  |  |  | $1158.16<br>|  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware Ivy Government Securities Fund - Class A (including contractual waiver)** | **Delaware Ivy Government Securities Fund - Class A (including contractual waiver)** | **Delaware Ivy Government Securities Fund - Class A (including contractual waiver)** |  |  |  |
| Average expense ratio: 0.89%<br>Maximum front-end sales charge: 4.50% | Average expense ratio: 0.89%<br>Maximum front-end sales charge: 4.50% | Average expense ratio: 0.89%<br>Maximum front-end sales charge: 4.50% |  |  |  |
| Year<br>| Hypothetical<br>Investment  | Hypothetical<br>Performance<br>Earnings  | Investment<br>After<br>Returns  | Hypothetical<br>Expenses  | Hypothetical<br>Ending<br>Investment  |
| 1<br>| $10000.00<br>| $477.50<br>| $10027.50<br>| $536.74<br>| $9942.50<br>|
| Termination of Contractual Waiver<br>|  |  |  | Annual<br>Expense<br>Ratio: 1.13% <br>|  |
| 2<br>| $9942.50<br>| $497.13<br>| $10439.63<br>| $114.52<br>| $10327.28<br>|
| 3<br>| $10327.28<br>| $516.36<br>| $10843.64<br>| $118.96<br>| $10726.95<br>|
| 4<br>| $10726.95<br>| $536.35<br>| $11263.29<br>| $123.56<br>| $11142.08<br>|
| 5<br>| $11142.08<br>| $557.10<br>| $11699.18<br>| $128.34<br>| $11573.28<br>|
| 6<br>| $11573.28<br>| $578.66<br>| $12151.94<br>| $133.31<br>| $12021.16<br>|
| 7<br>| $12021.16<br>| $601.06<br>| $12622.22<br>| $138.47<br>| $12486.38<br>|
| 8<br>| $12486.38<br>| $624.32<br>| $13110.70<br>| $143.83<br>| $12969.60<br>|
| 9<br>| $12969.60<br>| $648.48<br>| $13618.08<br>| $149.39<br>| $13471.53<br>|
| 10<br>| $13471.53<br>| $673.58<br>| $14145.10<br>| $155.17<br>| $13992.88<br>|
| Cumulative Total<br>|  |  |  | $1742.29<br>|  |

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------

Appendix A: Hypothetical Investment and Expense Information

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware Ivy Government Securities Fund - Class C (including contractual waiver)** | **Delaware Ivy Government Securities Fund - Class C (including contractual waiver)** | **Delaware Ivy Government Securities Fund - Class C (including contractual waiver)** |  |  |  |
| Average expense ratio: 1.64% | Average expense ratio: 1.64% | Average expense ratio: 1.64% |  |  |  |
| Year<br>| Hypothetical<br>Investment  | Hypothetical<br>Performance<br>Earnings  | Investment<br>After<br>Returns  | Hypothetical<br>Expenses  | Hypothetical<br>Ending<br>Investment  |
| 1<br>| $10000.00<br>| $500.00<br>| $10500.00<br>| $166.76<br>| $10336.00<br>|
| Termination of Contractual Waiver<br>|  |  |  | Average<br>Expense<br>Ratio: 2.06% <br>|  |
| 2<br>| $10336.00<br>| $516.80<br>| $10852.80<br>| $216.05<br>| $10639.88<br>|
| 3<br>| $10639.88<br>| $531.99<br>| $11171.87<br>| $222.40<br>| $10952.69<br>|
| 4<br>| $10952.69<br>| $547.63<br>| $11500.33<br>| $228.94<br>| $11274.70<br>|
| 5<br>| $11274.70<br>| $563.73<br>| $11838.43<br>| $235.67<br>| $11606.18<br>|
| 6<br>| $11606.18<br>| $580.31<br>| $12186.48<br>| $242.60<br>| $11947.40<br>|
| 7<br>| $11947.40<br>| $597.37<br>| $12544.77<br>| $249.73<br>| $12298.65<br>|
| 8<br>| $12298.65<br>| $614.93<br>| $12913.58<br>| $257.08<br>| $12660.23<br>|
| Conversion from Class C to Class A<br>|  |  |  | Average<br>Expense<br>Ratio: 1.13% <br>|  |
| 9<br>| $12660.23<br>| $633.01<br>| $13293.24<br>| $145.83<br>| $13150.18<br>|
| 10<br>| $13150.18<br>| $657.51<br>| $13807.69<br>| $151.47<br>| $13659.09<br>|
| Cumulative Total<br>|  |  |  | $2116.53<br>|  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware Ivy Government Securities Fund - Class I (including contractual waiver)** | **Delaware Ivy Government Securities Fund - Class I (including contractual waiver)** | **Delaware Ivy Government Securities Fund - Class I (including contractual waiver)** |  |  |  |
| Average expense ratio: 0.64% | Average expense ratio: 0.64% | Average expense ratio: 0.64% |  |  |  |
| Year<br>| Hypothetical<br>Investment  | Hypothetical<br>Performance<br>Earnings  | Investment<br>After<br>Returns  | Hypothetical<br>Expenses  | Hypothetical<br>Ending<br>Investment  |
| 1<br>| $10000.00<br>| $500.00<br>| $10500.00<br>| $65.40<br>| $10436.00<br>|
| Termination of Contractual Waiver<br>|  |  |  | Average<br>Expense<br>Ratio: 0.80% <br>|  |
| 2<br>| $10436.00<br>| $521.80<br>| $10957.80<br>| $85.24<br>| $10874.31<br>|
| 3<br>| $10874.31<br>| $543.72<br>| $11418.03<br>| $88.82<br>| $11331.03<br>|
| 4<br>| $11331.03<br>| $566.55<br>| $11897.58<br>| $92.55<br>| $11806.94<br>|
| 5<br>| $11806.94<br>| $590.35<br>| $12397.28<br>| $96.44<br>| $12302.83<br>|
| 6<br>| $12302.83<br>| $615.14<br>| $12917.97<br>| $100.49<br>| $12819.55<br>|
| 7<br>| $12819.55<br>| $640.98<br>| $13460.52<br>| $104.71<br>| $13357.97<br>|
| 8<br>| $13357.97<br>| $667.90<br>| $14025.87<br>| $109.11<br>| $13919.00<br>|
| 9<br>| $13919.00<br>| $695.95<br>| $14614.95<br>| $113.69<br>| $14503.60<br>|
| 10<br>| $14503.60<br>| $725.18<br>| $15228.78<br>| $118.47<br>| $15112.75<br>|
| Cumulative Total<br>|  |  |  | $974.92<br>|  |

---

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware Ivy Government Securities Fund - Class R6 (including contractual waiver)** | **Delaware Ivy Government Securities Fund - Class R6 (including contractual waiver)** | **Delaware Ivy Government Securities Fund - Class R6 (including contractual waiver)** |  |  |  |
| Average expense ratio: 0.60% | Average expense ratio: 0.60% | Average expense ratio: 0.60% |  |  |  |
| Year<br>| Hypothetical<br>Investment  | Hypothetical<br>Performance<br>Earnings  | Investment<br>After<br>Returns  | Hypothetical<br>Expenses  | Hypothetical<br>Ending<br>Investment  |
| 1<br>| $10000.00<br>| $500.00<br>| $10500.00<br>| $61.32<br>| $10440.00<br>|
| Termination of Contractual Waiver<br>|  |  |  | Average<br>Expense<br>Ratio: 0.63% <br>|  |
| 2<br>| $10440.00<br>| $522.00<br>| $10962.00<br>| $67.21<br>| $10896.23<br>|
| 3<br>| $10896.23<br>| $544.81<br>| $11441.04<br>| $70.15<br>| $11372.39<br>|
| 4<br>| $11372.39<br>| $568.62<br>| $11941.01<br>| $73.21<br>| $11869.37<br>|
| 5<br>| $11869.37<br>| $593.47<br>| $12462.84<br>| $76.41<br>| $12388.06<br>|
| 6<br>| $12388.06<br>| $619.40<br>| $13007.46<br>| $79.75<br>| $12929.42<br>|
| 7<br>| $12929.42<br>| $646.47<br>| $13575.89<br>| $83.24<br>| $13494.43<br>|
| 8<br>| $13494.43<br>| $674.72<br>| $14169.15<br>| $86.87<br>| $14084.14<br>|
| 9<br>| $14084.14<br>| $704.21<br>| $14788.35<br>| $90.67<br>| $14699.62<br>|
| 10<br>| $14699.62<br>| $734.98<br>| $15434.60<br>| $94.63<br>| $15341.99<br>|
| Cumulative Total<br>|  |  |  | $783.46<br>|  |

---

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Appendix A: Hypothetical Investment and Expense Information

**Note:** Each of the Funds included above in this Appendix A was a party to a reorganization with a corresponding series of the Waddell & Reed Advisors Funds (each, a WRA Fund). Pursuant to such reorganizations, each WRA Fund was reorganized out of existence. The above Hypothetical Investment and Expense Information was historically included in each WRA Fund prospectus.

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Additional information

**Contact information**

• Website: delawarefunds.com

• Delaware Funds by Macquarie <sup>®</sup> Service Center: 800 523-1918 (representatives are normally available weekdays from 8:30am to 6:00pm ET)

○ For fund information, literature, price, yield, and performance figures.

○ For information on existing regular investment accounts and retirement plan accounts including wire investments, wire redemptions, telephone redemptions, and telephone exchanges.

• Automated telephone service: 800 523-1918 (seven days a week, 24 hours a day)

○ For convenient access to account information or current performance information on all Delaware Funds, use this touch-tone service.

• Written correspondence: Delaware Funds by Macquarie, P.O. Box 9876, Providence, RI 02940-8076 (by regular mail) or Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722 (by overnight courier service).

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Additional information about the Funds' investments is available in their annual and semiannual shareholder reports. In the Funds' annual shareholder report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the period covered by the report. [You can find more information about the Funds in their current SAI, which is filed electronically with the SEC, and which is legally a part of this Prospectus (it is incorporated by reference).](#a5) To receive a free copy of the SAI, or the annual or semiannual reports, or if you have any questions about investing in the Funds, write to us at P.O. Box 9876, Providence, RI 02940-8076 by regular mail or 4400 Computer Drive, Westborough, MA 01581-1722 by overnight courier service, or call toll-free 800 523-1918. The SAI and shareholder reports are available, free of charge, through the Funds' website at delawarefunds.com/literature. You may also obtain additional information about the Funds from your financial advisor.

You can find reports and other information about the Funds on the EDGAR database on the SEC website at sec.gov. You may obtain copies of this information, after paying a duplication fee, by emailing the SEC at publicinfo@sec.gov.

Investment Company Act number: 811-06569

**IVYPRO-SEP 1/23** 

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![](delawaremacquarie_saiheader.jpg)

## Statement of Additional Information
Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; <br>| &nbsp;&nbsp;&nbsp;&nbsp; <br>| &nbsp;&nbsp;&nbsp;&nbsp; <br>| &nbsp;&nbsp;&nbsp;&nbsp; <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Nasdaq ticker symbols** | &nbsp;&nbsp;&nbsp;&nbsp; **Nasdaq ticker symbols** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; Class R<br>| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |
| Delaware Ivy California Municipal High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMHAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMHCX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMHIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMHYX |
| Delaware Ivy Corporate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IBJAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IBJCX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IBJIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; IBJYX |
| Delaware Ivy Crossover Credit Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; ICKAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; ICKIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; ICKYX |
| Delaware Ivy Emerging Markets Local Currency Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IECAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IECCX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IECIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMMCX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; IECYX |
| Delaware Ivy Government Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IGJAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IGJCX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IGJIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IGJNX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Delaware Ivy High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IPNAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; IPNIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IPNNX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Delaware Ivy International Small Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IVJAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IVJCX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IVJIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IVJRX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; IVJYX |
| Delaware Ivy Multi-Asset Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMAAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMACX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMAIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMURX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; IMAYX |
| Delaware Ivy Strategic Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IAPOX<br>| &nbsp;&nbsp;&nbsp;&nbsp; ICPOX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IIPOX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IRPOX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; IYPOX |
| Delaware Ivy Total Return Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IRBAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IRBCX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IRBIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IRBRX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Delaware Sustainable Equity Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; IDAAX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>| &nbsp;&nbsp;&nbsp;&nbsp; IDAIX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IDANX<br>| &nbsp;&nbsp;&nbsp;&nbsp; IDARX<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a<br>|

---

January 30, 2023

**P.O. Box 9876, Providence, RI 02940-8076 (regular mail)**

**4400 Computer Drive, Westborough, MA 01581-1722 (overnight courier service)**

**For a Prospectus, Performance, and Information on Existing Accounts: 800 523-1918**

**For Dealer Services (Broker/Dealers only): 800 362-7500**

**Ivy Funds (the "Trust") is an open-end management investment company that currently consists of 39 separate series, 11 of which (each, a "Fund" and collectively, the "Funds") are listed above. This Statement of Additional Information ("SAI") supplements the information contained in the current prospectus (the "Prospectus"), dated January 30, 2023, as it may be amended from time to time.**

**This SAI should be read in conjunction with the Prospectus. This SAI is not itself a prospectus but is, in its entirety, incorporated by reference into the Prospectus.**

**The Prospectus may be obtained through our website at delawarefunds.com/literature; by writing or calling your financial advisor; or by contacting the Funds' distributor, Delaware Distributors, L.P. (the "Distributor"), at the above address, or by calling the above phone numbers. [The Funds' financial statements, the notes relating thereto, the financial highlights, and the report of the independent registered public accounting firm are incorporated by reference from the Fund's annual report ("Annual Report") into this SAI.](https://www.sec.gov/Archives/edgar/data/883622/000120677422002794/mimialt4132211-ncsr.htm) An Annual Report can be obtained, without charge, by calling 800- 523-1918. Copies of the Annual and/or Semiannual Reports also are available at delawarefunds.com.**

**IVYSAI-SEP 1/23** 

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**Table of contents**

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| | |
|:---|:---|
|  | Page<br>|
| **Organization and Classification**<br>| 3<br>|
| **Investment Objectives, Restrictions, and Policies**<br>| 4<br>|
| **Investment Strategies and Risks**<br>| 6<br>|
| **Disclosure of Portfolio Holdings Information**<br>| 43<br>|
| **Management of the Trust**<br>| 45<br>|
| **Code of Ethics**<br>| 53<br>|
| **Proxy Voting Policy**<br>| 53<br>|
| **Investment Manager and Other Service Providers**<br>| 54<br>|
| **Portfolio Managers**<br>| 66<br>|
| **Trading Practices and Brokerage**<br>| 70<br>|
| **Capital Structure**<br>| 72<br>|
| **Purchasing Shares**<br>| 72<br>|
| **Investment Plans**<br>| 75<br>|
| **Determining Offering Price and Net Asset Value**<br>| 77<br>|
| **Redemption and Exchange**<br>| 78<br>|
| **Distributions and Taxes**<br>| 81<br>|
| **Performance Information**<br>| 89<br>|
| **Financial Statements**<br>| 89<br>|
| **Principal Holders**<br>| 90<br>|
| **Appendix A — Description of Ratings**<br>| 98<br>|
| **Appendix B — Special Factors Affecting Delaware Ivy California Municipal High Income Fund**<br>| 100<br>|

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**IVYSAI-SEP 1/23**

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**Organization and Classification**

This SAI describes the Funds, which are series of the Trust. The Funds offer Class A shares. Each Fund (other than Delaware Ivy Crossover Credit Fund, Delaware Ivy High Yield Fund, and Delaware Sustainable Equity Income Fund) offers Class C shares, and each Fund (other than Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy Total Return Bond Fund and Delaware Sustainable Equity Income Fund) offers Class Y shares. Delaware Sustainable Equity Income Fund also offers Class R shares (together, with Class A, Class C and Class Y shares, the "Retail Classes"). In addition, each Fund (other than Delaware Ivy California Municipal High Income Fund, Delaware Ivy Corporate Bond Fund and Delaware Ivy Crossover Credit Fund, which do not offer Class R6 shares) offers Class I and Class R6 shares (the "Institutional Classes," and together with the Retail Classes, the "Classes"). All references to "shares" in this SAI refer to all classes of shares (each share class, the "Class") of the Funds, except where noted. The Funds' investment manager is Delaware Management Company (the "Manager" or "DMC"), a series of Macquarie Investment Management Business Trust ("MIMBT") (a Delaware statutory trust). Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK"), Macquarie Investment Management Global Limited ("MIMGL") and Macquarie Investment Management Europe Limited ("MIMEL") serve as sub-advisors to certain of the Funds as described under "Investment Manager and Other Service Providers." For purposes of the "Investment Strategies and Risks" section, a reference to the Manager may also include MIMAK, MIMGL, and MIMEL.

**Organization**

The Trust was organized as a Delaware statutory trust on November 13, 2008. On April 1, 2010, each of the then-existing series of the Trust became the successor either to one of the series of Ivy Funds, Inc., organized as a Maryland corporation on January 29, 1992, or to one of the series of Ivy Funds, organized as a Massachusetts business trust on December 21, 1983.

Effective April 3, 2017, Ivy Emerging Markets Local Currency Debt Fund changed its name to Ivy Pictet Emerging Markets Local Currency Debt Fund, and Ivy Targeted Return Bond Fund changed its name to Ivy Pictet Targeted Return Bond Fund.

Ivy Corporate Bond Fund (in February 2018) and Ivy Government Securities Fund (in October 2017) were organized for the purposes of acquiring the assets and liabilities of Waddell & Reed Advisors Bond Fund and Waddell & Reed Advisors Government Securities Fund, respectively.

Effective April 30, 2018, Ivy Bond Fund changed its name to Ivy Corporate Bond Fund.

Effective February 21, 2019, Ivy IG International Small Cap Fund changed its name to Ivy International Small Cap Fund.

Effective July 1, 2021, each Fund was renamed in conjunction with a transaction whereby Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited's US asset management business, acquired the investment management business of Waddell & Reed Financial, Inc., including Ivy Investment Management Company, the prior investment adviser of the Funds.

Effective July 1, 2021, Class N shares were renamed Class R6 for each applicable Fund. Effective November 15, 2021, Delaware Ivy Apollo Multi-Asset Income Fund changed its name to Delaware Ivy Multi-Asset Income Fund; Delaware Ivy Apollo Strategic Income Fund changed its name to Delaware Ivy Strategic Income Fund; Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund changed its name to Delaware Ivy Emerging Markets Local Currency Debt Fund; Delaware Ivy Pictet Targeted Return Bond Fund changed its name to Delaware Ivy Total Return Bond Fund; and Delaware Ivy PineBridge High Yield Fund changed its name to Delaware Ivy High Yield Fund.

Effective December 10, 2021, the Class B share class for each applicable Fund ceased to exist.

On December 17, 2021, Delaware Ivy Total Return Bond Fund's Class Y share class liquidated.

On May 18, 2022, the Class R6 share class for each of Delaware Ivy Corporate Bond Fund and Delaware Ivy Crossover Credit Fund were liquidated, and on June 13, 2022, the Class E shares of Delaware Sustainable Equity Income Fund were liquidated.

Effective November 15, 2021, Delaware Ivy ProShares S&P 500 Dividend Aristocrats Index Fund changed its name to Delaware Ivy S&P 500 Dividend Aristocrats Index Fund. Effective August 1, 2022, the Fund changed its name to Delaware Sustainable Equity Income Fund.

On September 9, 2022, Delaware Ivy Corporate Bond Fund effected a reverse stock split of three to one (3:1) of the issued and outstanding shares of each share class of the Fund.

**Classification**

Each Fund is an open-end management investment company and a series of the Trust.

Each of the Funds (other than Delaware Ivy Emerging Markets Local Currency Debt Fund) is "diversified" as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), and therefore, is required to meet certain diversification requirements under the 1940 Act that may limit its investments. Such requirements are set forth under *Nonfundamental Investment Restrictions — Diversification* below. A Fund may not change from "diversified" to "nondiversified" without shareholder approval (as defined below).

Delaware Ivy Emerging Markets Local Currency Debt Fund is "nondiversified" as defined by the 1940 Act. This means that the Fund may invest a greater portion of its assets in obligations of a single issuer or in several issuers.

**IVYSAI-SEP 1/23**

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**Investment Objectives, Restrictions, and Policies**

**Investment Objectives**

Each Fund's investment objective is described in the Prospectus. Each Fund's investment objective is nonfundamental, and may be changed without shareholder approval. However, the Trust's Board of Trustees ("Board") must approve any changes to nonfundamental investment objectives, and a Fund will notify shareholders at least 60 days prior to a material change in the Fund's investment objective.

***Fundamental Investment Restrictions***

The following, set forth in their entirety, are the Funds' fundamental investment restrictions, which cannot be changed without shareholder approval for the affected Fund. For this purpose, shareholder approval for a Fund means the approval, at a meeting of Fund shareholders, by the lesser of (1) 67% or more of the Fund's voting securities present at the meeting, if more than 50% of the Fund's outstanding voting securities are present in person or by proxy or (2) more than 50% of the Fund's outstanding voting securities. If a percentage restriction is adhered to at the time of an investment or transaction, later changes in the percentage resulting from a change in value of portfolio securities or amount of total assets will not be considered a violation of the restriction. As to each Fund (unless otherwise specified):

1. The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

2. The Fund may not engage in the business of underwriting the securities of other issuers, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

3. The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

4. The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

5. The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

6. The Fund may not purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

7. For each Fund other than Delaware Sustainable Equity Income Fund: The Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, securities of other investment companies and "tax-exempt securities" (i.e., securities the interest on which is not subject to federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one industry.

8. Delaware Sustainable Equity Income Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, securities of other investment companies and "tax-exempt securities" (i.e., securities the interest on which is not subject to federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one or more particular industries, except that the Fund will concentrate to approximately the same extent that its index concentrates in the stocks of such particular industry or industries. For purposes of determining whether the Fund is concentrated in an industry or group of industries, the Fund may concentrate its investments in the securities of companies engaged in a single industry or group of industries to approximately the same extent as its benchmark.

9. Under normal circumstances, at least 80% of Delaware Ivy California Municipal High Income Fund's net assets, plus any borrowings for investment purposes, will be invested in a diversified portfolio of municipal securities with income payments that are exempt from federal and California income taxes.

***Nonfundamental** **Investment Restrictions***

In addition to the fundamental investment policies and investment restrictions described above, and the various general investment policies described in the Prospectus, each Fund (unless otherwise specified) will be subject to the following investment restrictions, which are considered nonfundamental and may be changed by the Board without shareholder approval:

1. Investment in other investment companies:

**IVYSAI-SEP 1/23**

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Each Fund may buy shares of other investment companies only to the extent permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. Any Fund whose shares are acquired by another Fund in accordance with Section 12(d)(1)(G) of the 1940 Act shall not purchase securities of a registered open-end investment company or registered unit investment trust in reliance on either Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act.

2. Investment in illiquid securities:

Each Fund may not purchase a security if, as a result, more than 15% of its net assets would consist of illiquid investments.

3. Investment in debt securities:

Delaware Ivy Strategic Income Fund may not invest more than 65% of its total assets in non-investment grade debt securities.

Delaware Ivy California Municipal High Income Fund may invest up to 20% of its total assets in taxable debt securities other than municipal securities.

Delaware Ivy Corporate Bond Fund may not invest more than 20% of its total assets in non-investment grade debt securities.

Under normal circumstances, at least 50% of Delaware Ivy California Municipal High Income Fund's total assets will be invested in medium- and lower-quality municipal securities, that include securities rated BBB+ or lower by S&P or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest in higher-quality municipal securities, and have less than 50% of its total assets in medium- and lower-quality municipal securities, at times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk and/or when, in the Manager's opinion, there is a lack of medium- and lower-quality issues in which to invest.

Delaware Ivy International Small Cap Fund may invest up to 10% of its total assets in non-investment grade debt securities.

Delaware Ivy Total Return Bond Fund may invest up to 50% of its total assets in non-investment grade debt securities.

4. Investment in foreign securities:

Delaware Ivy California Municipal High Income Fund may invest in commercial paper and other short-term equivalent securities issued by U.S. and foreign issuers that are denominated in U.S. dollars.

Delaware Ivy Corporate Bond Fund may not invest more than 40% of its total assets in foreign securities.

Delaware Ivy Crossover Credit Fund may not invest more than 40% of its total assets in foreign securities.

Delaware Ivy Government Securities Fund may not invest in foreign securities.

5. Investment in Financial Instruments:

Each Fund may invest in Financial Instruments if it is permitted to invest in the type of asset by which the return on, or value of, the Financial Instrument primarily is measured.

6. Restrictions on selling short:

Each Fund may engage in short sales to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief.

7. Diversification:

Each Fund (other than Delaware Ivy Emerging Markets Local Currency Debt Fund), except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, may not, with respect to 75% of the Fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer.

The method of determining who is an issuer for purposes of the 5% limitation above for Delaware Ivy California Municipal High Income Fund is nonfundamental. In particular, in applying this limitation:

(b) For PABs, the nongovernmental user of facilities financed by them is considered a separate issuer; and

(c) A guarantee of a municipal security is not deemed to be a security issued by the guarantor when the value of all securities issued and guaranteed by the guarantor, and owned by a Fund, does not exceed 10% of the value of the Fund's total assets.

Delaware Ivy California Municipal High Income Fund may invest 25% or more of its total assets in PABs, in securities the payment of principal and interest on which is derived from revenue of similar projects, or in municipal securities of issuers located in the same geographic area. The Fund will not, however, have more than 25% of its total assets in PABs issued for any one industry.

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Investment Objectives, Restrictions, and Policies

8. Concentration

For Delaware Sustainable Equity Income Fund, with respect to the fundamental limitation on concentration, the Fund adopted that limitation in connection with its prior history as an index fund. Since repositioning as an actively managed fund on August 1, 2022, the Fund will no longer have the freedom to concentrate its investments to the same extent as its benchmark index.

9. Other Current Restrictions:

Each Fund (other than Delaware Sustainable Equity Income Fund) may not invest more than 20% of its total assets in cash or cash equivalents. However, for temporary or defensive purposes, each Fund may invest in cash or cash equivalents without limitation.

**All Funds.** An investment policy or restriction that states a maximum percentage of a Fund's assets that may be so invested or prescribes quality standards typically is applied immediately after, and based on, a Fund's acquisition of an asset. Accordingly, a subsequent change in the asset's value, net assets, or other circumstances will not be considered when determining whether the investment complies with a Fund's investment policies and restrictions.

**Portfolio Turnover**

Portfolio trading will be undertaken principally to accomplish each Fund's respective investment objective. The Funds are free to dispose of portfolio securities at any time, subject to complying with the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and the 1940 Act, when changes in circumstances or conditions make such a move desirable in light of each Fund's respective investment objective. The Funds will not attempt to achieve or be limited to a predetermined rate of portfolio turnover. Such turnover always will be incidental to transactions undertaken with a view to achieving each Fund's respective investment objective.

The portfolio turnover rate tells you the amount of trading activity in a Fund's portfolio. A turnover rate of 100% would occur, for example, if all of a Fund's investments held at the beginning of a year were replaced by the end of the year, or if a single investment was frequently traded. The turnover rate also may be affected by cash requirements from redemptions and repurchases of a Fund's shares. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains. In investing to achieve its investment objective, a Fund may hold securities for any period of time.

For the fiscal years ended September 30, 2021 and 2022, the Funds' portfolio turnover rates were as follows:

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| | | |
|:---|:---|:---|
| **Fund**<br>| 2021<br>| 2022<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>| 16%<br>| 28%<br>|
| **Delaware Ivy Corporate Bond Fund**<br>| 72%<br>| 52%<br>|
| **Delaware Ivy Crossover Credit Fund**<br>| 135%<br>| 60%<br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>| 120%<br>| 63%<br>|
| **Delaware Ivy Government Securities Fund**<br>| 31%<br>| 148%<br><sup>1</sup><br>|
| **Delaware Ivy High Yield Fund**<br>| 83%<br>| 47%<br>|
| **Delaware Ivy International Small Cap Fund**<br>| 47%<br>| 132%<br><sup>1</sup><br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| 57%<br>| 127%<br><sup>1</sup><br>|
| **Delaware Ivy Strategic Income Fund**<br>| 62%<br>| 57%<br>|
| **Delaware Ivy Total Return Bond Fund**<br>| 119%<br>| 105%<br>|
| **Delaware Sustainable Equity Income Fund**<br>| 29%<br>| 94%<br><sup>2</sup><br>|

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<sup>1</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to a change in the Fund's portfolio managers and associated repositioning. 

<sup>2</sup> The Fund's portfolio turnover rate increased substantially during the year ended September 30, 2022 due to the repositioning of the Fund. 

**Investment Strategies and Risks**

The Funds' investment objectives, strategies, and risks are described in the Prospectus. Certain additional information is provided below. The following discussion supplements the description of the Funds' investment strategies and risks that are included in the Prospectus. The Funds' investment strategies are nonfundamental and may be changed without shareholder approval.

**Securities — General**

The main types of securities in which a Fund may invest, subject to its investment policies and restrictions, include debt securities, common stocks, preferred stocks and convertible securities. Although common stocks and other equity securities have a history of long-term growth in value, their prices tend to fluctuate in the short term, particularly those of smaller companies. The equity securities in which a Fund invests may include preferred stock that converts into common stock. A Fund also may invest in preferred stocks rated in any rating category of the nationally recognized statistical rating organizations

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(NRSROs) or unrated preferred stocks, subject to the investment policies and restrictions of the Fund. Debt securities have varying levels of sensitivity to changes in interest rates and varying degrees of quality. As a general matter, however, when interest rates rise, the values of fixed-rate debt securities fall and, conversely, when interest rates fall, the values of fixed-rate debt securities rise. Similarly, debt securities with longer maturities generally are more sensitive to interest rate changes than debt securities with shorter maturities.

Subject to its investment policies and restrictions, a Fund may invest in debt securities rated in any rating category of the NRSROs, including securities rated in the lowest category (securities rated D by S&P Global Ratings, a division of S&P Global, Inc. (S&P) or comparably rated by another NRSRO). Debt securities rated D by S&P or comparably rated by another NRSRO are in payment default or are regarded as having extremely poor prospects of ever attaining any real investment standing. Debt securities rated at least BBB- by S&P or comparably rated by another NRSRO are considered to be investment grade debt securities; however, securities rated BBB- or comparably rated by another NRSRO may have speculative characteristics and involve greater risk of default or price changes. In addition, a Fund will treat unrated securities determined by the Manager to be of comparable quality to a rated security as having that rating. In the case of a "split-rated" security, which results when NRSROs rate the security at different rating levels (*e.g.*, BBB by S&P and a higher or lower rating by another NRSRO), it is the general policy of each Fund to classify such security at the lower rating level if only two ratings are available.

While credit ratings are only one factor the Manager relies on in evaluating high-yield (low-rated) debt securities, certain risks are associated with credit ratings. Credit ratings evaluate the safety of principal and interest payments, not market value risk. Credit ratings for individual securities may change from time to time, and a Fund may retain a portfolio security whose rating has been changed. In addition, a credit rating may become stale in that it fails to reflect changes in an issuer's financial condition. Credit ratings represent the NRSRO's opinion regarding the quality of the security and are not a guarantee of quality. See *Appendix A* to this SAI for a description of these ratings.

Subject to its investment policies and restrictions, a Fund may purchase debt securities whose principal amount at maturity is dependent upon the performance of a specified equity security (commonly called "equity-linked debt securities"). The issuer of such debt securities is unaffiliated with the issuer of the equity security to whose performance the debt security is linked. Equity-linked debt securities differ from ordinary debt securities in that the principal amount received at maturity is not fixed, but is based on the price of the linked equity security at the time the debt security matures. The performance of equity-linked debt securities depends primarily on the performance of the linked equity security and also may be influenced by interest rate changes. In addition, although equity-linked debt securities typically are adjusted for diluting events such as stock splits, stock dividends and certain other events affecting the market value of the linked equity security, the debt securities are not adjusted for subsequent issuances of the linked equity security for cash. Such an issuance could adversely affect the price of the debt security. In addition to the equity risk relating to the linked equity security, such debt securities also are subject to credit risk with regard to the issuer of the debt security. In general, however, such debt securities are less volatile than the equity securities to which they are linked.

Debt securities may be unsecured and structurally or contractually subordinated to substantial amounts of senior indebtedness, all or a significant portion of which may be secured. Moreover, such debt investments may not be protected by financial covenants or limitations upon additional indebtedness. Other factors may materially and adversely affect the market price and yield of such debt investments, including investor demand, changes in the financial condition of the applicable issuer, government fiscal policy and domestic or worldwide economic conditions. Subject to its investment policies and restrictions, certain of the debt instruments in which a Fund may invest may have speculative characteristics. Debt securities may be subject to credit risk, duration risk, extension risk, income risk, interest rate risk, liquidity risk and reinvestment risk, among other risks.

Subject to its investment policies and restrictions, a Fund may invest in convertible securities. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. Convertible securities generally have higher yields than common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities, are less subject to fluctuation in value than the underlying stock because they have fixed-income characteristics, and provide the potential for capital appreciation if the market price of the underlying common stock increases.

The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value. A convertible security may be subject to redemption at the option of the issuer at a price established in the security's offering document. If a convertible security held by a Fund is called for redemption, such Fund will be required to convert it into the underlying stock, sell it to a third party or permit the issuer to redeem the security. Convertible securities typically are issued by smaller capitalized companies whose stock prices may be volatile. Thus, any of these actions could have an adverse effect on the ability of a Fund to achieve its investment objective(s).

Subject to its investment policies and restrictions, a Fund also may invest in contingent convertible securities (CoCos). CoCos are a form of hybrid debt security that are intended to either convert into equity or have their principal written down upon the occurrence of certain "triggers." The triggers generally are linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going concern. CoCos' unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. Some additional risks associated with CoCos include, but are not limited to:

• Loss absorption risk. CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution's discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses.

• Subordinated instruments. CoCos, in the majority of circumstances, will be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or winding-up of an issuer prior to a

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Investment Strategies and Risks

conversion having occurred, the rights and claims of the holders of the CoCos, such as the Funds, against the issuer in respect of or arising under the terms of the CoCos generally shall rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer's underlying equity securities following a conversion event (i.e., a "trigger"), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.

• Market value will fluctuate based on unpredictable factors. The value of CoCos is unpredictable and will be influenced by many factors including, without limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; (ii) supply and demand for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its particular market or the financial markets in general.

Subject to its investment policies and restrictions, a Fund also may invest in a type of convertible preferred stock that pays a cumulative, fixed dividend that is senior to, and expected to be in excess of, the dividends paid on the common stock of the issuer. At the mandatory conversion date, the preferred stock is converted into not more than one share of the issuer's common stock at the call price that was established at the time the preferred stock was issued. If the price per share of the related common stock on the mandatory conversion date is less than the call price, the holder of the preferred stock will nonetheless receive only one share of common stock for each share of preferred stock (plus cash in the amount of any accrued but unpaid dividends). At any time prior to the mandatory conversion date, the issuer may redeem the preferred stock upon issuing to the holder a number of shares of common stock equal to the call price of the preferred stock in effect on the date of redemption divided by the market value of the common stock, with such market value typically determined 1 or 2 trading days prior to the date notice of redemption is given. The issuer also must pay the holder of the preferred stock cash in an amount equal to any accrued but unpaid dividends on the preferred stock. This convertible preferred stock is subject to the same market risk as the common stock of the issuer, except to the extent that such risk is mitigated by the higher dividend paid on the preferred stock. The opportunity for equity appreciation afforded by an investment in such convertible preferred stock, however, is limited, because in the event the market value of the issuer's common stock increases to or above the call price of the preferred stock, the issuer may (and would be expected to) call the preferred stock for redemption at the call price. This convertible preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock. Generally, however, the market value of the convertible preferred stock is less volatile than the related common stock of the issuer.

Certain unanticipated events, such as natural disasters, terrorist attacks, war, and other geopolitical events, can have a dramatic adverse effect on securities held by a Fund.

**Specific Securities and Investment Practices**

***Banking Industry and Savings and Loan Obligations***

Certificates of deposit are certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank (meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument at maturity). In addition to investing in certificates of deposit and bankers' acceptances, each Fund may invest in time deposits in banks or savings and loan associations. Time deposits generally are similar to certificates of deposit, but are uncertificated. Each Fund's investments in certificates of deposit, time deposits, and bankers' acceptances are limited to obligations of (i) US banks having total assets in excess of $500,000,000 (as of the date of their most recent financial statements at the time of investment), (ii) US banks which do not meet the $500,000,000 asset requirement, if the principal amount of such obligation is fully insured by the Federal Deposit Insurance Corporation (FDIC), (iii) savings and loan associations which have total assets in excess of $500,000,000 and which are members of the FDIC, and (iv) foreign banks if the obligation is, in the opinion of the Manager, of an investment quality comparable to other debt securities which may be purchased by the Fund. Each Fund's investments in certificates of deposit of savings associations are limited to obligations of federal or state-chartered institutions whose total assets exceed $500,000,000 and whose deposits are insured by the FDIC. Bank deposits are not marketable, and a Fund may invest in them subject to its investment restrictions regarding illiquid investments, unless such obligations are payable at principal amount plus accrued interest on demand or within 7 days after demand.

***Borrowing***

Each Fund may borrow money only as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. Proceeds from borrowings will be used for temporary, extraordinary or emergency purposes. Interest on money borrowed is an expense a Fund would not otherwise incur, and as a result, it may have reduced net investment income during periods of outstanding borrowings. If a Fund does borrow money, its share price may be subject to greater fluctuation until the borrowing is paid off.

***Credit-Linked Notes***

Subject to its investment policies and restrictions, a Fund may invest in credit-linked notes. A credit-linked note is a structured note whose value is linked to an underlying reference asset. Credit-linked notes typically provide periodic payments of interest, as well as payment of principal upon maturity. The value of the periodic payments and the principal amount payable upon maturity are tied (positively or negatively) to a reference asset, such as an index, government bond, interest rate or currency exchange rate. The ongoing payments and principal upon maturity typically will increase or decrease depending on increases or decreases in the value of the reference asset. A credit-linked note typically is issued by a limited purpose trust or other vehicle and is a direct obligation of the issuing entity. The limited purpose trust or other vehicle, in turn, invests in bonds or a derivative or basket of derivative instruments, such as credit default swaps, interest rate swaps and/or other securities, to provide the exposure set forth in the credit-linked note. The periodic interest payments and principal

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obligations payable under the terms of the note typically are conditioned upon the entity's receipt of payments on its underlying investment. If the underlying investment defaults, the periodic payments and principal received by the Funds will be reduced or eliminated. The buyer of a credit-linked note assumes the risk of default by the issuer and the underlying reference asset or entity. Generally, investors in credit-linked notes assume the risk of default by the issuer and the reference entity in return for a potentially higher yield on their investment or access to an investment that they could not otherwise obtain. In the event the issuer defaults or there is a credit event that relates to the reference asset, the recovery rate generally is less than a Fund's initial investment, and the Fund may lose money.

***Foreign Securities and Currencies***

**Foreign Securities.** Subject to its investment policies and restrictions, a Fund may invest in the securities of foreign issuers, including depositary receipts. In general, depositary receipts are securities convertible into and evidencing ownership of securities of foreign corporate issuers, although depositary receipts may not necessarily be denominated in the same currency as the securities into which they may be converted. American depositary receipts (ADRs), in registered form, are US dollar-denominated receipts typically issued by a US bank representing ownership of a specific number of shares in a non-US corporation. ADRs are quoted and traded in US dollars in the US securities market. An ADR is sponsored if the original issuing company has selected a single US bank to serve as its US depositary and transfer agent. This relationship requires a deposit agreement which defines the rights and duties of both the issuer and depositary. Companies that sponsor ADRs also must provide their ADR investors with English translations of company information made public in their own country of domicile. Sponsored ADR investors also generally have the same voting rights as ordinary shareholders, barring any unusual circumstances. ADRs which meet these requirements can be listed on US stock exchanges. Unsponsored ADRs typically are created at the initiative of a broker or bank reacting to demand for a specific foreign stock. The broker or bank purchases the underlying shares and deposits them in a depositary. Unsponsored shares issued after 1983 are not eligible for US stock exchange listings, and they generally do not include voting rights.

Global depositary receipts and European depositary receipts, in bearer form, are foreign receipts evidencing a similar arrangement and are designed for use by non-US investors and traders in non-US markets. Global depositary receipts are designed to facilitate the trading of securities of foreign issuers by US and non-US investors and traders.

The Manager believes that investing in foreign securities involves investment opportunities as well as risks. Individual foreign economies may differ favorably or unfavorably from the US economy or each other in such matters as gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Individual foreign companies also may differ favorably or unfavorably from US companies in the same industry. Foreign currencies may be stronger or weaker than the US dollar or than each other. Thus, the value of securities denominated in or indexed to foreign currencies, and the value of dividends and interest from such securities, can change significantly when foreign currencies strengthen or weaken relative to the US dollar.

The Manager believes that a Fund's ability to invest its assets abroad might enable it to take advantage of these differences and strengths.

However, foreign securities and foreign currencies involve additional significant risks, apart from the risks inherent in US investments. Foreign securities markets generally have less trading volume and less liquidity than US markets, and prices on some foreign markets can be highly volatile. Many foreign countries lack uniform accounting and disclosure standards comparable to those applicable to US companies, and it may be more difficult to obtain reliable information regarding an issuer's financial conditions and operations. In addition, the costs of foreign investing, including withholding taxes, brokerage commissions and custodial costs, generally are higher than for US investments.

Foreign markets may offer less protection to investors than US markets. Foreign issuers, brokers and securities markets may be subject to less government supervision. Foreign securities trading practices, including those involving the release of assets in advance of payment, may involve increased risks in the event of a failed trade or the insolvency of a broker-dealer, and may involve substantial delays. It also may be difficult to enforce legal rights in foreign countries.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. In the event that a Fund holds material positions in such suspended securities, the Fund's ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of US investors, including: the possibility of expropriation or nationalization of assets; confiscatory taxation; restrictions on US investment or on the ability to repatriate assets or convert currency into US dollars (which also may affect the liquidity of such investments), such as those applicable to certain investments in China; or other government intervention. There may be greater possibility of default by foreign governments or government-sponsored enterprises. Investments in foreign countries also involve a risk of local political, economic, or social instability, military action or unrest, or adverse diplomatic developments. There is no assurance that the Manager will be able to anticipate these potential events or counter their effects.

Certain foreign securities impose restrictions on transfer within the United States or to US persons. Although securities subject to transfer restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions.

As a general rule, the country designation for a security for purposes of a Fund's investment policies and restrictions regarding foreign securities is the issuer's country of domicile, as indicated by a third-party source (*e.g.*, Bloomberg L.P.). However, in certain identified circumstances, a different country designation may be warranted. For example, an issuer's country designation could be changed if (i) the issuer derived at least 50% of its revenues or profits

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Investment Strategies and Risks

in a country other than the country of domicile; (ii)the issuer has at least 50% of its assets in a country other than the country of domicile; or (iii)the issuer's stock (security) principally is traded (based on total volume traded) in a country other than the country of domicile, provided the issuer does not have more than 50% of its revenues/profits or assets sourced in a single country.

Investments in obligations of US branches of foreign banks will be considered US securities if the Manager has determined that the nature and extent of federal and state regulation and supervision of the branch in question are substantially equivalent to federal or state-chartered US banks doing business in the same jurisdiction.

**Foreign Currencies.** Subject to its investment policies and restrictions, a Fund may purchase and sell foreign currency and invest in foreign currency deposits and may enter into forward currency contracts. The Funds may incur a transaction charge in connection with the exchange of currency. Currency conversion involves dealer spreads and other costs, although commissions usually are not charged.

Investment in foreign securities usually will involve currencies of foreign countries. Moreover, subject to its investment policies and restrictions, a Fund (other than Delaware Ivy California Municipal High Income Fund) may hold funds temporarily in bank deposits in foreign currencies during the completion of investment programs and may purchase and sell forward foreign currency contracts. Because of these factors, the value of the assets of a Fund as measured in US dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations, and a Fund may incur costs in connection with conversions between various currencies. Although a Fund's custodian values the Fund's assets daily in terms of US dollars, the Fund does not intend to convert its holdings of foreign currencies into US dollars on a daily basis, and for certain investments, there may be restrictions imposed by a foreign government on the conversion of its currency to US dollars (or other currencies). Generally, however, a Fund will convert its holdings of foreign currencies into US dollars, and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the "spread") between the prices at which they are buying and selling various currencies, which can include other transaction costs. Thus, a dealer may offer to sell a foreign currency to a Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer. A Fund will conduct its foreign currency exchange transactions either on a spot (that is, cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. For more information regarding a Fund's use of forward contracts to purchase or sell foreign currencies, see *Options, Futures and Other Derivatives Strategies — Forward Currency Contracts.*

Because a Fund may invest in both US and foreign securities markets, subject to its investment policies and restrictions, changes in the Fund's share price may have a low correlation with movements in US markets. Each Fund's share price will reflect the movements of the different markets in which it invests (both US and foreign), and of the currencies in which the investments are denominated. Thus, the strength or weakness of the US dollar against foreign currencies may account for part of a Fund's investment performance. US and foreign securities markets do not always move in step with each other, and the total returns from different markets may vary significantly. Currencies in which a Fund's assets are denominated may be devalued against the US dollar, resulting in a loss to the Fund.

A Fund usually effects currency exchange transactions on a spot (that is, cash) basis at the spot rate prevailing in the foreign exchange market. However, some price spread on currency exchange will be incurred when the Fund converts assets from one currency to another. Further, a Fund may be affected either unfavorably or favorably by fluctuations in the relative rates of exchange between the currencies of different nations. For example, in order to realize the value of a foreign investment, a Fund must convert that value, as denominated in its foreign currency, into US dollars using the applicable currency exchange rate. The exchange rate represents the current price of a US dollar relative to that foreign currency; that is, the amount of such foreign currency required to buy one US dollar. If a Fund holds a foreign security which has appreciated in value as measured in the foreign currency, the level of appreciation actually realized by the Fund may be reduced or even eliminated if the foreign currency has decreased in value relative to the US dollar subsequent to the date of purchase. In such a circumstance, the cost of a US dollar purchased with that foreign currency has gone up and the same amount of foreign currency purchases fewer dollars than at an earlier date.

**Emerging Market Securities.** The risks of investing in foreign countries are intensified in developing countries, or emerging markets. A developing or emerging country is a nation that, in the Manager's opinion, is likely to experience long-term gross domestic product growth above that expected to occur in the United States, the UK, France, Germany, Italy, Japan and Canada. Developing and emerging countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities.

Unless a Fund contains an alternative definition of an emerging market country in its prospectus (such as Delaware Ivy Emerging Markets Local Currency Debt Fund), the Manager considers countries having developing or emerging markets to be all countries that generally are considered to be developing or emerging countries by the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and the International Finance Corporation, as well as countries that are classified by the United Nations or otherwise regarded by their authorities as developing or emerging.

As noted above, the country designation for a security for purposes of a Fund's investment policies and restrictions regarding foreign securities is the issuer's country of domicile, as indicated by a third-party source (*e.g.*, Bloomberg L.P.). Accordingly, a security would be considered issued by a developing or emerging market country if the issuer's country of domicile is a developing or emerging market country. However, in certain identified circumstances, a different country designation may be warranted under the following circumstances: (i) the issuer derived at least 50% of its revenues or profits in a country other than the country of domicile; (ii) the issuer has at least 50% of its assets in a country other than the country of domicile; or (iii) the issuer's stock (security) principally is traded (based on total volume traded) in a country other than the country of domicile, provided the issuer does not have more than 50% of its revenues/profits or assets sourced in a single country.

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Some of the risks to which a Fund may be exposed by investing in securities of developing or emerging markets are: restrictions placed by the government of a developing or emerging country related to investment, currency exchange controls, and repatriation of the proceeds of investment in that country; fluctuation of a developing or emerging country's currency against the US dollar; unusual price volatility in a developing or emerging country's securities markets; government involvement in the private sector, including government ownership of companies in which the Fund may invest; limited information about a developing or emerging market; high levels of tax levied by developing or emerging countries on dividends, interest and realized capital gains; the greater likelihood that developing or emerging markets will experience more volatility in inflation rates than developed markets; the greater potential that securities purchased by the Fund in developing or emerging markets may be fraudulent or counterfeit due to differences in the level of regulation, disclosure requirements and recordkeeping practices in those markets; risks related to the liquidity and transferability of investments in certain instruments, such as loan participations, that may not be considered "securities" under local law; settlement risks, including potential requirements for the Fund to render payment prior to taking possession of portfolio securities in which it invests; the possibility of nationalization, expropriation or confiscatory taxation; favorable or unfavorable differences between individual foreign economies and the US economy, such as growth of gross domestic product, rate of inflation, capital reinvestment, resources, self-sufficiency, and balance of payments position; additional costs associated with any investment in non-US securities, including higher custodial fees than typical US custodial arrangements, transaction costs of foreign currency conversions and generally higher commission rates on portfolio transactions than prevail in US markets; relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities; greater social, economic and political instability, including the risk of war; lack of availability of currency hedging or other risk management techniques in certain developing or emerging countries; the fact that companies in developing or emerging countries may be newly organized and may be smaller and less seasoned; differences in accounting, auditing and financial reporting standards; the heightened risks associated specifically with establishing record ownership and custody of securities; and limitations on obtaining and enforcing judgments against non-US residents.

**Sukuk.** Foreign securities and emerging market securities include sukuk. Sukuk are certificates, similar to bonds, issued by the issuer to obtain an upfront payment in exchange for an income stream to be generated by certain assets of the issuer. Generally, the issuer sells the investor a certificate, which the investor then rents back to the issuer for a predetermined rental fee. The issuer also makes a contractual promise to buy back the certificate at a future date at par value. While the certificate is linked to the returns generated by certain assets of the issuer, the underlying assets are not pledged as security for the certificates, and the Fund (as the investor) is relying on the creditworthiness of the issuer for all payments required by the sukuk. Issuers of sukuk may include international financial institutions, foreign governments and agencies of foreign governments. Underlying assets may include, without limitation, real estate (developed and undeveloped), lease contracts and machinery and equipment.

**Foreign Sovereign Debt Obligations.** Investment in sovereign debt can involve a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity's policy towards the International Monetary Fund, and the political constraints to which a governmental entity may be subject. Governmental entities also may be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity's implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the governmental entity, which may further impair such debtor's ability or willingness to service its debts in a timely manner. Consequently, governmental entities may default on their sovereign debt. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign debt on which governmental entities have defaulted may be collected in whole or in part.

***Illiquid Investments***

Rule 22e-4 under the 1940 Act provides that a Fund may not acquire an "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Rule 22e-4 defines an illiquid investment as an investment that cannot reasonably be sold or disposed of under current market conditions in 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. The Board has adopted a liquidity risk management program on behalf of the Funds that is designed to comply with Rule 22e-4's requirements. The Board has delegated to an administrator the responsibility to oversee the program, whose duties include periodically reviewing the liquidity risk of the Funds and categorizing the Fund's investments into one of four liquidity classifications (as defined in Rule 22e-4) based on prescribed criteria, including the number of days in which the administrator reasonably expects the investment would be convertible to cash under current market conditions without significantly changing the market value of the investment. This classification process takes into account relevant market, trading and investment-specific considerations (the analysis upon which a security is convertible to cash and placed into a classification will not take into account days when exchanges in foreign markets are closed for scheduled holidays).

The Manager believes that, at times, it is in the best interest of a Fund to be able to invest in illiquid securities up to the maximum amount allowable under the Fund's investment restriction on illiquid investments. See *Investment Objectives, Restrictions, and Policies — Nonfundamental Investment Restrictions*. The Manager believes that the risk of investing in illiquid securities is manageable, considering the availability of certain securities that are currently considered illiquid but have widely established trading markets. For example, there has been significant growth in the types and availability of bank loans and structured products, including: asset backed securities (which also includes many mortgage-backed securities), collateralized bond obligations, collateralized

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Investment Strategies and Risks

mortgage obligations, collateralized debt obligations and commercial mortgage-backed securities. Since many of these securities are initially offered as individual issues, they often are deemed illiquid. *See Mortgage-Backed and Asset-Backed Securities* for more information on these types of securities.

***Indexed Securities and Structured Notes***

Each Fund may invest in structured notes or other indexed securities, subject to its operating policy regarding financial instruments and other applicable restrictions. An example of a "structured note" is a note that is tied to a basket of multiple indices in which an investor receives twice the gains of each index that rises, subject to a cap on the returns with proportionate losses if the index falls. An example of an "indexed security" is a security that guarantees a return higher than the rate of inflation if it is held to maturity (called inflation indexed security). Structured notes or other indexed securities are derivative debt instruments, the interest rate or principal of which is linked to securities, currencies, interest rates, commodities, indices or other financial indicators (reference instruments). Most structured notes or other indexed securities are fixed-income securities that have maturities of three years or fewer. The interest rate or the principal amount payable at maturity of an indexed security may vary based on changes in one or more specified reference instruments, such as a floating interest rate compared with a fixed interest rate. The reference instrument need not be related to the terms of the structured note or indexed security.

Structured notes and indexed securities may be positively or negatively indexed (*i.e.*, their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates), and may have return characteristics similar to direct investments in the underlying reference instrument or to one or more options on the underlying reference instrument.

Structured notes and indexed securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instrument. Structured notes and indexed securities also may be more volatile, less liquid, and more difficult to accurately price than less complex securities and instruments or more traditional debt securities. In addition to the credit risk of the structured note and indexed security's issuer and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes and indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Further, in the case of certain structured notes and indexed securities, the interest rate may be increased or decreased or the terms may provide that, under certain circumstances, the principal amount payable on maturity may be reduced to zero resulting in a loss to a Fund.

The performance of structured notes and indexed securities depends to a great extent on the performance of the reference instrument to which they are indexed and also may be influenced by interest rate changes in the US and abroad. At the same time, structured notes and indexed securities are subject to the credit risks associated with the issuer of the security and their values may decline substantially if the issuer's creditworthiness deteriorates. Structured notes and indexed securities may be more volatile than the reference instrument. Gold-indexed securities, for example, typically provide for a maturity value that depends on the price of gold, resulting in a security whose price tends to rise and fall together with gold prices. Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than US dollar-denominated securities of equivalent issuers. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign-denominated instrument, or their maturity value may decline when foreign currencies increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities also may have prices that depend on the values of a number of different foreign currencies relative to each other.

The Manager will use its judgment in determining whether structured notes or indexed securities should be treated as short-term instruments, bonds, stocks, or as a separate asset class for purposes of a Fund's investment allocations, depending on the individual characteristics of the securities. Certain structured notes and indexed securities that are not traded on an established market may be deemed illiquid.

***Initial Public Offerings (IPOs)***

Securities issued through an IPO can experience an immediate drop in value if the demand for the securities does not continue to support the offering price. Information about the issuers of IPO securities also is difficult to acquire since they are new to the market and may not have lengthy operating histories. A Fund may engage in short-term trading in connection with its IPO investments, which could produce higher trading costs. The number of securities issued in an IPO is limited, so it is likely that IPO securities will represent a smaller component of a Fund's portfolio as the Fund's assets increase (and thus have a more limited effect on the Fund's performance).

***Investment Company Securities***

Each Fund may purchase shares of other investment companies only to the extent permitted under the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief and subject to its other investment policies and restrictions. As a shareholder in an investment company, a Fund would bear its pro rata share of that investment company's expenses, which could result in duplication of certain fees, including management and administrative fees; therefore, if a Fund acquires shares of an investment company, the Fund's shareholders would bear both their proportionate share of expenses of the Fund (including management and advisory fees) and, indirectly, the expenses of such investment company.

**Closed-end Investment Companies.** Shares of certain closed-end investment companies may at times be acquired only at market prices representing premiums to their NAVs. Shares of closed-end investment companies also may trade at a discount to NAV, which means a Fund may have to sell shares at a price lower than their NAV per share. Additionally, closed-end investment company shares may be halted or delisted by the listing exchange. Some countries, such as South Korea, Chile and India, have authorized the formation of closed-end investment companies to facilitate indirect foreign investment

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in their capital markets. The 1940 Act restrictions on investments in securities of other investment companies may limit opportunities that some of the Funds otherwise permitted to invest in foreign securities otherwise would have to invest indirectly in certain developing markets. A Fund will incur brokerage costs when purchasing and selling shares of closed-end investment companies.

**Business Development Companies (BDCs).** Subject to its investment policies and restrictions, a Fund may invest in shares of BDCs. BDCs are a type of closed-end investment company regulated by the 1940 Act and typically invest in and lend to small and medium-sized private companies that may not have access to public equity markets for raising capital. BDCs invest in such diverse industries as healthcare, chemical, manufacturing, technology and service companies. A BDC must invest at least 70% of the value of its total assets in certain asset types, which typically are the securities of private US businesses, and must make available significant managerial assistance to the issuers of such securities. BDCs often offer a yield advantage over other types of securities. Managers of BDCs may be entitled to compensation based on the BDC's performance, which may result in a manager of a BDC making riskier or more speculative investments in an effort to maximize incentive compensation and higher fees.

Because BDCs typically invest in small and medium-sized companies, a BDC's portfolio is subject to the risks inherent in investing in smaller companies, including that portfolio companies may be dependent on a small number of products or services and may be more adversely affected by poor economic or market conditions. Some BDCs invest substantially, or even exclusively, in one sector or industry group. Accordingly, the BDC may be susceptible to adverse conditions and economic or regulatory occurrences affecting the sector or industry group, which tends to increase the BDC's volatility and risk. Investments made by BDCs generally are subject to legal and other restrictions on resale and are otherwise less liquid than publicly traded securities. The illiquidity of these investments may make it difficult to sell such investments if the need arises, and if there is a need for a BDC in which a Fund invests to liquidate its portfolio quickly, it may realize a loss on its investments. BDCs also may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the poor performance of a small number of investments, or even a single investment, particularly if a BDC experiences the need to write down the value of an investment, which tends to increase the BDC's volatility and risk.

Investments in BDCs are subject to management risk, including the ability of the BDC's management to meet the BDC's investment objective and to manage the BDC's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding a BDC or its underlying investments change. BDC shares are not redeemable at the option of the BDC shareholder and, as with shares of other closed-end funds, they may trade in the secondary market at a discount to their NAV. Like an investment in other investment companies, a Fund will indirectly bear its proportionate share of any management and other expenses charged by the BDCs in which it invests.

BDCs may employ the use of leverage through borrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage also subjects a BDC to increased risks, including the likelihood of increased volatility of the BDC and the possibility that the BDC's common share income will fall if the dividend rate of the preferred shares or the interest rate on any borrowings rises.

***Exchange-Traded Funds (ETFs)***

Subject to its investment policies and restrictions, and only to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any applicable exemptive relief, a Fund may invest in ETFs for various purposes, which may or may not be a registered investment company (RIC) (*i.e.*, open-end mutual fund). For example, a Fund may invest in S&P 500 Depositary Receipts (SPDRs), which track the S&P 500 Index; S&P MidCap 400 Depositary Receipts (MidCap SPDRs), which track the S&P MidCap 400 Index; and "Dow Industrial Diamonds," which track the Dow Jones Industrial Average, or in ETFs that track other indexes; provided that such investments are consistent with the Fund's investment objective(s) as determined by the Manager. Each of these securities represents shares of beneficial interest in a trust, or series of a trust, that typically holds a proportionate amount of shares of all stocks included in the relevant underlying index. Since most ETFs are a type of investment company, a Fund's purchases of ETF shares are subject to its investment restrictions regarding investments in other investment companies.

An ETF's shares have a market price that approximates the NAV of the ETF's portfolio, which generally is designed to track the designated index or the NAV of the underlying basket of securities, currencies and/or commodities or commodities futures, as applicable. Some ETFs are actively managed and instead of replicating, they seek to outperform a particular index or basket or price of a commodity or currency. ETF shares are exchange-traded and as with other equity transactions, brokers charge a commission in connection with the purchase of shares of ETFs. In addition, an asset management fee is charged against the assets of an ETF (which is charged in addition to the investment management fee paid by a Fund).

Trading costs for ETFs can be higher than those for stock index futures contracts, but, because ETFs trade like other exchange-listed equities, they represent a relatively quick and convenient method of using a Fund's assets to track the return of a particular stock index. Investments in an ETF that is a RIC (*i.e.*, open-end mutual fund) generally present the same primary risks as investments in a conventional open-end mutual fund that is not exchange-traded. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF's shares may trade at a premium or discount to their NAV; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

***Lending Securities***

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Investment Strategies and Risks

For the purpose of realizing additional income or offsetting expenses, each Fund may lend portfolio securities up to the maximum amount of its total assets allowed under the 1940 Act (currently, one-third of total assets which, for purposes of this limitation, include the value of collateral received in return for securities loaned). Under a Fund's securities lending procedures, the Fund may lend securities only to broker-dealers and financial institutions deemed creditworthy by the Manager. The creditworthiness of entities to which a Fund makes loans of portfolio securities is monitored by the Manager throughout the term of the loan.

If a Fund lends securities, the borrower pays the Fund an amount equal to the dividends or interest on the securities that the Fund would have received if it had not loaned the securities. The Fund also receives additional compensation.

In addition, a borrower must collateralize any securities loans that it receives from a Fund in accordance with applicable regulatory requirements (the Guidelines). At the time of each loan, the Fund must receive collateral equal to no less than 102% of the market value of the securities loaned (or 105% of the market value of foreign securities loaned), including any accrued interest thereon. Under the present Guidelines, the collateral must consist of cash or US government securities or bank letters of credit, at least equal in value to the market value of the securities loaned on each day that the loan is outstanding. Such collateral will be marked-to-market daily, and if the market value of the lent securities exceeds the value of the collateral, the borrower must add more collateral so that it at least equals 102% of the market value of the domestic securities loaned (or 105% of the foreign securities loaned). If the market value of the securities decreases, the borrower is entitled to a return of the excess collateral.

There are two methods of receiving compensation for making loans. The first is to receive a negotiated loan fee from the borrower. This method is available for all three types of collateral. The second method, which is not available when letters of credit are used as collateral, is for a Fund to receive interest on the investment of the cash collateral or to receive interest on the US government securities used as collateral. Part of the interest received in either case may be shared with the borrower.

The letters of credit that a Fund may accept as collateral are agreements by banks (other than the borrowers of the Fund's securities), entered into at the request of the borrower and for its account and risk, under which the banks are obligated to pay to the Fund, while the letter is in effect, amounts demanded by the Fund if the demand meets the terms of the letter. The Fund's right to make this demand secures the borrower's obligations to it. The terms of any such letters and the creditworthiness of the banks providing them (which might include the Fund's custodian bank) must be satisfactory to the Manager. The Fund will make loans only under rules of the New York Stock Exchange (NYSE), which presently require the borrower to give the securities back to the Fund within 5 business days after the Fund gives notice to do so. If the Fund loses its voting rights on securities loaned, it will not be able to have the securities returned to it in time to vote them if a material event affecting the investment is to be voted on. The Fund may pay reasonable finder's, administrative and custodian fees in connection with loans of securities.

Some, but not all, of these rules are necessary to meet regulatory requirements relating to securities loans. These rules will not be changed unless the change is permitted under these requirements. The requirements do not cover the rules which may be changed without shareholder vote, as to: (1) whom securities may be loaned; (2) the investment of cash collateral; or (3) voting rights.

There may be risks of delay in receiving additional collateral from the borrower if the market value of the securities loaned increases. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If a Fund is not able to recover the securities loaned, the Fund may sell the collateral and purchase a replacement investment in the market. Additional transaction costs would result, and the value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased. Until the replacement can be purchased, the Fund will not have the desired level of exposure to the security which the borrower failed to return. Cash received as collateral through loan transactions may be invested in other eligible securities, including shares of a money market fund. Investing this cash subjects the Fund to greater market risk including losses on the collateral and, should the Fund need to look to the collateral in the event of the borrower's default, losses on the loan secured by that collateral.

***Investments in Chinese Securities***

Certain Funds may invest in "A-shares" of certain Chinese companies through various "connect programs" with local stock exchanges in China, such as the Shanghai-Hong Kong Stock Connect Program with the Shanghai Stock Exchange or the Shenzhen-Hong Kong Stock Connect Program with the Shenzhen Stock Exchange or other similar programs (collectively these are referred to as Connect Programs).

Connect Programs serve to link local Chinese stock markets (such as those in Shanghai or Shenzhen) with the Hong Kong stock exchange. Under the Connect Programs, investors in Hong Kong and China can trade and settle shares listed on the other market via the exchange and clearing house in their home market. This means that international investors, who previously were prohibited from investing directly in A-shares on local Chinese exchanges, can access this market.

However, local rules apply, and listed companies that issue A-shares remain subject to the listing requirements in the local market. This means that the Connect Programs are subject to quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund's ability to invest in China A-shares through the Connect Programs and to enter into or exit trades on a timely basis. Connect Programs can operate only when both markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if one or both markets are closed on a US trading day, a Fund may not be able to dispose of its China A-shares in a timely manner, which could adversely affect the Fund's performance. Only certain China A-shares are eligible to be accessed through the Connect Programs. Such securities may lose their eligibility at any

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time, in which case they could be sold, but could no longer be purchased through the Connect Programs. Because the Connect Programs are relatively new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is unknown. In addition, there is no assurance that the necessary systems required to operate the Connect Programs will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems do not function properly, trading through the Connect Programs could be disrupted.

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

Trades on these Connect Programs are subject to certain requirements prior to trading. If these requirements are not completed prior to the market opening, a Fund cannot sell the shares on that trading day. Currently, certain local custodians offer a "bundled brokerage/custodian" solution to address such requirements. However, such solution may limit the number of brokers that a Fund may use to execute trades. An enhanced model also has been implemented by the Hong Kong Stock Exchange, but there are operational and practical challenges for an investor to utilize such enhanced model. If an investor holds 5% or more of the total shares issued by a China A-share issuer, the investor must return any profits obtained from the purchase and sale of those shares if both transactions occur within a six-month period. If a Fund holds 5% or more of the total shares of a China A-share issuer, its profits may be subject to this limitation. In addition, it currently is not clear whether all accounts managed by the Manager and/or its affiliates will be aggregated for purposes of this limitation. If that is the case, it makes it more likely that a Fund's profits may be subject to this limitation.

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

Also, investing in China carries certain political and economic risks. The value of a Fund's assets may be adversely affected by inadequate investor protection and changes in Chinese laws or regulations. The Chinese economy may differ favorably or unfavorably from the US economy in respects such as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency, balance of payments position and sensitivity to changes in global trade. The Chinese government has exercised and continues to exercise significant influence over many aspects of the economy. Accordingly, future government actions could have a significant effect on the country's economy, which could affect market conditions and prices and yields of China A-shares.

Investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE") that is designed to provide foreign investors with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investment. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company to provide investors with exposure to the operating company, but does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying Chinese operating company. VIEs allow foreign shareholders to exert a degree of control over, and obtain economic benefits arising from, the operating company without formal legal ownership. However, the contractual arrangements between the shell company and the operating company may not be as effective in providing operational control as direct equity ownership, and a foreign investor's rights may be limited by, for example, actions of the Chinese government which could determine that the underlying contractual arrangements on which control of the VIE is based are invalid. The contractual arrangement on which the VIE structure is based would likely be subject to Chinese law and jurisdiction, which could raise questions about how recourse is sought.

Investments through VIEs may be affected by conflicts of interest and duties between the legal owners of the VIE and the stockholders of the listed holding company, which could adversely impact the value of investments. VIEs are not formally recognized under Chinese law and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company's financial performance and the enforceability of the contractual arrangements underlying the VIE structure. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant losses, and in turn, adversely affect a Fund's returns and net asset value.

***Loans and Other Direct Debt Instruments***

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Investment Strategies and Risks

**Loans.** Subject to its investment policies and restrictions, a Fund may purchase loan participations and/or loan assignments (sometimes called bank loans). Loan participations are interests in amounts owed by a corporate, governmental, or other borrower to a lender or consortium of lenders (typically banks, insurance companies, or investment banks). Purchasers of participation interests do not have any direct contractual relationship with the borrower. Most floating rate loans are acquired directly from the agent bank or from another holder of the loan by assignment. In an assignment, the Fund purchases an assignment of a portion of a lender's interest in a loan. In this case, the Fund may be required generally to rely upon the assigning bank to demand payment and enforce its rights against the borrower, but would otherwise be entitled to all of such bank's rights in the loan.

Purchasers of participation interests may be subject to delays, expenses, and risks that are greater than those that would be involved if the purchaser could enforce its rights directly against the borrower. In addition, under the terms of a participation interest, the purchaser may be regarded as a creditor of the intermediate participant (rather than of the borrower), so that the purchaser also may be subject to the risk that the intermediate participant could become insolvent. The agreement between the purchaser and lender who sold the participation interest also may limit the rights of the purchaser to vote on changes that may be made to the loan agreement, such as waiving a breach of a covenant.

Most loan participations are secured, and most impose restrictive covenants that must be met by the borrower. These loans typically are made by a syndicate of banks and institutional investors, which are represented by an agent bank that has negotiated and structured the loan and that is responsible generally for collecting interest, principal, and other amounts from the borrower on its own behalf and on behalf of the other lending institutions in the syndicate, and for enforcing its and their other rights against the borrower. Typically, under loan agreements, the agent is given broad discretion in monitoring the borrower's performance and is obligated to use the same care it would use in the management of its own property. Each of the lending institutions, including the agent bank, lends to the borrower a portion of the total amount of the loan, and retains the corresponding interest in the loan. Floating rate loans may include delayed draw term loans and pre-funded or synthetic letters of credit.

A Fund's ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the borrower. The failure by a Fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a reduction in the Fund's NAV. Banks and other lending institutions generally perform a credit analysis of the borrower before originating a loan or purchasing an assignment in a loan. In selecting the loans in which a Fund will invest, however, the Manager will not rely on that credit analysis of the agent bank but will perform its own investment analysis of the borrowers.

The Manager's analysis may include consideration of the borrower's financial strength and managerial experience, debt coverage, additional borrowing requirements or debt maturity schedules, changing financial conditions, and responsiveness to changes in business conditions and interest rates. The majority of the loans a Fund will invest in will be rated by one or more NRSROs. Investments in loans may be of any quality, including "distressed" loans, and will be subject to the Fund's credit quality policy. Some floating rate loans and other debt securities are not rated by any NRSRO. Historically, floating rate loans have not been registered with the SEC or any state securities commission or listed on any securities exchange. As a result, the amount of public information available about a specific floating rate loan historically has been less extensive than if the floating rate loan were registered or exchange-traded.

Floating rate loans and other debt securities that are fully secured provide more protections than unsecured securities in the event of failure to make scheduled interest or principal payments. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or may pay only a small fraction of the amount owed. In connection with the restructuring of a floating rate loan or other debt security outside of bankruptcy court in a negotiated work-out or in the context of bankruptcy proceedings, equity securities or junior debt securities may be received in exchange for all or a portion of an interest in the security.

Corporate loans in which a Fund may purchase a loan assignment are made generally to provide bridge loans (temporary financing), finance internal growth, mergers, acquisitions (acquiring another company), recapitalizations (reorganizing the assets and liabilities of a borrower), stock purchases, leverage buy-outs (taking over control of a company), dividend payments to sponsors and other corporate activities. Under current market conditions, most of the corporate loans purchased by a Fund will represent loans made to highly leveraged corporate borrowers. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic or market conditions. A Fund may hold investments in loans for a very short period of time when opportunities to resell the investments that the Manager believes are attractive arise.

Certain of the loans acquired by a Fund may involve revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. A revolving credit facility may require the Fund to increase its investment in a floating rate loan at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the amount will ever be repaid.

Notwithstanding its intention in certain situations to not receive material non-public information with respect to its management of investments in floating rate loans, the Manager may from time to time come into possession of material, non-public information about the issuers of loans that may be held by a Fund. Possession of such information may in some instances occur despite the Manager's efforts to avoid such possession, but in other instances, the Manager may choose to receive such information (*e.g.*, in connection with participation in a creditor's committee with respect to a financially distressed issuer). As, and to the extent, required by applicable law, the Manager's ability to trade in these loans for the account of a Fund could potentially be limited by its possession of such information. Such limitations on the Manager's ability to trade could have an adverse effect on a Fund by, for example, preventing the Fund from selling a loan that is experiencing a material decline in value. In some instances, these trading restrictions could continue in effect for a substantial period of time.

In some instances, other accounts managed by the Manager may hold other securities issued by borrowers whose floating rate loans may be held by a Fund. These other securities may include, for example, debt securities that are subordinate to the floating rate loans held by the Fund, convertible debt or common or preferred equity securities. In certain circumstances, such as if the credit quality of the issuer deteriorates, the interests of holders of these other

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securities may conflict with the interests of the holders of the issuer's floating rate loans. In such cases, the Investment Manager may owe conflicting fiduciary duties to the Fund and other client accounts. The Manager will endeavor to carry out its obligations to all of its clients to the fullest extent possible, recognizing that in some cases certain clients may achieve a lower economic return, as a result of these conflicting client interests, than if the Investment Manager's client account collectively held only a single category of the issuer's securities.

A floating rate loan offered as part of the original lending syndicate typically is purchased at par value. As part of the original lending syndicate, a purchaser generally earns a yield equal to the stated interest rate. In addition, members of the original syndicate typically are paid a commitment fee. In secondary market trading, floating rate loans may be purchased or sold above, at, or below par, which can result in a yield that is below, equal to, or above the stated interest rate, respectively. At certain times when reduced opportunities exist for investing in new syndicated floating rate loans, floating rate loans may be available only through the secondary market.

If an agent becomes insolvent, or has a receiver, conservator, or similar official appointed for it by the appropriate bank or other regulatory authority, or becomes a debtor in a bankruptcy proceeding, the agent's appointment may be terminated, and a successor agent would be appointed. If an appropriate regulator or court determines that assets held by the agent for the benefit of the purchasers of floating rate loans are subject to the claims of the agent's general or secured creditors, the purchasers might incur certain costs and delays in realizing payment on a floating rate loan or suffer a loss of principal and/or interest. Furthermore, in the event of the borrower's bankruptcy or insolvency, the borrower's obligation to repay a floating rate loan may be subject to certain defenses that the borrower can assert as a result of improper conduct by the agent.

Unlike publicly-traded common stocks which trade on national exchanges, there is no central place or exchange for loans to trade. Loans trade in an over-the-counter (OTC)market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than 7 days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding a Fund's ability to pay redemption proceeds within the allowable time periods stated in its prospectus.

Loan interests may not be considered "securities," and a purchaser, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Collateral.** Most floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower. The collateral typically has a market value, at the time the floating rate loan is made, that equals or exceeds the principal amount of the floating rate loan. The value of the collateral may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As a result, a floating rate loan may not be fully collateralized and can decline significantly in value. Floating rate loan collateral may consist of various types of assets or interests. Collateral may include working capital assets, such as accounts receivable or inventory; tangible or intangible assets; or assets or other types of guarantees of affiliates of the borrower. Inventory is the goods a company has in stock, including finished goods, goods in the process of being manufactured, and the supplies used in the process of manufacturing. Accounts receivable are the monies due to a company for merchandise or securities that it has sold, or for the services it has provided. Tangible fixed assets include real property, buildings, and equipment. Intangible assets include trademarks, copyrights and patent rights, and securities of subsidiaries or affiliates.

Generally, floating rate loans are secured unless (i) the purchaser's security interest in the collateral is invalidated for any reason by a court, or (ii) the collateral is fully released with the consent of the agent bank and lenders or under the terms of a loan agreement as the creditworthiness of the borrower improves. Collateral impairment is the risk that the value of the collateral for a floating rate loan will be insufficient in the event that a borrower defaults. Although the terms of a floating rate loan generally require that the collateral at issuance have a value at least equal to 100% of the amount of such floating rate loan, the value of the collateral may decline subsequent to the purchase of a floating rate loan. In most loan agreements there is no formal requirement to pledge additional collateral. There is no guarantee that the sale of collateral would allow a borrower to meet its obligations should the borrower be unable to repay principal or pay interest or that the collateral could be sold quickly or easily.

In addition, most borrowers pay their debts from the cash flow they generate. If the borrower's cash flow is insufficient to pay its debts as they come due, the borrower may seek to restructure its debts rather than sell collateral. Borrowers may try to restructure their debts by filing for protection under the federal bankruptcy laws or negotiating a work-out. If a borrower becomes involved in bankruptcy proceedings, access to the collateral may be limited by bankruptcy and other laws. In the event that a court decides that access to the collateral is limited or void, it is unlikely that purchasers could recover the full amount of the principal and interest due.

There may be temporary periods when the principal asset held by a borrower is the stock of a related company, which may not legally be pledged to secure a floating rate loan. On occasions when such stock cannot be pledged, the floating rate loan will be temporarily unsecured until the stock can be pledged or is exchanged for, or replaced by, other assets.

Some floating rate loans are unsecured. If the borrower defaults on an unsecured floating rate loan, there is no specific collateral on which the purchaser can foreclose.

**Floating Interest Rate Loans.** The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates generally are the London Interbank Offered Rate (LIBOR), the Certificate of Deposit (CD) Rate of a designated US bank, the Prime Rate of a designated US bank, the federal funds rate, or another base lending rate used by commercial lenders. A borrower usually has the right to select the base lending rate and to change the base lending rate at specified intervals. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower.

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Investment Strategies and Risks

The interest rate on LIBOR-based and CD Rate-based floating rate loans is reset periodically at intervals ranging from 30 to 180 days, while the interest rate on Prime Rate- or federal funds rate-based floating rate loans floats daily as those rates change. Investment in floating rate loans with longer interest rate reset periods can increase fluctuations in the floating rate loans' values when interest rates change.

The yield on a floating rate loan will depend primarily on the terms of the underlying floating rate loan and the base lending rate chosen by the borrower. The relationship between LIBOR, the CD Rate, the Prime Rate, and the federal funds rate will vary as market conditions change.

Floating rate loans typically will have a stated term of five to nine years. However, because floating rate loans are frequently prepaid, their average maturity is expected to be two to three years. The degree to which borrowers prepay floating rate loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the borrower's financial condition, and competitive conditions among lenders. Prepayments cannot be predicted with accuracy. Prepayments of principal to the purchaser of a floating rate loan may result in the principal's being reinvested in floating rate loans with lower yields.

A Fund limits the amount of total assets that it will invest in any one issuer or in issuers within the same industry (see *Fundamental Investment Restrictions*). For purposes of these restrictions, a Fund generally will treat the borrower as the "issuer" of indebtedness held by the Fund. In the case of participation interests where a bank or other lending institution serves as intermediate participant between a Fund and the borrower, if the participation interest does not shift to the Fund the direct debtor-creditor relationship with the borrower, a Fund, in appropriate circumstances, will treat both the lending bank or other lending institution and the borrower as "issuers" for these purposes. Treating an intermediate participant as an issuer of indebtedness may restrict a fund's ability to invest in indebtedness related to a single intermediate participant, or a group of intermediate participants engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

A borrower must comply with various restrictive covenants contained in the loan agreement. In addition to requiring the scheduled payment of interest and principal, these covenants may include restrictions on dividend payments and other distributions to stockholders, provisions requiring the borrower to maintain specific financial ratios, and limits on total debt. The loan agreement also may contain a covenant requiring the borrower to prepay the floating rate loan with any free cash flow. A breach of a covenant that is not waived by the agent (or by the lenders directly) normally is an event of default, which provides the agent or the lenders the right to call the outstanding floating rate loan.

**Loan Originations.** Delaware Ivy Multi-Asset Income Fund and Delaware Ivy Strategic Income Fund may seek to originate loans, including, but not limited to, secured and unsecured notes, senior and second lien loans, mezzanine loans and other similar investments. When a Fund acts as an original lender, it may participate in structuring the loan. A Fund will retain all fees received in connection with originating or structuring the terms of any such investment. When a Fund is an original lender, it will have a direct contractual relationship with the borrower, may enforce compliance of the borrower with the terms of the loan agreement and may have rights with respect to any funds acquired by other lenders through set-off. Lenders typically also have full voting and consent rights under loan agreements. A Fund may subsequently offer such investments for sale to third parties, which could include certain other investment funds or separately managed accounts managed by the Manager; provided that there is no assurance that the Fund will complete the sale of such an investment.

A Fund does not intend to act as the agent or principal negotiator or administrator of a loan, except to the extent it might be considered to be the principal negotiator of a loan negotiated by the Manager on behalf of the Fund and/or one or more other registered investment companies managed by the Manager. Such Fund generally will act as an original lender for a loan only if, among other things, the borrower can make timely payments on its loans and satisfy other standards established by the Manager. The Manager primarily relies on its own evaluation of the credit quality of such a borrower. As a result, such Fund is particularly dependent on those analytical abilities. Because of the nature of its investments, the Fund may be subject to allegations of lender liability and other claims. In addition, the Securities Act of 1933, as amended (the "Securities Act"), deems certain persons to be "underwriters" if they purchase a security from an issuer and later sell it to the public. Although it is not believed that the application of this Securities Act provision would cause the Fund to be engaged in the business of underwriting, a person who purchases an instrument from the Fund that was acquired by the Fund from the issuer of such instrument could allege otherwise. Under the Securities Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus.

**Direct Debt Instruments.** A Fund may invest in direct debt instruments, subject to its policies and restrictions regarding the quality of debt securities. Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the borrower for payment of principal and interest. Direct debt instruments may not be rated by any NRSRO. If a Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's share price and yield could be adversely affected. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's obligation, or that the collateral could be liquidated. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Direct indebtedness of developing countries also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and principal when due.

Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks to the Fund. For example, if a loan is foreclosed, the Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. Direct debt instruments also may involve a risk of insolvency of the lending bank or other intermediary. Direct debt instruments that

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are not in the form of securities may offer less legal protection to the Fund in the event of fraud or misrepresentation. In the absence of definitive regulatory guidance, the Fund seeks to avoid situations where fraud or misrepresentation could adversely affect the Fund.

A loan often is administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Unless, under the terms of the loan or other indebtedness, the Fund has direct recourse against the borrower, it may have to rely on the agent to apply appropriate credit remedies against a borrower. If assets held by the agent for the benefit of the Fund were determined to be subject to the claims of the agent's general creditors, the Fund might incur certain costs and delays in realizing payment on the loan or loan participation and could suffer a loss of principal or interest.

Investments in direct debt instruments may entail less legal protection for the Fund. Direct indebtedness purchased by the Fund may include letters of credit, revolving credit facilities, or other standby financing commitments obligating the Fund to pay additional cash on demand. These commitments may have the effect of requiring the Fund to increase its investment in a borrower at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the amount will ever be repaid. The Fund will set aside appropriate liquid assets in a segregated custodial account to cover its potential obligations under standby financing commitments. Other types of direct debt instruments, such as loans through direct assignment of a financial institution's interest with respect to a loan, may involve additional risks to the Fund. For example, if a loan is foreclosed, the Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral.

A Fund limits the amount of total assets that it will invest in any one issuer or in issuers within the same industry. For purposes of these limitations, a Fund generally will treat the borrower as the issuer of indebtedness held by the Fund. In the case of loan participations where a bank or other lending institution serves as financial intermediary between the Fund and the borrower, if the participation does not shift to the Fund the direct debtor-creditor relationship with the borrower, SEC interpretations require the Fund, in appropriate circumstances, to treat both the lending bank or other lending institution and the borrower as issuers for these purposes. Treating a financial intermediary as an issuer of indebtedness may restrict the Fund's ability to invest in indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

***Listed Private Equity Companies and Funds***

Subject to its investment policies and restrictions, a Fund may invest in securities of listed private equity companies and funds whose principal business is to invest in and lend capital to privately held companies. A Fund is subject to the underlying risks that affect the listed private equity companies and funds in which it invests. Generally, little public information exists for private companies, and there is a risk that the listed private equity companies and funds may not be able to make a fully informed investment decision. In addition, the listed private equity companies and funds may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized by the listed private equity companies and funds may be adversely impacted by the poor performance of a small number of investments, or even a single investment. A Fund's investment in listed private equity companies and funds subjects the Fund's shareholders indirectly to the fees and expenses incurred by such companies and funds. Listed private equity companies and funds may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, publicly traded venture capital trusts, publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions that lend to or invest in privately held companies and any other publicly traded vehicle whose purpose is to invest in privately held companies.

***Low-Rated Securities***

Debt securities rated below the four highest categories (that is, below BBB- by S&P, for example) are not considered investment grade obligations and commonly are called "junk bonds" or "high yield". These securities are predominately speculative and present more credit risk than investment grade obligations with respect to the issuer's continuing ability to meet principal and interest payments.

Low-rated debt securities (including unrated securities determined by the Manager to be of comparable quality) generally involve greater volatility of price and risk of principal and income, including the possibility of default by, or bankruptcy of, the issuers of the securities. The market prices of these securities may fluctuate more than high-rated securities and may decline significantly in periods of general economic difficulty. In addition, the markets in which low-rated debt securities are traded are more limited than those in which higher-rated securities are traded. The existence of limited markets for particular securities may diminish a Fund's ability to sell the securities at fair value either to meet redemption requests or to respond to changes in the economy or in the financial markets and could adversely affect and cause fluctuations in the daily NAV of the Fund's shares.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of low-rated debt securities, especially in a thinly traded market. Valuation becomes more difficult and judgment plays a greater role in valuing low-rated debt securities than with respect to higher-rated debt securities for which more external sources of quotations and last sale information are available. Similarly, analysis of the creditworthiness of issuers of low-rated debt securities may be more complex than for issuers of higher-rated securities, and the ability of a Fund to achieve its investment objective may be more dependent upon such creditworthiness analysis than would be the case if the Fund were investing in higher-rated securities.

Low-rated debt securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of low-rated debt securities have been found to be less sensitive to interest rate changes than higher-rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates,

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Investment Strategies and Risks

for example, could cause a decline in low-rated debt securities prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If the issuer of low-rated debt securities defaults, a Fund may incur additional expenses to seek recovery and lose all or part of its investment.

**Distressed Debt Securities.** Subject to its investment policies and restrictions, a Fund may invest in distressed companies (generally, debt securities rated below CCC+ by S&P, for example) (or, if unrated, determined by the Manager to be of comparable quality) (generally referred to as Distressed Debt). Investing in Distressed Debt includes investing in securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy. A Fund's investment in Distressed Debt typically involves the purchase of bank debt, lower-rated or defaulted debt securities, comparable unrated debt securities, or other indebtedness (or participations in the indebtedness) of such companies. Such other indebtedness generally represents a specific commercial loan or portion of a loan made to a company by a financial institution such as a bank.

Loan participations represent fractional interests in a company's indebtedness and generally are made available by banks or other institutional investors. By purchasing all or a part of a loan participation, a Fund, in effect, steps into the shoes of the lender. Distressed Debt purchased by a Fund may be in the form of loans, notes or bonds. If the loan is secured, a Fund will have a priority claim to the assets of the company ahead of unsecured creditors and stockholders otherwise no such priority of claims exists.

A merger or other restructuring, or a tender or exchange offer, proposed or pending at the time a Fund invests in these securities may not be completed on the terms or within the time frame contemplated, resulting in losses to the Fund. Distressed Debt securities typically are unrated, lower-rated, in default or close to default. Also, Distressed Debt generally is more likely to become worth less than the securities of more financially stable companies. An issuer of debt securities may be unable to make interest payments and repay principal when due. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value and, thus, impact Fund performance. These debt securities are subject to interest rate, credit and prepayment risk. An increase in interest rates will reduce the resale value of debt securities and changes in the financial condition or credit rating of an issue may affect the value of its debt securities. Issuers may prepay their obligations on fixed rate debt securities when interest rates decline, which can shorten a security's maturity and reduce a Fund's return.

Debt securities rated below investment grade, and the type of Distressed Debt securities which a Fund may purchase, generally are considered to have more risk than higher-rated debt securities. They also may fluctuate more in price, and are less liquid than higher-rated debt securities. Their prices are especially sensitive to developments affecting the company's business and to ratings changes, and typically rise and fall in response to factors that affect the company's stock prices. Issuers of such Distressed Debt are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy, such as a recession or a sustained period of rising interest rates. The risk that a Fund may lose its entire investment in defaulted bonds is greater in comparison to investing in non-defaulted bonds. Purchasers of participations in indebtedness must rely on the financial institution issuing the participation to assert any rights against the borrower with respect to the underlying indebtedness. In addition, a Fund incurs the risk as to the creditworthiness of the bank or other financial intermediary, as well as of the company issuing the underlying indebtedness.

***Master Limited Partnerships (MLPs)***

Subject to its investment policies and restrictions, a Fund (other than Delaware Ivy California Municipal High Income Fund) may invest in MLPs. An MLP is a limited partnership (or similar entity, such as a limited liability company, that is classified as a partnership for federal tax purposes), the interests in which are publicly traded. MLP units generally are registered with the SEC and are freely traded on a securities exchange or in the OTC market. Many MLPs operate in the oil and gas industries, including energy processing and distribution. MLPs generally are pass-through entities or businesses that are taxed at the security holder level and generally are not subject to federal or state income tax at the entity level, subject to the application of certain partnership audit rules. Annual income, gains, losses, deductions and credits of such an MLP pass through directly to its security holders. Distributions from an MLP, whether they are attributable to its annual net income that is passed through or consist in part of a return of the amount originally invested, would not be taxable, to the extent they do not exceed the investor's adjusted tax basis in its MLP interest. Generally, an MLP is operated under the supervision of one or more general partners. Limited partners are not involved in the day-to-day management of an MLP.

Investing in MLPs generally is subject to risks applicable to investing in a partnership as opposed to a corporation, which may include fewer protections afforded to investors (*e.g.*, owners of common units in an MLP may have limited voting rights and no ability to elect directors, trustees or other managers). Although unitholders of an MLP generally are limited in their liability, similar to a corporation's shareholders, an MLP's creditors typically have the right to seek the return of distributions made to the MLP's unitholders if the liability in question arose before the distributions were paid. This liability may stay attached to the unitholder even after the units are sold.

MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or geographic region are subject to the risks associated with such industry or region (such as the risks associated with investing in the real estate or oil and gas industries). Investments held by an MLP may be relatively illiquid, limiting the MLP's ability to vary its portfolio promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

Net income from an interest in a "qualified publicly traded partnership" (QTTP), which many MLPs are treated as for federal tax purposes, is "qualifying income" for an entity (such as a Fund) that is a "regulated investment company" for these purposes (RIC). Please see the section entitled *Distributions and Taxes - Taxes* for additional information regarding the tax consequences of a Fund's investing in a QPTP.

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***Money Market Instruments***

Money market instruments are high-quality, short-term debt instruments. They may include US government securities, commercial paper and other short-term corporate obligations, certificates of deposit and other financial institution obligations. These instruments may carry fixed or variable interest rates.

***Mortgage-Backed and Asset-Backed Securities***

**Mortgage-Backed Securities.** Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property and include single- and multi-class pass-through securities and collateralized mortgage obligations (CMOs). Multi-class pass-through securities and collateralized mortgage obligations are collectively referred to in this SAI as CMOs. Some CMOs are directly supported by other CMOs, which in turn are supported by mortgage pools. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of the payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The US government mortgage-backed securities in which a Fund may invest include mortgage-backed securities issued by the Federal National Mortgage Association (Fannie Mae), the Government National Mortgage Association (Ginnie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Other mortgage-backed securities are issued by private issuers, generally the originators of and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special purpose entities. Payments of principal and interest (but not the market value) of such private mortgage-backed securities may be supported by pools of mortgage loans or other mortgage-backed securities that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement. These credit enhancements do not protect investors from changes in market value.

Ginnie Mae is a government-owned corporation that is an agency of the US Department of Housing and Urban Development. It guarantees, with the full faith and credit of the United States, full and timely payment of all monthly principal and interest on its mortgage-backed securities. Government-related guarantors (*i.e.*, not backed by the full faith and credit of the US government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned by stockholders. It is subject to general regulation by the Federal Housing Finance Authority (FHFA). Fannie Mae purchases residential mortgages from a list of approved seller/servicers that include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Fannie Mae guarantees the timely payment of principal and interest on pass-through securities that it issues, but those securities are not backed by the full faith and credit of the US government. Freddie Mac is a government sponsored corporation formerly owned by the twelve Federal Home Loan Banks and now owned by stockholders. Freddie Mac issues participation certificates, which represent interests in mortgages from Freddie Mac's national portfolio. Freddie Mac guarantees the timely payment of interest and ultimate collection of principal on the participation certificates it issues, but those are not backed by the full faith and credit of the US government.

The Treasury historically has had the authority to purchase obligations of Fannie Mae and Freddie Mac; however, in 2008, due to capitalization concerns, Congress provided the Treasury with additional authority to lend Fannie Mae and Freddie Mac emergency funds and to purchase the companies' stock, as described below. In September 2008, those capital concerns led the Treasury and the FHFA to announce that Fannie Mae and Freddie Mac had been placed in conservatorship.

Since that time, Fannie Mae and Freddie Mac have received significant capital support through Treasury preferred stock purchases as well as Treasury and Federal Reserve purchases of their mortgage backed securities. While the purchase programs for mortgage-backed securities ended in 2010, the Treasury continued its support for the entities' capital as necessary to prevent a negative net worth. Although the US government has provided support for US government mortgage-related securities in the past, and Fannie Mae or Freddie Mac may need an injection of additional Treasury capital in the future, there can be no assurance that it will do so in the future. Accordingly, no assurance can be given that the Federal Reserve, Treasury, or the FHFA initiatives discussed above will ensure that Fannie Mae and Freddie Mac will remain successful in meeting their obligations with respect to the debt and mortgage-backed securities they issue. Moreover, there remains significant uncertainty as to whether (or when) Fannie Mae and Freddie Mac will emerge from conservatorship, which has no specified termination date. In addition, Fannie Mae and Freddie Mac also are the subject of several continuing class action lawsuits and investigations by federal regulators, which (along with any resulting financial restatements) may adversely affect the guaranteeing entities. Importantly, the future of the entities remains in question as the US government is considering multiple options, ranging from significant reform, nationalization, privatization, consolidation, or abolishment of the entities.

The FHFA and the Treasury (through its agreements to purchase preferred stock of Fannie Mae and Freddie Mac) also have imposed strict limits on the size of the mortgage portfolios of Fannie Mae and Freddie Mac. In August 2012, the Treasury amended its preferred stock purchase agreements to provide that the portfolios of Fannie Mae and Freddie Mac will be wound down at an annual rate of 15% (up from the previously agreed annual rate of 10%), resulting in Fannie Mae and Freddie Mac reaching the $250 billion target imposed under the preferred stock purchase agreements. Further, when a ratings agency downgraded long-term US government debt in August 2011, the agency also downgraded the bond ratings of Fannie Mae and Freddie Mac, from AAA to AA+, based on their direct reliance on the US government (although that rating did not directly relate to their mortgage-backed securities). The US government's commitment to ensure that Fannie Mae and Freddie Mac have sufficient capital to meet their obligations was, however, unaffected by the downgrade.

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Investment Strategies and Risks

A Fund may purchase mortgage-backed securities issued by both government and non-government entities such as banks, mortgage lenders or other financial institutions. Other types of mortgage-backed securities likely will be developed in the future, and a Fund may invest in them if the Manager determines that such investments are consistent with the Fund's objective(s) and investment policies.

**Stripped Mortgage-Backed Securities.** Stripped mortgage-backed securities are created when a US government agency or a financial institution separates the interest and principal components of a mortgage-backed security and sells them as individual securities. The holder of the principal-only security (PO) receives the principal payments made by the underlying mortgage-backed security, while the holder of the interest-only security (IO) receives interest payments from the same underlying security.

For example, IO classes are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest allocable to the IO class, and therefore the yield to investors, generally will be reduced. In some instances, an investor in an IO may fail to recoup all of the investor's initial investment, even if the security is guaranteed by the US government or considered to be of the highest quality. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected. IOs, POs and other CMOs involve special risks, and evaluating them requires special knowledge.

**Asset-Backed Securities.** Asset-backed securities have structural characteristics similar to mortgage-backed securities, as discussed above. However, the underlying assets are not first lien mortgage loans or interests therein, but include assets such as motor vehicle installment sales contracts, other installment sale contracts, home equity loans, leases of various types of real and personal property and receivables from revolving credit (credit card) agreements. Such assets are securitized through the use of trusts or special purpose corporations. Payments or distributions of principal and interest may be guaranteed up to a certain amount and for a certain time period by a letter of credit or a pool insurance policy issued by a financial institution unaffiliated with the issuer, or other credit enhancements may be present. The value of asset-backed securities also may depend on the creditworthiness of the servicing agent for the loan pool, the originator of the loans or the financial institution providing the credit enhancement.

**Special Characteristics of Mortgage-Backed and Asset-Backed Securities.** The yield characteristics of mortgage-backed and asset-backed securities differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors, including changes in mortgagors' housing needs, job transfers, unemployment, mortgagors' net equity in the mortgaged properties and servicing decisions. Generally, however, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Similar factors apply to prepayments on asset-backed securities, but the receivables underlying asset-backed securities generally are of a shorter maturity and thus are likely to experience substantial prepayments. Such securities, however, often provide that for a specified time period the issuers will replace receivables in the pool that are repaid with comparable obligations. If the issuer is unable to do so, repayment of principal on the asset-backed securities may commence at an earlier date.

The rate of interest on mortgage-backed securities is lower than the interest rates paid on the mortgages included in the underlying pool due to the annual fees paid to the servicer of the mortgage pool for passing through monthly payments to certificate holders and to any guarantor, and due to any yield retained by the issuer. Actual yield to the holder may vary from the coupon rate, even if adjustable, if the mortgage-backed securities are purchased or traded in the secondary market at a premium or discount. In addition, there normally is some delay between the time the issuer receives mortgage payments from the servicer and the time the issuer makes the payments on the mortgage-backed securities, and this delay reduces the effective yield to the holder of such securities.

Yields on pass-through securities typically are quoted by investment dealers and vendors based on the maturity of the underlying instruments and the associated average life assumption. The average life of pass-through pools varies with the maturities of the underlying mortgage loans. A pool's term may be shortened by unscheduled or early payments of principal on the underlying mortgages. Because prepayment rates of individual pools vary widely, it is not possible to predict accurately the average life of a particular pool. In the past, a common industry practice has been to assume that prepayments on pools of fixed-rate 30-year mortgages would result in a 12-year average life for the pool. At present, mortgage pools, particularly those with loans with other maturities or different characteristics, are priced on an assumption of average life determined for each pool. In periods of declining interest rates, the rate of prepayment tends to increase, thereby shortening the actual average life of a pool of mortgage-related securities. Conversely, in periods of rising interest rates, the rate of prepayment tends to decrease, thereby lengthening the actual average life of the pool. Changes in the rate or speed of these payments can cause the value of the mortgage-backed securities to fluctuate rapidly. However, these effects may not be present, or may differ in degree, if the mortgage loans in the pools have adjustable interest rates or other special payment terms, such as a prepayment charge. Actual prepayment experience may cause the yield of mortgage-backed securities to differ from the assumed average life yield.

The market for privately issued mortgage-backed and asset-backed securities is smaller and less liquid than the market for US government mortgage-backed securities. CMO classes may be specifically structured in a manner that provides any of a wide variety of investment characteristics, such as yield, effective maturity and interest rate sensitivity. As market conditions change, however, and especially during periods of rapid or unanticipated changes in market interest rates, the attractiveness of some CMO classes and the ability of the structure to provide the anticipated investment characteristics may be reduced. These changes can result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

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***Municipal Obligations***

Municipal obligations are issued by a wide range of state and local governments, agencies and authorities for various purposes. The two main kinds of municipal bonds are general obligation bonds and revenue bonds. The issuer of a general obligation bond has pledged its full faith, credit and taxing power for the payment of principal and interest on the bond. Revenue bonds are payable only from specific sources; these may include revenues from a particular facility or class of facilities or special tax or other revenue source. Private activity bonds (PABs) are revenue bonds issued by or on behalf of public authorities to obtain funds to finance privately operated facilities. Their credit quality usually is directly related to the credit standing of the user of the facilities being financed.

***Natural Resources and Physical Commodities***

When a Fund invests in securities of companies engaged in natural resources activities, the Fund may be subject to greater risks and market fluctuations than funds with more diversified portfolios. The value of the Fund's securities will fluctuate in response to market conditions generally, and will be particularly sensitive to the markets for those natural resources in which a particular issuer is involved. The values of natural resources also may fluctuate directly with respect to real and perceived inflationary trends and various political developments. In selecting the Fund's investments, the Manager will consider each company's ability to create new products, secure any necessary regulatory approvals, and generate sufficient customer demand. A company's failure to perform well in any one of these areas, however, could cause its stock to decline sharply.

Natural resource industries throughout the world may be subject to greater political, environmental and other governmental regulation than many other industries. Changes in governmental policies and the need for regulatory approvals may have an adverse effect on the products and services of natural resources companies. For example, the exploration, development and distribution of coal, oil and gas in the US are subject to significant federal and state regulation, which may affect rates of return on such investments and the kinds of services that may be offered to companies in those industries. In addition, many natural resource companies have been subject to significant costs associated with compliance with environmental and other safety regulations. Such regulations also may hamper the development of new technologies. The direction, type or effect of any future regulations affecting natural resource industries are virtually impossible to predict.

Generally, energy commodities, such as coal, natural gas and crude oil, have distinctly higher volatility than other types of commodities, due in part to real time pricing and cross-commodity arbitrage described below. In purchasing related securities, the Manager considers the integration of derivatives and physical trades for risk management in a real-time environment. As well, scheduling receipts, deliveries and transmission of a commodity can all impact investments in commodities.

Energy commodities have unique market risks and physical properties which can affect the available supply. Factors unique to energy commodities include: research and development, location, recovery costs, transportation costs, conversion costs and storage costs, as well as global demand and other events that can affect demand such as war, weather and alternative energy sources. Natural gas and crude oil are especially susceptible to changes in supply and global demand. For example, global oil prices recently have been, and continue to be, subject to extreme market volatility.

An investor in commodities must be able to manage cross-commodity arbitrage, that is, the ability to determine positions stated in equivalent units of measure (*e.g.*, British thermal units). When assessing an investment opportunity — in coal, natural gas or crude oil — this calculation can be critical in determining the success an investor has when calculating how a trade breaks down into a single common denominator. Coal tolling, for instance, involves the conversion of coal to electricity for a fee. The tolling of coal gives marketers, suppliers and generators another arbitrage opportunity if there is a disparity between coal and electricity prices while providing some added liquidity between the two commodities.

Principal risks of investing in certain types of commodities include:

• cross-commodity arbitrage can negatively impact a Fund's investments;

• fluctuations in demand can negatively impact individual commodities: alternative sources of energy can create unforeseen competition; changes in weather can negatively affect demand; and global production can alter demand and the need for specific sources of energy;

• fluctuations in supply can negatively impact individual commodities: transportation costs, research and development, location, recovery/retrieval costs, conversion costs, storage costs and natural disasters can all adversely impact different investments and types of energy;

• environmental restrictions can increase costs of production;

• restrictions placed by the government of a developing country related to investment, exchange controls, and repatriation of the proceeds of investment in that country; and

• war can limit production or access to available supplies and/or resources.

Investments in precious metals (such as gold) and other physical commodities are considered speculative and subject to special risk considerations, including substantial price fluctuations over short periods of time, as well as increasing regulation. On the other hand, investments in precious metals, coins or bullion could help to moderate fluctuations in the value of a Fund's holdings, since the prices of precious metals have at times tended not to fluctuate as widely as shares of issuers engaged in the mining of precious metals.

Because precious metals and other commodities do not generate investment income, the return on such investments will be derived solely from the appreciation or depreciation on such investments. A Fund also may incur storage and other costs relating to its investments in precious metals and other commodities, which may, under certain circumstances, exceed custodial and brokerage costs associated with investments in other types of securities.

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Investment Strategies and Risks

When a Fund purchases a precious metal or other physical commodity, the Manager currently intends that it will only be in a form that is readily marketable. To continue to qualify as a RIC under the Internal Revenue Code of 1986, as amended (Code), a Fund may not derive more than 10% of its yearly gross income from gains (without regard to losses) resulting from selling or otherwise disposing of precious metals or any other physical commodity (or options or futures contracts thereon unless the gain is realized from certain hedging transactions) and other "non-qualifying income."See *Distributions and Taxes - Taxes.* Accordingly, a Fund may be required to hold its precious metals or sell them at a loss, or to sell some portfolio securities at a gain, when, for investment reasons, it would not otherwise do so.

The ability of a Fund to purchase and hold precious metals such as gold, silver and platinum may allow it to benefit from a potential increase in the price of precious metals or stability in the price of such metals at a time when the value of securities may be declining. For example, during periods of declining stock prices, the price of gold may increase or remain stable, while the value of the stock market may be subject to general decline.

Precious metal prices are affected by various factors, such as economic conditions, political events and monetary policies. As a result, the prices of gold, silver or platinum may fluctuate widely. The sole source of return to a Fund from such investments will be gains realized on their sale; a negative return will be realized if the metal is sold at a loss. Investments in precious metals do not provide a yield. A Fund's direct investment in precious metals is limited by tax considerations. See *Distributions and Taxes - Taxes*.

***Options, Futures and Other Derivatives Strategies***

**General.** The Manager may use certain options, futures contracts (sometimes referred to as futures), options on futures contracts, forward currency contracts, swaps, caps, floors, collars, indexed securities and other derivative instruments (collectively, Financial Instruments) in an attempt to enhance income or yield, to hedge, to gain exposure to securities, sectors or geographical areas or to otherwise manage the risks of a Fund's investments.

Generally, each Fund may purchase and sell any type of Financial Instrument. However, as an operating policy, a Fund will only purchase or sell a particular Financial Instrument if the Fund is authorized to invest in the type of asset by which the return on, or value of, the Financial Instrument primarily is measured. Since each Fund is authorized to invest in foreign securities denominated in other currencies, each such Fund may purchase and sell foreign currency derivatives.

Hedging strategies can be broadly categorized as short hedges and long hedges. A short hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential declines in the value of one or more investments held in a Fund's portfolio. Thus, in a short hedge, the Fund takes a position in a Financial Instrument whose price is expected to move in the opposite direction of the price of the investment being hedged.

Conversely, a long hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential increases in the acquisition cost of one or more investments that a Fund intends to acquire. Thus, in a long hedge, the Fund takes a position in a Financial Instrument whose price is expected to move in the same direction as the price of the prospective investment being hedged. A long hedge is sometimes referred to as an anticipatory hedge. In an anticipatory hedge transaction, a Fund does not own a corresponding security. Therefore, the transaction relates to a security that the Fund intends to acquire. If the Fund does not complete the hedge by purchasing the security it anticipated purchasing, the effect on the Fund's holdings is the same as if the underlying security had been purchased and later sold, and the transaction could be viewed as speculative.

Financial Instruments involving underlying securities may be used in an attempt to hedge against price movements in one or more particular securities positions that a Fund owns or intends to acquire. Financial Instruments involving underlying indexes, in contrast, may be used in an attempt to hedge against price movements in market sectors in which a Fund has invested or expects to invest, respectively. Financial Instruments involving underlying debt securities may be used in an attempt to hedge either individual securities or broad debt market sectors.

In addition, Financial Instruments also may be used in seeking to gain exposure to securities, sectors, markets or geographical areas. Financial Instruments can be used individually, as in the purchase of a call option, or in combination, as in the purchase of a call option and a concurrent sale of a put option, as an alternative to purchasing securities. Financial Instruments may be used in this manner in seeking to gain exposure more efficiently than through a direct purchase of the underlying security or to more specifically express the outlook of the Manager.

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) resulted in historic and comprehensive statutory reform of certain OTC derivatives, including the manner in which the derivatives are regulated, derivatives documentation is negotiated, and trades are reported, executed or "cleared."

Specifically, the Commodity Futures Trading Commission (CFTC) has adopted rules to require certain standardized swaps, previously traded OTC, be executed in a regulated, transparent market and settled by means of a central clearing house. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but, central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. The assets of a Fund may not be fully protected in the event of the bankruptcy of the futures commission merchant (FCM) or central counterparty because the Fund might be limited to recovering only a *pro rata* share of all available funds and margin segregated on behalf of an FCM's customers. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

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In addition, the banking regulators and the CFTC have issued regulations requiring the posting of initial and variation margin for uncleared swaps that are applicable to all financial end-users, including the Funds.

The regulation of derivatives is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. It is not possible to predict fully the effects of current or future regulation. Changing regulation may, among various possible effects, increase the cost of entering into derivatives transactions, require more assets of a Fund to be used for collateral in support of those derivatives than is currently the case, restrict the ability of a Fund to enter into certain types of derivative transactions, or could limit a Fund's ability to pursue its investment strategies. New requirements, even if not directly applicable to the Funds, may increase the cost of the funds' investments and cost of doing business.

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

In addition to complying with these *de minimis* trading limitations set forth in the CFTC Rule 4.5 under the CPO rules, to qualify for an exclusion under the amended regulation, the operator of a Fund must satisfy a marketing test, which requires, among other things, that the Fund not hold itself out as a vehicle for trading commodity interests. Complying with the *de minimis* trading limitations may restrict the Manager's ability to use derivatives as part of a Fund's investment strategies. Although the Manager believes that it will be able to execute a Fund's investment strategies within the *de minimis* trading limitations, the Fund's performance could be adversely affected. In addition, a Fund's ability to use Financial Instruments may be limited by tax considerations. See *Distributions and Taxes - Taxes*.

Pursuant to authority granted under the Dodd-Frank Act, the Treasury issued a notice of final determination (Final Determination) stating that deliverable foreign exchange forwards, as defined in the Final Determination, should not be considered swaps foremost purposes. Thus, deliverable foreign exchange forwards are not deemed to be commodity interests. Therefore, a Fund may enter into deliverable foreign exchange forwards without such transactions counting against the *de minimis* trading limitations discussed above. Notwithstanding the Treasury's determination, deliverable foreign exchange forwards (1) must be reported to swap data repositories, (2) are subject to business conduct standards, and (3) are subject to antifraud and anti-manipulation proscriptions of swap execution facilities.

In addition, pursuant to the Dodd-Frank Act and regulations adopted by the CFTC in connection with implementing the Dodd-Frank Act, non-deliverable forwards (NDFs) are deemed to be commodity interests, including for purposes of amended CFTC Rule 4.5, and are subject to the full array of regulations under the Dodd-Frank Act. Therefore, a Fund will limit its investment in NDFs as discussed above.

CFTC Rule 4.5 also provides that, for purposes of determining compliance with the *de minimis* trading limitations discussed above, swaps that are centrally-cleared on the same clearing organization may be netted where appropriate, but no such netting is permitted for uncleared swaps. To the extent some NDFs remain traded OTC and are not centrally-cleared, the absolute notional value of all such transactions, rather than the net notional value, would be counted against the *de minimis* trading limitations discussed above. Requests have been made to the CFTC staff for further guidance on this aspect of CFTC Rule 4.5.

In addition to the instruments, strategies and risks described below, the Manager expects to discover additional opportunities in connection with Financial Instruments and other similar or related techniques. These new opportunities may become available as new techniques are developed, as regulatory authorities broaden the range of permitted transactions and as new Financial Instruments or other techniques are developed. The Manager may utilize these opportunities to the extent that they are consistent with a Fund's objective(s) and permitted by a Fund's investment policies and restrictions and regulations adopted by applicable regulatory authorities. A Fund might not use any of these strategies, and there can be no assurance that any strategy used will succeed. The Funds' Prospectus or this SAI will be supplemented to the extent that new products or techniques involve materially different risks than those described below or in the Prospectus.

**Special Risks.** The use of Financial Instruments involves special considerations and risks, certain of which are described below. Some of these techniques may increase the volatility of a Fund and may involve a small investment of cash relative to the magnitude of the risk assumed. Risks pertaining to particular Financial Instruments are described in the sections that follow:

(1) Successful use of certain Financial Instruments depends upon the ability of the Manager to predict movements of the overall securities, currency and interest rate markets, among other skills. There can be no assurance that any particular strategy will succeed, and the use of Financial Instruments could result in a loss, regardless of whether the intent was to reduce risk or increase return.

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Investment Strategies and Risks

(2) There might be imperfect correlation, or even no correlation, between price movements of a Financial Instrument and price movements of the investments being hedged. For example, if the value of a Financial Instrument used in a short hedge increased by less than the decline in value of the hedged investment, the hedge would not be fully successful. Such a lack of correlation might occur due to factors unrelated to the value of the investments being hedged, such as speculation in the market or other pressures on the markets in which Financial Instruments are traded. The effectiveness of hedges using Financial Instruments on underlying indexes will depend on the degree of correlation between price movements in the index and price movements in the securities being hedged.

Because there are a limited number of types of exchange-traded options and futures contracts, the standardized contracts available may not match a Fund's current or anticipated investments exactly. A Fund may invest in options and futures contracts based on securities, indexes or other instruments with different issuers, maturities, or other characteristics from the securities in which it typically invests, which involves a risk that the options or futures position will not perfectly correlate with the performance of the Fund's other investments.

Options and futures prices also can diverge from the prices of their underlying instruments, even if the underlying instruments match a Fund's investments well. Options and futures prices are affected by such factors as changes in volatility of the underlying instrument, the time remaining until expiration of the contract, and current and anticipated short-term interest rates, which may not affect security prices the same way. Imperfect correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded, and/or from imposition of daily price fluctuation limits or trading halts. A Fund may purchase or sell options and futures contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in a Fund's options or futures positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

(3) If successful, the above-discussed strategies can reduce risk of loss by wholly or partially offsetting the negative effect of unfavorable price movements. However, such strategies also can reduce opportunity for gain by offsetting the positive effect of favorable price movements. For example, if a Fund entered into a short hedge because the Manager projected a decline in the price of a security in the Fund's portfolio, and the price of that security increased instead, the gain from that increase might be wholly or partially offset by a decline in the price of the Financial Instrument. Moreover, if the price of the Financial Instrument declined by more than the increase in the price of the security, the Fund could suffer a loss. In either such case, the Fund would have been in a better position had it not attempted to hedge at all.

(4) As described below, a Fund might be required to maintain assets as cover, maintain segregated accounts or make margin payments when it takes positions in Financial Instruments involving obligations to third parties unless regulatory relief from restrictions applies. If the Fund were unable to close out its positions in such Financial Instruments, it might be required to continue to maintain such assets or accounts or make such payments until the position expired or matured. These requirements may require that a Fund sell portfolio securities at a disadvantageous time in order to meet such obligations, and could cause the Fund to incur losses.

(5) A Fund's ability to close out a position in a Financial Instrument prior to expiration or maturity depends on the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the other party to the transaction (counterparty) to enter into a transaction closing out the position. Therefore, there is no assurance that any position can be closed out at a time and price that is favorable to the Fund.

(6) Certain Financial Instruments, including options, futures contracts, combined positions and swaps, can create leverage, which may amplify or otherwise increase a Fund's investment loss, possibly in an amount that could exceed the cost of that Financial Instrument or, under certain circumstances, that could be unlimited. Certain Financial Instruments also may require cash outlays that are only a small portion of the amount of exposure obtained through the Financial Instruments, which results in a form of leverage. Although leverage creates the opportunity for increased total return, it also can create investment exposure for a Fund that, in certain circumstances, could exceed the Fund's net assets and could alter the risk profile of the Fund in unanticipated ways.

(7) When traded on foreign exchanges, Financial Instruments may not be regulated as rigorously as they would be if traded on or subject to the rules of an exchange located in the United States, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments. The value of positions taken as part of non-US Financial Instruments also could be adversely affected by: (i) other complex foreign political, legal and economic factors; (ii) lesser availability of data on which to make trading decisions than in the United States; (iii) delays in a Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States; (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States; and (v) lower trading volume and liquidity.

**Options.** A call option gives the purchaser the right, but not the obligation, to buy, and obligates the writer to sell, the underlying investment at the agreed-upon price during the option period. A put option gives the purchaser the right, but not the obligation, to sell, and obligates the writer to buy, the underlying investment at the agreed-upon price during the option period. Purchasers of options pay an amount, known as a premium, to the option writer in exchange for the right under the option contract. Options are traded on an organized, liquid exchange or in the OTC market.

The purchase of call options can serve as a long hedge, and the purchase of put options can serve as a short hedge. Writing put or call options can enable a Fund to enhance income or yield by reason of the premiums paid by the purchasers of such options.

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Writing call options can serve as a limited short hedge, because declines in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security or currency appreciates to a price higher than the exercise price of the call option, it can be expected that the option will be exercised and the Fund will be obligated to sell the security or currency at less than its market value.

Writing put options can serve as a limited long hedge because increases in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security or currency depreciates to a price lower than the exercise price of the put option, it can be expected that the put option will be exercised and the Fund will be obligated to purchase the security or currency at more than its market value, which would be expected to result in a loss.

The value of an option position will reflect, among other things, the current market value of the underlying investment, the time remaining until expiration, the relationship of the exercise price to the market price of the underlying investment, the anticipated future price volatility of the underlying investment and general market conditions. Purchased options that expire unexercised have no value.

A Fund may effectively terminate its right or obligation under an option by entering into a closing transaction. For example, a Fund may terminate its obligation under a call or put option that it had written by purchasing the call or put option; this is known as a closing purchase transaction. Conversely, a Fund may terminate a position in a put or call option it had purchased by selling the put or call option; this is known as a closing sale transaction. Closing transactions permit a Fund to realize profits or limit losses on an option position prior to its exercise or expiration.

A type of put that a Fund may purchase is an optional delivery standby commitment, which is entered into by parties selling debt securities to the Fund. An optional delivery standby commitment gives the Fund the right to sell the security back to the seller on specified terms. This right is provided as an inducement to purchase the security.

**Risks of Options on Securities.** Options can offer large amounts of leverage, which may result in a Fund's NAV being more sensitive to changes in the value of the related instrument. Each Fund may purchase or write both options that are traded on domestic and foreign exchanges and OTC options. Exchange-traded options on securities in the United States are issued by the Options Clearing Corporation that, in effect, guarantees completion of every exchange-traded option transaction. In contrast, OTC options are contracts between a Fund and its counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. Thus, when a Fund purchases an OTC option, it relies on the counterparty from whom it purchased the option to make or take delivery of the underlying investment upon exercise of the option. Failure by the counterparty to do so could result in the loss of any premium paid by the Fund as well as the loss of any expected benefit of the transaction. A Fund seeks to mitigate this risk by entering into a bilateral credit support arrangement with the counterparty, which requires the posting of collateral to cover the market value of purchased options, which would mitigate the possibility of losing any premium paid by a Fund, as well as any loss of expected benefit of the transaction.

A Fund's ability to establish and close out positions in exchange-listed options depends on the existence of a liquid market, and there can be no assurance that such a market will exist at any particular time. Closing transactions can be made for OTC options only by negotiating directly with the counterparty, or by negotiating with a different counterparty willing to take the Fund's place in the contract, called a novation. There can be no assurance that a Fund will in fact be able to close out an OTC option position at a favorable price prior to expiration. In the event of insolvency of the counterparty, the Fund would be able to terminate the position held with such counterparty; but, due to insolvency proceedings, might incur a significant delay in recovering any amounts owed to the Fund.

If a Fund were unable to effect a closing transaction for an option it had purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction or an economically offsetting purchase transaction from another counterparty for a covered call option written by a Fund could cause material losses to such Fund because the Fund would, if unable to substitute other collateral, be unable to sell the investment used as cover for the written option until the option expires or is exercised.

**Options on Indexes.** Puts and calls on indexes are similar to puts and calls on securities or futures contracts except that all settlements are in cash and gain or loss depends on changes in the index in question rather than on price movements in individual securities or futures contracts. When a Fund writes a call on an index, it receives a premium and agrees that the purchaser of the call, upon exercise of the call, will receive from the Fund an amount of cash if the closing level of the index upon which the call is based is greater than the exercise price of the call. The amount of cash is equal to the difference between the closing price of the index and the exercise price of the call times a specified multiple (multiplier), which determines the total dollar value for each point of such difference. When a Fund buys a call on an index, it pays a premium and has the same rights as to such call as are indicated above. When a Fund buys a put on an index, it pays a premium and has the right to require the seller of the put, upon the Fund's exercise of the put, to deliver to the Fund an amount of cash if the closing level of the index upon which the put is based is less than the exercise price of the put, which amount of cash is determined by the multiplier, as described above for calls. When a Fund writes a put on an index, it receives a premium and the purchaser of the put has the right to require the Fund to deliver to the purchaser an amount of cash equal to the difference between the closing level of the index and the exercise price times the multiplier if the closing level is less than the exercise price. The timing of the right of an option owner to exercise the option depends on the type of option and negotiations between the purchaser and seller.

**Risks of Options on Indexes.** The risks of investment in options on indexes may be greater than options on securities. Because index options are settled in cash, when a Fund writes a call on an index, it cannot provide in advance for its potential settlement obligations by acquiring and holding the underlying securities. A Fund can offset some of the risk of writing a call index option by holding a diversified portfolio of securities similar to those on which the underlying index is based. However, a Fund cannot, as a practical matter, acquire and hold a portfolio containing exactly the same securities as underlie the index and, as a result, bears a risk that the value of the securities held will vary from the value of the index. Even if a Fund could assemble a portfolio that

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Investment Strategies and Risks

exactly reproduced the composition of the underlying index, it still would not be fully covered from a risk standpoint because of the timing risk inherent in writing index options. When an index option is exercised, the amount of cash that the holder is entitled to receive is determined by the difference between the exercise price and the closing index level on the date when the option is exercised. This timing risk is an inherent limitation on the ability of index call option writers to cover their risk exposure by holding securities positions.

**Over-the-Counter (OTC) Options.** Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size and strike price, the terms of OTC options (options not traded on an exchange) typically are established by a Fund, and negotiated with a counterparty, prior to entering into the option contract. While this type of arrangement allows a Fund the flexibility to tailor the option to its needs, OTC options involve counterparty risk that is not applicable to exchange-traded options, which are guaranteed by the clearing organization of the exchange where they are traded. Some of a Fund's counterparties are guaranteed by their parent holding companies with respect to that counterparty's payment obligations under OTC trades (like OTC options). This helps to mitigate such counterparty risk.

Generally, OTC foreign currency options used by a Fund are European-style options. This means that the option is only exercisable at its expiration. This is in contrast to American-style options, which are exercisable at any time prior to the expiration date of the option.

**Futures Contracts and Options on Futures Contracts.** Generally, a futures contract is a standardized agreement to buy or sell a specific quantity of an underlying reference instrument, such as a security, index, currency or commodity at a specific price on a specific date in the future. The purchase of futures contracts or call options on futures contracts can serve as a long hedge, and the sale of futures contracts or the purchase of put options on a futures contract can serve as a short hedge. Writing call options on futures contracts can serve as a limited short hedge, using a strategy similar to that used for writing call options on securities or indexes. Similarly, writing put options on futures contracts can serve as a limited long hedge. Futures contracts and options on futures contracts also can be purchased and sold to attempt to enhance income or yield.

In addition, futures contract strategies can be used to manage the average duration of a Fund's fixed-income holdings. If the Manager wishes to shorten the average duration of a Fund's fixed-income holdings, the Fund may sell a debt futures contract or a call option thereon, or purchase a put option on that futures contract. If the Investment Manager wishes to lengthen the average duration of a Fund's fixed-income holdings, the Fund may buy a debt futures contract or a call option thereon, or sell a put option thereon.

No price is paid upon entering into a futures contract. Instead, at the inception of a futures contract a Fund is required to deposit initial margin that typically is calculated as an amount equal to the volatility in market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Margin also must be deposited when writing a call or put option on a futures contract, in accordance with applicable exchange rules. Unlike margin in securities transactions, initial margin on futures contracts and options thereon does not represent a borrowing, but rather is in the nature of a performance bond or good-faith deposit that is returned to the Fund at the termination of the transaction if all contractual obligations have been satisfied. Under certain circumstances, such as periods of high volatility, a Fund may be required by an exchange to increase the level of its initial margin payment, and initial margin requirements might be increased generally in the future by regulatory action.

Subsequent variation margin payments are made to and from the FCM daily as the value of the futures position varies, a process known as marking-to-market. Variation margin does not involve borrowing, but rather represents a daily settlement of a Fund's obligations to or from a FCM. When a Fund purchases an option on a futures contract, the premium paid plus transaction costs is all that is at risk. In contrast, when a Fund purchases or sells a futures contract or writes a call or put option thereon, it is subject to daily variation margin calls that could be substantial in the event of adverse price movements. If a Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.

Purchasers and sellers of futures contracts and options on futures contracts can enter into offsetting closing transactions, similar to closing transactions on options, by selling or purchasing the instrument purchased or sold. Positions in futures contracts and options on futures contracts may be closed only on an exchange or board of trade that provides a market for such contracts and options. However, there can be no assurance that a liquid market will exist for a particular contract at a particular time. In such event, it may not be possible to close a futures contract or options position.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract or an option on a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions. In addition, the CFTC and various exchanges have established limits referred to as "speculative position limits" or "accountability levels" on the maximum net long or net short position that any person, such as a Fund, may hold or control in a particular futures contract or option thereon. For more information, see *Speculative Position Limits*.

If a Fund were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid secondary market or the imposition of price limits, it could incur substantial losses. The Fund would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, the Fund would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the futures contract or option or to maintain cash or liquid assets in an account.

**Risks of Futures Contracts and Options.** The purchase or sale of a futures contract may result in losses to a Fund in excess of the amount that the Fund delivered as initial margin. Because of the relatively low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to a Fund. There also is a risk of loss by a Fund of the initial

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and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a futures contract. The assets of a Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If an FCM does not provide accurate reporting, a Fund also is subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer.

Futures contracts that are traded on non-US exchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition, non-US futures contracts may be subject to varied regulatory oversight. The price of any non-US futures contract and, therefore, the potential profit and loss thereon, may be affected by any change in the non-US exchange rate between the time a particular order is placed and the time it is liquidated, offset or exercised.

The amount of risk a Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. When a Fund sells (writes) an option on a futures contract, the Fund is subject to the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If a Fund were required to take such a position, it could bear substantial losses.

The ordinary spreads between prices in the cash and futures markets (including the options on futures market), due to differences in the natures of those markets, are subject to the following factors, which may create distortions. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions, which could distort the normal relationship between the cash and futures markets. Second, in the case of a physically settled futures contract, the liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, thus producing distortion. Third, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions. Due to the possibility of distortion, a correct forecast of general interest rate, currency exchange rate or stock market trends by the Manager still may not result in a successful transaction. The Manager may be incorrect in its expectations as to the extent of various interest rate, currency exchange rate or stock market movements or the time span within which the movements take place.

**Index Futures.** When a Fund utilizes an index futures contract in an attempt to hedge, the risk of imperfect correlation between movements in the price of an index futures contract and movements in the price of the securities that are the subject of the hedge increases as the composition of the Fund's portfolio diverges from the securities included in the applicable index. The price of the index futures contract may move more than or less than the price of the securities being hedged. If the price of the index futures contract moves less than the price of the securities that are the subject of the hedge, the hedge will not be fully effective but, if the price of the securities being hedged has moved in an unfavorable direction, the Fund would be in a better position than if it had not hedged at all. If the price of the securities being hedged has moved in a favorable direction, this advantage will be partially offset by the futures contract. If the price of the futures contract moves more than the price of the securities, the Fund will experience either a loss or a gain on the futures contract that will not be completely offset by movements in the price of the securities that are the subject of the hedge. To compensate for the imperfect correlation of movements in the price of the securities being hedged and movements in the price of the index futures contract, a Fund may buy or sell index futures contracts in a greater or lesser dollar amount than the dollar amount of the securities being hedged if the historical volatility of the prices of the securities being hedged is more than the historical volatility of the prices of the securities included in the index.

It also is possible that, where a Fund has sold index futures contracts in an attempt to hedge against a decline in the market, the market may advance and the value of the securities held in the portfolio may decline. If this occurred, the Fund would lose money on the futures contract and also experience a decline in value of its portfolio securities. However, while this could occur for a very brief period or to a very small degree, over time the value of a diversified portfolio of securities will tend to move in the same direction as the market indexes on which the futures contracts are based.

Where index futures contracts are purchased in an attempt to hedge against a possible increase in the price of securities before a Fund is able to invest in them in an orderly fashion, it is possible that the market may decline instead. If a Fund then concludes not to invest in them at that time because of concern as to possible further market decline or for other reasons, it will realize a loss on the futures contract that is not offset by a reduction in the price of the securities it had anticipated purchasing.

**Foreign Currency Hedging Strategies—Special Considerations.** Subject to its investment policies and restrictions, each Fund may use options and futures contracts on foreign currencies (including the euro), as described above, and forward foreign currency contracts (forward currency contracts), as described below, in an attempt to hedge against movements in the values of the foreign currencies in which the Fund's securities are denominated or in an attempt to enhance income or yield. Currency hedges can protect against price movements in a security that a Fund owns or intends to acquire that are attributable to changes in the value of the currency in which it is denominated. Such hedges do not, however, protect against price movements in the securities that are attributable to other causes.

A Fund might seek to hedge against changes in the value of a particular currency when no Financial Instruments on that currency are available or such Financial Instruments are more expensive than certain other Financial Instruments. In such cases, the Fund may seek to hedge against price movements in that currency by entering into transactions using Financial Instruments on another currency or a basket of currencies, the values of which the Manager believes will have a high degree of positive correlation to the value of the currency being hedged. The risk that movements in the price of the Financial Instrument will not correlate perfectly with movements in the price of the currency subject to the hedging transaction is magnified when this strategy is used.

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The value of Financial Instruments on foreign currencies depends on the value of the underlying currency relative to the US dollar.

There is no systematic reporting of last sale information for foreign currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. The interbank market in foreign currencies is a global, round-the-clock market. To the extent the US options or futures markets are closed while the markets for the underlying currencies remain open, significant price and rate movements might take place in the underlying markets that cannot be reflected in the markets for the Financial Instruments until they reopen.

Settlement of transactions involving foreign currencies might be required to take place within the country issuing the underlying currency. Thus, a Fund might be required to accept or make delivery of the underlying foreign currency in accordance with any US or foreign regulations regarding the maintenance of foreign banking arrangements by US residents and might be required to pay any fees, taxes and charges associated with such delivery assessed in the issuing country.

**Forward Currency Contracts.** Subject to its investment policies and restrictions, each Fund may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of US dollars or another foreign currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time of the entry into the forward currency contract. These forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. Such transactions may serve as long hedges; for example, a Fund may purchase a forward currency contract to lock in the US dollar price of a security denominated in a foreign currency that the Fund intends to acquire. Forward currency contract transactions also may serve as short hedges; for example, a Fund may sell a forward currency contract to lock in the US dollar equivalent of the proceeds from the anticipated sale of a security or a dividend or interest payment denominated in a foreign currency.

A Fund also may use forward currency contracts in an attempt to hedge against a decline in the value of existing investments denominated in foreign currency. For example, if the Fund owned securities denominated in euros, it could enter into a forward currency contract to sell euros in return for US dollars to hedge against possible declines in the euro's value. Such a hedge, sometimes referred to as a position hedge, would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund also could hedge the position by selling another currency expected to perform similarly to the euro. This type of hedge, sometimes referred to as a proxy hedge, could offer advantages in terms of cost, yield or efficiency, but generally would not hedge currency exposure as effectively as a simple hedge into US dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

A Fund also may use forward currency contracts in an attempt to enhance income or yield. The Fund could use forward currency contracts to increase its exposure to foreign currencies that the Manager believes might rise in value relative to the US dollar, or shift its exposure to foreign currency fluctuations from one country to another. For example, if the Fund owned securities denominated in a foreign currency and the Manager believed that currency would decline relative to another currency, it might enter into a forward currency contract to sell an appropriate amount of the first foreign currency, with payment to be made in the second foreign currency. This is accomplished through contractual agreements to purchase or sell a specified currency at a specified future date and price set at the time of the contract.

Forward currency contracts are currently individually negotiated and privately traded by currency traders and their customers. These forward currency contracts may involve the sale of US dollars and the purchase of a foreign currency, or may be foreign cross-currency contracts involving the sale of one foreign currency and the purchase of another foreign currency; such foreign cross-currency contracts may be considered a hedging rather than a speculative strategy if the Fund's commitment to purchase the new (more favorable) currency is limited to the market value of the Fund's securities denominated in the old (less favorable) currency. The Fund segregates liquid assets, such as cash, short-term securities and other liquid securities (marked to the market daily), having a value equal to, or greater than, any commitments to purchase currency on a forward basis. The prediction of currency movements is extremely difficult and the successful execution of a speculative strategy is highly uncertain.

The cost to a Fund of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing.

As is the case with futures contracts, purchasers and sellers of forward currency contracts can enter into offsetting closing transactions by selling or purchasing, respectively, an instrument identical to the instrument purchased or sold. Currently, secondary markets generally do not exist for forward currency contracts. Closing transactions generally can be made for forward currency contracts by negotiating directly with the counterparty or by entering an offsetting transaction with a second counterparty. There can be no assurance that a Fund will be able to close out a forward currency contract at a favorable price prior to maturity and, in such cases, the Fund would continue to be subject to market currency risk with respect to the position, and may continue to be required to maintain a position in securities denominated in the foreign currency or to maintain cash or liquid assets in an account. In addition, in the event of insolvency of the counterparty, the Fund might be unable to promptly terminate the position held with such counterparty and might incur a significant delay in recovering any amounts owed to the Fund. Even if the Fund entered an offsetting transaction with a second counterparty, the Fund would continue to be subject to settlement risk relating to the transaction with the insolvent counterparty.

The precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the forward currency contract has been established. Thus, a Fund might need to purchase or sell foreign currencies in the spot (cash)market to the extent such foreign currencies are not covered by forward currency contracts. The projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain.

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Normally, consideration of the prospect for currency parities will be incorporated into the longer-term investment decisions made with regard to overall diversification strategies. However, the Manager believes that it is important to have the flexibility to enter into such forward currency contracts when it determines that the best interests of a Fund will be served.

Successful use of forward currency contracts depends on the skill of the Manager in analyzing and predicting currency values. Forward currency contracts may substantially change a Fund's exposure to changes in currency exchange rates and could result in losses to the Fund if currencies do not perform as the Manager anticipates. There is no assurance that the Manager's use of forward currency contracts will be advantageous to a Fund or that the Manager will hedge at an appropriate time.

Forward currency contracts in which a Fund may engage include deliverable foreign exchange forwards. A deliverable foreign exchange forward contract provides for the actual exchange of the principal amounts of the two currencies in the contract (*i.e.*, settlement on a physical basis). Foreign exchange forwards typically are traded in the interbank market directly between currency traders (usually large commercial banks) and their customers. Foreign exchange dealers realize a profit based on the difference (the spread) between the prices at which they are buying and the prices at which they are selling various currencies. A Fund also may be required to pay certain commissions. When a Fund enters into a deliverable foreign exchange forward, it relies on the counterparty to make or take delivery of the underlying currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of any expected benefit of the transaction.

A Fund may be required to obtain the currency that it must deliver under the foreign exchange forward through the sale of portfolio securities denominated in such currency or through conversion of other assets of the Fund into such currency.

A Fund also may enter into forward currency contracts that do not provide for physical settlement of the two currencies (each, a Reference Currency), but instead provide for settlement by a single cash payment calculated as the difference between the agreed-upon exchange rate and the prevailing market exchange rate at settlement based upon an agreed-upon notional amount (non-deliverable forwards, or NDFs). NDFs have a fixing date and a settlement (delivery) date. The fixing date is the date and time at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement (delivery) date is the date by which the payment of the Settlement Amount is due to the party receiving payment.

NDFs typically may have terms from one month up to two years and are settled in US dollars. NDFs are subject to many of the risks associated with derivatives in general and forward currency transactions, including risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations. Under definitions adopted by the CFTC and SEC, NDFs are considered swaps, and therefore are included in the definition of "commodity interests." In contrast, forward currency contracts that qualify as deliverable forwards are not regulated as swaps foremost purposes, and are not included in the definition of "commodity interests." However these forwards are subject to some requirements applicable to swaps, including reporting to swap data repositories, documentation requirements, and business conduct rules applicable to swap dealers. CFTC regulation of forward currency contracts, especially NDFs, may restrict the Fund's ability to use these instruments in the manner described above.

Although NDFs historically have been traded OTC, as swaps they may in the future be required to be centrally cleared and traded on public facilities. Under such circumstances, they would be centrally cleared and a secondary market for them normally would exist. With respect to NDFs that are centrally-cleared, an investor could lose margin payments it has deposited with the clearing organization as well as the net amount of gains not yet paid by the clearing organization if the clearing organization breaches its obligations under the NDF, becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the investor may be entitled to the net amount of gains the investor is entitled to receive plus the return of margin owed to it only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the investor. Even if some NDFs remain traded OTC, they will be subject to margin requirements for uncleared swaps and counterparty risk common to other swaps.

**Speculative Position Limits.** The CFTC and various exchanges have established limits referred to as "speculative position limits" or "accountability levels" on the maximum net long or short futures positions that any person or group of persons under common trading control (other than a hedger, which the Funds are not)may hold, own or control in a particular futures contract or option on a futures contract. Trading limits also are imposed on the maximum number of contracts that any person may trade on a particular trading day. An exchange may order the liquidation of positions found to be in violation of these limits and it may impose other sanctions or restrictions. Among the purposes of speculative position limits is to prevent a corner or squeeze on a market or undue influence on prices by any single trader or group of traders. The current federal speculative position limits established by the CFTC apply to certain agricultural commodity positions, such as grains (oats, corn, and wheat), the soybeans complex (soybeans, soybean oil and soybean meal) and cotton.

Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. Constraints on the ability of the Manager to use derivatives to gain access to markets, participate in investment opportunities or risk-manage a Fund's assets could have an adverse impact on a Fund. The regulation of derivatives is a rapidly changing area of law and the impact of these new regulations are not certain at this time.

**Combined Positions.** A Fund may purchase and write options in combination with each other, or in combination with futures contracts or forward contracts, to adjust the risk and return characteristics of its overall position. A combined position usually will contain elements of risk that are present in each of its component transactions. For example, the Fund may purchase a put option and write a call option on the same underlying instrument in order to construct a combined position whose risk and return characteristics are similar to selling a futures contract. The Fund also may write a put option and purchase a call option on the same underlying instrument in order to construct a combined position whose risk and return characteristics are similar to holding the underlying instrument. Because combined options positions involve multiple trades, they may result in higher transaction costs, may be more difficult to open and close

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Investment Strategies and Risks

out and may perform in unanticipated ways. Because combined positions, like other Financial Instruments may require cash outlays that are only a small portion of the amount of exposure obtained through the combined positions, a Fund's investment exposure gained through these combined positions could exceed its net assets.

**Turnover.** A Fund's options and futures contracts activities may affect its turnover rate and brokerage commission payments. The exercise of calls or puts written by a Fund, and the sale or purchase of futures contracts, may cause it to sell or purchase related investments, thus increasing its turnover rate. Once a Fund has received an exercise notice on an option it has written, it cannot effect a closing transaction in order to terminate its obligation under the option and must deliver or receive the underlying securities at the exercise price. The exercise of puts purchased by a Fund also may cause the sale of related investments, also increasing turnover; although such exercise is within the Fund's control, holding a protective put might cause it to sell the related investments for reasons that would not exist in the absence of the put. A Fund pays a brokerage commission each time it buys or sells a put or call or purchases or sells a futures contract. Such commissions could be higher than those that would apply to direct purchases or sales.

**Swaps, Caps, Floors and Collars.** Each Fund may enter into swaps, including caps, floors and collars, for any legal purpose consistent with its investment objective(s) and policies, including to attempt: to obtain or preserve a particular return or a spread on a particular investment or portion of its portfolio; to protect against an increase in the price of securities the Fund anticipates purchasing at a later date; to protect against currency fluctuations; to use as a duration management technique; to enhance income or capital gains; to protect against a decline in the price of securities the Fund currently owns; or to gain exposure to certain markets in an economical way.

A swap is an agreement involving the exchange by a Fund with another party of their respective commitments to pay or receive payments at specified dates based upon or calculated by reference to changes in specified prices or rates (*e.g.*, interest rates in the case of interest rate swaps) based on a specified amount (the "notional" amount). Examples of swap agreements include, but are not limited to, equity, commodity, index or other total return swaps, foreign currency swaps, credit default swaps and interest rate swaps.

The Dodd-Frank Act and related regulatory developments have imposed comprehensive new regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through an FCM and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). Certain standardized swaps currently are, and more in the future are expected to be, subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange- trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps.

In an uncleared swap, the swap counterparty typically is a brokerage firm, bank or other financial institution. During the term of an uncleared swap, a Fund will be required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the Fund to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to the Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to a Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund and the Fund may sustain a loss.

In a cleared swap, a Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility (SEF) may increase market transparency and liquidity but may require the Fund to incur increased expenses to access the same types of swaps that it has used in the past. When a Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty, and are typically calculated as an amount equal to the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount also may be required to be paid by a Fund or may be received by a Fund in accordance with margin controls set for such accounts.

Swap agreements can be structured to provide exposure to a variety of different types of investments or market factors. For example, in an interest rate swap, fixed-rate payments may be exchanged for floating rate payments; in a currency swap, US dollar-denominated payments may be exchanged for

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payments denominated in a foreign currency; and in a total return swap, payments tied to the investment return on a particular asset, group of assets or index may be exchanged for payments that are effectively equivalent to interest payments or for payments tied to the return on another asset, group of assets or index.

Caps, floors and collars have an effect similar to buying or writing options; they allow a purchaser to attempt to protect itself against interest rate movements exceeding specified minimum or maximum levels. The purchase of a cap entitles the purchaser to receive payments from the seller on a notional principal amount to the extent that a specified index exceeds a predetermined value. The purchase of a floor entitles the purchaser to receive payments from the seller on a notional principal amount to the extent that a specified index falls below a predetermined value. A collar combines elements of buying a floor and selling a cap.

In a long total return equity swap, a Fund will receive, and, in a short total return swap, a Fund pays, the price appreciation of an equity index, a custom basket of equity securities, or a single equity, plus any dividend or coupon income from such securities, in exchange for payments equivalent to a floating rate of interest, or if the equity swap is for the equivalent of one interest rate period, a fixed fee that is established at the outset of the swap. Floating rate payments are pegged to a base rate, such as the federal funds rate, that is periodically adjusted. Therefore, if interest rates increase over the term of the swap contract, a Fund may be required to pay a higher amount at each swap reset date.

A Fund may enter into credit default swap contracts for hedging or investment purposes. The Fund may either sell or buy credit protection under these contracts. The seller in a credit default swap contract is required to pay the par (or other agreed-upon) value of a referenced debt obligation to the buyer in exchange for an equal face amount of deliverable obligations of the referenced debt obligation (or other agreed-upon debt obligation) described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled, if there is a credit event by the issuer of that debt obligation. In return, the seller receives from the buyer a periodic stream of payments over the term of the contract or, if earlier, until the occurrence of a credit event. If the contract is terminated prior to its stated maturity, either the seller or the buyer would make a termination payment to the other in an amount approximately equal to the amount by which the value of the contract has increased in value to the recipient of the settlement payment. For example, if the contract is more valuable to the buyer (as would normally occur if the creditworthiness of the issuer of the referenced debt obligation has decreased), the seller would make a termination payment to the buyer. As the seller of credit protection, a Fund would effectively add leverage to the extent the notional amount exceeds the amount of cash the Fund has because, in addition to its total net assets, the Fund would be subject to the investment exposure of the notional amount of the swap. As the buyer, a Fund normally would be hedging its exposure on debt obligations that it holds.

Swap agreements may shift a Fund's investment exposure from one type of investment to another. For example, if the Fund agrees to exchange payments in US dollars for payments in foreign currency, the swap agreement would tend to decrease the Fund's exposure to US interest rates and increase its exposure to foreign currency and interest rates. Most swap agreements provide that, when the periodic payment dates for both parties are the same, payments are netted, and only the net amount is paid to the counterparty entitled to receive the net payment. Consequently, a Fund's current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each counterparty.

Because swap agreements may have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in gains or losses that are substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. The net amount of the excess, if any, of a Fund's obligations over its entitlements with respect to each swap will be accrued on a daily basis and an amount of cash or liquid assets having an aggregate value at least equal to the accrued excess will be maintained in an account with the Fund's custodian that satisfies the requirements of the 1940 Act. The Fund also will establish and maintain such account with respect to its total obligations under any swaps that are not entered into on a net basis and with respect to any caps or floors that are written by the Fund. The Manager and each Fund believe that such obligations do not constitute senior securities under the 1940 Act and, accordingly, do not treat them as being subject to the Fund's borrowing restrictions.

The use of swap agreements entails certain risks that may be different from, or possibly greater than, the risks associated with investing directly in the referenced assets that underlie the swap agreement. Swaps are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks, bonds, and other traditional investments.

The use of a swap requires an understanding not only of the referenced asset, referenced rate, or index but also of the swap itself. If the Manager attempts to use a swap as a hedge against, or as a substitute for, a Fund's portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop an imperfect or no correlation with the portfolio investment. This could cause significant losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they also can reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments.

As with other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. The Fund bears the risk that the Manager will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund.

To the extent a swap is not centrally cleared, the use of a swap also involves the risk that a loss may be sustained as a result of the insolvency or bankruptcy of the counterparty or the failure of the counterparty to make required payments or otherwise comply with the terms of the agreement. The creditworthiness of firms with which a Fund enters into swaps, caps, floors or collars will be monitored by the Manager. If a counterparty's creditworthiness declines, the value of the swap might decline, potentially resulting in losses. Changing conditions in a particular market area, whether or not directly related to the referenced

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Investment Strategies and Risks

assets that underlie the swap agreement, may have an adverse impact on the creditworthiness of the counterparty. For example, the counterparty may have experienced losses as a result of its exposure to a sector of the market that adversely affect its creditworthiness. If a default occurs by the other party to such transaction, the Fund may have contractual remedies pursuant to the agreements related to the transaction.

Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely and may involve additional costs and risks not involved with uncleared swaps. There also is a risk of loss by a Fund of the initial and variation margin deposits in the event of bankruptcy of an FCM with which the Fund has an open position, or the central counterparty in a swap contract. The assets of a Fund may not be fully protected in the event of the bankruptcy of an FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If an FCM does not provide accurate reporting, a Fund also is subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

With cleared swaps, a Fund may not be able to obtain terms as favorable as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with a Fund, which may include the imposition of position limits or additional margin requirements with respect to the Fund's investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and also can require increases in margin above the margin that is required at the initiation of the swap agreement.

Finally, a Fund is subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, the Fund may be required to break the trade and make an early termination payment to the executing broker.

***Payment-In-Kind (PIK) Securities***

Subject to its investment policies and restrictions, a Fund may invest in PIK securities. PIK securities are securities that contain provisions that allow an issuer, at its discretion, to make current interest payments either in cash or in the form of additional securities. These instruments may be valued at a deep discount from the face amount. Interest received in the form of additional securities is recorded as interest income. Federal tax law requires the holder of a PIK security to accrue that interest income with respect to the security regardless of the receipt (or non-receipt) of cash payments. Accordingly, although a Fund generally will not receive cash payments on PIK securities, it will have current income attributable to those securities. To avoid liability for federal income and excise taxes, therefore, a Fund may be required to distribute cash in an amount equal to income accrued with respect to those securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to make that distribution.

It is possible that by effectively increasing the principal balance payable to a Fund or deferring cash payment of such interest until maturity, the use of PIK features will increase the risk that such amounts will become uncollectible when due and payable. Prices of PIK securities may be more sensitive to changes in the issuer's financial condition, fluctuations in interest rates and market demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative than are securities that pay interest periodically in cash. Investments in PIK securities may be illiquid or restricted, which may make it difficult for a Fund to dispose of them or to determine their current value.

***Real Estate Investment Trust (REIT) Securities***

Subject to its investment policies and restrictions, a Fund may invest in securities issued by REITs. A REIT is a domestic corporation (or a trust or association otherwise taxable as such for federal tax purposes) that meets certain requirements of the Code. The Code permits a qualifying REIT to deduct dividends it pays, thereby effectively eliminating entity-level federal income tax for a REIT that distributes all of its taxable income (including net capital gains) and making the REIT a modified pass-through vehicle for federal income tax purposes. To qualify for treatment as a REIT, a company must, among other things, derive at least 75% of its gross income each taxable year from real estate sources (such as rents from real estate, interest from mortgages on real estate, and gains from sales of real estate assets), and must annually distribute to its shareholders 90% or more of its taxable income (including net capital gains). Moreover, at the end of each quarter of its taxable year, at least 75% of the value of its total assets must be represented by real estate assets, cash and cash items and US government securities.

REITs are sometimes informally characterized as equity REITs, mortgage REITs and hybrid REITs. An equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings and derives its income primarily from rental income. A mortgage REIT invests primarily in mortgages on real estate, and derives its income primarily from interest payments received on credit it has granted. A hybrid REIT combines the characteristics of equity REITs and mortgage REITs. It is anticipated, although not required, that under normal circumstances, a majority of each Fund's investments in REITs will consist of shares issued by equity REITs.

***Repurchase Agreements and Reverse Repurchase Agreements***

Each Fund may purchase securities subject to repurchase agreements and reverse repurchase agreements, subject to its restriction on investment in illiquid investments, and subject to its investment policies and restrictions. A repurchase agreement is an instrument under which a Fund purchases a security and the seller (normally a commercial bank or broker-dealer) agrees, at the time of purchase, that it will repurchase the security at a specified time and price. A reverse repurchase agreement is the opposite: the Fund will sell the security with an obligation to repurchase it at an agreed-upon time and price. The amount by which the resale price is greater than the purchase price reflects an agreed-upon market interest rate effective for the period of the agreement. The return on the securities subject to the repurchase agreement may be more or less than the return on the repurchase agreement.

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The majority of repurchase agreements in which a Fund will engage are overnight transactions, and the delivery pursuant to the resale typically will occur within 1 to 5 days of the purchase. The primary risk from repurchase agreements is that the Fund may suffer a loss if the seller fails to pay the agreed-upon amount on the delivery date and that amount is greater than the resale price of the underlying securities and other collateral held by the Fund. In the event of bankruptcy or other default by the seller, there may be possible delays and expenses in liquidating the underlying securities or other collateral, decline in their value or loss of interest. Additionally, reverse repurchase agreements involve borrowing to take advantage of investment opportunities; such leverage could magnify losses. If the Fund borrows money to purchase securities and those securities decline in value, then the value of the Fund's shares will decline faster than if the Fund were not leveraged. The return on such collateral may be more or less than that from the repurchase agreement. A Fund's repurchase agreements will be structured so as to fully collateralize the loans. In other words, the value of the underlying securities, which will be held by a Fund's custodian bank or by a third party that qualifies as a custodian under Section 17(f) of the 1940 Act, is and, during the entire term of the agreement, will remain at least equal to the value of the loan, including the accrued interest earned thereon. Repurchase agreements are entered into only with those entities approved by the Manager.

***Restricted Securities***

Subject to its investment policies and restrictions, each Fund may invest in restricted securities. Restricted securities are securities that are subject to legal or contractual restrictions on resale. However, restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933 (1933 Act), or in a registered public offering. For example, a Fund may purchase commercial paper that is issued in reliance on the so-called private placement exemption from registration that is afforded by Section 4(a)(2) of the 1933 Act (Section 4(a)(2) paper). Section 4(a)(2) paper normally is resold to other institutional investors through or with the assistance of investment dealers who make a market in the Section 4(a)(2) paper, thus providing liquidity. Where registration is required, a Fund may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to seek registration of the security.

A Fund also may invest in securities that normally are purchased or resold pursuant to Rule 144A under the 1933 Act (Rule 144A securities). Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities. Rule 144A securities may be resold only to qualified institutional buyers, provided that certain other conditions for resale are met. To the extent privately placed securities held by a Fund qualify under Rule 144A and an institutional market develops for those securities, a Fund likely will be able to dispose of the securities without registering them under the 1933 Act.

There are risks associated with investments in restricted securities in that there can be no assurance of a ready market for resale. Also, the contractual restrictions on resale might prevent the Fund from reselling the securities at a time when such sale would be desirable. Restricted securities that are traded in foreign markets often are subject to restrictions that prohibit resale to US persons or entities or permit sales only to foreign broker-dealers who agree to limit their resale to such persons or entities. The buyer of such securities must enter into an agreement that, usually for a limited period of time, it will resell such securities subject to such restrictions. Restricted securities in which a Fund seeks to invest need not be listed or admitted to trading on a foreign or US exchange and may be less liquid than listed securities.

Restricted securities that have not been registered generally are referred to as private placements and are purchased directly from the issuer or in the secondary market and usually are not listed on an exchange nor traded in other established markets. Such securities are restricted as to disposition and generally are sold to institutional investors.

Certain of a Fund's investments in private placements may consist of direct investments and may include investments in smaller, less-seasoned issuers, which may involve greater risks than investments in the securities of more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group.

As a result of the absence of a public trading market, privately placed securities and other restricted securities may be less liquid and more difficult to value than publicly-traded securities. As relatively few purchasers of these securities may exist, especially in the event of adverse market or economic conditions or adverse changes in the issuer's financial condition, a Fund could have difficulty selling them when the Manager believes it is advisable to do so. To the extent that restricted securities may be resold in privately negotiated transactions, the prices realized from the sales, due to illiquidity, could be less than those originally paid by a Fund or less than the fair market value.

In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if the securities were publicly traded. As a result, a Fund may be less able to predict a loss. In making investments in such securities, a Fund may obtain access to material non-public information, which may restrict the Fund's ability to conduct portfolio transactions in such securities. A Fund also may take a minority interest in a privately offered security, which may limit the Fund's ability to protect shareholders' interests in connection with corporate actions by the privately held company. A Fund's Portfolio Manager may serve on the board of directors (or similar governing body) of a privately held company, the securities of which that Fund may hold. While the Manager believes such service will be beneficial to the Fund and its shareholders, the Portfolio Manager's service as a board member also could create a conflict of interest (or an appearance of a conflict of interest) that may impact the Fund. In addition, investments in privately placed securities may include other additional contractual obligations, such as the payment of registration expenses as noted above or the purchase of additional securities.

***Short Sales Against the Box***

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Investment Strategies and Risks

Subject to its investment policies and restrictions, a Fund may sell securities "short against the box;" provided, however, that the Fund's aggregate short sales prices may not, at the time of any short sale, exceed 10% of its total assets. Whereas a short sale is the sale of a security the Fund does not own, a short sale is "against the box" if, at all times during which the short position is open, the Fund owns at least an equal amount of the securities sold short or other securities convertible into or exchangeable without further consideration for securities of the same issue as the securities sold short. Short sales against the box typically are used by sophisticated investors to defer recognition of capital gains or losses. None of the Funds has any present intention to sell securities short in this fashion.

***Special Purpose Acquisition Companies***

A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities that pool funds to seek potential acquisition opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering (IPO) for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC's IPO. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Generally, unless and until a transaction is completed, a SPAC will invest its assets (minus a portion used to cover expenses) in U.S. government securities, money market funds and similar investments. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time (e.g., two years), the invested funds are returned to the SPAC's shareholders, minus certain permitted expenses. In that case, the rights or warrants issued by the SPAC will expire worthless.

Because SPACs and similar entities are in essence blank check companies that have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. As a result, the values of investments in SPACs may be highly volatile and may depreciate significantly over time, and an acquisition or merger, once effected, may prove unsuccessful and an investment in the SPAC may lose value. Moreover, an investment in a SPAC is subject to a variety of additional risks, including the following:

(i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other expenses;

(ii) prior to any acquisition or merger, a SPAC's assets are typically invested in U.S. government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of a Fund's other investments;

(iii) a Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, the Fund's investments in SPACs will not significantly contribute to the Fund's distributions to shareholders;

(iv) attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases;

(v) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders;

(vi) if an acquisition or merger target is identified, a Fund may elect not to participate in, or vote to approve, the proposed transaction or the Fund may be required to divest its interests in the SPAC, due to regulatory or other considerations, in which case the Fund may not reap any resulting benefits;

(vii) the warrants or other rights with respect to the SPAC held by a Fund may expire worthless or may be redeemed by the SPAC at an unfavorable price;

(viii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators;

(ix) under any circumstances in which a Fund receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC's assets, less any applicable taxes), the returns on that investment may be negligible, and the Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns;

(x) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits;

(xi) a Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled;

(xii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; and

(xiii) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving a Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest's intrinsic value.

***US Government Securities***

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US government securities are securities issued or guaranteed as to principal or interest by the US, or by a person controlled or supervised by and acting as an instrumentality of the US government. These securities include Treasury Bills (which mature within one year of the date they are issued), Treasury Notes (which have maturities of one to ten years) and Treasury Bonds (which generally have maturities of more than ten years). All such Treasury securities are backed by the full faith and credit of the United States.

Certain securities issued or guaranteed by US government agencies or instrumentalities are backed by the full faith and credit of the US government, such as securities issued by the Export-Import Bank of the United States, Farm Credit System Financial Assistance Corporation, Farmers Home Administration, Federal Housing Administration, General Services Administration, Ginnie Mae, Maritime Administration or Small Business Administration.

Other securities issued or guaranteed by US government agencies or instrumentalities are not backed by the full faith and credit of the US government. For example, some securities are supported by the right of the agency or instrumentality to borrow from the Treasury, such as securities issued by the FHLB, Fannie Mae or Freddie Mac, and other securities are supported only by the credit of the agency or instrumentality, such as securities issued by the Federal Farm Credit Banks Funding Corporation or Tennessee Valley Authority.

If the securities issued or guaranteed by a US government agency or instrumentality are not backed by the full faith and credit of the US government, there can be no assurance that the US government would provide financial support to the agency or instrumentality. A Fund will invest in securities of agencies and instrumentalities only if the Investment Manager is satisfied that the credit risk involved is acceptable.

US government securities may include mortgage-backed securities issued or guaranteed as to the payment of principal and interest by US government agencies or instrumentalities, including, but not limited to, Ginnie Mae, Fannie Mae and Freddie Mac. These mortgage-backed securities include pass-through securities, participation certificates and collateralized mortgage obligations. See *Mortgage-Backed and Asset-Backed Securities*. Timely payment of principal and interest on Ginnie Mae pass-throughs is guaranteed by the full faith and credit of the United States. Both Fannie Mae and Freddie Mac are instrumentalities of the US government, but their obligations are not backed by the full faith and credit of the United States. It is possible that the availability and the marketability (that is, liquidity) of the securities discussed in this section could be adversely affected by actions of the US government to tighten the availability of its credit.

***Variable or Floating Rate Instruments***

Variable or floating rate instruments (including notes purchased directly from issuers) bear variable or floating interest rates and may carry rights that permit holders to demand payment of the unpaid principal balance plus accrued interest from the issuers or certain financial intermediaries on dates prior to their stated maturities. Floating rate securities have interest rates that change whenever there is a change in a designated base rate while variable rate instruments provide for a specified periodic adjustment in the interest rate. These formulas are designed to result in a market value for the instrument that approximates its par value.

***Warrants and Rights***

Subject to its investment policies and restrictions, each Fund may invest in warrants and rights. Warrants are options to purchase equity securities at specified prices for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities. Rights are similar to warrants but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer. Warrants and rights are highly volatile and, therefore, more susceptible to sharp declines in value than the underlying security might be. They also generally are less liquid than an investment in the underlying securities.

***When-Issued and Delayed-Delivery Transactions***

Subject to its investment policies and restrictions, a Fund may purchase securities in which it may invest on a when-issued or delayed-delivery basis or sell them on a delayed-delivery basis. In either case payment and delivery for the securities take place at a future date. The securities so purchased or sold are subject to market fluctuation; their value may be less or more when delivered than the purchase price paid or received. When purchasing securities on a when issued or delayed-delivery basis, a Fund assumes the rights and risks of ownership, including the risk of price and yield fluctuations. No interest accrues to the Fund until delivery and payment is completed. When a Fund makes a commitment to purchase securities on a when-issued or delayed-delivery basis, it will record the transaction and thereafter reflect the value of the securities in determining its NAV per share. When a Fund sells securities on a delayed-delivery basis, the Fund does not participate in further gains or losses with respect to the securities. When a Fund makes a commitment to sell securities on a delayed-delivery basis, it will record the transaction and thereafter value the securities at the sale price in determining its NAV per share. If the other party to a delayed-delivery transaction fails to deliver or pay for the securities, the Fund could miss a favorable price or yield opportunity, or could suffer a loss.

The use of when-issued transactions and forward commitments enables a Fund to seek to hedge against anticipated changes in interest rates and prices. For instance, in periods of rising interest rates and falling prices, a Fund might sell securities in its portfolio on a forward commitment basis to limit its exposure to falling prices. In periods of falling interest rates and rising prices, a Fund might sell a security in its portfolio and purchase the same or a similar security on a when-issued or forward commitment basis, thereby fixing the purchase price to be paid on the settlement date at an amount below that to which the Fund anticipates the market price of such security to rise and, in the meantime, obtaining the benefit of investing the proceeds of the sale of its portfolio security at currently higher cash yields. Of course, the success of this strategy depends upon the ability of the Manager to correctly anticipate increases and decreases in interest rates and prices of securities. If the Manager anticipates a rise in interest rates and a decline in prices and, accordingly, a Fund sells securities on a forward commitment basis in an attempt to hedge against falling prices, but in fact interest rates decline and prices rise, the Fund will have lost the

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Investment Strategies and Risks

opportunity to profit from the price increase. If the Manager anticipates a decline in interest rates and a rise in prices, and, accordingly, a Fund sells a security in its portfolio and purchases the same or a similar security on a when-issued or forward commitment basis in an attempt to enjoy currently high cash yields, but in fact interest rates increase and prices fall, the Fund will have lost the opportunity to profit from investment of the proceeds of the sale of the security at the increased interest rates. The likely effect of this hedging strategy, whether the Manager is correct or incorrect in its prediction of interest rate and price movements, is to reduce the chances of large capital gains or losses and thereby reduce the likelihood of wide variations in a Fund's NAV.

When-issued securities and forward commitments may be sold prior to the settlement date, but a Fund enters into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. Each Fund may hold a when-issued security or forward commitment until the settlement date, even if the Fund will incur a loss upon settlement. In accordance with regulatory requirements, a Fund's custodian bank maintains, in a separate account of the Fund, liquid assets, such as cash, short-term securities and other liquid securities (marked to the market daily), having a value equal to, or greater than, any commitments to purchase securities on a when-issued or forward commitment basis and, with respect to forward commitments to sell portfolio securities of the Fund, the portfolio securities themselves. If a Fund, however, chooses to dispose of the right to acquire a when-issued security prior to its acquisition or dispose of its right to deliver or receive against a forward commitment, it can incur a gain or loss.

The purchase of securities on a when-issued or forward commitment basis exposes the Fund to risk because the securities may decrease in value prior to their delivery. Purchasing securities on a when-issued or forward commitment basis involves the additional risk that the return available in the market when the delivery takes place will be higher than that obtained in the transaction itself. A Fund's purchase of securities on a when-issued or forward commitment basis while remaining substantially fully invested could result in increased volatility of the price of the Fund's shares.

***Zero Coupon Securities***

Zero coupon securities are debt obligations that do not entitle the holder to any periodic payment of interest prior to maturity or do not specify a future date when the securities begin to pay current interest; instead, they are sold at a deep discount from their face value (that is, with original issue discount (OID)) and are redeemed at face value when they mature. Because zero coupon securities do not pay current income, their prices can be very volatile when interest rates change and generally are subject to greater price fluctuations in response to changing interest rates than prices of comparable debt obligations that make current distributions of interest in cash.

Subject to its investment policies and restrictions, a Fund may invest in zero coupon securities that are stripped Treasury notes or bonds, zero coupon bonds of corporate or municipal issuers and other securities that are issued with OID. The federal tax law requires that a holder of a security with OID accrue as income (take into account, in the case of OID on a tax-exempt security (i.e., a security the interest on which is not subject to federal income tax)) each taxable year a ratable portion of the OID on the security, even though the holder may receive no interest payment on the security during the year. Accordingly, although a Fund generally will receive no payments on its zero coupon securities prior to their maturity or disposition, it will have current taxable or tax-exempt income attributable to those securities. To avoid liability for federal income and excise taxes, therefore, a Fund will be required to distribute cash in an amount equal to income accrued with respect to those securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to make that distribution.

A broker-dealer creates a derivative zero coupon security by separating the interest and principal components of a Treasury security and selling them as two individual securities. CATS (Certificates of Accrual on Treasury Securities), TIGRs (Treasury Investment Growth Receipts), and TRs (Treasury Receipts) are examples of derivative zeros.

The Federal Reserve Bank creates Separate Trading of Registered Interest and Principal of Securities (STRIPS) by separating the interest and principal components of an outstanding Treasury security and selling them as individual securities. Bonds issued by the Resolution Funding Corporation and the Financing Corporation also can be separated in this fashion. Original issue zeros are zero coupon securities originally issued by the US government, a government agency, or a corporation in zero coupon form.

***Short-Term Debt Instruments and Temporary Investments***

Each Fund may invest in money market securities (the types of which are discussed below) for liquidity and cash management purposes or if the Manager determines that securities meeting a Fund's investment objective and policies are not otherwise readily available for purchase. For temporary defensive purposes during periods when the Manager determines that conditions warrant, a Fund may increase this percentage up to 100%. For purposes of these policies, money market securities include (i) short-term US government securities, including custodial receipts evidencing separately traded interest and principal components of securities issued by the US Treasury; (ii) commercial paper rated in the highest short-term rating category by a nationally recognized statistical rating organization (NRSRO), such as S&P or Moody's, or determined by the Manager to be of comparable quality at the time of purchase; (iii) short-term bank obligations (certificates of deposit, time deposits, and bankers' acceptances) of US domestic banks, foreign banks and foreign branches of domestic banks, and commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (iv) repurchase agreements involving such securities. Each of these types of money market securities is discussed in more detail below.

***US Government Securities.*** Examples of types of US government obligations in which a Fund may invest include US Treasury obligations and the obligations of US government agencies such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the US, Small Business Administration, Fannie Mae, Ginnie Mae, General Services

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Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, Maritime Administration, and other similar agencies. Whether backed by the full faith and credit of the US Treasury or not, US government securities are not guaranteed against price movements due to fluctuating interest rates.

• *US Treasury Obligations.* US Treasury obligations consist of bills, notes, and bonds issued by the US Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities ("STRIPS") and Treasury Receipts ("TRs").

• *US Government Zero Coupon Securities.* STRIPS and receipts are sold as zero coupon securities, that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities.

• *US Government Agencies.* Some obligations issued or guaranteed by agencies of the US government are supported by the full faith and credit of the US Treasury, others are supported by the right of the issuer to borrow from the Treasury, while still others are supported only by the credit of the instrumentality. Guarantees of principal by agencies or instrumentalities of the US government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities or to the value of a Fund's shares.

***Commercial Paper.*** Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days. A Fund may invest in short-term promissory notes issued by corporations that, at the time of purchase, are rated P-1 and/or A-1. Commercial paper ratings P-1 by Moody's and A-1 by S&P are the highest investment grade category.

***Obligations of Domestic Banks, Foreign Banks and Foreign Branches of US Banks.*** A Fund may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks are not covered by the Federal Deposit Insurance Corporation ("FDIC") and may involve risks that are different from investments in securities of domestic branches of US banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions that might affect the payment of principal or interest on the securities held by a Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting, and recordkeeping requirements than those applicable to domestic branches of US banks. Bank obligations include the following:

• *Bankers' Acceptances.* Bankers' acceptances are bills of exchange or time drafts drawn on, and accepted by, a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six months or less.

• *Certificates of Deposit.* Certificates of deposit are interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and normally can be traded in the secondary market prior to maturity. Unless they can be traded on a secondary market, certificates of deposit with penalties for early withdrawal may be considered illiquid.

• *Time Deposits.* Time deposits are nonnegotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, they earn a specified rate of interest over a definite period of time; however, they cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days may be considered to be illiquid investments.

Subject to its investment policies and restrictions, a Fund may utilize derivative instruments, including, but not limited to, futures contracts, options and other types of derivative instruments, for defensive purposes.

**Delaware Ivy California Municipal High Income Fund**

**Municipal Bonds.** Municipal bonds are issued by a wide range of state and local governments, agencies and authorities for various public purposes. The two main kinds of municipal bonds are general obligation bonds and revenue bonds. For general obligation bonds, the issuer has pledged its full faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable only from specific sources; these may include revenues from a particular facility or class of facilities or special tax or other revenue source.

The municipal securities in which Delaware Ivy California Municipal High Income Fund invests are generally issued by the State of California (the "State" or "California"), a municipality of California, or a political subdivision of either, and pay interest that is exempt from regular federal and California income taxes. The Fund also may invest to a lesser extent in municipal securities issued by other US states, or by US territories and possessions (such as the District of Columbia, the US Virgin Islands, Puerto Rico or Guam) that are exempt from regular federal and California income taxes.

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Investment Strategies and Risks

State and local government authorities and agencies may issue a special type of municipal bond called private activity bonds (PABs). The Fund may purchase a PAB only if the interest on it is exempt from federal income taxation, although such interest may be an item of tax preference for purposes of the federal alternative minimum tax (AMT). In general, PABs are revenue bonds and are issued by or on behalf of public authorities to obtain funds to finance privately operated facilities such as for energy and pollution control. PABs also are used to finance public facilities such as airports and mass transit systems. The credit quality of PABs usually is directly related to the credit standing of the user of the facilities being financed. The Fund may invest an unlimited percentage of its assets in municipal bonds that are PABs.

Municipal leases and participation interests therein are another type of municipal bond (collectively, lease obligations). These obligations, which may take the form of a lease, an installment purchase, or a conditional sale contract, are issued by state and local governments and authorities to acquire land and a variety of equipment and facilities. The factors to be considered in determining whether or not any rated municipal lease obligations are liquid include the following: (1) the frequency of trades and quotes for the obligations, (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers, (3) the willingness of dealers to undertake to make a market in the securities, (4) the nature of marketplace trades, including the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer, (5) the likelihood that the marketability of the obligation will be maintained through the time the instrument is held, (6) the credit quality of the issuer and the lessee, and (7) the essentiality to the lessee of the property covered by the lease. Unrated municipal lease obligations are considered illiquid.

The Fund has not held, nor does it intend to hold, municipal lease obligations directly as a lessor of the property, but the Fund may from time to time purchase a participation interest in a municipal lease obligation from a bank or other third party. A participation interest gives the Fund a specified, undivided interest in the municipal lease obligation in proportion to its purchased interest in the total amount of the obligation. Municipal leases frequently have risks distinct from those associated with general obligation or revenue bonds. State constitutions and statutes set forth requirements that states or municipalities must meet to incur debt, including voter referenda, interest rate limits or public sale requirements. Leases, installment purchases or conditional sale contracts have evolved as means for governmental issuers to acquire property and equipment without being required to meet these constitutional and statutory requirements. Many leases and contracts include non-appropriation clauses providing that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the legislative body on a yearly or other periodic basis. Non-appropriation clauses free the issuer from debt issuance restrictions. In determining the liquidity of a municipal lease obligation, the Manager will differentiate between direct interests in municipal leases and municipal lease-backed securities, the latter of which may take the form of a lease-purchase agreement as its base. See *Asset-Backed Securities*. While the former may present liquidity issues, the latter are based on a well-established method of securing payment of a municipal lease obligation.

The Fund also may invest in municipal notes, which include tax anticipation notes (TANs), revenue anticipation notes (RANs), and bond anticipation notes (BANs). TANs are issued to finance working capital needs of municipalities.

Generally, TANs are issued in anticipation of future seasonal tax revenues, such as from income, sales, use and business taxes and are payable from these future revenues. RANs are issued in expectation of receipt of non-tax revenue, such as that available under federal revenue-sharing programs. BANs are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds provide the funds for the repayment of the BANs.

The Manager and the Fund rely on the opinion of bond counsel for an issuer of an obligation in determining whether the interest thereon is excludable from gross income for federal income tax purposes. Distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the Internal Revenue Service (IRS) or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. Nonetheless, the Fund may continue to hold the obligation. If the obligation is sold, a loss might occur upon such sale.

Municipal bonds vary widely as to their interest rates, degree of security and maturity. Bonds are selected on the basis of quality, yield and diversification. Factors that affect the yield on municipal bonds include general money market conditions, municipal bond market conditions, the size of a particular offering, the maturity of the obligation and the nature of the issue. Lower-rated bonds (or unrated bonds of comparable quality as determined by the Manager) usually, but not always, have higher yields than similar but higher-rated bonds (or unrated bonds of comparable quality as determined by the Manager).

Medium- or lower-rated municipal securities (securities typically rated BBB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO), or, if unrated, determined by the Manager to be of comparable quality) are frequently traded only in markets where the number of potential purchasers and sellers, if any, is very limited. This factor may have the effect of limiting the availability of the securities for purchase by the Fund and also may limit the ability of the Fund to sell such securities at their fair value either to meet redemption requests or in response to changes in the economy or the financial markets.

Low-rated securities (securities typically rated BB+ or lower by S&P or comparably rated by another NRSRO, or, if unrated, determined by the Manager to be of comparable quality) (commonly called junk bonds) are considered to be speculative and involve greater risk of default or price changes due to changes in the issuer's creditworthiness. The market prices of these securities may fluctuate more than high-rated securities and may decline significantly in periods of general economic difficulty. The market for low-rated debt securities may be thinner and less active than that for higher-rated debt securities, which can adversely affect the prices at which the former are sold. Adverse publicity and changing investor perceptions may decrease the values and liquidity of low-rated debt securities, especially in a thinly traded market. Valuation becomes more difficult and judgment plays a greater role in valuing low-rated debt securities than with respect to higher-rated debt securities for which more external sources of quotations and last sale information are available. Since the

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risk of default is higher for low-rated debt securities, the Manager's research and credit analysis are an especially important part of managing securities of this type held by the Fund. The Manager regularly monitors the issuers of low-rated debt securities in the Fund's portfolio in an attempt to determine if the issuers will have sufficient cash flow and profits to meet required principal and interest payments. The Fund may choose, at its expense or in conjunction with others, to pursue litigation or otherwise to exercise its rights as a security holder if it determines this to be in the best interest of its shareholders. See *Specific Securities and Investment Practices — Low-Rated Securities* above.

Now or in the future, a NRSRO may use different rating designations for municipal obligations depending on their maturities on issuance or other characteristics. Credit ratings for individual securities may change from time to time, and, if unrated, the Fund is not required to dispose of any municipal bond if its rating falls below the rating required for its purchase, nor does such a fall in rating affect the amount of unrated municipal bonds which it may buy.

**Defensive Strategies and Temporary Investments.** To shorten the average maturity of its portfolio, the Fund may buy municipal bonds that are payable in a relatively short time. This could be either because they were so payable when they were first issued or because they will mature shortly after purchase. Another reason for buying either these short-term municipal bonds or "taxable obligations" (i.e., obligations, the interest on which is subject to federal income tax), up to the 20% limitation on taxable obligations described below, during normal circumstances is to keep assets at work until appropriate investments in longer-term municipal bonds can be made or in order to have cash available to pay for redemptions.

Short-term municipal bonds or taxable obligations purchased for defensive purposes will be held for as long as the Manager believes a temporary defensive posture should be maintained. When bought during normal market conditions, they will be held until appropriate investments in longer-term municipal bonds are made or until they are sold to meet redemptions.

**Risks of Certain Types of Municipal Bonds.** At any one time, the Fund may invest significantly in revenue bonds, the principal and interest on which are payable from revenues derived from similar projects, including the following: electrical utilities, health care and life care facilities and small industries. A substantial amount of the assets of the Fund may therefore be invested in securities that are related in such a way that an economic, business or political development or change affecting one such security may likewise affect the other securities. For example, a declining market for health care facilities might adversely affect the ability of municipalities to make timely payments of principal and interest on revenue bonds to be paid from hospital revenues. The Fund also could have more than 25% of its total assets invested in issuers in the same geographic area.

Many of the lower-rated municipal bonds in which the Fund seeks to invest may be PABs. As discussed above under *Municipal Bonds*, the entity responsible for payment of the principal and interest on PABs usually is the nongovernmental user of the facility being financed by the bond issue. Consequently, to the extent the Fund invests in bonds payable from revenues from facilities or projects in any one industry, it will be subject to the risks inherent in that industry.

For example, a hospital's gross receipts and net income available to service its debt are influenced by demand for hospital services, the ability of the hospital to provide the services required, management and medical capabilities, economic developments in the service area, efforts by insurers and government agencies to limit rates and expenses, confidence in the hospital, competition, availability and expense of malpractice insurance, Medicaid and Medicare funding, and possible federal legislation limiting the rates of increase of hospital charges. Significant events impacting the hospital industry in any one of these areas might adversely affect the industry's ability to service its debt or to pay principal when due.

Life care facilities are an alternative form of long-term housing for the elderly. They are subject to a wide variety of risks. Primarily, the projects must maintain adequate occupancy levels to be able to provide revenues adequate to maintain debt service payments. Moreover, since a portion of housing, medical care and other services may be financed by an initial deposit it is important that the facility maintain adequate financial reserves to secure estimated actuarial liabilities. The ability of management to accurately forecast inflationary cost pressures weighs importantly in the process. The facilities also may be impacted by the regulatory cost restrictions applied to health care delivery in general, particularly state regulations or changes in Medicare and Medicaid payments or qualifications, or restrictions imposed by medical insurance companies. They also may face competition from alternative health care or conventional housing facilities in the private or public sector.

**Tobacco Settlement Revenue Bonds.** Tobacco settlement revenue bonds are secured by an issuing state's proportionate share in the Master Settlement Agreement (MSA). The MSA is a settlement agreement between certain states and US tobacco manufacturers representing approximately 95% of the combined market share of tobacco manufacturers. The MSA provides for payments by the tobacco manufacturers to the states, in perpetuity, in exchange for a release of claims against the manufacturers and a pledge of no further tobacco-related litigation.

A number of states have securitized the future flow of these payments by selling bonds pursuant to indentures, some through distinct governmental entities created for such purpose. These bonds are backed by the future revenue flow that is used for principal and interest payments on the bonds. Annual payments on the bonds, and thus risk to the Fund, are highly dependent on the receipt of future settlement payments by the state or its governmental entity, which in turn is dependent on many factors, including, but not limited to, annual US cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. As a result, payments made by tobacco manufacturers could be negatively affected if the decrease in tobacco consumption is significantly greater than the forecasted decline. A market share loss by the MSA companies to non-MSA participating tobacco manufacturers would cause a downward adjustment in the payment amounts. An MSA-participating manufacturer filing for bankruptcy also could cause delays or reductions in bond payments. The MSA itself has been subject to legal challenges and has, to date, withstood those challenges.

Certain tobacco settlement revenue bonds are supported by an annual state appropriation to pay any shortfalls in the payment of principal and interest on the bonds and are backed by the revenues of the state. Bonds having this additional layer of credit support present less risk to the Fund than stand-alone MSA bonds.

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Investment Strategies and Risks

**Auction Rate Securities.** The Fund may buy auction rate securities, which are debt securities with an interest rate set at auction. Auction rate securities may be issued by state and local governments, agencies and authorities. Provided that the auction mechanism is successful, auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The rate is reset by "Dutch" auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum rate. The rate set by the auction is the lowest rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities. In addition, there may be no active secondary market for these securities between auctions, and sales conducted on a secondary market may not be on terms favorable to the seller. Since February 2008, numerous auctions have failed due to insufficient demand for securities and have continued to fail for an extended period of time. Failed auctions may adversely impact the liquidity of auction rate securities. Although some issuers of auction rate securities are redeeming or are considering redeeming such securities, such issuers are not obligated to do so, and therefore, there is no guarantee that a liquid market will exist for the Fund's investments in auction rate securities at a time when the Fund wishes to dispose of such securities.

**Limited Investment in Other Securities.** All of the Fund's invested assets, other than cash or receivables, must be invested in municipal securities, except that a limited amount of assets may be invested in certain other securities that are referred to in the Prospectus as taxable obligations, which include, among others, repurchase agreements and certain derivative instruments (see discussion below). Under normal conditions, the Fund may invest in taxable obligations only if, after any such investment, not more than 20% of its net assets would consist of taxable obligations. However, as a temporary defensive measure, the Fund may invest up to all of its assets in taxable obligations.

Please see *Appendix B* for a discussion of certain California state factors affecting the Fund.

**Cybersecurity Risk**

With the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions, the Funds and their service providers may have become more susceptible to operational and related risks through breaches in cybersecurity. A cybersecurity incident may refer to intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service providers (including, but not limited to, the Manager, distributor, fund accountants, custodian, transfer agent, and financial intermediaries) to suffer data corruption or lose operational functionality. A cybersecurity incident could, among other things, result in the loss or theft of customer data or funds, customers or employees being unable to access electronic systems (denial of services), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs.

Any of these results could have a substantial adverse impact on a Fund and its shareholders. For example, if a cybersecurity incident results in a denial of service, Fund shareholders could lose access to their electronic accounts and be unable to buy or sell Fund shares for an unknown period of time, and employees could be unable to access electronic systems to perform critical duties for the Fund, such as trading, NAV calculation, shareholder accounting or fulfillment of Fund share purchases and redemptions. Cybersecurity incidents could cause a Fund or Fund service provider to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, or financial loss of a significant magnitude and could result in allegations that a Fund or Fund service provider violated privacy and other laws.

Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Fund invests, counterparties with which a Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions and other parties. Risk management systems and business continuity plans seek to reduce the risks associated with cybersecurity in the event there is a cybersecurity breach, but there are inherent limitations in these systems and plans, including the possibility that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. Furthermore, the Funds do not control the cybersecurity systems and plans of the issuers of securities in which the Funds invest or the Funds' third party service providers or trading counterparties or any other service providers whose operations may affect the Funds or their shareholders.

As an open-end management investment company, the Trust has delegated its operational activities to third-party service providers, subject to the oversight of the Board. Because the Trust operates its business through third-party service providers, it does not itself have any operational or security systems or infrastructure that are potentially subject to cyber attacks. The third-party service providers that facilitate the Trust's business activities, including, but not limited to, fund management, custody of Trust assets, fund accounting and financial administration, and transfer agent services, could be sources of operational and informational security risk to the Trust and its shareholders, including from breakdowns or failures of the third-party service providers' own systems or capacity constraints. A failure or breach of the operational or security systems or infrastructure of the Trust's third-party service providers could disrupt the Trust's operations, result in the disclosure or misuse of confidential or proprietary information, and cause losses. Although the Trust and its third-party service providers have business continuity plans and other safeguards in place, the operations of the Trust's third-party service providers may be adversely affected by significant disruption of the service providers' operating systems or physical infrastructure that support the Trust and its shareholders.

The proliferation of new technologies, the use of the Internet and telecommunications technologies to conduct business, as well as the increased sophistication and activities of organized crime, hackers, terrorists, activists, and others, have significantly increased the information security risks to which the Trust's third-party service providers are subject. The third-party service providers rely on digital technologies, computer and email systems, software, and networks to conduct their business and the business of the Trust. The Trust's third-party service providers have robust information security procedures; however, their technologies may become the target of cyber attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss, or destruction of the Trust's or its shareholders' confidential and other information, or otherwise disrupt the business operations of

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the Trust or its third-party service providers. Although to date the Trust has not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that the Trust or its third-party service providers will not suffer such losses in the future.

Disruptions or failures in the physical infrastructure or operating systems that support the Trust's third-party service providers, or cyber attacks or security breaches of the networks, systems, or devices that the Trust's third-party service providers use to service the Trust's operations, could result in financial losses, the inability of Trust shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The business continuity policies and procedures that the Trust and its third-party service providers have established seek to identify and mitigate the types of risk to which the Trust and its third-party service providers are subject. As with any risk-management system, there are inherent limitations to these business continuity policies and procedures as there may exist, or develop in the future, risks that have not been anticipated or identified.

**Natural Disaster/Epidemic Risk**

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

**IBOR Transition Risk**

The London Interbank Offered Rate ("LIBOR") is the average offered rate for various maturities of short-term loans between major international banks who are members of the British Bankers Association ("BBA"). LIBOR was a common benchmark interest rate index used to make adjustments to variable-rate loans and was used throughout global banking and financial industries to determine interest rates for a variety of borrowing arrangements and financial instruments (such as debt instruments and derivatives). Regulators in the United States and the United Kingdom alleged that certain banks engaged in manipulative acts in connection with their submissions to the BBA. LIBOR manipulation would raise the risk of a fund of being adversely impacted if a fund received a payment based upon LIBOR and such manipulation of LIBOR resulted in lower resets than would have occurred had there been no manipulation.

In addition to LIBOR, a fund may have investments linked to other interbank offered rates ("IBORs"). Other IBORs, such as the Euro Overnight Index Average (EONIA), are also the subject of regulatory reform or discontinuation. Over the past several years, various regulators and industry bodies have worked together to identify alternative reference rates ("ARRs") to replace LIBOR and assist with the transition to the new ARRs. The majority of LIBOR rates were phased out at the end of 2021. The most common tenors of USD LIBOR (overnight and 1-, 3-, 6- and 12- month) will cease publication as of June 30, 2023.

There remains uncertainty and risks related to converting certain longer-term securities and transactions to a new ARR. For example, there can be no assurance that the composition or characteristics of any ARRs or financial instruments in which a fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. While some instruments tied to LIBOR or a similar rate may include a replacement rate in the event these rates are discontinued, not all instruments have such fallback provisions and the effectiveness of such replacement rates remains uncertain. The cessation of LIBOR or similar rates could affect the value and liquidity of investments tied to these rates, especially those that do not include fallback provisions. The effect of a transition away from the IBORs may also result in a reduction in the effectiveness of certain hedging transactions and increased volatility in markets that currently rely on an IBOR to determine interest rates. The use of alternative reference rate products may also impact investment strategy performance. Due to the uncertainty regarding the future utilization of LIBOR and similar rates and the nature of any replacement rate, the potential effect of a transition away from these rates on a fund or the financial instruments in which the fund invests cannot yet be determined.

**Disclosure of Portfolio Holdings Information**

Each Fund has adopted a policy generally prohibiting the disclosure of portfolio holdings information to any person until after 30 calendar days have passed. The Trust posts a list of each Fund's portfolio holdings monthly, with a 30-day lag, on each Fund's website, delawarefunds.com. In addition, on a 10-day lag, we also make available on the website a month-end summary listing of the number of each Fund's securities, country and asset allocations, and top 10 securities and sectors by percentage of holdings for each Fund. This information is available publicly to any and all shareholders free of charge once posted on the website or by calling 800 523-1918.

Other entities, including institutional investors and intermediaries that distribute the Funds' shares, are generally treated similarly and are not provided with the Funds' portfolio holdings in advance of when they are generally available to the public.

The Funds may, from time to time, provide statistical data derived from publicly available information to third parties, such as shareholders, prospective shareholders, financial intermediaries, consultants, and ratings and ranking organizations.

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Disclosure of Portfolio Holdings Information

Third-party service providers and affiliated persons of the Funds are provided with the Funds' portfolio holdings only to the extent necessary to perform services under agreements relating to the Funds. In accordance with the policy, third-party service providers who receive nonpublic portfolio holdings information on an ongoing basis are: the Manager's affiliates (Macquarie Investment Management Business Trust, Delaware Investments Fund Services Company, and the Distributor), the Funds' independent registered public accounting firm, the Funds' custodian, the Funds' legal counsel, the Funds' financial printer (DG3), and the Funds' proxy voting service. These entities are obligated to keep such information confidential.

Third-party rating and ranking organizations and consultants who have signed agreements ("Nondisclosure Agreements") with the Funds or the Manager may receive portfolio holdings information more quickly than the 30-day lag. The Nondisclosure Agreements require that the receiving entity hold the information in the strictest confidence and prohibit the receiving entity from disclosing the information or trading on the information (either in Fund shares or in shares of the Funds' portfolio securities). In addition, the receiving party must agree to provide copies of any research or reports generated using the portfolio holdings information in order to allow for monitoring of use of the information. Neither the Funds, nor the Manager, nor any affiliate, receives any compensation or consideration with respect to these agreements.

To protect the shareholders' interests and to avoid conflicts of interest, Nondisclosure Agreements must be approved by a member of the Manager's Legal Department and Compliance Department and any deviation in the use of the portfolio holdings information by the receiving party must be approved in writing by the Funds' Chief Compliance Officer prior to such use.

The Board will be notified of any substantial changes to the foregoing procedures. The Board also receives an annual report from the Trust's Chief Compliance Officer that, among other things, addresses the operation of the Trust's procedures concerning the disclosure of portfolio holdings information.

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**Management of the Trust**

**Trustees and officers**

The business and affairs of the Trust are managed under the direction of its Board of Trustees. Certain officers and Trustees of the Trust hold identical positions in Delaware Funds. The Trust's Trustees and principal officers are noted below along with their birthdates and their business experience for the past five years. The Trustees serve for indefinite terms until their resignation, death, or removal.

As of December 31, 2022, the officers and Trustees of the Trust directly owned less than 1% of the outstanding shares of each Class of each Fund.

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|:---|:---|:---|:---|:---|:---|
| Name, Address,<br> and Birth Year <br>| Position(s) Held with the Trust<br>| Length of Time <br> Served<sup>1</sup><br>| Number of Funds in Fund Complex Overseen by Trustee<br>| Principal Occupation(s)<br>During the Past Five Years <br>| Other Directorships Held by Trustee During the Past Five Years<br>|
| ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** | ***Interested Trustee*** |
| Shawn K. Lytle<sup>2</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1970<br>| President, Chief Executive Officer, and Trustee<br>| President and Chief Executive Officer since August 2015<br>Trustee since September 2015<br>| 127<br>| Macquarie Asset Management<sup>3</sup> (2015-Present)—Global Head of Public Investments (2019-Present); Head of Americas of Macquarie Group (2017-Present) <br>|  |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jerome D. Abernathy<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1959<br>| Trustee<br>| Since January 2019<br>| 127<br>| Stonebrook Capital Management, LLC (financial technology: macro factors and databases)—Managing Member (1993-Present)<br>|  |
| Ann D. Borowiec<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1958<br>| Trustee<br>| Since March 2015<br>| 127<br>| J.P. Morgan Chase & Co. (1987-2013)—Chief Executive Officer, Private Wealth Management (2011-2013)<br>| Banco Santander International (2016-2019)<br>Santander Bank, N.A. (2016-2019)<br>|
| Joseph W. Chow<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1953<br>| Trustee<br>| Since January 2013<br>| 127<br>| Private Investor (2011-Present)<br>|  |
| H. Jeffrey Dobbs<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1955<br>| Trustee<br>| Since April 2019<sup>4</sup><br>| 127<br>| KPMG LLP (2002-2015)—Global Sector Chairman, Industrial Manufacturing (2010-2015)<br>| TechAccel LLC (2015-Present)<br>PatientsVoices, Inc. (2018-Present)<br>Valparaiso University Board (2012-Present)<br>Ivy Funds Complex (2019-2021)<br>|

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Management of the Trust

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|:---|:---|:---|:---|:---|:---|
| Name, Address, <br>and Birth Year <br>| Position(s) Held with the Trust<br>| Length of Time <br> Served<sup>1</sup><br>| Number of Funds in Fund Complex Overseen by Trustee<br>| Principal Occupation(s)<br>During the Past Five Years <br>| Other Directorships Held by Trustee During the Past Five Years<br>|
| John A. Fry<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1960<br>| Trustee<br>| Since January 2001<br>| 127<br>| Drexel University—President (2010-Present)<br>| Federal Reserve Bank of Philadelphia (2020-Present)<br>FS Credit Real Estate Income Trust, Inc. (2018-Present)<br>vTv Therapeutics Inc. (2017-Present)<br>Community Health Systems (2004-Present)<br>Drexel Morgan & Co. (2015-2019)<br>|
| Joseph Harroz, Jr.<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1967<br>| Trustee<br>| Since November 1998<sup>4</sup><br>| 127<br>| University of Oklahoma—President (2020-Present); Interim President (2019-2020); Vice President and Dean, College of Law (2010-2019)<br>Brookhaven Investments LLC (commercial enterprises) —Managing Member (2019-Present)<br>St. Clair, LLC (commercial enterprises) —Managing Member (2019-Present)<br>| OU Medicine, Inc. (2020-Present)<br>Big 12 Athletic Conference (2019-Present)<br>Valliance Bank (2007-Present)<br>Ivy Funds Complex (1998-2021)<br>|

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**IVYSAI-SEP 1/23**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address, <br>and Birth Year <br>| Position(s) Held with the Trust<br>| Length of Time <br> Served<sup>1</sup><br>| Number of Funds in Fund Complex Overseen by Trustee<br>| Principal Occupation(s)<br>During the Past Five Years <br>| Other Directorships Held by Trustee During the Past Five Years<br>|
| Sandra A.J. Lawrence<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1957<br>| Trustee<br>| Since April 2019<sup>4</sup><br>| 127<br>| Children's Mercy Hospitals and Clinics (2005-2019) —Chief Administrative Officer (2016-2019)<br>| Brixmor Property Group Inc. (2021-Present)<br>Sera Prognostics Inc. (biotechnology) (2021-Present)<br>Recology (resource recovery) (2021-Present)<br>Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018-Present)<br>National Association of Corporate Directors (2017-Present)<br>Ivy Funds Complex (2019-2021)<br>American Shared Hospital Services (medical device) (2017-2021)<br>Westar Energy (utility) (2004-2018)<br>|
| Frances A. Sevilla-Sacasa<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1956<br>| Trustee<br>| Since September 2011<br>| 127<br>| Banco Itaú International—Chief Executive Officer (2012-2016)<br>| Florida Chapter of National Association of Corporate Directors (2021-Present)<br>Callon Petroleum Company (2019-Present)<br>Camden Property Trust (2011-Present)<br>New Senior Investment Group Inc. (2021)<br>Carrizo Oil & Gas, Inc. (2018-2019)<br>|

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**IVYSAI-SEP 1/23**

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Management of the Trust

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address, <br>and Birth Year <br>| Position(s) Held with the Trust<br>| Length of Time <br> Served<sup>1</sup><br>| Number of Funds in Fund Complex Overseen by Trustee<br>| Principal Occupation(s)<br>During the Past Five Years <br>| Other Directorships Held by Trustee During the Past Five Years<br>|
| Thomas K. Whitford<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1956<br>| Chair and Trustee<br>| Trustee since January 2013<br>Chair since January 2023<br>| 127<br>| PNC Financial Services Group (1983-2013)—Vice Chairman (2009-2013)<br>| HSBC USA Inc. (2014-2022)<br>HSBC North America Holdings Inc. (2013-2022)<br>HSBC Finance Corporation (2013-2018)<br>|
| Christianna Wood<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1959<br>| Trustee<br>| Since January 2019<br>| 127<br>| Gore Creek Capital, Ltd.—Chief Executive Officer and President (2009-Present)<br>| The Merger Fund (2013-2021), The Merger Fund VL (2013-2021), WCM Alternatives: Event-Driven Fund (2013-2021), and WCM Alternatives: Credit Event Fund (2017-2021)<br>Grange Insurance (2013-Present)<br>H&R Block Corporation (2008-Present)<br>|
| Janet L. Yeomans<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1948<br>| Trustee<br>| Since April 1999<br>| 127<br>| 3M Company (1995-2012)—Vice President and Treasurer (2006-2012)<br>| Okabena Company (2009-2017)<br>|

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| | | | |
|:---|:---|:---|:---|
| ***Officers***<br>| &nbsp;&nbsp;&nbsp;&nbsp; Position(s) Held with the Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp; Length of Time <br> Served<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; Principal Occupation(s)<br>During the Past Five Years <br>|
| David F. Connor<sup>5</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1963<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, General Counsel, and Secretary<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President since May 2013; General Counsel since May 2015; Secretary since October 2005<br>| &nbsp;&nbsp;&nbsp;&nbsp; David F. Connor has served in various capacities at different times at MAM.<br>|
| Daniel V. Geatens<sup>5</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1972<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Treasurer<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President since December 2020; Treasurer since October 2007<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daniel V. Geatens has served in various capacities at different times at MAM.<br>|
| Richard Salus<br>100 Independence,<br>610 Market Street<br>Philadelphia, PA 19106-2354 <br>1963<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Chief Financial Officer<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Chief Financial Officer since November 2006<br>| &nbsp;&nbsp;&nbsp;&nbsp; Richard Salus has served in various capacities at different times at MAM.<br>|

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<br> 1 "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Delaware Funds complex.

**IVYSAI-SEP 1/23**

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| | |
|:---|:---|
| 2<br>| Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Manager.<br>|
| 3<br>| Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds' Manager, principal underwriter, and transfer agent.<br>|
| 4<br>| Includes time served on the Board of Ivy Funds prior to the date when Ivy Funds joined the Delaware Funds complex.<br>|
| 5<br>| David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds.<br>|

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The following table shows each Trustee's ownership of shares of the Funds and of shares of all Delaware Funds as of December 31, 2021, unless otherwise noted.

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| | | |
|:---|:---|:---|
| **Name**<br>| Dollar Range of Equity Securities in the Funds<br>| Aggregate Dollar Range of Equity Securities\* in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies<br>|
| ***Interested Trustee***<br>|  |  |
| **Shawn K. Lytle**<br>|  | Over $100,000<br>|
| ***Independent Trustees***<br>|  |  |
| **Jerome D. Abernathy**<br>|  | $50000-$100000<br>|
| **Ann D. Borowiec**<br>|  | Over $100,000<br>|
| **Joseph W. Chow**<br>|  | Over $100,000<br>|
| **H. Jeffrey Dobbs**<br>|  | Over $100,000<br>|
| **John A. Fry**<br>|  | Over $100,000<br>|
| **Joseph Harroz, Jr.**<br>| Over $100,000 (Delaware Ivy Multi-Asset Income Fund)<br>| Over $100,000<br>|
| **Sandra A.J. Lawrence**<br>|  | Over $100,000<br>|
| **Frances A. Sevilla-Sacasa**<br>|  | Over $100,000<br>|
| **Thomas K. Whitford**<br>|  | Over $100,000<br>|
| **Christianna Wood**<br>|  | Over $100,000<br>|
| **Janet L. Yeomans**<br>|  | Over $100,000<br>|

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\* The ranges for equity securities ownership by each Trustee are: none; $1-$10,000; $10,001-$50,000; $50,001-$100,000; or over $100,000. 

The following table describes the aggregate compensation received by each Trustee from the Trust and the total compensation received from Delaware Funds for which he or she served as a Trustee for the Trust's last fiscal year. Only the Trustees of the Trust who are not "interested persons" as defined by the 1940 Act (the "Independent Trustees") receive compensation from the Trust.

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| | | | |
|:---|:---|:---|:---|
| **Trustee**<br>| Aggregate Compensation from the Trust<br>| Pension or Retirement Benefits Accrued as Part of Fund Expenses<br>| Total Compensation from the Investment Companies in the Delaware Funds Complex<sup>1</sup><br>|
| **Jerome D. Abernathy**<br>| $6939<br>|  | $405250<br>|
| **Thomas L. Bennett **<sup>2</sup>**<br>| $9785<br>|  | $572250<br>|
| **Ann D. Borowiec**<br>| $6808<br>|  | $399250<br>|
| **Joseph W. Chow**<br>| $6694<br>|  | $391250<br>|
| **H. Jeffrey Dobbs**<br>| $3101<br>|  | $200500<br>|
| **John A. Fry**<br>| $6963<br>|  | $405750<br>|
| **Joseph Harroz, Jr.**<br>| $2861<br>|  | $185500<br>|
| **Sandra A.J. Lawrence**<br>| $3449<br>|  | $220500<br>|
| **Frances A. Sevilla-Sacasa**<br>| $6648<br>|  | $388750<br>|
| **Thomas K. Whitford (Chair)**<sup>3</sup>**<br>| $9094<br>|  | $536750<br>|
| **Christianna Wood**<br>| $6677<br>|  | $390250<br>|
| **Janet L. Yeomans**<br>| $6973<br>|  | $406107<br>|

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**IVYSAI-SEP 1/23**

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Management of the Trust

<sup>1</sup> Each Independent Trustee/Director receives an annual retainer fee for serving as a Trustee/Director for the investment companies in the Delaware Funds by Macquarie family of funds (127 funds in the complex) for which they serve, plus certain meeting fees. The committee members, committee chairs, and Board Chair also receive retainers for their serving on such committees, serving as committee chair or serving as Board Chair, respectively. An Independent Trustee/Director may receive additional fees based on determination by the Board Chair and the Nominating and Corporate Governance Committee. 

<sup>2</sup> Thomas L. Bennett served as Board Chair until his retirement from the Board on December 31, 2022. 

<sup>3</sup> Thomas K. Whitford has been Board Chair since January 1, 2023. 

**Board Leadership Structure**

***Common Board of Trustees/Directors:*** The business of the Trust is managed under the direction of its Board. The Trustees also serve on the Boards of all the other investment companies that comprise Delaware Funds. The Trustees believe that having a common Board for all funds in the complex is efficient and enhances the ability of the Board to address its responsibilities to each fund in the complex. The Trustees believe that the common board structure allows the Trustees to leverage their individual expertise and that their judgment is enhanced by being Trustees of all of the funds in the complex.

***Board Chair:*** Mr. Whitford is the Board's Chair. As fund governance best practices have evolved, more and more fund boards have opted to have an independent trustee serve as chair. Among other reasons, the Board selected Mr. Whitford as Chair due to his substantial financial industry experience and his tenure on the Board. As the Chair, Mr. Whitford, in consultation with Fund management, legal counsel, and the other Trustees, proposes Board agenda topics, actively participates in developing Board meeting agendas, and ensures that appropriate and timely information is provided to the Board in connection with Board meetings. Mr. Whitford also conducts meetings of the Independent Trustees. He also generally serves as a liaison among outside Trustees, Fund officers, and legal counsel, and is an *ex officio* member of the Nominating and Corporate Governance Committee.

***Size and composition of Board:*** The Board is currently comprised of twelve Trustees. Eleven of the twelve Trustees are independent. The Trustees believe that the current size of the Board is conducive to Board interaction, dialogue, and debate, resulting in an effective decision-making body. The Board comprises Trustees with a variety of professional backgrounds. The Board believes that the skill sets of its members are complementary and add to the overall effectiveness of the Board. The Trustees regard diversity as an important consideration in the present composition of the Board and the selection of qualified candidates to fill vacancies on the Board. In order to ensure that Board membership will be refreshed from time to time, the Board has adopted a mandatory retirement age of 75 for Trustees. As a result, a Trustee may serve until December 31 of the calendar year in which such Trustee reaches the age of 75. At the discretion of the other Trustees, active service for a particular Trustee may be extended for a limited period of time beyond a Trustee's normal retirement date.

***Committees:*** The Board has established several committees, each of which focuses on a particular substantive area and provides reports and recommendations to the full Board. The committee structure enables the Board to manage efficiently and effectively the large volume of information relevant to the Board's oversight of the Trust. The committees benefit from the professional expertise of their members. At the same time, membership on a committee enhances the expertise of its members and benefits the overall effectiveness of the Board.

The Board has the following committees:

***Audit Committee:*** This committee monitors accounting and financial reporting policies, practices, and internal controls for the Trust. It also oversees the quality and objectivity of the Trust's financial statements and the independent audit thereof, and acts as a liaison between the Trust's independent registered public accounting firm and the full Board. The Trust's Audit Committee consists of the following Independent Trustees: Chair; Frances Sevilla-Sacasa; H. Jeffrey Dobbs; and Sandra A. J. Lawrence. The Audit Committee held six meetings during the Trust's last fiscal year.

***Nominating and Corporate Governance Committee** **:*** This committee recommends Board nominees, fills Board vacancies that arise in between meetings of shareholders, and considers the qualifications and independence of Board members. The committee also monitors the performance of counsel for the Independent Trustees. The committee will consider shareholder recommendations for nomination to the Board only in the event that there is a vacancy on the Board. Shareholders who wish to submit recommendations for nominations to the Board to fill a vacancy must submit their recommendations in writing to the Nominating and Corporate Governance Committee, Attention: General Counsel, c/o Delaware Funds at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. Shareholders should include appropriate information on the background and qualifications of any persons recommended (e.g., a resume), as well as the candidate's contact information and a written consent from the candidate to serve if nominated and elected. Shareholder recommendations for nominations to the Board will be accepted on an ongoing basis and such recommendations will be kept on file for consideration when there is a vacancy on the Board. The committee consists of the following Independent Trustees: Ann D. Borowiec, Chair; John A. Fry; Joseph Harroz, Jr.; and Thomas K. Whitford (ex officio). The Nominating and Corporate Governance Committee held five meetings during the Trust's last fiscal year.

In reaching its determination that an individual should serve or continue to serve as a Trustee of the Trust, the committee considers, in light of the Trust's business and structure, the individual's experience, qualifications, attributes, and skills (the "Selection Factors"). No one Selection Factor is determinative, but some of the relevant factors that have been considered include: (i) the Trustee's business and professional experience and accomplishments, including prior experience in the financial services industry or on other boards; (ii) the ability to work effectively and collegially with other people; and (iii) how the Trustee's background and attributes contribute to the overall mix of skills and experience on the Board as a whole. Below is a brief summary of the Selection Factors that relate to each Trustee as of the date of this SAI.

**IVYSAI-SEP 1/23**

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***Jerome D. Abernathy*** — Mr. Abernathy has over 30 years of experience in the investment management industry. In selecting him to serve on the Board, the Independent Trustees noted and valued his extensive experience as a chief investment officer, director of research, trader, and analytical proprietary trading researcher. Mr. Abernathy received a B.S. in electrical engineering from Howard University and a Ph.D. in electrical engineering and computer science from Massachusetts Institute of Technology. Mr. Abernathy has served on the Board since January 2019.

***Ann D. Borowiec*** — Ms. Borowiec has over 25 years of experience in the banking and wealth management industry. Ms. Borowiec also serves as a board member on several nonprofit organizations. In nominating her to the Board in 2015, the Independent Trustees found that her experience as a Chief Executive Officer in the private wealth management business at a leading global asset manager and private bank, including the restructuring of business lines and defining client recruitment strategies, complemented the skills of existing board members. The Independent Trustees also found that her experience would provide additional oversight skill in the area of fund distribution. Ms. Borowiec holds a B.B.A. from Texas Christian University and an M.B.A. from Harvard University. Ms. Borowiec has served on the Board since March 2015.

***Joseph W. Chow*** — Mr. Chow has over 30 years of experience in the banking and financial services industry. In electing him in 2013, the Independent Trustees found that his extensive experience in business strategy in non-US markets complemented the skills of existing Board members and also reflected the increasing importance of global financial markets in investment management. The Independent Trustees also found that Mr. Chow's management responsibilities as a former Executive Vice President of a leading global asset servicing and investment management firm as well as his experience as Chief Risk and Corporate Administration Officer would add helpful oversight skills to the Board's expertise. Mr. Chow holds a B.A. degree from Brandeis University and M.C.P. and M.S. in Management degrees from MIT. Mr. Chow has served on the Board since January 2013.

***H. Jeffrey Dobbs*** — Mr. Dobbs has more than 35 years of experience in the automotive, industrial manufacturing, financial services and consumer sectors. He also has served as a partner in a public accounting firm. Mr. Dobbs also has multiple years of service as a Trustee on the Board of Ivy Funds prior to the time Ivy Funds joined the Delaware Funds complex. Mr. Dobbs holds a degree in accounting from Valparaiso University. The Independent Trustees concluded that Mr. Dobbs is suitable to act as Trustee because of his extensive work in the global professional services industry, as well as his educational background.

***John A. Fry*** — Mr. Fry has over 30 years of experience in higher education. He has served in senior management for three major institutions of higher learning including serving as president of a leading research university. Mr. Fry has also served as a board member of many nonprofit organizations and several for-profit companies. Mr. Fry has extensive experience in overseeing areas such as finance, investments, risk-management, internal audit, and information technology. He holds a B.A. degree in American Civilization from Lafayette College and an M.B.A. from New York University. Mr. Fry has served on the Board since January 2001.

***Joseph Harroz, Jr.*** — Mr. Harroz serves as the President of a state university, and also serves as a Director of a bank. He also has served as President and Director of a publicly-traded company, as Interim President and General Counsel to a state university system and as Dean of the College of Law of that state university. Mr. Harroz holds a B.A. degree from the University of Oklahoma and a J.D. from Georgetown University Law Center. Mr. Harroz has multiple years of service as a Trustee on the Board of Ivy Funds prior to the time Ivy Funds joined the Delaware Funds complex. The Independent Trustees concluded that Mr. Harroz is suitable to serve as Trustee because of his educational background, his work experience and the length of his service as a Trustee on the Board of Ivy Funds.

***Sandra A.J. Lawrence*** — Ms. Lawrence has been a member and chair of the boards of several public corporations, closely-held corporations and charitable organizations. She also has more than 16 years of experience serving on the boards of public companies, including as Audit Committee Chair and Nominating/Governance Committee Chair, and has served as a chief financial officer and on investment and finance committees. She served as President of Stern Brothers, a municipal bond house, where she held NASD Series licenses 7, 24 and 63. Ms. Lawrence also has multiple years of service as a Trustee on the Board of Ivy Funds prior to the time Ivy Funds joined the Delaware Funds complex. Ms. Lawrence holds an A.B. from Vassar College, as well as master's degrees from the Massachusetts Institute of Technology and Harvard Business School. The Independent Trustees concluded that Ms. Lawrence is suitable to serve as Trustee because of her work experience, financial background, academic background and service on corporate and charitable boards.

***Frances A. Sevilla-Sacasa*** — Ms. Sevilla-Sacasa has over 30 years of experience in banking and wealth management. In electing her in 2011, the Independent Trustees found that her extensive international wealth management experience, in particular, complemented the skills of existing Board members and also reflected the increasing importance of international investment management not only for dollar-denominated investors but also for investors outside the US. The Independent Trustees also found that Ms. Sevilla-Sacasa's management responsibilities as the former President and Chief Executive Officer of a major trust and wealth management company would add a helpful oversight skill to the Board's expertise, and her extensive nonprofit Board experience gave them confidence that she would make a meaningful, experienced contribution to the Board of Trustees. Finally, in electing Ms. Sevilla-Sacasa to the Board, the Independent Trustees valued her perceived dedication to client service as a result of her overall career experience. Ms. Sevilla-Sacasa holds B.A. and M.B.A. degrees from the University of Miami and Thunderbird School of Global Management, respectively. Ms. Sevilla-Sacasa has served on the Board since September 2011.

***Thomas K. Whitford*** — Currently the Board's Chair, Mr. Whitford has over 35 years of experience in the banking and financial services industry, and served as Vice Chairman of a major banking, asset management, and residential mortgage banking institution. In electing him in 2013, the Independent Trustees found that Mr. Whitford's senior management role in wealth management and experience in the mutual fund servicing business would provide valuable current management and financial industry insight, in particular, and complemented the skills of existing Board members. The Independent Trustees also found that his senior management role in integrating company acquisitions, technology, and operations and his past role as Chief Risk Officer would add a

**IVYSAI-SEP 1/23**

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Management of the Trust

helpful oversight skill to the Board's expertise. Mr. Whitford holds a B.S. degree from the University of Massachusetts and an M.B.A. degree from The Wharton School of the University of Pennsylvania. Mr. Whitford has served on the Board since January 2013.

***Christianna Wood*** — Ms. Wood has over 35 years of experience in the investment management industry. In selecting her to serve on the Board, the Independent Trustees noted and valued her significant portfolio management, corporate governance and audit committee experience. Ms. Wood received a B.A. in economics from Vassar College and an M.B.A. in finance from New York University. Ms. Wood has served on the Board since January 2019.

***Janet L. Yeomans*** — Ms. Yeomans has over 28 years of business experience with a large global diversified manufacturing company, including service as Treasurer for this company. In this role, Ms. Yeomans had significant broad-based financial experience, including global financial risk-management, investments, and mergers and acquisitions. She served as a board member of a for-profit company and also is a current board member of a hospital and a public university system. She holds degrees in mathematics and physics from Connecticut College, an M.S. in mathematics from Illinois Institute of Technology, and an M.B.A. from the University of Chicago. Ms. Yeomans has served on the Board since April 1999.

***Shawn K. Lytle*** — Mr. Lytle has approximately 30 years of experience in the investment management industry. He has been the Global Head of Macquarie Asset Management since January 2019 and Head of Americas - Macquarie Group since December 2017 and he is responsible for all aspects of the firm's business. He joined the firm as President of Macquarie Asset Management - Americas in 2015. Prior to that time, Mr. Lytle served in various executive management, investment management, and distribution positions at two major banking institutions. He holds a B.A. degree from The McDonough School of Business at Georgetown University. Mr. Lytle serves on the board of directors of the National Association of Securities Professionals (NASP), the Sustainability Accounting Standards Board, and he is a member of the board of governors for the Investment Company Institute (ICI). In November 2017, Mr. Lytle was named to the Black Enterprise list of "Most Powerful Executives in Corporate America." Mr. Lytle has served on the Board since September 2015.

***Committee of Independent Trustees:*** This committee develops and recommends to the Board a set of corporate governance principles and oversees the evaluation of the Board, its committees, and its activities. The committee comprises all of the Trust's Independent Trustees. The Committee of Independent Trustees held four meetings during the Trust's last fiscal year.

***Investments** **Committees** **:*** The primary purposes of the Investments Committees are to: (i) assist the Board at its request in its oversight of the investment advisory services provided to the Trust by the Manager as well as any sub-advisors; (ii) review all proposed advisory and sub-advisory agreements for new funds or proposed amendments to existing agreements and to recommend what action the full Board and the Independent Trustees should take regarding the approval of all such proposed agreements; and (iii) review reports supplied by the Manager regarding investment performance, portfolio risk and expenses and to suggest changes to such reports. Investments Committee A consists of the following Independent Trustees: Joseph W. Chow, Chair; Jerome D. Abernathy; H. Jeffrey Dobbs; and Christianna Wood. Investments Committee B consists of the following Independent Trustees: Janet L. Yeomans, Chair; Jerome D. Abernathy; Sandra A.J. Lawrence; and Christianna Wood. Investments Committee A held four meetings during the Trust's last fiscal year. Investments Committee B held six meetings during the Trust's last fiscal year.

***Board role in risk oversight:*** The Board performs a risk oversight function for the Trust consisting, among other things, of the following activities:

(1) receiving and reviewing reports related to the performance and operations of the Trust; (2) reviewing, approving, or modifying as applicable, the compliance policies and procedures of the Trust; (3) meeting with portfolio management teams to review investment strategies, techniques and the processes used to manage related risks; (4) addressing security valuation risk in connection with its review of fair valuation decisions made by Fund management pursuant to Board-approved procedures; (5) meeting with representatives of key service providers, including the Manager, the Distributor, the Funds' transfer agent, the custodian and the independent public accounting firm of the Trust, to review and discuss the activities of the Trust's series, and to provide direction with respect thereto; (6) engaging the services of the Trust's Chief Compliance Officer to test the compliance procedures of the Trust and its service providers; and (7) requiring management's periodic presentations on specified risk topics.

The Trustees perform this risk oversight function throughout the year in connection with each quarterly Board meeting. The Trustees routinely discuss certain risk-management topics with Fund management at the Board level and also through the standing committees of the Board. In addition to these recurring risk-management discussions, Fund management raises other specific risk-management issues relating to the Funds with the Trustees at Board and committee meetings. When discussing new product initiatives with the Board, Fund management also discusses risk — either the risks associated with the new proposals or the risks that the proposals are designed to mitigate. Fund management also provides periodic presentations to the Board to give the Trustees a general overview of how the Manager and its affiliates identify and manage risks pertinent to the Trust.

The Audit Committee looks at specific risk-management issues on an ongoing basis. The Audit Committee is responsible for certain aspects of risk oversight relating to financial statements, the valuation of the Trust's assets, and certain compliance matters. In addition, the Audit Committee meets with the Manager's internal audit and risk-management personnel on a quarterly basis to review the reports on their examinations of functions and processes affecting the Trust.

The Board's other committees also play a role in assessing and managing risk. The Nominating and Corporate Governance Committee and the Committee of Independent Trustees play a role in managing governance risk by developing and recommending to the Board corporate governance principles and, in the case of the Committee of Independent Trustees, by overseeing the evaluation of the Board, its committees, and its activities. The Investments Committees play a significant role in assessing and managing risk through their oversight of investment performance, investment process, investment risk controls, and fund expenses.

**IVYSAI-SEP 1/23**

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Because risk is inherent in the operation of any business endeavor, and particularly in connection with the making of financial investments, there can be no assurance that the Board's approach to risk oversight will be able to minimize or even mitigate any particular risk. The Funds are designed for investors that are prepared to accept investment risk, including the possibility that as yet unforeseen risks may emerge in the future.

**Code of Ethics**

The Trust, the Manager, and the Distributor have adopted Codes of Ethics in compliance with the requirements of Rule 17j-1 under the 1940 Act, which govern personal securities transactions. Under the Codes of Ethics, persons subject to the Codes are permitted to engage in personal securities transactions, including securities that may be purchased or held by the Funds, subject to the requirements set forth in Rule 17j-1 under the 1940 Act and certain other procedures set forth in the applicable Code of Ethics. The Codes of Ethics are on public file with, and are available from, the SEC.

**Proxy Voting Policies**

The Trust has formally delegated to the Manager the responsibility for making all proxy voting decisions in relation to portfolio securities held by the Funds. If and when proxies need to be voted on behalf of the Funds, the Manager and any Macquarie affiliates advising the Funds (collectively, "Macquarie Asset Management Public Investments") will vote such proxies pursuant to Macquarie Asset Management Public Investments' ("MPI") Proxy Voting Policies and Procedures (the "Procedures"). MPI has established a Proxy Voting Committee (the "Committee"), which is responsible for overseeing MPI's proxy voting process for the Funds. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow MPI to vote proxies in a manner consistent with the goal of voting in the best interests of the Funds.

In order to facilitate the actual process of voting proxies, MPI has contracted with proxy advisory firms to analyze proxy statements on behalf of the Funds and MPI's other clients and provide MPI with research recommendations on upcoming proxy votes in accordance with the Procedures. The Committee is responsible for overseeing the proxy advisory firms' services. If a proxy has been voted for the Funds, the proxy advisory firm will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently

disclosed 12-month period ended June 30 is available without charge (i) through the Funds' website at http://www.delawarefunds.com/proxy; and (ii) on the Commission's website at http://www.sec.gov.

When determining whether to invest in a particular company, one of the factors MPI may consider is the quality and depth of the company's management. As a result, MPI believes that recommendations of management on any issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. Thus, on many issues, MPI's votes are cast in accordance with the recommendations of the company's management. However, MPI may vote against management's position when it runs counter to MPI's specific Proxy Voting Guidelines (the "Guidelines"), and MPI will also vote against management's recommendation when MPI believes such position is not in the best interests of the Funds.

As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the Funds. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote for management or shareholder proposals to reduce supermajority vote requirements, taking into account: ownership structure; quorum requirements; and vote requirements; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis; (iv) generally vote re-incorporation proposals on a case-by-case basis; (v) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; (vi) generally vote for proposals requesting that a company report on its policies, initiatives, oversight mechanisms, and ethical standards related to social, economic, and environmental sustainability, unless company already provides similar reports through other means or the company has formally committed to the implementation of a reporting program based on Global Reporting Initiative guidelines or a similar standard; and (vii) generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

Because the Trust has delegated proxy voting to MPI, the Funds are not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, MPI does have a section in its Procedures that addresses the possibility of conflicts of interest. Most of the proxies which MPI receives on behalf of its clients are voted in accordance with the Procedures. Since the Procedures are pre-determined by the Committee, application of the Procedures by MPI's portfolio management teams when voting proxies after reviewing the proxy and research provided by the proxy advisory firms should in most instances adequately address any potential conflicts of interest. If MPI becomes aware of a conflict of interest in an upcoming proxy vote, the proxy vote will generally be referred to the Committee or the Committee's delegates for review. If the portfolio management team for such proxy intends to vote in accordance with the proxy advisory firm's recommendation pursuant to our Procedures, then no further action is needed to be taken by the Committee. If MPI's portfolio management team is considering voting a proxy contrary to the proxy advisory firm's research recommendation under the Procedures, the Committee or its delegates will assess the proposed vote to determine if it is reasonable. The Committee or its delegates will also assess whether any business or other material relationships between MPI and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. If the Committee or its delegates determines that the proposed proxy vote is unreasonable or unduly influenced by a conflict, the portfolio management team will be required to vote the proxy in accordance with the proxy advisory firm's research recommendation or abstain from voting.

**IVYSAI-SEP 1/23**

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**Investment Manager and Other Service Providers**

**Investment Manager**

The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, furnishes investment management services to the Funds, subject to the supervision and direction of the Board. The Manager also provides investment management services to all of the other Delaware Funds. Affiliates of the Manager also manage other investment accounts. While investment decisions for the Funds are made independently from those of the other funds and accounts, investment decisions for such other funds and accounts may be made at the same time as investment decisions for the Funds. The Manager pays the salaries of all Trustees, officers, and employees who are affiliated with both the Manager and the Trust. In the course of discharging its non-portfolio management duties under the advisory contract, the Manager may delegate to affiliates.

Together, the Manager and the other subsidiaries of Macquarie Management Holdings, Inc. ("MMHI") manage, as of December 31, 2022, approximately $220.6 billion in assets, including mutual funds, separate accounts, and other investment vehicles. The Manager is a series of Macquarie Investment Management Business Trust (a Delaware statutory trust), which is a subsidiary of MMHI. MMHI is a subsidiary, and subject to the ultimate control, of Macquarie Group Limited ("Macquarie"). Macquarie is a Sydney, Australia-headquartered global provider of banking, financial, advisory, investment and funds management services. "Macquarie Asset Management" is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited.

The Funds' Investment Management Agreement ("Investment Management Agreement") may be renewed each year only so long as such renewal and continuance are specifically approved at least annually by the Board or by vote of a majority of the outstanding voting securities of each Fund, and only if the terms of, and the renewal thereof, have been approved by the vote of a majority of the Independent Trustees of the Trust who are not parties thereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Investment Management Agreement is terminable without penalty on 60 days' notice by the Trustees of the Trust or by the Manager. The Investment Management Agreement will terminate automatically in the event of its assignment.

As compensation for the services rendered under the Investment Management Agreement, the Funds shall pay the Manager an annual management fee as a percentage of average daily net assets equal to:

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| | |
|:---|:---|
| **Fund Name**<br>| &nbsp;&nbsp; Management Fee (annual rate as a percentage of average daily net assets)<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>| &nbsp;&nbsp; 0.525% of net assets up to $500 million<br>0.50% of net assets over $500 million and up to $1 billion<br>0.45% of net assets over $1 billion and up to $1.5 billion<br>0.40% of net assets over $1.5 billion and up to $5 billion<br>0.395% of net assets over $5 billion and up to $10 billion<br>0.39% of net assets over $10 billion and up to $15 billion<br>0.385% of net assets over $15 billion <br>|
| **Delaware Ivy Corporate Bond Fund**<br>| &nbsp;&nbsp; 0.475% of net assets up to $1 billion<br>0.45% of net assets over $1 billion and up to $1.5 billion<br>0.40% of net assets over $1.5 billion <br>|
| **Delaware Ivy Crossover Credit Fund**<br>| &nbsp;&nbsp; 0.50% of net assets up to $500 million<br>0.45% of net assets over $500 million and up to $1 billion<br>0.425% of net assets over $1 billion and up to $2.5 billion<br>0.40% of net assets over $2.5 billion and up to $5 billion<br>0.375% of net assets over $5 billion <br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>| &nbsp;&nbsp; 0.75% of net assets up to $1 billion<br>0.725% of net assets over $1 billion and up to $2 billion<br>0.70% of net assets over $2 billion and up to $5 billion<br>0.675% of net assets over $5 billion and up to $10 billion<br>0.65% of net assets over $10 billion <br>|
| **Delaware Ivy Government Securities Fund**<br>| &nbsp;&nbsp; 0.50% of net assets up to $500 million<br>0.45% of net assets over $500 million and up to $1 billion<br>0.40% of net assets over $1 billion and up to $1.5 billion<br>0.35% of net assets over $1.5 billion <br>|
| **Delaware Ivy High Yield Fund**<br>| &nbsp;&nbsp; 0.625% of net assets up to $500 million<br>0.60% of net assets over $500 million and up to $1 billion<br>0.55% of net assets over $1 billion and up to $1.5 billion<br>0.50% of net assets over $1.5 billion and up to $10 billion<br>0.49% of net assets over $10 billion and up to $20 billion<br>0.48% of net assets over $20 billion <br>|

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**IVYSAI-SEP 1/23**

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---

| | |
|:---|:---|
| **Fund Name**<br>| &nbsp;&nbsp; Management Fee (annual rate as a percentage of average daily net assets)<br>|
| **Delaware Ivy International Small Cap Fund**<br>| &nbsp;&nbsp; 1.00% of net assets up to $1 billion<br>0.95% of net assets over $1 billion and up to $2 billion<br>0.90% of net assets over $2 billion and up to $5 billion<br>0.85% of net assets over $5 billion <br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| &nbsp;&nbsp; 0.70% of net assets up to $1 billion<br>0.65% of net assets over $1 billion and up to $2 billion<br>0.61% of net assets over $2 billion and up to $3 billion<br>0.58% of net assets over $3 billion <br>|
| **Delaware Ivy Strategic Income Fund**<br>| &nbsp;&nbsp; 0.68% of net assets up to $1 billion<br>0.62% of net assets over $1 billion and up to $2 billion<br>0.58% of net assets over $2 billion and up to $3 billion<br>0.57% of net assets over $3 billion <br>|
| **Delaware Ivy Total Return Bond Fund**<br>| &nbsp;&nbsp; 0.90% of net assets up to $1 billion<br>0.85% of net assets over $1 billion and up to $2 billion<br>0.80% of net assets over $2 billion and up to $5 billion<br>0.75% of net assets over $5 billion <br>|
| **Delaware Sustainable Equity Income Fund**<br>| &nbsp;&nbsp; 0.35% of net assets up to $1 billion<br>0.33% of net assets over $1 billion and up to $2 billion<br>0.31% of net assets over $2 billion and up to $5 billion<br>0.30% of net assets over $5 billion <br>|

---

During the last three fiscal years, the Funds paid the following investment management fees to its investment advisor:

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| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| September 30, 2022<br>| September 30, 2021<br>| September 30, 2020<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>| $109,727 earned<br>$15,666 paid<br>$94,061 waived <br>| $169,392 earned<br>$24,937 paid<br>$144,455 waived <br>| $178,686 earned<br>$58,766 paid<br>$119,920 waived <br>|
| **Delaware Ivy Corporate Bond Fund**<br>| $2,981,698 earned<br>$2,981,698 paid<br>$0 waived <br>| $4,094,374 earned<br>$4,094,374 paid<br>$0 waived <br>| $4,185,767 earned<br>$4,185,767 paid<br>$0 waived <br>|
| **Delaware Ivy Crossover Credit Fund**<br>| $167,368 earned<br>$37,290 paid<br>$130,078 waived <br>| $278,953 earned<br>$162,262 paid<br>$116,691 waived <br>| $244,951 earned<br>$124,823 paid<br>$120,128 waived <br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>| $261,476 earned<br>$22,337 paid<br>$239,139 waived <br>| $476,871 earned<br>$216,185 paid<br>$260,686 waived <br>| $834,525 earned<br>$497,440 paid<br>$337,085 waived <br>|
| **Delaware Ivy Government Securities Fund**<br>| $1,410,392 earned<br>$1,368,124 paid<br>$42,268 waived <br>| $1,928,724 earned<br>$1,928,724 paid<br>$0 waived <br>| $1,684,328 earned<br>$1,684,328 paid<br>$0 waived <br>|
| **Delaware Ivy High Yield Fund**<br>| $550,788 earned<br>$420,453 paid<br>$130,335 waived <br>| $857,953 earned<br>$756,020 paid<br>$101,933 waived <br>| $696,750 earned<br>$576,097 paid<br>$120,653 waived <br>|
| **Delaware Ivy International Small Cap Fund**<br>| $719,723 earned<br>$392,746 paid<br>$326,977 waived <br>| $1,393,283 earned<br>$1,075,196 paid<br>$318,087 waived <br>| $1,608,804 earned<br>$1,283,899 paid<br>$324,905 waived <br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| $1,713,632 earned<br>$1,380,621 paid<br>$333,011 waived <br>| $2,293,433 earned<br>$2,049,391 paid<br>$244,042 waived <br>| $2,749,204 earned<br>$2,457,358 paid<br>$291,846 waived <br>|
| **Delaware Ivy Strategic Income Fund**<br>| $1,721,872 earned<br>$1,277,488 paid<br>$444,384 waived <br>| $2,479,004 earned<br>$2,024,028 paid<br>$454,976 waived <br>| $3,024,711 earned<br>$2,478,565 paid<br>$546,146 waived <br>|

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**IVYSAI-SEP 1/23**

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Investment Manager and Other Service Providers

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| September 30, 2022<br>| September 30, 2021<br>| September 30, 2020<br>|
| **Delaware Ivy Total Return Bond Fund**<br>| $1,076,073 earned<br>$776,446 paid<br>$299,627 waived <br>| $1,728,075 earned<br>$1,384,894 paid<br>$343,181 waived <br>| $1,833,788 earned<br>$1,442,934 paid<br>$390,854 waived <br>|
| **Delaware Sustainable Equity Income Fund**<br>| $1,160,741 earned<br>$1,047,504 paid<br>$113,237 waived<br>| $1,443,820 earned<br>$1,443,820 paid<br>$0 waived<br>| $1,368,402 earned<br>$1,368,402 paid<br>$0 waived<br>|

---

Management fees are accrued daily and paid monthly.

Except for those expenses borne by the Manager under the Investment Management Agreement, and the Distributor under the Distribution Agreement, each Fund is responsible for all of its own expenses. Among others, such expenses include each Fund's proportionate share of certain administrative expenses; investment management fees; transfer and dividend disbursing fees and costs; accounting services; custodian expenses; federal and state securities registration fees; proxy costs; and the costs of preparing prospectuses and reports sent to shareholders.

**Sub-Advisors**

DMC has entered into sub-advisory agreements with the following entities on behalf of Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return Fund: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL), each of which is an affiliate of DMC (the "Affiliated Sub-Advisors").

MIMAK, located at Kaerntner Strasse 28, 1010 Vienna, Austria, is an affiliate of the Manager and a part of Macquarie Investment Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. As of December 31, 2022, MAM managed more than $355.6 billion in assets for institutional and individual clients. With respect to the Funds for which MIMAK serves as a sub-advisor, DMC has principal responsibility for all investment advisory services and may seek investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK's specialized market knowledge. In addition and with respect only to Delaware Ivy Multi-Asset Income Fund, MIMAK is responsible for the day-to-day management of the Fund.

MIMGL, located at 50 Martin Place, Sydney, Australia, is an affiliate of the Manager and a part of MAM. With respect to the Funds for which MIMGL serves as sub-advisor, DMC has principal responsibility for each Fund, and may seek investment advice and recommendations from MIMGL and DMC may also permit MIMGL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL's specialized market knowledge. In addition and with respect only to Delaware Ivy Total Return Bond Fund, MIMGL along with DMC is responsible for the day-to-day management of the Fund. MIMGL also serves as sub-advisor to Delaware Ivy International Small Cap Fund and Delaware Sustainable Equity Income Fund, executing security trades on behalf of DMC.

MIMEL, located at 28 Ropemaker Street, London, England, is an affiliate of the Manager and a part of MAM. Although the Manager has principal responsibility for the Manager's portion of each Fund, the Manager may seek investment advice and recommendations from MIMEL and the Manager may also permit MIMEL to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL's specialized market knowledge.

Pursuant to the terms of the relevant sub-advisory agreement, the investment sub-advisory fee is paid by the Manager to each Affiliated Sub-Advisor based on the extent to which an Affiliated Sub-Advisor provides services to the Funds.

The Manager has paid MIMAK the following investment sub-advisory fees (shown on an aggregated basis):

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| | | |
|:---|:---|:---|
|  | September 30, 2022<br>| September 30, 2021<br>|
| Delaware Ivy Corporate Bond Fund<br>| $361<br>| $0<br>|
| Delaware Ivy Emerging Markets Local Currency Debt Fund<br>| $1371<br>| $0<br>|
| Delaware Ivy High Yield Fund<br>| $114<br>| $0<br>|
| Delaware Ivy Multi-Asset Income Fund<br>| $232489<br>| $0<br>|
| Delaware Ivy Strategic Income Fund<br>| $5774<br>| $0<br>|
| Delaware Ivy Total Return Bond Fund<br>| $2665<br>| $0<br>|
| Delaware Sustainable Equity Income Fund<br>| $827<br>| $0<br>|

---

The investment sub-advisory fees (shown on an aggregated basis) paid to MIMAK as a percentage of each Fund's average daily net assets were as follows:

**IVYSAI-SEP 1/23**

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---

| | | |
|:---|:---|:---|
|  | September 30, 2022<br>| September 30, 2021<br>|
| Delaware Ivy Corporate Bond Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy Emerging Markets Local Currency Debt Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy High Yield Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy Multi-Asset Income Fund<br>| 0.09%<br>| 0.00%<br>|
| Delaware Ivy Strategic Income Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy Total Return Bond Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Sustainable Equity Income Fund<br>| 0.00%<br>| 0.00%<br>|

---

The annualized investment sub-advisory fee for each Fund is calculated as a percentage of the average daily net assets of the Fund managed by the sub-advisor.

The Manager has paid MIMEL the following investment sub-advisory fees (shown on an aggregated basis):

---

| | | |
|:---|:---|:---|
|  | September 30, 2022<br>| September 30, 2021<br>|
| Delaware Ivy Corporate Bond Fund<br>| $582<br>| $0<br>|
| Delaware Ivy Emerging Markets Local Currency Debt Fund<br>| $2212<br>| $0<br>|
| Delaware Ivy High Yield Fund<br>| $110<br>| $0<br>|
| Delaware Ivy Strategic Income Fund<br>| $3233<br>| $0<br>|
| Delaware Ivy Total Return Bond Fund<br>| $1988<br>| $0<br>|

---

The investment sub-advisory fees (shown on an aggregated basis) paid to MIMEL as a percentage of the Fund's average daily net assets were as follows:

---

| | | |
|:---|:---|:---|
|  | September 30, 2022<br>| September 30, 2021<br>|
| Delaware Ivy Corporate Bond Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy Emerging Markets Local Currency Debt Fund<br>| 0.01%<br>| 0.00%<br>|
| Delaware Ivy High Yield Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy Strategic Income Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy Total Return Bond Fund<br>| 0.00%<br>| 0.00%<br>|

---

The annualized investment sub-advisory fee for the Fund is calculated as a percentage of the average daily net assets of the Fund managed by the sub-advisor.

The Manager has paid MIMGL the following investment sub-advisory fees (shown on an aggregated basis):

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| | | |
|:---|:---|:---|
|  | September 30, 2022<br>| September 30, 2021<br>|
| Delaware Ivy High Yield Fund<br>| $70<br>| $0<br>|
| Delaware Ivy Strategic Income Fund<br>| $5885<br>| $0<br>|
| Delaware Ivy Total Return Bond Fund<br>| $185573<br>| $0<br>|

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The investment sub-advisory fees (shown on an aggregated basis) paid to MIMGL as a percentage of the Fund's average daily net assets were as follows:

---

| | | |
|:---|:---|:---|
|  | September 30, 2022<br>| September 30, 2021<br>|
| Delaware Ivy High Yield Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy Strategic Income Fund<br>| 0.00%<br>| 0.00%<br>|
| Delaware Ivy Total Return Bond Fund<br>| 0.15%<br>| 0.00%<br>|

---

The annualized investment sub-advisory fee for the Fund is calculated as a percentage of the average daily net assets of the Fund managed by the sub-advisor.

**Distributor**

The Distributor, Delaware Distributors, L.P., located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, serves as the national distributor of the Funds' shares under a Distribution Agreement dated April 30, 2021. The Distributor is an affiliate of the Manager and bears all of the costs of promotion and distribution, except for payments by the Retail Classes under their respective Rule 12b-1 Plans. The Distributor is an indirect subsidiary of MMHI and, therefore, of Macquarie. The Distributor has agreed to use its best efforts to sell shares of the Funds. See the Prospectus for information on how to invest. Shares of the Funds are offered on a continuous basis by the Distributor and may be purchased through authorized investment dealers or directly by contacting the Distributor or the Trust. The Distributor also serves as the national distributor for the Delaware Funds. The Board annually reviews fees paid to the Distributor.

**IVYSAI-SEP 1/23**

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Investment Manager and Other Service Providers

During the Funds' last three fiscal years, the Funds' distributor received net commissions from each Fund on behalf of its respective Class A shares, after reallowances to dealers, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year End**<br>| Total Amount of Underwriting Commissions<br>| Amounts Reallowed to Dealers<br>| Net Commission to Distributor<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>|  |  |  |
| **9/30/2022**<br>| $3172<br>| $2831<br>| $341<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $9613<br>| $8444<br>| $1169<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $22689<br>| $17330<br>| $5359<br>|
| **Delaware Ivy Corporate Bond Fund**<br>|  |  |  |
| **9/30/2022**<br>| $79091<br>| $67197<br>| $11894<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $111564<br>| $87913<br>| $23651<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $195064<br>| $159861<br>| $35203<br>|
| **Delaware Ivy Crossover Credit Fund**<br>|  |  |  |
| **9/30/2022**<br>| $4321<br>| $3779<br>| $542<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $8160<br>| $6809<br>| $1351<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $12294<br>| $11705<br>| $589<br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>|  |  |  |
| **9/30/2022**<br>| $1280<br>| $1124<br>| $156<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $832<br>| $776<br>| $56<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $1287<br>| $642<br>| $645<br>|
| **Delaware Ivy Government Securities Fund**<br>|  |  |  |
| **9/30/2022**<br>| $17081<br>| $14829<br>| $2252<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $31684<br>| $26779<br>| $4905<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $59418<br>| $55627<br>| $3791<br>|
| **Delaware Ivy High Yield Fund**<br>|  |  |  |
| **9/30/2022**<br>| $3940<br>| $3330<br>| $610<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $12897<br>| $8984<br>| $3913<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $17904<br>| $11105<br>| $6800<br>|
| **Delaware Ivy International Small Cap Fund**<br>|  |  |  |
| **9/30/2022**<br>| $4383<br>| $3620<br>| $763<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $4097<br>| $3058<br>| $1038<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $9264<br>| $6065<br>| $3199<br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>|  |  |  |
| **9/30/2022**<br>| $36465<br>| $30364<br>| $6101<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $29856<br>| $19128<br>| $10728<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $96481<br>| $63078<br>| $33403<br>|
| **Delaware Ivy Strategic Income Fund**<br>|  |  |  |
| **9/30/2022**<br>| $31284<br>| $26338<br>| $4946<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $29109<br>| $18665<br>| $10444<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $75774<br>| $44674<br>| $31100<br>|
| **Delaware Ivy Total Return Bond Fund**<br>|  |  |  |
| **9/30/2022**<br>| $2501<br>| $2070<br>| $431<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $4614<br>| $500<br>| $4114<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $15271<br>| $11001<br>| $4270<br>|
| **Delaware Sustainable Equity Income Fund**<br>|  |  |  |
| **9/30/2022**<br>| $6283<br>| $5032<br>| $1251<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $1404<br>| $443<br>| $961<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $1808<br>| $44<br>| $1764<br>|

---

**IVYSAI-SEP 1/23**

------

<br> <sup>\*</sup> Ivy Distributors, Inc., the Funds' former distributor, served for all or a portion of this fiscal year.

During the Funds' last three fiscal years, the Funds' distributor received, in the aggregate, limited contingent deferred sales charge ("Limited CDSC") payments with respect to Class A shares and contingent deferred sales charge ("CDSC") payments with respect to Class C shares as follows:

---

| | | |
|:---|:---|:---|
| **Fiscal Year End**<br>| Class A<br>| Class C<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>|  |  |
| **9/30/2022**<br>| $8<br>| $0<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $18<br>| $73<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $0<br>| $10<br>|
| **Delaware Ivy Corporate Bond Fund**<br>|  |  |
| **9/30/2022**<br>| $760<br>| $146<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $668<br>| $1177<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $789<br>| $763<br>|
| **Delaware Ivy Crossover Credit Fund**<br>|  |  |
| **9/30/2022**<br>| $0<br>| n/a<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $0<br>| n/a<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $13<br>| n/a<br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>|  |  |
| **9/30/2022**<br>| $0<br>| $0<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $0<br>| $4<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $0<br>| $1<br>|
| **Delaware Ivy Government Securities Fund**<br>|  |  |
| **9/30/2022**<br>| $141<br>| $0<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $234<br>| $653<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $0<br>| $47<br>|
| **Delaware Ivy High Yield Fund**<br>|  |  |
| **9/30/2022**<br>| $0<br>| n/a<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $6<br>| n/a<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $51<br>| n/a<br>|
| **Delaware Ivy International Small Cap Fund**<br>|  |  |
| **9/30/2022**<br>| $0<br>| $55<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $7<br>| $15<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $31<br>| $75<br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>|  |  |
| **9/30/2022**<br>| $248<br>| $248<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $168<br>| $259<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $88<br>| $1774<br>|
| **Delaware Ivy Strategic Income Fund**<br>|  |  |
| **9/30/2022**<br>| $631<br>| $385<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $566<br>| $596<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $116<br>| $1061<br>|
| **Delaware Ivy Total Return Bond Fund**<br>|  |  |
| **9/30/2022**<br>| $0<br>| $135<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $17<br>| $57<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $25<br>| $279<br>|
| **Delaware Sustainable Equity Income Fund**<br>|  |  |
| **9/30/2022**<br>| $0<br>| n/a<br>|
| **9/30/2021**<sup>\*</sup>**<br>| $0<br>| n/a<br>|
| **9/30/2020**<sup>\*</sup>**<br>| $24<br>| n/a<br>|

---

**IVYSAI-SEP 1/23**

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Investment Manager and Other Service Providers

<br> <sup>\*</sup> Ivy Distributors, Inc., the Funds' former distributor, served for all or a portion of this fiscal year.

**Distribution Services**

Under the Distribution Agreement entered into between the Trust and the Distributor, the Distributor serves as principal underwriter and distributor to the Funds.

Under the Distribution and Service Plan (Plan) adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act (Rule12b-1), for Class A shares, each Fund may pay the Distributor a fee not to exceed 0.25% of the Fund's average annual net assets attributable to Class A shares, paid daily, to compensate the Distributor for its costs and expenses in connection with, either directly or through others, the distribution of the Class A shares, the provision of personal services to Class A shareholders and/or maintenance of Class A shareholder accounts.

Under the Plan, for Class C shares, each Fund that offers this share class may pay the Distributor a service fee not to exceed 0.25% of the Fund's average annual net assets attributable to Class C shares, paid daily, to compensate the Distributor for its services, either directly or through others, in connection with the provision of personal services to Class C shareholders and/or the maintenance of Class C shareholder accounts and a distribution fee of 0.75% of the Fund's average annual net assets attributable to Class C shares, paid daily, to compensate the Distributor for its services, either directly or through others, in connection with the distribution of Class C shares.

Under the Plan, for Class R shares, each Fund that offers this share class may pay the Distributor a distribution and service fee at an annual rate of 0.50% of the Fund's average annual net assets attributable to Class R shares, paid daily, to compensate the Distributor for its services, either directly or through others, in connection with the distribution of Class R shares, the provision of personal services to shareholders and/or maintenance of Class R shareholder accounts.

Under the Plan, for Class Y shares, each Fund that offers this share class pays the Distributor daily a distribution and/or service fee not to exceed, on an annual basis, 0.25% of the Fund's average annual net assets attributable to Class Y shares, paid daily, to compensate the Distributor for its services, either directly or through others, in connection with the distribution of Class Y shares, and provision of personal services to shareholders and/or maintenance of Class Y shareholder accounts.

Class I and Class R6 shares are not covered under the Plan.

The Distributor offers the Funds' shares through affiliated and non-affiliated investment professionals and through other broker-dealers, banks and other appropriate intermediaries (the sales force). In distributing shares through the sales force, the Distributor pays commissions and incentives to the sales force at or about the time of sale and will incur other expenses including costs for prospectuses, sales literature, advertisements, sales office maintenance, processing of orders and general overhead with respect to its efforts to distribute the Funds' shares, as applicable. The Plan permits the Distributor to receive compensation for the class-related distribution activities through the distribution fee, subject to the limit contained in the Plan. The Plan also contemplates that the Distributor may be compensated for its activities in connection with: compensating, training and supporting registered financial advisors, sales managers and/or other appropriate personnel in providing personal services to shareholders of each Fund and/or maintaining shareholder accounts; increasing services provided to shareholders of each Fund by office personnel located at field sales offices; engaging in other activities useful in providing personal service to shareholders of each Fund and/or maintenance of shareholder accounts; and its arrangements with broker-dealers who may regularly sell shares of the Funds, and other third parties, for providing shareholder services and/or maintaining shareholder accounts with respect to Fund shares. The Plan and the Distribution Agreement contemplate that the Distributor may be compensated for these class-related distribution efforts through the distribution fee.

The sales force and other parties may be paid continuing compensation based on the value of the shares held by shareholders to whom the member of the sales force is assigned to provide personal services, and the Distributor or DIFSC, as well as other parties also may provide services to shareholders through telephonic means and written communications. The Distributor may pay other broker-dealers a portion of the fees it receives under the Plan as well as other compensation in connection with the distribution of Fund shares.

For the fiscal year ended September 30, 2022, the Funds paid (or accrued) the following amounts as distribution fees and service fees for each of the noted Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**<br>| Class A<sup>1</sup><br>| Class C<sup>2</sup><br>| Class Y<sup>3</sup><br>| Class R<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>| $18334<br>| $5833<br>| $478<br>| n/a<br>|
| **Delaware Ivy Corporate Bond Fund**<br>| $693569<br>| $18296<br>| $579<br>| n/a<br>|
| **Delaware Ivy Crossover Credit Fund**<br>| $179<br>| n/a<br>| $2783<br>| n/a<br>|

---

**IVYSAI-SEP 1/23**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**<br>| Class A<sup>1</sup><br>| Class C<sup>2</sup><br>| Class Y<sup>3</sup><br>| Class R<br>|
| **Delaware Ivy Emerging Markets Local**<br>**Currency Debt Fund**<br>| $0<br>| $442<br>| $570<br>| n/a<br>|
| **Delaware Ivy Government Securities Fund**<br>| $70892<br>| $6504<br>| n/a<br>| n/a<br>|
| **Delaware Ivy High Yield Fund**<br>| $15676<br>| n/a<br>| n/a<br>| n/a<br>|
| **Delaware Ivy International Small Cap Fund**<br>| $5348<br>| $2400<br>| $217<br>| n/a<br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| $166690<br>| $64172<br>| $277<br>| n/a<br>|
| **Delaware Ivy Strategic Income Fund**<br>| $152147<br>| $27487<br>| $161<br>| n/a<br>|
| **Delaware Ivy Total Return Bond Fund**<br>| $23658<br>| $3627<br>| n/a<br>| n/a<br>|
| **Delaware Susutainable Equity Income Fund**<br>| $7820<br>| n/a<br>| n/a<br>| $262<br>|

---

<sup>1</sup> Delaware Ivy California Municipal High Income Fund Class A shares would have paid $29,037 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Crossover Credit Fund Class A shares would have paid $14,293 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Emerging Markets Local Currency Debt Fund Class A shares would have paid $4,156 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Government Securities Fund Class A shares would have paid $166,675 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy High Yield Fund Class A shares would have paid $31,109 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy International Small Cap Fund Class A shares would have paid $13,221 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Multi-Asset Income Fund Class A shares would have paid $188,877 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Strategic Income Fund Class A shares would have paid $181,658 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Total Return Bond Fund Class A shares would have paid $24,004 in distribution and service fees without a waiver in place impacting this Fund. Delaware Sustainable Equity Income Fund Class A shares would have paid $16,180 in distribution and service fees without a waiver in place impacting this Fund. 

<sup>2</sup> Delaware Ivy California Municipal High Income Fund Class C shares would have paid $5,866 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Emerging Markets Local Currency Debt Fund Class C shares would have paid $733 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Government Securities Fund Class C shares would have paid $8,230 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy International Small Cap Fund Class C shares would have paid $3,176 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Multi-Asset Income Fund Class C shares would have paid $68,204 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Strategic Income Fund Class C shares would have paid $36,743 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Total Return Bond Fund Class C shares would have paid $4,814 in distribution and service fees without a waiver in place impacting this Fund. 

<sup>3</sup> Delaware Ivy California Municipal High Income Fund Class Y shares would have paid $633 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Crossover Credit Fund Class Y shares would have paid $2,810 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Emerging Markets Local Currency Debt Fund Class Y shares would have paid $573 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy International Small Cap Fund Class Y shares would have paid $218 in distribution and service fees without a waiver in place impacting this Fund. Delaware Ivy Strategic Income Fund Class Y shares would have paid $350 in distribution and service fees without a waiver in place impacting this Fund. 

The only Trustees or interested persons, as defined in the 1940 Act, of the Funds who have a direct or indirect financial interest in the operation of the Plan are the officers and Trustees who also are officers of either the Distributor or its affiliate(s). The Plan is anticipated to benefit the Fund and its shareholders of the affected class through the Distributor's activities not only to distribute the shares of the affected class but also to provide personal services to shareholders of that class and thereby promote the maintenance of their accounts with the Fund. Each Fund anticipates that its shareholders of a particular class may benefit to the extent that the Distributor's activities are successful in increasing the assets of the Fund, through increased sales or reduced redemptions, or a combination of these, and thereby reducing a shareholder's share of Fund and class expenses. Increased Fund assets also may provide greater resources with which to pursue the objective(s) of the Fund. Further, continuing sales of shares also may reduce the likelihood that it will be necessary to liquidate portfolio securities, in amounts or at times that may be disadvantageous to a Fund, to meet redemption demands. In addition, each Fund anticipates that the revenues from the Plan will provide the Distributor with greater resources to make the financial commitments necessary to continue to improve the quality and level of services to the Fund and its shareholders of the affected class.

To the extent that the Distributor incurs expenses for which compensation may be made under the Plan that relate to distribution and service activities also involving another Fund within the Delaware Funds, the Distributor typically determines the amount attributable to the Fund's expenses under the Plan on the basis of a combination of the respective classes' relative net assets and number of shareholder accounts.

The Plan and the Underwriting Agreement were approved by the Board, including the Independent Trustees (who have no direct or indirect financial interest in the operations of the Plan or any agreement referred to in the Plan).

Among other things, the Plan provides that (1) the Distributor will provide to the Trustees at least quarterly, and the Trustees will review, a report of amounts expended under the Plan and the purposes for which such expenditures were made, (2) the Plan will continue in effect only so long as it is approved at least

**IVYSAI-SEP 1/23**

------

Investment Manager and Other Service Providers

annually, and any material amendments thereto will be effective only if approved by the Trustees including the Independent Trustees acting in person at a meeting called for that purpose, (3) payments under the Plan may not be materially increased without the vote of the holders of a majority of the outstanding voting securities of the affected class of the Fund, and (4) while the Plan remains in effect, the selection and nomination of the Trustees who are Independent Trustees will be committed to the discretion of the Independent Trustees.

**Shareholder Services**

Effective June 24, 2022, Delaware Investments Fund Services Company (DIFSC) became the transfer agent for the Funds. DIFSC, an affiliate of the Manager, is located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, and serves as the Fund's shareholder servicing, dividend disbursing, and transfer agent (the "Transfer Agent") pursuant to a Shareholder Services Agreement. The Transfer Agent is an indirect subsidiary of MMHI and, therefore, of Macquarie. The Transfer Agent also acts as shareholder servicing, dividend disbursing, and transfer agent for the other Delaware Funds.

The Transfer Agent is paid a fee by the Funds for providing these services consisting of an asset-based fee and certain out-of-pocket expenses. The Transfer Agent will bill, and the Funds will pay, such compensation monthly. Omnibus and networking fees charged by financial intermediaries and subtransfer agency fees are passed on to and paid directly by the Funds. The Transfer Agent's compensation is fixed each year and approved by the Board, including a majority of the Independent Trustees.

Prior to June 24, 2022, Waddell & Reed Services Company, doing business as WI Services Company ("WISC"), or one of WISC's agents performed shareholder servicing functions, including the maintenance of shareholder accounts, the issuance, transfer and redemption of shares, distribution of dividends and payment of redemptions, the furnishing of related information to the Funds and the handling of shareholder inquiries.

Fees paid by the Funds for shareholder services during the past three fiscal years ended September 30, 2022, September 30, 2021 and September 30, 2020 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| September 30, 2022\*<br>| September 30, 2021\*<br>| September 30, 2020\*<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $11482<br>$24530 <br>| $481<br>$22894 <br>| $657<br>$25933 <br>|
| **Delaware Ivy Corporate Bond Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| n/a<br>$512,901 <br>| n/a<br>$1,134,092 <br>| n/a<br>$1,275,317 <br>|
| **Delaware Ivy Crossover Credit Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $11113<br>$47511 <br>| $0<br>$68593 <br>| $952<br>$58148 <br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $14260<br>$38717 <br>| $7304<br>$54560 <br>| $14769<br>$121119 <br>|
| **Delaware Ivy Government Securities Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $113458<br>$195698 <br>| $251507<br>$334169 <br>| $203162<br>$319227 <br>|
| **Delaware Ivy High Yield Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $16264<br>$93366 <br>| $0<br>$138739 <br>| $864<br>$106432 <br>|
| **Delaware Ivy International Small Cap Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $11317<br>$59943 <br>| $13075<br>$115168 <br>| $16362<br>$134812 <br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $19404<br>$260215 <br>| $107053<br>$444902 <br>| $153672<br>$557290 <br>|
| **Delaware Ivy Strategic Income Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $13645<br>$277260 <br>| $88621<br>$474835 <br>| $117633<br>$557097 <br>|
| **Delaware Ivy Total Return Bond Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $96822<br>$117891 <br>| $131948<br>$186511 <br>| $135369<br>$196111 <br>|

---

**IVYSAI-SEP 1/23**

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| September 30, 2022\*<br>| September 30, 2021\*<br>| September 30, 2020\*<br>|
| **Delaware Sustainable Equity Income Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver<br>| $29914<br>$426603 <br>| $49901<br>$506041 <br>| $39554<br>$462261 <br>|

---

<br> \* WISC provided shareholder services to the Funds for all or a portion of this fiscal year.

Where applicable, the amount shown "including" the waiver, in the table above, is the actual shareholder servicing fee paid with a shareholder servicing fee waiver in effect, whereas the amount shown "excluding" the waiver is the shareholder servicing fee that would have been paid by the Fund had the waiver not been in effect.

The Funds also paid certain out-of-pocket expenses related to shareholder servicing, including: long distance telephone communications costs; microfilm and storage costs for certain documents; forms, printing and mailing costs; charges of a sub-agent used by WISC in performing services under the Shareholder Servicing Agreement including the cost of providing a record-keeping system; and costs of legal and special services not provided by the Manager or WISC. Out-of-pocket expenses related to shareholder servicing paid by the Funds paid during the past three fiscal years ended September 30, 2022, September 30, 2021 and September 30, 2020 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| September 30, 2022\*<br>| September 30, 2021\*<br>| September 30, 2020\*<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $5302<br>$7068 <br>| $360<br>$4393 <br>| $638<br>$3835 <br>|
| **Delaware Ivy Corporate Bond Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $665739<br>$665739 <br>| n/a<br>$215,009 <br>| n/a<br>$227,500 <br>|
| **Delaware Ivy Crossover Credit Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $13490<br>$22317 <br>| $0<br>$10199 <br>| $14<br>$5777 <br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $10994<br>$37604 <br>| $2461<br>$18724 <br>| $2816<br>$19996 <br>|
| **Delaware Ivy Government Securities Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $189575<br>$189785 <br>| $68843<br>$68994 <br>| n/a<br>$61,583 <br>|
| **Delaware Ivy High Yield Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $16013<br>$29082 <br>| $3075<br>$22810 <br>| $2607<br>$19798 <br>|
| **Delaware Ivy International Small Cap Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $15891<br>$34191 <br>| $5671<br>$26212 <br>| $5835<br>$28914 <br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $187729<br>$211685 <br>| $65832<br>$98840 <br>| $77490<br>$124301 <br>|
| **Delaware Ivy Strategic Income Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $153346<br>$174187 <br>| $45650<br>$76856 <br>| $46330<br>$82271 <br>|
| **Delaware Ivy Total Return Bond Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $27183<br>$27785 <br>| $28513<br>$28541 <br>| $31261<br>$31298 <br>|
| **Delaware Sustainable Equity Income Fund**<br>|  |  |  |
| Including waiver<br>Excluding waiver <br>| $46913<br>$59523 <br>| $51765<br>$55584 <br>| $48422<br>$50235 <br>|

---

<br> \* WISC provided shareholder services to the Funds for all or a portion of this fiscal year.

**IVYSAI-SEP 1/23**

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Investment Manager and Other Service Providers

Where applicable, the amount shown "including" the waiver, in the table above, is the actual out-of-pocket expenses paid with the waiver in effect, whereas the amount shown "excluding" the waiver is the out-of-pocket expenses that would have been paid by the Fund had the waiver not been in effect.

Each Fund has authorized, in addition to the Transfer Agent, one or more brokers to accept purchase and redemption orders on its behalf. Such brokers are authorized to designate other intermediaries to accept purchase and redemption orders on behalf of the Funds. For purposes of pricing, the Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee, accepts the order.

BNY Mellon Investment Servicing (US) Inc. ("BNYMIS") provides subtransfer agency services to the Funds. In connection with these services, BNYMIS administers the overnight investment of cash pending investment in the Funds or payment of redemptions. The proceeds of this investment program are used to offset the Funds' transfer agency expenses.

**Accounting Services**

The Bank of New York Mellon ("BNY Mellon"), 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration services to the Funds. Those services include performing functions related to calculating the Fund's NAVs and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these services, the Funds pay BNY Mellon an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges. DIFSC provides fund accounting and financial administration oversight services to the Fund. Those services include overseeing the Fund's pricing process, the calculation and payment of fund expenses, and financial reporting in shareholder reports, registration statements, and other regulatory filings. DIFSC also manages the process for the payment of dividends and distributions and the dissemination of Funds' NAVs and performance data. For these services, the Funds pay DIFSC an asset-based fee, subject to certain fee minimums, plus certain out-of-pocket expenses, and transactional charges. The fees payable to BNY Mellon and DIFSC under the service agreements described above will be allocated among all funds in the Delaware Funds on a relative NAV basis.

Waddell & Reed Services Company, doing business as WISC, (or a sub-agent) previously provided the Funds with bookkeeping and accounting services and assistance and other administrative services, including maintenance of Fund records, pricing of Fund shares, preparation of prospectuses for existing shareholders, preparation of proxy statements and certain shareholder reports.

Fees paid for accounting services during the past three fiscal years ended September 30, 2022, September 30, 2021 and September 30, 2020 for each of the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**<br>| September 30, 2022\*<br>| September 30, 2021\*<br>| September 30, 2020\*<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>| $24912<br>| $28059<br>| $28235<br>|
| **Delaware Ivy Corporate Bond Fund**<br>| $124788<br>| $222937<br>| $229436<br>|
| **Delaware Ivy Crossover Credit Fund**<br>| $32242<br>| $39298<br>| $35099<br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>| $35042<br>| $45407<br>| $63805<br>|
| **Delaware Ivy Government Securities Fund**<br>| $92385<br>| $129265<br>| $119672<br>|
| **Delaware Ivy High Yield Fund**<br>| $51046<br>| $64558<br>| $60564<br>|
| **Delaware Ivy International Small Cap Fund**<br>| $57441<br>| $67175<br>| $69303<br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| $94552<br>| $100899<br>| $122767<br>|
| **Delaware Ivy Strategic Income Fund**<br>| $89965<br>| $120146<br>| $135189<br>|
| **Delaware Ivy Total Return Bond Fund**<br>| $52802<br>| $72430<br>| $80396<br>|
| **Delaware Sustainable Equity Income Fund**<br>| $106627<br>| $132168<br>| $127971<br>|

---

<br> \* WISC provided accounting services to the Funds for all or a portion of this fiscal year.

**Custodial and Auditing Services**

The Funds' custodian is The Bank of New York Mellon (BNYM), and its address is 240 Greenwich Street, New York, New York 10286-0001. In general, the custodian is responsible for holding the Funds' cash and securities. PricewaterhouseCoopers LLP, located at 2001 Market Street, Philadelphia, PA 19103, the Funds' independent registered public accounting firm for its most recent fiscal year, audited the financial statements and financial highlights of each Fund.

**Securities Lending Agent**

The Board has approved certain Funds' participation in a securities lending program, whereby a participating Fund lends certain of its portfolio securities to borrowers to receive additional income and increase the rate of return of its portfolio. BNYM serves as the securities lending agent for the program. As securities lending agent, BNYM is responsible for (i) selecting borrowers from a pre-approved list of borrowers and executing a securities lending agreement as agent on behalf of a Fund with each such borrower; (ii) negotiating the terms of securities loans, including the amount of fees or rebates; (iii) receiving and investing collateral in connection with any loaned securities in pre-approved investment vehicles; (iv) monitoring the daily value of the loaned securities and demanding the payment of additional collateral, as necessary; (v) terminating securities loans and arranging for the return of loaned securities and collateral

**IVYSAI-SEP 1/23**

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at such termination; and (vi) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of the liquidation of collateral to purchase replacement securities. The following table shows the dollar amounts of income and fees/compensation related to the securities lending activities of the Funds during the fiscal year ended September 30, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Securities Lending Activities**<br>| **Delaware Ivy California Municipal High Income Fund**<br>| **Delaware Ivy Corporate Bond Fund**<br>| **Delaware Ivy Crossover Credit Fund**<br>|
| Gross income from securities lending activities<br>| $0<br>| $30037.35<br>| $1138.72<br>|
| Securities lending income paid to BNYM for services as securities lending agent<br>| $0<br>| $1305.29<br>| $97.78<br>|
| Cash collateral management fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>|
| Administrative fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>|
| Indemnification fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>|
| Rebates paid to (received from) borrowers<br>| $0<br>| $13709.60<br>| ($91.96)<br>|
| Other fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>|
| Aggregate fees/compensation for securities lending activities<br>| $0<br>| $15014.89<br>| $5.82<br>|
| **Net income from securities lending activities**<br>| **$0**<br>| **$15022.46**<br>| **$1132.90**<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Securities Lending Activities**<br>| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>| **Delaware Ivy Government Securities Fund**<br>| **Delaware Ivy High Yield Fund**<br>| **Delaware Ivy International Small Cap Fund**<br>|
| Gross income from securities lending activities<br>| $6017.22<br>| $55940.04<br>| $18141.68<br>| $10322.62<br>|
| Securities lending income paid to BNYM for services as securities lending agent<br>| $54.57<br>| $2524.98<br>| $1556.91<br>| $692.95<br>|
| Cash collateral management fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>| $0<br>|
| Administrative fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>| $0<br>|
| Indemnification fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>| $0<br>|
| Rebates paid to (received from) borrowers<br>| $5332.92<br>| $24370.62<br>| ($1331.71)<br>| $1654.27<br>|
| Other fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>| $0<br>|
| Aggregate fees/compensation for securities lending activities<br>| $5387.49<br>| $26895.60<br>| $225.20<br>| $2347.22<br>|
| **Net income from securities lending activities**<br>| **$629.73**<br>| **$29044.44**<br>| **$17916.48**<br>| **$7975.40**<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Securities Lending Activities**<br>| **Delaware Ivy Multi-Asset Income Fund**<br>| **Delaware Ivy Strategic Income Fund**<br>| **Delaware Ivy Total Return Bond Fund**<br>| **Delaware Sustainable Equity Income Fund**<br>|
| Gross income from securities lending activities<br>| $98680.36<br>| $83351.53<br>| $36883.90<br>| $5360.97<br>|
| Securities lending income paid to BNYM for services as securities lending agent<br>| $8850.61<br>| $8728.62<br>| $1678.44<br>| $290.81<br>|
| Cash collateral management fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>| $0<br>|
| Administrative fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>| $0<br>|
| Indemnification fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>| $0<br>|
| Rebates paid to (received from) borrowers<br>| ($12000.41)<br>| ($25779.81)<br>| $15882.26<br>| $1722.45<br>|
| Other fees not included in securities lending income paid to BNYM<br>| $0<br>| $0<br>| $0<br>| $0<br>|

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**IVYSAI-SEP 1/23**

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Investment Manager and Other Service Providers

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| | | | | |
|:---|:---|:---|:---|:---|
| **Securities Lending Activities**<br>| **Delaware Ivy Multi-Asset Income Fund**<br>| **Delaware Ivy Strategic Income Fund**<br>| **Delaware Ivy Total Return Bond Fund**<br>| **Delaware Sustainable Equity Income Fund**<br>|
| Aggregate fees/compensation for securities lending activities<br>| ($3149.80)<br>| ($17051.19)<br>| $17560.70<br>| $2013.26<br>|
| **Net income from securities lending activities**<br>| **$101830.16**<br>| **$100402.72**<br>| **$19323.20**<br>| **$3347.71**<br>|

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**Legal Counsel**

Stradley Ronon Stevens & Young, LLP serves as the Trust's legal counsel.

**Portfolio Managers**

**Other Accounts Managed**

The following chart lists certain information about types of other accounts for which each portfolio manager is primarily responsible as of September 30, 2022 unless otherwise noted. Any accounts managed in a personal capacity appear under "Other Accounts" along with the other accounts managed on a professional basis.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | No. of Accounts<br>| Total Assets Managed<br>| No. of Accounts with Performance-Based Fees<br>| Total Assets in Accounts with Performance-Based Fees<br>|
| **Wayne A. Anglace**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 6<br>1<br>9 <br>| $2.4 billion<br>$23.7 million<br>$118.0 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Adam H. Brown**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 11<br>3<br>5 <br>| $5.3 billion<br>$400.0 million<br>$221.0 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Stephen J. Czepiel**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 20<br>0<br>23 <br>| $7.7 billion<br>$0<br>$3.2 billion <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Joseph Devine**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 3<br>4<br>3 <br>| $324.0 million<br>$31.0 million<br>$584.0 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Eric Frei**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 1<br>0<br>11 <br>| $186.3 million<br>$0<br>$746.2 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Gregory A. Gizzi**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 20<br>0<br>23 <br>| $7.7 billion<br>$0<br>$2.9 billion <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **J. David Hillmeyer**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 13<br>5<br>61 <br>| $17.6 billion<br>$1.3 billion<br>$10.7 billion <br>| 0<br>0<br>1 <br>| $0<br>$0<br>$427.4 million <br>|
| **Kashif Ishaq**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 6<br>1<br>1 <br>| $2.4 billion<br>$23.7 million<br>$8.8 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|

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**IVYSAI-SEP 1/23**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | No. of Accounts<br>| Total Assets Managed<br>| No. of Accounts with Performance-Based Fees<br>| Total Assets in Accounts with Performance-Based Fees<br>|
| **Alex Kozhemiakin**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 2<br>6<br>1 <br>| $93.6 million<br>$222.4 million<br>$16.3 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Stefan Löwenthal**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 22<br>68<br>17 <br>| $7.6 billion<br>$2.4 billion<br>$1.5 billion <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Stephan Maikkula**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 3<br>4<br>3 <br>| $324.0 million<br>$31.0 million<br>$584.0 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Daniela Mardarovici**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 13<br>2<br>53 <br>| $17.6 billion<br>$891.2 million<br>$8.1 billion <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **John P. McCarthy**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 10<br>2<br>5 <br>| $5.2 billion<br>$388.6 million<br>$221.0 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Matthew Mulcahy**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 2<br>21<br>52 <br>| $499.6 million<br>$9.3 billion<br>$32.3 billion <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Mansur Z. Rasul**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 2<br>2<br>2 <br>| $93.6 million<br>$187.4 million<br>$55.7 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Jake van Roden**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 19<br>0<br>0 <br>| $7.1 billion<br>$0<br>$0 <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Brian M. Scotto**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 2<br>0<br>0 <br>| $990.9 million<br>$0<br>$0 <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Andrew Vonthethoff**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 2<br>7<br>1 <br>| $499.6 million<br>$2.8 billion<br>$1.0 billion <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Gabriel Wallach**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 3<br>4<br>3 <br>| $324.0 million<br>$31.0 million<br>$584.0 million <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Michael G. Wildstein**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 8<br>9<br>11 <br>| $2.6 billion<br>$1.0 billion<br>$6.8 billion <br>| 0<br>0<br>1 <br>| $0<br>$0<br>$427.4 million <br>|

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**IVYSAI-SEP 1/23**

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Portfolio Managers

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| | | | | |
|:---|:---|:---|:---|:---|
|  | No. of Accounts<br>| Total Assets Managed<br>| No. of Accounts with Performance-Based Fees<br>| Total Assets in Accounts with Performance-Based Fees<br>|
| **Jürgen Wurzer**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 22<br>68<br>17 <br>| $7.6 billion<br>$2.4 billion<br>$1.5 billion <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Aaron D. Young**<br>Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 21<br>0<br>0 <br>| $7.5 billion<br>$0<br>$0 <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Barry Gladstein**<br> Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 2<br>0<br>1 <br>| $364.4 million<br>$0<br> $571.1 thousand <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|
| **Chris Gowlland**<br> Registered Investment Companies<br>Other Pooled Investment Vehicles<br>Other Accounts<br>| 10<br>0<br>1 <br>| $2.3 billion<br>$0<br>$71.6 thousand <br>| 0<br>0<br>0 <br>| $0<br>$0<br>$0 <br>|

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**Description of Material Conflicts of Interest**

Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Funds and the investment action for each such other fund or account and the Funds may differ. For example, an account or fund may be selling a security, while another account or fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund, account, or the Funds. Additionally, the management of multiple other funds or accounts and the Fund(s) may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the Funds. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. The Manager has adopted procedures designed to allocate investments fairly across multiple funds and accounts.

Some of the accounts managed by the portfolio manager as set forth in the table above may have performance-based fees. This compensation structure presents a potential conflict of interest because the portfolio manager has an incentive to manage these accounts so as to enhance his or her performance, to the possible detriment of other accounts for which the Manager does not receive a performance-based fee. A portfolio manager's management of personal accounts also may present certain conflicts of interest. While the Manager's Code of Ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

**Compensation Structure**

Each portfolio manager's compensation consists of the following:

***Base Salary*** — Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

***Bonus — Global** **Small Cap** **Equity Portfolio Managers (Devine, Maikkula, Wallach).*** Each named portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products a portfolio manager manages. Macquarie Asset Management keeps a percentage of the revenues and the remaining percentage of revenues (minus appropriate expenses associated with relevant product and the investment management team) creates the "bonus pool" for the product. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributor generally having the largest share. The pool is allotted based on subjective factors (50%) and objective factors (50%). The primary objective factor is the 1-, 3-, and 5-year performance of the funds managed relative to the performance of the appropriate Morningstar, Inc. peer groups and the performance of institutional composites relative to the appropriate indices. Three- and five-year performance is weighted more heavily and there is no objective award for a fund whose performance falls below the 50th percentile for a given time period.

Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

***Bonus — Fixed Income Portfolio Managers (All Fixed Income Portfolio Managers** **).*** An objective component is added to the bonus for each manager that is reflective of account performance relative to an appropriate peer group or database. The following paragraph describes the structure of the non-guaranteed bonus.

**IVYSAI-SEP 1/23**

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Each portfolio manager is eligible to receive an annual cash bonus, which is based on quantitative and qualitative factors. There is one pool for bonus payments for the fixed income department. The pool is allotted based on subjective factors and objective factors. The amount of the pool for bonus payments is determined by assets managed (including investment companies, insurance product-related accounts and other separate accounts), management fees and related expenses (including fund waiver expenses) for registered investment companies, pooled vehicles, and managed separate accounts. For investment companies, each manager is compensated according to the Fund's Broadridge Financial Solutions, Inc. (formerly, Lipper Inc.) ("Broadridge") or Morningstar peer group percentile ranking on a 1-, 3-, and 5-year basis, with longer term performance more heavily weighted. For managed separate accounts the portfolio managers are compensated according to the composite percentile ranking against the eVestment Alliance database (or similar sources of relative performance data) on a one-, three-, and five-year basis, with longer term performance more heavily weighted; composite performance relative to the benchmark is also evaluated for the same time periods. Incentives reach maximum potential at the top 25th-30th percentile. The remaining portion of the bonus is discretionary as determined by Macquarie Asset Management and takes into account subjective factors.

For new and recently transitioned portfolio managers, the compensation may be weighted more heavily towards a portfolio manager's actual contribution and ability to influence performance, rather than longer-term performance. Management intends to move the compensation structure towards longer-term performance for these portfolio managers over time.

***Bonus -- Sustainable Equity (Gowlland, Gladstein).*** Fixed remuneration takes into consideration the role of individuals and market conditions. Remuneration is reviewed on a yearly basis in February/March and takes effect from April 1 of that year. Aggregate staff profit share is linked to Macquarie Group's profitability and return on ordinary equity, with the allocation of individual profit share being based on factors including contribution to profit, use of capital, funding and risk. Macquarie Group operates profit share retention arrangements for employees meeting certain pay thresholds, to ensure an appropriate balance between short and longer-term incentives. Compensation is not directly based on the pre or post tax performance of the Fund over a certain period. However, performance of the Fund may be one factor taken into account in determining compensation*.***

***Bonus — MIMAK Portfolio Managers (Lowenthal, Wurzer)** **and Young** **.*** Each named portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products a portfolio manager manages. Macquarie Asset Management keeps a percentage of the revenues and the remaining percentage of revenues (minus appropriate expenses associated with relevant product and the investment management team) creates the "bonus pool" for the product. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributors generally having the largest share. Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

Portfolio managers participate in retention programs, including the Macquarie Asset Management Public Investments Notional Investment Plan and the Macquarie Group Employee Retained Equity Plan, for alignment of interest purposes.

***Macquarie Asset Management Public Investments Notional Investment Plan** — A portion of a portfolio manager's retained profit share may be notionally exposed to the return of certain funds within MAM Funds pursuant to the terms of the Macquarie Asset Management Public Investments Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of investment (depending on the level of the employee).

***Macquarie Group Employee Retained Equity Plan** — A portion of a portfolio manager's retained profit share may be invested in the Macquarie Group Employee Retained Equity Plan ("MEREP"), which is used to deliver remuneration in the form of Macquarie equity. The main type of award currently being offered under the MEREP is units comprising a beneficial interest in a Macquarie share held in a trust for the employee, subject to the vesting and forfeiture provisions of the MEREP. Subject to vesting conditions, vesting and release of the shares occurs in a period ranging from four to five years after the date of investment (depending on the level of the employee).

***Other Compensation*** — Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

**Ownership of Securities**

As of September 30, 2022, the portfolio managers beneficially owned shares of the Funds, as described below. If no information is shown below for a portfolio manager, the portfolio manager did not own shares of any Fund.

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| | | |
|:---|:---|:---|
| Portfolio Manager<br>| Fund<br>| Dollar Range of Fund Shares Owned<sup>1,2</sup><br>|
| Barry Gladstein<br>| Delaware Sustainable Equity Income Fund<br>| $50001-$100000<br>|

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<sup>1</sup> The ranges for Fund share ownership by portfolio managers are: None; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001-$500,000; $500,001-$1 million; or over $1 million. 

<sup>2</sup> Includes Fund shares beneficially owned by portfolio manager and immediate family members sharing the same household. 

**IVYSAI-SEP 1/23**

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**Trading Practices and Brokerage**

The Manager selects broker/dealers to execute transactions on behalf of the Funds for the purchase or sale of portfolio securities on the basis of its judgment of their professional capability to provide the service. The primary consideration in selecting broker/dealers is to seek those broker/dealers who will provide best execution for the Funds. Best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the account on the transaction. Some trades are made on a net basis where the Funds either buy securities directly from the dealer or sell them to the dealer. In these instances, there is no direct commission charged but there is a spread (the difference between the buy and sell price), which is the economic equivalent of a commission. When a commission is paid, the Funds pay reasonable brokerage commission rates based upon the professional knowledge of the Manager's trading department as to rates paid and charged for similar transactions throughout the securities industry. In some instances, a Fund pays a minimal share transaction cost when the transaction presents no difficulty.

During the last three fiscal years, the aggregate dollar amounts of brokerage commissions paid by the Funds were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2022**<br>| **2021**<br>| **2020**<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>| $0<br>| $0<br>| $0<br>|
| **Delaware Ivy Corporate Bond Fund**<br>| $556<br>| $4951<br>| $1018<br>|
| **Delaware Ivy Crossover Credit Fund**<br>| $25<br>| $486<br>| $331<br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>| $0<br>| $7050<br>| $2446<br>|
| **Delaware Ivy Government Securities Fund**<br>| $3201<br>| $0<br>| $0<br>|
| **Delaware Ivy High Yield Fund**<br>| $0<br>| $0<br>| $0<br>|
| **Delaware Ivy International Small Cap Fund**<br>| $219792<br>| $159387<br>| $231942<br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| $371825<br>| $106962<br>| $171304<br>|
| **Delaware Ivy Strategic Income Fund**<br>| $3662<br>| $3912<br>| $379<br>|
| **Delaware Ivy Total Return Bond Fund**<br>| $16156<br>| $26558<br>| $24245<br>|
| **Delaware Sustainable Equity Income Fund**<br>| $228247<br>| $31076<br>| $35523<br>|

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Subject to applicable requirements, such as seeking best execution and Rule 12b-1(h) under the 1940 Act, the Manager may allocate out of all commission business generated by all of the funds and accounts under its management, brokerage business to broker/dealers who provide brokerage and research services. These services may include providing advice, either directly or through publications or writings, as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the availability of securities or purchasers or sellers of securities; furnishing of analyses and reports concerning issuers, securities, or industries; providing information on economic factors and trends; assisting in determining portfolio strategy; providing computer software used in security analysis; and providing portfolio performance evaluation and technical market analyses. Such services are used by the Manager in connection with its investment decision-making process with respect to one or more mutual funds and separate accounts managed by it, and may not be used, or used exclusively, with respect to the mutual fund or separate account generating the brokerage.

As provided in the Securities Exchange Act of 1934, as amended, and the Funds' Investment Management Agreement, higher commissions are permitted to be paid to broker/dealers who provide brokerage and research services than to broker/dealers who do not provide such services, if such higher commissions are deemed reasonable in relation to the value of the brokerage and research services provided. Although transactions directed to broker/dealers who provide such brokerage and research services may result in the Funds paying higher commissions, the Manager believes that such commissions are reasonable in relation to the value of the brokerage and research services provided. In some instances, services may be provided to the Manager that constitute in some part brokerage and research services used by the Manager in connection with its investment decision-making process and constitute in some part services used by the Manager in connection with administrative or other functions not related to its investment decision-making process. In such cases, the Manager will make a good faith allocation of brokerage and research services and will pay out of its own resources for services used by the Manager in connection with administrative or other functions not related to its investment decision-making process. In addition, so long as a Fund is not disadvantaged, other than the potential for additional commissions/equivalents, portfolio transactions that generate commissions or their equivalent can be allocated to broker/dealers that provide services directly or indirectly to a Fund and/or to other Delaware Funds. Subject to best execution, commissions/equivalents allocated to brokers providing such services may or may not be generated by the funds receiving the service. In such instances, the commissions/equivalents would be used for the advantage of a Fund or other funds and not for the advantage of the Manager.

The next table shows the transactions, other than principal transactions, which were directed to broker-dealers who provided research services as well as execution and the brokerage commissions paid during the fiscal year ended September 30, 2022 for each of the Funds. These transactions were allocated to these broker-dealers by the internal allocation procedures described above.

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| | | |
|:---|:---|:---|
|  | Amount of Transactions<br>| Brokerage Commissions<br>|
| **Delaware Ivy California Municipal High Income Fund**<br>| $0<br>| $0<br>|
| **Delaware Ivy Corporate Bond Fund**<br>| $0<br>| $0<br>|
| **Delaware Ivy Crossover Credit Fund**<br>| $0<br>| $0<br>|
| **Delaware Ivy Emerging Markets Local Currency Debt Fund**<br>| $0<br>| $0<br>|
| **Delaware Ivy Government Securities Fund**<br>| $0<br>| $0<br>|

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**IVYSAI-SEP 1/23**

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| | | |
|:---|:---|:---|
|  | Amount of Transactions<br>| Brokerage Commissions<br>|
| **Delaware Ivy High Yield Fund**<br>| $0<br>| $0<br>|
| **Delaware Ivy International Small Cap Fund**<br>| $230961218<br>| $157598<br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| $194997467<br>| $92086<br>|
| **Delaware Ivy Strategic Income Fund**<br>| $1262542<br>| $736<br>|
| **Delaware Ivy Total Return Bond Fund**<br>| $0<br>| $0<br>|
| **Delaware Sustainable Equity Income Fund**<br>| $736374803<br>| $134889<br>|

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As of September 30, 2022, the Funds held the following amounts of securities of their regular broker/dealers, as defined in Rule 10b-1 under the 1940 Act, or such broker/dealers' parents:

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| | | |
|:---|:---|:---|
| **Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp; Name of Broker/Dealer<br>| &nbsp;&nbsp;&nbsp;&nbsp; Market Value of<br>Aggregate Holdings <br>|
| **Delaware Ivy Multi-Asset Income Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp.<br>JPMorgan Chase & Co.<br>Citigroup Inc.<br>Goldman Sachs Group, Inc.<br>LPL Holdings Inc.<br> Morgan Stanley <br>| &nbsp;&nbsp;&nbsp;&nbsp; $430,915.76<br>$357,809.97 <br>$248,306.81<br>$223,983.95<br>$73,943.66<br>$17,501.53<br>|
| **Delaware Ivy Strategic Income Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>LPL Holdings Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp; $959,376.20<br>$87,700.62<br>|

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The Manager may place a combined order for two or more accounts or funds engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will meet the requirement to seek best execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. When a combined order is executed in a series of transactions at different prices, each account participating in the order may be allocated an average price obtained from the executing broker. It is believed that the ability of the accounts to participate in volume transactions will generally be beneficial to the accounts and funds. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or fund may obtain, it is the opinion of the Manager and the Board that the advantages of combined orders outweigh the possible disadvantages of separate transactions.

Consistent with the Financial Industry Regulatory Authority ("FINRA") rules, and subject to seeking best execution, the Manager may place orders with broker/dealers that have agreed to defray certain Fund expenses, such as custodian fees.

The Funds have the authority to participate in a commission recapture program. Under the program and subject to seeking best execution (as described in the first paragraph of this section), the Funds may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Funds in cash. Any such commission rebates will be included as a realized gain on securities in the appropriate financial statements of the Funds. The Manager and its affiliates have previously acted, and may in the future act, as an investment manager to mutual funds or separate accounts affiliated with the administrator of the commission recapture program. In addition, affiliates of the administrator act as consultants in helping institutional clients choose investment managers and may also participate in other types of businesses and provide other services in the investment management industry.

**IVYSAI-SEP 1/23**

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**Capital Structure**

**Capitalization**

The Trust currently has authorized, and allocated to each Class of each Fund, an unlimited number of shares of beneficial interest with no par value. All shares are, when issued in accordance with the Trust's registration statement (as amended from time to time), governing instruments and applicable law, fully paid, and nonassessable. Shareholders do not have preemptive rights. All shares of a Fund represent an undivided proportionate interest in the assets of the Fund. Shareholders of the Funds' Institutional Classes may not vote on any matter that affects the Retail Classes' distribution plans under Rule 12b-1. Similarly, as a general matter, shareholders of the Retail Classes may vote only on matters affecting their respective Class, including the Retail Classes' Rule 12b-1 Plans that relate to the Class of shares that they hold. However, a Fund's Class C shares may vote on any proposal to increase materially the fees to be paid by the Fund under the Rule 12b-1 Plan relating to its Class A shares. Except for the foregoing, each share Class has the same voting and other rights and preferences as the other Classes of a Fund. General expenses of each Fund will be allocated on a pro rata basis to the classes according to asset size, except that expenses of the Retail Classes' Rule 12b-1 Plans will be allocated solely to those classes and Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or subtransfer agency fees paid to brokers, dealers, or other financial intermediaries.

**Noncumulative Voting**

The Trust's shares have noncumulative voting rights, meaning that the holders of more than 50% of the shares of the Trust voting for the election of Trustees can elect all of the Trustees if they choose to do so, and, in such event, the holders of the remaining shares will not be able to elect any Trustees.

**Purchasing Shares**

**The Shares of the Funds**

The shares of each of the Funds represent an interest in that Fund's securities and other assets and in its profits or losses. Each fractional share of a class has the same rights, in proportion, as a full share of that class.

Each Fund currently offers Class A shares. Each Fund (other than Delaware Ivy Crossover Credit Fund, Delaware Ivy High Yield Fund and Delaware Sustainable Equity Income Fund) offers Class C shares, and each Fund (other than Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy Total Return Bond Fund and Delaware Sustainable Equity Income Fund) offers Class Y shares. Delaware Sustainable Equity Income Fund also offers Class R shares. In addition, each Fund (other than Delaware Ivy California Municipal High Income Fund, Delaware Ivy Corporate Bond Fund and Delaware Ivy Crossover Credit Fund, which do not offer Class R6 shares) offers Class I and Class R6 shares.

Class A shares are subject to an initial sales charge and to an ongoing distribution and/or service fee and certain Class A shares are subject to a CDSC.

Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund. Conversions of Class C shares into Class A shares will generally occur monthly during the calendar year, on the 18th day or next business day of each month (each, a "Conversion Date"). If the eighth anniversary after a purchase of Class C shares falls on a Conversion Date, an investor's Class C shares will be converted on that date. If the eighth anniversary occurs between Conversion Dates, an investor's Class C shares will be converted on the next Conversion Date after such anniversary.

The automatic conversion of Class C to Class A shares will be on the basis of the NAV per share, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through a reinvestment of dividends will convert to Class A shares of the Fund pro rata with Class C shares of that Fund not acquired through dividend reinvestment. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans, omnibus accounts, and in certain other instances, a Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares. In these circumstances, a Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the shareholder or their financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the shareholder or their financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares.

In addition, a financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or eligibility requirements in regards to the conversion of Class C shares into Class A shares. In these cases, certain Class C shareholders may not be eligible to convert to Class A shares as described above. However, these Class C shareholders may be permitted to exchange their Class C shares for Class A shares pursuant to the terms of the financial intermediary's conversion policy. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding the conversion of Class C shares to Class A shares.

Each class may bear differing amounts of certain class-specific expenses; and each class has a separate exchange privilege. Each Fund does not anticipate that there will be any conflicts between the interests of holders of the different classes of its shares by virtue of those classes. On an ongoing basis, the Board will consider whether any such conflict exists and, if so, take appropriate action. Each share of a Fund is entitled to equal dividend, liquidation and redemption rights, except that due to the differing expenses borne by the classes, dividends and liquidation proceeds of Class C shares are expected to be lower than for

**IVYSAI-SEP 1/23**

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Class A shares of a Fund. Each fractional share of a class has the same rights, in proportion, as a full share of that class. Each shareholder of the Trust is entitled to one vote for each dollar of NAV of a Fund owned by the shareholder. Shares are fully paid and nonassessable when purchased.

The Funds do not hold annual meetings of shareholders; however, certain significant corporate matters, such as the approval of a new investment advisory agreement or a change in a fundamental investment policy, which require shareholder approval, will be presented to shareholders at a meeting called by the Board for such purpose.

Special meetings of shareholders may be called for any purpose upon receipt by the Funds of a request in writing signed by shareholders owning not less than 25% of the aggregate number of votes to which shareholders are entitled at such meeting, as provided in the Amended and Restated Agreement and Declaration of Trust and Bylaws of the Trust. There normally will be no meeting of the shareholders for the purpose of electing Trustees until such time as less than a majority of Trustees holding office have been elected by shareholders, at which time the Trustees then in office will call a shareholders' meeting for the election of Trustees. To the extent that Section 16(c) of the 1940 Act applies to a Fund, the Trustees are required to call a meeting of shareholders for the purpose of voting upon the question of removal of any Trustee when requested in writing to do so by the shareholders owning at least 10% of the aggregate number of votes to which shareholders of that Fund are entitled, as provided in the Amended and Restated Agreement and Declaration of Trust and Bylaws of the Trust.

**Purchase, Redemption and Pricing of Shares**

**Purchase of Shares**

**General Information**

Shares of the Funds are offered on a continuous basis by the Distributor and may be purchased through authorized financial intermediaries or directly by contacting the Trust. The Trust reserves the right to suspend sales of Fund shares, and reject any order for the purchase of Fund shares if, in the opinion of management, such rejection is in a Fund's best interest. The minimum initial investment generally is $1,000 for Class A shares and Class C shares. Subsequent purchases of such Classes generally must be at least $100. The initial and subsequent investment minimums for Class A shares will be waived for purchases by officers, Trustees, and employees of any Delaware Fund, the Manager, or any of the Manager's affiliates if the purchases are made pursuant to a payroll deduction program. There are no minimum purchase requirements for Class R, Class R6, Class Y and Class I shares (except those purchased through an automatic investment plan), but certain eligibility requirements must be met.

You may purchase only up to $1 million of Class C shares of each Fund at one time. Orders that exceed $1 million or more will be rejected. See "Investment Plans" below for purchase limitations applicable to retirement accounts. An investor should keep in mind that reduced front-end sales charges apply to investments of $100,000 ($50,000 for Delaware Ivy International Small Cap Fund and Delaware Ivy Multi-Asset Income Fund, and $250,000 for Delaware Sustainable Equity Income Fund) or more in Class A shares, and that Class A shares are subject to lower annual Rule 12b-1 Plan expenses than Class C shares and generally are not subject to a CDSC.

Financial intermediaries are responsible for transmitting orders promptly. Each Fund reserves the right to reject any order for the purchase of its shares if in the opinion of management such rejection is in the Fund's best interest. If a purchase is canceled because your check is returned unpaid, you are responsible for any loss incurred. Each Fund can redeem shares from your account(s) to reimburse itself for any loss, and you may be restricted from making future purchases in any Delaware Fund. Each Fund reserves the right to reject purchase orders paid by third-party checks or checks that are not drawn on a domestic branch of a US financial institution. If a check drawn on a foreign financial institution is accepted, you may be subject to additional bank charges for clearance and currency conversion.

Each Fund also reserves the right, following shareholder notification, to charge a service fee on nonretirement accounts that, as a result of redemption, have remained below the minimum stated account balance for a period of three or more consecutive months. Holders of such accounts may be notified of their insufficient account balance and advised that they have until the end of the current calendar quarter to raise their balance to the stated minimum. If the account has not reached the minimum balance requirement by that time, the Funds may charge a $9 fee for that quarter and each subsequent calendar quarter until the account is brought up to the minimum balance. No fees will be charged without proper notice, and no CDSC will apply to such assessments.

In addition, each Fund reserves the right, upon 60 days' written notice, to involuntarily redeem accounts that remain under the minimum initial purchase amount as a result of redemptions. An investor making the minimum initial investment may be subject to involuntary redemption without the imposition of a CDSC or Limited CDSC if he or she redeems any portion of his or her account.

Minimum purchase and minimum balance requirements do not apply to accounts participating in advisory or asset-allocation programs covered by financial intermediaries. Certain accounts held in omnibus or programs covered by certain intermediaries may be opened with less than the minimum stated account balance and may maintain balances that are below the minimum stated account balance without incurring a service fee or being subject to involuntary redemption.

FINRA has adopted amendments to its Conduct Rules, relating to investment company sales charges. The Trust and the Distributor intend to operate in compliance with these rules.

**Contact your financial intermediary for specific information regarding the availability and suitability of various account options described throughout this SAI. Contact your financial intermediary for specific information with respect to the financial intermediary's policies regarding minimum purchase and minimum balance requirements and involuntary redemption, which may differ from what is described throughout this SAI.**

**IVYSAI-SEP 1/23**

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Purchasing Shares

**Special Purchase Features - Class A Shares**

***Letter of Intent:*** The reduced front-end sales charges described above with respect to Class A shares are also applicable to the aggregate amount of purchases made by any such purchaser within a 13-month period pursuant to a written letter of intent signed by the purchaser, and not legally binding on the signer or the Trust, which provides for the holding in escrow by the Transfer Agent or financial intermediary of 5.00% of the total amount of Class A shares intended to be purchased until such purchase is completed within the 13-month period. The minimum initial purchase amount to establish a letter of intent is $1,000. The Funds will no longer accept retroactive letters of intent. The 13-month period begins on the date of the earliest purchase. If the intended investment is not completed, the Transfer Agent or financial intermediary may surrender an appropriate number of the escrowed shares for redemption in order to realize the difference between the front-end sales charge on Class A shares purchased at the reduced rate and the front-end sales charges otherwise applicable. Such purchasers may include the values (at offering price at the level designated in their letter of intent) of all their shares of the Funds and of any class of any of the other Delaware Funds previously purchased and still held as of the date of their letter of intent toward the completion of such letter, except as described below. Those purchasers cannot include shares that did not carry a front-end sales charge, CDSC, or Limited CDSC, unless the purchaser acquired those shares through an exchange from a Delaware Fund that did carry a front-end sales charge, CDSC, or Limited CDSC. For purposes of satisfying an investor's obligation under a letter of intent, Class C shares of the Funds and the corresponding classes of shares of other Delaware Funds that offer such shares may be aggregated with Class A shares of the Funds. Your financial intermediary may have different procedures for administering this feature.

***Combined Purchases Privilege:*** When you determine the availability of the reduced front-end sales charges on Class A shares, you can combine your holdings or purchases of Class A and all other classes of Delaware Funds, excluding any money market funds (unless you acquired those shares through an exchange from a fund that did carry a front-end sales charge, CDSC, or Limited CDSC). Your financial intermediary may have different procedures for administering this feature.

The privilege also extends to all purchases made at one time by any of the following:

• an individual

• an individual and his or her spouse, or equivalent, if recognized under local law, such as civil union, common law marriage, or domestic partnership

• a parent, stepparent, or legal guardian, and their children or stepchildren who are under the age of 21

• trustee or other fiduciary of trust estates or fiduciary accounts for the benefit of such family members (including certain employee benefit programs).

To ensure that you receive available reduced front-end sales charges, you must advise your broker-dealer or your financial intermediary of all eligible accounts and shares that can be aggregated with your own accounts for right of accumulation purposes as well as your desire to enter into a letter of intent (if applicable). If you or your broker dealer or financial intermediary do not let the Funds know that you are eligible for a waiver or reduction, you may not receive a reduction to the front-end sales charges to which you may be eligible. The Fund or your broker-dealer or financial intermediary may also ask you to provide account records, statements or other information related to all eligible accounts.

***Right of Accumulation:*** In determining the availability of the reduced front-end sales charge on Class A shares, you can combine your holdings or purchases of Class A and all other classes of Delaware Funds, excluding any money market funds (unless you acquired those shares through an exchange from a Fund that did carry a front-end sales charge, CDSC, or Limited CDSC).

If, for example, any such purchaser has previously purchased and still holds Class A shares of a Fund and/or shares of any other of the classes described in the previous sentence with a value of $40,000 and subsequently purchases $10,000 at offering price of additional Class A shares of a Fund, the charge applicable to the $10,000 purchase would currently be 4.75%.

If, for example, any such purchaser has previously purchased and still holds Class A shares of a Fund and/or shares of any other of the classes described in the previous sentence with a value of $90,000 and subsequently purchases $10,000 at offering price of additional Class A shares of a Fund, the charge applicable to the $10,000 purchase would currently be 3.50% for a taxable income fund and a tax-free municipal fund and 2.00% for an intermediate, limited term fund and an tax-free intermediate municipal fund.

For the purpose of this calculation, the shares presently held shall be valued at the public offering price that would have been in effect had the shares been purchased simultaneously with the current purchase. Investors should refer to the table of sales charges for Class A shares in the Prospectus to determine the applicability of the right of accumulation to their particular circumstances. Your financial intermediary may have different procedures for administering this feature.

***Right of Reinvestment Privilege:*** Holders of Class A shares of the Funds (and of the Class I shares of the Funds holding shares that were acquired through an exchange from one of the other Delaware Funds offered with a front-end sales charge) who redeem such shares have one year from the date of redemption to reinvest all or part of their redemption proceeds in the same Class of the Funds or in the same Class of any of the other Delaware Funds. In the case of Class A shares, the reinvestment will not be assessed a front-end sales charge. The reinvestment will be subject to applicable eligibility and minimum purchase requirements and must be in states where shares of such other funds may be sold. This reinvestment privilege does not extend to Class A shares where the redemption of the shares triggered the payment of a Limited CDSC. Persons investing redemption proceeds from direct investments in Delaware Funds offered without a front-end sales charge will be required to pay the applicable sales charge when purchasing Class A shares. The reinvestment privilege does not extend to a redemption of Class C shares. You or your financial intermediary must notify us at the time you purchase shares if you are eligible for any of these programs.

**IVYSAI-SEP 1/23**

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Any such reinvestment cannot exceed the redemption proceeds (plus any amount necessary to purchase a full share). The reinvestment will be made at the NAV next determined after receipt of remittance.

Any reinvestment directed to a Delaware Fund in which the investor does not then have an account will be treated like all other initial purchases of such Fund's shares. Consequently, an investor should obtain and read carefully the prospectus for the Delaware Fund in which the investment is intended to be made before investing or sending money. The prospectus contains more complete information about the Delaware Fund, including charges and expenses.

Investors should consult their financial intermediaries or the Transfer Agent, which also serves as the Funds' shareholder servicing agent, about the applicability of the Class A Limited CDSC in connection with the features described above.

Up to 90 days after you redeem shares, you can reinvest the proceeds without paying a sales charge. For purposes of this "right of reinvestment policy," automatic transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. Investors should consult their financial intermediary for further information.

***Group Investment Plans:*** Group Investment Plans (e.g., SEP/IRA, SAR/SEP, Profit Sharing, Pension, and 401(k) Defined Contribution Plans) that are not eligible to purchase shares of Class I may also benefit from the reduced front-end sales charges for investments in Class A shares set forth in the table in the Prospectus, based on total plan assets. If a company has more than one plan investing in Delaware Funds, then the total amount invested in all plans would be used in determining the applicable front-end sales charge reduction upon each purchase, both initial and subsequent, upon notification to the Funds at the time of each such purchase. Employees participating in such Group Investment Plans may also combine the investments made in their plan account when determining the applicable front-end sales charge on purchases to nonretirement Delaware Funds investment accounts if they so notify the Fund or financial intermediary in which they are investing in connection with each purchase. See "Retirement Plans for the Retail Classes" under "Investment Plans" below for information about retirement plans. This feature is dependent on your financial intermediary's right of accumulation policies.

The Limited CDSC may be generally applicable to any redemptions of NAV purchases made on behalf of a group investment plan on which a dealer's commission has been paid only if such redemption is made pursuant to a withdrawal of the entire plan from a Delaware Fund.

**Investment Plans**

**Reinvestment Plan**

Unless otherwise designated by shareholders in writing, dividends and distributions, if any, will be automatically reinvested in additional shares of the respective Fund Class in which an investor has an account (based on the NAV in effect on the reinvestment date) and will be credited to the shareholder's account on that date.

**Reinvestment of Dividends in other Delaware Funds**

Subject to applicable eligibility and minimum initial purchase requirements and the limitations set forth below, shareholders may be able to automatically reinvest dividends and/or distributions in any of the other Delaware Funds, including the Funds, in states where their shares may be sold. However, if you received shares as the result of a transaction involving a predecessor fund, you may not be able to reinvest your dividends at the current time. Such investments will be at NAV at the close of business on the reinvestment date without any front-end sales charge or service fee. The shareholder must notify the Transfer Agent in writing and must have established an account in the fund into which the dividends and/or distributions are to be invested. Any reinvestment directed to a fund in which the investor does not then have an account will be treated like all other initial purchases of the fund's shares. Consequently, an investor should obtain and read carefully the prospectus for the fund in which the investment is intended to be made before investing or sending money. The prospectus contains more complete information about the fund, including charges and expenses.

Subject to the following limitations, dividends and/or distributions from other Delaware Funds may be invested in shares of the Funds, provided an account has been established. Dividends from Class A shares may only be directed to other Class A shares, dividends from Class C shares may only be directed to other Class C shares, dividends from Class I shares may only be directed to other Class I shares, dividends from Class R shares may only be directed to other Class R shares, dividends from Class Y shares may only be directed to other Class Y shares, and dividends from Class R6 shares may only be directed to other Class R6 shares.

**Compensation to Financial Intermediaries — Dividend and Capital Gains**

Dividends and capital gains on Class C shares may be reinvested at NAV, however the Distributor will not compensate the financial intermediaries on the shares resulting from the dividends or capital gains at the time of reinvestment. Shares resulting from dividends and capital gains must age 12 months following the reinvestment date, and Rule 12b-1 Plan fees will be paid to the financial intermediary in the 13th month following the reinvestment date.

**Investing by Exchange**

If you have an investment in another Delaware Fund, you may be able to exchange part or all of your investment into shares of the Funds. If you received shares as the result of a transaction involving a predecessor fund, you may not be able to exchange shares of the predecessor fund into other Delaware Funds at the current time. If you wish to open an account by exchange, call the Delaware Funds by Macquarie Service Center at 800 523-1918 for more

**IVYSAI-SEP 1/23**

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Investment Plans

information. All exchanges are subject to the eligibility and minimum purchase requirements and any additional limitations set forth in the Funds' Prospectus. See "Redemption and Exchange" below for more complete information concerning your exchange privileges.

**Investing by Electronic Fund Transfer**

***Direct Deposit Purchase Plan:*** Investors may arrange for the Funds to accept direct deposits for investment through an agent bank, preauthorized government, or private recurring payments. This method of investment assures the timely credit to the shareholder's account of payments such as social security, veterans' pension or compensation benefits, federal salaries, railroad retirement benefits, private payroll checks, dividends, and disability or pension fund benefits. It also eliminates the possibility and inconvenience of lost, stolen, and delayed checks. If you participate in a direct deposit purchase plan for an account held directly with the Funds' transfer agent and also hold shares of Delaware Funds other than directly with us, generally those holdings will not be aggregated with the assets held with us for purposes of determining rights of accumulation in connection with direct deposit purchases.

***Automatic Investing Plan:*** Shareholders may make automatic investments by authorizing, in advance, monthly or quarterly payments directly from their checking accounts for deposit into their Fund accounts. This type of investment will be handled in either of the following ways: (i) if the shareholder's bank is a member of the National Automated Clearing House Association ("NACHA"), the amount of the periodic investment will be electronically deducted from his or her checking account by Electronic Fund Transfer ("EFT") and such checking account will reflect a debit although no check is required to initiate the transaction; or (ii) if the shareholder's bank is not a member of NACHA, deductions will be made by preauthorized checks, known as Depository Transfer Checks. Should the shareholder's bank become a member of NACHA in the future, his or her investments would be handled electronically through EFT. If you participate in an automatic investment program for an account held directly with the Funds' transfer agent and also hold shares of Delaware Funds other than directly with us, generally those holdings will not be aggregated with the assets held with us for purposes of determining rights of accumulation in connection with automatic investment program purchases.

***Minimum Initial/Subsequent Investments by Electronic Fund Transfer:*** Initial investments under the direct deposit purchase plan and the automatic investing plan must be for $250 or more and subsequent investments under such plans must be for $25 or more. An investor wishing to take advantage of either service must complete an authorization form. Either service can be discontinued by the shareholder at any time without penalty by giving written notice.

**Direct Deposit Purchase by Mail**

Shareholders may authorize a third party, such as a bank or employer, to make investments directly to their Fund accounts. The Funds will accept these investments, such as bank-by-phone, annuity payments, and payroll allotments, by mail directly from the third party. Investors should contact their employers or financial institutions who in turn should contact the Trust for proper instructions.

**On Demand Service**

You or your financial intermediary may request purchases of Fund shares by phone using the on demand service. When you authorize the Funds to accept such requests from you or your financial intermediary, funds will be withdrawn (for share purchases) from your predesignated bank account. Your request will be processed the same day if you call prior to 4:00pm Eastern time. There is a $25 minimum and $100,000 maximum limit for on demand service transactions.

It may take up to four Business Days for the transactions to be completed. You can initiate this service by completing an Account Services form. If your name and address are not identical to the name and address on your Fund account, you must have your signature guaranteed. The Funds do not charge a fee for this service; however, your bank may charge a fee.

**Systematic Exchange Option**

Shareholders can use the systematic exchange option to invest in the Funds through regular liquidations of shares in their accounts in other Delaware Funds, subject to certain limitations. Shareholders may elect to invest in one or more of the other Delaware Funds through the systematic exchange option. If, in connection with the election of the systematic exchange option, you wish to open a new account to receive the automatic investment, such new account must meet the minimum initial purchase requirements described in the prospectus of the fund that you select. All investments under this option are exchanges and are therefore subject to the same conditions and limitations as other exchanges noted above.

Under this automatic exchange program, shareholders can authorize regular monthly investments (minimum of $100 per fund, unless you received shares as the result of a transaction involving a predecessor fund, in which case there will be no minimum) to be liquidated from their account and invested automatically into other Delaware Funds, subject to the conditions and limitations set forth in the Prospectus. The investment will be made on the 20th day of each month (or, if the fund selected is not open that day, the next Business Day) at the public offering price or NAV, as applicable, of the fund selected on the date of investment. No investment will be made for any month if the value of the shareholder's account is less than the amount specified for investment.

Periodic investment through the systematic exchange option does not ensure profits or protect against losses in a declining market. The price of the fund into which investments are made could fluctuate. Since this program involves continuous investment regardless of such fluctuating value, investors selecting this option should consider their financial ability to continue to participate in the program through periods of low fund share prices. This program involves automatic exchanges between two or more fund accounts and is treated as a purchase of shares of the fund into which investments are made through the program. Shareholders can terminate their participation in the systematic exchange option at any time by giving written notice to the fund from which exchanges are made.

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**Retirement Plans for the Retail Classes**

An investment in the Funds may be suitable for tax-deferred retirement plans, such as: traditional IRA, SIMPLE IRA, SEP, SARSEP, 401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, or 457 Retirement Plans. In addition, the Funds may be suitable for use in Roth IRAs and Coverdell ESAs. For further details concerning these plans and accounts, including applications, contact your financial intermediary. To determine whether the benefits of a tax-sheltered retirement plan, Roth IRA, or Coverdell ESA are available and/or appropriate, you should consult with a tax advisor.

The CDSC may be waived on certain redemptions of Class C shares. See the Prospectus for a list of the instances in which the CDSC is waived.

Minimum investment limitations generally applicable to other investors do not apply to retirement plans other than IRAs, for which there is a minimum initial purchase of $250 and a minimum subsequent purchase of $25, regardless of which Class is selected. Retirement plans may be subject to plan establishment fees, annual maintenance fees and/or other administrative or trustee fees. Additional information about fees is included in retirement plan materials. Fees are quoted upon request. Annual maintenance fees may be shared by the Custodian, the Transfer Agent, other affiliates of the Manager, and others that provide services to such Plans.

Certain shareholder investment services available to nonretirement plan shareholders may not be available to retirement plan shareholders. Certain retirement plans may qualify to purchase Class I shares or Class R6 shares. For additional information, call the Delaware Funds by Macquarie Service Center at 800 523-1918.

**Determining Offering Price and Net Asset Value**

Orders for purchases and redemptions of Class A shares are effected at the offering price next calculated after receipt of the order by the Funds, their agent, or certain other authorized persons. Orders for purchases and redemptions of all of the Funds' other share classes are effected at the NAV per share next calculated after receipt of the order by the Funds, their agent, or certain other authorized persons. Financial intermediaries are responsible for transmitting orders promptly.

The offering price for Class A shares consists of the NAV per share plus any applicable sales charges. Offering price and NAV are computed as of the close of regular trading on the NYSE, which is normally 4:00pm, Eastern time, on days when the NYSE is open for business. The NYSE is scheduled to be open Monday through Friday throughout the year except for days when the following holidays are observed: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving, and Christmas. The time by which purchase and redemption orders must be effected in order to receive a Business Day's NAV and the time at which such orders are processed and shares are priced may change in case of an emergency declared by the SEC or, if regular trading on the NYSE is stopped, at a time other than the regularly scheduled close of the NYSE. When the NYSE is closed, the Funds will generally be closed, pricing calculations will not be made, and purchase and redemption orders will not be processed until the Funds' next Business Day.

The NAV per share for each share class of each Fund is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. In determining each Fund's total net assets, equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the NYSE on the valuation date. Securities 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, then the mean between the bid and ask prices will be used, which approximates fair value. Debt securities and credit default swap ("CDS") contracts are valued based upon valuations provided by an independent pricing service or broker/ counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, CMBS, and US government agency MBS, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Open-end investment company securities are valued at net asset value per share, as reported by the underlying investment company. Forward foreign currency contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Manager under the oversight of the Board. 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. On behalf of a Fund, the Manager may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Manager (on behalf of the Funds) may frequently value foreign securities using fair value prices

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Determining Offering Price and Net Asset Value

based on third-party vendor modeling tools (international fair value pricing). Foreign securities and the prices of foreign securities denominated in foreign currencies are translated to US dollars at the mean between the bid and offer quotations of such currencies based on rates in effect as of the close of the NYSE.

Use of a pricing service has been approved by the Board. Prices provided by a pricing service take into account appropriate factors such as institutional trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Subject to the foregoing, securities for which market quotations are not readily available and other assets are valued at fair value by the Manager as determined in good faith and pursuant to procedures approved by the Board.

Each Class of a Fund will bear, pro rata, all of the common expenses of that Fund. The NAVs of all outstanding shares of each Class of a Fund will be computed on a pro rata basis for each outstanding share based on the proportionate participation in that Fund represented by the value of shares of that Class. All income earned and expenses incurred by a Fund will be borne on a pro rata basis by each outstanding share of a Class, based on each Class's percentage in that Fund represented by the value of shares of such Classes, except that Class I and Class R6 shares will not incur any of the expenses under the Trust's Rule 12b-1 Plans, while the Retail Classes will bear the Rule 12b-1 Plan expenses payable under their respective Plans, and Class R6 shares will not incur any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to any broker, dealer, or other financial intermediaries. Due to the specific distribution expenses and other costs that will be allocable to each Class, the NAV of each Class of a Fund will vary.

**Redemption and Exchange**

**General Information**

You can redeem or exchange your shares in a number of different ways that are described below. Your shares will be redeemed or exchanged at a price based on the NAV next determined after a Fund receives your request in good order, subject, in the case of a redemption, to any applicable CDSC or Limited CDSC. For example, redemption or exchange requests received in good order after the time the offering price and NAV of shares are determined will be processed on the next Business Day. See "How to redeem shares" in the Prospectus. A shareholder submitting a redemption request may indicate that he or she wishes to receive redemption proceeds of a specific dollar amount. In the case of such a request, and in the case of certain redemptions from retirement plan accounts, a Fund will redeem the number of shares necessary to deduct the applicable CDSC in the case of Class C shares, and, if applicable, the Limited CDSC in the case of Class A shares and tender to the shareholder the requested amount, assuming the shareholder holds enough shares in his or her account for the redemption to be processed in this manner. Otherwise, the amount tendered to the shareholder upon redemption will be reduced by the amount of the applicable CDSC or Limited CDSC. Redemption proceeds will be distributed promptly, as described below, but not later than seven days after receipt of a redemption request.

Except as noted below, for a redemption request to be in "good order," you must provide the name of the Delaware Fund, your account number, account registration, and the total number of shares or dollar amount of the transaction. For exchange requests, you must also provide the name of the Delaware Fund in which you want to invest the proceeds. Exchange instructions and redemption requests must be signed by the record owner(s) exactly as the shares are registered. You may request a redemption or an exchange by calling the Delaware Funds by Macquarie Service Center at 800 523-1918. The Funds may suspend, terminate, or amend the terms of the exchange privilege upon 60 days' written notice to shareholders.

Orders for the repurchase of Fund shares that are submitted to the Delaware Fund prior to the close of its Business Day will be executed at the NAV per share computed that day (subject to the applicable CDSC or Limited CDSC), if the repurchase order was received by the financial intermediary from the shareholder prior to the time the offering price and NAV are determined on such day. The financial intermediary has the responsibility of transmitting orders to the Delaware Fund promptly. Such repurchase is then settled as an ordinary transaction with the financial intermediary (who may make a charge to the shareholder for this service) delivering the shares repurchased.

Payment for shares redeemed will ordinarily be mailed the next Business Day, but in no case later than seven days, after receipt of a redemption request in good order by either the Funds or certain other authorized persons (see "Distributor" under "Investment Manager and Other Service Providers"); provided, however, that each commitment to mail or wire redemption proceeds by a certain time, as described below, is modified by the qualifications described in the next paragraph.

The Funds will process written and telephone redemption requests to the extent that the purchase orders for the shares being redeemed have already settled. The Funds will honor redemption requests as to shares for which a check was tendered as payment, but the Funds will not mail or wire the proceeds until they are reasonably satisfied that the purchase check has cleared, which may take up to 15 calendar days from the purchase date. You can avoid this potential delay if you purchase shares by wiring Federal Funds. Each Fund reserves the right to reject a written or telephone redemption request or delay payment of redemption proceeds if there has been a recent change to the shareholder's address of record.

If a shareholder has been credited with a purchase by a check that is subsequently returned unpaid for insufficient funds or for any other reason, the Funds will automatically redeem from the shareholder's account the shares purchased by the check plus any dividends earned thereon. Shareholders may be responsible for any losses to the Funds or to the Distributor.

In case of a suspension of the determination of the NAV because the NYSE is closed for reasons other than weekends or holidays, or trading thereon is restricted or an emergency exists as a result of which disposal by the Funds of securities owned by them is not reasonably practical, or it is not reasonably

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practical for the Funds to fairly value their assets, or in the event that the SEC has provided for such suspension for the protection of shareholders, the Funds may postpone payment or suspend the right of redemption or repurchase. In such cases, the shareholder may withdraw the request for redemption or leave it standing as a request for redemption at the NAV next determined after the suspension has been terminated.

Payment for shares redeemed or repurchased may be made either in cash or in kind, or partly in cash and partly in kind. Any portfolio securities paid or distributed in kind would be valued as described in "Determining Offering Price and Net Asset Value" above. Subsequent sale by an investor receiving a distribution in kind could result in the payment of brokerage commissions. However, the Trust has elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1.00% of the NAV of such Fund during any 90-day period for any one shareholder.

The value of each Fund's investments is subject to changing market prices. Thus, a shareholder redeeming shares of the Funds may sustain either a gain or loss, depending upon the price paid and the price received for such shares.

Certain redemptions of Class A shares purchased at NAV may result in the imposition of a Limited CDSC. See the Prospectus and SAI for more information. Except for the applicable CDSC or Limited CDSC and, with respect to the expedited payment by wire described below for which, in the case of the Retail Classes, there may be a bank wiring cost, neither the Funds nor the Distributor charge a fee for redemptions or repurchases, but such fees could be charged at any time in the future.

Holders of Class C shares that exchange their shares ("Original Shares") for shares of other Delaware Funds (in each case, "New Shares") in a permitted exchange will not be subject to a CDSC that might otherwise be due upon redemption of the Original Shares. However, such shareholders will continue to be subject to the CDSC and any CDSC assessed upon redemption of the New Shares will be charged by the Fund from which the Original Shares were exchanged. In the case of Class C shares, shareholders will also continue to be subject to the automatic conversion schedule of the Original Shares as described in this SAI. In an exchange of Class C shares, a Fund's CDSC schedule may be higher than the CDSC schedule relating to the New Shares acquired as a result of the exchange. For purposes of computing the CDSC that may be payable upon a disposition of the New Shares, the period of time that an investor held the Original Shares is added to the period of time that an investor held the New Shares. With respect to Class C shares, the automatic conversion schedule of the Original Shares may be longer than that of the New Shares. Consequently, an investment in New Shares by exchange may subject an investor to the higher Rule 12b-1 fees applicable to Class C shares for a longer period of time than if the investment in New Shares were made directly.

You may exchange all or part of your investment in one or more Delaware Funds for shares of other Delaware Funds. Please keep in mind, however, that under most circumstances you may exchange between like classes of shares only. Class C shares acquired by exchange will continue to carry the automatic conversion schedule of the fund from which the exchange is made. The holding period of Class C shares acquired by exchange will be added to that of the shares that were exchanged for purposes of determining the time of the automatic conversion to Class A shares of the fund. Holders of Class R shares of a Fund are permitted to exchange all or part of their Class R shares only for Class R shares of other Delaware Funds or, if Class R shares are not available for a particular fund, for the Class A shares of such fund. Holders of Class Y shares of a Fund are permitted to exchange all or part of their Class Y shares only for Class Y shares of other Delaware Funds or, if Class Y shares are not available for a particular fund, for the Class A shares of such fund. You will pay any applicable sales charge on your new shares unless eligible to purchase shares at NAV. To open an account by exchange, call your financial intermediary or the Delaware Funds by Macquarie Service Center at 800 523-1918.

Permissible exchanges into Class A shares of the Funds will be made without a front-end sales charge, except for exchanges of shares that were not previously subject to a front-end sales charge (unless such shares were acquired through the reinvestment of dividends). Permissible exchanges into Class C shares will be made without the imposition of a CDSC by the Delaware Fund from which the exchange is being made at the time of the exchange.

Each Fund also reserves the right to refuse the purchase side of an exchange request by any person, or group if, in the Manager's judgment, the Fund would be unable to invest effectively in accordance with its investment objectives and policies, or would otherwise potentially be adversely affected. A shareholder's purchase exchanges may be restricted or refused if a Fund receives or anticipates simultaneous orders affecting significant portions of the Fund's assets.

The Funds discourage purchases by market timers and purchase orders (including the purchase side of exchange orders) by shareholders identified as market timers may be rejected. The Funds will consider anyone who follows a pattern deemed market timing in any Delaware Fund to be a market timer. Your ability to use the Funds' exchange privilege may be limited if you are identified as a market timer. If you are identified as a market timer, we will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. See the Funds' Prospectus for more information on their market timing policies.

**Contact your financial intermediary for specific information regarding the availability and suitability of various account options described throughout this SAI.**

**Written Redemption**

You can write to the Funds (at P.O. Box 9876, Providence, RI 02940-8076 by regular mail or 4400 Computer Drive, Westborough, MA 01581-1722 by overnight courier service) to redeem some or all of your shares. The request must be signed by all owners of the account. For redemptions of more than $100,000, or when the proceeds are not sent to the shareholder(s) at the address of record, the Funds require a signature by all owners of the account and a Medallion Signature Guarantee for each owner. A Medallion Signature Guarantee can be obtained from a commercial bank, a trust company, or a member

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Redemption and Exchange

of a Securities Transfer Association Medallion Program ("STAMP"). Each Fund reserves the right to reject a signature guarantee supplied by an eligible institution based on its creditworthiness. The Funds may require further documentation from corporations, executors, retirement plans, administrators, trustees, or guardians.

Payment is normally mailed the next Business Day after receipt of your redemption request. If your Class A or Class I shares are in certificate form, the certificate(s) must accompany your request and also be in good order. Certificates generally are no longer issued.

**Written Exchange**

You may also write to the Funds (at P.O. Box 9876, Providence, RI 02940-8076 by regular mail or 4400 Computer Drive, Westborough, MA 01581-1722 by overnight courier service) to request an exchange of any or all of your shares into another Delaware Fund, subject to the same conditions and limitations as other exchanges noted above.

**Telephonic Redemption and Exchange**

To get the added convenience of the telephone redemption and exchange methods, you must have the Transfer Agent hold your shares (without charge) for you. If you hold your Class A or Class I shares in certificate form, you may redeem or exchange only by written request and you must return your certificates.

***Telephone Redemption:*** The "Check to Your Address of Record" service and the "Telephone Exchange" service, both of which are described below, are automatically provided unless you notify the Funds in which you have your account in writing that you do not wish to have such services available with respect to your account. Each Fund reserves the right to modify, terminate, or suspend these procedures upon 60 days' written notice to shareholders. It may be difficult to reach the Funds by telephone during periods when market or economic conditions lead to an unusually large volume of telephone requests.

The Funds and their Transfer Agent are not responsible for any shareholder loss incurred in acting upon written or telephone instructions for redemption or exchange of Fund shares that are reasonably believed to be genuine. With respect to such telephone transactions, a Fund will follow reasonable procedures to confirm that instructions communicated by telephone are genuine (including verification of personal identification). Also, shareholders should verify their trade confirmations immediately upon receipt. Telephone instructions received by a Fund are generally recorded, and a written confirmation will be provided for all purchase, exchange, and redemption transactions initiated by telephone. By exchanging shares by telephone, you are acknowledging prior receipt of a prospectus for the Delaware Fund into which your shares are being exchanged.

***Telephone Redemption — Check to Your Address of Record:*** The Telephone Redemption feature is a quick and easy method to redeem shares. You or your financial intermediary (where applicable) can have redemption proceeds of $100,000 or less mailed to you at your address of record. Checks will be payable to the shareholder(s) of record. Payment is normally mailed the next Business Day after receipt of the redemption request. This service is only available to individual, joint, and individual fiduciary-type accounts.

***Telephone Redemption — Proceeds to Your Bank:*** Redemption proceeds of $1,000 or more can be transferred to your predesignated bank account by wire or by check. You should authorize this service when you open your account. If you change your predesignated bank account, you must complete an authorization form and have your Medallion Signature Guarantee. For your protection, your authorization must be on file. If you request a wire, your funds will normally be sent the next Business Day. If the proceeds are wired to the shareholder's account at a bank that is not a member of the Federal Reserve System, there could be a delay in the crediting of the funds to the shareholder's bank account. A bank wire fee may be deducted from Fund Class redemption proceeds. If you ask for a check, it will normally be mailed the next Business Day after receipt of your redemption request to your predesignated bank account. There are no separate fees for this redemption method, but mailing a check may delay the time it takes to have your redemption proceeds credited to your predesignated bank account. Call the Delaware Funds by Macquarie Service Center at 800 523-1918 prior to the time the offering price and NAV are determined, as noted above.

***Telephone Exchange:*** The telephone exchange feature is a convenient and efficient way to adjust your investment holdings as your liquidity requirements and investment objectives change. You or your financial intermediary can exchange your shares into other Delaware Funds under the same registration, subject to the same conditions and limitations as other exchanges noted above. As with the written exchange service, telephone exchanges are subject to the requirements of the Funds, as described above. Telephone exchanges may be subject to limitations as to amount or frequency.

The telephone exchange privilege is intended as a convenience to shareholders and is not intended to be a vehicle to speculate on short-term swings in the securities market through frequent transactions into and out of the Delaware Funds. Telephone exchanges may be subject to limitations as to amount or frequency. The Transfer Agent and each Fund reserve the right to record exchange instructions received by telephone and to reject exchange requests at any time in the future.

**On Demand Service**

You or your financial intermediary may request redemptions of Fund Class shares by phone using the on demand service. When you authorize the Funds to accept such requests from you or your financial intermediary, funds will be deposited to your predesignated bank account. Your request will be processed the same day if you call prior to 4:00pm Eastern time. There is a $25 minimum and $100,000 maximum limit for on demand service transactions. For more information, see "On Demand Service" under "Investment Plans" above.

**Systematic Withdrawal Plans**

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Shareholders who own or purchase $5,000 or more of shares at the offering price, or NAV, as applicable, for which certificates have not been issued may establish a systematic withdrawal plan for monthly withdrawals of $25 or more, or quarterly withdrawals of $75 or more, although the Funds do not recommend any specific amount of withdrawal. This is particularly useful to shareholders living on fixed incomes, since it can provide them with a stable supplemental amount. This $5,000 minimum does not apply to investments made through qualified retirement plans. Shares purchased with the initial investment and through reinvestment of cash dividends and realized securities profits distributions will be credited to the shareholder's account and sufficient full and fractional shares will be redeemed at the NAV calculated on the third Business Day preceding the mailing date.

Checks are dated either the 1st or the 15th of the month, as selected by the shareholder (unless such date falls on a holiday or a weekend), and are normally mailed within two Business Days. Both ordinary income dividends and realized securities profits distributions will be automatically reinvested in additional shares of the Class at NAV. This plan is not recommended for all investors and should be started only after careful consideration of its operation and effect upon the investor's savings and investment program. To the extent that withdrawal payments from the plan exceed any dividends and/or realized securities profits distributions paid on shares held under the plan, the withdrawal payments will represent a return of capital, and the share balance may in time be depleted, particularly in a declining market. Shareholders should not purchase additional shares while participating in a systematic withdrawal plan.

The sale of shares for withdrawal payments constitutes a taxable event and a shareholder may incur a capital gain or loss for federal income tax purposes. This gain or loss may be long term or short term depending on the holding period for the specific shares liquidated. Premature withdrawals from retirement plans may have adverse tax consequences.

Withdrawals under this plan made concurrently with the purchases of additional shares may be disadvantageous to the shareholder. Purchases of Class A shares through a periodic investment program in the Funds must be terminated before a systematic withdrawal plan with respect to such shares can take effect, except if the shareholder is a participant in a retirement plan offering Delaware Funds or is investing in Delaware Funds that do not carry a sales charge. Redemptions of Class A shares pursuant to a systematic withdrawal plan may be subject to a Limited CDSC if the purchase was made at NAV and a dealer's commission has been paid on that purchase. The applicable Limited CDSC for Class A shares and CDSC for Class C shares redeemed via a systematic withdrawal plan will be waived if the annual amount withdrawn in each year is less than 12% of the account balance on the date that the plan was established. If the annual amount withdrawn in any year exceeds 12% of the account balance on the date that the systematic withdrawal plan was established, all redemptions under the plan will be subject to the applicable CDSC, including an assessment for previously redeemed amounts under the plan. Whether a waiver of the CDSC is available or not, the first shares to be redeemed for each systematic withdrawal plan payment will be those not subject to a CDSC because they have either satisfied the required holding period or were acquired through the reinvestment of distributions. See the Prospectus for more information about the waiver of CDSCs.

An investor wishing to start a systematic withdrawal plan must complete an authorization form. If the recipient of systematic withdrawal plan payments is other than the registered shareholder, the shareholder's signature on this authorization must be guaranteed. Each signature guarantee must be supplied by an eligible guarantor institution. The Funds reserve the right to reject a signature guarantee supplied by an eligible institution based on its creditworthiness. This plan may be terminated by the shareholder or the Transfer Agent at any time by giving written notice.

Systematic withdrawal plan payments are normally made by check. In the alternative, you may elect to have your payments transferred from your Fund account to your predesignated bank account through the on demand service. Your funds will normally be credited to your bank account up to four Business Days after the payment date. There are no separate fees for this redemption method. It may take up to four Business Days for the transactions to be completed. You can initiate this service by completing an Account Services form. If your name and address are not identical to the name and address on your Fund account, you must have your signature guaranteed. The Funds do not charge a fee for this service; however, your bank may charge a fee.

**Right to discontinue offering shares and/or to merge or liquidate a share class**

To the extent authorized by law, the Funds reserve the right to discontinue offering shares at any time and/or to merge or liquidate a share class, such as in response to shareholder redemptions of substantially or all shares in a class. For any blocked accounts involving a liquidating fund, a shareholder's account may be moved into Delaware Investments Ultrashort Fund if no instruction is given upon receipt of a fund's pending liquidation.

**Distributions and Taxes**

**Taxes**

**General**

Each Fund is treated as a separate corporation for federal tax purposes. Each Fund has elected and qualified since its inception for treatment as a registered investment company (RIC) under the Code, and each intends to continue to qualify for that treatment so that it is relieved of federal income tax on that part of its investment company taxable income (consisting generally of net taxable investment income, the excess of net short-term capital gain over net long-term capital loss, and net gains and losses from certain foreign currency transactions, all determined without regard to any deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss) that it distributes to its shareholders. To continue to qualify for treatment as a RIC, a Fund must distribute to its shareholders for each taxable year at least 90% of the sum of its investment company taxable income and 90% of its net tax-exempt income, if any, including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the

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Distributions and Taxes

close of its taxable year that are treated as made during such taxable year, plus, in the case of Delaware Ivy California Municipal High Income Fund, its net interest income excludable from gross income under Section 103(a) of the Code (Distribution Requirement) and must meet several additional requirements. For each Fund, these requirements include the following:

• the Fund must derive at least 90% of its gross income each taxable year from (a) dividends, interest, payments with respect to securities loans, and gains from the sale or other disposition of securities or foreign currencies, or other income (including gains from options, futures contracts, or forward currency contracts) derived with respect to its business of investing in securities or those currencies (collectively, Qualifying Income) and (b) net income from an interest in a QPTP (Income Requirement); and

• at the close of each quarter of the Fund's taxable year, (a) at least 50% of the value of its total assets must be represented by cash and cash items, US government securities, securities of other RICs and other securities that are limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of the Fund's total assets and that does not represent more than 10% of the issuer's outstanding voting securities (equity securities of QPTPs being considered voting securities for these purposes) (50% Diversification Requirement), and (b) not more than 25% of the value of its total assets may be invested in (i) the securities (other than US government securities or the securities of other RICs) of any one issuer, (ii) the securities (other than securities of other RICs) of two or more issuers the Fund controls that are determined to be engaged in the same, similar, or related trades or businesses, or (iii) the securities of one or more QPTPs (collectively, RIC Diversification Requirements).

The gains that a Fund derives from investments in options or futures contracts on gold that are made for the purpose of hedging the Fund's investment in securities of companies in the businesses of mining, processing, producing, exploring for, refining, or selling gold generally constitute Qualifying Income. However, direct investments by a Fund in precious metals, structured notes linked to precious metals or options or futures contracts on precious metals made for non-hedging purposes would have adverse tax consequences for the Fund and its shareholders if it either (1) derived more than 10% of its gross income in any taxable year from the disposition of such metals, notes, options, and futures contracts and from other non-Qualifying Income and thus failed to satisfy the Income Requirement or (2) held such metals, notes, options, and futures contracts in such quantities that it failed to satisfy the 50% Diversification Requirement. Each Fund that invests in such metals, notes, options or futures contracts intends to manage or continue to manage its holdings thereof so as to avoid failing to satisfy those requirements for these reasons.

A Fund will be able to cure a failure to satisfy any of the Income and RIC Diversification Requirements under the RIC Modernization Act of 2010 (the Modernization Provisions) as long as the failure "is due to reasonable cause and not due to willful neglect" and the Fund pays a deductible tax calculated in accordance with those provisions and meets certain other requirements.

If any Fund failed to qualify for treatment as a RIC for any taxable year and was unable, or determined not to, avail itself of the Modernization Provisions, then for federal tax purposes, it would be taxed as an ordinary corporation on the full amount of its taxable income for that year (even if it distributed that income to its shareholders). In addition, the shareholders would treat all those distributions, including distributions of net capital gain and, for Delaware Ivy California Municipal High Income Fund, distributions that otherwise would be "exempt-interest dividends" as described below, as taxable dividends to the extent of the Fund's earnings and profits, taxable as ordinary income, except as follows: (i) for individual and certain other noncorporate shareholders (each, a "noncorporate shareholder"), the part of such dividends that is "qualified dividend income" (as defined below under Shareholder Tax Considerations) would be subject to federal income tax at the rates for net capital gain - a maximum of 15%, or 20% for noncorporate shareholders with taxable income exceeding certain thresholds (which are adjusted for inflation annually); and (ii) all or part of those dividends would be eligible for the dividends-received deduction available to corporations under certain circumstances. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying for RIC treatment.

Dividends and other distributions a Fund declares in October, November, and/or December of any year that are payable to its shareholders of record on a date in such a month are deemed to have been paid by the Fund and received by the shareholders on December 31 if the Fund pays them during the following January. Accordingly, those dividends and other distributions (except for exempt-interest dividends, as described below) will be taxed to the shareholders for the year in which that December 31 falls.

Each Fund will be subject to a nondeductible 4% federal excise tax (Excise Tax) to the extent it fails to distribute, by the end of any calendar year, substantially all of its ordinary (taxable) income for that year and capital gain net income for the one-year period ending on October 31 of that year, plus certain other amounts. For these purposes, a Fund may defer into the next taxable year any capital loss incurred between November 1 and the end of the current taxable year as well as certain late year ordinary losses incurred between January 1 and the end of the current taxable year. It is the policy of each Fund to pay sufficient dividends and other distributions each year to avoid imposition of the Excise Tax.

When a Fund engages in securities lending, while securities are loaned out by such Fund, the Fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass- through of foreign tax credits to shareholders. Additionally, in the case of a Fund with a strategy of investing in tax-exempt securities, any payments made "in lieu of" tax-exempt interest will be considered taxable income to the Fund, and thus, to the investors, even though such interest may be tax-exempt when paid to the borrower.

**Investments in Partnerships and QPTPs**

A QPTP is defined as a publicly traded partnership (generally, a partnership the interests in which are "traded on an established securities market" or are "readily tradable on a secondary market (or the substantial equivalent thereof)") other than a partnership at least 90% of the gross income of which consists

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of Qualifying Income. All of the net income derived by a fund from an interest in a QPTP will be treated as Qualifying Income but the fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a fund to fail to qualify as a RIC. Although, in general, the passive loss rules of the Code do not apply to RICs, such rules do apply to a fund with respect to items attributable to an interest in a QPTP. Fund investments in partnerships, including in QPTPs, may result in the fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

If an MLP is treated as a partnership for US federal income tax purposes (whether or not a QPTP), all or a portion of the dividends received by a fund from the MLP likely will be treated as a return of capital for US federal income tax purposes because of accelerated deductions available with respect to the activities of such MLPs. Further, because of these accelerated deductions, on the disposition of interests in such an MLP, a fund likely will realize taxable income in excess of economic gain with respect to those MLP interests (or if the fund does not dispose of the MLP, the fund could realize taxable income in excess of cash flow with respect to the MLP in a later period), and the fund must take such income into account in determining whether the fund has satisfied its Distribution Requirement. A fund may have to borrow or liquidate securities to satisfy its Distribution Requirement and to meet its redemption requests, even though investment considerations might otherwise make it undesirable for the fund to sell securities or borrow money at such time. In addition, any gain recognized, either upon the sale of a fund's MLP interest or sale by the MLP of property held by it, including in excess of economic gain thereon, treated as so-called "recapture income," will be treated as ordinary income. Therefore, to the extent a fund invests in MLPs, fund shareholders might receive greater amounts of distributions from the fund taxable as ordinary income than they otherwise would in the absence of such MLP investments.

Although MLPs generally are expected to be treated as partnerships for US federal income tax purposes, some MLPs may be treated as passive foreign investment companies or "regular" corporations for US federal income tax purposes. The treatment of particular MLPs for US federal income tax purposes will affect the extent to which a fund can invest in MLPs and will impact the amount, character, and timing of income recognized by the Fund.

**Income from Foreign Securities**

Dividends and interest a Fund receives, and gains it realizes, on foreign securities may be subject to income, withholding, or other taxes imposed by foreign countries and US possessions (collectively, "foreign taxes") that would reduce the yield and/or total return on its securities. Tax conventions between certain countries and the United States may reduce or eliminate foreign taxes, however, and many foreign countries do not impose taxes on capital gains in respect of investments by foreign investors. Under certain circumstances, a Fund may elect to pass-through foreign taxes paid by the Fund to shareholders, although it reserves the right not to do so. If a Fund makes such an election and obtains a refund of foreign taxes paid by the Fund in a prior year, the Fund may be eligible to reduce the amount of foreign taxes reported by the Fund to its shareholders, generally by the amount of the foreign taxes refunded, for the year in which the refund is received.

Subject to its investment policies and restrictions, a Fund may invest in the stock of passive foreign investment companies (PFICs). A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either of the following tests for a taxable year: (1) at least 75% of its gross income is passive or (2) an average of at least 50% of its assets produce, or are held for the production of, passive income. Whether a foreign corporation is a PFIC is a fact-intensive determination that is based on various facts and circumstances that may change from time to time, and the principles and methodology used in determining whether a foreign corporation is a PFIC are subject to interpretation. It is possible that a Fund could invest in a foreign corporation that becomes, or is determined to be, a PFIC after the Fund makes the investment.

Under certain circumstances, a Fund will be subject to federal income tax on a portion of any "excess distribution" it receives on the stock of a PFIC or of any gain on disposition of the stock (collectively, "PFIC income"), plus interest thereon, even if the Fund distributes the PFIC income as a dividend to its shareholders. The balance of the PFIC income will be included in the Fund's investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders. To avoid the foregoing tax and interest obligation, a Fund might make a "qualified electing fund" (QEF) or "marked-to-market" election. If a Fund invests in a PFIC and elects to treat the PFIC as a QEF, then in lieu of the foregoing tax and interest obligation, the Fund will be required to include in income each taxable year its pro rata share of the QEF's annual ordinary earnings and net capital gain - which the Fund probably would have to distribute to satisfy the Distribution Requirement and avoid imposition of the Excise Tax - even if the QEF does not distribute those earnings and gain to the Fund. In most instances it will be very difficult, if not impossible, to make this election because of certain requirements thereof.

A Fund may elect to mark-to-market its stock in any PFIC. Marking-to-market, in this context, means including in gross income each taxable year (and treating as ordinary income) the excess, if any, of the fair market value of a PFIC's stock over a Fund's adjusted basis therein as of the end of that year. Pursuant to the election, a Fund also may deduct (as an ordinary, not a capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock the Fund included in income for prior taxable years under the election. A Fund's adjusted basis in each PFIC's stock with respect to which it makes this election will be adjusted to reflect the amounts of income included and deductions taken under the election.

**Foreign Currency Gains and Losses**

Gains or losses (1) from the disposition of foreign currencies, including forward currency contracts, (2) except in certain circumstances, from options and forward contracts on foreign currencies (and on financial instruments involving foreign currencies) and from notional principal contracts (e.g., swaps, caps, floors and collars) involving payments denominated in foreign currencies, (3) on the disposition of each debt security denominated in a foreign currency that are attributable to fluctuations in the value of the foreign currency between the date of acquisition of the security and the date of its disposition, and (4) that are attributable to fluctuations in exchange rates that occur between the time a Fund accrues interest, dividends or other receivables, or expenses or other

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Distributions and Taxes

liabilities, denominated in a foreign currency and the time the Fund actually collects the receivables or pays the liabilities, generally are treated as ordinary income or loss. These gains or losses may increase or decrease the amount of a Fund's investment company taxable income to be distributed to its shareholders as ordinary income, rather than affecting the amount of its net capital gain, and may cause some or all of the Fund's previously distributed income to be classified as a return of capital.

Each Fund that is permitted to invest in forward currency contracts may elect to treat gains and losses from those contracts as capital gains or losses. These gains or losses may increase or decrease the amount of a Fund's investment company taxable income (if short-term in nature) or net capital gain (if long-term in nature) to be distributed to its shareholders.

**Delaware Ivy California Municipal High Income Fund**

Delaware Ivy California Municipal High Income Fund may invest in municipal bonds that are purchased, generally not on their original issue, with market discount (that is, at a price less than the principal amount of the bond or, in the case of a bond that was issued with OID, a price less than the amount of the issue price plus accrued OID) ("municipal market discount bonds"). Market discount on a bond generally is accrued ratably, on a daily basis, over the period from the acquisition date to the date of maturity thereof. Gain on the disposition of a municipal market discount bond (other than a bond with a fixed maturity date within one year from its issuance) generally is treated as ordinary (taxable) income, rather than capital gain, to the extent of the bond's accrued market discount at the time of disposition; in lieu of such treatment, the Fund may elect to include market discount in its gross income currently, for each taxable year to which it is attributable.

**Income from Financial Instruments and Foreign Currencies**

The use of hedging and option income strategies, such as writing (selling) and purchasing options and futures contracts and entering into forward currency contracts, involves complex rules that will determine for income tax purposes the amount, character and timing of recognition of the gains and losses a Fund realizes in connection therewith. Gains from the disposition of foreign currencies (except certain gains that may be excluded by future regulations), and gains from options, futures contracts and forward currency contracts a Fund derives with respect to its business of investing in securities or foreign currencies (see the discussion under General above regarding options and futures contracts on gold), will be treated as Qualifying Income. Each Fund will monitor its transactions, make appropriate tax elections, and make appropriate entries in its books and records when it acquires any Financial Instrument to mitigate the effect of these rules, prevent its disqualification as a RIC, and minimize the imposition of federal income tax.

A Fund's need to satisfy the Income Requirement and the RIC Diversification Requirements to qualify for treatment as a RIC may limit its ability to engage in certain swap agreements and derivatives transactions. Moreover, the rules governing the tax treatment of swap agreements are not entirely clear in certain respects. For example, the tax treatment of a payment made or received under a swap agreement in particular, whether such a payment is, wholly or partially, ordinary income or capital gain will vary depending on the terms of the particular agreement. The tax treatment of swap agreements and other derivatives also may be affected by future legislation, regulations, and/or guidance issued by the IRS. While each Fund intends to account for swap agreements in a manner it considers to be appropriate under applicable tax rules, the IRS might not accept that treatment. If it did not, a Fund's status as a RIC might be affected. The Funds intend to monitor developments in this area.

Any income a Fund earns from writing options is treated as short-term capital gain. If a Fund enters into a closing purchase transaction, it will have a short-term capital gain or loss based on the difference between the premium it received for the option it wrote and the premium it paid for the option it bought. If an option written by a Fund lapses without being exercised, the premium it received also will be a short-term capital gain. If such an option is exercised and the Fund thus sells the securities subject to the option, the premium the Fund received will be added to the exercise price to determine the gain or loss on the sale.

Certain futures contracts, foreign currency contracts and "non-equity" options (that is, certain listed options, such as those on a "broad-based" securities index) — but excluding any "securities futures contract" that is not a "dealer securities futures contract" (both as defined in the Code) and any interest rate cap or floor, interest rate or certain other swap, or similar agreement — in which a Fund may invest will be "Section 1256 contracts." Section 1256 contracts a Fund holds at the end of its taxable year, other than contracts subject to a "mixed straddle" election the Fund may make, are marked to market (that is, treated as sold at that time for their fair market value) for federal income tax purposes, with the result that unrealized gains or losses are treated as though they were realized. Sixty percent of any net gains or losses recognized on these deemed sales, and 60% of any net realized gains or losses from any actual sales of Section 1256 contracts, are treated as long-term capital gains or losses, and the balance is treated as short-term capital gains or losses. Section 1256 contracts also are marked-to-market at the end of October of each year for purposes of the Excise Tax. A Fund may need to distribute any net marked-to-market gains as of the end of its taxable year to its shareholders to satisfy the Distribution Requirement (i.e., with respect to the portion treated as short-term capital gain, which will be includible in its investment company taxable income, and thus taxable to its shareholders as ordinary income when distributed to them). These rules also may operate to increase the net capital gain a Fund recognizes, even though it may not have closed the transactions and received cash to pay distributions of that gain.

Under Code Section 988, a gain or loss (1) from the disposition of foreign currencies, (2) except in certain circumstances, from options, futures, and forward contracts on foreign currencies (and on financial instruments involving foreign currencies) and from notional principal contracts (e.g., swaps, caps, floors, and collars) involving payments denominated in foreign currencies, (3) on the disposition of each foreign-currency-denominated debt security that are attributable to fluctuations in the value of the foreign currency between the dates of acquisition and disposition of the security, and (4) that is attributable to exchange rate fluctuations between the time a Fund accrues interest, dividends, or other receivables or expenses or other liabilities denominated in a foreign currency and the time it actually collects the receivables or pays the liabilities generally will be treated as ordinary income or loss. These gains or losses will

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increase or decrease the amount of a Fund's investment company taxable income, rather than affecting the amount of its net capital gain. (Note, however, that under certain circumstances, a Fund may make an election to treat foreign currency gain or loss on certain forward contracts, futures contracts and options as capital gain or loss). If a Fund's Section 988 losses (other than those to which such an election applies) exceed its other investment company taxable income for a taxable year, the Fund would not be able to distribute any dividends.

Offsetting positions a Fund enters into or holds in any actively traded security, option, futures, or forward currency contract may constitute a "straddle" for federal income tax purposes. Straddles are subject to certain rules that may affect the amount, character, and timing of recognition of a Fund's gains and losses with respect to positions of the straddle by requiring, among other things, that (1) loss realized on disposition of one position of a straddle be deferred to the extent of any unrealized gain in an offsetting position until the latter position is disposed of, (2) the Fund's holding period for certain straddle positions not begin until the straddle is terminated (possibly resulting in gain being treated as short-term rather than long-term capital gain), and (3) losses recognized with respect to certain straddle positions, that otherwise would constitute short-term capital losses, be treated as long-term capital losses. Applicable regulations also provide certain "wash sale" rules, which apply to transactions where a position is sold at a loss and a new offsetting position is acquired within a prescribed period, and "short sale" rules applicable to straddles. Different elections are available to the Funds, which may mitigate the effects of the straddle rules, particularly with respect to "mixed straddles" (i.e., a straddle of which at least one, but not all, positions are section 1256 contracts).

The premium a Fund receives for writing (selling) a put or call option is not included in income at the time of receipt. When a covered call option written (sold) by a Fund expires, it will realize a short-term capital gain equal to the amount of the premium it received for writing the option. When a Fund terminates its obligations under such an option by entering into a closing transaction, it will realize a short-term capital gain (or loss), depending on whether the cost of the closing transaction is less (or more) than the premium it received when it wrote the option. When a covered call option written by a Fund is exercised, it will be treated as having sold the underlying security, producing long-term or short-term capital gain or loss, depending on the holding period of the underlying security and whether the sum of the option price it receives on the exercise plus the premium it received when it wrote the option is more or less than the underlying security's basis.

**Income from REITs**

Subject to its investment policies and restrictions, a Fund may invest in REITs that (1) hold residual interests in real estate mortgage investment conduits (REMICs) or (2) engage in mortgage securitization transactions that cause the REITs to be taxable mortgage pools (TMPs) or have a qualified REIT subsidiary that is a TMP. A portion of the net income allocable to REMIC residual interest holders may be "excess inclusion income." The Code authorizes the issuance of regulations dealing with the taxation and reporting of excess inclusion income; however, those regulations have not yet been issued.

Under a 2006 Notice issued by the IRS, a portion of a Fund's income from a US REIT that is attributable to the REIT's residual interest in a REMIC or equity interests in a TMP will be subject to federal income tax in all events. The excess inclusion income of a RIC will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, TMP directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute "unrelated business taxable income" (UBTI) to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder, will not qualify for any reduction in US federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax- exempt organizations not subject to UBTI) is a record holder of a share in a RIC, then the RIC will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax rate. The Notice imposes certain reporting requirements upon RICs that have excess inclusion income. There can be no assurance that a Fund will not allocate to shareholders excess inclusion income. However, no Fund will invest directly in REMIC residual interests or intends to invest in REITs that, to its knowledge, invest in those interests or are TMPs or have a qualified REIT subsidiary that is a TMP. It is unlikely that these rules will apply to a Fund that has a non-REIT strategy.

**Income from OID Securities**

Subject to its investment policies and restrictions, a Fund may invest in taxable or municipal zero coupon bonds or other securities issued with OID. As a holder of those securities, a Fund must include in its gross income (or take into account, in the case of OID on tax-exempt securities) the OID that accrues on them during the taxable year, even if it receives no corresponding payment on the securities during the year. Similarly, a Fund must include in its gross income each taxable year, securities it receives as "interest" on PIK securities. Because a Fund annually must distribute (1) substantially all of its investment company taxable income, including any accrued OID and other non-cash income, to avoid imposition of the Excise Tax, and (2) substantially all of the sum of that income and its net tax-exempt income (including any tax-exempt OID), to satisfy the Distribution Requirement, it may be required in a particular taxable year to distribute as a dividend an amount that is greater than the total amount of cash it actually receives. Those distributions will be made from a Fund's cash assets or from the proceeds of sales of its portfolio securities, if necessary. A Fund may realize capital gains or losses from those sales, which would increase or decrease its investment company taxable income and/or net capital gain.

**Investments in Convertible Securities**

Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in

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Distributions and Taxes

income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

**Shareholder Tax Considerations**

Dividends a Fund pays to you from its investment company taxable income will be taxable as ordinary income, except that a Fund's dividends attributable to its "qualified dividend income" (i.e., dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions) generally will be subject to federal income tax for noncorporate shareholders who satisfy those restrictions with respect to their Fund shares at the federal income tax rates for net capital gain - a maximum of 15%, or 20% for noncorporate shareholders with taxable income exceeding certain thresholds (which are adjusted for inflation annually). A portion of a Fund's dividends also may be eligible for the dividends-received deduction allowed to corporate shareholders (DRD) - the eligible portion may not exceed the aggregate dividends the Fund receives from domestic corporations subject to federal income tax (excluding REITs) and excludes dividends from foreign corporations - subject to similar restrictions.

Distributions to you of a Fund's net capital gain (net long-term capital gain over net short-term capital loss) will be taxable as long-term capital gain, at the 15% and 20% maximum rates mentioned above, regardless of how long you have held your Fund shares. Shareholders other than Qualified Plans, IRAs and other tax-exempt investors will be subject to federal income tax on dividends and capital gain distributions received from a Fund, regardless of whether they are received in cash or additional Fund shares.

Distributions by a Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares.

Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Fund share (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Fund shares.

A shareholder's cost basis information will be provided on the redemption of any of the shareholder's shares, subject to certain exceptions for exempt recipients. The Funds will calculate the shareholder's cost basis using its default method, unless the shareholder instructs a Fund to use a different calculation method. Please contact the broker (or other nominee) that holds your shares with respect to reporting of cost basis and available elections for your account.

If Fund shares are sold at a loss after being held for six months or less, the loss will be treated as a long-term, instead of a short- term, capital loss to the extent of any capital gain distributions received on those shares. Investors also should be aware that if they purchase shares shortly before the record date for a dividend (other than an "exempt-interest dividend" described in the following sub-section) or other distribution, they will receive some portion of the purchase price back as a taxable distribution.

If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations - which may occur for one or more Funds, the Fund will be eligible to, and may file an election with the IRS that will enable its shareholders, in effect, to benefit from any foreign tax credit or deduction available with respect to any foreign taxes it pays. Pursuant to the election, a Fund would treat those taxes as dividends paid to its shareholders and each shareholder (1) would be required to include in gross income, and treat as paid by the shareholder, the shareholder's proportionate share of those taxes, (2) would be required to treat that share of those taxes and of any dividend the Fund paid that represents income from foreign or US possessions sources ("foreign-source income") as the shareholder's own income from those sources, and (3) could either use the foregoing information in calculating the foreign tax credit against the shareholder's federal income tax or, alternatively, deduct the foreign taxes deemed paid by the shareholder in computing taxable income. If a Fund makes this election for a taxable year, it will report to its shareholders shortly after that year their respective shares of the foreign taxes it paid and its foreign-source income.

Individual shareholders of a Fund described in the preceding paragraph who have no more than $300 ($600 for married persons filing jointly) of creditable foreign taxes included on IRS Forms 1099 and all of whose foreign source income is "qualified passive income" may elect each taxable year to be exempt from the foreign tax credit limitation for federal income tax purposes (about which shareholders may wish to consult their tax advisors), in which event they would be able to claim a foreign tax credit without having to file the detailed IRS Form 1116 that otherwise is required. A shareholder will not be entitled to credit or deduct its allocable portion of foreign taxes a Fund paid if the shareholder has not held that Fund's shares for at least 16 days during the 31-day period beginning 15 days before the ex-distribution date for those shares. The minimum holding period will be extended if the shareholder's risk of loss with respect to those shares is reduced by reason of holding an offsetting position. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. A foreign shareholder may not deduct or claim a credit for foreign taxes in determining its federal income tax liability unless the Fund dividends paid to it are effectively connected with the shareholder's conduct of a US trade or business.

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Income dividends a Fund pays to a nonresident alien individual, foreign corporation or partnership, or foreign trust or estate (each, a "foreign shareholder"), other than (1) dividends paid to a foreign shareholder whose ownership of shares is effectively connected with a trade or business within the United States the shareholder conducts and (2) capital gain distributions paid to a nonresident alien individual who is physically present in the United States for no more than 182 days during the taxable year, generally will be subject to a federal withholding tax of 30% (or lower treaty rate) and US estate tax. Income from a Fund that is effectively connected with a US trade or business carried on by a foreign shareholder will subject ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the Fund to US federal income tax at the rates applicable to US citizens or domestic corporations and require the filing of a nonresident US income tax return.

Generally, dividends reported by a Fund to shareholders as interest-related dividends and paid from its qualified net interest income from US sources are not subject to US withholding tax. "Qualified interest income" includes, in general, US source (1) bank deposit interest; (2) short-term original discount; (3) interest (including original issue discount, market discount or acquisition discount) on an obligation that is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Fund is a 10% shareholder or is contingent interest; and (4) any interest-related dividend from another regulated investment company. Similarly, short-term capital gain dividends reported by a Fund to shareholders as paid from its net short-term capital gains, other than short-term capital gains realized on disposition of US real property interests (see the discussion below), are not subject to US withholding tax unless you were a nonresident alien individual present in the US for a period or periods aggregating 183 days or more during the calendar year. The Funds reserve the right to not report interest- related dividends or short-term capital gain dividends. Additionally, the Funds' reporting of interest-related dividends or short- term capital gain dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

Special US tax certification requirements may apply to non-US shareholders both to avoid US backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the US and the shareholder's country of residence. In general, if you are a non-US shareholder, you must provide a Form W-8 BEN-E (or other applicable Form W-8) to establish that you are not a US person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the US has an income tax treaty. A Form W-8 BEN-E provided without a US taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year, unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

The tax consequences to a non-US shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-US shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Funds, including the applicability of foreign tax.

Foreign shareholders may be subject to US estate tax and are subject to special US tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from US withholding tax are provided for certain capital gain dividends paid by the Funds from net long-term capital gains, exempt-interest dividends, interest-related dividends and short- term capital gain dividends, if such amounts are reported by the Funds. However, notwithstanding such exemptions from US withholding at the source, any such dividends and distributions of income and capital gains will be subject to back-up withholding at a rate of 24%, if such shareholder fails to properly certify that he or she is not a US person.

Under the Foreign Account Tax Compliance Act (FATCA), "foreign financial institutions" (FFIs) or "non-financial foreign entities" (NFFEs) that are Fund shareholders may be subject to a generally nonrefundable 30% withholding tax on income dividends a Fund pays. After December 31, 2018, FATCA withholding also would have been applied to certain capital gain distributions, return of capital distributions, and the proceeds arising from the sale or a redemption of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding no longer is required unless final regulations provide otherwise (which is not expected). As more fully discussed below, the FATCA withholding tax generally can be avoided (a) by an FFI, if it reports certain information regarding direct and indirect ownership of financial accounts US persons hold with the FFI and (b) by an NFFE, if it certifies its status as such and, in certain circumstances, also certifies that (i) it has no substantial US persons as owners or (ii) it does have such owners and reports information relating to them to the withholding agent (which may be a Fund). The Treasury has negotiated intergovernmental agreements (IGAs) with certain countries and is in various stages of negotiations with other foreign countries with respect to one or more alternative approaches to implement FATCA; entities in those countries may be required to comply with the terms of the IGA instead of Treasury regulations.

An FFI can avoid FATCA withholding by becoming a "participating FFI," which requires the FFI to enter into a tax compliance agreement with the IRS under the Code. Under such an agreement, a participating FFI agrees to (1) verify and document whether it has US accountholders, (2) report certain information regarding their accounts to the IRS, and (3) meet certain other specified requirements.

An FFI resident in a country that has entered into a Model I IGA with the United States must report to that country's government (pursuant to the terms of the applicable IGA and applicable law), which will, in turn, report to the IRS. An FFI resident in a Model II IGA country generally must comply with US regulatory requirements, with certain exceptions, including the treatment of recalcitrant accountholders. An FFI resident in one of those countries that complies with whichever of the foregoing applies will be exempt from FATCA withholding.

An NFFE that is the beneficial owner of a payment from a Fund can avoid FATCA withholding generally by certifying its status as such and, in certain circumstances, by also certifying that either (1) it does not have any substantial US owners or (2) it does have one or more such owners and reports the name, address, and taxpayer identification number of each such owner. The NFFE will report to the Fund or other applicable withholding agent, which will, in turn, report information to the IRS.

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Those foreign shareholders also may fall into certain exempt, excepted, or deemed compliant categories established by Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in a Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA to avoid FATCA withholding. The requirements imposed by FATCA are different from, and in addition to, the tax certification rules to avoid backup withholding described in the Prospectus. Foreign investors are urged to consult their tax advisor regarding the application of these requirements to their own situation and the impact thereof on their investment in a Fund.

The foregoing is an abbreviated summary of certain federal income tax considerations affecting each Fund and its shareholders. The discussion does not purport to be complete or to deal with all aspects of federal income taxation that may be relevant to shareholders in light of their particular circumstances. It is based on current provisions of the Code, the regulations promulgated thereunder, judicial decisions, and administrative pronouncements, all of which are subject to change (which has occurred frequently in recent years), some of which may be retroactive. Prospective investors are urged to consult their own tax advisor for more detailed information and for information regarding other federal tax considerations and any state, local or foreign taxes that may apply to them.

**Delaware Ivy California Municipal High Income Fund Shareholders**

Dividends paid by Delaware Ivy California Municipal High Income Fund will qualify as exempt-interest dividends, and thus will be excludable from its shareholders' gross income for federal income tax purposes, if the Fund satisfies the requirement that, at the close of each quarter of its taxable year, at least 50% of the value of its total assets consists of securities the interest on which is excludable from gross income under Section 103(a) of the Code. The Fund intends to continue to satisfy this requirement. The aggregate dividends paid by the Fund and excludable from all its shareholders' gross income for a taxable year may not exceed the Fund's net tax-exempt income for the year. The Fund uses the average annual method to determine the exempt-interest portion of each distribution, and the percentage of income identified as tax-exempt for any particular distribution may be substantially different from the percentage of the Fund's income that was tax-exempt during the period covered by the distribution. The treatment of dividends from the Fund under state and local income tax laws may differ from the treatment thereof under the Code.

Interest on indebtedness incurred or continued by a shareholder to purchase or carry the Fund shares is not deductible for federal income tax purposes.

Entities or other persons who are "substantial users" (or persons related to substantial users) of facilities financed by PABs should consult their tax advisors before purchasing the Fund's shares because, for users of certain of these facilities, the interest on those bonds is not exempt from federal income tax. For these purposes, "substantial user" is defined generally to include a non-exempt person who regularly uses in a trade or business a part of a facility financed from the proceeds of PABs.

Up to 85% of social security and railroad retirement benefits may be included in taxable income for recipients whose modified AGI (including income from tax-exempt sources such as the Fund) plus 50% of their benefits exceeds certain base amounts. Exempt-interest dividends from the Fund still will be tax-exempt to the extent described above; they will only be included in the calculation of whether a recipient's income exceeds the established amounts.

If the Fund invests in any instruments that generate taxable income, under the circumstances described in the Prospectus and in the discussion of municipal market discount bonds above, the portion of the Fund's dividends attributable to the interest earned thereon will be taxable to its shareholders as ordinary income to the extent of its earnings and profits and only the remaining portion will qualify as exempt-interest dividends. Moreover, if the Fund realizes capital gains as a result of market transactions, any distribution of the gains will be taxable to its shareholders. There also may be collateral federal income tax consequences regarding the receipt of tax-exempt dividends by shareholders such as S corporations, financial institutions and property and casualty insurance companies. Any shareholder that falls into any of these categories should consult its tax advisor concerning its investment in the Fund's shares.

If the Fund's shares are sold at a loss after being held for six months or less, the loss will be disallowed to the extent of any exempt-interest dividends received on those shares, and any balance of the loss that is not disallowed will be treated as a long- term, instead of a short-term, capital loss to the extent of any capital gain distributions received on those shares.

The Code imposes an AMT on individuals, trusts and estates. (Under the Tax Cuts and Jobs Act, corporations no longer are subject to AMT for taxable years of the corporation beginning after December 31, 2017.) Interest on certain PABs is included as an item of tax preference (Tax Preference Item) in determining the amount of a taxpayer's federal alternative minimum taxable income (AMTI), although that interest remains fully tax-exempt for regular federal income tax purposes. To the extent that the Fund receives income from municipal securities that is a Tax Preference Item, a portion of the dividends paid by the Fund, although otherwise exempt from federal income tax, would be taxable to its shareholders whose tax liability is determined under the AMT. The Fund will annually provide a report indicating the percentage of its income that is a Tax Preference Item.

In addition, for certain corporations to which the AMT applies as discussed above, AMTI is increased by 75% of the difference between an alternative measure of income ("adjusted current earnings" (ACE)) and the amount otherwise determined to be the AMTI. Interest on all municipal securities, including non-PABs, and therefore a distribution by the Fund that would otherwise be fully tax-exempt, is included in calculating a corporation's ACE.

The American Recovery and Reinvestment Act of 2009 provides that bonds issued during 2009 and 2010, including refunding bonds issued during that period to refund bonds issued after 2003 and before 2009, will not be PABs - and the interest thereon thus will not be a Tax Preference Item - and the interest on those bonds will not be included in a corporate taxpayer's ACE.

**California Tax Matters**

**IVYSAI-SEP 1/23**

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The following is a general, abbreviated summary of certain provisions of the applicable California tax law as presently in effect, as it directly governs the taxation of resident individual shareholders of Delaware Ivy California Municipal High Income Fund. This summary does not address the taxation of other shareholders, nor does it discuss any local taxes that may be applicable. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive with respect to transactions of the Fund.

The following is based on the assumptions that the Fund will qualify as a RIC under Subchapter M of the Code, that it will satisfy the conditions which will cause distributions of the Fund to qualify as exempt-interest dividends to shareholders for federal and California purposes, and that it will make such distributions of income and gains as are necessary to qualify to be taxed as a RIC for federal income tax purposes.

To the extent that dividends from the Fund are derived from interest on California tax-exempt securities and certain US Government securities, such dividends also will be exempt from California personal income taxes. Under California law, if a fund that qualifies as a RIC has, at the close of each quarter of such fund's taxable year, at least 50% of the value of its total assets invested in California state and local government obligations or in certain other obligations that, when held by individuals, pay interest that is exempt from tax by California under California or federal law, then distributions by the Fund that are attributable to interest on any such obligation will be exempt from California personal income taxes.

All other distributions, including distributions attributable to capital gains, will be includable in gross income for purposes of the California personal income tax. Interest on indebtedness incurred or continued for the purpose of acquiring or maintaining an investment in shares of the Fund will not be deductible for purposes of the California personal income tax.

Gain on the sale, exchange or other disposition of holders of shares of the Fund will be subject to the California personal income tax. Present California law taxes both long-term and short-term capital gains at the rates applicable to ordinary income. In addition, any loss realized by a holder of shares of the Fund upon the sale of shares held for six months or less may be disallowed to the extent of any exempt interest dividends received with respect to such shares. Moreover, any loss realized upon the redemption of shares within 30 days before or after the acquisition of other shares of the Fund may be disallowed under the "wash sale" rules.

Unlike federal law, the shareholders of the Fund will not be subject to tax, or receive a credit for tax paid by the Fund, on undistributed capital gains, if any. In addition, unlike federal law, California law provides that no portion of the exempt-interest dividends will constitute an item of tax preference for California personal alternative minimum tax purposes. Because California law does not impose personal income tax on an individual's Social Security benefits, the receipt of California exempt-interest dividends will have no effect on an individual's California personal income tax.

Shares of the Fund may be subject to the California estate tax if held by a California decedent at the time of death.

**Other State and Local Tax Matters**

While exempt-interest dividends are exempt from regular federal and California income taxes, the exemption from US federal income tax for exempt-interest dividends generally does not apply for such dividends under the income or other tax laws of any state or local taxing authority. Some states, however, exempt from state income tax that portion of any exempt-interest dividend that is derived from interest that a RIC receives on its holdings of securities of that state and its political subdivisions and instrumentalities. Therefore, Delaware Ivy California Municipal High Income Fund will report annually to its shareholders the percentage of interest income earned by the Fund during the preceding year on tax-exempt obligations indicating, on a state-by-state basis, the source of such income.

The foregoing is an abbreviated and general summary of certain provisions of current California law relating to the taxation of the shareholders of the Fund. These provisions are subject to change by administrative or legislative action, with such changes possibly being retroactive. Shareholders of the Fund are advised to consult with their own tax advisors For more detailed information concerning California tax matters or the tax laws of their state and locality of residence.

**Performance Information**

To obtain the Funds' most current performance information, please call 800 523-1918 or visit our website at delawarefunds.com/performance.

Performance quotations represent the Funds' past performance and should not be considered as representative of future results. The Funds will calculate their performance in accordance with the requirements of the rules and regulations under the 1940 Act, or any other applicable US securities laws, as they may be revised from time to time by the SEC.

**Financial Statements**

PricewaterhouseCoopers LLP ("PwC"), which is located at 2001 Market Street, Philadelphia, PA 19103, serves as the independent registered public accounting firm for the Trust and, in its capacity as such, audits the annual financial statements contained in the Funds' Annual Reports. The Funds' Statements of Assets and Liabilities, Schedules of Investments, Statements of Operations, Statements of Changes in Net Assets, Financial Highlights, and Notes to Financial Statements, as well as the reports of PwC, the independent registered public accounting firm, for the fiscal year ended

**IVYSAI-SEP 1/23**

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Financial Statements

September 30, 2022, are included in the Funds' Annual Reports to shareholders. [The financial statements and Financial Highlights, the notes relating thereto and the reports of PwC listed above are incorporated by reference from the Annual Reports into this SAI.](https://www.sec.gov/Archives/edgar/data/883622/000120677422002794/mimialt4132211-ncsr.htm)

**Principal Holders**

As of January 3, 2023, management believes the following shareholders held of record 5% or more of the outstanding shares of each class of each Fund. Management does not have knowledge of beneficial owners.

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| | | |
|:---|:---|:---|
| **Class**<br>| Name and Address of Account<br>| Percentage<br>|
| **DELAWARE IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND**<br>|  |  |
| **Class A**<br>| PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399<br>| 34.05%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 59.18%<br>|
| **Class C**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 93.05%<br>|
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>ATTN COURTNEY WALLER<br>880 CARILLON PARKWAY<br>ST PETERSBURG FL 33713<br>| 6.50%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 77.61%<br>|
|  | CHARLES SCHWAB & CO INC<br>REINVEST ACCOUNT<br>ATTN MUTUAL FUND DEPT<br>101 MONTGOMERY STREET<br>SAN FRANCISCO CA 94104-4151<br>| 13.59%<br>|
| **Class Y**<br>| CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C<br>FOR THE BENEFIT OF CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105<br>| 94.45%<br>|
| **DELAWARE IVY CORPORATE BOND FUND**<br>|  |  |
| **Class A**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 91.80%<br>|

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**IVYSAI-SEP 1/23**

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| | | |
|:---|:---|:---|
| **Class**<br>| Name and Address of Account<br>| Percentage<br>|
| **Class C**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 92.23%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 94.88%<br>|
| **Class Y**<br>| IVY INVESTMENT MANAGEMENT COMPANY<br>ATTN: TREASURY DEPARTMENT<br>6301 GLENWOOD ST<br>MISSION KS 66202<br>| 100.00%<br>|
| **DELAWARE IVY CROSSOVER CREDIT FUND**<br>|  |  |
| **Class A**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 88.08%<br>|
| **Class I**<br>| AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402<br>| 20.57%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 67.74%<br>|
|  | RBC CAPITAL MARKETS LLC<br>MUTUAL FUND OMNIBUS PROCESSING<br>ATTN MUTUAL FUND OPS MANAGER<br>250 NICOLLET MALL SUITE 1400<br>MINNEAPOLIS MN 55401<br>| 8.88%<br>|
| **Class Y**<br>| MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLAZA 39TH FLOOR<br>NEW YORK NY 10004<br>| 11.11%<br>|
|  | IVY INVESTMENT MANAGEMENT COMPANY<br>ATTN: TREASURY DEPARTMENT<br>6301 GLENWOOD ST<br>MISSION KS 66202<br>| 84.60%<br>|
| **DELAWARE IVY EMERGING MARKETS LOCAL CURRENCY DEBT FUND**<br>|  |  |
| **Class A**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 82.34%<br>|
|  | UBS WM USA<br>SPEC CDY A/C EXL BEN CUSTOMERS<br>OF UBSFSI 1000 HARBOR BLVD<br>WEEHAWKEN, NJ 07086<br>| 6.70%<br>|

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**IVYSAI-SEP 1/23**

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Principal Holders

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| | | |
|:---|:---|:---|
| **Class**<br>| Name and Address of Account<br>| Percentage<br>|
| **Class C**<br>| BNYM I S TRUST CO CUST IRA<br>FBO LAURA B SHIPMAN<br>4829 CHICAGO AVE<br>MINNEAPOLIS MN 55417<br>| 6.61%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 93.39%<br>|
|  | NATIONWIDE TRUST COMPANY FSB<br>C/O IPO PORTFOLIO ACCOUNTING<br>PO BOX 182029<br>COLUMBUS OH 43218<br>| 6.76%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 87.29%<br>|
| **Class R6**<br>| BANK OF NEW YORK - MELLON CUST<br>IVY WILSHIRE GLOBAL ALLOCATION<br>MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET STREET 7TH FLOOR<br>PHILADELPHIA PA 19103<br>| 100.00%<br>|
| **Class Y**<br>| IVY INVESTMENT MANAGEMENT COMPANY<br>ATTN: TREASURY DEPARTMENT<br>6301 GLENWOOD ST<br>MISSION KS 66202<br>| 99.98%<br>|
| **DELAWARE IVY GOVERNMENT SECURITIES FUND**<br>|  |  |
| **Class A**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 87.69%<br>|
| **Class C**<br>| PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399<br>| 32.83%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 53.11%<br>|
|  | BNYM I S TRUST CO CUST IRA<br>FBO JASON M ALEMAN<br>757 AMERICAN WAY SUITE<br>SHREVEPORT LA 71106<br>| 6.19%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 66.92%<br>|

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**IVYSAI-SEP 1/23**

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| | | |
|:---|:---|:---|
| **Class**<br>| Name and Address of Account<br>| Percentage<br>|
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C<br>FOR THE BENEFIT OF CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105<br>| 30.79%<br>|
| **Class R6**<br>| BANK OF NEW YORK - MELLON CUST<br>IVY WILSHIRE GLOBAL ALLOCATION<br>MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET STREET 7TH FLOOR<br>PHILADELPHIA PA 19103<br>| 97.12%<br>|
| **DELAWARE IVY HIGH YIELD FUND**<br>|  |  |
| **Class A**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 92.79%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 97.34%<br>|
| **Class R6**<br>| CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C<br> FOR THE BENEFIT OF CUSTOMERS <br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105<br>| 100.00%<br>|
| **DELAWARE IVY INTERNATIONAL SMALL CAP FUND**<br>|  |  |
| **Class A**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 75.72%<br>|
|  | NATIONAL FINANCIAL SERVICES LLC<br>(FBO) OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPARTMENT<br>4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310<br>| 13.50%<br>|
| **Class C**<br>| AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402<br>| 5.79%<br>|
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399<br>| 8.09%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 76.98%<br>|

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**IVYSAI-SEP 1/23**

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Principal Holders

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| | | |
|:---|:---|:---|
| **Class**<br>| Name and Address of Account<br>| Percentage<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 94.19%<br>|
| **Class R6**<br>| BANK OF NEW YORK - MELLON CUST<br>IVY WILSHIRE GLOBAL ALLOCATION<br>MASTER ACCOUNT ATTN ADAM DEITZ<br>100 INDEPENDENCE<br>610 MARKET STREET 7TH FLOOR<br>PHILADELPHIA PA 19103<br>| 79.05%<br>|
|  | BANK OF NEW YORK-MELLON CUST<br>IVY MANAGED INTERNATIONAL<br>OPPORTUNITIES MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7<sup>TH</sup><br>PHILADELPHIA PA 19103<br>| 18.91%<br>|
| **Class Y**<br>| CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C<br>FOR THE BENEFIT OF CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105<br>| 9.23%<br>|
|  | MORGAN STANLEY SMITH BARNEY LLC<br>(FBO) ITS CUSTOMERS<br>1 NEW YORK PLAZA 39TH FLOOR<br>NEW YORK NY 10004<br>| 90.68%<br>|
| **DELAWARE IVY MULTI-ASSET INCOME FUND**<br>|  |  |
| **Class A**<br>| EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131<br>| 8.56%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE SAN DIEGO CA 92121<br>| 70.23%<br>|
| **Class C**<br>| AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402<br>| 19.34%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 35.00%<br>|
|  | NATIONAL FINANCIAL SERVICES LLC<br>(FBO) OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPARTMENT<br>4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310<br>| 11.56%<br>|

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**IVYSAI-SEP 1/23**

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| | | |
|:---|:---|:---|
| **Class**<br>| Name and Address of Account<br>| Percentage<br>|
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>ATTN COURTNEY WALLER<br>880 CARILLON PARKWAY<br>ST PETERSBURG FL 33713<br>| 5.77%<br>|
|  | UBS WM USA<br>SPEC CDY A/C EXL BEN CUSTOMERS<br>OF UBSFSI 1000 HARBOR BLVD<br>WEEHAWKEN, NJ 07086<br>| 6.98%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 86.56%<br>|
| **Class R6**<br>| EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131<br>| 86.04%<br>|
|  | NATIONAL FINANCIAL SERVICES LLC<br>(FBO) OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPARTMENT<br>4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310<br>| 9.51%<br>|
| **Class Y**<br>| CHARLES SCHWAB & CO INC<br>REINVEST ACCOUNT<br>ATTN MUTUAL FUND DEPT<br>101 MONTGOMERY STREET<br>SAN FRANCISCO CA 94104-4151<br>| 100.00%<br>|
| **DELAWARE IVY STRATEGIC INCOME FUND**<br>|  |  |
| **Class A**<br>| EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131<br>| 8.66%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 81.32%<br>|
| **Class C**<br>| AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402<br>| 6.42%<br>|
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 83.10%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 90.42%<br>|

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**IVYSAI-SEP 1/23**

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Principal Holders

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| | | |
|:---|:---|:---|
| **Class**<br>| Name and Address of Account<br>| Percentage<br>|
| **Class R6**<br>| EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131<br>| 93.54%<br>|
|  | MID ATLANTIC TRUST COMPANY<br>FBO JAS PRECISION INC 401(K)<br>1251 WATERFRONT PLACE, SUITE 525<br>PITTSBURGH, PA 15222<br>| 6.40%<br>|
| **Class Y**<br>| CHARLES SCHWAB & CO INC<br>REINVEST ACCOUNT<br>ATTN MUTUAL FUND DEPT<br>101 MONTGOMERY STREET<br>SAN FRANCISCO CA 94104-4151<br>| 94.24%<br>|
| **DELAWARE IVY TOTAL RETURN BOND FUND**<br>|  |  |
| **Class A**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 90.75%<br>|
| **Class C**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 90.06%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 97.76%<br>|
| **Class R6**<br>| BANK OF NEW YORK-MELLON CUST<br>IVY MANAGED INTERNATIONAL<br>OPPORTUNITIES MASTER ACCOUNT<br>ATTN ADAM DEITZ<br>100 INDEPENDENCE 610 MARKET ST 7<sup>TH</sup><br>PHILADELPHIA PA 19103<br>| 99.88%<br>|
| **DELAWARE SUSTAINABLE EQUITY INCOME FUND**<br>|  |  |
| **Class A**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 45.58%<br>|
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399<br>| 12.30%<br>|
| **Class I**<br>| LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121<br>| 88.03%<br>|

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**IVYSAI-SEP 1/23**

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| | | |
|:---|:---|:---|
| **Class**<br>| Name and Address of Account<br>| Percentage<br>|
|  | NATIONAL FINANCIAL SERVICES LLC<br>(FBO) OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPARTMENT<br>4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310<br>| 7.07%<br>|
| **Class R6**<br>| NATIONAL FINANCIAL SERVICES LLC<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310<br>| 61.64%<br>|
|  | LINCOLN INVESTMENT PLANNING LLC<br>FBO LINCOLN CUSTOMERS<br>601 OFFICE CENTER DRIVE SUITE 300<br>FORT WASHINGTON PA 19034<br>| 38.36%<br>|
| **Class R**<br>| PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399<br>| 56.67%<br>|
|  | PAI TRUSTCO INC<br>HOLYLAND NOUR TOURS LLC 401K PS<br>1300 ENTERPRISE DR<br>DE PERE WI 54115<br>| 35.49%<br>|
|  | PAI TRUSTCO INC<br>GREAT LAKES MARKETING LLC 401K P/<br>1300 ENTERPRISE DR<br>DE PERE WI 54115<br>| 7.84%<br>|

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**Appendix A — Description of Ratings**

**Corporate Obligation Ratings**

*Moody's Investment Grade*

Aaa: Bonds rated Aaa are judged to be of the highest quality, with minimal credit risk.

Aa: Bonds rated Aa are judged to be high quality and are subject to very low credit risk.

A: Bonds rated A are considered upper medium-grade obligations and are subject to low credit risk.

Baa: Bonds rated Baa are subject to moderate credit risk and are considered medium-grade obligations. As such they may have certain speculative characteristics.

*Moody's Below Investment Grade*

Ba: Bonds rated Ba are judged to have speculative elements and are subject to substantial credit risk.

B: Bonds rated B are considered speculative and are subject to high credit risk.

Caa: Bonds rated Caa are judged to be of poor standing and are subject to very high credit risk.

Ca: Bonds rated Ca are considered highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C: Bonds rated C are the lowest rated class of bonds and are typically in default. They have little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; modifier 2 indicates a mid-range ranking; and modifier 3 indicates a ranking in the lower end of that generic rating category.

*S&P*<sup>®</sup>*

The issue rating definitions are expressions in terms of default risk. As such, they pertain to senior obligations of an entity. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy. (Such differentiation applies when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) Accordingly, in the case of junior debt, the rating may not conform exactly with the category definition.

**Investment Grade**

AAA: This is the highest rating assigned by S&P to a debt obligation. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA: Obligations rated AA differ from AAA issues only in a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A: Obligations rated A are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in the higher ratings categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB: Obligations rated BBB exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

**Below Investment Grade**

BB, B, CCC, CC, C: Obligations rated BB, B, CCC, CC and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest degree of speculation. While these obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB: An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B: An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC: An obligation rated CCC is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC: An obligation rated CC is currently highly vulnerable to nonpayment.

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C: A subordinated debt or preferred stock obligation rated C is currently highly vulnerable to nonpayment. The C rating may be used to cover a situation where a bankruptcy petition has been filed or similar action taken, but payments on this obligation are being continued. The C rating is also assigned to a preferred stock issue in arrears on dividends or sinking fund payments, but that is still making payments.

D: Obligations rated D are in payment default. The D rating category is used when payments on an obligation are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The D rating is also used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Plus (+) or minus (-): The ratings from "AA" to "CCC" may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

r: This symbol is attached to the ratings of instruments with significant noncredit risks and highlights risks to principal or volatility of expected returns that are not addressed in the credit rating.

**Short-Term Debt Ratings**

*Moody's*

Moody's short-term debt ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs and to individual short-term debt instruments. These obligations generally have an original maturity not exceeding 13 months, unless explicitly noted. Moody's employs the following designations to indicate the relative repayment capacity of rated issuers:

P-1 (Prime-1): Issuers (or supporting institutions) so rated have a superior ability to repay short-term debt obligations.

P-2 (Prime-2): Issuers (or supporting institutions) so rated have a strong ability to repay short-term debt obligations.

P-3 (Prime-3): Issuers (or supporting institutions) so rated have an acceptable ability to repay short-term debt obligations.

NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

*S&P*<sup>®</sup>*

S&P's ratings are a current opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the US, for example, that means obligations with an original maturity of no more than 365 days — including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating.

A-1: This designation indicates that the obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2: Issues carrying this designation are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations carrying the higher designations. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3: Issues carrying this designation exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

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**Appendix B — Special Factors Affecting Delaware Ivy California Municipal High Income Fund**

As described in the Prospectus, under normal circumstances, the Delaware Ivy California Municipal High Income Fund will invest at least 80% of its net assets in a diversified portfolio of municipal securities, the income payments from which are exempt from federal and California income tax. The portfolio of the Fund may include securities issued by the State of California, by its various public bodies (Agencies) and/or by other municipal entities located within the State (securities of all such entities are referred to herein as "California municipal securities"). In addition, the specific California municipal securities in which the Fund will invest will change from time to time. The Fund, therefore, is susceptible to political, economic, regulatory or other factors affecting issuers of California municipal securities.

The following information is a brief summary of certain California state factors affecting Delaware Ivy California Municipal High Income Fund and does not purport to be a complete description of such factors. The financial condition of California, its public authorities and local governments could affect the market values and marketability of, and therefore the NAV per share and the interest income of Delaware Ivy California Municipal High Income Fund, or result in the default of existing obligations, including obligations which may be held by the Fund. Further, California faces numerous forms of litigation seeking significant damages that, if awarded, may adversely affect the financial situation of California or issuers located in California. It should be noted that the creditworthiness of obligations issued by local issuers may be unrelated to the creditworthiness of California, and there is no obligation on the part of California to make payment on such local obligations in the event of default in the absence of a specific guarantee or pledge provided by a state.

Bond ratings received on California's general obligation bonds is discussed below. Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's ("S&P") and/or Fitch, Inc. ("Fitch") provide an assessment/rating of the creditworthiness of an obligor. The debt rating is not a recommendation to purchase, sell, or hold a security, inasmuch as it does not comment as to market price or suitability for a particular investor. The ratings are based on information furnished by the issuer or obtained by the rating service from other sources it considers reliable. Each rating service does not perform an audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or based on other circumstances. There is no assurance that such ratings will continue for any given period of time or that they will not be revised or withdrawn entirely by any such rating agencies, if in their respective judgments, circumstances so warrant.

A revision or withdrawal of any such credit rating could have an effect on the market price of the related debt obligations. An explanation of the significance and status of such credit ratings may be obtained from the rating agencies furnishing the same. In addition, a description of Moody's, S&P's and Fitch's bond ratings is set forth in Appendix A.

The information contained below is based primarily upon information derived from California's official statement, Comprehensive Annual Financial Report, state and industry trade publications, newspaper articles, other public documents relating to securities offerings of issuers of California, and other historically reliable sources. It is only a brief summary of the complex factors affecting the financial situation in California. It has not been independently verified by the Delaware Ivy California Municipal High Income Fund. Delaware Ivy California Municipal High Income Fund makes no representation or warranty regarding the completeness or accuracy of such information. The market value of shares of Delaware Ivy California Municipal High Income Fund may fluctuate due to factors such as changes in interest rates, matters affecting California, or for other reasons.

**Factors affecting California**

*Economic condition and outlook.* California's economy, the largest among the 50 states and the fifth largest in the world, has major components in high technology, trade, entertainment, agriculture, manufacturing, government, tourism, construction and services. California is by far the most populous state in the nation, with an estimated 39.91 million residents as of January 2022. Its population is approximately 35% larger than that of the second most populous state, and California contains approximately 12% of the total U.S. population. The State entered 2020 with historic levels of reserves, having repaid billions of dollars of budgetary borrowings, debts, and deferrals that were accumulated to balance budgets during the severe recession in 2009 and years prior. The first eight months of the 2019-20 fiscal year (through February 2020) were marked by continued economic expansion and low unemployment. However, by the end of the 2019-20 fiscal year the economic disruption brought about by the COVID-19 pandemic led to steep declines in economic activity and dramatic increases in unemployment.

California's civilian labor force consists of approximately 19.3 million individuals. Total nonfarm employment was approximately 18.5 million in September 2022, with all eleven major industry sectors experiencing year-over-year job growth. As of September 2022, California had an unemployment rate of approximately 3.8%, which was down from 6.4% in September 2021. California's unemployment rate was above the national average of 3.5% during September 2022.

California remained the fifth largest economy in the world in 2021, with a gross domestic product of $3.4 trillion in current dollars. California's economy accounted for nearly 15% of the US gross domestic product in 2021.

In 2021, California had a per capita income of $76,386. This per capita income ranked 4th in the US and was 120.4% of the national average, $63,444.

*Revenues and expenditures.* The expenses of the primary government totaled $387.0 billion for the fiscal year ended June 30, 2020. Of this amount, $207.3 billion (53.6%) was funded with program revenues (charges for services or program-specific grants and contributions), leaving $179.7 billion to be funded with general revenues (mainly taxes). The primary government's general revenues of $179.4 billion were slightly less than the unfunded expenses. As a result, the total net position, as restated, decreased by $338 million, or 0.6%.

The two main State pension funds each face unfunded future liabilities in the tens of billions of dollars. For fiscal year 2021-22, the actuarially determined General Fund pension contributions to the California Public Employees' Retirement System ("CalPERS") and California State Teachers' Retirement System

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("CalSTRS") were approximately $3.5 billion and $3.7 billion, respectively. For fiscal year 2022-23, the actuarially determined General Fund pension contributions to CalPERS and CalSTRS are approximately $4.6 billion and $3.7 billion, respectively.

The State also provides retiree health care and dental benefits to retired State employees and their eligible dependents and almost exclusively utilizes a "pay-as-you-go" funding policy. The State's total other postemployment benefits ("OPEB") liability is estimated to be $99.53 billion as of June 30, 2021 (virtually all unfunded) as compared to a total OPEB liability of $97.88 billion estimated as of June 30, 2020.

On March 22, 2022, the State filed a notice with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access that the State would not file its audited financial statements for fiscal year 2021 until well beyond March 2022. According to the State Controller, the delay is the result of the cumulative impact of delays in the completion of Annual Comprehensive Financial Reports for the three previous fiscal years, which was due to a large number of State departments transitioning from several separate legacy accounting systems to a new statewide accounting, budget, cash management and procurement information technology system. The notice also indicated that unaudited financial statements for the fiscal year ended June 30, 2021 had not yet been prepared.

*Current State budget.* On June 27, 2022, and June 30, 2022, the Governor signed the 2022 Budget Act and related legislation to implement the State budget for fiscal year 2022-23. The 2022 Budget Act continues to build reserves and pay down the State's debts and liabilities. The major components of the 2022 Budget Act include $95.4 billion for K-12 Education, $29.4 billion for higher education, $101.2 billion for health and human services and $18.8 billion for public safety.

*Obligations of the State of California.* As of July 1, 2022, the State had approximately $77.6 billion of outstanding general obligation bonds and lease revenue bonds payable principally from the State's General Fund or from lease payments paid from the operating budget of the respective lessees, which operating budgets are primarily, but not exclusively, derived from the General Fund. As of July 1, 2022, there were approximately $31 billion of authorized and unissued long-term voter-approved general obligation bonds which, when issued, will be payable principally from the General Fund and approximately $5.7 billion of authorized and unissued lease revenue bonds.

*Bond ratings.* The State's general obligation bonds are currently rated AA- (with a positive outlook) by S&P and Aa2 by Moody's (with a stable outlook) (ratings confirmed December 7, 2022). There can be no assurance that such ratings will be maintained in the future. It should be noted that the creditworthiness of obligations issued by local California issuers may be unrelated to the creditworthiness of obligations issued by the State of California, and that there is no obligation on the part of the State to make payment on such local obligations in the event of default.

*Other considerations.* Substantially all of California is within an active geologic region subject to major seismic activity. Northern California, in 1989, and Southern California, in 1994, experienced major earthquakes causing billions of dollars in damages. California has historically been susceptible to wildfires and hydrologic variability including drought. Over the past several years, the State has already experienced the impacts of climate change through a multi-year drought and unprecedented wildfires. The previous drought was a five year event from 2012 to 2016, and six years later in 2022, California is once again facing drought conditions. In October 2021, the Governor extended the drought state of emergency to all the State's 58 counties. The dry weather also increases wildfire risk. In 2020, a record 4 million acres burned in California, more than twice the previous record of approximately 2 million acres in 2018. Destruction of housing increases the demand for construction resources for rebuilding and worsens the State's housing imbalances. The State's and any other municipal issuers' outstanding obligations could be affected by an interruption of revenues because of damaged facilities, or, consequently, income tax deductions for casualty losses or property tax assessment reductions due to earthquakes or fire.

**Factors affecting Puerto Rico**

In addition to its investments in the obligations of California, the Fund also may invest in obligations of the Commonwealth of Puerto Rico and its public corporations (as well as any other US territories such as Guam, the Virgin Islands, and the Northern Mariana Islands) and their agencies and instrumentalities whose interest is exempt from federal and applicable state income taxes. Investments in the Commonwealth of Puerto Rico and its public corporations (as well as other US territories) require careful assessment of creditworthiness and other risk factors.

*Puerto Rico introduction.* The Commonwealth is in the midst of a profound fiscal, economic and liquidity crisis, the culmination of many years of significant governmental deficits, a prolonged economic recession (which commenced in 2006), high unemployment, population decline, and high levels of debt and pension obligations. The Commonwealth's largest revenue streams are especially vulnerable during times of major economic downturns and have been affected by these same factors. Further stressing the Commonwealth's liquidity are large healthcare, pension and debt service costs. As the Commonwealth's tax base has shrunk and its revenues affected by prevailing economic conditions, healthcare, pension, and debt service costs have become an increasing portion of the General Fund budget, which has resulted in reduced funding available for other essential services. The Commonwealth's very high level of debt and unfunded pension liabilities and the resulting required allocation of revenue to service debt and pension obligations have contributed to significant budget deficits during the past several years, which deficits the Commonwealth has financed, further increasing the amount of its debt. Certain issuers of Puerto Rico municipal securities have failed to make payments on obligations that have come due, and additional missed payments and defaults are likely to occur in the future.

When the financial crisis hit in 2008, Puerto Rico's economy was already in a fragile fiscal and financial position. Since then, the economy has continued to worsen. Puerto Rico has seen its gross national product (GNP) shrink by 17%, labor force participation fell to a record low of 38%, and population decline by 15%. Puerto Rico is much poorer relative to the mainland US today than it was in 1970.

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Appendix B — Special Factors Affecting Delaware Ivy California Municipal High Income Fund

On June 30, 2016, President Obama signed into law the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA") to work toward a remedy to the ongoing fiscal and humanitarian crisis in Puerto Rico. The goal of PROMESA is to meet Puerto Rico's immediate need to provide its residents effective services, to formulate a debt restructuring, and to implement fiscal and structural reforms leading to a sustainable economy, fiscal responsibility, and market access.

PROMESA establishes two primary mechanisms for restoring fiscal responsibility. First, Titles I, II, IV, and V of PROMESA create the Financial Oversight and Management Board (the "Oversight Board") for Puerto Rico and provide it powers and duties governing the review and certification of multi-year fiscal plans, annual budgets, major contracts and strategic infrastructure projects. Second, Titles III and VI of PROMESA provide for debt restructurings, similar to bankruptcy cases and out-of-court restructurings, respectively, for Puerto Rico and its instrumentalities.

The COVID-19 pandemic created economic dislocation around the world. For Puerto Rico, the economic shock from COVID-19 came on top of multiple prior shocks in the last four years. Hurricanes Irma and Maria struck with devastating impact in September 2017, and the southern part of the Island was hit by the strongest earthquakes that the Island had seen in decades at the end of 2019. With the onset of the pandemic, the economy of Puerto Rico virtually ground to a halt as the public health imperative for people to stay at home left all but the most essential workers unable to travel to their places of business. The economy responded to the vast amount of local and federal stimulus funding, and an economic recovery is now underway, though there is still significant uncertainty about the future of the Puerto Rican economy.

*Puerto Rico economy.* Puerto Rico's economy is closely linked to the economy of the United States, as most of the external factors that affect the Commonwealth's economy (other than oil prices) are determined by the policies and performance of the mainland economy. In recent years, however, the performance of Puerto Rico's economy has significantly diverged from the performance of the United States economy. Puerto Rico's economy entered into a recession in the fourth quarter of fiscal year 2006, two years before the rest of the United States, and has continued to face substantial economic challenges. In addition, in December 2017, Congress enacted the Tax Cuts and Jobs Act, which subjects companies located in the Commonwealth to a tax on income generated from certain intellectual property. Previously, companies located in the Commonwealth had been exempt from paying federal income taxes on such income. It is not presently possible to predict the extent of the impact that the tax will have on the Commonwealth's economy.

Puerto Rico's civilian labor force consists of approximately 1.2 million individuals. As of August 2022, Puerto Rico had an unemployment rate of 5.8%, which was down from 8.2% in August 2021. Puerto Rico's unemployment rate was higher than the national average of 3.7% in August 2022. Puerto Rico's high unemployment continues a trend of high unemployment and a shrinking workforce in the Commonwealth.

*Revenues and expenditures.* The General Fund is the chief operating fund of the Commonwealth. For more than a decade, the Commonwealth has experienced significant General Fund budget deficits. These deficits, including the payment of a portion of the Commonwealth's debt service obligations, have been covered primarily with the net proceeds of bonds issued by the Puerto Rico Sales Tax Financing Authority ("COFINA") and Commonwealth general obligation bonds, with interim financings provided by the Government Development Bank ("GDB") and, in some cases, with extraordinary onetime revenue measures or expense adjustment measures. The Commonwealth expects that its ability to finance future budget deficits will be severely limited.

The Commonwealth's retirement systems include the Employees Retirement System ("ERS"), the Teachers Retirement System ("TRS") and the Judiciary Retirement System ("JRS" and together with the ERS and TRS, the "Pension Systems"). The Pension Systems are severely underfunded and are projected to deplete their assets in the near future. As of July 1, 2017, the total actuarial liabilities for the ERS, the TRS and the JRS were approximately $31.0 billion, $17.0 billion and $700 million, respectively. The total annual benefits due from the ERS, TRS and JRS for fiscal year 2018 totaled approximately $1.5 billion, $700 million, and $25 million, respectively. In 2017, the Legislative Assembly enacted laws to reform the operation and funding of the Pension Systems. Those laws required the ERS to sell its assets and transfer the proceeds to the General Fund. In addition, employer contributions to the Pension Systems, which had been operating on a "pay-as-you-go" basis, were eliminated, and the General Fund assumed any payments that the Pension Systems could not make. Substantial doubt existed about each of the retirement systems' ability to continue as a going concern.

The Oversight Board reported in its 2022 Fiscal Plan that, over many decades, successive Commonwealth governments have failed to adequately fund these retirement plans, and today the ERS, TRS and JRS are insolvent. Commonwealth expenditures to provide pension benefits are expected to continue constituting 20% of General Fund expenditures without further action. The Plan of Adjustment (see the "Debt, Promesa and Plan of Adjustment" section below) provides that a pension reserve trust will be established and funded to ensure that future benefits can be supported regardless of the future economic or political situation in the Commonwealth.

On July 1, 2021, the Commonwealth filed its audited financial statements for the fiscal year 2018 with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access ("EMMA"). The total assets plus deferred outflows of resources and total liabilities plus deferred inflows of resources of the primary government as of June 30, 2018 amounted to approximately $28.9 billion and $101.4 billion, for a net deficit of approximately $72.5 billion as of June 30, 2018, compared to a net deficit of approximately $72.5 billion as of June 30, 2017 (as restated).

On April 11, 2022, the Commonwealth filed its audited financial statements for fiscal year 2019 with EMMA. Total assets plus deferred outflows of resources and total liabilities plus deferred inflows or resources of the primary government as of June 30, 2019 amounted to approximately $27.4 billion and $86.7 billion, respectively, for a net deficit of approximately $59.3 billion as of June 30, 2019, compared to a net deficit of approximately $72.3 billion as of June 30, 2018 (as restated). As was also noted in the audited financial statements for the 2014 through 2018 fiscal years, the 2019 audited financial statements noted that there is substantial doubt as to the ability of the primary government and various component units to continue as a going concern.

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On October 5, 2022, the Commonwealth filed its audited financial statements for fiscal year 2020 with EMMA. Total assets plus deferred outflows of resources and total liabilities plus deferred inflows of resources of the primary Government as of June 30, 2020, amounted to approximately $34.8 billion and $94.6 billion, respectively, for a net deficit of approximately $59.8 billion as of June 30, 2020, compared to a net deficit of approximately $59.2 billion as of June 30, 2019 (as restated).The 2020 audited financial statements noted that notwithstanding the circumstances existing on June 30, 2020, based on subsequent events that remediated the Commonwealth's financial condition and addressed its liabilities, management does not believe there is substantial doubt about the Commonwealth's ability to continue as a going concern as of the date of these basic financial statements. The 2020 audited financial statements noted that various component units, including GDB, Puerto Rico Highways and Transportation Authority ("PRHTA") and PREPA have been identified as having substantial doubt about their ability to continue as a going concern.

*Debt, Promesa and Plan of Adjustment.* Certain of the Commonwealth's component units defaulted on debt service payments during fiscal year 2016. As a result, the Governor issued several executive orders declaring emergency periods and suspending certain transfers and payments with respect to the Commonwealth and several of its component units. On July 1, 2016, the Commonwealth and various additional component units were unable to comply with their scheduled debt service obligations, and defaulted on $911 million of their scheduled debt obligations, including $779 million in general obligation debt service. Since 2016, the Commonwealth continued to default on debt service payments for multiple bonds, including general obligation bonds and those issued by various component units, including PREPA, the Puerto Rico Public Finance Corporation, and the Puerto Rico Public Buildings Authority (PBA), among others.

In general terms, PROMESA seeks to provide the Commonwealth with fiscal and economic discipline through, among other things: (i) the establishment of the Oversight Board, whose responsibilities include the certification of fiscal plans and budgets for the Commonwealth and its related entities; (ii) a temporary stay of all creditor lawsuits under Title IV of PROMESA; and (iii) two alternative methods to adjust unsustainable debt: (a) a voluntary debt modification process under Title VI of PROMESA, which establishes a largely out-of-court debt restructuring process through which modifications to financial debt can be accepted by a supermajority of creditors; and (b) a quasi-bankruptcy proceeding under Title III of PROMESA, which establishes an in-court debt restructuring process substantially based upon incorporated provisions of Title 11 of the United States Code (US Bankruptcy Code).

On May 3, 2017, after termination of the original stay preventing creditors from suing the territory, the Oversight Board filed a bankruptcy petition under Title III of PROMESA beginning a broad-based debt restructuring process. The Oversight Board also filed Title III bankruptcy petitions for Puerto Rico Electric Power Authority ("PREPA"), ERS, and COFINA.Chief Justice John Roberts appointed Judge Laura Taylor Swain of the US District Court for the Southern District of New York to preside over the Title III cases. Judge Laura Taylor Swain appointed five judges to serve as a mediation team to facilitate settlement negotiations of any and all issues and proceedings arising in the Title III cases and proceedings.

In February 2019, the U.S. District Court approved the Plan of Adjustment for the COFINA, the first debt restructuring completed under PROMESA's Title III. It reduced COFINA debt by $6 billion, from $18 billion to $12 billion.

In August 2019, the Puerto Rico Aqueduct and Sewer Authority ("PRASA") and the Government of Puerto Rico reached an agreement with the U.S. Environmental Protection Agency and U.S. Department of Agriculture to a consensual modification of about $1 billion of outstanding loans under PROMESA's Section 2017. This agreement lowers PRASA's debt service payments on the U.S. Government program loans by about $380 million over the next 10 years and eliminates approximately $1 billion in guaranty claims against the Puerto Rico Government.

On November 3, 2021, the Oversight Board filed the Eighth Amended Plan of Adjustment (the "Plan of Adjustment"). On January 18, 2022, the Title Ill Court entered an order confirming the Plan of Adjustment.

On January 18, 2022, Judge Laura Taylor Swain confirmed the Commonwealth Plan of Adjustment restructuring approximately $35 billion of debt and other claims against the Commonwealth of Puerto Rico, the PBA, and ERS, as well as more than $50 billion of unfunded pension liabilities. The Plan of Adjustment saves Puerto Rico more than $50 billion in debt service and reduces outstanding obligations to just over $7 billion. On January 18, 2022, the Title III Court entered its Findings of Fact and Confirmation Order with respect to the Plan of Adjustment. Between January 28, 2022, and February 17, 2022, six appeals of the Confirmation Order were filed in the First Circuit. By March 11, 2022, the First Circuit denied all parties' motions for stay pending appeal. On March 15, 2022, the conditions precedent to the Effective Date of the Plan of Adjustment were satisfied and/or waived by the Oversight Board, and the Plan of Adjustment became effective.

On the Effective Date, the principal elements of the Plan of Adjustment were executed reducing the Commonwealth's total funded debt obligations from approximately $34.3 billion of prepetition debt to approximately $7.4 billion, representing a total debt reduction of 78%. This debt reduction will also reduce the Commonwealth's maximum annual debt service (inclusive of COFINA) from approximately $4.2 billion to $1.15 billion, representing a total debt service reduction of 73%. Also as of the Effective Date, all of the legacy Commonwealth general obligation bonds, ERS bonds, and PBA bonds were discharged, and all of the Commonwealth, ERS, and PBA obligations and guarantees related thereto were discharged. In addition, all Commonwealth laws that required the transfer of funds from the Commonwealth to other entities have been deemed preempted, and the Commonwealth has no obligation to transfer additional amounts pursuant to those laws. Importantly, effectuating the Plan of Adjustment provides a path for Puerto Rico to access the credit markets and develop balanced annual budgets.

A critical component of the Plan of Adjustment is the post-effective date issuance of new general obligation bonds (the "New GO Bonds") and contingent value instruments ("CVIs") that will be used to provide recoveries to general obligation and PBA bondholders, and to PRHTA and Puerto Rico Infrastructure Financing Authority bondholders under separate restructurings.

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Appendix B — Special Factors Affecting Delaware Ivy California Municipal High Income Fund

With respect to PREPA's Title III proceeding, the Oversight Board announced on September 16, 2022 that it had reached an impasse in mediations with bondholders over the restructuring of PREPA's debt and filed a required schedule with the U.S. District Court of Puerto Rico to resume litigation against PREPA bondholders. The Oversight Board also encouraged further mediations and negotiations with all parties as the litigation progresses.

This process is ongoing. Any future negative developments could adversely affect Fund performance. It is not presently possible to predict the results of all of the restructurings and related issuance of the New GO Bonds and CVIs and other debt securities, but such outcomes will have significant impact on bondholders. If the Commonwealth or its instrumentalities are unable to obtain favorable results, there would be negative impacts on Fund performance. There is no assurance that the Oversight Board will be successful in achieving budgetary and fiscal balance through the debt restructuring or otherwise.

*Fiscal plan and budget.* The Commonwealth has faced a number of significant fiscal challenges, including a structural imbalance between its General Fund revenues and expenditures. Such challenges contributed to the passage of PROMESA. Only after the Oversight Board has certified a fiscal plan may the Governor submit a fiscal year Commonwealth budget and fiscal year budges for certain Commonwealth instrumentalities (as approved by the Oversight Board) to the Legislature. PROMESA also contains a provision that grants the Oversight Board powers to monitor compliance with certified fiscal plans and budgets and undertake certain actions, including spending reductions and the submission of recommended actions to the Governor that promote budgetary compliance.

On January 27, 2022, the Oversight Board certified the 2022 Fiscal Plan for Puerto Rico. Relative to the 2021 Fiscal Plan, the 2022 Fiscal Plan arrives at a new set of expenditure projections that factor in the now-established debt service and other costs related to the Plan of Adjustment, as well as additional investments enabled by the increased resources available to the Commonwealth. Priorities in the 2022 Fiscal Plan include: (i) investing in the operational capacity of government to deliver services with civil service reform, including increasing salaries; (ii) setting aside resources to fund the Commonwealth's pension obligations; and (iii) creating a fiscally responsible post-bankruptcy government. This fiscal plan also introduces the Financial Management Agenda, a plan of action designed to implement and institutionalize the reforms necessary for the Oversight Board's termination and Puerto Rico's fiscal sustainability and economic renewal. Separate 2022 Fiscal Plans were certified for PRASA and COFINA in May of 2022 and PREPA in June of 2022.

The 2022 Fiscal Plan projects a post-pandemic recovery in fiscal year 2022, followed by limited contraction between fiscal year 2023 and fiscal year 2026 and real growth again in fiscal year 2027 to fiscal year 2029 (average real growth of -1.5% between fiscal year 2023 and fiscal year 2029). As disaster relief funding and the spending of COVID-19 federal and local stimulus funds drop off considerably and structural reform growth rates are muted, gross national product growth returns to its historical negative trend starting in fiscal year 2029. Population is estimated to steadily decline at an average rate of approximately 0.9% annually, due to a combination of outmigration and demographic factors.

There is no certainty that any certified fiscal plan will be fully implemented, or if implemented will ultimately provide the intended results.

*Bond ratings.* In February 2014, Puerto Rico's then outstanding general obligation bonds were downgraded to non-investment grade or "junk" status by Moody's and S&P. Following multiple further downgrades S&P discontinued its ratings for the Commonwealth's then outstanding general obligation bonds in 2018 and Moody's withdrew its ratings for the Commonwealth's then outstanding general obligation bonds in 2021. As of December 7, 2022, the New GO Bonds had not been rated by Moody's or S&P.

*Other considerations.* On September 6, 2017 and September 20, 2017, respectively, Hurricanes Irma and Maria struck Puerto Rico, causing unprecedented humanitarian, economic, and infrastructure-related damages and upending the daily lives of Puerto Rico's over three million residents. Thousands of residents were left homeless, basic utilities were completely shut down, and schools, hospitals, and businesses were destroyed. Tens of thousands of local residents fled the Island. The Federal Government's response has become one of the largest and most complex disaster relief efforts in US history. In addition, the southwestern part of Puerto Rico has been struck by a swarm of earthquakes that began on December 28, 2019, and continued into 2021. On September 18, 2022 Hurricane Fiona made landfall, again causing significant infrastructure damages and loss of basic utilities. All of these events had had material adverse effects on the Commonwealth's finances and may negatively impact the payment of principal and interest, the marketability, liquidity and value of securities issued by the Commonwealth.

Outstanding issues relating to the potential for a transition to statehood may also have broad implications for Puerto Rico and its financial and credit positions. The power to grant statehood lies with the US Congress.

**IVYSAI-SEP 1/23**

------

PART C

(Ivy Funds)

File Nos. 033-45961/811-06569

Post-Effective Amendment No. 203

OTHER INFORMATION

---

| | | |
|:---|:---|:---|
| Item 28. | Exhibits. The following exhibits are incorporated by reference to the Registrant's previously filed documents indicated below, except as noted: | Exhibits. The following exhibits are incorporated by reference to the Registrant's previously filed documents indicated below, except as noted: |
| (a) | Articles of Incorporation. | Articles of Incorporation. |
|  | (1) | [Executed Amended and Restated Agreement and Declaration of Trust (August 15, 2017)](http://www.sec.gov/Archives/edgar/data/883622/000119312517275586/d440276dex99a18.htm) incorporated into this filing by reference to Post-Effective Amendment No. 146 filed September 1, 2017. |
|  | (i) | [Amended and Restated Schedule A (June 10, 2022)](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99a1i.htm) to the Amended and Restated Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
| (b) | By-Laws. [By-Laws (November 13, 2008)](http://www.sec.gov/Archives/edgar/data/883622/000119312510016824/dex99b1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed January 29, 2010. | By-Laws. [By-Laws (November 13, 2008)](http://www.sec.gov/Archives/edgar/data/883622/000119312510016824/dex99b1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed January 29, 2010. |
| (c) | Instruments Defining Rights of Security Holders. None other than those contained in Exhibits (a) and (b). | Instruments Defining Rights of Security Holders. None other than those contained in Exhibits (a) and (b). |
| (d) | Investment Advisory Contracts. | Investment Advisory Contracts. |
|  | (1) | [Executed Investment Management Agreement (April 30, 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99d1.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  | (i) | [Exhibit A (May 28, 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99d1i.htm) to the Investment Management Agreement incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  | (2) | [Executed Sub-Advisory Agreement (April 30, 2021) between Wilshire Advisors, LLC](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99d11.htm) and Delaware Management Company (a series of Macquarie Investment Management Business Trust) relating to Delaware Ivy Wilshire Global Allocation Fund (formerly, Ivy Wilshire Global Allocation Fund) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  | (3) | [Second Amended and Restated Sub-Advisory Agreement (Active Management) (March 2021)](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d3.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
|  | (i) | [Amendment No. 1 (November 15, 2021) to Exhibit A](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d3i.htm) of the Second Amended and Restated Sub-Advisory Agreement (Active Management) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
|  | (4) | [Sub-Advisory Agreement (Delaware Equity Funds) (May 30, 2019)](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d4.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
|  | (i) | [Amendment No. 2 (November 15, 2021) to Schedule 1](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d4i.htm) of the Sub-Advisory Agreement (Delaware Equity Funds) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
|  | (5) | [Sub-Advisory Agreement (Delaware Fixed Income Funds) (May 30, 2019)](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d5.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Investment Management Global Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
|  | (i) | [Form of Amendment No. 3 to Schedule 1](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d5i.htm) to Sub-Advisory Agreement (Delaware Fixed Income Funds) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
|  | (6) | [Executed Sub-Advisory Agreement (Fixed Income) (May 30, 2019)](d4057351-ex99d6.htm) between Macquarie Investment Management Europe Limited and Delaware Management Company (a series of Macquarie Investment Management Business Trust) attached as Exhibit No. EX-99.d.6. |
|  | (i) | [Executed Amendment No. 2 to Schedule 1 of the Sub-Advisory Agreement (Fixed Income) (November 12, 2021)](d4057351-ex99d6i.htm) between Macquarie Investment Management Europe Limited and Delaware Management Company (a series of Macquarie Investment Management Business Trust) attached as Exhibit No. EX-99.d.6.i. |
|  | (7) | [Sub-Advisory Agreement (May 30, 2019)](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d6.htm) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and Macquarie Funds Management Hong Kong Limited incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
|  |  | [Amendment No. 2 (November 15, 2021) to Schedule 1](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99d6i.htm) of the Sub-Advisory Agreement (Macquarie Funds Management Hong Kong Limited) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022. |
| (e) | Underwriting Contracts. | Underwriting Contracts. |
|  | (1) | Distribution Agreements. |
|  | (i) | [Executed Distribution Agreement (April 30, 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99e1i.htm) between Delaware Distributors, L.P. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  | (ii) | [Executed Sub-Distribution Agreement (April 29, 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99e1ii.htm) by and among Delaware Funds®, Delaware Distributors, L.P., Ivy Distributors, Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
| (f) | Bonus or Profit Sharing Contracts. Not applicable. | Bonus or Profit Sharing Contracts. Not applicable. |
| (g) | Custodian Agreements. | Custodian Agreements. |
|  | (1) | [Executed Mutual Fund Custody and Services Agreement (July 20, 2007)](d4057351-ex99g1.htm) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant attached as Exhibit No. EX-99.g.1. |
|  | (i) | [Executed Amendment No. 2 (July 1, 2017)](d4057351-ex99g1i.htm) to Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.i. |
|  | (ii) | [Executed Amendment No. 4 (July 19, 2019)](d4057351-ex99g1ii.htm) to Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.ii |
|  | (iii) | [Executed Amendment No. 5 (December 31, 2021)](d4057351-ex99g1iii.htm) to Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.iii. |
|  | (iv) | [Executed Amendment No. 6 (December 31, 2021)](d4057351-ex99g1iv.htm) to Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.iv. |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Executed Foreign Custody Manager Agreement (March 9, 2012)](http://www.sec.gov/Archives/edgar/data/883622/000119312513091616/d483573dex99g7.htm) between The Bank of New York Mellon and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 82 filed March 5, 2013.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Annex I (November 5, 2018)](http://www.sec.gov/Archives/edgar/data/883622/000119312519018785/d666660dex99g35.htm) to the Foreign Custody Manager Agreement between The Bank of New York Mellon and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 163 filed January 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Other Material Contracts .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shareholder Services Agreement between Delaware Investments Fund Services Company and the Registrant to be filed by Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Executed Amended and Restated Schedule B (June 25, 2022)](d4057351-ex99h1i.htm) to the Shareholder Services Agreement attached as Exhibit No. EX-99.h.1.i.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Executed Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014)](d4057351-ex99h2.htm) between The Bank of New York Mellon and the Registrant attached as Exhibit No. EX-99.h.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Executed Amendment No. 1 (July 1, 2017)](d4057351-ex99h2i.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.i.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Executed Amendment No. 2 (October 11, 2021)](d4057351-ex99h2ii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.ii.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Executed Amendment No. 3 (December 31, 2021)](d4057351-ex99h2iii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.iii.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Executed Amendment No. 4 (January 31, 2022)](d4057351-ex99h2iv.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.iv.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Expense Reimbursement Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Executed Expense Reimbursement Agreement (January 2023)](d4057351-ex99h3i.htm) by and among Delaware Management Company, Delaware Distributors, L.P., Delaware Investments Fund Services Company and the Registrant attached as Exhibit No. EX-99.h.3.i.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Executed Amended and Restated Fund Accounting and Financial Administration Oversight Agreement (January 1, 2014)](http://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99h5.htm) between Delaware Service Company, Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Executed Assignment and Assumption Agreement (November 1, 2014)](http://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99h5i.htm) between Delaware Service Company, Inc. and Delaware Investments Fund Services Company relating to the Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Executed Amendment No. 1 (September 1, 2017)](http://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99h5ii.htm) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Executed Amendment No. 2 (October 11, 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99h5iii.htm) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Executed Plan of Recapitalization (May 19, 2022)](http://www.sec.gov/Archives/edgar/data/883622/000114544322000256/d3973521-ex99h6.htm) regarding Delaware Ivy Corporate Bond Fund incorporated into this filing by reference to Post-Effective Amendment No. 202 filed October 27, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Legal Opinion .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Opinion and Consent of Counsel (July 28, 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99i.htm) with respect to Delaware Ivy Asset Strategy Fund, et al. incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Opinion and Consent of Counsel (October, 27, 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000372/mimif3961301-opinion.htm) with respect to Delaware Ivy Accumulative Fund and Delaware Ivy Wilshire Global Allocation Fund incorporated into this filing by reference to Post-Effective Amendment No. 184 filed October 28, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Opinion and Consent of Counsel (January 28, 2022)](http://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99i3.htm) with respect to Delaware Ivy California Municipal High Income Fund, et al. incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Opinion and Consent of Counsel (January 28, 2022)](http://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99i4.htm) with respect to Delaware Sustainable Equity Income Fund (formerly, Delaware Ivy S&P 500 Dividend Aristocrats Index Fund) incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Other Opinions](d4057351-ex99j.htm) . Consent of Independent Registered Public Accounting Firm (January 2023) attached as Exhibit No. EX-99.j.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Omitted Financial Statements . Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Initial Capital Agreements . Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Rule 12b-1 Plan .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Amended Distribution and Service Plan under Rule 12b-1 for Class A, Class C, Class R and Class Y Shares of Beneficial Interest (June 10, 2022)](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99m1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Rule 18f-3 Plan .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Plan Pursuant to Rule 18f-3 under the Investment Company Act of 1940 (May 18, 2022)](http://www.sec.gov/Archives/edgar/data/883622/000120677422001867/mimivip4054261-ex99n1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 200 filed August 1, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved .

------

---

| | | | |
|:---|:---|:---|:---|
|  | (p) | Codes of Ethics. | Codes of Ethics. |
|  |  | (1) | [Code of Ethics for Macquarie Investment Management, Delaware Funds by Macquarie](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99p1.htm)® and Optimum Fund Trust (September 8, 2020) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  |  | (2) | [Code of Ethics for Macquarie Investment Management Austria Kapitalanlage AG (June 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99p2.htm) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  |  | (3) | [Code of Ethics for Macquarie Investment Management Europe Limited (March 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99p3.htm) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  |  | (4) | [Code of Ethics for Macquarie Investment Management Global Limited (February 28, 2021)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99p4.htm) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  |  | (5) | [Code of Ethics for Macquarie Funds Management Hong Kong Limited (February 2016)](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99p5.htm) incorporated into this filing by reference to Post-Effective Amendment No. 180 filed July 28, 2021. |
|  |  | (6) | [Code of Ethics for Wilshire Advisors, LLC (Wilshire Associates Incorporated) (September 2018)](http://www.sec.gov/Archives/edgar/data/883622/000119312518309114/d619376dex99p31.htm) incorporated into this filing by reference to Post-Effective Amendment No. 161 filed October 26, 2018. |
|  | (q) | Other. | Other. |
|  |  | (1) | [Powers of Attorney (January 20, 2022)](http://www.sec.gov/Archives/edgar/data/883622/000114544322000020/d3969181-ex99q1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 188 filed January 28, 2022. |
| Item 29. | Persons Controlled by or Under Common Control with the Registrant. None. | Persons Controlled by or Under Common Control with the Registrant. None. | Persons Controlled by or Under Common Control with the Registrant. None. |
| Item 30. | Indemnification. Reference is made to Article 15 of the [Distribution Agreement](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99e1i.htm), filed by EDGAR on July 28, 2021 as Exhibit No. EX-99.e.1.i to Post-Effective Amendment No. 180 and to Article VII of the [Amended and Restated Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/883622/000119312517275586/d440276dex99a18.htm), filed by EDGAR on September 1, 2017, as Exhibit No. EX-99.(a)(18) to Post-Effective Amendment No. 146, each of which provide indemnification. Also refer to Section 3817 of the Delaware Statutory Trust Act. | Indemnification. Reference is made to Article 15 of the [Distribution Agreement](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99e1i.htm), filed by EDGAR on July 28, 2021 as Exhibit No. EX-99.e.1.i to Post-Effective Amendment No. 180 and to Article VII of the [Amended and Restated Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/883622/000119312517275586/d440276dex99a18.htm), filed by EDGAR on September 1, 2017, as Exhibit No. EX-99.(a)(18) to Post-Effective Amendment No. 146, each of which provide indemnification. Also refer to Section 3817 of the Delaware Statutory Trust Act. | Indemnification. Reference is made to Article 15 of the [Distribution Agreement](http://www.sec.gov/Archives/edgar/data/883622/000114544321000333/mim3873861-ex99e1i.htm), filed by EDGAR on July 28, 2021 as Exhibit No. EX-99.e.1.i to Post-Effective Amendment No. 180 and to Article VII of the [Amended and Restated Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/883622/000119312517275586/d440276dex99a18.htm), filed by EDGAR on September 1, 2017, as Exhibit No. EX-99.(a)(18) to Post-Effective Amendment No. 146, each of which provide indemnification. Also refer to Section 3817 of the Delaware Statutory Trust Act. |
|  | Registrant undertakes to carry out all indemnification provisions of its Trust Instrument and the above-described contract in accordance with the Investment Company Act Release No. 11330 (September 4, 1980) and successor releases. | Registrant undertakes to carry out all indemnification provisions of its Trust Instrument and the above-described contract in accordance with the Investment Company Act Release No. 11330 (September 4, 1980) and successor releases. | Registrant undertakes to carry out all indemnification provisions of its Trust Instrument and the above-described contract in accordance with the Investment Company Act Release No. 11330 (September 4, 1980) and successor releases. |
|  | Insofar as indemnification for liability arising under the 1933 Act, as amended, may be provided to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment of the Registrant of expenses incurred or paid by a director, officer of controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. | Insofar as indemnification for liability arising under the 1933 Act, as amended, may be provided to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment of the Registrant of expenses incurred or paid by a director, officer of controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. | Insofar as indemnification for liability arising under the 1933 Act, as amended, may be provided to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment of the Registrant of expenses incurred or paid by a director, officer of controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
| Item 31. | Business and Other Connections of the Investment Adviser. | Business and Other Connections of the Investment Adviser. | Business and Other Connections of the Investment Adviser. |
|  | Delaware Management Company (the "Manager"), a series of Macquarie Investment Management Business Trust, serves as investment manager to the Registrant and also serves as investment manager or sub-advisor to certain of the other funds in the Delaware Funds® by Macquarie (the "Delaware Funds") (Delaware Group® Adviser Funds, Delaware Group Cash Reserve, Delaware Group Equity Funds I, Delaware Group Equity Funds II, Delaware Group Equity Funds IV, Delaware Group Equity Funds V, Delaware Group Foundation Funds, Delaware Group Global & International Funds, Delaware Group Government Fund, Delaware Group Income Funds, Delaware Group Limited-Term Government Funds, Delaware Group State Tax-Free Income Trust, Delaware Group Tax-Free Fund, Delaware Pooled® Trust, Delaware VIP® Trust, Voyageur Insured Funds, Voyageur Intermediate Tax Free Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, Voyageur Mutual Funds III, Voyageur Tax Free Funds, Delaware Investments Dividend and Income Fund, Inc., Delaware Investments National Municipal Income Fund, Delaware Enhanced Global Dividend and Income Fund, Ivy Variable Insurance Portfolios, and Delaware Ivy High Income Opportunities Fund) and the Optimum Fund Trust, as well as to certain non-affiliated registered investment companies. In addition, certain officers of the Manager also serve as trustees and/or officers of other Delaware Funds and Optimum Fund Trust. A company indirectly owned by the Manager's parent company acts as principal underwriter to the mutual funds in the Delaware Funds (see Item 32 below) and another such company acts as the shareholder services, dividend disbursing, accounting servicing and transfer agent for all of the Delaware Funds. | Delaware Management Company (the "Manager"), a series of Macquarie Investment Management Business Trust, serves as investment manager to the Registrant and also serves as investment manager or sub-advisor to certain of the other funds in the Delaware Funds® by Macquarie (the "Delaware Funds") (Delaware Group® Adviser Funds, Delaware Group Cash Reserve, Delaware Group Equity Funds I, Delaware Group Equity Funds II, Delaware Group Equity Funds IV, Delaware Group Equity Funds V, Delaware Group Foundation Funds, Delaware Group Global & International Funds, Delaware Group Government Fund, Delaware Group Income Funds, Delaware Group Limited-Term Government Funds, Delaware Group State Tax-Free Income Trust, Delaware Group Tax-Free Fund, Delaware Pooled® Trust, Delaware VIP® Trust, Voyageur Insured Funds, Voyageur Intermediate Tax Free Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, Voyageur Mutual Funds III, Voyageur Tax Free Funds, Delaware Investments Dividend and Income Fund, Inc., Delaware Investments National Municipal Income Fund, Delaware Enhanced Global Dividend and Income Fund, Ivy Variable Insurance Portfolios, and Delaware Ivy High Income Opportunities Fund) and the Optimum Fund Trust, as well as to certain non-affiliated registered investment companies. In addition, certain officers of the Manager also serve as trustees and/or officers of other Delaware Funds and Optimum Fund Trust. A company indirectly owned by the Manager's parent company acts as principal underwriter to the mutual funds in the Delaware Funds (see Item 32 below) and another such company acts as the shareholder services, dividend disbursing, accounting servicing and transfer agent for all of the Delaware Funds. | Delaware Management Company (the "Manager"), a series of Macquarie Investment Management Business Trust, serves as investment manager to the Registrant and also serves as investment manager or sub-advisor to certain of the other funds in the Delaware Funds® by Macquarie (the "Delaware Funds") (Delaware Group® Adviser Funds, Delaware Group Cash Reserve, Delaware Group Equity Funds I, Delaware Group Equity Funds II, Delaware Group Equity Funds IV, Delaware Group Equity Funds V, Delaware Group Foundation Funds, Delaware Group Global & International Funds, Delaware Group Government Fund, Delaware Group Income Funds, Delaware Group Limited-Term Government Funds, Delaware Group State Tax-Free Income Trust, Delaware Group Tax-Free Fund, Delaware Pooled® Trust, Delaware VIP® Trust, Voyageur Insured Funds, Voyageur Intermediate Tax Free Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, Voyageur Mutual Funds III, Voyageur Tax Free Funds, Delaware Investments Dividend and Income Fund, Inc., Delaware Investments National Municipal Income Fund, Delaware Enhanced Global Dividend and Income Fund, Ivy Variable Insurance Portfolios, and Delaware Ivy High Income Opportunities Fund) and the Optimum Fund Trust, as well as to certain non-affiliated registered investment companies. In addition, certain officers of the Manager also serve as trustees and/or officers of other Delaware Funds and Optimum Fund Trust. A company indirectly owned by the Manager's parent company acts as principal underwriter to the mutual funds in the Delaware Funds (see Item 32 below) and another such company acts as the shareholder services, dividend disbursing, accounting servicing and transfer agent for all of the Delaware Funds. |
|  | The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA, 19106-2354, is a series of Macquarie Investment Management Business Trust (a Delaware statutory trust), which is a subsidiary of MMHI. MMHI is a wholly owned subsidiary of Macquarie Group Limited. Information on the directors and officers of the Manager set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-32108) is incorporated into this filing by reference. The Manager, with the approval of the Registrant's board of trustees, selects sub-advisors for certain series of the Registrant. The following companies, all of which are registered investment advisers, serve as sub-advisors for the specified series of the Registrant. | The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA, 19106-2354, is a series of Macquarie Investment Management Business Trust (a Delaware statutory trust), which is a subsidiary of MMHI. MMHI is a wholly owned subsidiary of Macquarie Group Limited. Information on the directors and officers of the Manager set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-32108) is incorporated into this filing by reference. The Manager, with the approval of the Registrant's board of trustees, selects sub-advisors for certain series of the Registrant. The following companies, all of which are registered investment advisers, serve as sub-advisors for the specified series of the Registrant. | The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA, 19106-2354, is a series of Macquarie Investment Management Business Trust (a Delaware statutory trust), which is a subsidiary of MMHI. MMHI is a wholly owned subsidiary of Macquarie Group Limited. Information on the directors and officers of the Manager set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-32108) is incorporated into this filing by reference. The Manager, with the approval of the Registrant's board of trustees, selects sub-advisors for certain series of the Registrant. The following companies, all of which are registered investment advisers, serve as sub-advisors for the specified series of the Registrant. |
|  | Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), located at Kaerntner Strasse 28, 1010 Vienna, Austria, serves as a sub-advisor to Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Income Fund, Delaware High Yield Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return Bond Fund. MIMAK is an affiliate of the Manager and a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. Information on the directors and officers of MIMAK set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-113118) is incorporated into this filing by reference. | Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), located at Kaerntner Strasse 28, 1010 Vienna, Austria, serves as a sub-advisor to Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Income Fund, Delaware High Yield Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return Bond Fund. MIMAK is an affiliate of the Manager and a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. Information on the directors and officers of MIMAK set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-113118) is incorporated into this filing by reference. | Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), located at Kaerntner Strasse 28, 1010 Vienna, Austria, serves as a sub-advisor to Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Income Fund, Delaware High Yield Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund and Delaware Ivy Total Return Bond Fund. MIMAK is an affiliate of the Manager and a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. Information on the directors and officers of MIMAK set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-113118) is incorporated into this filing by reference. |
|  | Macquarie Investment Management Europe Limited (MIMEL), located at 28 Ropemaker Street, London, England, serves as a sub-advisor to Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Income Fund, Delaware High Yield Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund, Delaware Ivy Total Return Bond Fund and Delaware Real Estate Securities Fund. MIMEL is an affiliate of the Manager and a part of MAM. Information on the directors and officers of MIMEL set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-111954) is incorporated into this filing by reference. | Macquarie Investment Management Europe Limited (MIMEL), located at 28 Ropemaker Street, London, England, serves as a sub-advisor to Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Income Fund, Delaware High Yield Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund, Delaware Ivy Total Return Bond Fund and Delaware Real Estate Securities Fund. MIMEL is an affiliate of the Manager and a part of MAM. Information on the directors and officers of MIMEL set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-111954) is incorporated into this filing by reference. | Macquarie Investment Management Europe Limited (MIMEL), located at 28 Ropemaker Street, London, England, serves as a sub-advisor to Delaware Global Real Estate Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Income Fund, Delaware High Yield Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund, Delaware Ivy Total Return Bond Fund and Delaware Real Estate Securities Fund. MIMEL is an affiliate of the Manager and a part of MAM. Information on the directors and officers of MIMEL set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-111954) is incorporated into this filing by reference. |

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| | |
|:---|:---|
|  | Macquarie Investment Management Global Limited (MIMGL), located at 50 Martin Place, Sydney, Australia, serves as a sub-advisor to Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Global Value Equity Fund, Delaware Ivy Accumulative Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Core Bond Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Global Bond Fund, Delaware Ivy Global Growth Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Income Fund, Delaware High Yield Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Small Cap Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Limited-Term Bond Fund, Delaware Ivy Managed International Opportunities Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Strategic Income Fund, Delaware Ivy Total Return Bond Fund, Delaware Ivy Value Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Real Estate Securities Fund and Delaware Sustainable Equity Income Fund. MIMGL is an affiliate of the Manager and a part of MAM. Information on the directors and officers of MIMGL set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-106854) is incorporated into this filing by reference. |
|  | Macquarie Funds Management Hong Kong Limited (MFMHKL), located at Level 18, One International Finance Centre, One Harbour View Street, Central, Hong Kong, serves as a sub-advisor to Delaware Climate Solutions Fund, Delaware Global Real Estate Fund, Delaware Global Value Equity Fund, Delaware Ivy Accumulative Fund, Delaware Ivy Asset Strategy Fund, Delaware Ivy Balanced Fund, Delaware Ivy Core Equity Fund, Delaware Ivy Global Growth Fund, Delaware Ivy International Core Equity Fund, Delaware Ivy International Value Fund, Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Mid Cap Income Opportunities Fund, Delaware Ivy Natural Resources Fund, Delaware Ivy Science and Technology Fund, Delaware Ivy Small Cap Growth Fund, Delaware Ivy Smid Cap Core Fund, Delaware Ivy Systematic Emerging Markets Equity Fund, Delaware Ivy Value Fund and Delaware Real Estate Securities Fund. MFMHKL is an affiliate of the Manager and a part of MAM. Information on the directors and officers of MFMHKL set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-76257) is incorporated into this filing by reference. |
|  | Wilshire Advisors, LLC (Wilshire), located at 1299 Ocean Avenue, Santa Monica, California, 90401, serves as sub-advisor to Delaware Ivy Wilshire Global Allocation Fund. Information on the members and officers of Wilshire set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-36233) is incorporated into this filing by reference. |
| Item 32. | Principal Underwriters. |
| (a) | Delaware Distributors, L.P. serves as principal underwriter for all the mutual funds in the Delaware Funds by Macquarie® and the Optimum Fund Trust. |
| (b) | Information with respect to each officer and partner of the principal underwriter and the Registrant is provided below. Unless otherwise noted, the principal business address of each officer and partner of Delaware Distributors, L.P. is 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. |

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| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant**  |
| Delaware Distributors, Inc. | General Partner | None |
| Delaware Capital Management | Limited Partner | None |
| Delaware Investments Distribution Partner, Inc. | Limited Partner | None |
| David Brenner | Executive Vice President/Global Head of Digital, Data and Platforms/Chief Strategy Officer/Executive Director | Executive Vice President/Global Head of Digital, Data and Platforms/Chief Strategy Officer/Executive Director |
| Neil Siegel | Executive Vice President/Global Head of Marketing and Product/Executive Director | Executive Vice President/Global Head of Marketing and Product/Executive Director |
| Christopher Calhoun  | Senior Vice President/Head of Retail Client Experience/Division Director | Senior Vice President/Head of Retail Client Experience/Division Director |
| Anthony G. Ciavarelli | Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director |
| David F. Connor | Senior Vice President/General Counsel/Secretary/Division Director | Senior Vice President/ General Counsel/Secretary |
| Michael E. Dresnin | Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director  | Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director  |
| Jamie Fox | Senior Vice President/ Divisional Sales Manager, CSG Americas/Division Director | None |
| Daniel V. Geatens | Senior Vice President/Head of US Fund Administration/Division Director  | Senior Vice President/Head of US Fund Administration/Division Director |
| Robert T. Haenn | Senior Vice President/Channel Head-Strategic Relationship, CSG Americas/Division Director | Senior Vice President/Channel Head-Strategic Relationship, CSG Americas/Division Director |
| Jerel A. Hopkins  | Senior Vice President/Assistant Secretary/Division Director  | Senior Vice President/Assistant Secretary/Division Director  |
| Eric S. Kleppe | Senior Vice President/Head of Public Markets Relationship Management, CSG Americas/Division Director | None |
| Michael Q. Mahoney  | Senior Vice President/DD, TA & Intermediary Services/Division Director | Senior Vice President/DD, TA & Intermediary Services/Division Director |
| Brian L. Murray, Jr. | Senior Vice President/Chief Compliance Officer/Division Director | Senior Vice President/Chief Compliance Officer |
| Susan L. Natalini | Senior Vice President/ Chief Operating Officer Equity and Fixed Income/Division Director | Senior Vice President/Chief Operations Officer – Equity and Fixed Income Investments |
| Richard Salus | Senior Vice President/ Global Head of Fund Services/Division Director | Senior Vice President/Chief Financial Officer |
| William Speacht  | Senior Vice President/Deputy Chief Compliance Officer/Division Director  | Senior Vice President/Deputy Chief Compliance Officer/Division Director |
| Emilia P. Wang | Senior Vice President/Associate General Counsel /Assistant Secretary/Division Director | Senior Vice President/Associate General Counsel /Assistant Secretary/Division Director |
| Kathryn R. Williams | Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Joel A. Ettinger | Vice President/Associate Director | Vice President/Taxation |
| Stephen Hoban | Vice President/Controller/Chief Financial Officer/Treasurer/ Associate Director | None |
| Earthen Johnson | Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Vice President/Associate General Counsel/Assistant Secretary |
| Konstantine C. Mylonas | Vice President/Senior Relationship Manager, CSG Americas/Associate Director | None |
| Stephen R. Shamet | Vice President/Channel Head-Strategic Relationship, CSG Americas/Associate Director | None |
| Barry J. Slawter | Vice President/Retail Marketing & Content Strategy/Senior Manager  | None |
| Augustas Baliulis | Assistant Vice President/Associate General Counsel/Senior Manager | Assistant Vice President/Associate General Counsel/Senior Manager |
| Aaron Buser | Assistant Vice President/Attorney/Associate Director | Assistant Vice President/Attorney/Associate Director |
| Debra J. Lenzner | Assistant Vice President/Head of Legal Administration | Assistant Vice President/Head of Legal Administration |
| Ross Oklewicz | Assistant Vice President/Associate Director | Assistant Vice President/Associate Director |
| Antoinette C. Robbins | Senior Compliance Officer/Assistant Anti-Money Laundering Officer/Senior Manager | None |
| Alexander Lenoir | Anti-Money Laundering Officer/Division Director  | Anti-Money Laundering Officer |

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| | | |
|:---|:---|:---|
|  | (c) | Not applicable. |
| Item 33. | Location of Accounts and Records. All accounts and records required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules under that section are maintained by the following entities: Delaware Management Company, Delaware Investments Fund Services Company and Delaware Distributors, L.P. (100 Independence, 610 Market Street, Philadelphia, PA 19106-2354); BNY Mellon Investment Servicing (US) Inc. (4400 Computer Drive, Westborough, MA 01581-1722); and The Bank of New York Mellon (240 Greenwich Street, New York, NY 10286-0001). | Location of Accounts and Records. All accounts and records required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules under that section are maintained by the following entities: Delaware Management Company, Delaware Investments Fund Services Company and Delaware Distributors, L.P. (100 Independence, 610 Market Street, Philadelphia, PA 19106-2354); BNY Mellon Investment Servicing (US) Inc. (4400 Computer Drive, Westborough, MA 01581-1722); and The Bank of New York Mellon (240 Greenwich Street, New York, NY 10286-0001). |
| Item 34. | Management Services. None. | Management Services. None. |
| Item 35. | Undertakings. Not applicable. | Undertakings. Not applicable. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia and Commonwealth of Pennsylvania on this 27th day of January, 2023.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IVY FUNDS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IVY FUNDS** |
| By: | /s/ Shawn K. Lytle |
|  | Shawn K. Lytle<br>President/Chief Executive Officer |

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Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Shawn K. Lytle | President/Chief Executive Officer | January 27, 2023 |
| Shawn K. Lytle | (Principal Executive Officer) and Trustee |  |
| Jerome D. Abernathy<br> \* | Trustee | January 27, 2023 |
| Jerome D. Abernathy |  |  |
| Ann D. Borowiec<br> \* | Trustee | January 27, 2023 |
| Ann D. Borowiec |  |  |
| Joseph W. Chow<br> \* | Trustee | January 27, 2023 |
| Joseph W. Chow |  |  |
| H. Jeffrey Dobbs<br> \* | Trustee | January 27, 2023 |
| H. Jeffrey Dobbs |  |  |
| John A. Fry<br> \* | Trustee | January 27, 2023 |
| John A. Fry |  |  |
| Joseph Harroz, Jr.<br> \* | Trustee | January 27, 2023 |
| Joseph Harroz, Jr. |  |  |
| Sandra A.J. Lawrence<br> \* | Trustee | January 27, 2023 |
| Sandra A.J. Lawrence |  |  |
| Frances A. Sevilla-Sacasa<br> \* | Trustee | January 27, 2023 |
| Frances A. Sevilla-Sacasa |  |  |
| Thomas K. Whitford<br> \* | Chair and Trustee | January 27, 2023 |
| Thomas K. Whitford |  |  |
| Christianna Wood<br> \* | Trustee | January 27, 2023 |
| Christianna Wood |  |  |
| Janet L. Yeomans<br> \* | Trustee | January 27, 2023 |
| Janet L. Yeomans |  |  |
| Richard Salus<br> \* | Senior Vice President/Chief Financial Officer | January 27, 2023 |
| Richard Salus | (Principal Financial Officer) |  |

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\*By: /s/ Shawn K. Lytle

Shawn K. Lytle

as Attorney-in-Fact for each of the persons indicated

(Pursuant to Powers of Attorney previously filed)

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U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

EXHIBITS

TO

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

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INDEX TO EXHIBITS

(Ivy Funds N-1A)

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| | |
|:---|:---|
| Exhibit No. | Exhibit |
| [EX-99.d.6](d4057351-ex99d6.htm) | Executed Sub-Advisory Agreement (Fixed Income) (May 30, 2019) between Macquarie Investment Management Europe Limited and Delaware Management Company (a series of Macquarie Investment Management Business Trust |
| [EX-99.d.6.i](d4057351-ex99d6i.htm) | Executed Amendment No. 2 to Schedule 1 of the Sub-Advisory Agreement (Fixed Income) (November 12, 2021) between Macquarie Investment Management Europe Limited and Delaware Management Company (a series of Macquarie Investment Management Business Trust)  |
| [EX-99.g.1](d4057351-ex99g1.htm) | Executed Mutual Fund Custody and Services Agreement (July 20, 2007) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant |
| [EX-99.g.1.i](d4057351-ex99g1i.htm) | Executed Amendment No. 2 (July 1, 2017) to Mutual Fund Custody and Services Agreement |
| [EX-99.g.1.ii](d4057351-ex99g1ii.htm) | Executed Amendment No. 4 (July 19, 2019) to Mutual Fund Custody and Services Agreement |
| [EX-99.g.1.iii](d4057351-ex99g1iii.htm) | Executed Amendment No. 5 (December 31, 2021) to Mutual Fund Custody and Services Agreement  |
| [EX-99.g.iv](d4057351-ex99g1iv.htm) | Executed Amendment No. 6 (December 31, 2021) to Mutual Fund Custody and Services Agreement  |
| [EX-99.h.1.i](d4057351-ex99h1i.htm) | Executed Amended and Restated Schedule B (June 25, 2022) to the Shareholder Services Agreement  |
| [EX-99.h.2](d4057351-ex99h2.htm) | Executed Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014) between The Bank of New York Mellon and the Registrant  |
| [EX-99.h.2.i](d4057351-ex99h2i.htm) | Executed Amendment No. 1 (July 1, 2017) to Amended and Restated Fund Accounting and Financial Administration Services Agreement |
| [EX-99.h.2.ii](d4057351-ex99h2ii.htm) | Executed Amendment No. 2 (October 11, 2021) to Amended and Restated Fund Accounting and Financial Administration Services Agreement |
| [EX-99.h.2.iii](d4057351-ex99h2iii.htm) | Executed Amendment No. 3 (December 31, 2021) to Amended and Restated Fund Accounting and Financial Administration Services Agreement |
| [EX-99.h.2.iv](d4057351-ex99h2iv.htm) | Executed Amendment No. 4 (January 31, 2022) to Amended and Restated Fund Accounting and Financial Administration Services Agreement |
| [EX-99.h.3.i](d4057351-ex99h3i.htm) | Executed Expense Reimbursement Agreement (January 2023) by and among Delaware Management Company, Delaware Distributors, L.P., Delaware Investments Fund Services Company and the Registrant  |
| [EX-99.j](d4057351-ex99j.htm) | Consent of Independent Registered Public Accounting Firm (January 2023) |

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## Ex-99.(D)(6)

EX-99.d.6

**SUB-ADVISORY AGREEMENT**

**AGREEMEN**T made by and between **DELAWARE MANAGEMENT COMPANY, a series of Macquarie Investment Management Business Trust**, a Delaware statutory trust (the "Investment Manager"), and **Macquarie Investment management EUROPE LIMITED** (the "Sub-Adviser'').

**WITNESSETH:**

**WHEREAS,** the trusts on Schedule 1 hereto are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and each is organized as a statutory trust under the laws of the State of Delaware (each, "a Trust");

**WHEREAS,** the Investment Manager and the Trusts, on behalf of each fund listed on Schedule 1 (each, a "Fund" and (depending on the context) collectively, the "Funds"), have entered into an investment management agreement (the "Investment Management Agreement") whereby the Investment Manager will provide investment advisory services to the Trusts with respect to their corresponding Fund or Funds;

**WHEREAS,** the Investment Manager has the authority under the Investment Management Agreement to retain one or more sub-advisers to assist the Investment Manager in providing investment advisory services to the Trusts with respect to the corresponding Fund or Funds;

**WHEREAS,** the Investment Manager and the Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and engage in the business of providing investment advisory services; and

**WHEREAS,** the Board of Trustees (the "Board") of each Trust and the Investment Manager desire that the Investment Manager retain the Sub-Adviser to render investment advisory and other services with respect to the corresponding Fund or Funds in the manner, for the period, and on the terms hereinafter set forth.

WHEREAS, for the purposes of this Agreement, references to "the Trust" relate to one Trust, multiple Trusts or all of the Trusts listed on Schedule 1 (as the context requires) and references to "the Fund" relate to a Trust's corresponding Fund or Funds, multiple Funds or all of the Funds listed on Schedule 1 (as the context requires).

**NOW, THEREFORE,** in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. (a) The Sub-Adviser will supervise and direct such of the investments of the assets of the Funds as may be required by the Investment Manager from time to time, in accordance with the Fund's investment objectives, policies, and restrictions as provided in its Prospectus ("Prospectus") and Statement of Additional Information ("SAI"), as currently in effect and as amended or supplemented from time to time, such other limitations as the Fund may impose by notice in writing to the Sub-Adviser in accordance with the clause 1(c), subject always to the supervision and control of the Investment Manager and the Board and also in accordance with applicable laws and regulations in force from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the services it will provide hereunder, the Sub-Adviser is authorized, in its discretion and without prior consultation with the Fund or the Investment Manager to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain and evaluate information relating to investment recommendations, asset allocation advice, industries,
businesses, securities markets, research, economic analysis, and other investment services with respect to the securities that are included
in the Fund or that are under consideration for inclusion in the Fund and invest the Fund in accordance with the Investment Manager's
and the Board's written direction as more fully set forth herein and as otherwise directed;

(ii) regularly make decisions as to what securities to purchase and sell on behalf of the Fund, effect the
purchase and sale of such investments in furtherance of the Fund's objectives and policies, and furnish the Board with such information
and reports within the Sub-Adviser's possession and control regarding the Sub-Adviser's activities in the performance of its
duties and obligations under this Agreement as the Investment Manager reasonably deems appropriate or as the Board may reasonably request,
including such reports, information, and certifications as the officers of the Trust may reasonably require in order to comply with applicable
international, federal and state laws and regulations and Trust policies and procedures;

(iii) provide any and all material composite or other performance information, records and supporting documentation
about accounts or funds the Sub-Adviser manages, if appropriate and subject to any obligation of confidentiality, that are relevant to
the Fund and that have investment objectives, policies, and strategies substantially similar to those employed by the Sub-Adviser in managing
the Fund that may be reasonably necessary, under applicable laws, to allow the Fund or its agent to present information concerning the
Sub-Adviser's prior performance in similar strategies in the Fund's currently effective Prospectus, as the same may be hereafter
modified, amended, and/or supplemented from time to time, and in any permissible reports and materials prepared by the Fund or its agent
to which the Sub-Adviser has consented;

(iv) provide information as reasonably requested by the Investment Manager or the Board to assist them or their
agents in the determination of the fair value of certain portfolio securities held in the Fund when market quotations are not readily
available for the purpose of calculating the Fund's net asset value in accordance with procedures and methods established by the
Board;

(v) vote proxies, exercise conversion or subscription rights, and respond to tender offers and other consent
solicitations ("Corporate Actions") with respect to the issuers of securities held in the Fund, provided materials relating
to such Corporate Actions have been timely received by the Sub-Adviser, and to submit reports regarding such Corporate Actions, including
a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment Manager and the Fund in order
to comply with any applicable federal or state reporting requirements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide performance and other information as reasonably requested by the Investment Manager or the Board
to assist them or their agents in conducting ongoing due diligence and performance monitoring, subject to any obligation of confidentiality;
and

(vii) maintain all accounts, books, and records with respect to the Fund as are required
of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder and
preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any accounts, books and records that it maintains for the Fund and
that are required to be maintained by Rule 31a-l under the 1940 Act. The Sub-Adviser shall furnish to the Investment Manager copies of
all such accounts, books, and records as the Investment Manager may reasonably request. The Sub-Adviser agrees that such accounts, books,
and records are the property of the Trust, and will be surrendered to the Trust promptly upon request, with the understanding that the
Sub-Adviser may retain its own copy of all records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to sub-clause 1(d), in furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) provisions of the Trust's Agreement and Declaration of Trust, as the same may be hereafter modified, amended, and/or supplemented from time to time, that are applicable to the Fund and notified to the Sub-Adviser; (ii) provisions of the Trust's By-Laws, as the same may be hereafter modified, amended, and/or supplemented from time to time that are applicable to the Fund and notified to the Sub-Adviser; (iii) the Fund's Prospectus; (iv) the 1940 Act and the Advisers Act and the rules under each and all other international, federal and state securities laws or regulations applicable to the Sub-Adviser, the Trust and the Fund; (v) the Trust's compliance policies and procedures and other policies and procedures adopted from time to time by the Board applicable to the Fund and notified to the Sub-Adviser; and (vi) the written instructions of the Investment Manager. The Sub-Adviser will promptly inform the Investment Manager if it is unable to comply with the notified modification, amendment, supplement, policy procedure or written instruction (together, "Instruction"), and the Sub-Adviser must promptly seek to clarify such Instruction with the Investment Manager. If an Instruction is inconsistent with the Fund's Prospectus or, in the Sub-Adviser's opinion, ambiguous or unclear in any respect, the Sub-Adviser must promptly clarify the Instruction with the Investment Manager and the Instruction will not operate until it has been clarified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Investment Manager agrees to provide the Sub-Adviser with current copies of the documents mentioned in paragraph l(c)(i), (ii), (iii) and (v) above and all changes made to such documents at, or if practicable, before the time such changes become effective, and the Investment Manager acknowledges and agrees that the Sub-Adviser shall not be responsible for compliance with such documents or amendments unless and until a reasonable time after they are received by the Sub-Adviser. The Sub-Adviser shall be fully protected in acting upon any proper instructions reasonably believed by it to be genuine and signed or communicated by or on behalf of the Investment Manager or the Fund. The Investment Manager also agrees to provide the Sub-Adviser with any documents reasonably required by the Sub-Adviser, including any documents required for the Sub-Adviser to comply with its obligations under sub-clause 1(c)(iv).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In order to assist the Trust and the Trust's chief compliance officer (the "Trust CCO") and the Investment Manager and the Investment Manager's Chief Compliance Officer (the "IM CCO") in satisfying the requirements contained in Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Advisers Act, respectively, the Sub-Adviser shall provide to the Trust CCO and/or IM CCO: (i) direct access to the Sub-Adviser's chief compliance officer (the "Sub-Adviser CCO") and its officers and employees, as reasonably requested by the Trust CCO and/or IM CCO; (ii) quarterly reports reasonably required by the Investment Manager confirming that the Sub-Adviser has complied with the Trust's Compliance Procedures in managing the Fund to the extent those Compliance Procedures directly relate to the Sub-Adviser's services under this Agreement; and (iii) quarterly certifications with respect to Material Compliance Matters (as that term is defined in Rule 38a-1(e)(2) under the 1940 Act) related to the Sub-Adviser's management of the Fund.

The Sub-Adviser shall promptly provide the Trust CCO and IM CCO with copies and summaries of: (i) the Sub-Adviser's policies and procedures for compliance by the Sub-Adviser with the federal securities laws and to prevent violation of the Advisers Act (together, the "Sub-Adviser Compliance Procedures"); and (ii) any material changes to the Sub-Adviser Compliance Procedures. The Sub-Adviser shall cooperate fully with the Trust CCO and IM CCO so as to facilitate the Trust CCO's and IM CCO's performance of their respective responsibilities under Rule 38a-1 and Rule 206(4)-7, including to review, evaluate and report to the Board on the operation of the Sub-Adviser Compliance Procedures, and shall promptly report to the Trust CCO and IM CCO any Material Compliance Matter arising under the Sub-Adviser Compliance Procedures involving the Fund. The Sub-Adviser shall allow the Trust CCO and/or the IM CCO, as reasonably requested from time to time, access to examine and review the Sub-Adviser's Compliance Procedures and the Sub-Adviser's adherence thereto. The Sub-Adviser shall provide to the Trust CCO and IM CCO: (i) quarterly reports confirming the Sub-Adviser's compliance with the Sub-Adviser Compliance Procedures in managing the Fund; and (ii) certifications that there were no Material Compliance Matters involving the Sub-Adviser that arose under the Sub-Adviser Compliance Procedures that affected the Fund. At least annually, the Sub-Adviser shall provide a certification to the Trust CCO and IM CCO to the effect that the Sub-Adviser has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Adviser with the federal securities laws, including the conduct and results of our annual review for adequacy and effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser shall provide reasonable assistance to the Fund in the preparation of the Trust's registration statements, the Prospectuses and SAIs, shareholder reports and other regulatory filings, or any amendment or supplement thereto (collectively, "Regulatory Filings") as may relate to the Fund, and shall provide the Fund with information in its possession and control and reasonably requested by the Investment Manager for use in the Fund's Regulatory Filings, including, without limitation, information related to the Sub-Adviser's investment management personnel, portfolio manager compensation, investment management strategies and techniques, and proxy voting policies. The Sub-Adviser shall provide such certifications regarding the Fund as the Trust's officers may reasonably request for purposes of the preparation of any Regulatory Filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser hereby agrees during the period hereinafter set forth to render the services and assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized herein or otherwise, have no authority to act for or represent the Trust, the Fund or the Investment Manager in any way, or in any way be deemed an agent of the Trust, the Fund or the Investment Manager. Notwithstanding the foregoing, the Investment Manager appoints the Sub-Adviser as agent of the Fund to provide investment advisory services to the Fund on the terms contained in this Agreement and the Sub-Adviser accepts this appointment. For the avoidance of doubt, Sub-Adviser may, as agent, instruct and place trades, respond to corporate actions, execute Fund documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with providing advisory services to the Fund; provided that Sub-Adviser must seek prior written approval from the Investment Manager before entering into any derivatives agreements for the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser may perform its services through its employees, officers or agents, and the Investment Manager shall not be entitled to the advice, recommendation or judgment of any specific person; provided, however, that the persons identified in the Fund's Prospectus shall perform the portfolio management duties described therein until the Sub-Adviser notifies the Investment Manager that one or more other affiliates, employees, officers or agents identified in such notice shall assume such duties as of a specific date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Investment Manager shall provide (or use its reasonable endeavors to cause to be provided) timely information to the Sub-Adviser regarding such matters as the cash requirements and cash available for investment in the Fund, and all other information as may be reasonably necessary for the Sub-Adviser to perform its responsibilities under this Agreement.

2. (a) Under the terms of the Investment Management Agreement, the Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its existence as a statutory trust organized under the laws of the State of Delaware; the maintenance of its own books, records, and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance and repurchase of shares; preparation of share certificates, if any; reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; transfer agency expenses; pricing service expenses; expenses relating to tax services; brokerage commissions; custodian fees; legal and accounting fees; taxes; interest; federal securities law filing expenses; and federal and state registration fees. The Sub-Adviser shall not be obligated to pay any expenses of the Investment Manager, the Trust or the Fund unless expressly assumed by the Sub-Adviser pursuant to this Agreement or otherwise agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors, members, officers and employees of the Sub-Adviser may be directors, officers and employees of other funds that have employed the Sub-Adviser as sub-adviser or investment manager. Directors, members, officers and employees of the Sub-Adviser who are Trustees, officers and/or employees of the Trust, shall not receive any compensation from the Trust for acting in such dual capacity.

3. (a) The Sub-Adviser will select brokers and dealers to effect all Fund transactions subject to the conditions set forth herein. Any transactions and dealings with brokers or dealers will be consistent with Sub-Adviser's best execution policies and as otherwise notified to the Investment Manager by the Sub-Adviser from time to time. The Sub-Adviser is directed at all times to seek to execute transactions for the Fund (i) in accordance with any written policies, practices or procedures that may be established by the Board or the Investment Manager from time to time and provided to the Sub-Adviser, and (ii) as described in the Fund's Prospectus and SAI. In placing any orders for the purchase or sale of investments for the Fund the Sub-Adviser shall use its reasonable endeavors to obtain for the Fund "best execution," considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to applicable law and regulations, including Section 17(e) of the 1940 Act and Rule 17e-l thereunder, the Sub-Adviser is authorized to place orders for the purchase and sale of securities for the Fund with brokers or dealers that are affiliated with the Sub-Adviser. Any entity or person associated with the Investment Manager or the Sub-Adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Fund to the extent and as permitted by Section 11(a)(1)(H) of the Exchange Act and Rule 11a2-2(T) thereunder.

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4. As compensation for the services to be rendered to the Trust for the benefit of the Fund by the Sub-Adviser under the provisions of this Agreement, the Investment Manager shall pay to the Sub-Adviser the fees calculated in accordance with Exhibit A attached hereto. The fees will be exclusive of any applicable UK Value Added Tax (as defined in the UK Value Added Tax Act, 1994) which will be payable in addition, if applicable. The compensation payable to the Sub-Adviser, along with the compensation paid any other affiliated sub-advisor providing fixed income investment management and trading services to the Fund, shall not exceed 25% of the Investment Manager's retained advisory fee payable from the Fund under the investment management agreement (after Investment Manager has paid any unaffiliated Fund sub-advisers, paid the Fund's investment consultant, and paid any amounts towards the Fund's expense waivers).

5. The services to be rendered by the Sub-Adviser to the Trust for the benefit of the Fund under the provisions of this Agreement are not exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be materially impaired thereby.

6. (a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser, its directors, officers, employees, agents, and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trust or to any other investment company, corporation, association, firm or individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Investment Manager, the Trust nor the Fund shall use the Sub-Adviser's actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) or otherwise refer to the Sub-Adviser in any materials related to the Trust or the Fund distributed to third parties, including the Fund's shareholders, without prior review and written approval by the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Investment Manager, the Trust and the Fund, shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub- Adviser's actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) in materials related to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not use the Investment Manager's name (or that of any subsidiary of Macquarie Management Holdings, Inc. ("MMHI")) or otherwise refer to the Investment Manager or any subsidiary of MMHI in any materials related to the Trust or the Fund distributed to third parties, including the Fund's shareholders, without prior review and written approval by the Investment Manager, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Sub-Adviser, shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) of the Trust and the Fund, except for the purpose of describing prior clients or prior performance of the Sub-Adviser, as permitted by the Advisers Act or other applicable requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 6 applies solely to materials related to the Fund and the Trust only, and not to other products or relationships between the Sub-Adviser and the Investment Manager.

7. (a) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of its duties as Sub-Adviser to the Trust on behalf of the Fund, neither the Sub-Adviser nor any of its affiliates nor any of its or their controlling persons, members, officers, directors, employees or agents (collectively, "Sub-Adviser Related Persons") shall be liable to the Trust, the Fund, the Investment Manager or any shareholder of the Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise. The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Fund, or that the Fund will perform comparably with any standard or index, including other clients of the Sub-Adviser, whether public or private. Subject to the first sentence of this Section 7(a), the Sub-Adviser shall not be responsible for any loss incurred by any reason of any act or omission of any bank, broker, the custodian bank or any administrator or trustee whether appointed on behalf of the Investment Manager, the Fund or the Trust. Nothing contained herein shall be deemed to waive any liability which cannot be waived under applicable law, including applicable U.S. state and federal securities laws, ERISA or any rules or regulations adopted under any of those laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investment Manager shall indemnify Sub-Adviser Related Persons to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys' fees (collectively "Losses"), incurred by the Sub-Adviser or Sub-Adviser Related Persons arising from or in connection with this Agreement or the performance by the Sub-Adviser or Sub-Adviser Related Persons of its or their duties hereunder so long as such Losses arise out of the Investment Manager's willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust's Registration Statements, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statements or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (b) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the performance of any of its duties under, or in connection with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Investment Manager and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (collectively "Investment Manager Related Persons") to the fullest extent permitted by law against any and all Losses incurred by the Investment Manager or Investment Manager Related Persons arising from or in connection with this Agreement or the performance by the Investment Manager or Investment Manager Related Persons of its or their duties hereunder so long as such Losses arise out of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust's Registration Statements, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (c) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Investment Manager or an Investment Manager Related Person in the performance of any of its duties under, or in connection with, this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, neither party is liable to the other party for consequential loss. For the purposes of this Agreement, 'consequential loss' includes loss or profits, loss of revenue, loss or denial of opportunity, loss of or damage to access to markets, loss of anticipated savings, loss of or damage to goodwill, loss of or damage to business reputation, future reputation, and publicity, any indirect, remote abnormal or unforeseeable loss or any similar loss whether or not in the reasonable contemplation of the parties at the time of execution of this Agreement.

8. (a) This Agreement shall be executed and become effective as of the date written below; <u>provided, however,</u> that this Agreement shall not become effective with respect to the Fund unless it has first been approved in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the U.S. Securities and Exchange Commission (the "SEC") or its staff. This Agreement shall continue in effect with respect to the Fund for a period of two (2) years and may be renewed thereafter with respect to the Fund only so long as such renewal and continuance with respect to the Fund is specifically approved at least annually by the applicable Board or by the vote of a majority of the outstanding voting securities of the Fund and only if the terms and the renewal hereof have been approved by the vote of a majority of those Trustees of the Trust who are not parties hereto or "interested persons" of the Trust, the Fund, or any party hereto, cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be amended only by written agreement of the Investment Manager and the Sub-Adviser and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder or any applicable exemptive order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated with respect to a Fund (i) by the Investment Manager at any time, without the payment of a penalty, on 60 days' written notice to the Sub-Adviser of the Investment Manager's intention to do so and (ii) by a Trust with respect to a Fund in the Trust at any time, without the payment of a penalty, on 60 days' written notice to the Sub- Adviser of the Trust's intention to do so pursuant to action by the Board or pursuant to the vote of a majority of the outstanding voting securities of the Fund. The Sub-Adviser may terminate this Agreement with respect to a Fund at any time, without the payment of a penalty, on 60 days' written notice to the Investment Manager and the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for (i) any obligation arising out of or relating to a breach of this Agreement committed prior to such termination, (ii) the obligation of the Investment Manager to pay to the Sub-Adviser the fee provided in Paragraph 4 hereof prorated to the date of termination, and (iii) any indemnification obligation provided in Paragraph 7 hereof. This Agreement shall automatically terminate in the event of its assignment (as such term is defined in the 1940 Act) or upon the termination of an Investment Management Agreement.

9. Any information and advice furnished by either party to this Agreement to the other party shall be treated as confidential and shall not be disclosed to third parties without the consent of the other party hereto. Notwithstanding the foregoing, information shall not be subject to such confidentiality obligations if it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is already known to the receiving party at the time it is obtained (other than through previous disclosure
by the protected party or by a party known by the receiving party to be bound by a confidentiality obligation to the protected party);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or becomes publicly known or available through no wrongful act of the receiving party;

(iii) is rightfully received from a third party who, to the best of the receiving party's knowledge, is
not under a duty of confidentiality;

(iv) is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena,
governmental or regulatory agency or law (provided the receiving party provides the protected party written notice of such requirement,
to the extent such notice is permitted and reasonably practicable in the circumstances);

(v) is relevant to the defense of any claim or cause of action asserted against the receiving party (provided
the receiving party provides the protected party with sixty (60) days' written notice of any disclosure if practicable or such lesser
amount as may be necessary and provided such notice does not prejudice the receiving party); or

(vi) has been or is independently developed or obtained
by the receiving party.

The Sub-Adviser shall not disclose any "nonpublic personal information" (as such term is defined in Regulation S-P, including any amendments thereto) pertaining to the customers (as such term is defined in Regulation S-P, including any amendments thereto) of the Trust to any third party or use such information other than for the purpose of providing the services contemplated by this Agreement.

10. The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Investment Manager of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser will also promptly notify the Fund and the Investment Manager if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund, provided, however, that routine regulatory examinations that do not specifically relate to the Fund or the Trust shall not be required to be reported by this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted policies and procedures and a written code of ethics complying with the requirements of Rule 17j-l under the 1940 Act and 204A-1 under the Advisers Act and will provide the Investment Manager and the Board with a copy of such policies and procedures and code of ethics, together with evidence of its adoption. In accordance with the requirements of Rule 17j-l, the Sub-Adviser shall certify to the Investment Manager that the Sub-Adviser has complied in all material respects with the requirements of Rule 17j-l during the previous year and that there has been no material violation of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Manager, the Sub-Adviser shall provide to the Investment Manager, its employees or its agents all information required by Rule 17j-l(c)(l) relating to the approval by the Board of the Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs under this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has provided the Trust and the Investment Manager with a copy of its Form ADV at least forty-eight (48) hours prior to execution of this Agreement, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC, and promptly will furnish a copy of all amendments to the Trust and the Investment Manager at least annually. Such amendments shall reflect all changes in the Sub-Adviser's organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will notify the Trust and the Investment Manager of any event that would be deemed an assignment of this Agreement, with the exception of any assignment by or with respect to the Investment Manager, or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are the portfolio manager(s) of the Fund prior to or promptly after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage as shall be reasonably necessary in light of its obligations under this Agreement.

11. The Investment Manager will notify the Sub-Adviser of any event that would be deemed an assignment of this Agreement, with the exception of any assignment by or with respect to the Sub-Adviser, or change of control of the Investment Manager, as applicable.

12. The Sub-Adviser has implemented policies and procedures designed to prevent the disclosure by the Sub-Adviser, its employees or agents of the Fund's portfolio holdings to any person or entity other than the Investment Manager, the Trust's custodian, or other persons expressly designated by the Investment Manager.

13. This Agreement shall extend to and bind the successors of the parties hereto. Nothing in this Agreement, express or implied, is intended to or shall (a) confer on any person other than the parties hereto and their respective successors or permitted assigns any rights (including third party beneficiary rights), remedies, obligations or liabilities under or by reason of this Agreement, or (b) constitute the parties hereto as partners or as participants in a joint venture.

14. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

15. All written notices, requests or other communications to any party hereunder shall be given to the following addresses and telecopy numbers, or such other address and telecopy number communicated to the other parties from time to time:

If to the Sub Adviser: Chief Compliance Officer Ropemaker Place 28 Ropemaker Street London EC2Y 9HD

------

If to the Investment Manager or the Fund: Delaware Management Company, a series of Macquarie <br> Investment Management Business Trust One Commerce Square 2005 Market Street Philadelphia, PA 19103 Attention: General Counsel

16. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested person," "affiliated person," and "assignment" shall have the meanings given them in the 1940 Act, subject, however to such exemptions as may be granted by the SEC and its staff under the 1940 Act.

17. The Investment Manager and Trust acknowledge that the Sub-Adviser will manage the Fund on a pre-tax basis and is not required to take into account the Fund's tax position in managing the Fund.

18. A party will not be liable to the other for any failure, interruption or delay in performance of their respective obligations to the extent such failure, interruption or delay is caused by (a) a breakdown, failure or malfunction of any telecommunications or computer service or system which has been set up and maintained by a party in accordance with the requirements of this Agreement; (b) the closure or suspension of any market relevant to a party's obligations under this Agreement; or (c) any fire, explosion, flood, earthquake, peril of the sea, strike or lockout, embargo, civil commotions, riots, wars, weather, governmental laws, orders or restrictions, national or regional emergencies, strikes, labour stoppages or slowdowns or other industrial disturbances, shortage of adequate power, materials or transportation facilities or any similar cause beyond a party's reasonable control.

19. The Investment Manager acknowledges that the Sub-Adviser is a member of the Macquarie Group Limited group of companies ("Macquarie Group") and that such group is a diversified provider of financial and investment services, engaging in a broad range of activities including securities underwriting, sales and trading, investment banking, lending, financial advisory services, investment research, asset management and other activities. The Sub-Adviser generally has no control over these activities. As a result, the Investment Manager acknowledges that from time to time the Sub-Adviser's investment activities may be restricted, for example due to regulatory constraints applicable to the Macquarie Group, and/or its internal policies designed to comply with such constraints. Without limitation, this includes circumstances where an acquisition of securities would cause the Macquarie Group's aggregated holdings in a company to exceed applicable takeover thresholds. In addition, where, due to such restrictions, there is limited capacity to acquire particular securities, the Fund will not have priority over any member of, or any other fund or clients associated with, the Macquarie Group to acquire those securities, however the Sub-Adviser will allocate available securities amongst funds and clients (including the Fund) in a fair and equitable manner.

20. Subject to the Investment Company Act of 1940, as amended, and its rules and regulations and in accordance with the Fund's compliance policies and procedures, the Sub-Adviser may 'cross securities' where one or more of the client accounts or pooled funds managed by the Sub-Adviser or a related body corporate of the Sub-Adviser ("Sub-Adviser Accounts") either (a) have demand for assets contained in the Fund; or (b) have available for sale assets which the Sub-Adviser wishes to be contained in the Fund. A 'crossing of securities' may occur by the Sub-Adviser making an offer to purchase specific assets from the Fund or making an offer to sell to the Fund specific assets. Neither the Sub-Adviser nor its related body corporate may charge transaction fees with respect to the trade between the Fund and a Manager Account pursuant to this clause.

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be signed by their duly authorized officers effective as of May 30, 2019.

---

| |
|:---|
| **DELAWARE MANAGEMENT<br> COMPANY**, a series of Macquarie Investment |
| Management Business Trust |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Susan Natalini</u> |
| Name: | SUSAN NATALINI |
| Title: | SENIOR VICE PRESIDENT |

---

---

| |
|:---|
| <u>08 AUG 2019</u> |
| Date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Alex Clamen  |
| Signature of attorney |
| <u>ALEX CLAMEN,</u> |
| <u>DIVISION DIRECTOR</u> |
| Name of attorney |

---

Agreed to and accepted as of the day and year first above written:

---

| | |
|:---|:---|
| **On behalf of each Fund identified on<br> Schedule 1 hereto** | **On behalf of each Fund identified on<br> Schedule 1 hereto** |
| By | <u>/s/ Daniel V. Geatens</u> |
| Name: | Daniel V. Geatens |
| Title: | Vice President |

---

------

**EXHIBIT A**

**FEE SCHEDULE**

For the Fund's assets within Investment Manager's portion of the Fund and denominated in Euro, Pound Sterling, Swiss Franc, Swedish Krona, Norwegian Krone and Danish Krone and any other assets managed by the Sub-Adviser, the Sub-Adviser shall receive 25% of the Investment Manager's retained investment management fee (expressed in US dollars) x the percentage of Investment Manager's Fund assets in such currency or managed by the Sub-Adviser.

For the Fund's assets within Investment Manager's portion of the Fund and invested in emerging markets countries as defined by the Sub-Adviser and agreed by the Investment Manager from time to time, and any other assets managed by the Sub-Adviser, the Sub-Adviser shall receive 25% of the Investment Manager's retained investment management fee (expressed in US dollars) x the employee remuneration ratio of the emerging markets team based in London.

Fees received by the Sub-Adviser are not to exceed 25% of the Investment Manager's retained investment management fee (expressed in US dollars & after Investment Manager has paid any unaffiliated Fund sub-advisers, paid the Fund's investment consultant, and paid any amounts towards the Fund's expense waivers) in the aggregate with other affiliated sub-advisers providing fixed income investment services, including portfolio management and trading.

------

**<u>SCHEDULE 1</u>**

**<u>LIST OF TRUSTS AND FUNDS</u>**

For the purposes of this Agreement, the entities named below in bold are Trusts and the entities below them (not in bold) are Funds. Each Fund is a series of the corresponding Trust.

---

| |
|:---|
| **Delaware Group<sup>®</sup> Adviser Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Diversified Income Fund |
| **Delaware Group<sup>®</sup> Cash Reserve** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Investments Ultrashort Fund |
| **Delaware Group<sup>®</sup> Equity Funds V** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Wealth Builder Fund |
| **Delaware Group Foundation Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Allocation Fund (formerly Delaware Foundation Moderate Allocation Fund |
| **Delaware Group Government Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Debt Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Income Fund |
| **Delaware Group Income Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Corporate Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Extended Duration Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Floating Rate Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware High Yield Opportunities Fund |
| **Delaware Group Limited Term Government Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Limited Term Diversified Income Fund |
| **Delaware Pooled Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Core Plus Bond Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie High Yield Bond Portfolio |
| **Delaware VIP Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Diversified Income Series |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP High Yield Series |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Limited Term Diversified Income Series |

---

------

## Ex-99.(D)(6)(I)

EX-99.d.6.i

**AMENDMENT NO. 2**

**TO**

**SCHEDULE 1**

**OF THE SUB-ADVISORY AGREEMENT**

THIS AMENDMENT NO. 2 to SCHEDULE 1 dated <u>12 November</u>. 2021 to the Sub-Advisory Agreement dated with effect from May 30, 2019 (the "Agreement") between **DELAWARE MANAGEMENT COMPANY,** a series of Macquarie Investment Management Business Trust (the "Investment Manager"), and **MACQUARIE INVESTMENT MANAGEMENT EUROPE LIMITED** (the "Sub-Adviser"), amends the list of Trusts and Funds for which the Sub-Adviser provides investment sub-advisory services pursuant to the Agreement.

---

| | |
|:---|:---|
| **FUND** | **EFFECTIVE DATE** |
| **Delaware Group<sup>®</sup> Adviser Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Diversified Income Fund | May 30, 2019 |
| **Delaware Group<sup>®</sup> Cash Reserve** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Investments Ultrashort Fund | May 30, 2019 |
| **Delaware Group<sup>®</sup> Equity Funds IV** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Special Situations Fund | October 4, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Floating Rate II Fund | October 4, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Fund for Income | October 4, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware International Opportunities Bond Fund | October 4, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Investment Grade Bond Fund | October 4, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Limited Duration Bond Fund | October 4, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Income II Fund | October 4, 2019 |
| **Delaware Group<sup>®</sup> Equity Funds V** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Wealth Builder Fund | May 30, 2019 |
| **Delaware Group Foundation Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Allocation Fund (formerly Delaware | May 30, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Moderate Allocation Fund) |  |
| **Delaware Group Government Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Debt Fund | May 30, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Income Fund | May 30, 2019 |
| **Delaware Group Income Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Corporate Bond Fund | May 30, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Extended Duration Bond Fund | May 30, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Floating Rate Fund | May 30, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware High Yield Opportunities Fund | May 30, 2019 |
| **Delaware Group Limited Term Government Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Limited Term Diversified Income Fund | May 30, 2019 |
| **Delaware Pooled Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Core Plus Bond Portfolio | May 30, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie High Yield Bond Portfolio | May 30, 2019 |

---

------

---

| | |
|:---|:---|
| **Ivy Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Balanced Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Corporate Bond Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Crossover Credit Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Global Bond Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Government Securities Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy High Income Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Limited-Term Bond Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy ProShares S&P 500 Bond Index Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Apollo Strategic Income Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Apollo Multi-Asset Income Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Pictet Targeted Return Bond Fund | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Pinebridge High Yield | November 15, 2021 |
| **Ivy Variable Insurance Portfolios** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Asset Strategy | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Balanced | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Corporate Bond | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Global Bond | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP High Income | November 15, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Limited-Term Bond | November 15, 2021 |

---

Except as provided herein, the terms and conditions (including defined terms) contained in the Agreement shall remain in full force and effect.

[Signature Page Follows]

------

**IN WITNESS WHEREOF,** the parties hereto have executed and delivered this Amendment No. 2 with effect from the dates set forth above.

**DELAWARE MANAGEMENT COMPANY,**

A series of Macquarie Investment Management

Business Trust

By: /s/ Susan Natalini

Name: Susan Natalini

Title: Managing Director, Senior Vice President

---

| | |
|:---|:---|
| **MACQUARIE INVESTMENT** | **MACQUARIE INVESTMENT** |
| **MANAGEMENT EUROPE LIMITED** | **MANAGEMENT EUROPE LIMITED** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: /s/ Alex Clamen | &nbsp;&nbsp;&nbsp;&nbsp;By: /s/ Katherine Scott |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Alex Clamen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Katherine Scott |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Division Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Associate Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nov 12, 2021 \| 11:49 GMT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nov 12, 2021 \| 11:20 GMT |

---

Agreed to and accepted as of the day and year first above written:

---

| | |
|:---|:---|
| **DELAWARE GROUP® ADVISER FUNDS** | **DELAWARE GROUP® ADVISER FUNDS** |
| By: /s/ Daniel Geatens | By: /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |
| **DELAWARE GROUP® CASH RESERVE** | **DELAWARE GROUP® CASH RESERVE** |
| By /s/ Daniel Geatens | By /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |

---

------

---

| | |
|:---|:---|
| **DELAWARE GROUP® EQUITY FUNDS IV** | **DELAWARE GROUP® EQUITY FUNDS IV** |
| By /s/ Daniel Geatens | By /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |
| **DELAWARE GROUP® EQUITY FUNDS V** | **DELAWARE GROUP® EQUITY FUNDS V** |
| By /s/ Daniel Geatens | By /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |
| **DELAWARE GROUP® FOUNDATION FUNDS** | **DELAWARE GROUP® FOUNDATION FUNDS** |
| By /s/ Daniel Geatens | By /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |
| **DELAWARE GROUP® GOVERNMENT FUNDS** | **DELAWARE GROUP® GOVERNMENT FUNDS** |
| By /s/ Daniel Geatens | By /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |
| **DELAWARE GROUP® INCOME FUNDS** | **DELAWARE GROUP® INCOME FUNDS** |
| By /s/ Daniel Geatens | By /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |

---

------

---

| | |
|:---|:---|
| **DELAWARE GROUP® LIMITED TERM GOVERNMENT FUNDS** | **DELAWARE GROUP® LIMITED TERM GOVERNMENT FUNDS** |
| By s/ Daniel V. Geatens | By s/ Daniel V. Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |
| **DELAWARE POOLED TRUST** | **DELAWARE POOLED TRUST** |
| By /s/ Daniel V. Geatens | By /s/ Daniel V. Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |
| **IVY FUNDS** | **IVY FUNDS** |
| By /s/ Daniel V. Geatens | By /s/ Daniel V. Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |
| **IVY VARIABLE INSURANCE PORTFOLIOS** | **IVY VARIABLE INSURANCE PORTFOLIOS** |
| By /s/ Daniel V. Geatens | By /s/ Daniel V. Geatens |
| Name: | Daniel Geatens |
| Title: | Head, US Fund Administration |

---

------

## Ex-99.(G)(1)

---

| | |
|:---|:---|
| **Final Execution Version** | **Delaware Funds** |

---

EX-99.g.1

**MUTUAL FUND CUSTODY AND<br> SERVICES AGREEMENT**

**THIS AGREEMENT,** effective as of the 20<sup>th</sup> day of July, 2007, and is by and between each investment company listed on <u>Appendix D</u> (referred to herein individually as the "Fund" and collectively, as the "Funds") and **MELLON BANK, N.A.** (referred to herein as the "Custodian") a national banking association with its principal place of business at One Mellon Center, 500 Grant Street, Pittsburgh, Pennsylvania 15258. As a matter of administrative convenience, this Agreement is entered into by and between the Custodian and multiple Funds, each on behalf of their respective Series (as hereinafter defined). Nevertheless, this Agreement shall be construed to constitute a separate Agreement between each such Fund, on behalf of its Series, and the Custodian. As such, the term Fund is used in the singular herein.

**<u>W</u> <u>I</u> <u>T N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:**

**WHEREAS,** the Fund is authorized to issue shares in separate series with each such series representing interests in a separate portfolio of securities and other assets, and the Fund has made the Series listed on <u>Appendix D</u> subject to this Agreement (each such series, together with all other series subsequently established by the Fund and made subject to the Agreement in accordance with the terms hereof, shall be referred to as a "Series" and collectively as the "Series");

**WHEREAS,** the Fund and the Custodian desire to set forth their agreement with respect to the custody of the Series' Securities and cash and the processing of Securities transactions;

**WHEREAS**, the Board desires to delegate certain of its responsibilities for performing the services set forth in paragraphs (c)(1), (c)(2) and (c)(3) of Rule 17f-5 to the Custodian as a Foreign Custody Manager;

**WHEREAS**, the Custodian agrees to accept such delegation with respect to Assets; and

**WHEREAS**, the Custodian agrees to perform the function of a Primary Custodian under Rule 17f-7;

**NOW THEREFORE**, the Fund and the Custodian agree as follows:

**DEFINITIONS**

The following words and phrases, unless the context requires otherwise, shall have the following meanings:

**1.** "**Act**": the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time.

------

**2.** "**Agreement**": this agreement and any amendments.

**3.** "**Assets**": any Securities and other assets and investments of the Fund and/or Series, including foreign currencies and investments for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary to effect the Fund's and/or Series' transactions in such investments.

**4.** "**Authorized Person**": any person, whether or not any such person is an officer or employee of the Fund, duly authorized by the Fund to add or delete jurisdictions pursuant to Article II and to give Instructions on behalf of a Series which is listed in the Certificate annexed hereto as <u>Appendix A</u> or such other Certificate as may be received by the Custodian from time to time.

**5.** "**Board**": the Board of Directors/Trustees (or the body authorized to exercise authority similar to that of the board of directors of a corporation) of the Fund.

**6.** "**Book-Entry System**": the Federal Reserve/Treasury book-entry system for United States and federal agency Securities, its successor or successors and its nominee or nominees.

**7.** "**Business Day**": any day on which the Series, the Custodian, the Book-Entry System and appropriate clearing corporation(s) are open for business.

**8.** "**Certificate**": any notice, instruction or other instrument in writing, authorized or required by this Agreement to be given to the Custodian, which is actually received by the Custodian and signed on behalf of a Series by an Authorized Person or Persons designated by the Board to issue a Certificate.

**9.** "**Eligible Securities Depository**": the meaning of the term set forth in Rule 17f-7(b)(1).

**10.** "**Foreign Countries**": the jurisdictions listed on <u>Appendix C</u> for which the Custodian makes available Foreign Custodians, as such list may be amended from time to time in accordance with Article II.

**11.** "**Foreign Custodian**": (a) a banking institution or trust company incorporated or organized under the laws of a country other than the United States, that is regulated as such by the country's government or an agency of the country's government; (b) a majority-owned direct or indirect subsidiary of a U.S. Bank or bank-holding company; or (c) any entity, other than a Securities Depository, with respect to which exemptive or no-action relief has been granted by the Securities and Exchange Commission to act as an eligible foreign custodian under Rule 17f-5. For the avoidance of doubt, the term "Foreign Custodian" shall not include Euroclear, Clearstream, Bank One or any other transnational system for the central handling of securities or equivalent book-entries regardless of whether or not such entities or their service providers are acting in a custodial capacity with respect to Assets, Securities or other property of the Series.

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**12. "Foreign Custody Manager"**: the meaning set forth in Rule 17f-5(a)(3).

**13.** "**Instructions**": (i) all directions to the Custodian from an Authorized Person pursuant to the terms of this Agreement; (ii) all directions by or on behalf of the Fund to the Custodian in its corporate capacity (or any of its affiliates) with respect to contracts for foreign exchange; (iii) all directions by or on behalf of the Fund pursuant to an agreement with Custodian (or any of its affiliates) with respect to benefit disbursement services or information or transactional services provided via a web site sponsored by the Custodian (or any of its affiliates) (e.g., the "Workbench web site") and (iv) all directions by or on behalf of the Fund pursuant to any other agreement or procedure between the Custodian (or any of its affiliates) and the Fund, if such agreement or procedure specifically provides that authorized persons thereunder are deemed to be authorized to give instructions under this Agreement. Instructions shall be in writing, transmitted by first class mail, overnight delivery, private courier, facsimile, or shall be an electronic transmission subject to the Custodian's policies and procedures, other institutional delivery systems or trade matching utilities as directed by an Authorized Person and supported by the Custodian, or other methods agreed upon in writing by the Fund and Custodian. The Custodian may, in its discretion, accept oral directions and instructions from an Authorized Person and may require confirmation in writing. However, where the Custodian acts on an oral direction prior to receipt of a written confirmation, the Custodian shall not be liable if a subsequent written confirmation fails to conform to the oral direction.

**14.** "**Primary Custodian**": the meaning set forth in Rule 17f-7(b)(2).

**15.** "**Prospectus**": a Series' current registration statement, including the prospectus and statement of additional information, relating to the registration of the Shares under the Securities Act of 1933, as amended, and the Act.

**16.** "**Risk Analysis**": the analysis required under Rule 17f-7(a)(1)(i)(A).

**17.** "**Rules 17f-4, 17f-5** and **17f-7**": such Rules as promulgated under Section 17(f) of the Act, as such rules (and any successor rules or regulations) may be amended from time to time.

**18.** "**Security**" or "**Securities**": bonds, debentures, notes, stocks, shares, evidences of indebtedness, and other securities, commodities, interests and investments from time to time owned by the Series.

**19.** "**Securities Depository**": a system for the central handling of securities as defined in Rule 17f-4.

**20.** "**Shares**": shares of each Series, however designated.

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**ARTICLE I.– CUSTODY PROVISIONS**

**1. <u>Appointment of Custodian</u>.** The Board appoints the Custodian, and the Custodian accepts appointment, as custodian of all the Assets at the time owned by or in the possession of the Series during the period of this Agreement. The Board shall not appoint any other custodian for any Assets of any Series during the Initial Term.

**2. <u>Custody of Cash and Securities</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Receipt and Holding of Assets</u>. The Series will deliver or cause to be delivered to the Custodian all Assets owned by it at any time during the period of this Custody Agreement. The Custodian will not be responsible for such Assets until actually received. The Board specifically authorizes the Custodian to hold Assets or other property of the Series with any domestic subcustodian or Securities Depository, and Foreign Custodians or Eligible Securities Depositories in the Foreign Countries as provided in Article II, as may be directed by the Fund or its investment adviser or subadviser, as the case may be. Assets of the Series deposited in a Securities Depository or Eligible Securities Depositories will be reflected in an account or accounts which include only assets held by the Custodian or a Foreign Custodian for its customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Disbursements of Cash and Delivery of Securities</u>. The Custodian shall disburse cash or deliver out Securities only for the purposes listed below. Instructions must specify or evidence the purpose for which any transaction is to be made and the Series shall be solely responsible to assure that Instructions are in accord with any limitations or restrictions applicable to the Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In payment for Securities purchased for the applicable Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In payment of dividends or distributions with respect to Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In payment for Shares which have been redeemed by the applicable Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In payment of taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) When Securities are sold, called, redeemed, retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) In exchange for, or upon conversion into, other securities alone or other securities and cash pursuant to any plan or merger, consolidation, reorganization, recapitalization, readjustment or other similar transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Upon conversion of Securities pursuant to their terms into other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Upon exercise of subscription, purchase or other similar rights represented by Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) For the payment of interest, management or supervisory fees, distributions or operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) In payment of fees and in reimbursement of the expenses and liabilities of the Custodian attributable to the applicable Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) In connection with any borrowings by the applicable Series or short sales of securities requiring a pledge of Assets, but only against receipt of amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) In connection with any loans, but only against receipt of adequate collateral as specified in Instructions which shall reflect any restrictions applicable to the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) For the purpose of redeeming Shares of the capital stock of the applicable Series and the delivery to, or the crediting to the account of, the Custodian or the applicable Series' transfer agent, such Shares to be purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) For the purpose of redeeming in kind Shares of the applicable Series against delivery to the Custodian, its subcustodian or the Series' transfer agent of such Shares to be so redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund. The Custodian will act only in accordance with Instructions in the delivery of Securities to be held in escrow and will have no responsibility or liability for any such Securities which are not returned promptly when due other than to make proper requests for such return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) For spot or forward foreign exchange transactions to facilitate security trading, receipt of income from Securities or related transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Upon the termination of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) In connection with non-certificated investments including, but not limited to: deposit obligations, repurchase agreements, and swap transactions, loan participations, options and futures transactions and other derivative investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) For other proper purposes as may be specified in Instructions issued by an Authorized Person of the Fund which shall include a statement of the purpose for which the delivery or payment is to be made, the amount of the payment or specific Assets to be delivered, the name of the person or persons to whom delivery or payment is to be made, and a Certificate stating that the purpose is a proper purpose under the instruments governing the Fund; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) For delivery of Assets of the Fund as set forth under Article I, Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Actions Which May be Taken Without Instructions</u>. Unless an Instruction to the contrary is received, the Custodian shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Collect all income due or payable, provided that the Custodian shall not be responsible for the failure to receive payment of (or late payment of) distributions or other payments with respect to Assets held in the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Present for payment and collect the amount payable upon all Assets which may mature or be called, redeemed, retired or otherwise become payable. Notwithstanding the foregoing, the Custodian shall have no responsibility to the Series for monitoring or ascertaining any call, redemption or retirement dates with respect to put bonds or similar instruments which are owned by the Series and held by the Custodian or its nominees where such dates are not published in sources routinely used by the Custodian. Nor shall the Custodian have any responsibility or liability to the Series for any loss by the Series for any missed payments or other defaults resulting therefrom, unless the Custodian received timely notification from the Series specifying the time, place and manner for the presentment of any such put bond owned by the Series and held by the Custodian or its nominee. The Custodian shall not be responsible and assumes no liability for the accuracy or completeness of any notification the Custodian may furnish to the Series with respect to put bonds or similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Surrender Securities in temporary form for definitive Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Hold directly, or through a Securities Depository with respect to Securities therein deposited, for the account of the applicable Series all rights and similar Securities issued with respect to any Securities held by the Custodian hereunder for that Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Submit or cause to be submitted to the applicable Series or its investment advisor as designated by the Fund information actually received by the Custodian regarding ownership rights, including proxies pertaining to Assets held for the applicable Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Deliver or cause to be delivered any Securities held for the applicable Series in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Deliver or cause to be delivered any Securities held for the applicable Series to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation or recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Make or cause to be made such transfers or exchanges of the Assets specifically allocated to the applicable Series and take such other steps as shall be stated in Instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the applicable Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Deliver Securities upon the receipt of payment in connection with any repurchase agreement related to such Securities entered into by the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Deliver Securities owned by the applicable Series to the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become payable; provided, however, that in any such case the cash or other consideration is to be delivered to the Custodian. Notwithstanding the foregoing, the Custodian shall have no responsibility to the Series for monitoring or ascertaining any call, redemption or retirement dates with respect to the put bonds or similar instruments which are owned by the Series and held by the Custodian or its nominee where such dates are not published in sources routinely used by the Custodian. Nor shall the Custodian have any responsibility or liability to the Series for any loss by the Series for any missed payment or other default resulting therefrom unless the Custodian received timely notification from the Series specifying the time, place and manner for the presentment of any such put bond owned by the Series and held by the Custodian or its nominee. The Custodian shall not be responsible and assumes no liability to the Series for the accuracy or completeness of any notification the Custodian may furnish to the applicable Series with respect to put bonds or similar investments but shall provide the Fund with information concerning such notices received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Endorse and collect all checks, drafts or other orders for the payment of money received by the Custodian for the account of the applicable Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Report the Asset positions of a Series as of such dates as the Fund and the Custodian may agree upon, in accordance with methods consistently followed and uniformly applied. It is hereby expressly acknowledged and agreed that any Asset values that may be reflected in any such report shall be furnished by the Custodian solely on an accommodation basis and is provided to or for the benefit of the Fund (or the Fund's service provider or agent) as general information and is not intended to be a comprehensive summary or report of the value of the Assets comprising a Series. No representation is made by the Custodian as to the accuracy or completeness of any such values. The Custodian does not undertake any duty or responsibility to notify or otherwise provide any updates or other revisions with respect to any such values. It is hereby further expressly acknowledged and agreed that the Custodian shall not be liable for any loss, cost, damage, expense, liability or claim directly or indirectly relating to any such values reflected on any such report for a Series provided by the Custodian; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Execute any and all documents, agreements or other instruments and take all actions as may be necessary or desirable for the accomplishment of the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Confirmation and Statements</u>. Promptly after the close of business on each Business Day, the Custodian shall furnish each Series with confirmations and a summary of all transfers to or from the account of the Series during such Business Day. Where Securities purchased by a Series are in a fungible bulk of securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of a Securities Depository, the Custodian shall by book-entry or otherwise identify the quantity of those securities belonging to that Series. At least monthly, the Custodian shall furnish each Series with a detailed statement of the Securities and other Assets held for the Series under this Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Registration of Securities</u>. The Custodian is authorized to hold all Securities, Assets, or other property of each Series in nominee name, in bearer form or in book-entry form. The Custodian may register any Securities, Assets or other property of each Series in the name of the Fund or the Series, in the name of the Custodian, any domestic subcustodian or Foreign Custodian, in the name of any duly appointed registered nominee of such entity, or in the name of a Securities Depository or its successor or successors, or its nominee or nominees. The Fund agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of a domestic subcustodian, Foreign Custodian or Securities Depository, any Securities which the Custodian may hold for the account of the applicable Series and which may from time to time be registered in the name of the Fund or the applicable Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Reporting and Recordkeeping</u>. The ownership of the property whether securities, cash and/or other property, and whether held by the Custodian or a subcustodian or in a depository, clearing agency or clearing system, shall be clearly recorded on the Custodian's books as belonging to the Series and not for the Custodian's own interest. Where certificates are legended or otherwise not fungible with publicly traded certificates (and in other cases where the Custodian and the Series may agree), the Series reserves the right to instruct the Custodian as to the name only in which such securities shall be registered and the Custodian, to the extent reasonably practicable, shall comply with such Instructions; provided, however, if the Custodian reasonably determines that compliance with such Instructions is not reasonably practicable or otherwise may conflict with applicable law, rule or regulation, the Custodian shall promptly notify the Series and shall comply with reasonable alternatives as to which the parties may agree. The Custodian shall keep accurate and detailed accounts of all investments, receipts, disbursements and other transactions for the Series. All accounts, books and records of the Custodian relating thereto shall be open to inspection and audit at all reasonable times during normal business hours of the Custodian by any person designated by the Series. All such books, records and accounts shall be maintained and preserved in the form reasonably requested by the Series and in accordance with the Act and the Rules and Regulations thereunder, including, without limitation, Section 31 thereof and Rule 31a-1 and 31a-2 thereunder. All books, records and accounts pertaining to the Series, which are in the possession of the Custodian, shall be the property of the Fund and such materials or (unless the delivery of original materials is required pursuant to applicable law) legible copies thereof in a format reasonably acceptable to the Fund, shall be surrendered promptly upon request; provided, however, that the Custodian shall be entitled to retain a copy or the original of any such books, records and accounts as may be required or permitted by applicable law and the Custodian's own policies and procedures. The Custodian will supply to the Series from time to time, as mutually agreed upon, a statement in respect to any property of the Series held by the Custodian or by a subcustodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Segregated Accounts</u>. Upon receipt of Instructions, the Custodian will, from time to time establish, segregated accounts on behalf of the applicable Series to hold and deal with specified Assets as shall be directed.

**3. <u>Settlement of Series Transactions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Customary Practices</u>. Settlement of transactions may be effected in accordance with trading and processing practices customary in the jurisdiction or market where the transaction occurs. The Fund acknowledges that this may, in certain circumstances, require the delivery of Assets without the concurrent receipt of Securities (or other property) or cash. In such circumstances, the Custodian shall have no responsibility for nonreceipt of payments (or late payment) or nondelivery of Securities or other property (or late delivery) by the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Contractual Income</u>. The Custodian shall credit the applicable Series, in accordance with the Custodian's standard operating procedure, with income and maturity proceeds on Securities on the contractual payment dates net of any taxes or upon actual receipt. To the extent the Custodian credits income on contractual payment date, the Custodian may reverse such accounting entries to the contractual payment date if the Custodian reasonably believes that such amount will not be received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Contractual Settlement</u>. The Custodian will attend to the settlement of Securities transactions in accordance with the Custodian's standard operating procedure, on the basis of either contractual settlement date accounting or actual settlement date accounting. To the extent the Custodian settles certain Securities transactions on the basis of contractual settlement date accounting, the Custodian may reverse to the contractual settlement date any entry relating to such contractual settlement if the Custodian reasonably believes that such amount will not be received.

**4. <u>Lending of Securities</u>.** The Custodian may lend the Assets of the Series in accordance with the terms and conditions of one or more separate securities lending agreements, approved by the Fund.

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**5. <u>Persons Having Access to Assets of the Series</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No trustee or agent of the Fund, and no officer, director, employee or agent of the Fund's investment adviser, of any sub-investment adviser of the Fund, or of the Fund's administrator, shall have physical access to the assets of the Series held by the Custodian or be authorized or permitted to withdraw any investments of the Series, nor shall the Custodian deliver any Assets of the Series to any such person. No officer, director, employee or agent of the Custodian who holds any similar position with the Fund's investment adviser, with any sub-investment adviser of the Fund or with the Fund's administrator shall have access to the Assets of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Nothing in this Section 5 shall prohibit any duly authorized officer, employee or agent of the Fund, or any duly authorized officer, director, employee or agent of the investment adviser, of any sub-investment adviser of the Series or of the Series' administrator, from giving Instructions to the Custodian or executing a Certificate so long as it does not result in delivery of or access to Assets of the Series prohibited by paragraph (a) of this Section 5.

**6. <u>Standard of Care; Scope of Custodial Responsibilities</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Standard of Care</u>. The Custodian shall be required to exercise reasonable care with respect to its duties under this Agreement unless otherwise provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Notwithstanding any other provision of this Agreement, the Custodian shall not be liable for any loss or damage, including counsel fees, resulting from its action or omission to act or otherwise, except for any such loss or damage arising out of the negligence or willful misconduct of the Custodian or any agent, subcustodian or Foreign Custodian appointed by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Custodian may consult with the Custodian's or the Fund's counsel with respect to any matter arising in connection with this Agreement, and the Custodian shall not be liable nor accountable for any action taken or omitted by it in good faith in accordance with the advice of such counsel. To the extent possible, the Custodian shall notify the Fund at any time the Custodian believes it needs advice of the Fund's counsel with regard to the Custodian's responsibilities and duties pursuant to this Agreement. If the Custodian wishes to seek and rely on legal advice from counsel that is neither the Custodian's counsel nor the Fund's counsel, and the Custodian seeks to be reimbursed for the counsel fees, then the Custodian must notify and seek prior approval of the affected Fund, which shall not be unreasonably withheld. The Custodian shall in no event be liable to a Fund or any Fund shareholder or beneficial owner for any action reasonably taken or omitted pursuant to such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Scope of Duties</u>. Without limiting the generality of the foregoing, the Custodian shall be under no duty or obligation to inquire into, and shall not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The acts or omissions of any agent appointed pursuant to Instructions of the Fund or its investment advisor including, but not limited to, any broker-dealer or other entity to hold any Assets of the Fund as collateral or otherwise pursuant to any investment strategy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The title, genuineness or validity of the issue of any Securities purchased by the Series, the legality of the purchase thereof, or the propriety of the amount paid therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The legality of the sale of any Securities by the Series or the propriety of the amount for which the same are sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The legality of the issue or sale of any Shares, or the sufficiency of the amount to be received therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The legality of the redemption of any Shares, or the propriety of the amount to be paid therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The legality of the declaration or payment of any distribution of the Series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The legality of any borrowing for temporary administrative or emergency purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>No Liability Until Receipt</u>. The Custodian shall not be liable for, or considered to be the Custodian of, any money, whether or not represented by any check, draft, or other instrument for the payment of money, received by it on behalf of the Series, until the Custodian actually receives and collects such money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Amounts Due from Transfer Agent</u>. The Custodian shall not be required to effect collection of any amount due to the Series from the Series' transfer agent nor be required to cause payment or distribution by such transfer agent of any amount paid by the Custodian to the transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Collection Where Payment Refused</u>. The Custodian shall not be required to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, if payment is refused after due demand or presentation, or with respect to any insolvency or similar proceeding, unless and until it shall be directed to take such action and it shall be assured to its satisfaction of reimbursement of its related costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>No Duty to Ascertain Authority</u>. The Custodian shall not be under any duty or obligation to ascertain whether any Assets at any time delivered to or held by it for the Series are such as may properly be held by the Series under the provisions of its governing instruments or Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Reliance on Instructions</u>. The Custodian shall be entitled to rely upon any Instruction, notice or other instrument in writing received by the Custodian and reasonably believed by the Custodian to be genuine and to be signed by an Authorized Person of the Series. Where the Custodian is issued Instructions orally, the Series acknowledge that if written confirmation is requested, the validity of the transactions or enforceability of the transactions authorized by the Series shall not be affected if such confirmation is not received or is contrary to oral Instructions given. The Custodian shall be fully protected in acting in accordance with all such Instructions and in failing to act in the absence thereof. The Custodian shall be under no duty to question any direction of an Authorized Person with respect to the portion of the account over which such Authorized Person has authority, to review any property held in the account, to make any suggestions with respect to the investment and reinvestment of the Assets in the account, or to evaluate or question the performance of any Authorized Person. The Custodian shall not be responsible or liable for any diminution of value of any Assets held by the Custodian or its subcustodians pursuant to Instructions. In following Instructions, the Custodian shall be fully protected and shall not be liable for the acts or omissions of any person or entity not selected or retained by the Custodian in its sole discretion, including but not limited to, any broker-dealer or other entity designated by the Fund or Authorized Person to hold Assets of the account as collateral or otherwise pursuant to an investment strategy.

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**7. <u>Appointment of Subcustodians; Transfer of Assets to Subcustodians or Brokers</u>**. The Custodian is hereby authorized to appoint one or more domestic subcustodians (which may be an affiliate of the Custodian) to hold Assets at any time owned by the Series. The Custodian is also hereby authorized, when acting pursuant to Instructions, to: 1) place Assets with any Foreign Custodian located in a jurisdiction which is not a Foreign Country and with Euroclear, Clearstream, Banc One or any other transnational depository; and 2) settle or place Assets with a broker or any such domestic subcustodian or Foreign Custodian in connection with derivative transactions of any kind, including futures, options, short selling, swaps or other transactions. When acting pursuant to such Instructions, the Custodian shall not be liable for the acts or omissions of any such broker, subcustodian or Foreign Custodian.

**8. <u>Overdraft Facility and Security for Payment</u>**. In the event that the Custodian receives Instructions to make payments or transfers of Assets on behalf of the Series for which there would be, at the close of business on the Business Day of such payment or transfer, insufficient monies held by the Custodian on behalf of the Series, the Custodian may, in its sole discretion, provide an overdraft (an "Overdraft") to the Series in an amount sufficient to allow the completion of such payment or transfer. Any Overdraft provided hereunder: (a) shall be payable on the next Business Day, unless otherwise agreed by the Series and the Custodian; and (b) shall accrue interest from the date of the Overdraft to the date of payment in full by the Series at a rate agreed upon from time to time by the Custodian and the Series or, in the absence of specific agreement, by such rate as charged to other customers of the Custodian under procedures uniformly applied. The Custodian and the Series acknowledge that the purpose of such Overdraft is to temporarily finance the purchase of Securities for prompt delivery in accordance with the terms hereof, to meet unanticipated or unusual redemptions, to allow the settlement of foreign exchange contracts or to meet other unanticipated Series expenses. The Custodian shall promptly notify the Series (an "Overdraft Notice") of any Overdraft. To secure payment of any Overdraft and related interest and expenses, the Series hereby grants to the Custodian a first priority security interest in and right of setoff against the Assets in the Series' account, including all income, substitutions and proceeds, whether now owned or hereafter acquired (the "Collateral"), in the full amount of such Overdraft, interest and expenses; provided that the Series does not grant the Custodian a security interest in any Securities issued by an affiliate of the Custodian (as defined in Section 23A of the Federal Reserve Act). The Custodian and the Series intend that, as the securities intermediary with respect to the Collateral, the Custodian's security interest shall automatically be perfected when it attaches. Should the Series fail to pay promptly any amounts owed hereunder, the Custodian shall be entitled to use available Assets in the Series' account and to liquidate Securities in the account as necessary to meet the Series' obligations relating to such Overdraft, interest and expenses. In any such case, and without limiting the foregoing, the Custodian shall be entitled to take such other actions(s) or exercise such other options, powers and rights as the Custodian now or hereafter has as a secured creditor under the Pennsylvania Uniform Commercial Code or any other applicable law.

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**9. <u>Tax Obligations</u>.** For purposes of this Agreement, "Tax Obligations" shall mean taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses. To the extent that the Custodian has received relevant and necessary information with respect to the account, the Custodian shall perform the following services with respect to Tax Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Custodian shall file claims for exemptions or refunds with respect to withheld foreign (non-U.S.) taxes in instances in which such claims are appropriate upon receipt of sufficient information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Custodian shall withhold appropriate amounts, as required by U.S. tax laws, with respect to amounts received on behalf of nonresident aliens upon receipt of Instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Custodian shall provide to the Fund or the Authorized Person such information received by the Custodian which could, in the Custodian's reasonable belief, assist the Fund or the Authorized Person in the submission of any reports or returns with respect to Tax Obligations. The Fund shall inform the Custodian in writing as to which party or parties shall receive information from the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Custodian shall provide such other services with respect to Tax Obligations, including preparation and filing of tax returns and reports and payment of amounts due (to the extent funded), as requested by the Fund and agreed to by the Custodian in writing. The Custodian shall have no independent obligation to determine the existence of any information with respect to, or the extent of, any Tax Obligations now or hereafter imposed on the Fund or the account by any taxing authority. Except as specifically provided herein or agreed to in writing by the Custodian, the Custodian shall have no obligations or liability with respect to Tax Obligations, including, without limitation, any obligation to file or submit returns or reports with any state, foreign or other taxing authorities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In making payments to service providers pursuant to Instructions, the Fund acknowledges that the Custodian is acting as a paying agent and not as the payor, for tax information reporting and withholding purposes.

**ARTICLE II. – FOREIGN CUSTODY MANAGER SERVICES**

**1. <u>Delegation</u>**. The Board delegates to the Custodian, and the Custodian hereby agrees to accept, responsibility as the Fund's Foreign Custody Manager for selecting, contracting with and monitoring Foreign Custodians in Foreign Countries in accordance with Rule 17f-5(c).

**2. <u>Changes to Appendix C</u>.** <u>Appendix C</u> may be amended by written agreement from time to time to add or delete jurisdictions by written agreement signed by an Authorized Person of the Fund and the Custodian, but the Custodian reserves the right to delete jurisdictions upon reasonable notice to the Series**.**

**3. <u>Reports to Board</u>.** Custodian shall provide written reports notifying the Board of the placement of Assets with a particular Foreign Custodian and of any material change in a Series' foreign custody arrangements. Such reports shall be provided to the Board quarterly, except as otherwise agreed by the Custodian and the Fund.

**4. <u>Monitoring System</u>.** In each case in which the Custodian has exercised delegated authority to place Assets with a Foreign Custodian, the Custodian shall establish a system, to re-assess or re-evaluate selected Foreign Custodians, at least annually in accordance with Rule 17f-5(c)(3).

**5. <u>Standard of Care</u>.** In exercising the delegated authority under this Article II of the Agreement, the Custodian agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Assets would exercise in like circumstances. Contracts with Foreign Custodians shall provide for reasonable care for Assets based on the standards applicable to Foreign Custodians in the Foreign Country. In making this determination, the Custodian shall consider the provisions of Rule 17f-5(c)(2).

**6. <u>Use of Securities Depositories.</u>** In exercising its delegated authority, the Custodian may assume that the Series and its investment adviser have determined, pursuant to Rule 17f-7, that the depository provides reasonable safeguards against custody risks, if a Series decides to place and maintain foreign Assets with any Securities Depository as to which the Custodian has provided the Fund on behalf of such Series with a Risk Analysis.

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**7. <u>Notice of Change of Subcustodians</u>.** The Custodian shall promptly advise or provide notice to the Series of any change to its subcustodial network.

**ARTICLE III.– INFORMATION SERVICES**

**1. <u>Risk Analysis</u>**. The Custodian will provide the Fund on behalf of the Series with a Risk Analysis with respect to Securities Depositories operating in the Foreign Countries. If the Custodian is unable to provide a Risk Analysis with respect to a particular Securities Depository, it will notify the Fund on behalf of the Series. Custodian shall advise whether a particular Securities Depository meets the objective standard set forth in applicable provisions of Rule 17f-7 of the Act. If a new Securities Depository commences operation in one of the Foreign Countries, the Custodian will provide the Fund on behalf of the Series with a Risk Analysis in a reasonably practicable time after such Securities Depository becomes operational. If a new country is added to <u>Appendix C</u>, the Custodian will provide the Fund on behalf of the Series with a Risk Analysis with respect to each Securities Depository in that country within a reasonably practicable time after the addition of the country to <u>Appendix C</u>.

**2. <u>Monitoring of Securities Depositories</u>**. The Custodian will monitor the custody risks associated with maintaining assets with each Securities Depository for which it has provided the Fund on behalf of the Series with a Risk Analysis as required under Rule 17f-7. The Custodian will promptly notify the Fund on behalf of the Series or its investment adviser of any material change in these risks.

**3. <u>Use of Agents</u>**. The Custodian may employ agents, including, but not limited to Foreign Custodians, to perform its responsibilities under Sections 1 and 2 of this Article III.

**4. <u>Exercise of Reasonable Care</u>** The Custodian will exercise reasonable care, prudence, and diligence in performing its responsibilities under this Article III. With respect to the Risk Analyses provided or monitoring performed by an agent, the Custodian will exercise reasonable care in the selection of such agent, and shall be entitled to rely upon information provided by agents so selected in the performance of its duties and responsibilities under this Article III.

**5. <u>Liabilities and Warranties</u>**. While the Custodian will take reasonable precautions to ensure that information provided is accurate, the Custodian shall have no liability with respect to information provided to it by third parties. Due to the nature and source of information, and the necessity of relying on various information sources, most of which are external to the Custodian, the Custodian shall have no liability for direct or indirect use of such information.

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**ARTICLE IV. – GENERAL PROVISIONS**

**1. <u>Compensation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund will compensate the Custodian for its services rendered under this Agreement in accordance with the fees set forth on <u>Appendix E</u> (the "Fees"), which schedule may be modified by the Custodian after the Initial Term upon not less than sixty days prior written notice to, and the consent of, the Fund. Any undisputed Fees not paid within sixty (60) days of the invoice date will be subject to a late charge equal to 1.5% of the Fees remaining unpaid. Additional charges of 1.5% per month will accrue and be owing on such undisputed and unpaid Fees for each additional month during which such Fees remain unpaid, subject to any maximum amounts imposed by law. If any Fees are disputed by the Fund, the Custodian and the Fund shall work together in good faith to resolve the dispute promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Custodian will bill the Fund as soon as practicable after the end of each calendar month. The Fund will promptly pay to the Custodian the amount of such billing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If not paid directly or timely by the Fund, the Custodian may, with prior approval of the Fund which may not be unreasonably withheld, charge against Assets held on behalf of the Series compensation and any expenses incurred by the Custodian in the performance of its duties pursuant to this Agreement. The Custodian shall also be entitled, subject to the approval of the Fund, to charge against Assets of the Series the amount of any loss, damage, liability or expense incurred with respect to the Series, including counsel fees, for which it shall be entitled to reimbursement under the provisions of this Agreement.

**2. <u>Insolvency of Foreign Custodians</u>**. The Custodian shall be responsible for losses or damages suffered by the Series arising as a result of the insolvency of a Foreign Custodian only to the extent that the Custodian failed to comply with the standard of care set forth in Article II with respect to the selection and monitoring of such Foreign Custodian.

**3. <u>Liability for Depositories</u>.** The Custodian shall not be responsible for any losses resulting from the deposit or maintenance of Securities, Assets or other property of the Series with a Securities Depository.

**4. <u>Damages.</u>** Under no circumstances shall the Custodian be liable for any indirect, consequential or special damages with respect to its role as Foreign Custody Manager, Custodian or information vendor.

**5. <u>Indemnification; Liability of the Series.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund shall indemnify and hold the Custodian harmless from all liabilities and costs and expenses, including reasonable counsel fees and expenses, relating to or arising out of the performance of the Custodian's obligations under this Agreement except to the extent resulting from the negligence or willful misconduct of the Custodian, any agent or subcustodian appointed by the Custodian or any of its or their directors, officers, agents, nominees or employees, in the performance of any functions hereunder, or any other failure to comply with the standard of care required by this Agreement. This provision shall survive the termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Custodian shall indemnify and hold the Fund harmless from all liabilities and costs and expenses, including reasonable counsel fees and expenses, resulting from: (i) the negligence or willful misconduct of the Custodian, any agent or subcustodian appointed by the Custodian or any of its or their directors, officers, agents, nominees or employees, in the performance of any functions hereunder, or any other failure to comply with the standard of care required by this Agreement; or (ii) any burglary, robbery, hold-up, theft, or mysterious disappearance, including loss by damage or destruction. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Series and the Custodian agree that the obligations of the Fund under this Agreement shall not be binding upon any of the directors/trustees, shareholders, nominees, officers, employees or agents, whether past, present or future, of the Series, individually, but are binding only upon the Assets and other property of the Fund.

**6. <u>Force Majeure; Disaster Recovery and Business Continuity.</u>** Notwithstanding anything in this Agreement to the contrary contained herein, the Custodian shall not be responsible or liable for its failure to perform under this Agreement or for any losses to the account resulting from any event beyond the reasonable control of the Custodian, its agents or its subcustodians (other than subcustodians that were engaged by the Custodian at the instruction of the Fund). In the event of such event, or any disaster that causes a business interruption, the Custodian shall act in good faith and follow applicable procedures in its disaster recovery and business continuity plan and use all commercially reasonable efforts to minimize service interruptions.

The Custodian represents and warrants that it has implemented and maintains reasonable procedures and systems (including reasonable disaster recovery and business continuity plans and procedures consistent with legal, regulatory and business needs applicable to the Custodian's duties under this Agreement) to safeguard the Fund's records and data and the Custodian's records, data, equipment facilities and other property that it uses in the performance of its obligations hereunder from loss or damage attributable to fire, theft, or any other cause, and the Custodian will make such changes to the procedures and systems from time to time as are reasonably required for the secure performance of its obligations hereunder.

**7. <u>Term and Termination.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The term of this Agreement shall begin on the date hereof (the "Effective Date") and continue for an initial term of three (3) years (the "Initial Term"). After the Initial Term expires, this Agreement shall continue but either (1) the Custodian may terminate this Agreement with respect to a Fund by giving such Fund one hundred twenty (120) days notice in writing, specifying the date of such termination, or (2) a Fund may terminate this Agreement with respect to such Fund by giving the Custodian sixty (60) days notice in writing, specifying the date of such termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be terminated by the following party or parties, as the case may be, for one or more of the following reasons, provided the terminating party or parties provides the applicable written notice to the other party or parties of the reason for such termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>NonRenewal</u>: This Agreement shall terminate with respect to a Fund at the end of the Initial Term if either the Custodian or such Fund provides notice that it does not want to renew or extend this Agreement at the end of the Initial Term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Mutual Agreement</u>: The Custodian and a Fund may mutually agree in writing to terminate this Agreement with respect to such Fund at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "<u>For Cause"</u>: (A) The Custodian may terminate this Agreement with respect to a Fund "For Cause," as defined below, by providing such Fund with written notice of termination "For Cause" at least 60 days prior to the date of termination of this Agreement with respect to such Fund, or (B) a Fund may terminate this Agreement with respect to such Fund "For Cause," as defined below, by providing the Custodian with written notice of termination "For Cause" at least 60 days prior to the date of termination of this Agreement with respect to such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Failure to Pay</u>: The Custodian may terminate this Agreement with respect to a Fund if the Custodian has notified such Fund that it has failed to pay the Custodian any undisputed amounts when due under this Agreement and it has failed to cure such default within 60 days of receipt of such notice (or, if the Fund has disputed any amounts in good faith, upon resolution of the dispute).

For purposes of subparagraph (3) above, "For Cause" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a material breach of this Agreement by any other party that has not been remedied for 30 days following written notice by the terminating party that identifies in reasonable detail the alleged failure of the other party to perform, provided that if such default is capable of being cured, then the other party shall be entitled to such longer period as may reasonably be required to cure such default if the other party shall have commenced such cure and is diligently pursuing same, but such cure must be completed within 120 days in any event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) when any other party commits any act or omission that constitutes gross negligence, willful misconduct, fraud or reckless disregard of its or their duties under this Agreement and that act or omission results in material adverse consequences to the terminating party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a final, unappealable judicial, regulatory or administrative ruling or order in which any other party has been found guilty of criminal or unethical behavior in the conduct of its business that directly relates to the subject matter of the services provided hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) when any other party shall make a general assignment for the benefit of its creditors or any proceeding shall be instituted by or against the other party to adjudicate it as bankrupt or insolvent, or to seek to liquidate, wind up, or reorganize the other party, or protect or relieve its debts under any law, or to seek the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for a substantial portion of its assets, which proceeding shall remain unstayed for sixty (60) days or the other party shall have taken steps to authorize any of the above actions or has become unable to pay its debts as they mature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If this Agreement is terminated by any party with respect to a Fund (regardless of whether it is terminated pursuant to paragraph (b) above or for any reason other than those specified in paragraph (b) above), such Fund shall pay to Custodian on or before the date of such termination any undisputed and unpaid fees owed to, and shall reimburse Custodian for any undisputed and unpaid out-of-pocket costs and expenses owed to, Custodian under this Agreement prior to its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If either (1) a Fund terminates this Agreement with respect to such Fund during the Initial Term for any reason other than those specified in paragraph (b) above, or (2) the Custodian terminates this Agreement with respect to a Fund during the Initial Term "For Cause" or the Fund's "failure to pay" under subparagraphs (b)(3) or (b)(4) of this Section, respectively, then such Fund shall be liable to the Custodian for all provable actual damages of Custodian arising from such termination, excluding punitive, special, indirect, incidental and consequential damages, and shall reimburse all Costs and Expenses incurred by the Custodian in connection with effecting such termination and converting such Fund to a successor custodian, including without limitation the delivery to such successor custodian, such Fund and/or such Fund's service providers, any of the Fund's Assets, property, records, data, instruments and documents. In addition, such Fund shall reimburse the Custodian promptly for any actual, provable, extraordinary, non-customary and direct costs and expenses (other than any Costs and Expenses) incurred by the Custodian in connection with effecting such termination and converting such Fund to a successor custodian, including without limitation the delivery to such successor custodian, such Fund and/or such Fund's service providers, any of such Fund's Assets, property, records, data, instruments and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. If either (1) the Custodian terminates this Agreement with respect to a Fund at any time for any reason other than those specified in paragraph (b) above, or (2) a Fund terminates this Agreement with respect to such Fund at any time "For Cause" under subparagraph (b)(3) of this Section, then the Custodian shall reimburse such Fund for any Costs and Expenses incurred by such Fund in connection with converting the Assets of such Fund to a successor custodian, including without limitation the delivery to such successor custodian, such Fund and/or such Fund's service providers, any of such Fund's Assets, property, records, data, instruments and documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. If this Agreement is terminated (1) by either the Custodian or a Fund for "nonrenewal" under subparagraph (b)(1), (2) by the Custodian and a Fund "upon mutual agreement" under subparagraph (b)(2), (3) by a Fund at any time after the Initial Term for any reason other than those specified in paragraph (b) above, or (4) by Custodian at any time after the Initial Term "For Cause" or such Fund's "failure to pay" under subparagraphs (b)(3) or (b)(4) of this Section, respectively, such Fund shall reimburse Custodian promptly for any Costs and Expenses incurred by Custodian in connection with effecting such termination and converting such Fund to a successor custodian, including without limitation the delivery to such successor custodian, such Fund and/or such Fund's service providers any of such Fund's Assets, property, records, data, instruments and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. For purposes of this Section 7 of this Article IV, "Costs and Expenses" incurred by a party shall mean any actual, provable, reasonable, customary and direct costs and expenses incurred by such party. For purposes of this Section 7 of this Article IV, Costs and Expenses shall not include any wind-down costs, including, without limitation, non-cancelable lease payments; severance payments due and payable to personnel of the Custodian or its subcustodians (other than subcustodians that were engaged by the Custodian at the instruction of a Fund); unused equipment expense; and non-cancelable payments or termination charges regarding subcustodial services that were not incurred at the instruction of a Fund and that cannot be transferred or redeployed by Mellon.

Such party must provide the other party or parties with written evidence of such costs and expenses before the other party or parties are obligated to pay them. Such party also has a duty to mitigate, and must exercise its duty to mitigate, such costs and expenses. Except as expressly set forth herein, no party hereto shall be responsible for any costs and expenses or damages of any kind whatsoever resulting from, related to or otherwise in connection with the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In the event that this Agreement is terminated by a party, the parties hereto agree to cooperate and act in good faith to ensure an orderly conversion of the Assets, property, records, data, instruments and documents of the applicable Fund or Funds to a successor custodian with respect to the services provided under this Agreement. Without limiting the generality of the foregoing sentence, the Custodian agrees that, in the event this Agreement is terminated by a party or the parties, it will deliver a Fund's or the Funds' Assets, property, records, data, instruments and documents to such Fund or the Funds, its or their successor service providers and/or its or their other service providers, as the case may be, in a non-proprietary, commerically-available format.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The termination of this Agreement with respect to any given Fund shall in no way affect the continued validity of this Agreement with respect to any other Fund. Furthermore, if, following termination of this Agreement with respect to any given Fund, Custodian continues to perform any one or more of the services governed hereby with the express consent of such Fund, then the provisions of this Agreement, including without limitation the provisions dealing with indemnification and compensation, shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In the event notice of termination is given by the Custodian, which notice shall be given at least 60 days prior to the date of termination (notwithstanding the reason for termination), a Fund shall, on or before the termination date, deliver to the Custodian a Certificate evidencing the vote of the Board designating a successor custodian. In the absence of such designation, the Custodian may designate a successor custodian, which shall be a person qualified to so act under the Act for such Fund. If a Fund fails to designate a successor custodian, such Fund shall, upon the date specified in the notice of termination, and upon the delivery by the Custodian of all Assets then owned by such Fund, be deemed to be its own custodian and the Custodian shall thereby be relieved of all obligations under this Agreement other than the duty with respect to Securities held in the Book-Entry System which cannot be delivered to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Upon termination of the Agreement, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, deliver to the successor all Assets then held by the Custodian on behalf of a Fund, after deducting all fees, expenses and other amounts owed, if any, that are not disputed in good faith by such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Following termination, the Custodian will promptly forward income and principal received, if any, with respect to a Fund, including but not limited to tax reclaim payments for tax reclaims filed prior to termination, to a designated successor custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. In the event of a dispute following the expiration or termination of this Agreement, all relevant provisions shall be deemed to continue to apply to the obligations and liabilities of the parties.

**8. <u>Inspection of Books and Records</u>**. The books and records of the Custodian directly related to the Fund shall be open to inspection and audit at reasonable times by officers and representatives of the Fund and auditors employed by the Fund at its own expense and with prior written notice to the Custodian, and by the appropriate employees of the Securities and Exchange Commission.

**9. <u>Miscellaneous.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Appendix A</u> is a Certificate signed by the Secretary of the Fund setting forth the names and the signatures of Authorized Persons. The Fund shall furnish a new Certificate when the list of Authorized Persons is changed in any way. Until a new Certificate is received, the Custodian shall be fully protected in acting upon Instructions from Authorized Persons as set forth in the last delivered Certificate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Appendix B</u> is a Certificate signed by the Secretary of the Fund setting forth the names and the positions of the present officers of the Fund. The Fund agrees to furnish to the Custodian a new Certificate when any changes are made. Until a new Certificate is received, the Custodian shall be fully protected in relying upon the last delivered Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any required written notice or other instrument shall be sufficiently given if addressed to the Custodian or the Fund, as the case may be, and delivered to it at its offices at:

**The Custodian:**

**Mellon Bank, N.A.**<br> One Mellon Center<br> 500 Grant Street, 19<sup>th</sup> Floor<br> Pittsburgh, Pennsylvania 15258

Attn: Leonard R. Heinz, Esq., Senior Vice President and Associate General Counsel

Telephone: (412) 234-1508<br> Facsimile: (412) 234-8417

**The Fund:** 

the address set forth on Appendix D for the Fund;

or at such other place as the parties may from time to time designate to the other in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Agreement may not be amended or modified except by a written agreement executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund, authorized or approved by a vote of the Board, provided, however, that a Fund merger or reorganization where the fund surviving from such merger or reorganization assumes the duties and obligations of such Fund under this Agreement shall not require the Custodian's consent; provided further, however, that the Custodian may assign the Agreement or any function thereof to any corporation or entity which directly or indirectly is controlled by, or is under common control with, the Custodian and any other attempted assignment without written consent shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Nothing in this Agreement shall give or be construed to give or confer upon any third party any rights hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Custodian represents that it is a U.S. Bank within the meaning of paragraph (a)(7) of Rule 17f-5 under the 1940 Act. The Fund has the requisite amount and scope of fidelity bond coverage required by Rule 17g-1 under the 1940 Act, and has directors' and officers' errors and omissions insurance coverage. The Custodian will maintain a fidelity bond and an insurance policy with respect to errors and omissions coverage in form and amount that are commercially reasonable in light of Custodian's duties and responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The Fund acknowledges and agrees that, except as expressly set forth in this Agreement, the Fund is solely responsible to assure that the maintenance of the Series' Assets hereunder complies with applicable laws and regulations, including without limitation the Act and applicable interpretations thereof or exemptions therefrom. The Fund represents that it has determined that it is reasonable to rely on Custodian to perform the responsibilities delegated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Agreement shall be construed in accordance with the laws of The Commonwealth of Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The captions of the Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Each party represents to the other that it has all necessary power and authority, and has obtained any consent or approval necessary to permit it, to enter into and perform this Agreement and that this Agreement does not violate, give rise to a default or right of termination under or otherwise conflict with any applicable law, regulation, ruling, decree or other governmental authorization or any contract to which it is a party or by which any of its assets is bound. Each party represents and warrants that the individual executing this Agreement on its behalf has the requisite authority to bind the Fund or the Custodian to this Agreement. The Fund has received and read the "Customer Identification Program Notice", a copy of which is attached to this Agreement as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

[Remainder of page intentionally left blank]

------

---

| | |
|:---|:---|
| **Final Execution Version** | **Delaware Funds** |

---

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their respective representatives duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
| **MELLON BANK, N.A.** | **MELLON BANK, N.A.** |
| By: | /s/ illegible |
| Title: | First Vice President |

---

---

| |
|:---|
| DELAWARE GROUP ADVISER FUNDS, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP CASH RESERVE, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP EQUITY FUNDS I, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP EQUITY FUNDS II, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP EQUITY FUNDS III, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP EQUITY FUNDS V, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP INCOME FUNDS, on behalf of its Series identified on Appendix D |

---

------

---

| |
|:---|
| DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP TAX-FREE FUND, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP TAX-FREE MONEY FUND, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Series identified on Appendix D |
| VOYAGEUR INSURED FUNDS, on behalf of its Series identified on Appendix D |
| DELAWARE INVESTMENTS MUNICIPAL TRUST, on behalf of its Series identified on Appendix D |
| VOYAGEUR INTERMEDIATE TAX-FREE FUNDS, on behalf of its Series identified on Appendix D |
| VOYAGEUR MUTUAL FUNDS, on behalf of its Series identified on Appendix D |
| VOYAGEUR MUTUAL FUNDS II, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP GOVERNMENT FUND, on behalf of its Series identified on Appendix D |
| DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Series identified on Appendix D |
| DELAWARE POOLED TRUST, on behalf of its Series identified on Appendix D |
| VOYAGEUR MUTUAL FUNDS III, on behalf of its Series identified on Appendix D |

---

------

---

| |
|:---|
| VOYAGEUR TAX FREE FUNDS, on behalf of its Series identified on Appendix D |
| DELAWARE VIP TRUST, on behalf of its Series identified on Appendix D |
| DELAWARE INVESTMENTS ARIZONA MUNICIPAL INCOME FUND, INC. |
| DELAWARE INVESTMENTS COLORADO INSURED MUNICIPAL FUND, INC. |
| DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND |
| DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. |
| DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. |
| DELAWARE INVESTMENTS GLOBAL DIVIDEND AND INCOME FUND, INC. |
| DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND, INC. |

---

---

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

---

------

**<u>APPENDIX A</u><br> <u>LIST OF AUTHORIZED PERSONS</u>**

I, David F. Connor, Secretary of the Funds, do hereby certify that:

The following individuals have been duly authorized as Authorized Persons to give Instructions on behalf of the Funds and each Series thereof and the specimen signatures set forth opposite their respective names are their true and correct signatures:

---

| | |
|:---|:---|
| **Name and Position** | **Signature** |
| John J. O'Connor | /s/ John J. O'Connor |
| Senior Vice President |  |
| Phoebe W. Figland | /s/ Phoebe W. Figland |
| Vice President |  |
| Laura A. Wagner | /s/ Laura A. Wagner |
| Vice President |  |
| William Dwyer | /s/ William Dwyer |
| Assistant Vice President |  |
| David Scharff | /s/ David Scharff |
| Assistant Vice President |  |
| Thomas J. Morrisroe | /s/ Thomas J. Morrisroe |
| Assistant Vice President |  |
| Michael O'Donnell | /s/ Michael O'Donnell |
| Assistant Vice President |  |
| Eric Schmidt | /s/ Eric Schmidt |
| Assistant Vice President |  |
| Mark Mastrogiovanni | /s/ Mark Mastrogiovanni |
| Assistant Vice President |  |
| James A. Furgele | /s/ James A. Furgele |
| Senior Vice President |  |

---

------

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| | |
|:---|:---|
| Kayann Johnson | /s/ Kayann Johnson |
| Assistant Vice President |  |
| John Leszczynski | /s/ John Leszczynski |
| Assistant Vice President |  |
| Lisa Howard | /s/ Lisa Howard |
| Assistant Vice President |  |
| Kara Wagner | /s/ Kara Wagner |
| Assistant Vice President |  |
| Danny Grune | /s/ Danny Grune |
| Assistant Vice President |  |

---

---

| | |
|:---|:---|
| By: | /s/ David F. Connor |
|  | Secretary |
| Dated: |  |

---

------

---

| | |
|:---|:---|
| **Final Execution Version** | **Delaware Funds** |

---

**<u>APPENDIX B</u>**<br> **<u>FUND OFFICERS</u>**

I, David F. Connor, Secretary of the Funds, do hereby certify that:

The following individuals serve in the following positions with the Funds and each individual has been duly elected or appointed to each such position and qualified therefor in conformity with the Funds' governing instruments:

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| | |
|:---|:---|
| **Name** | **Position** |
| Patrick P. Coyne | Chairman/President/Chief Executive Officer |
| Ryan K. Brist | Executive Vice President/Managing Director/ Chief Investment Officer, Fixed Income |
| Michael J. Hogan | Executive Vice President/Head of Equity Investments |
| See Yeng Quek | Executive Vice President/Managing Director/ Chief Investment Officer, Fixed Income |
| Brian L. Murray, Jr. | Senior Vice President/Chief Compliance Officer |
| David P. O'Connor | Senior Vice President/Strategic Investment Relationships and Initiatives/General Counsel |
| John J. O'Connor | Senior Vice President/Treasurer |
| Richard Salus | Senior Vice President/Chief Financial Officer |
| David F. Connor | Vice President/Deputy General Counsel/Secretary |
| Marshall T. Bassett | Senior Vice President/Chief Investment Officer, Emerging Growth Equity |
| Joseph R. Baxter | Senior Vice President/Head of Municipal Bond Investments |
| Christopher S. Beck | Senior Vice President/Senior Portfolio Manager |
| Michael P. Buckley | Senior Vice President/Director of Municipal Research |
| Michael F. Capuzzi | Senior Vice President/Investment Systems |
| Liu-Er Chen | Senior Vice President/Senior Portfolio Manager/Chief Investment Officer, Emerging Markets |
| Thomas H. Chow | Senior Vice President/Senior Portfolio Manager |

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------

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| | |
|:---|:---|
| Stephen R. Cianci | Senior Vice President/Senior Portfolio Manager |
| Robert F. Collins | Senior Vice President/Senior Portfolio Manager |
| Chuck M. Devereux | Senior Vice President/Senior Research Analyst |
| Roger A. Early | Senior Vice President/Senior Portfolio Manager |
| Brian Funk | Senior Vice President/Director of Credit Research |
| James A. Furgele | Senior Vice President/Investment Accounting |
| Brent C. Garrells | Senior Vice President/Senior Research Analyst |
| Stuart M. George | Senior Vice President/Head of Equity Trading |
| Paul Grillo | Senior Vice President/Senior Portfolio Manager |
| Jonathan Hatcher | Senior Vice President/Senior Research Analyst |
| William F. Keelan | Senior Vice President/Director Quantitative Research |
| Francis X. Morris | Senior Vice President/Director Chief Investment Officer, Core Equity |
| Zoë Neale | Senior Vice President/Chief Investment Officer, International Equity |
| D. Tysen Nutt | Senior Vice President/Chief Investment Officer, Large Cap Value |
| Philip R. Perkins | Senior Vice President/Senior Portfolio Manager |
| Timothy L. Rabe | Senior Vice President/Head of High Yield |
| Jeffrey S. Van Harte | Senior Vice President/Chief Investment Officer-Focus Growth Equity |
| Babak Zenouzi | Senior Vice President/Senior Portfolio Manager |
| Christopher S. Adams | Vice President/Portfolio Manager/Senior Equity Analyst |
| Damon J. Andres | Vice President/Senior Portfolio Manager |
| Wayne A. Anglace | Vice President/Credit Research Analyst |
| Todd Bassion | Vice President/Senior Research Analyst/Portfolio Manager |
| Christopher J. Bonavico | Vice President/Senior Portfolio Manager, Equity Analyst |
| Kenneth F. Broad | Vice President/Senior Portfolio Manager, Equity Analyst |

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------

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| | |
|:---|:---|
| Mary Ellen M. Carrozza | Vice President/Client Services |
| Steven G. Catricks | Vice President/Portfolio Manager |
| Wen-Dar Chen | Vice President/Portfolio Manager |
| Lisa Chin | Vice President/Emerging Markets Analyst |
| Anthony G. Ciavarelli | Vice President/Associate General Counsel/Assistant Secretary |
| Bradley J. Cline | Vice President/International Credit Research Analyst |
| Cori E. Daggett | Vice President/Senior Counsel/Assistant Secretary |
| Craig C. Dembek | Vice President/Senior Research Analyst |
| Joel A. Ettinger | Vice President/Taxation |
| Christopher M. Ericksen | Vice President/Portfolio Manager, Equity Analyst |
| Devon K. Everhart | Vice President/Senior Research Analyst |
| Phoebe W. Figland | Vice President/Investment Accounting |
| Patrick G. Fortier | Vice President/Portfolio Manager, Equity Analyst |
| Denise A. Franchetti | Vice President/Portfolio Manager/Municipal Bond Credit Analyst |
| Larry Franko | Vice President/Senior Equity Analyst |
| Henry A. Garrido | Vice President/Equity Analyst |
| Barry Gladstein | Vice President/Equity Analyst/Portfolio Manager |
| Edward Gray | Vice President/Senior Portfolio Manager |
| David J. Hamilton | Vice President/Credit Research Analyst |
| Brian Hamlet | Vice President/Senior Corporate Bond Trader |
| Gregory M. Heywood | Vice President/Portfolio Manager, Research Analyst |
| Sharon Hill | Vice President/Head of Equity Quantitative Research & Analytics |
| Christopher M. Holland | Vice President/Associate Equity Analyst II/Portfolio Manager |
| Chungwei Hsia | Vice President/Senior Research Analyst |
| Michael E. Hughes | Vice President/Senior Equity Analyst |
| Jordan L. Irving | Vice President/Senior Portfolio Manager |

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| | |
|:---|:---|
| Cynthia Isom | Vice President/Portfolio Manager |
| Kenneth R. Jackson | Vice President/Quantitative Analyst |
| Stephen M. Juszczyszyn | Vice President/Structured Products Analyst/Trader |
| Audrey E. Kohart | Vice President/Financial Planning and Reporting |
| Nikhil G. Lalvani | Vice President/Senior Equity Analyst/Portfolio Manager |
| Steven T. Lampe | Vice President/Portfolio Manager |
| Anthony A. Lombardi | Vice President/Senior Portfolio Manager |
| John P. McCarthy | Vice President/Senior Research Aanlyst/Trader |
| Brian McDonnell | Vice President/Structured Products Analyst/Trader |
| Michael S. Morris | Vice President/Portfolio Manager/Senior Equity Analyst |
| Philip O. Obazee | Vice President/Derivatives Manager |
| Donald G. Padilla | Vice President/Portfolio Manager/Senior Equity Analyst |
| Daniel J. Prislin | Vice President/Senior Portfolio Manager, Equity Analyst |
| Gretchen Regan | Vice President/Quantitative Analyst |
| Craig S. Remsen | Vice President/Senior Credit Research Analyst |
| Carl Rice | Vice President/Senior Investment Specialist, Large Cap Value Focus Equity |
| Kevin C. Schildt | Vice President/Senior Municipal Credit Analyst |
| Bruce Schoenfeld | Vice President/Equity Analyst |
| Nancy E. Smith | Vice President/Investment Accounting |
| Rudy D. Torrijos, III | Vice President/Portfolio Manager |
| Michael Tung | Vice President/Equity Analyst |
| Robert A. Vogel, Jr. | Vice President/Senior Portfolio Manager |
| Lori P. Wachs | Vice President/Portfolio Manager |
| Laura A. Wagner | Vice President/Investment Accounting |
| Michael G. Wildstein | Vice President/Senior Research Analyst |
| Kathryn R. Williams | Vice President/Associate General Counsel/Assistant Secretary |

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------

---

| | |
|:---|:---|
| Nashira Wynn | Vice President/Senior Equity Analyst/Portfolio Manager |
| Greg Zappin | Vice President/Credit Research Analyst |
| Guojia Zhang | Vice President/Equity Analyst |
| James E. Blake | Assistant Vice President/Senior Compliance Officer |
| Ian Bowman | Assistant Vice President/Research Analyst |
| Michael E. Dresnin | Assistant Vice President/Counsel/Assistant Secretary |
| William J. Dwyer | Assistant Vice President/Corporate Actions |
| Abby C. Fick | Assistant Vice President/Legal Services |
| Molly Graham | Assistant Vice President/Legal Services |
| Kerri S. Haag | Assistant Vice President/Investment Accounting |
| Matthew G. Higgins | Assistant Vice President/Credit Research Analyst |
| Jerel A. Hopkins | Assistant Vice President/Counsel/Assistant Secretary |
| Kashif Ishaq | Assistant Vice President/Associate Trader |
| Kayann Johnson | Assistant Vice President/Investment Accounting |
| Karin M. Kelly | Assistant Vice President/Quantitative Analyst Supervisor |
| Colleen Kneib | Assistant Vice President/Municipal Credit Analyst |
| John Leszczynski | Assistant Vice President/Investment Accounting |
| Kent P. Madden | Assistant Vice President/Equity Analyst |
| Thomas J. Morrisroe | Assistant Vice President/Investment Accounting |
| Terry O'Brien | Assistant Vice President/Fixed Income Reporting Analyst |
| James P. O'Neill | Assistant Vice President/Senior Compliance Officer |
| Caleb Piper | Assistant Vice President/Equity Analyst |
| Udail K. Purmasetti | Assistant Vice President/Credit Research Analyst I |
| Eric W. Schmidt | Assistant Vice President/Investment Accounting |
| Frank J. Strenger | Assistant Vice President/Associate Trader |

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| | |
|:---|:---|
| Van Tran | Assistant Vice President/Research Analyst |
| Cindy Lindenberg | Senior Compliance Officer |
| Dennis Norman | Tax Compliance Officer |

---

By: s/ David F. Connor <br> Secretary <br> Dated:

------

**<u>APPENDIX C</u>**<br> **<u>SELECTED COUNTRIES</u>**

See attachment

\* Note, the Fund or its investment adviser or subadviser, as the case may be , shall be responsible for determining the Foreign Countries in which the Fund may invest, and shall direct the Custodian from time to time as to the Foreign Countries which have been approved for investment by the Fund.

\*\* Note, the Custodian will not act as a Foreign Custody Manager with respect to Assets held in this country. Holding Assets and use of Custodian's usual subcustodian in this country is subject to Instructions by the Fund and its execution of a separate letter-agreement pertaining to custody and market risks.

------

GRAPHIC OMITTED - **Current Subcustodial Network**

**TOTAL MARKETS INCLUDED IN MELLON GLOBAL SECURITIES SERVICES'**<br> **NETWORK 83**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Country | &nbsp;&nbsp;Bank<br> (Year agent bank relationship<br> established) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start<br> Date | &nbsp;&nbsp;Depository |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;Citibank, Buenos Aires (2007) | &nbsp;&nbsp;1990 | &nbsp;&nbsp;Caja de Valores Sociedad Anonima (CVSA)<br> Central de Registracion y Liquidacion (CRYL) |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;Australia and New Zealand <br> Banking Group Limited (2005) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Austraclear<br> ASX Settlement & Transfer Corporation (ASTC) |
| &nbsp;&nbsp;Austria | &nbsp;&nbsp;Bank Austria Creditanstalt AG, Vienna (1990) | &nbsp;&nbsp;1987 | &nbsp;&nbsp;Oesterreichische Kontrollbank (OeKB) |
| &nbsp;&nbsp;Bahrain | &nbsp;&nbsp;HSBC, Manama (2001) | &nbsp;&nbsp;2001 | &nbsp;&nbsp;Bahrain Stock Exchange |
| &nbsp;&nbsp;Bangladesh | &nbsp;&nbsp;Standard Chartered Bank, Dhaka (1993) | &nbsp;&nbsp;1993 | &nbsp;&nbsp;Central Depository Bangladesh Limited |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;BNP Paribas Securities Services, Brussels (2004) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Caisse Interprofessionelle de Depots et de Virement de Titres S.A. (CIK)<br> National Bank of Belgium (NBB) |
| &nbsp;&nbsp;Bermuda | &nbsp;&nbsp;HSBC, Bermuda (1996) | &nbsp;&nbsp;1996 | &nbsp;&nbsp;Bermuda Securities Depository (BSD) |
| &nbsp;&nbsp;Botswana | &nbsp;&nbsp;Barclays Bank of Botswana Limited, Gaborone (2001) | &nbsp;&nbsp;1995 | &nbsp;&nbsp;Bank of Botswana |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;Citibank N.A., Sao Paulo (1991) | &nbsp;&nbsp;1991 | &nbsp;&nbsp;Companhia Brasileira de Liquidacao e Custodia (CBLC)<br> Central of Custody and Financial Settlement of Securities (CETIP) <br> Sistema Especial de Liquidacao e de Custodia (SELIC) |
| &nbsp;&nbsp;Bulgaria | &nbsp;&nbsp;HVB Bank Biochim, Sofia (2004) | &nbsp;&nbsp;2004 | &nbsp;&nbsp;Bulgarian National Bank (BNB)<br> Bulgaria Central Security Depository (CDAD) |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;Canadian Imperial Bank of Commerce, Toronto (1993) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;The Canadian Depository for Securities Ltd. (CDS) |
| &nbsp;&nbsp;Chile | &nbsp;&nbsp;BankBoston, Santiago (1993) | &nbsp;&nbsp;1993 | &nbsp;&nbsp;Deposito Central de Valores (DCV) |

---

---

| | |
|:---|:---|
| **June 2007** | **1** |
| **Current Subcustodial Network** | **Mellon Global Securities Services** |

---

The information contained in this report is presented as a compilation of information gathered from various sources that are believed to be accurate. While every care has been taken in assembling and verifying this information, Mellon Global Securities Services accepts no liability for the correctness or completeness of information provided in this document. This document is not intended to be used as the basis for decisions to invest or not to invest in any given country, nor should this report be considered to constitute investment advice. This report may not be reproduced or distributed without the explicit written consent of Mellon Global Securities Services.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Country | &nbsp;&nbsp;Bank<br> (Year agent bank relationship<br> established) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start<br> Date | &nbsp;&nbsp;Depository |
| &nbsp;&nbsp;China A | &nbsp;&nbsp;HSBC Bank (China) Company Limited (1992) | &nbsp;&nbsp;2006 | &nbsp;&nbsp;The China Securities Depository and Clearing Corporation LTD, Shanghai (CSDCC Shanghai)<br> The China Securities Depository and Clearing Corporation LTD, Shenzhen (CSDCC Shenzhen) |
| &nbsp;&nbsp;China B | &nbsp;&nbsp;HSBC Bank (China) Company Limited (1992) | &nbsp;&nbsp;1992T | &nbsp;&nbsp;he China Securities Depository and Clearing Corporation LTD, Shanghai (CSDCC Shanghai)<br> The China Securities Depository and Clearing Corporation LTD, Shenzhen (CSDCC Shenzhen) |
| &nbsp;&nbsp;Clearstream |  | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Clearstream Banking S.A., Luxembourg |
| &nbsp;&nbsp;Colombia | &nbsp;&nbsp;Cititrust Colombia S.A., (2005) | &nbsp;&nbsp;1994 | &nbsp;&nbsp;Deposito Centralizado de Valores de Colombia (DECEVAL)<br> Deposito Central de Valores (DCV) |
| &nbsp;&nbsp;Croatia | &nbsp;&nbsp;HVB Zagrebacka banka d.d. Zagreb (2001) | &nbsp;&nbsp;2001 | &nbsp;&nbsp;The Central Depository Agency (SDA) |
| &nbsp;&nbsp;Cyprus | &nbsp;&nbsp;EFG Eurobank Ergasias SA. (2006) | &nbsp;&nbsp;2007 | &nbsp;&nbsp;Central Depository and Central Registry (CDCR) |
| &nbsp;&nbsp;Czech Republic | &nbsp;&nbsp;Citibank A.S., Prague (2004) | &nbsp;&nbsp;1993 | &nbsp;&nbsp;Stredisko Cennych Papiru (SCP) <br> Czech National Bank (CNB) |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;Skandinaviska Enskilda Banken, Copenhagen (2003) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;The Danish Securities Centre (Vaerdipapircentralen, VP) |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;Citibank, N.A., Cairo (1998) | &nbsp;&nbsp;1996 | &nbsp;&nbsp;Misr Company for Clearing, Settlement and Central Depository (MCSD) |
| &nbsp;&nbsp;Estonia | &nbsp;&nbsp;Scandinaviska Enskilda Banken (SEB), Tallinn (2005) | &nbsp;&nbsp;1997 | &nbsp;&nbsp;The Estonian Central Depository for Securities (ECDS) |
| &nbsp;&nbsp;Euroclear |  | &nbsp;&nbsp;1980 | &nbsp;&nbsp;Euroclear Bank S.A., Belgium |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;Nordea Bank Finland PLC, Helsinki (1991) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Finnish-Swedish Central Securities Depository (NCSD) |
| &nbsp;&nbsp;France | &nbsp;&nbsp;BNP Paribas Securities Services, Paris (1987) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Euroclear France SA |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;Paribas Securities Services, Frankfurt (2004) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Clearstream Banking AG, Frankfurt (CFB) |
| &nbsp;&nbsp;Ghana | &nbsp;&nbsp;Barclays Bank of Ghana Limited, Accra (2001) | &nbsp;&nbsp;1995 | &nbsp;&nbsp;--- |

---

---

| | |
|:---|:---|
| **June 2007** | **2** |
| **Current Subcustodial Network** | **Mellon Global Securities Services** |

---

The information contained in this report is presented as a compilation of information gathered from various sources that are believed to be accurate. While every care has been taken in assembling and verifying this information, Mellon Global Securities Services accepts no liability for the correctness or completeness of information provided in this document. This document is not intended to be used as the basis for decisions to invest or not to invest in any given country, nor should this report be considered to constitute investment advice. This report may not be reproduced or distributed without the explicit written consent of Mellon Global Securities Services.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Country | &nbsp;&nbsp;Bank<br> (Year agent bank relationship<br> established) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start<br> Date | &nbsp;&nbsp;Depository |
| &nbsp;&nbsp;Greece | &nbsp;&nbsp;EFG Eurobank Ergasias S.A. (2006) | &nbsp;&nbsp;1989 | &nbsp;&nbsp;Central Securities Depository S.A. (CSD)<br> Bank of Greece (BoG) |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;HSBC, Hong Kong (1986) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;The Hong Kong Securities Clearing<br> Company Limited (HKSCC)<br> Central Money Market Unit (CMU) |
| &nbsp;&nbsp;Hungary | &nbsp;&nbsp;Unicredit Bank Hungary Zrt. (1996) | &nbsp;&nbsp;1993 | &nbsp;&nbsp;Central Depository and Clearing House Limited (KELER) |
| &nbsp;&nbsp;Iceland | &nbsp;&nbsp;Glitnir banki HF (2002) | &nbsp;&nbsp;2002 | &nbsp;&nbsp;Icelandic Securities Depository Ltd |
| &nbsp;&nbsp;India | &nbsp;&nbsp;HSBC, Mumbai (1992) | &nbsp;&nbsp;1992 | &nbsp;&nbsp;National Securities Depository Limited (NSDL)<br> Central Depository Services Limited (CSDL)<br> Reserve Bank of India (RBI) |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;HSBC, Jakarta (1990) | &nbsp;&nbsp;1990 | &nbsp;&nbsp;PT Kustodian Sentral Efek Indonesia (PTKSEI)<br> Bank Indonesia (BI) |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;Mellon Bank N.A., London Branch (2004) | &nbsp;&nbsp;1988 | &nbsp;&nbsp;CRESTCo<br> Euroclear Operations Center (EOC) |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;Citibank N.A., Tel Aviv Branch | &nbsp;&nbsp;1991 | &nbsp;&nbsp;Tel Aviv Stock Exchange Clearing<br> House, Ltd. (TASECH) |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;BNP Paribas Securities Services, Milan (1996) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Monte Titoli S.p.A. |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;For ABN Amro Mellon clients and Mellon Bank clients:<br> HSBC, Tokyo (2003)<br> For CIBC Mellon clients:<br> The Bank of Tokyo-Mitsubishi UFJ, Ltd. (2007) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Japan Securities Depository Center (JASDEC)<br> Bank of Japan (BoJ) |
| &nbsp;&nbsp;Jordan | &nbsp;&nbsp;HSBC, Amman (2004) | &nbsp;&nbsp;1991 | &nbsp;&nbsp;Jordan Securities Depository Center |
| &nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;HSBC, Kazakhstan (2002) | &nbsp;&nbsp;2002 | &nbsp;&nbsp;Central Depository of Securities (CDS) |
| &nbsp;&nbsp;Kenya | &nbsp;&nbsp;Barclays Bank of Kenya<br> Limited, Nairobi (2001) | &nbsp;&nbsp;1996 | &nbsp;&nbsp;The Central Bank of Kenya |
| &nbsp;&nbsp;Latvia | &nbsp;&nbsp;Scandinaviska Enskilda Banken (SEB), (2005) | &nbsp;&nbsp;2004 | &nbsp;&nbsp;The Latvian Central Depository (LCD) |

---

---

| | |
|:---|:---|
| **June 2007** | **3** |
| **Current Subcustodial Network** | **Mellon Global Securities Services** |

---

The information contained in this report is presented as a compilation of information gathered from various sources that are believed to be accurate. While every care has been taken in assembling and verifying this information, Mellon Global Securities Services accepts no liability for the correctness or completeness of information provided in this document. This document is not intended to be used as the basis for decisions to invest or not to invest in any given country, nor should this report be considered to constitute investment advice. This report may not be reproduced or distributed without the explicit written consent of Mellon Global Securities Services.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Country | &nbsp;&nbsp;Bank<br> (Year agent bank relationship<br> established) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start<br> Date | &nbsp;&nbsp;Depository |
| &nbsp;&nbsp;Lebanon | &nbsp;&nbsp;HSBC, Beirut (2001) | &nbsp;&nbsp;2001 | &nbsp;&nbsp;Custodian and Clearing Center of<br> Financial Instruments for Lebanon and the Middle East (Midclear)<br> Banque du Liban, BDL (Central Bank of Lebanon) |
| &nbsp;&nbsp;Lithuania | &nbsp;&nbsp;Scandinaviska Enskilda Banken (SEB), (2005) | &nbsp;&nbsp;2004 | &nbsp;&nbsp;The Central Securities Depository of Lithuania (CSDL) |
| &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;Euroclear Bank S.A., Brussels (2007) | &nbsp;&nbsp;1987 | &nbsp;&nbsp;Clearsteam Banking S.A., Luxembourg |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;Citibank Berhad (2004) | &nbsp;&nbsp;1989 | &nbsp;&nbsp;Bursa Malaysian Central Depository Sdn. Berhad (MCD)<br> Bank Negara Malaysia (Central Bank of Malaysia) |
| &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;HSBC, Port Louis (1994) | &nbsp;&nbsp;1994 | &nbsp;&nbsp;The Central Depository and Settlement Company Limited (CDS) <br> The Bank of Mauritius (BoM) |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;Banco Santander Serfin, S.A. (2001) | &nbsp;&nbsp;1988 | &nbsp;&nbsp;SD Indeval S.A. de C.V. |
| &nbsp;&nbsp;Morocco | &nbsp;&nbsp;Societe Generale Marocaine de Banques, Casablanca (2004) | &nbsp;&nbsp;1998 | &nbsp;&nbsp;Maroclear |
| &nbsp;&nbsp;The Netherlands | &nbsp;&nbsp;ABN Amro Mellon Global Securities Services B.V. (2005) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Euroclear Nederland |
| &nbsp;&nbsp;New Zealand | &nbsp;&nbsp;Australia and New Zealand Banking Group Limited (2005) | &nbsp;&nbsp;1987 | &nbsp;&nbsp;New Zealand Central Securities <br> Depository Ltd. (NZCSD) |
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;Nordea Bank Norge ASA, Oslo (2003) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Norwegian Central Securities <br> Depository, Verdipapirsentralen (VPS) |
| &nbsp;&nbsp;Oman | &nbsp;&nbsp;HSBC, Ruwi (2001) | &nbsp;&nbsp;2001 | &nbsp;&nbsp;The Muscat Depository and Securities Registration Company (MDSRC) |
| &nbsp;&nbsp;Pakistan | &nbsp;&nbsp;Deutsche Bank AG, Karachi (1991) | &nbsp;&nbsp;1991 | &nbsp;&nbsp;Central Depository Company of Pakistan Limited (CDC)<br> State Bank of Pakistan (SBP) |
| &nbsp;&nbsp;Peru | &nbsp;&nbsp;Citibank del Peru, Lima (2005) | &nbsp;&nbsp;1992 | &nbsp;&nbsp;Caja de Valores y Liquidaciones (CAVALI) |
| &nbsp;&nbsp;The<br> Philippines | &nbsp;&nbsp;HSBC, Manila (1990) | &nbsp;&nbsp;1990 | &nbsp;&nbsp;Philippines Central Depository (PCD)<br> Registry of Scripless Securities (RoSS) |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;Bank Handlowy w Warszawie SA., Warsaw (2004) | &nbsp;&nbsp;1992 | &nbsp;&nbsp;National Depository of Securities (NDS)<br> Central Register for Treasury Bills (CRBS) |

---

---

| | |
|:---|:---|
| **June 2007** | **4** |
| **Current Subcustodial Network** | **Mellon Global Securities Services** |

---

The information contained in this report is presented as a compilation of information gathered from various sources that are believed to be accurate. While every care has been taken in assembling and verifying this information, Mellon Global Securities Services accepts no liability for the correctness or completeness of information provided in this document. This document is not intended to be used as the basis for decisions to invest or not to invest in any given country, nor should this report be considered to constitute investment advice. This report may not be reproduced or distributed without the explicit written consent of Mellon Global Securities Services.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Country | &nbsp;&nbsp;Bank<br> (Year agent bank relationship<br> established) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start<br> Date | &nbsp;&nbsp;Depository |
| &nbsp;&nbsp;Portugal | &nbsp;&nbsp;Banco Commercial Portugues<br> S.A., Lisbon (1997) | &nbsp;&nbsp;1988 | &nbsp;&nbsp;Sociedade Gestora de Liquidação e de Sistemas Centralizados de Valores Mobiliários (INTERBOLSA) |
| &nbsp;&nbsp;Romania | &nbsp;&nbsp;HVB Tiriac Bank, Bucharest <br> S.A. (1999) | &nbsp;&nbsp;1999 | &nbsp;&nbsp;The National Company for Clearing, Settlement and Depository for Securities (SNCDD)<br> National Bank of Romania (NBR)<br> Central Depository S.A. |
| &nbsp;&nbsp;Russia | &nbsp;&nbsp;ZAO Commercial Bank Citibank (2005) | &nbsp;&nbsp;1997 | &nbsp;&nbsp;Depository Clearing Company (DCC)<br> National Depository Center (NDC)<br> The Bank for Foreign Trade (VTB) |
| &nbsp;&nbsp;Serbia | &nbsp;&nbsp;Bank Austria A.G., Belgrade | &nbsp;&nbsp;2007 | &nbsp;&nbsp;Central Securities Depository (CSD) |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;The Development Bank of Singapore, Singapore (1987) | &nbsp;&nbsp;1987 | &nbsp;&nbsp;Central Depository (Pte) Ltd. (CDP)<br> Monetary Authority of Singapore (MAS) |
| &nbsp;&nbsp;Slovakia | &nbsp;&nbsp;UniCredit Bank A.S. (2004) | &nbsp;&nbsp;1996 | &nbsp;&nbsp;Slovak Center for Securities (SCP)<br> National Bank of Slovakia (NBS) |
| &nbsp;&nbsp;Slovenia | &nbsp;&nbsp;Bank Austria A.G., Ljubljana (1998) | &nbsp;&nbsp;1998 | &nbsp;&nbsp;The Central Securities Clearing<br> Corporation (KDD) |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;Societe Generale, Johannesburg (2003) | &nbsp;&nbsp;1994 | &nbsp;&nbsp;The Central Depository Limited (CD)<br> Share Transactions Totally Electronic (STRATE) |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;HSBC, Seoul (2003) | &nbsp;&nbsp;1991 | &nbsp;&nbsp;Korea Securities Depository (KSD) |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;Santander Investment Services, S.A. (1997) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Servicio de Compensacion Y<br> Liquidacion de Valores (SCLV)<br> Central Bank (Banco de Espana) |
| &nbsp;&nbsp;Sri Lanka | &nbsp;&nbsp;HSBC, Colombo (1991) | &nbsp;&nbsp;1991 | &nbsp;&nbsp;Central Depository Systems Private Limited (CDS) |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;Skandinaviska Enskilda Banken, Stockholm (2003) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Finnish-Swedish Central Securities Depository (NCSD) |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;Union Bank of Switzerland, Zurich (2003) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;Swiss Securities Services Corporation - SegaIntersettle AG (SIS) |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;Standard Chartered Bank (SCB), Taipei (2006) | &nbsp;&nbsp;1993 | &nbsp;&nbsp;Taiwan Depository & Clearing Corporation (TDCC) |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;HSBC, Bangkok Branch (1988) | &nbsp;&nbsp;1988 | &nbsp;&nbsp;The Thailand Securities Depository Company Limited (TSD) |
| &nbsp;&nbsp;Tunisia | &nbsp;&nbsp;Banque Internationale Arabe de Tunisie, Tunis | &nbsp;&nbsp;2007 | &nbsp;&nbsp;Societe Interprofessionelle pour la Compensation et le Depots des Valeurs Mobilieres (STICODEVAM) |

---

---

| | |
|:---|:---|
| **June 2007** | **5** |
| **Current Subcustodial Network** | **Mellon Global Securities Services** |

---

The information contained in this report is presented as a compilation of information gathered from various sources that are believed to be accurate. While every care has been taken in assembling and verifying this information, Mellon Global Securities Services accepts no liability for the correctness or completeness of information provided in this document. This document is not intended to be used as the basis for decisions to invest or not to invest in any given country, nor should this report be considered to constitute investment advice. This report may not be reproduced or distributed without the explicit written consent of Mellon Global Securities Services.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Country | &nbsp;&nbsp;Bank<br> (Year agent bank relationship<br> established) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Start<br> Date | &nbsp;&nbsp;Depository |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;Citibank A.S., Istanbul (2001) | &nbsp;&nbsp;1990 | &nbsp;&nbsp;Central Registry Agency (CRA)<br> Central Bank of Turkey (CBT) |
| &nbsp;&nbsp;Uganda | &nbsp;&nbsp;Barclays Bank of Uganda, Kampala (2002) | &nbsp;&nbsp;2002 | &nbsp;&nbsp;---- |
| &nbsp;&nbsp;Ukraine | &nbsp;&nbsp;Joint Stock Commercial Bank HypoVereinsbank, Ukraine (JSCB HVB) (2002) | &nbsp;&nbsp;2002 | &nbsp;&nbsp;The National Bank of the Ukraine Depository (NBU)<br> The Interregional Securities Union (IRSU) |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;HSBC, Dubai (2007) | &nbsp;&nbsp;2007 | &nbsp;&nbsp;Dubai Financial Market - CDS<br> department<br> (DFM)<br> Abu Dhabi Securities Market – CSD<br> department<br> (ADSM)<br> DIFX Central Securities Depository (CSD) |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;Mellon Global Securities <br> Services, London (2003) | &nbsp;&nbsp;1986 | &nbsp;&nbsp;CRESTCo |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;Mellon Bank N.A. (1983) | &nbsp;&nbsp;1983 | &nbsp;&nbsp;Depository Trust & Clearing Corporation (DTCC)<br> National Securities Clearing Corporation (NSCC) |
| &nbsp;&nbsp;Uruguay | &nbsp;&nbsp;BankBoston, Montevideo (1997) | &nbsp;&nbsp;1997 | &nbsp;&nbsp;Banco Central del Uruguay (BCU) <br> ABN AMRO - Agency Bolsa de Valores |
| &nbsp;&nbsp;Venezuela | &nbsp;&nbsp;Citibank, N.A., Caracas (1990) | &nbsp;&nbsp;1990 | &nbsp;&nbsp;Caja Venezolana de Valores (CVV)<br> The Central Bank of Venezuela (BCV) |
| &nbsp;&nbsp;Vietnam | &nbsp;&nbsp;Standard Chartered Bank, Hanoi | &nbsp;&nbsp;2007 | &nbsp;&nbsp;Vietnam Securities Depository (VSD) |
| &nbsp;&nbsp;Zambia | &nbsp;&nbsp;Barclays Bank of Zambia<br> Limited, Lusaka (2001) | &nbsp;&nbsp;1996 | &nbsp;&nbsp;The Lusaka Stock Exchange Central Shares Depository Limited (LuSE CSD)<br> The Bank of Zambia |
| &nbsp;&nbsp;Zimbabwe | &nbsp;&nbsp;Barclays Bank of Zimbabwe Limited, Harare (2001) | &nbsp;&nbsp;1995 | &nbsp;&nbsp;--- |

---

---

| | |
|:---|:---|
| **June 2007** | **6** |
| **Current Subcustodial Network** | **Mellon Global Securities Services** |

---

The information contained in this report is presented as a compilation of information gathered from various sources that are believed to be accurate. While every care has been taken in assembling and verifying this information, Mellon Global Securities Services accepts no liability for the correctness or completeness of information provided in this document. This document is not intended to be used as the basis for decisions to invest or not to invest in any given country, nor should this report be considered to constitute investment advice. This report may not be reproduced or distributed without the explicit written consent of Mellon Global Securities Services.

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| | |
|:---|:---|
| **Final Execution Version** | **Delaware Funds** |

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**<u>EXHIBIT A</u><br> <u>CUSTOMER IDENTIFICATION PROGRAM NOTICE</u>**

---

| | |
|:---|:---|
| ![](mimgef4057351a001.jpg) | **MELLON** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CUSTOMER IDENTIFICATION PROGRAM NOTICE**<br> **IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW**<br> **ACCOUNT**<br> To help the government fight the funding of terrorism and money laundering activities, all financial institutions are required by law to obtain, verify and record information that identifies each individual or entity that opens an account.<br> What this means for you: When you open an account, we will ask you for your name, address, taxpayer or other government identification number and other information, such as date of birth for individuals, that will allow us to identify you. We may also ask to see identification documents such as a driver's license, passport or documents showing existence of the entity.<br>

*Rev. 09/03*

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## Ex-99.(G)(1)(I)

EX-99.(g)(1)(i)

**AMENDMENT NO. 2 TO MUTUAL FUND CUSTODY AND SERVICES AGREEMENT**

This Amendment No. 2 ("Amendment") is made as of the 1<sup>st</sup> day of July, 2017, by and between each investment company listed on the signature page hereto (referred to herein as the "Fund") and THE BANK OF NEW YORK MELLON (formerly, Mellon Bank, N.A.) ("Custodian" or "BNY Mellon").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund and Custodian are parties to a Mutual Fund Custody and Services Agreement dated as of July 20, 2007, as amended (the "Agreement"), relating to Custodian's provision of custody services to the Fund and the Fund's respective series ("Series"). This Amendment is an amendment to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The parties desire to amend the Agreement as set forth herein.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 following is added to the Agreement under Article I, Section 3.h.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Class Actions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Custodian shall file proof of claims notices with respect to class actions involving
 the portfolio securities of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Custodian shall provide holdings information to the proxy voting agent of the Series
 to enable such proxy voting agent to identify the portfolio securities of the Series
 with respect to which proxies should be voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Appendix
 E of the Agreement is hereby deleted in its entirety and replaced with Appendix E attached
 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Article
 IV, Section 9(e) shall be amended and restated as follows:

This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund, authorized or approved by a vote of the Board, provided, however, that a Fund merger or reorganization where the fund surviving from such merger or reorganization assumes the duties and obligations of such Fund under this Agreement shall not require the Custodian's consent; provided further, however, that the Custodian may not assign or subcontract the rights or delegate the duties or outsource or offshore any services pursuant to this Agreement ("Services"), without the written consent of the Fund, which shall not be unreasonably withheld. Notwithstanding the foregoing, no such consent shall be required to assign or subcontract the rights or delegate the duties, or outsource or off-shore the Services contemplated hereunder to an affiliate of BNYM, provided BNYM provides thirty (30) days advance written notice to the other parties hereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Application & network
penetration testing & vulnerability scanning.

BNYM shall perform penetration testing activities on its systems related to the Services provided hereunder, at least annually, as part of its information security policies and procedures. The Fund agrees and understands that BNYM does not guarantee that the penetration testing activities will detect all security weaknesses, potential security problems or potential breaches. BNYM will provide the Fund with a certification confirming the completion of the testing promptly after it is complete. Should such testing reveal a failure materially impacting the Fund's receipt of Services, BNYM will promptly notify the Funds in writing and set up a conference call to discuss the relevant details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Breach/Incident
 Notification:

BNYM will promptly (within 2 business days when practical based on BNYM's commercially reasonable determination of the relevant circumstances) notify the Fund of any confidentiality breaches, operational breaches, security breaches, data breaches, malware, phishing or other incidents relating to the unauthorized exposure of the Fund's information or materially impacting the Fund's receipt of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Access

BNYM agrees it will ensure that any of its employees or other persons engaged by it for the purposes of providing Services to the Fund are aware of the confidential nature of the Fund's information and agree to comply with BNYM's policies and procedures related to handling confidential client information.

BNYM agrees it will not make, or attempt to make, a connection to any network utilized and provided by the Fund without obtaining prior written approval from the Fund or the Fund's delegate for such connection; and that any such connection will comply at all times with any reasonable conditions that the Fund's Board or its delegate may impose on BNYM.

BNYM will take the necessary steps designed to ensure that all departing personnel with access to the Fund's confidential information will return all such information upon their departure and that such personnel shall immediately cease to access such information and BNYM's technology systems and networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Certification.

Annually, upon the Fund's request, BNYM will confirm in writing completion of its ISO 27001/2 certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Communications.

All communications between BNYM and the Fund should occur between the authorized contacts listed in Exhibit I hereto as may be updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Compliance;
 Applicable Law.

In performing the Services, BNYM shall comply with all laws applicable to BNYM, and its standard of performance shall be in accord with industry standards and such standards as may be imposed on BNYM by law and the requirements of all regulatory authorities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Annual Risk Assessment/Risk
Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. On
 a periodic basis, typically no less frequently than annually, at BNYM's expense,
 BNYM conducts a review of the BNYM architecture, systems and procedures used in connection
 with the Services ("Risk Assessment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Risk Assessment will examine the design of controls and the operating effectiveness of
 controls including those within the following processes, policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access
 and identity management (including privileged access management with respect to BNYM's
 systems and the Fund's data, and ensuring data separation between the Fund data
 and data belonging to other parties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Incident
 response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Managing
 network layer controls such as intrusion detection system ("IDS") (including
 cybersecurity) and firewalls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Security
 configurations, antivirus management, vulnerability and patch management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Managing
 remote access to technology infrastructure and external connections, policies and controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Use
 of build guides/checklists to harden servers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Conducting
 background screening and raising security awareness of personnel supporting the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Disaster
 recovery / business continuity process; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Data
 backup, retention and destruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. BNYM
 will meet with the Fund to discuss the Risk Assessment performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. On
 periodic basis, typically no less frequently than annually, at BNYM's expense,
 BNYM will provide the Fund with a copy of its SOC 1 <sup>SM</sup> Report on its Centralized
 Managed Information Systems or an equivalent report based on new or supplemented attestation
 standards as may occur from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. As
 a result of these discussions, should any Risk Assessment reveal material risks in the
 Fund's reasonable determination with regard to the administrative, technical and
 physical safeguards appropriate to the size and complexity of BNYM's operations,
 the Fund will notify BNYM of such risks and BNYM will agree in good faith to review such
 risks and determine if it is necessary or desirable to undertake any necessary changes
 with respect to its processes to remedy the material defects or deficiencies in the processes
 giving rise to the material risks ("Remedial Work"). The Remedial Work will
 be undertaken on a schedule and terms to be discussed with the Fund should such Remedial
 Work materially impact the Services received by the Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. BNYM
 shall provide reasonable assistance to the Fund on an annual basis so that the Fund and/or
 its representatives may (i) review BNYM's relevant policies and procedures, (ii)
 review relevant information available regarding BNYM's compliance with such policies
 and procedures, and (iii) compare the BNYM policies and procedures under review to determine
 that such policies and procedures are materially similar to the Fund's equivalent
 policies and procedures. This review is subject to all relevant BNYM security policies
 and requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governance</u> 

Appropriate authorized representatives of BNYM and the Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monitor
 and review BNYM's performance of its obligations under this Agreement on an ongoing
 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Ensure
 operational and support processes and procedures are property documented and that such
 documents are properly maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Act
 as initial point of contract for incident monitoring, incident handling and escalation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Attend
 (and if necessary chair) operational meetings between BNYM and the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Meet
 as mutually agreed to review performance, coordinate the Services and discuss future
 requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Exhibit
 I is hereby added to the Agreement as attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 hereby amended and supplemented, the Agreement, as well as capitalized terms not defined
 in this Amendment, shall remain in full force and effect. In the event of a conflict
 between the terms of this Amendment and the terms of the Agreement, the terms of this
 Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Agreement, as amended hereby, constitutes the complete understanding and agreement of
 the parties with respect to the subject matter hereof and supersedes all prior communications
 with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Amendment may be executed in two or more counterparts, each of which shall be deemed
 an original, but all of which together shall constitute one and the same instrument.
 The facsimile signature of any party to this Amendment shall constitute the valid and
 binding execution hereof by such party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 the extent required by applicable law, the terms of this Amendment and the fees and expenses
 associated with this Amendment have been disclosed to and approved by the Board of Trustees/Directors
 of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Amendment shall be governed by the laws of The Commonwealth of Pennsylvania, without
 regard to its principles of conflicts of laws.

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written.

DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A<br>

------

VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A<br> VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A<br> VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A<br> VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A<br> DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Portfolios identified on Schedule A<br> DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A<br> VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A<br> VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A<br> DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A<br> DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.<br> DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND<br> DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.<br> DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.<br>

------

DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND <br>

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | SVP |

---

**THE BANK OF NEW YORK MELLON**

---

| | |
|:---|:---|
| By: | /s/ Christopher Healy |
| Name: | Christopher Healy |
| Title: | Managing Director |

---

------

**<u>Schedule A</u>**

The following Registrants, Series and share classes are covered by, and made parties to, the Amendment as of the date first written above:

---

| |
|:---|
| &nbsp;&nbsp;**Registrants, Series and Share Class** |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Adviser Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Diversified Income Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Global Real Estate Opportunities Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware U.S. Growth Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Cash Reserve** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Investments Ultrashort Fund – Class A, Class C, Class L and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds I** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Mid Cap Value Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds II** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Value**<sup>®</sup>** Fund – Class A, Class C, Class R, Class R6, Class T and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds IV** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Healthcare Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Growth Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Smid Cap Growth Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds V** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Core Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Value Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Wealth Builder Fund – Class A, Class C, Class R and Institutional Class Shares<br> *(formerly, Delaware Dividend Income Fund)* |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Foundation Funds**<br> **(Delaware Foundation Funds<sup>®</sup>)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Foundation<sup>®</sup> Conservative Allocation Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Foundation<sup>®</sup> Growth Allocation Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Foundation<sup>®</sup> Moderate Allocation Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Global & International Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Asia Select Fund – Class A, Class C, and Institutional Class Shares<br> *(formerly, Delaware Macquarie Asia Select Fund)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Global Value Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware International Small Cap Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares<br> *(formerly, Delaware Focus Global Growth Fund)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware International Value Equity Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Government Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Debt Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Income Fund – Class A, Class C, Class R and Institutional Class Shares<br> *(formerly, Delaware Core Plus Bond Fund)* |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Income Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Corporate Bond Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Extended Duration Bond Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Floating Rate Fund – Class A, Class C, Class R and Institutional Class Shares<br> *(formerly, Delaware Diversified Floating Rate Fund)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware High-Yield Opportunities Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Limited-Term Government Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Limited-Term Diversified Income Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> State Tax-Free Income Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Pennsylvania Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Tax-Free Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free USA Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free USA Intermediate Fund – Class A, Class C, and Institutional Class Shares |

---

------

---

| |
|:---|
| &nbsp;&nbsp;**Registrants, Series and Share Class** |
| &nbsp;&nbsp;**Delaware Pooled<sup>®</sup> Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Core Plus Bond Portfolio – DPT Class<br> *(formerly, The Core Plus Fixed Income Portfolio)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Emerging Markets Portfolio – DPT Class<br> *(formerly, The Emerging Markets Portfolio)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Emerging Markets Portfolio II – DPT Class<br> *(formerly, The Emerging Markets Portfolio II)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie High Yield Bond Portfolio – DPT Class<br> *(formerly, The High-Yield Bond Portfolio)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Labor Select International Equity Portfolio – DPT Class<br> *(formerly, The Labor Select International Equity Portfolio)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Large Cap Value Portfolio – DPT Class<br> *(formerly, The Large-Cap Value Equity Portfolio)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware REIT Fund – Class A, Class C, Class R and Institutional Class Shares<br> *(formerly, The Real Estate Investment Trust Portfolio)* |
| &nbsp;&nbsp;**Delaware VIP<sup>®</sup> Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Diversified Income Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Emerging Markets Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** High Yield Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP<sup>®</sup> International Value Equity Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP<sup>®</sup> Limited-Term Diversified Income Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** REIT Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Small Cap Value Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Smid Cap Core Series – Standard Class Shares and Service Class Shares <br> *(formerly, Delaware VIP**<sup>®</sup>** Smid Cap Growth Series)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** U.S. Growth Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Value Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;**Voyageur Insured Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Arizona Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Intermediate Tax Free Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Minnesota Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Mutual Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Minnesota High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware National High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free California Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Idaho Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free New York Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Mutual Funds II** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Colorado Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Mutual Funds III** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Select Growth Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Tax Free Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Minnesota Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Enhanced Global Dividend and Income Fund –** Common Shares |
| &nbsp;&nbsp;**Delaware Investments Dividend and Income Fund, Inc. –** Common Shares |
| &nbsp;&nbsp;**Delaware Investments Colorado Municipal Income Fund, Inc. –** Common Shares and Preferred Shares |
| &nbsp;&nbsp;**Delaware Investments Minnesota Municipal Income Fund II, Inc. –** Common Shares and Preferred Shares |
| &nbsp;&nbsp;**Delaware Investments National Municipal Income Fund –** Common Shares and Preferred Shares |

---

------

**Exhibit I**

**Authorized Contacts for Communication**

All communications between the Fund and BNYM should occur with the authorized contacts listed below. This includes, but not limited to, requests for information including phone and email communications, account changes, access requests and systems support.

**Fund Contacts:**

(List Primary and Alternate contacts for each business area)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>**<u>Optimum Fund Trust Contact</u>**</u> | &nbsp;&nbsp;<u>**<u>Telephone</u>**</u> | &nbsp;&nbsp;<u>**<u>Email Address</u>**</u> |
| &nbsp;&nbsp;Richard Salus | &nbsp;&nbsp;(215) 255-1010 | <u>Richard.Salus@macquarie.com</u> |
| &nbsp;&nbsp;Daniel Geatens | &nbsp;&nbsp;(215) 255-1664 | <u>Daniel.Geatens@macquarie.com</u> |
| &nbsp;&nbsp;Andrew McEvoy | &nbsp;&nbsp;(215) 255-1663 | &nbsp;&nbsp;Andrew.McEvoy@macquarie.com |

---

**BNYM Contacts:**

---

| | | |
|:---|:---|:---|
| <u>**<u>BNYM Contact</u>**</u> | <u>**<u>Telephone</u>**</u> | <u>**<u>Email Address</u>**</u> |
| &nbsp;&nbsp;Christopher Healy | &nbsp;&nbsp;(617) 382-2671 | &nbsp;&nbsp;Christopher.healy@bnymellon.com |

---

------

## Ex-99.(G)(1)(Ii)

**EX-99.g.1.ii**

**AMENDMENT NO. 4 TO MUTUAL FUND CUSTODY AND SERVICES AGREEMENT**

This Amendment No. 4 ("Amendment") is made as of the 19th day of July, 2019, by and between each investment company listed on the signature page hereto (each referred to herein as the "Fund") and THE BANK OF NEW YORK MELLON (formerly, Mellon Bank, N.A.) ("Custodian" or "BNY Mellon").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;A. Each Fund and Custodian are parties to a Mutual Fund Custody and Services Agreement dated as of July 20, 2007, as amended (the "Agreement"), relating to Custodian's provision of custody services to each Fund and the Fund's respective series ("Series"). This Amendment is an amendment to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;B. The parties desire to amend the Agreement as set forth herein.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;1. A new Article IV Section 10 of the Agreement is added as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Sanctions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Throughout the term of this Agreement, each Fund: (i) will maintain, and comply with, policies and procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all relevant data with respect to incoming or outgoing assets or transactions relating to this Agreement; (ii) will ensure that neither the Fund, nor any of its directors, officers or employees is an individual or entity that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions; (iii) will ensure that neither Delaware Management Company, a series of Macquarie Investment Management Business Trust ("DMC"), Delaware Distributors, L.P. ("DDLP"), Delaware Investments Fund Services Company ("DIFSC"), or any entity affiliated with DMC, DDLP or DIFSC by being under common control with DMC, DDLP or DIFSC (together, the "Macquarie Entities") nor any of the directors, officers or employees of the Macquarie Entities is an individual or entity that is, or is owned or controlled by an individual or entity that is the target of Sanctions, (iv) will ensure that neither DMC, DDLP or DIFSC, or any subsidiary of DMC, DDLP or DIFSC (together, the "Delaware Entities") nor any of the directors, officers or employees of the Delaware Entities is an individual or entity that is located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions, and (v) will not, directly or indirectly, use the accounts under this Agreement in any manner that would result in a violation by the Fund or Custodian of Sanctions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Throughout the term of this Agreement, Custodian: (i) will maintain, and comply with, policies and procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all relevant data with respect to incoming or outgoing assets or transactions relating to this Agreement; (ii) will ensure that neither the Custodian nor any of its affiliates, directors, officers or employees is an individual or entity that is, or is owned or controlled by an individual or entity that is the target of Sanctions; and (iii) will not, directly or indirectly, use the accounts under this Agreement in any manner that would result in a violation by a Fund or Custodian of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. To the extent reasonably practicable, each Fund will promptly provide, or if BNY Mellon Investment Servicing (US) Inc. serves as the Fund's transfer agent or sub-transfer agent will cause BNY Mellon Investment Servicing (US) Inc. in its role as transfer agent or sub-transfer agent to promptly provide, to Custodian such information as Custodian reasonably requests in connection with the matters referenced in this Section 10, including information regarding (i) the accounts under this Agreement, (ii) the Assets and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, including any investor and (iv) the Fund's Sanctions compliance programs and any related records and/or transaction information, including with respect to any investor. Each Fund will cooperate with Custodian and provide assistance reasonably requested by Custodian in connection with any Sanctions inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Custodian may, by following procedures determined by the Custodian to be reasonable, decline to act or provide services in respect of any Series, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section 10. If Custodian declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable law or official request, Custodian will promptly inform the relevant Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. For purposes of this Section 10, "Sanctions" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the United States Office of Foreign Assets Control) or any other applicable domestic or foreign authority.

&nbsp;&nbsp;&nbsp;&nbsp;2. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As hereby amended and supplemented, the Agreement, as well as capitalized terms not defined in this Amendment, shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement, as amended hereby, constitutes the complete understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior communications with respect thereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The facsimile signature of any party to this Amendment shall constitute the valid and binding execution hereof by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent required by applicable law, the terms of this Amendment and the fees and expenses associated with this Amendment have been disclosed to and approved by the Board of Trustees/Directors of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Amendment shall be governed by the laws of The Commonwealth of Pennsylvania, without regard to its principles of conflicts of laws.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written.

---

| |
|:---|
| DELAWARE GROUP ADVISER FUNDS, on |
| behalf of its Series identified on Schedule A |
| DELAWARE GROUP CASH RESERVE, on |
| behalf of its Series identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS I, on |
| behalf of its Series identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS II, |
| on behalf of its Series identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS IV, |
| on behalf of its Series identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS V, |
| on behalf of its Series identified on Schedule A |
| DELAWARE GROUP FOUNDATION |
| FUNDS, on behalf of its Series identified on |
| Schedule A |
| DELAWARE GROUP INCOME FUNDS, on |
| behalf of its Series identified on Schedule A |

---

------

---

| |
|:---|
| DELAWARE GROUP STATE TAX-FREE |
| INCOME TRUST, on behalf of its Series |
| identified on Schedule A |
| DELAWARE GROUP TAX-FREE FUND, on |
| behalf of its Series identified on Schedule A |
| DELAWARE GROUP GLOBAL & |
| INTERNATIONAL FUNDS, on behalf of its |
| Series identified on Schedule A |
| VOYAGEUR INSURED FUNDS, on behalf |
| of its Series identified on Schedule A |
| VOYAGEUR INTERMEDIATE TAX FREE |
| FUNDS, on behalf of its Series identified on |
| Schedule A |
| VOYAGEUR MUTUAL FUNDS, on behalf |
| of its Series identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS II, on behalf |
| of its Series identified on Schedule A |
| DELAWARE GROUP GOVERNMENT |
| FUND, on behalf of its Series identified on |
| Schedule A |
| DELAWARE GROUP LIMITED-TERM |
| GOVERNMENT FUNDS, on behalf of its |
| Series identified on Schedule A |
| DELAWARE POOLED TRUST, on behalf of |
| its Series identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS III, on |
| behalf of its Series identified on Schedule A |
| VOYAGEUR TAX FREE FUNDS, on behalf |
| of its Series identified on Schedule A |
| DELAWARE VIP TRUST, on behalf of its |
| Series identified on Schedule A |
| DELAWARE INVESTMENTS COLORADO |
| MUNICIPAL INCOME FUND, INC. |

---

------

---

| | |
|:---|:---|
| DELAWARE INVESTMENTS NATIONAL | DELAWARE INVESTMENTS NATIONAL |
| MUNICIPAL INCOME FUND | MUNICIPAL INCOME FUND |
| DELAWARE INVESTMENTS | DELAWARE INVESTMENTS |
| MINNESOTA MUNICIPAL INCOME FUND | MINNESOTA MUNICIPAL INCOME FUND |
| II, INC. | II, INC. |
| DELAWARE INVESTMENTS DIVIDEND | DELAWARE INVESTMENTS DIVIDEND |
| AND INCOME FUND, INC. | AND INCOME FUND, INC. |
| DELAWARE ENHANCED GLOBAL | DELAWARE ENHANCED GLOBAL |
| DIVIDEND AND INCOME FUND | DIVIDEND AND INCOME FUND |
| By: | /s/ Daniel V. Geatens |
| Name: | Daniel V. Geatens |
| Title: | Vice President |

---

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Mauricio Sandoval |
| Name: | Mauricio Sandoval |
| Title: | Director |

---

------

**<u>Schedule A</u>**

The following Registrants and Series are covered by, and made parties to, the Amendment as of the date first written above:

---

| |
|:---|
| &nbsp;&nbsp;**Registrants and Series** |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Adviser Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Diversified Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Global Real Estate Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware U.S. Growth Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Cash Reserve** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Investments Ultrashort Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds I** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Mid Cap Value Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds II** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Value**<sup>®</sup>** Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds IV** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Healthcare Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Smid Cap Growth Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds V** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Core Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Wealth Builder Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Foundation Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Delaware Foundation Funds<sup>®</sup>)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Allocation Fund *(formerly Delaware Foundation<sup>®</sup> Moderate Allocation Fund)* |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Global & International Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Global Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware International Small Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware International Value Equity Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Government Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Debt Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Income Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Income Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Corporate Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Extended Duration Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Floating Rate Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware High-Yield Opportunities Fund |

---

------

---

| |
|:---|
| &nbsp;&nbsp;**Registrants and Series** |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Limited-Term Government Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Limited-Term Diversified Income Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> State Tax-Free Income Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Pennsylvania Fund |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Tax-Free Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free USA Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free USA Intermediate Fund |
| &nbsp;&nbsp;**Delaware Pooled<sup>®</sup> Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Core Plus Bond Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Emerging Markets Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Emerging Markets Portfolio II |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie High Yield Bond Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Labor Select International Equity Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Large Cap Value Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware REIT Fund |
| &nbsp;&nbsp;**Delaware VIP<sup>®</sup> Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Diversified Income Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Emerging Markets Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** High Yield Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP<sup>®</sup> International Value Equity Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP<sup>®</sup> Limited-Term Diversified Income Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** REIT Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Small Cap Value Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Smid Cap Core Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** U.S. Growth Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Value Series |
| &nbsp;&nbsp;**Voyageur Insured Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Arizona Fund |
| &nbsp;&nbsp;**Voyageur Intermediate Tax Free Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Minnesota Intermediate Fund |
| &nbsp;&nbsp;**Voyageur Mutual Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Minnesota High-Yield Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware National High-Yield Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free California Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Idaho Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free New York Fund |
| &nbsp;&nbsp;**Voyageur Mutual Funds II** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Colorado Fund |
| &nbsp;&nbsp;**Voyageur Mutual Funds III** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Select Growth Fund |
| &nbsp;&nbsp;**Voyageur Tax Free Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Minnesota Fund |
| &nbsp;&nbsp;**Delaware Enhanced Global Dividend and Income Fund** |
| &nbsp;&nbsp;**Delaware Investments Dividend and Income Fund, Inc.** |

---

------

---

| |
|:---|
| &nbsp;&nbsp;**Registrants and Series** |
| &nbsp;&nbsp;**Delaware Investments Colorado Municipal Income Fund, Inc.** |
| &nbsp;&nbsp;**Delaware Investments Minnesota Municipal Income Fund II, Inc.** |
| &nbsp;&nbsp;**Delaware Investments National Municipal Income Fund** |

---

------

## Ex-99.(G)(1)(Iii)

**EX-99.g.1.iii**

***Execution Version***

**AMENDMENT NO. 5 TO MUTUAL FUND CUSTODY AND SERVICES AGREEMENT**

This Amendment ("Amendment") is made as of December 31, 2021 ("Effective Date"), by and between each investment company listed on Appendix D attached hereto (referred to herein, each separately, as the "Fund") and The Bank of New York Mellon (referred to herein as the "Custodian").

**BACKGROUND:**

A. The Fund and the Custodian are parties to a Mutual Fund Custody and Services Agreement dated as of July 20, 2007 (the "Agreement"), relating to the Custodian's provision of custody services described in the Agreement to the Fund. This Amendment is an amendment to the Agreement.

B. The parties desire to amend the Agreement as set forth herein.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;1. A new Article I Section 6.h of the Agreement is hereby added as follows: h. <u>Third Party Data</u>. In performing its services under this Agreement, the Custodian is entitled to rely without inquiry on (1) data provided by the Fund, (2) data provided by market utilities and (3) data provided by other providers of data where such data is required by the Custodian in order for the Custodian to perform its services under this Agreement. The Custodian is not responsible for losses incurred by the Fund in relation to any such data being inaccurate or incomplete. For clarity, if data is provided to the Custodian by an affiliate of the Custodian pursuant to an agreement relating to the Fund to which such affiliate is a party, the foregoing sentence is not intended to affect any liability such affiliate may have pursuant to such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. Article IV Section 5.b of the Agreement is hereby deleted in its entirety and replaced with the following: b. The Custodian shall indemnify and hold the Fund harmless from all liabilities and costs and expenses, including reasonable counsel fees and expenses, resulting from the negligence or willful misconduct of the Custodian, any agent or subcustodian appointed by the Custodian or any of its or their directors, officers, agents, nominees or employees, in the performance of any functions hereunder, or any other failure to comply with the standard of care required by this Agreement. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3. The first sentence of Article IV Section 7.a of the Agreement is hereby deleted in its entirety and replaced with the following: The term of this Agreement shall continue until December 31, 2025 (the "Initial Term").

------

&nbsp;&nbsp;&nbsp;&nbsp;4. The following is added to Article IV Section 7.h of the Agreement: For the avoidance of doubt, the Custodian shall be permitted to retain all or any portion of the records and data and retain any digital backup copies created through automated system processes, in accordance with the confidentiality obligations specified in this Agreement for as long as the information is retained, to the extent required by any applicable law, regulation, supervisory or regulatory body or the Custodian's internal compliance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;5. Article IV Section 9.e of the Agreement is hereby deleted in its entirety and replaced with the following: e. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund, authorized or approved by a vote of the Board, provided, however, that a Fund merger or reorganization where the fund surviving from such merger or reorganization assumes the duties and obligations of such Fund under this Agreement shall not require the Custodian's consent; provided further, however, that the Custodian may not assign or subcontract the rights or delegate the duties or outsource or offshore any services pursuant to this Agreement ("Services"), without the written consent of the Fund, and any other attempted assignment without written consent shall be null and void. Notwithstanding the foregoing, (1) no consent shall be required for the Custodian to assign this Agreement or to assign or subcontract the rights or delegate the duties or outsource or offshore the Services contemplated hereunder to an affiliate of the Custodian, provided the Custodian provides thirty (30) days advance written notice to the other parties hereto, (2) no consent shall be required for the Custodian to assign this Agreement to any successor to the business of the Custodian to which this Agreement relates, provided the Custodian provides thirty (30) days advance written notice (or such shorter notice reasonably necessitated by the circumstances) to the other parties hereto and provided further that such assignee satisfies the requirements for serving as a custodian for an investment company registered under the Investment Company Act of 1940, as amended, and (3) no consent shall be required for the Custodian to utilize a subcustodian in
connection with the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;6. A new final sentence of Article IV Section 9.i of the Agreement is hereby added as follows: Each of the parties to this Agreement expressly and irrevocably waives, to the fullest extent permitted by applicable law, any right to a jury trial with respect to all suits and proceedings arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7. A new Article IV Section 9.m of the Agreement is hereby added as follows: m. In connection with this Agreement, the Fund may enter into foreign exchange transactions (including foreign exchange hedging transactions) with the Custodian or an affiliate of the Custodian acting as a principal or otherwise through customary channels. With respect to such foreign exchange transactions, the Custodian or such affiliate of the Custodian is acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, the Fund, a Series, any investment manager or any account.

------

&nbsp;&nbsp;&nbsp;&nbsp;8. A new Article IV Section 9.n of the Agreement is hereby added as follows: n. For clarity, the Custodian may (1) use information regarding the Fund in connection with certain functions performed on a centralized basis by the Custodian, its affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (2) disclose such information to its affiliates and joint ventures and to its and their service providers who are subject to reasonable confidentiality obligations in accordance with applicable laws and regulations; (3) securely store in a manner consistent with applicable laws and regulations the names and business contact information of the Fund's employees and representatives relating to this Agreement on the systems or in the records of the Custodian's affiliates and joint ventures and its and their service providers; and (4) aggregate information regarding the Fund on an anonymized basis with other similar client data for the Custodian's and its affiliates' reporting, research, product development and distribution, and marketing purposes (for clarity, the Fund will not be charged by the Custodian for such aggregation or use by the Custodian or the Custodian's affiliates, unless agreed to in writing by the Fund). For clarity, the foregoing provisions of this Section 9(n) do not relate to nonpublic personal information or authorize the Custodian to utilize nonpublic personal information in a way that would violate any applicable federal and state privacy laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;9. A new Article IV Section 9.o of the Agreement is hereby added as follows: o. At the Fund's request and subject to the Custodian's approval, as an accommodation to the Fund, the Custodian will provide consolidated recordkeeping services reflecting on statements provided to the Fund assets not held by the Custodian ("Non-Custody Assets"). Non-Custody Assets will be designated on the Custodian's books as "assets not held in custody" or by other similar designation and are not considered assets maintained by the Custodian under this Agreement. The Fund acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (1) the Fund will have no security entitlement against the Custodian with respect to Non-Custody Assets; (2) the Custodian will rely without inquiry on information provided by the Fund or its designee regarding Non-Custody Assets (including positions) and (3) the Custodian will have no responsibility with respect to Non-Custody Assets or the accuracy of any information maintained on the Custodian's books or set forth on account statements concerning Non-Custody Assets.

&nbsp;&nbsp;&nbsp;&nbsp;10. Section 4 of Amendment No. 2 to the Agreement (dated July 1, 2017) is hereby deleted in its entirety and replaced with the following: BNYM shall perform penetration testing activities on its systems related to the Services provided hereunder, at least annually, as part of its information security policies and procedures. The Fund agrees and understands that BNYM does not guarantee that the penetration testing activities will detect all security weaknesses, potential security problems or potential breaches. BNYM will provide the Fund with a certification confirming the completion of the testing promptly after it is complete. The Custodian will at its own cost remediate identified security vulnerabilities in accordance with its information security program.

------

&nbsp;&nbsp;&nbsp;&nbsp;11. Section 7 of Amendment No. 2 to the Agreement (dated July 1, 2017) is hereby deleted in its entirety and replaced with the following: Annually, upon the Fund's request, BNYM will confirm in writing completion of its ISO 27001 certification, and will provide a SOC 1 Type II Report covering BNYM's internal control over financial reporting applicable to the processing of Fund information.

&nbsp;&nbsp;&nbsp;&nbsp;12. Section 9 of Amendment No. 2 to the Agreement (dated July 1, 2017) is hereby deleted in its entirety and replaced with the following: In performing the Services, BNYM shall comply with all laws, rules and regulations in connection with this Agreement to which BNYM is subject and with such standards as may be imposed on BNYM by law and by the requirements of all regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;13. For clarity, as of the Effective Date of this Amendment the Agreement shall be deemed to be in its "Initial Term" (as defined in Section 3 above).

&nbsp;&nbsp;&nbsp;&nbsp;14. Appendix D of the Agreement is hereby deleted in its entirety and replaced with Appendix D attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;15. Appendix E of the Agreement is hereby deleted in its entirety. The first sentence of Article IV Section 1.a of the Agreement is hereby deleted in its entirety and replaced with the following: The Fund will compensate the Custodian for its services rendered under this Agreement in accordance with the fees set forth in a fee schedule agreed in writing between the Fund and the Custodian (the "Fees").

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Miscellaneous</u>.

(a) As hereby amended and supplemented, the Agreement, as well as capitalized terms not defined in this Amendment, shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall control.

(b) The Agreement, as amended hereby, constitutes the complete understanding and agreement of the parties with respect to the subject matter thereof and supersedes all prior communications with respect thereto.

------

(c) To the extent required by applicable law, the terms of this Amendment and the fees and expenses associated with this Amendment have been disclosed to and approved by the governing body of the Fund.

(d) This Amendment shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to its principles of conflicts of laws.

(e) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

------

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

---

| | |
|:---|:---|
| **The Bank of New York Mellon** | **The Bank of New York Mellon** |
| By: | /s/ Chris Healy |
| Name: | Christopher Healy |
| Title: | Managing Director |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP |
| &nbsp;&nbsp;&nbsp;&nbsp;ADVISER FUNDS, on behalf of | &nbsp;&nbsp;&nbsp;&nbsp;ADVISER FUNDS, on behalf of |
| &nbsp;&nbsp;&nbsp;&nbsp;its Portfolios identified on | &nbsp;&nbsp;&nbsp;&nbsp;its Portfolios identified on |
| &nbsp;&nbsp;&nbsp;&nbsp;Appendix D | &nbsp;&nbsp;&nbsp;&nbsp;Appendix D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP CASH | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP CASH |
| &nbsp;&nbsp;&nbsp;&nbsp;RESERVE, on behalf of its | &nbsp;&nbsp;&nbsp;&nbsp;RESERVE, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix | &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D | &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP EQUITY | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP EQUITY |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS I, on behalf of its | &nbsp;&nbsp;&nbsp;&nbsp;FUNDS I, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix | &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D | &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP EQUITY | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP EQUITY |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS II, on behalf of its | &nbsp;&nbsp;&nbsp;&nbsp;FUNDS II, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix | &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D | &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP EQUITY | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP EQUITY |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS IV, on behalf of its | &nbsp;&nbsp;&nbsp;&nbsp;FUNDS IV, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix | &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D | &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP EQUITY | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP EQUITY |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS V, on behalf of its | &nbsp;&nbsp;&nbsp;&nbsp;FUNDS V, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix | &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D | &nbsp;&nbsp;&nbsp;&nbsp;D |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP |
| &nbsp;&nbsp;&nbsp;&nbsp;FOUNDATION FUNDS, on |
| &nbsp;&nbsp;&nbsp;&nbsp;behalf of its Portfolios identified |
| &nbsp;&nbsp;&nbsp;&nbsp;on Appendix D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP INCOME |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP STATE |
| &nbsp;&nbsp;&nbsp;&nbsp;TAX-FREE INCOME TRUST, |
| &nbsp;&nbsp;&nbsp;&nbsp;on behalf of its Portfolios |
| &nbsp;&nbsp;&nbsp;&nbsp;identified on Appendix D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP TAX- |
| &nbsp;&nbsp;&nbsp;&nbsp;FREE FUND, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP |
| &nbsp;&nbsp;&nbsp;&nbsp;GLOBAL & INTERNATIONAL |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;VOYAGEUR INSURED |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;VOYAGEUR INTERMEDIATE |
| &nbsp;&nbsp;&nbsp;&nbsp;TAX FREE FUNDS, on behalf |
| &nbsp;&nbsp;&nbsp;&nbsp;of its Portfolios identified on |
| &nbsp;&nbsp;&nbsp;&nbsp;Appendix D |
| &nbsp;&nbsp;&nbsp;&nbsp;VOYAGEUR MUTUAL |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;VOYAGEUR MUTUAL |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS II, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP |
| &nbsp;&nbsp;&nbsp;&nbsp;GOVERNMENT FUND, on |
| &nbsp;&nbsp;&nbsp;&nbsp;behalf of its Portfolios identified |
| &nbsp;&nbsp;&nbsp;&nbsp;on Appendix D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE GROUP |
| &nbsp;&nbsp;&nbsp;&nbsp;LIMITED-TERM |
| &nbsp;&nbsp;&nbsp;&nbsp;GOVERNMENT FUNDS, on |
| &nbsp;&nbsp;&nbsp;&nbsp;behalf of its Portfolios identified |
| &nbsp;&nbsp;&nbsp;&nbsp;on Appendix D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE POOLED TRUST, |
| &nbsp;&nbsp;&nbsp;&nbsp;on behalf of its Portfolios |
| &nbsp;&nbsp;&nbsp;&nbsp;identified on Appendix D |
| &nbsp;&nbsp;&nbsp;&nbsp;VOYAGEUR MUTUAL |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS III, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;VOYAGEUR TAX FREE |
| &nbsp;&nbsp;&nbsp;&nbsp;FUNDS, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE VIP TRUST, on |
| &nbsp;&nbsp;&nbsp;&nbsp;behalf of its Portfolios identified |
| &nbsp;&nbsp;&nbsp;&nbsp;on Appendix D |
| &nbsp;&nbsp;&nbsp;&nbsp;IVY FUNDS, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;IVY VARIABLE INSURANCE |
| &nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIOS, on behalf of its |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolios identified on Appendix |
| &nbsp;&nbsp;&nbsp;&nbsp;D |
| &nbsp;&nbsp;&nbsp;&nbsp;INVESTED PORTFOLIOS, on |
| &nbsp;&nbsp;&nbsp;&nbsp;behalf of its Portfolios identified |
| &nbsp;&nbsp;&nbsp;&nbsp;on Appendix D |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE INVESTMENTS | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE INVESTMENTS |
| &nbsp;&nbsp;&nbsp;&nbsp;COLORADO MUNICIPAL | &nbsp;&nbsp;&nbsp;&nbsp;COLORADO MUNICIPAL |
| &nbsp;&nbsp;&nbsp;&nbsp;INCOME FUND, INC. | &nbsp;&nbsp;&nbsp;&nbsp;INCOME FUND, INC. |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE INVESTMENTS | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE INVESTMENTS |
| &nbsp;&nbsp;&nbsp;&nbsp;NATIONAL MUNICIPAL | &nbsp;&nbsp;&nbsp;&nbsp;NATIONAL MUNICIPAL |
| &nbsp;&nbsp;&nbsp;&nbsp;INCOME FUND | &nbsp;&nbsp;&nbsp;&nbsp;INCOME FUND |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE INVESTMENTS | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE INVESTMENTS |
| &nbsp;&nbsp;&nbsp;&nbsp;MINNESOTA MUNICIPAL | &nbsp;&nbsp;&nbsp;&nbsp;MINNESOTA MUNICIPAL |
| &nbsp;&nbsp;&nbsp;&nbsp;INCOME FUND II, INC. | &nbsp;&nbsp;&nbsp;&nbsp;INCOME FUND II, INC. |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE INVESTMENTS | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE INVESTMENTS |
| &nbsp;&nbsp;&nbsp;&nbsp;DIVIDEND AND INCOME | &nbsp;&nbsp;&nbsp;&nbsp;DIVIDEND AND INCOME |
| &nbsp;&nbsp;&nbsp;&nbsp;FUND, INC. | &nbsp;&nbsp;&nbsp;&nbsp;FUND, INC. |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE IVY HIGH | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE IVY HIGH |
| &nbsp;&nbsp;&nbsp;&nbsp;INCOME OPPORTUNITIES | &nbsp;&nbsp;&nbsp;&nbsp;INCOME OPPORTUNITIES |
| &nbsp;&nbsp;&nbsp;&nbsp;FUND | &nbsp;&nbsp;&nbsp;&nbsp;FUND |
| &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE ENHANCED | &nbsp;&nbsp;&nbsp;&nbsp;DELAWARE ENHANCED |
| &nbsp;&nbsp;&nbsp;&nbsp;GLOBAL DIVIDEND AND | &nbsp;&nbsp;&nbsp;&nbsp;GLOBAL DIVIDEND AND |
| &nbsp;&nbsp;&nbsp;&nbsp;INCOME FUND | &nbsp;&nbsp;&nbsp;&nbsp;INCOME FUND |
| &nbsp;&nbsp;&nbsp;&nbsp;By: | &nbsp;&nbsp;&nbsp;&nbsp;By: |
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Daniel V. Geatens |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: | Daniel V Geatens |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: | Senior Vice President |

---

------

**<u>Appendix D</u>**

The following Registrants and Series are covered by, and made parties to, the Agreement as of the date first written above.

---

| |
|:---|
| **Registrants and Series** |
| **Delaware Group<sup>®</sup> Adviser Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Diversified Income Fund |
| **Delaware Group<sup>®</sup> Cash Reserve** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Investments Ultrashort Fund |
| **Delaware Group<sup>®</sup> Equity Funds I** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Mid Cap Value Fund |
| **Delaware Group<sup>®</sup> Equity Funds II** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Value**<sup>®</sup>** Fund |
| **Delaware Group<sup>®</sup> Equity Funds IV** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Healthcare Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Smid Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Covered Call Strategy Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Equity Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Global Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Growth and Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Growth Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Hedged U.S. Equity Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Opportunity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Premium Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Total Return Fund |
| **Delaware Group<sup>®</sup> Equity Funds V** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Core Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Wealth Builder Fund |
| **Delaware Group<sup>®</sup> Foundation Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Allocation Fund |
| **Delaware Group<sup>®</sup> Global & International Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware International Small Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware International Value Equity Fund |
| **Delaware Group<sup>®</sup> Government Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Debt Corporate Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Strategic Income Fund |

---

------

---

| |
|:---|
| **Registrants and Series** |
| **Delaware Group<sup>®</sup> Income Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Corporate Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Extended Duration Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Floating Rate Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware High-Yield Opportunities Fund |
| **Delaware Group<sup>®</sup> Limited-Term Government Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Limited-Term Diversified Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free New Jersey Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Oregon Fund |
| **Delaware Group<sup>®</sup> State Tax-Free Income Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Pennsylvania Fund |
| **Delaware Group<sup>®</sup> Tax-Free Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free USA Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free USA Intermediate Fund |
| **Delaware Pooled<sup>®</sup> Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Emerging Markets Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Emerging Markets Portfolio II |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Labor Select International Equity Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Global Listed Real Assets Fund *(formerly, Delaware REIT Fund)* |
| **Delaware VIP<sup>®</sup> Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Emerging Markets Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Small Cap Value Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Equity Income Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Fund for Income Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Growth and Income Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Growth Equity Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** International Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Investment Grade Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Limited Duration Bond Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Opportunity Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Special Situations Series |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Total Return Series |
| **InvestEd Portfolios** |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 90 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 80 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 70 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 60 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 50 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 40 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 30 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 20 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 10 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;InvestEd 0 Portfolio |

---

------

---

| |
|:---|
| **Registrants and Series** |
| **Ivy Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Accumulative Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Multi-Asset Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Strategic Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Asset Strategy Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Balanced Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy California Municipal High Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Cash Management Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Core Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Corporate Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Crossover Credit Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Systematic Emerging Markets Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Energy Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Global Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Global Equity Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Global Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Government Money Market Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Government Securities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy High Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy International Core Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy International Small Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Large Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy LaSalle Global Real Estate Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Limited-Term Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Managed International Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Mid Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Mid Cap Income Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Municipal High Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Natural Resources Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Emerging Markets Local Currency Debt Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Total Return Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy High Yield Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy ProShares MSCI ACWI Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy ProShares S&P 500 Bond Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy S&P 500 Dividend Aristocrats Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy International Value Fund |

---

------

---

| |
|:---|
| **Registrants and Series** |
| **Ivy Funds** *(continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Science and Technology Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Securian Core Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Securian Real Estate Securities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Smid Cap Core Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy Wilshire Global Allocation Fund |
| **Ivy Variable Insurance Portfolios** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Asset Strategy |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Balanced |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Core Equity |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Corporate Bond |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Global Bond |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Global Equity Income |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Global Growth |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Government Money Market |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Growth |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP High Income |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP International Core Equity |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Limited-Term Bond |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Mid Cap Growth |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Natural Resources |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Pathfinder Aggressive |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Pathfinder Conservative |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Pathfinder Moderate |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Pathfinder Moderate - Managed Volatility |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Pathfinder Moderately Aggressive |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Pathfinder Moderately Conservative |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Science and Technology |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Securian Real Estate Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Smid Cap Core |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Small Cap Growth |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Ivy VIP Value |
| **Voyageur Insured Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Arizona Fund |
| **Voyageur Intermediate Tax Free Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Minnesota Intermediate Fund |

---

------

---

| |
|:---|
| **Voyageur Mutual Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Minnesota High-Yield Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware National High-Yield Municipal Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free California Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Idaho Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free New York Fund |
| **Voyageur Mutual Funds II** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Colorado Fund |
| **Voyageur Mutual Funds III** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Select Growth Fund |
| **Voyageur Tax Free Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Minnesota Fund |
| **Delaware Enhanced Global Dividend and Income Fund** |
| **Delaware Investments Dividend and Income Fund, Inc.** |
| **Delaware Investments Colorado Municipal Income Fund, Inc.** |
| **Delaware Investments Minnesota Municipal Income Fund II, Inc.** |
| **Delaware Investments National Municipal Income Fund** |
| **Delaware Ivy High Income Opportunities Fund** |

---

------

## Ex-99.(G)(1)(Iv)

**EX-99.g.1.iv**

**AMENDMENT NO. 6 <br>TO <br>MUTUAL FUND CUSTODY AND SERVICES AGREEMENT**

THIS AMENDMENT ("**Amendment**") is made as of December 31, 2021 (the "**Effective Date**") to that certain Mutual Fund Custody and Services Agreement dated as of July 20, 2007 (as amended, restated, supplemented or otherwise modified, the "**Agreement**") by and between each investment company set forth on Appendix D thereto (each an "**Existing Fund**" and collectively, the "**Existing Funds**"), on behalf of its respective Series, and The Bank of New York Mellon (formerly Mellon Bank, N.A.) (the "**Custodian**").

**BACKGROUND:**

A. Custodian serves as custodian and performs certain services for the Existing Funds pursuant to the Agreement.

B. Each New Fund (defined below, and collectively with the Existing Funds, the "**Funds**") is not a registered investment company and desires to retain the Custodian to act as custodian of its assets and to perform the services described in the Agreement as amended hereby.

C. The parties desire to amend the Agreement as set forth herein.

D. This Background section is incorporated by reference into and made part of this Amendment

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement is hereby amended as of the Effective Date by adding each of the following Funds (each a "**New Fund**") to Appendix D of the Agreement:

Ivy ASF II, Ltd.

Ivy VIP ASF II, Ltd.

Ivy ASF III, LLC

Ivy VIP ASF III (SBP), LLC

Ivy WGA III (SBP), LLC

Ivy EME, Ltd.

------

&nbsp;&nbsp;&nbsp;&nbsp;2. The Agreement is hereby amended as of the Effective Date by inserting the following at the end of Article IV of the Agreement:

"**10. <u>Adding Additional Funds to the Agreement</u>**. One or more additional investment funds or vehicles which are advised by a Fund's investment adviser but which are organized as separate legal entities from the Funds may be added as a party to the Agreement from time to time ("<u>Additional Funds</u>") through the execution of an amendment to the Agreement including, without limitation, an instrument of accession among each Fund party to the Agreement, such Additional Fund and Custodian whereby each such Additional Fund(s) and Custodian will agree to be bound by the terms of this Agreement. The addition of Additional Fund(s) to the Agreement will not affect the rights or obligations of the Funds under the terms of the Agreement. The obligations of the Funds and any Additional Fund(s) to Custodian under the Agreement shall be several and not joint or joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Applicability of Agreement to Non-Registered Investment Companies</u>**. Except as noted in the next sentence, the terms and provisions of this Agreement shall be construed to apply to any investment fund or investment vehicle which is not organized as a registered investment company ("<u>non-RIC</u>") and which is added as a party to the Agreement as an Additional Fund or Series and its Shares. If a term or provision is inapplicable to a non-RIC or its Shares because it (i) applies to a regulatory provision not applicable to non-RICs (e.g., the 1940 Act), (ii) applies to a structural feature either not present in a non-RIC or not applicable to a non-RIC's shares or (iii) is unambiguously not applicable to a non-RIC based on its context, then such term or provision shall not apply to such non-RIC or its Shares. Subject to this Section 11, the term "Fund" as used throughout this Agreement shall be construed to include any non-RIC that is an Additional Fund, as applicable."

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used in this Amendment not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall control with respect to the matters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

*[Remainder of page intentionally left blank]<br>[Signature pages follow]* <br>

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Chris Healy |
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christopher Healy  |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managing Director |

---

**IVY ASF II, LTD.**

**By: Macquarie Alternative Strategies, a <br>series of Macquarie Investment <br>Management Business Trust, solely in its <br>capacity of investment adviser**

By signing below Macquarie Alternative <br>Strategies in its individual capacity covenants <br>to the Custodian that Ivy ASF II, Ltd. has the <br>power to authorize and direct, and has duly <br>authorized and directed, Macquarie <br>Alternative Strategies to bind it to the terms <br>of this Amendment

---

| | |
|:---|:---|
| **By**: | /s/ Daniel V. Geatens |
| **Name:** | Daniel V Geatens  |
| **Title:** | Senior Vice President |

---

**IVY VIP ASF II, LTD.**

**By: Macquarie Alternative Strategies, a <br>series of Macquarie Investment <br>Management Business Trust, solely in its <br>capacity of investment adviser**

By signing below Macquarie Alternative <br>Strategies in its individual capacity covenants <br>to the Custodian that Ivy VIP ASF II, Ltd. has <br>the power to authorize and direct, and has <br>duly authorized and directed, Macquarie

------

Alternative Strategies to bind it to the terms <br>of this Amendment

---

| | |
|:---|:---|
| **By**: | /s/ Daniel V. Geatens |
| **Name:** | Daniel V Geatens  |
| **Title:** | Senior Vice President |

---

**IVY ASF III, LLC**

**By: Macquarie Alternative Strategies, a <br>series of Macquarie Investment <br>Management Business Trust, solely in its <br>capacity of investment adviser**

By signing below Macquarie Alternative <br>Strategies in its individual capacity covenants <br>to the Custodian that Ivy ASF III, LLC has <br>the power to authorize and direct, and has <br>duly authorized and directed, Macquarie <br>Alternative Strategies to bind it to the terms <br>of this Amendment

---

| | |
|:---|:---|
| **By**: | /s/ Daniel V. Geatens |
| **Name:** | Daniel V Geatens  |
| **Title:** | Senior Vice President |

---

**IVY VIP ASF III (SBP), LLC**

**By: Macquarie Alternative Strategies, a <br>series of Macquarie Investment <br>Management Business Trust, solely in its <br>capacity of investment adviser**

By signing below Macquarie Alternative <br>Strategies in its individual capacity covenants <br>to the Custodian that Ivy VIP ASF III (SBP), <br>LLC has the power to authorize and direct, <br>and has duly authorized and directed, <br>Macquarie Alternative Strategies to bind it to <br>the terms of this Amendment

------

---

| | |
|:---|:---|
| **By**: | /s/ Daniel V. Geatens |
| **Name:** | Daniel V Geatens  |
| **Title:** | Senior Vice President |

---

**IVY WGA III (SBP), LLC**

**By: Macquarie Alternative Strategies, a <br>series of Macquarie Investment <br>Management Business Trust, solely in its <br>capacity of investment adviser**

By signing below Macquarie Alternative <br>Strategies in its individual capacity covenants <br>to the Custodian that Ivy WGA III (SBP), <br>LLC has the power to authorize and direct, <br>and has duly authorized and directed, <br>Macquarie Alternative Strategies to bind it to <br>the terms of this Amendment

---

| | |
|:---|:---|
| **By**: | /s/ Daniel V. Geatens |
| **Name:** | Daniel V Geatens  |
| **Title:** | Senior Vice President |

---

**IVY EME, LTD.**

**By: Macquarie Alternative Strategies, a <br>series of Macquarie Investment <br>Management Business Trust, solely in its <br>capacity of investment adviser**

By signing below Macquarie Alternative <br>Strategies in its individual capacity covenants <br>to the Custodian that Ivy EME, Ltd. has the <br>power to authorize and direct, and has duly <br>authorized and directed, Macquarie <br>Alternative Strategies to bind it to the terms <br>of this Amendment

---

| | |
|:---|:---|
| **By**: | /s/ Daniel V. Geatens |
| **Name:** | Daniel V Geatens  |
| **Title:** | Senior Vice President |

---

------

**DELAWARE GROUP ADVISER FUNDS,** <br> on behalf of its Series identified on Schedule <br>A to Amendment No. 5 to the Agreement

**DELAWARE GROUP CASH RESERVE,** <br> on behalf of its Series identified on Schedule <br>A to Amendment No. 5 to the Agreement

**DELAWARE GROUP EQUITY FUNDS I,** <br> on behalf of its Series identified on Schedule <br>A to Amendment No. 5 to the Agreement

**DELAWARE GROUP EQUITY FUNDS II,** <br> on behalf of its Series identified Schedule <br>A to Amendment No. 5 to the Agreement

**DELAWARE GROUP EQUITY FUNDS <br>IV,** on behalf of its Series identified on <br>Schedule A to Amendment No. 5 to the <br>Agreement

**DELAWARE GROUP EQUITY FUNDS <br>V,** on behalf of its Series identified on <br>Schedule A to Amendment No. 5 to the <br>Agreement

**DELAWARE GROUP FOUNDATION <br>FUNDS,** on behalf of its Series identified on <br>Schedule A to Amendment No. 5 to the <br>Agreement

**DELAWARE GROUP INCOME FUNDS,** <br> on behalf of its Series identified on Schedule <br>A to Amendment No. 5 to the Agreement

**DELAWARE GROUP STATE TAX-<br>FREE INCOME TRUST,** on behalf of its <br>Series identified on Schedule A to <br>Amendment No. 5 to the Agreement

------

**DELAWARE GROUP TAX-FREE FUND,** <br> on behalf of its Series identified on Schedule <br>A to Amendment No. 5 to the Agreement

**DELAWARE GROUP TAX-FREE <br>MONEY FUND,** on behalf of its Series <br>identified on Schedule A to Amendment No. <br>5 to the Agreement

**DELAWARE GROUP GLOBAL & <br>INTERNATIONAL FUNDS,** on behalf of <br>its Series identified on Schedule A to <br>Amendment No. 5 to the Agreement

**VOYAGEUR INSURED FUNDS,** on behalf <br>of its Series identified on Schedule A to <br>Amendment No. 5 to the Agreement

**VOYAGEUR INTERMEDIATE TAX-<br>FREE FUNDS,** on behalf of its Series <br>identified on Schedule A to Amendment No. <br>5 to the Agreement

**VOYAGEUR MUTUAL FUNDS,** on behalf <br>of its Series identified on Schedule A to <br>Amendment No. 5 to the Agreement

**VOYAGEUR MUTUAL FUNDS II,** on <br>behalf of its Series identified on Schedule A <br>to Amendment No. 5 to the Agreement

**DELAWARE GROUP GOVERNMENT <br>FUND,** on behalf of its Series identified on <br>Schedule A to Amendment No. 5 to the <br>Agreement

**DELAWARE GROUP LIMITED-TERM <br>GOVERNMENT FUNDS,** on behalf of its <br>Series identified on Schedule A to <br>Amendment No. 5 to the Agreement

**DELAWARE POOLED TRUST,** on behalf <br>of its Series identified on Schedule A to <br>Amendment No. 5 to the Agreement

------

**VOYAGEUR MUTUAL FUNDS III,** on <br>behalf of its Series identified on Schedule A <br>to Amendment No. 5 to the Agreement

**VOYAGEUR TAX FREE FUNDS,** on <br>behalf of its Series identified on Schedule A <br>to Amendment No. 5 to the Agreement

**DELAWARE VIP TRUST,** on behalf of its <br>Series identified on Schedule A to <br>Amendment No. 5 to the Agreement

**IVY FUNDS**, on behalf of its Series <br>identified on Schedule A to Amendment No. <br>5 to the Agreement

**IVY VARIABLE INSURANCE <br>PORTFOLIOS**, on behalf of its Series <br>identified on Schedule A to Amendment No. <br>5 to the Agreement

**INVESTED**, on behalf of its Series identified <br>on Schedule A to Amendment No. 5 to the <br>Agreement

**DELAWARE INVESTMENTS <br>COLORADO INSURED MUNICIPAL <br>FUND, INC.**

**DELAWARE INVESTMENTS <br>NATIONAL INSURED MUNICIPAL <br>INCOME FUND**

**DELAWARE INVESTMENTS <br>MINNESOTA MUNICIPAL INCOME <br>FUND II, INC.**

**DELAWARE INVESTMENTS <br>DIVIDEND AND INCOME FUND, INC.**

**DELAWARE ENHANCED GLOBAL <br>DIVIDEND AND INCOME FUND**

**DELAWARE IVY HIGH INCOME<br>OPPORTUNITIES FUND**

---

| | |
|:---|:---|
| By: | /s/ Daniel V. Geatens |

---

Name: <u> Daniel V Geatens </u> <br>Title: <u> Senior Vice President</u>

------

## Ex-99.(H)(1)(I)

**EX-99.h.1.i**

**AMENDED AND RESTATED SCHEDULE B TO SHAREHOLDER SERVICES AGREEMENT**

**(the Shareholder Services Agreement is the "Agreement")**

**COMPENSATION SCHEDULE**

**EFFECTIVE JUNE 25, 2022**

**DELAWARE FUNDS BY MACQUARIE**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>All retail Series (the "Retail Series") (includes the Delaware Global Listed Real Assets Fund of Delaware Pooled Trust ("DPT"), but does not include the other Series of DPT or any Series of Delaware VIP Trust ("VIP") or Ivy Variable Insurance Portfolios ("Ivy VIP"))</u>. The compensation payable to Delaware Investments Fund Services Company ("DIFSC") for providing services to each Series of the Trust will be at the annual rates set forth in the table below based on the average daily net assets of each Series:

---

| | |
|:---|:---|
| **Aggregate Assets of the Retail Series** | **DIFSC Transfer Agency Fee** |
| Up to $20 billion | 0.0140% |
| From $20 - $25 billion | 0.0110% |
| From $25 - $30 billion | 0.0070% |
| From $30 - $50 billion | 0.0040% |
| From $50 - $75 billion | 0.0020% |
| Over $75 billion | 0.0015% |

---

---

| | |
|:---|:---|
|  | DIFSC will bill, and the Trust will pay, such compensation monthly. In addition, DIFSC shall be entitled to reimbursement of out-of-pocket expenses paid on behalf of the Trust. |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | <u>DPT, VIP and Ivy VIP (except the Delaware REIT Fund of DPT)</u>. DIFSC's compensation for providing services to the Series will be 0.0075% of average daily net assets per Series annually. DIFSC will bill, and the Trust will pay, such compensation monthly. In addition, DIFSC shall be entitled to reimbursement of out-of-pocket expenses paid on behalf of the Trust. |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | <u>All Trusts</u>. The Trust will bear its allocable portion of all third party transfer agent fees and expenses, including expenses related to sub-transfer agency services provided by BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon") and omnibus fees and networking fees that are charged by third party financial intermediaries. DIFSC is the Trust's operational interface with a variety of third party administrators, banks, trust companies, and other organizations that provide retirement administration, trust or other collective services to the Trust's shareholders. Sub-transfer agency fees (or similar fees) related to such relationships on a retirement processing system will be passed on to the Trust at cost, without markup, and such fees will be allocated among all share classes except Class R6 (which does not pay sub-transfer agency or similar fees outside of the Sub-TA Agreement with BNY Mellon noted below) and Class E (which is used exclusively for 529 plans) in accordance with the Trust's then-current Multiple Class Plan pursuant to Rule 18f-3 of the Investment Company Act of 1940, as amended. |

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&nbsp;&nbsp;&nbsp;&nbsp;4. If during the term of the Sub-Transfer Agency and Shareholder Services Agreement between DIFSC and BNY Mellon (the "Sub-TA Agreement") the Trust (i) terminates the Agreement other than "for cause" (defined herein as a termination based on DIFSC's material and systemic failure to provide (or arrange for the provision of) the services under the Agreement in a commercially reasonable manner as determined by reference to quarterly performance reports); and (ii) enters into a new transfer agency service agreement with a transfer agency service provider other than BNY Mellon, then the Trust shall bear: (a) its deconversion expenses associated with the transmittal of Series data to the successor service provider; and (b) the portion of the liquidated damages relating to the Trust that are payable to BNY Mellon in connection with a wrongful termination of the Sub-TA Agreement by the Trust.

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| | |
|:---|:---|
| **AGREED AND ACCEPTED:** |  |
| **DELAWARE INVESTMENTS FUND SERVICES COMPANY** | **DELAWARE FUNDS BY MACQUARIE**, on behalf of the registered investment companies listed on Attachment A |
| By: <u>/s/ Richard Salus</u> | By: <u>/s/ Shawn K. Lytle</u> |
| Name: Richard Salus | Name: Shawn K. Lytle |
| Title: Senior Vice President | Title: President and Chief Executive Officer |

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**ATTACHMENT A**

**TO**

**AMENDED AND RESTATED SCHEDULE B TO SHAREHOLDER SERVICES AGREEMENT**

**COMPENSATION SCHEDULE**

**INVESTMENT COMPANY PARTIES TO AGREEMENT<sup>\*</sup>**

---

| | |
|:---|:---|
| **Delaware Group Adviser Funds** | **Delaware Pooled Trust** |
| **Delaware Group Cash Reserve** | **Delaware VIP Trust** |
| **Delaware Group Equity Funds I** | **Voyageur Insured Funds** |
| **Delaware Group Equity Funds II** | **Voyageur Intermediate Tax Free Funds** |
| **Delaware Group Equity Funds IV** | **Voyageur Mutual Funds** |
| **Delaware Group Equity Funds V** | **Voyageur Mutual Funds II** |
| **Delaware Group Foundation Funds** | **Voyageur Mutual Funds III** |
| **Delaware Group Global & International Funds** | **Voyageur Tax Free Funds** |
| **Delaware Group Government Fund** | **Ivy Funds** |
| **Delaware Group Income Funds** | **Ivy Variable Insurance Portfolios** |
| **Delaware Group Limited-Term Government Funds** | |
| **Delaware Group State Tax-Free Income Trust** | |
| **Delaware Group Tax-Free Fund** | |

---

\* Each Investment Company Party is a Trust. <br>

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## Ex-99.(H)(2)

**Delaware Funds**

EX-99.h.2

**AMENDED AND RESTATED FUND ACCOUNTING and Financial Administration<br>Services AGREEMENT**

THIS AGREEMENT is made as of the 1st day of January, 2014 (the "**Effective Date**") by and between The Bank of New York Mellon (referred to herein as "**BNYM**"), a bank organized under the laws of the State of New York having its principal place of business at One Wall Street, New York, NY 10286, and each investment company listed on <u>Schedule A</u> (referred to herein, individually, as a "**Fund**" and, collectively, as the "**Funds**"), having its principal place of business at 2005 Market Street, Philadelphia, PA 19103.

WHEREAS, each Fund is registered with the Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940 (the "**1940 Act**"), and is classified as an open-end management investment company, unless otherwise noted;

WHEREAS, BNYM is engaged in the fund accounting and financial administration services business; and

WHEREAS, each Fund desires that BNYM perform the fund accounting, financial administration and related services described in this Agreement for the Fund, and BNYM is willing to perform such services on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which are acknowledged, and intending to be legally bound, each Fund and BNYM agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNYM shall perform for each Fund and its series (including all share classes) listed in <u>Schedule A</u> to this Agreement, the fund accounting, financial administration and related services set forth in <u>Schedule B</u> to this Agreement ("**Services**"). BNYM and a Fund may mutually agree to add or delete a Fund series and/or class, which must be evidenced by amending <u>Schedule A</u>. Each existing and future series of a Fund (including all share classes) covered by this Agreement is individually and collectively referred to as a "**Portfolio**." BNYM may perform other services for each Fund only upon terms, conditions and compensation that BNYM and each Fund mutually agree to, as evidenced by an amendment to this Agreement or <u>Schedule</u> <u>B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BNYM may enter into additional agreements with each Fund or its designated service provider from time to time with respect to: (i) certain operational functions that BNYM will perform in connection with this Agreement; and (ii) performance measures pursuant to which BNYM will be expected to provide the Services (the "**Service Level Documents**"). The Service Level Documents will be designed to provide operational guidance and performance metrics information that may be used by each Fund and BNYM to assist in the delivery of the Services and to measure BNYM's performance in providing the Services. Each Fund and BNYM agree that the Service Level Documents will reflect the division of operational functions between or among each Fund, its agents and BNYM, and specific performance measures for BNYM, rather than imposing specific contractual obligations under this Agreement. Notwithstanding the foregoing, (i) BNYM's material and systemic failure to perform its operational functions or to satisfy the performance measures pursuant to the Service Level Documents may be considered a material breach of the "**For Cause**" provisions described in Section 3.B of this Agreement; (ii) the Service Level Documents may provide remedies for the failure to satisfy the operational functions or performance measures contemplated thereunder that are separate and apart from any right that each Fund or BNYM may exercise under this Agreement; and (iii) BNYM's performance or non-performance of the Services, separate and apart from the operational functions and performance measures reflected in any Service Level Document, may give rise to any remedies that each Fund may assert against BNYM under the terms of this Agreement.

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**Delaware Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. BNYM's present intention is to utilize the Eagle STAR/PACE platform as its fund accounting platform, with the understanding of the parties that BNYM reserves the right to utilize other accounting platform(s) that allow(s) BNYM to perform the Services at a quality and level equivalent to the quality and level set forth in the Service Level Documents. BNYM shall be responsible for the costs and expenses incurred by BNYM and the Funds for converting from the Eagle STAR/PACE platform to other accounting platform(s) in accordance with this subparagraph C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation and Expenses</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In return for performing the Services, the Funds shall compensate BNYM as set forth in this Section and in <u>Schedule C</u> to this Agreement. Fees due will be accrued daily. If this Agreement is lawfully terminated before the end of any month, fees shall be calculated on a pro rated basis through the date of termination and shall be due upon the Agreement's termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Fund will pay all of its own expenses that are incurred in the Fund's operation and not specifically assumed by BNYM. Expenses to be borne by each Fund include, but are not limited to: pricing, security and other similar data information vendor services; organizational expenses; costs of services of the Fund's independent registered public accounting firm ("**Independent Accountant**") and the Fund's outside legal and tax counsel (including such counsel's review of the Fund's registration statement, proxy materials, federal and state tax qualification as a regulated investment company and any review of reports and materials prepared by BNYM under this Agreement); costs of any services contracted for by the Fund directly from parties other than BNYM; trade association dues; costs of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Fund; investment advisory fees; taxes; Fund insurance premiums and other Fund insurance-related fees and expenses applicable to its operation; costs incidental to any meetings of shareholders, including, but not limited to, legal and auditor fees, proxy filing fees and the costs of printing and mailing of any proxy materials; costs incidental to Fund board meetings, including fees and expenses of Fund board members, but excluding costs specifically assumed by BNYM; the salary and expenses of any officer, director/trustee or employee of the Fund who is not also a BNYM employee; registration fees, filing fees, and costs incidental to the preparation, typesetting, printing and/or distribution, as applicable, of the Fund's registration statements on Forms N-1A, N-2, N-3, N-4, N-6, and N-14, as applicable, and any amendments thereto, shareholder reports on Form N-CSR, Form N-SARs, Form N-Q, Form N-PX, Form N-MFP, tax returns, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; and other expenses properly payable by the Fund.

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**Delaware Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each Fund agrees to reimburse BNYM for its actual out-of-pocket expenses in providing the Services, including without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the electronic transmission expenses incurred by BNYM in communicating with such Fund, such Fund's investment advisers (which term, for purposes of this Agreement, shall be interpreted to include any sub-advisers) or custodian, dealers or others as required for BNYM to perform the Services, if an Authorized Person requests such electronic transmission and provides BNYM with prior written approval;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the costs of creating microfilm, microfiche or electronic copies of such Fund's records, and the costs of storage of paper and electronic copies of such Fund's records; provided, that BNYM must obtain the prior written approval of an Authorized Person if such costs for the Fund exceed $7,500 in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the charges for services provided by vendors set forth in <u>Schedule D</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) any additional expenses incurred by BNYM at the written direction of an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) any additional expenses reasonably incurred by BNYM in the performance of the Services, provided that, (a) if any individual expense is less than $1,000, BNYM shall provide prior written notice to such Fund to the extent practicable, and (b) if any individual expense is $1,000 or more, BNYM must obtain the prior written approval of an Authorized Person of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) in the event that BNYM is requested or authorized by such Fund or is required by law, summons, subpoena, investigation, examination or other legal or regulatory process to produce documents or personnel with respect to the Services, and so long as BNYM is not the subject of the investigation or proceeding in question, such Fund will reimburse BNYM for its actual out-of-pocket expenses (including reasonable attorneys' fees) incurred in responding to these requests. In addition, when non-routine, extensive or extraordinary productions or investigations occur, BNYM will notify such Fund (as soon as reasonably practicable) and such Fund will reimburse BNYM for its personnel's professional time (at BNYM's standard billing rates or other mutually agreed upon rates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. BNYM shall be entitled to receive the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Any systems development and project fees for new or enhanced products or services requested by a Fund (including significant enhancements required by regulatory changes), and all systems-related expenses associated with the provision of special reports and services, in each case as agreed upon in advance by an Authorized Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Ad hoc reporting fees billed at an agreed upon rate.

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**Delaware Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. BNYM will bill each Fund on a monthly basis for the fees and expenses owed to BNYM by such Fund under this Agreement. The monthly bill shall be set forth on a detailed invoice in a form mutually agreed upon by BNYM and the Funds. BNYM shall send such invoice to each Fund no later than fifteen (15) days after the last day of each month; provided, however, that the failure by BNYM to do so shall not be considered a breach of this Agreement. Each Fund shall pay such invoice within fifteen (15) days of receipt of such invoice by such Fund. Any undisputed fees or expenses that are not paid by a Fund within the required time frame shall be subject to a late fee of 1.5% of the amount billed for each month that such fees or expenses remain unpaid, and the late fee shall be due and payable upon demand. If any fees or any expenses are disputed by a Fund, BNYM and such Fund shall work together in good faith to resolve the dispute promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. BNYM will assume responsibility for the costs of its ordinary and necessary office facilities (including telephone, telephone transmission, and telecopy expenses), equipment and personnel to perform the Services, including the compensation of its employees who serve as Fund trustees, directors or officers. In the event that BNYM is the subject of an examination, subpoena, investigation, proceeding or legal or regulatory process relating to the Services it provides to a Fund ("**BNYM Services Inquiry**"), and if BNYM requests that the Fund provide, or if the Fund is required by law, summons, subpoena, investigation, examination or other legal or regulatory process, to produce documents or personnel with respect to the Services, then BNYM will reimburse the Fund for its actual out-of-pocket expenses (including reasonable attorneys' fees) incurred in responding to these requests. Furthermore, if the BNYM Services Inquiry is non-routine, extensive or extraordinary, then BNYM will reimburse the Fund for its personnel's professional time at mutually agreed upon rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Length and Termination of Agreement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The term of this Agreement shall begin on the Effective Date and continue for an initial term of four (4) years (the "**Initial Term**"). Unless otherwise terminated in accordance with its terms, BNYM shall either (i) request that this Agreement be extended for an additional four (4) year period, or (ii) indicate that this Agreement will be terminated upon the expiration of the Initial Term or a Renewal Term (as the case may be), in either case by sending a written notice of its intent to the Funds no later than three (3) months prior to the third anniversary of the Effective Date of the Initial Term or three (3) months prior to the third anniversary of the effective date of a Renewal Term (as the case may be). If BNYM requests that this Agreement be extended for an additional four (4) year period and the Funds do not reject such request in writing to BNYM by the third anniversary of the Effective Date of the Initial Term or the third anniversary of the effective date of a Renewal Term (as the case may be), this Agreement shall be extended for an additional four (4) year period (a "**Renewal Term**"). If either (a) BNYM indicates that this Agreement will be terminated upon the expiration of the Initial Term or a Renewal Term (as the case may be) by sending a written notice of its intent to the Funds no later than three (3) months prior to the third anniversary of the Effective Date of the Initial Term or three (3) months prior to the third anniversary of the effective date of a Renewal Term (as the case may be), or (b) the Funds respond to BNYM's request to extend for an additional four (4) year period by rejecting such request in writing to BNYM no later than the third anniversary of the Effective Date of the Initial Term or the third anniversary of the effective date of a Renewal Term (as the case may be), then this Agreement shall continue in effect until the date on which the Funds complete their conversion to a successor service provider, provided that such date: (i) shall not be earlier than the end of the Initial Term or Renewal Term (as the case may be) and (ii) shall not be later than one (1) year after the end of the Initial Term or Renewal Term (as the case may be).

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**Delaware Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. This Agreement may be terminated by the following party or parties, as the case may be, for one or more of the following reasons, provided the terminating party provides the applicable written notice to the other party or parties, as the case may be, of the reason for such termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) <u>NonRenewal</u>: BNYM or the Funds may decline to extend the terms of this Agreement beyond the Initial Term under subparagraph A of this Section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) <u>Mutual Agreement</u>: BNYM and the Funds may mutually agree in writing to terminate this Agreement at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) "<u>For Cause"</u>: (a) BNYM may terminate this Agreement "For Cause," as defined below, by providing the Funds with written notice of termination "For Cause" (a "Breach Termination Notice") at least 60 days prior to the date of termination of this Agreement, or (b) a Fund may terminate this Agreement with respect to such Fund "For Cause," as defined below, by providing BNYM with a Breach Termination Notice at least 60 days prior to the date of termination of this Agreement with respect to such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) <u>Failure to Pay</u>: BNYM may terminate this Agreement if BNYM has notified the Funds that they have failed to pay BNYM any undisputed amounts when due under this Agreement and the Funds have failed to cure such default within 30 days of receipt of such notice (or, if the Funds have disputed in good faith any fees over and above the minimum fees set forth in Schedule C or any expenses, upon final resolution of such dispute).

For purposes of subparagraph (iii) above, "**For Cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material breach of this Agreement by any other party or parties, as the case may be, that has not been remedied for 30 days following written notice by the terminating party that identifies in reasonable detail the alleged failure of the other party or parties, as the case may be, to perform, provided that if such default is capable of being cured, then the other party or parties, as the case may be, are entitled to such longer period as may reasonably be required to cure such default if the other party or parties, as the case may be, have commenced such cure and is diligently pursuing same, but such cure must be completed within 120 days in any event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when any other party or parties, as the case may be, commit any act or omission that constitutes gross negligence, willful misconduct, fraud or reckless disregard of its or their duties under this Agreement and that act or omission results in material adverse consequences to the terminating party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a final, unappealable judicial, regulatory or administrative ruling or order in which any other party or parties, as the case may be, have been found guilty of criminal or unethical behavior in the conduct of its business that directly relates to the subject matter of the Services; or

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**Delaware Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when any other party or parties, as the case may be, shall make a general assignment for the benefit of its or their creditors or any proceeding shall be instituted by or against the other party or parties, as the case may be, to adjudicate it or them as bankrupt or insolvent, or to seek to liquidate, wind up, or reorganize the other party or parties, as the case may be, or protect or relieve its or their debts under any law, or to seek the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or them or for a substantial portion of its or their assets, which proceeding shall remain unstayed for sixty (60) days or the other party or parties, as the case may be, have taken steps to authorize any of the above actions or has become unable to pay its or their debts as they mature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If this Agreement is terminated by any party (regardless of whether it is terminated pursuant to paragraph B. above or for any reason other than those specified in paragraph B. above), the Funds shall pay to BNYM on or before the effective date of such termination any undisputed and unpaid fees owed to, and shall reimburse BNYM for any undisputed and unpaid out-of-pocket costs and expenses owed to, BNYM under this Agreement prior to its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If either (i) the Funds terminate this Agreement for any reason other than those specified in paragraph B. above ("Early Termination"), or (ii) BNYM terminates this Agreement "For Cause" or the Funds' "failure to pay" under subparagraphs B(iii) or B(iv) of this Section, respectively, then the Funds shall make a one-time cash payment (a **"Termination Fee"**) equal to the lesser of (A) all fees and other amounts calculated as if BNYM were to provide all services hereunder until the expiration of, as applicable, the Initial Term or the then current Renewal Term, based upon the Average Three Month Fees (as defined below), or (B) a percentage (the "Stated Percentage") of all fees and other amounts calculated as if BNYM were to provide all services hereunder for a period of one year based upon Average Three Month Fees (as defined below). For purposes of this Agreement, "Average Three Month Fees" means the average of (i) the aggregate fees (excluding out-of-pocket expenses) due to BNYM under this Agreement during the last three full calendar months immediately prior to the date of the notice of Early Termination or Breach Termination Notice, as applicable, and (ii) the aggregate fees (excluding out-of-pocket expenses) due to BNYM under this Agreement during the last full three full calendar months immediately prior to the termination date of this Agreement. The Stated Percentage shall be: (i) 100% during the first two years of the Initial Term or Renewal Term (as the case may be); (ii) 50% during the third year of the Initial Term or Renewal Term (as the case may be); and (iii) 25% during the fourth year of the Initial Term or Renewal Term (as the case may be). In addition, the Funds shall reimburse BNYM promptly for any actual, provable, extraordinary, non-customary and direct costs and expenses (other than any Costs and Expenses) incurred by BNYM in connection with effecting such termination and converting the Funds to a successor service provider, including without limitation the delivery to such successor service provider, the Funds and/or other Funds' service providers any of the Funds' property, records, data, instruments and documents.

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**Delaware Funds**

The parties acknowledge and agree that, upon the occurrence of any of such events giving rise to a Termination Fee: (i) a determination of actual damages incurred by BNYM would be extremely difficult, (ii) the Termination Fee is intended to adequately compensate BNYM for damages incurred and is not intended to constitute any form of penalty, and (iii) the Termination Fee is intended to include the Costs and Expenses incurred by BNYM in connection with effecting such termination and converting the Fund to a successor service provider, including, without limitation, the delivery to such successor service provider, the Fund and/or other Fund service providers any of the Fund's property, records, data, instruments and documents. The parties further acknowledge and agree that, upon the occurrence of a significant change in the number of Funds or Portfolios during the Initial Term, they will discuss in good faith a possible adjustment to the Termination Fee; provided, however, that no party shall be obligated to agree to any such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If either (i) BNYM terminates this Agreement with respect to a Fund at any time for any reason other than those specified in paragraph B. above, or (ii) a Fund terminates this Agreement with respect to such Fund at any time "For Cause" under subparagraph B(iii) of this Section, then BNYM shall reimburse such Fund for any Costs and Expenses incurred by such Fund in connection with converting such Fund to a successor service provider, including without limitation the delivery to such successor service provider, such Fund and/or other Fund's service providers any of such Fund's property, records, data, instruments and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If this Agreement is terminated (i) by BNYM and/or the Funds, as the case may be, at any time for "nonrenewal" or "upon mutual agreement" under subparagraphs B(i) and B(ii), respectively, the Funds shall reimburse BNYM promptly for any Costs and Expenses incurred by BNYM in connection with effecting such termination and converting the Funds to a successor service provider, including without limitation the delivery to such successor service provider, the Funds and/or other Funds' service providers any of the Funds' property, records, data, instruments and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. For purposes of this Section 3, "Costs and Expenses" incurred by a party shall mean any actual, provable, reasonable, customary and direct costs and expenses incurred by such party. For purposes of this Section 3, Costs and Expenses shall not include any wind-down costs, including, without limitation, non-cancelable lease payments; severance payments due and payable to personnel of BNYM or its Subcontractors that were not engaged by BNYM at the instruction of a Fund or the Funds; unused equipment expense; and non-cancelable payments or termination charges regarding hosting and other subcontracting services that were not incurred at the instruction of a Fund or the Funds and that cannot be transferred or redeployed by BNYM. For purposes of this Agreement, "**Subcontractor**" shall include any third party, whether affiliated or unaffiliated with BNYM, engaged by BNYM in connection with the performance of the Services.

Such party must provide the other party with written evidence of such costs and expenses before the other party is obligated to pay them. Such party also has a duty to mitigate, and must exercise its duty to mitigate, such costs and expenses. Except as expressly set forth in Sections 3 and 9 and <u>Schedule C</u>, no party hereto shall be responsible for any costs and expenses or damages of any kind whatsoever resulting from, related to or otherwise in connection with the termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. In the event that this Agreement is terminated by a party or the parties, as the case may be, the parties hereto agree to cooperate and act in good faith to ensure an orderly conversion of the applicable Fund or Funds to a successor service provider with respect to the Services provided under this Agreement. Without limiting the generality of the foregoing sentence, BNYM agrees that, in the event this Agreement is terminated by a party or the parties, it will deliver a Fund's or the Funds' property, records, data, instruments and documents to such Fund or the Funds, its or their successor service providers and/or its or their other service providers, as the case may be, in a non-proprietary, commercially-available format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The termination of this Agreement with respect to any given Fund or Portfolio shall in no way affect the continued validity of this Agreement with respect to any other Fund or Portfolio. Furthermore, if, following termination of this Agreement with respect to any given Fund or Portfolio, BNYM continues to perform any one or more of the Services with the express consent of such Fund or Portfolio, then the provisions of this Agreement, including without limitation the provisions dealing with indemnification and compensation, shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendments, Assignment and Delegation</u>

A modification of this Agreement (which term includes all <u>Schedules</u>) will be effective only if in writing and signed by the affected parties. No party shall assign the rights or delegate the duties, or outsource a significant portion of the Services, pursuant to this Agreement without the prior written consent of the other party or parties, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNYM may employ such person or persons it may deem desirable to assist it in performing the Services without notice to a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNYM shall provide written notice to each affected Fund before BNYM engages an unaffiliated third party to provide significant services or functions to assist BNYM in performing the Services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNYM may delegate one or more of the functions or assign this Agreement to any direct or indirect majority-owned subsidiary of The Bank of New York Mellon Corporation or its successor with timely notice to the affected Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A Fund merger or reorganization that does not result in a change in such Fund's investment adviser and where the fund surviving from such merger or reorganization assumes the duties and obligations of such Fund under this Agreement shall not require BNYM's consent.

With respect to (i), (ii) and (iii) above, BNYM shall (a) be responsible for the acts or omissions of such persons, third parties and subsidiaries to the same extent as BNYM's own acts or omissions under this Agreement, (b) be responsible for the compensation of such persons, third parties and subsidiaries, and (c) not be relieved of any of its responsibilities under this Agreement by virtue of the use of such persons, third parties and subsidiaries. However, if a Fund instructs BNYM to engage a Subcontractor for the performance of any of the Services,

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BNYM will not be responsible for any acts or omissions by, or compensation payable to, such Subcontractor.

This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Documentation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Fund represents that it has provided or made available to BNYM (or has given BNYM an opportunity to examine) copies of the following documents, current as of the Effective Date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Articles of Incorporation, Agreement and Declaration of Trust, Partnership Agreement, or other similar charter document, as relevant, evidencing the Fund's form of organization and any current amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) The By-Laws or procedural guidelines of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Any resolution or other action of the Fund or the Fund board establishing or affecting the rights, privileges or other status of any class of shares of a Portfolio, or altering or abolishing any such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) A copy of a resolution of the Fund board appointing BNYM to provide the Services for each Portfolio and authorizing the execution of this Agreement and its Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) A copy of the Fund's currently effective prospectus(es) and statement(s) of additional information ("**Registration Statement**") under the Securities Act of 1933 (the "**1933 Act**") and 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) Copies of all pertinent Fund policies and procedures that affect the Services, including, but not limited to, those relating to valuation, pricing, Section 2(a)(41) of the 1940 Act and Rules 2a-4 and 2a-7 thereunder, net asset value errors, and "as-of" processing (e.g., relating to error corrections, post-trade revisions or similar processing policies that may exist);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) Such other documents, certificates or opinions which BNYM reasonably believes to be necessary or appropriate in the proper performance of the Services, subject to the agreement of the Fund, which shall not be unreasonably withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) Any amendment, revocation or other document altering, adding, qualifying or repealing any document or authority called for under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Fund will provide BNYM with notice and/or a copy of any material amendment to the items set forth in this Section. BNYM will not be responsible for changing or conforming the Services to any such amendment until BNYM has received notice or a copy of such change, and the parties have negotiated in good faith to reach mutually agreeable terms applicable to such additional service(s) and have amended any affected <u>Schedules</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of each Fund</u>

Each Fund represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund is duly organized and validly existing, in good standing under the laws of the jurisdiction of its organization, and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund has requisite authority and power under its organizational documents and applicable law to execute, deliver, consummate and perform this Agreement; this Agreement is legally valid, binding and enforceable against the Fund; and the Fund has all necessary registrations and/or licenses necessary to conduct the activities as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. There is no pending or threatened legal proceeding or regulatory action that would materially impair the Fund's ability to perform its obligations under this Agreement. The Fund's performance of its obligations under this Agreement will not conflict with or result in a breach of any terms or provisions of any agreement to which the Fund is a party or bound, and does not violate any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund will use commercially reasonable efforts to ensure that BNYM has sufficient access to the Fund's service providers, brokers, Independent Accountant and other authorized agents (each a "**Fund Agent**"), and related parties of any of them, in order to obtain the information BNYM will need to perform the Services; provided that, BNYM shall bear no liability with respect to such Fund Agent information to which BNYM had no access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To the best of the Fund's knowledge, all the information relating to the Fund given to BNYM in connection with the transactions contemplated by this Agreement is full, complete and accurate, and BNYM may reasonably rely on such information until it receives written notice from or on behalf of the Fund of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund has provided BNYM with a current list of all approved independent pricing, fair value information, and other data information vendors that are to be used by BNYM in rendering the Services, as set forth in <u>Schedule D</u> to this Agreement, and the Fund will promptly reflect any changes to such list in a revised <u>Schedule D</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund has appropriate procedures and agreements in place to protect the confidentiality of any non-public portfolio holdings information of the Fund that the Fund or its agents direct BNYM to disclose or transmit to third parties before the Fund publicly discloses such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Fund has the requisite amount and scope of fidelity bond coverage required by Rule 17g-1 under the 1940 Act, and has directors' and officers' errors and omissions insurance coverage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of BNYM</u>

BNYM represents and warrants to each Fund the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNYM is duly organized as a national banking association; is in good standing; and is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BNYM has requisite authority and power under its organizational documents and applicable law to execute, deliver, consummate and perform this Agreement; this Agreement is legally valid, binding and enforceable against BNYM; and BNYM has all necessary registrations and/or licenses necessary to perform the Services described in <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. There is no pending or threatened legal proceeding or regulatory action that would materially impair BNYM's ability to provide the Services. BNYM's performance of the Services will not conflict with or result in a breach of any of the terms or provisions of any agreement to which BNYM is a party or bound, and does not violate any applicable law to which BNYM is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. BNYM has completed, obtained and performed all registrations, filings, approvals, and authorizations, consents or examinations required by any government or governmental authority to which BNYM is subject, to perform the Services contemplated by this Agreement and will maintain the same in effect for so long as this Agreement remains in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To the best of BNYM's knowledge, all the information relating to BNYM that BNYM or its authorized agents have given to a Fund in connection with the transactions contemplated by this Agreement is full, complete and accurate and the Fund may reasonably rely on such information until it receives written notice from BNYM of any changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. BNYM will maintain a fidelity bond and an insurance policy with respect to errors and omissions coverage in form and amount that are commercially reasonable in light of BNYM's duties and responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. BNYM has implemented and maintains reasonable procedures and systems (including reasonable disaster recovery and business continuity plans and procedures consistent with legal, regulatory and business needs applicable to BNYM's delivery of the Services) to safeguard each Fund's records and data and BNYM's records, data, equipment facilities and other property that it uses in the performance of its obligations hereunder from loss or damage attributable to fire, theft, or any other cause, and BNYM will make such changes to the procedures and systems from time to time as are reasonably required for the secure performance of its obligations hereunder.

EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, THERE ARE NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AS TO THE SERVICES UNDER THIS AGREEMENT OR THE PERFORMANCE THEREOF, INCLUDING WITHOUT LIMITATION, THE MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE SERVICES (IRRESPECTIVE OF ANY COURSE OF DEALING, CUSTOM OR USAGE OF TRADE).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Standard of Care</u>

BNYM shall act in good faith and exercise reasonable care in performing the Services under this Agreement. BNYM's duties shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against BNYM hereunder. In that regard, BNYM shall have no responsibility for the actions or activities of any other party, including service providers, except as provided in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification and Limitation of Liability</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Except as set forth in subparagraph F. below, BNYM will not be liable to a Fund for any loss incurred by the Fund as a result of any error of judgment, mistake of law, act or omission in the course of, or in connection with the Services rendered by, BNYM under the Agreement in the absence of fraud, negligence or willful misconduct of BNYM or the reckless disregard of its duties under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as set forth in subparagraph F. below, BNYM agrees to indemnify, defend, and hold harmless each Fund, its trustees, directors, officers, employees, agents and nominees and their respective successors and permitted assigns from and against claims, demands, actions, suits, judgments, liabilities, losses, fines, damages, costs, charges, and counsel fees (collectively, "**Losses**") resulting directly and proximately from BNYM's fraud, negligence or willful misconduct in the performance of the Services, or reckless disregard of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each Fund agrees to indemnify, defend and hold harmless BNYM, its trustees, directors, officers, employees, agents, and nominees and their respective successors and permitted assigns from and against any Losses resulting directly and proximately from BNYM's actions taken or omissions with respect to or in connection with the performance of the Services or based, if applicable, upon BNYM's reasonable reliance on information, records, instructions or requests reasonably believed to be accurate and genuine pertaining to the Services that are given or made to BNYM by the Fund, its investment adviser, or its designated service providers with which BNYM must interface in providing the Services; provided that this indemnification shall not apply to actions or omissions of BNYM involving fraud, negligence, willful misconduct, or reckless disregard in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In order for these indemnification provisions to apply, each party seeking indemnification or to be held harmless shall fully and promptly advise each indemnifying party in writing of all pertinent facts concerning the situation in question. Each party seeking indemnification will use reasonable care to identify and notify each indemnifying party in writing promptly concerning any situation which presents or appears likely to present the probability of an indemnification claim. However, failure to do so in good faith shall not affect the rights under this provision unless the indemnifying party or parties, as the case may be, is materially prejudiced by such failure. As to any matter eligible for indemnification, each indemnified party shall act reasonably and in accordance with good faith business judgment, and shall not effect any settlement or confess judgment without the consent of each indemnifying party, which consent shall not be withheld or delayed unreasonably.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Each indemnifying party shall be entitled to participate in the defense at its own expense, or assume the defense, of any suit brought to enforce any claims subject to this indemnity provision. If the indemnifying party or parties elect to assume the defense, it shall be conducted by counsel of their choosing that is reasonably satisfactory to each indemnified party; each indemnified party shall bear the fees and expenses of any additional counsel it retains. If the indemnifying party or parties do not elect to assume the defense of such suit, they will reimburse each indemnified party for the reasonable fees and expenses of any counsel each indemnified party retains, which is reasonably satisfactory to such indemnifying party or parties. The indemnifying party or parties shall not effect any settlement without the consent of each indemnified party (which shall not be withheld or delayed unreasonably) unless such settlement imposes no liability, responsibility or other obligation upon the indemnified party or parties and relieves them of all fault.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. BNYM agrees to reimburse each Fund or its shareholders (including former shareholders) for any losses and reasonable reprocessing costs incurred by such Fund or its shareholders (including former shareholders) resulting directly and proximately from BNYM's negligence in calculating the net asset value per share ("**NAV**") for such Fund. BNYM's responsibility for reimbursing such Funds or its shareholders (including former shareholders) will be in accordance with and subject to the Funds' policies and procedures for addressing NAV errors set forth in the appropriate Service Level Document, including without limitation a materiality threshold of one (unrounded) whole cent per share per NAV error (or such other materiality threshold as agreed upon by the parties in the appropriate Service Level Document).

Notwithstanding the foregoing, the parties acknowledge and agree that (i) BNYM will obtain and rely (without independent verification) upon prices and quotes from authorized pricing, data and fair valuation information vendors as identified in <u>Schedule D</u> or otherwise authorized under this Agreement, and (ii) BNYM will be without liability or responsibility for any errors or loss occasioned by such reliance on such vendors or any errors caused by or attributable to such vendors, subject to BNYM's material compliance with the tolerance checks set forth in the appropriate Service Level Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Each party shall have a duty to mitigate damages for which the other party or parties may become responsible. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL A FUND, BNYM, THEIR AFFILIATES OR ANY OF ITS OR THEIR TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR SUBCONTRACTORS BE LIABLE FOR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS' FEES), LOSS OF BUSINESS, OR LOST PROFITS, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER EITHER PARTY OR ANY ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Books and Records, Disclosure, Retention, and Rights of Ownership</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNYM shall maintain on behalf of each Fund all books and records which are customary or which are legally required to be kept in connection with BNYM's performance of Services, including without limitation those required by Rules 31a-1 and 31a-2 under the 1940 Act ("**Records**"). BNYM will prepare and maintain the Records at each Fund's expense, and the Records shall be the Fund's property. BNYM will make the Records available for inspection by the SEC, including giving the SEC access to the Records, and otherwise surrender the Records promptly in accordance with Rule 31a-3 under the 1940 Act. BNYM will allow a Fund and its authorized persons and representatives to review the Records during BNYM's normal business hours or, upon reasonable notice, at such other reasonable times as the Fund may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BNYM shall keep the Records confidential, except when: (i) disclosure is required by law, (ii) BNYM is advised by counsel that it may incur liability for failure to make a disclosure, (iii) BNYM is requested to divulge such information by duly-constituted authorities or court process, or (iv) as requested or authorized by the affected Fund (including pursuant to its policies and procedures regarding selective disclosure of non-public portfolio information). BNYM shall use commercially reasonable efforts to provide reasonable advance notice to each affected Fund and its administrator of requests for disclosure pursuant to items (i) – (iii) of the previous sentence, and to the extent reasonably practicable to secure instructions as to such inspection, but shall not be deemed to violate the confidentiality provisions of this Section or Section 11 if BNYM discloses such Records upon reasonable belief that it is obliged to do so by applicable law or regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Upon and subject to payment of any undisputed and unpaid amounts owed to BNYM under this Agreement, BNYM may at its option at any time after termination of this Agreement, and shall promptly upon a Fund's demand or upon termination of this Agreement, turn over to the Fund or its designated agent, and cease to retain in BNYM's files, any Records created and maintained by BNYM pursuant to this Agreement which are no longer needed by BNYM in the performance of the Services or for its legal protection. If not so turned over to the Fund, such Records will be retained by BNYM, at the expense of the Fund (which shall be equal to the actual costs incurred by BNYM), for at least six (6) calendar years from the year of creation or for such other period of time as is required under applicable law. At the end of such period, such Records will be turned over to the Fund unless the Fund authorizes in writing the destruction of such Records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Notwithstanding the foregoing, all computer programs, systems and procedures employed or developed by or on behalf of BNYM, or on behalf of BNYM by system providers or vendors used by BNYM, to perform the Services that are not Records are the sole and exclusive property of BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Confidential Information; Trade Names, Trademarks and Service Marks.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "**Confidential Information**" of a party shall be maintained confidential by any other party, and shall include: (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of a Fund or BNYM, their respective subsidiaries and affiliated companies and the customers, clients and suppliers of any of them; (b) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords the Fund or BNYM a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; (d) non-public portfolio holdings information of the Fund; and (e) anything designated as confidential. BNYM shall maintain adequate safeguards to prevent the use of each Fund's non-public portfolio holdings information by BNYM, its employees and affiliates for any purpose other than performing the Services under this Agreement. BNYM also shall maintain adequate safeguards to limit the dissemination of each Fund's non-public portfolio holdings information to third parties in accordance with non-disclosure agreements with the particular Fund, Instructions pursuant to Section 14, or directions of the Fund under Section 15.C. However, Confidential Information shall not be subject to such confidentiality obligations if it: (a) is already known to a receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of a receiving party; (c) is rightfully received from a third party who, to the best of a receiving party's knowledge, is not under a duty of confidentiality; (d) is released by a protected party to a third party without restriction; (e) is required to be disclosed pursuant to the Fund's Registration Statement or by a requirement of a court order, subpoena, governmental or regulatory agency or law (provided the disclosing party will promptly provide the other party written notice of such requirement, to the extent such notice is permitted); (f) is relevant to the defense of any claim or cause of action asserted against a receiving party; or (g) has been or is independently developed or obtained by a receiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BNYM also acknowledges Confidential Information includes nonpublic personal information about a Fund's customers ("**Customer Information**") that the Fund is required by Regulation S-P to keep confidential. Accordingly, BNYM agrees that, to the extent it receives such Customer Information, it shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use or disclose Customer Information other than to carry out the purposes for which a Fund or one of its affiliates disclosed such Customer Information to BNYM; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) disclose any Customer Information other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to Fund affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to BNYM affiliates, provided that such affiliates need the Customer Information to be able to provide the Services hereunder and shall be restricted in use and disclosure of the Customer Information to the same extent as BNYM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subcontractors of BNYM or the Fund, provided that such subcontractors need the Customer Information to be able to provide the Services hereunder and shall have entered into a confidentiality agreement no less restrictive than the terms hereof; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to comply with federal, state or local laws, rules and other applicable legal requirements; to comply with a properly authorized civil, criminal, or regulatory investigation, or subpoena or summons by federal, state, or local authorities; or to respond to judicial process or government regulatory authorities having jurisdiction for examination, compliance, or other purposes as authorized by law (provided BNYM will promptly provide the Fund written notice of such requirement, to the extent such notice is permitted).

For purposes of this paragraph, the term "affiliate" shall have the meaning set forth in Regulation S-P. To the extent any provisions of this paragraph conflict with other terms of this Agreement, this paragraph shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Neither party shall use the trade name, trademark or service mark of the other party without the prior written consent of the other party; provided, however, that (a) either party may use the trade name, trademark or service mark of the other party in connection with providing the Services under the Agreement, or (b) the Fund may use the trade name, trademark or service mark of BNYM in connection with their Registration Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNYM shall furnish reports to a Fund, its Fund Agents and to others that the Fund designates in writing at such times as are prescribed pursuant to this Agreement to be provided or completed by BNYM, or as subsequently agreed upon by the parties pursuant to this Agreement or any amendment thereto. Each Fund agrees to examine each report promptly and will communicate or cause to be communicated any errors or discrepancies therein. If there are errors or discrepancies in a report (except such errors and discrepancies as may not reasonably be expected to be discovered by the recipient after conducting a diligent examination) that are not so reported promptly, then a report will for all purposes be accepted by and binding on the Fund and any other recipient, absent fraud, negligence, willful misconduct, or reckless disregard of BNYM's duties under this Agreement, and BNYM shall have no further responsibility with respect to such report other than to correct and revise it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. For the six month period ending on March 31 of each year and the twelve month period ending on September 30 of each year, BNYM shall cause its auditors to perform an SSAE 16 audit of BNYM's internal controls and procedures relating to the Services provided to the Funds. BNYM shall provide each Fund (together with its chief compliance officer or its designated representative) with a copy of the report resulting from such SSAE 16 audit no later than 45 days after the end of the applicable audit period. All SSAE 16 audit reports shall be treated as Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>

Any communication, notice or demand pursuant to this Agreement shall be properly addressed, in writing and delivered by personal service (including express or courier service), registered or certified mail, or by facsimile with proof of proper transmission and a means for confirmation of delivery to recipient, as follows:

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**If to BNYM:**

**The Bank of New York Mellon**

135 Santilli Highway, AIM 026-0026

Everett, MA 02149-1950

Attention: Christopher P. Healy, Managing Director

Telephone: (617) 382-2671

Facsimile: (617) 382-2706

**With a copy to:**

**The Bank of New York Mellon**

BNY Mellon Center

500 Grant Street, 19<sup>th</sup> Floor

Pittsburgh, Pennsylvania 15258

Attention: Maxine S. Kisilinsky, Esq., Managing Director

and Senior Managing Counsel

Telephone: (412) 234-5470

Facsimile: (412) 234-0555

**The Bank of New York Mellon Corporation**

BNY Mellon Center

500 Grant Street, 19<sup>th</sup> Floor

Pittsburgh, Pennsylvania 15258

Attention: Susan M. Hollingsworth, Esq., Managing Director

and Associate General Counsel

Telephone: (412) 234-6342

Facsimile: (412) 234-0555

**If to a Fund:**

the address set forth on Schedule A for such Fund;

**With a copy to:**

**Delaware Service Company, Inc.**

2005 Market Street

Philadelphia, PA 19103-7094

Attention: General Counsel

Telephone: (215) 255-1360

Facsimile: (215) 255-1131

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Authorized Persons and Instructions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Fund shall deliver to BNYM a list of the names, titles and signatures of all persons who are authorized to act on behalf of the Fund to issue instructions to BNYM ("**Authorized Persons**" and "**Instructions**"), including any limits on the scope of authority of any Authorized Persons. Fund trustees, directors and officers shall be presumptively considered Authorized Persons unless the Fund notifies BNYM to the contrary. Each Fund shall promptly notify BNYM of any changes to or limitations on the rights, powers and duties of any Authorized Person, but in the absence of receiving such notice, BNYM shall be entitled to deal with any Authorized Person and to act and rely upon any Instructions reasonably believed to be from such Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. An Instruction means a writing signed or initialed by one or more Authorized Person. Each such writing shall set forth the specific transaction or type of transaction involved. Oral instructions will be deemed Instructions if BNYM reasonably believes them to have been given by an Authorized Person, and the oral instructions are promptly confirmed in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Advice, Reliance and Instructions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNYM may apply to a Fund at any time for Instructions and may consult with BNYM's or the Fund's counsel, Independent Accountant and other experts with respect to any matter arising in connection with the Services performed by BNYM, and BNYM shall not be liable nor accountable for any action taken or omitted by it in good faith in accordance with such Instructions or on the advice of such counsel, Independent Accountant or other experts. To the extent possible, BNYM shall notify the Fund at any time BNYM believes it needs advice of the Fund's counsel, Independent Accountant or experts with regard to BNYM's responsibilities and duties pursuant to this Agreement. If BNYM wishes to seek and rely on legal advice from counsel that is neither the Fund's counsel nor counsel in the regular employ of BNYM or its affiliated companies, and BNYM seeks to be reimbursed for such counsel fees, then BNYM must notify and seek prior approval of such affected Fund, which shall not be unreasonably withheld. BNYM shall in no event be liable to a Fund or any Fund shareholder or beneficial owner for any action reasonably taken or omitted pursuant to such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BNYM may rely conclusively upon the terms of a Registration Statement, the minutes of Fund board meetings and any other Fund document BNYM reasonably believes to be genuine unless and until BNYM receives Instructions to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Subject to the instructions of an Authorized Person, BNYM may provide information pertaining to the Fund's portfolio holdings to entities designated by such Authorized Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Each Fund understands and acknowledges that the Services are intended to assist the Fund and its board in their obligations to price and monitor pricing of the Fund's portfolio securities, but BNYM does not assume responsibility for the accuracy or appropriateness of pricing information received from the Fund or other non-BNYM entities or pricing methodologies, including any fair value pricing information or adjustment factors. Each Fund further understands and acknowledges that it retains overall responsibility to: (i) adopt policies and procedures to monitor for circumstances that may necessitate the use of fair value prices; (ii) establish criteria for determining when market quotations are no longer reliable for a particular portfolio security; (iii) determine a methodology or methodologies by which the Fund determines the current fair value of portfolio securities; (iv) regularly review the appropriateness and accuracy of the method used in valuing securities and make any necessary adjustments; and (v) promptly communicate the foregoing in writing to BNYM pursuant to Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Each Fund authorizes BNYM to communicate, as required, with the Fund's service providers, brokers, futures commission merchants, Independent Accountant and/or other authorized agents and related parties of any of them to obtain the information BNYM needs to perform the Services. In that regard, BNYM agrees to cooperate with each Fund's Independent Accountant, to reasonably support the Independent Accountant's engagement with the Fund, and to provide the Independent Accountant reasonable access to the Records. BNYM also agrees to provide periodic sub-certifications to each Fund's chief compliance officer and certifying principal executive and financial officers relating to the Services BNYM performs, based on a form of sub-certification that BNYM and the Fund reasonably agree to, and subject to such limitations as may be reasonable or necessary to not make a material misstatement, omission or untrue statement of fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Compliance with Law</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In performing the Services, BNYM shall comply with all applicable laws, and its standard of performance shall be in accord with such standards as may be imposed by law and the requirements of all regulatory authorities. However, unless specifically identified in the Services, nothing expressly or implicitly contained in this Agreement is intended or shall be interpreted to confer upon BNYM a duty to ensure that each Fund is acting in compliance with any applicable laws. Except for the obligations of BNYM set forth in <u>Schedule B</u>, each Fund assumes full responsibility for the preparation, contents and distribution of the Fund's Registration Statement and compliance with applicable laws, including the requirements of the 1933 Act and the 1940 Act, and governmental authorities having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BNYM shall use its commercially reasonable efforts to make its employees who are responsible for providing the Services ("**Relevant Employees**") available to federal, state and local governmental and regulatory and supervisory authorities having jurisdiction over the performance of the Services ("**Governmental Authorities**") as may be required by such Governmental Authorities pursuant to applicable law, subpoena or order, and as may be requested by any Governmental Authorities on behalf of or with respect to a Fund or any of its affiliates or as may be requested by the Fund to be made available to such Governmental Authorities. To the extent legally permitted, BNYM shall promptly notify the affected Fund of any request by any Governmental Authorities for any Relevant Employees (except when the request for access to Relevant Employees was made by the Fund). The affected Fund shall cooperate, and shall use its commercially reasonable efforts to cause each of its affiliates and service providers to cooperate, with BNYM in complying with any notice, order, subpoena or request of any Governmental Authority. Except as provided in Sections 8 and 9, BNYM shall have no liability to a Fund or any third party for any claims, obligations, penalties or fines which may arise out of or in relation to BNYM's compliance with this provision. In accordance with Section 2.C.(vi), the affected Fund shall reimburse BNYM in connection with providing such access. Nothing contained in this paragraph shall require BNYM to disclose any proprietary or confidential information of BNYM or its other customers and clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law and Jurisdiction</u>

This Agreement and performance hereunder and all suits and proceedings hereunder shall be governed by and construed in accordance with the internal laws of the Commonwealth of Pennsylvania, without giving effect to conflict of law principles. Each of the parties to this Agreement expressly and irrevocably submits to the exclusive jurisdiction of the courts of Pennsylvania and waives any claims of inconvenient forum or venue. To the extent that the laws of the Commonwealth of Pennsylvania conflict with the applicable provisions of the 1940 Act, the applicable provisions of the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Services Not Exclusive</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNYM's Services are not exclusive to a Fund and BNYM shall be free to render similar services to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BNYM shall perform the Services solely as an independent contractor and no joint venture, partnership, employment, agency or any other relationship is intended, accomplished or embodied in this Agreement. BNYM shall have the sole and exclusive right to supervise, manage, control and direct its performance of the Services, except that BNYM may be subject to performance standards and measurements for performing the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In performing the Services, BNYM is acting solely on behalf of a Fund and no contractual or service relationship shall be deemed to be established between BNYM and any other person, including without limitation the custodian and Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Force Majeure and Uncontrollable Events</u>

BNYM shall maintain adequate and reliable computer and other equipment necessary or appropriate to carry out its obligations under this Agreement. Upon a Fund's reasonable request, BNYM shall provide supplemental information concerning the aspects of its disaster recovery and business continuity plan that are relevant to the Services. Notwithstanding the foregoing or any other provision of this Agreement, BNYM assumes no responsibility hereunder, and shall not be liable for, any damage, loss of data, business interruption, delay or any other loss whatsoever caused by "Force Majeure Events." "**Force Majeure Events**" are events beyond the reasonable control of BNYM, its agents and its Subcontractors (other than Subcontractors engaged by BNYM at the instruction of the Fund). In the event of Force Majeure Events, or any disaster that causes a business interruption, BNYM shall act in good faith and follow applicable procedures in its disaster recovery and business continuity plan and use all commercially reasonable efforts to minimize service interruptions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Severability</u>

If any provision of this Agreement shall be held or made invalid, the remainder of this Agreement and the parties' rights and obligations under it shall not be affected by such action, and the invalid provisions of the Agreement shall be deemed to be severable only in the jurisdiction that so determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Survivability</u>

The following provisions shall survive beyond the expiration and termination of this Agreement:

● all compensation provisions, including Section 2 <u>Compensation and Expenses</u>, Section 3 regarding termination fees, costs and expenses, and <u>Schedule C;</u> 

● Section 4. <u>Amendments, Assignment and Delegation;</u> 

● Section 6. <u>Representations and Warranties of each Fund</u>;

● Section 7. <u>Representations and Warranties of BNYM</u>;

● Section 9. <u>Indemnification and Limitation of Liability</u>;

● Section 10. <u>Books and Records, Disclosure, Retention, and Rights of Ownership;</u> 

● Section 11. <u>Confidential Information</u>;

● Section 14. <u>Authorized Persons and Instructions</u>;

● Section 19. <u>Force Majeure and Uncontrollable Events</u>; and

● Section 20. <u>Severability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Contract Terms To Be Exclusive</u>

This Agreement constitutes the complete agreement of the parties about the covered subject matter, and supersedes all prior negotiations, understandings and agreements bearing upon the covered subject matter. As noted in Section 1.B., BNYM and each Fund may enter into Service Level Documents or other interpretive documents in connection with this Agreement. Any such Service Level Documents or interpretive agreements may be in writing and signed by all parties, but shall not be deemed to be an amendment to this Agreement, and because the intent of such agreements is to generally facilitate operations in a flexible manner, the breach of any such agreement shall not necessarily constitute a breach of this Agreement, and the parties shall be free to change the terms of such agreements as provided therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Waiver</u>

A party's waiver of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by any party. A party's failure to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or deprive such party of the right to insist upon strict adherence to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Counterparts and Reproduction of Documents</u>

This Agreement may be executed in any number of counterparts, each of which is deemed an original and all of which together evidence the entire Agreement. This Agreement and any amendments may be reproduced by any commercially acceptable process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceedings, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement facsimile or further reproduction of such reproduction shall be likewise admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Miscellaneous</u>

Paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed all as of the day and year first above written.

---

| |
|:---|
| THE BANK OF NEW YORK MELLON |
| By: <u>/s/ Christopher P. Healy</u> |
| Name: Christopher P. Healy |
| Title: Managing Director |

---

---

| |
|:---|
| DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A |

---

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---

| |
|:---|
| DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A |

---

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---

| |
|:---|
| VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC. |
| DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND |
| DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. |
| DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. |
| DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND |

---

---

| |
|:---|
| By: <u>/s/ Richard Salus</u> |
| Name: Richard Salus |
| Title: Chief Financial Officer |

---

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**Delaware Funds**

**<u>SCHEDULE b</u> TO THE Amended and restated FUND ACCOUNTING AND FINANCIAL ADMINISTRATION SERVICES AGREEMENT BETWEEN**

**THE BANK OF NEW YORK MELLON AND THE FUNDS, Dated January 1, 2014**

**<u>FUND ACCOUNTING AND FINANCIAL ADMINISTRATION SERVICES</u>**

BNYM shall perform for each Fund and each of its Portfolios the following fund accounting, financial administration and related services. Unless otherwise noted, capitalized terms used herein shall have the same meanings assigned to them in the Agreement.

**<u>A. Valuations</u>**

In accordance with the 1940 Act, a Fund's pricing policies and procedures delivered to BNYM, and a Fund's prospectus and statement of additional information, and subject to the existence of authorized licensing arrangements and Instructions, BNYM will perform the following pricing and valuation services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Perform
 the necessary functions to calculate daily the net asset value per share
 ("NAV") for each share class of each Portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Calculate
 the value of the assets of each Portfolio by obtaining securities prices
 and readily available market quotations from independent pricing sources,
 subject to any adjustments by the fair valuation information vendors,
 in each case using a source/vendor approved by the Fund and listed in
 Schedule D to the Agreement. If market quotations for portfolio securities
 are not readily available, notify the Fund and obtain prices from authorized
 broker sources and/or use fair values as determined in good faith by
 the Fund's board of directors/trustees, which includes, but is
 not limited to, using values determined by the Fund's pricing policies
 and procedures and values approved by the Fund's Valuation/Pricing
 Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist
 in resolving pricing discrepancies and implement mutually agreed upon
 price variance thresholds and notification processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In
 accordance with the Fund's NAV error correction policies provided
 to BNYM, notify the Fund promptly upon discovery of NAV errors of a Portfolio
 and initiate correction processes.

**<u>B. Calculation and Payment of Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Based
 upon information provided by one of the Fund's Authorized Persons
 to BNYM, calculate asset-based fees and submit to the Fund Treasurer/Principal
 Financial Officer for approval, and instruct the custodian to wire fee
 payments to the service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Accrue
 expense waivers based on Instructions and provide reporting of accruals
 of expense waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accrue
 and allocate fee payments to directors/trustees and other officers of
 the Fund paid directly by the Fund according to Instructions and on a
 monthly basis forward cash to the Fund's Authorized Persons in
 the amount necessary to make such payments to the directors/trustees
 and other officers of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare
 expense reports, liabilities analysis and budgets for each Portfolio
 of the Fund for review and approval by the Fund Treasurer/Principal Financial
 Officer, including maintaining detailed records pertaining
to expense accruals and payments, adjusting reports to reflect accrual adjustments, and monitoring all Fund expenses.

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**Delaware Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Forward
 any invoices payable by the Fund to the Fund's Authorized Persons
 for review and approval. Pay any invoices approved by the Fund's
 Authorized Person for payment on behalf of the Fund. Allocate such invoices
 among the Portfolios in accordance with pre-established instructions
 from the Fund's Authorized Persons. Record the payment of invoices
 on the Fund's books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provide
 to the Fund a monthly summary of disbursements.

**<u>C. Financial Reporting</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare
 agreed upon financial reporting information for the Fund and/or each
 Portfolio: (i) for proxy/information statements, registration statements
 (including prospectuses, statements of additional information, and business
 combination/exchange offers under Form N-14), Section 19 notices, periodic
 shareholder reports (both semi-annual and annual), Form N-CSRs, Form
 N-Qs, Form N-SARs , Form N-MFPs and such other communications required
 or otherwise sent to investors and/or filed with regulatory agencies;
 (ii) to the Investment Company Institute; (iii) to statistical reporting
 and rating agencies; and (iv) regarding a closed-end Fund's issuance
 of preferred stock and commercial paper. Additionally, review and provide
 comments to the Fund or a Fund Agent to allow for completion of such
 reports in accordance with defined timelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare
 other reports, notices or financial documents in accordance with generally
 accepted accounting principles, as required by federal, state and other
 applicable laws and regulations, in each case as the parties may agree
 upon from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist
 in preparing financial information relating to a closed-end Fund's
 earnings press release, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide
 financial information needed for the offer letter to assist with buyback
 and tender offers for a closed-end Fund, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide
 1940 Act Rule 2a-7 amortized cost monitoring (mark-to-market) reports
 for a money market Portfolio with such frequency as is agreed upon by
 parties, or as may be required by Rule 2a-7 and the Fund's policies
 and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare
 and provide such detailed financial reports as may be necessary for the
 Fund's board of directors'/trustees' reporting process
 and as the parties may agree upon from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Provide
 sub-certifications in an agreed-upon form to the Fund's chief compliance
 officer and certifying principal executive and financial officers with
 respect to the generation of financial statements and other financial
 reporting performed by BNYM.

**<u>D. Security Master Information</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Create
 and maintain security master information mutually agreed upon by BNYM
 and the Funds' investment adviser. The specific information to
 be maintained will be governed by the document entitled *Securities and Transaction Mapping* mutually developed by BNYM and Delaware Service
 Company, Inc. ("DSC").

**<u>E. Portfolio Securities Transactions</u>**

Based on information that is provided to BNYM by the Fund, its investment adviser, and the Fund's Authorized Persons, BNYM will perform the following functions:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain
 records of investment, capital share, and income and expense activities
 for each Portfolio by: (i) recording purchases and sales of investments;
 (ii) recording corporate actions and capital changes relating to investments;
 (iii) accruing interest, dividends and expenses on investments; and (iv)
 maintaining the historical tax lots and income history for investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Notify,
 as directed, the applicable investment adviser (or, if applicable, sub-adviser)
 with respect to mandatory and voluntary corporate actions. The Fund's
 elections (on actions where elections and options exist) on voluntary
 corporate actions must be communicated to BNYM by one of the Fund's
 Authorized Persons on the deadline date stated on the corporate actions
 notice, allowing a reasonable amount of time before the stated deadline
 for BNYM to input the election on the fund accounting system and notify
 the custodian (as applicable). BNYM will use commercially reasonable
 efforts to respond on behalf of the Fund if a response is received by
 BNYM after the deadline date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Book
 corporate action activity upon timely receipt of information and Instructions
 from one of the Fund's Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Receive,
 update and process daily trade files from the Fund investment adviser's
 order management system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide
 daily failed trade and open issue notification with respect to the Funds
 to the investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Based
 on Instructions from one of the Fund's Authorized Persons or the
 Fund Treasurer/Principal Financial Officer, implement tax lot relief
 methodology.

**<u>F. Class Actions and Proxies</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. File
 proof of claim notices with respect to class actions involving the portfolio
 securities of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 holdings information to the proxy voting agent of the Funds to enable
 such proxy voting agent to identify the portfolio securities of the Funds
 with respect to which proxies should be voted.

**<u>G. Dividends & Distributions</u>**

Subject to review and approval of the Fund's Treasurer/Principal Financial Officer, BNYM will perform the following functions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 the Fund's transfer agent, dividend disbursing agent and custodian
 with such information as is required for such parties to effect the payment
 of dividends and distributions and to implement the Fund's dividend
 reinvestment plan, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Calculate
 income projections and provide such projections to the Fund for completion
 of the Section 19(a) notices and respond to any questions or issues raised
 by such projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Periodically
 calculate and report each Portfolio's "investment company
 taxable income," "net capital gain" distributions,
 and realized and unrealized capital gains, and calculate amount of distribution
 to avoid application of excise tax, in accordance with IRS Subchapter
 M requirements and the Portfolio's distribution policies as disclosed
 in the Portfolio's prospectus and established by resolution of
 the Fund's board of directors/trustees.

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**<u>H. Reconciliation and Cash Management</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reconcile
 trade tickets and fund holdings list with investment adviser records
 on a daily basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reconcile
 the cash and portfolio investments of the Portfolio with the records
 of the Fund's custodian, and provide corresponding reconciliation
 reports to the Fund and Fund Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Calculate
 and provide cash projections daily for each Portfolio of the Fund based
 on estimates of portfolio security transactions (including projected
 income and dividend receipts), shareholder transactions, and Fund distributions/reinvestments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Calculate
 and provide daily the cash available for each Portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In
 coordination with the Fund's investment adviser, allocate trades
 among the Portfolios with respect to master repurchase agreement investments
 and other short-term investments.

**<u>I. Shareholder Activity</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Record
 and reconcile daily shareholder activity, including: (i) recording subscriptions,
 redemptions, and dividend reinvestments; (ii) reconciling settlements
 of shareholder activity; and (iii) recording Portfolio shares outstanding
 to the records maintained by each Portfolio's transfer agent and
 communicate exceptions to transfer agent which is responsible for researching
 exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 financial and pricing information to support transfer of portfolio securities
 in connection with shareholder transfer-in-kind (purchase and redemption)
 transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Support
 the estimation/price protection process and other "post-nightly"
 and "as of" shareholder recording processes, including but
 not limited to, defined contribution clearance and settlement and same
 day cash.

**<u>J. Fund Performance Information</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Calculate
 each Portfolio's performance, including calculations of yield,
 total return, expense ratio, portfolio turnover rate and dollar-weighted
 average maturity, as applicable, in accordance with standardized SEC
 reporting requirements, and provide to the Fund. Calculate and provide
 such additional performance information as may be reasonably requested
 by the Fund or the Fund's Authorized Persons.

**<u>K. Audit Support</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 timely assistance with audit requests from the Fund, its internal auditors,
 its Independent Accountants, and regulatory agencies. Respond to inquiries
 from other Fund Agents regarding BNYM's processes and interface
 with such Fund Agents to support annual SSAE 16 audits of such Fund Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare
 work papers for the Fund's annual audit by the Fund's Independent
 Accountants, and coordinate the annual audit by the Fund's Independent
 Accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provide
 results of BNYM's semi-annual SSAE 16 audits.

**<u>L. Tax Reporting</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 the financial information necessary for the Fund's preparation
 of its federal, state and city tax returns and ancillary schedules, including
 year-end excise tax distributions, and compliance with Subchapter M and
Section 4982 of the Internal Revenue Code of 1986 (the "Code"). Provide completed Internal Revenue Service forms for
the Funds, such as Form 1120-RIC, necessary to
file tax returns in accordance with filing deadlines and maintain copies of all tax returns and related workpapers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 financial data regarding portfolio investments to the Fund's transfer
 agent to support the production of Form 1099s and similar shareholder
 tax reporting.

**<u>M. Other Reporting</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 the daily, weekly, monthly, quarterly and ad hoc reports mutually agreed
 upon by BNYM and DSC. Each report shall be in a form mutually agreed
 upon by BNYM and DSC.

**<u>N. Compliance Monitoring</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Establish,
 maintain, and provide summaries of, internal operating policies and procedures
 to support the performance of the Services by BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Conduct
 testing of each Portfolio for compliance with the Code's requirements
 to qualify as a regulated investment company, including but not limited
 to: (i) quarterly diversification requirements; (ii) annual income qualification
 test; and (iii) annual distribution requirements (including avoiding
 application of excise taxes). Provide the results to the Fund's
 chief compliance officer.

**<u>O. Data Feeds</u>**

Subject to the existence of authorized licensing arrangements and Instructions, BNYM will perform the following functions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disseminate
 each Portfolio's NAV, dividend and portfolio data to Fund Agents
 and Fund-authorized third parties (including, if a closed-end fund, the
 stock exchange on which the Fund is listed) and maintain quality controls
 necessary to ensure accuracy of the data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 holdings information to the Fund's proxy voting agent on a monthly
 basis in support of Form N-PX preparation and filing requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provide
 month-end data feeds at the end of the 1<sup>st</sup> business day of
 the new month and subsequent month-end feeds as data changes in the month-end
 area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide
 daily data feeds inclusive of that day's trading activity to the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide
 the capability to re-transmit data feeds for past periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provide
 to Bloomberg price/cash file daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Provide
 the data necessary for the Fund's web/internet/intranet applications
 and maintain the subject matter expertise and quality controls required
 to ensure data accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Provide
 the release management plan (software development lifecycle process),
 release cycle and prior notification of any changes that affect the data
 feeds.

**<u>P. Business Continuity</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 summaries of BNYM's disaster recovery plan for business continuity,
 together with summaries of any disaster recovery testing and results,
 with respect to those functions performed by BNYM, except that BNYM is
 not responsible for disaster recovery plans for business continuity with
 respect to any underlying system upon which BNYM relies and BNYM neither
 operates nor controls. Conduct and participate in pre-defined disaster
 recovery testing as reasonably requested.

Page **29**

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**Delaware Funds**

**<u>Q. Performance of Services by BNYM</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Monitor
 BNYM's performance and provide a monthly performance monitoring
 report against mutually agreed upon metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Develop
 and implement corrective action plans in the event of service requirement
 defaults.

**<u>R. Relationship Management</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 client service support to the Fund, including access to day-to-day points
 of contact and to points of escalation as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At
 a minimum, conduct semi-annual meetings with Fund management to discuss
 trends, technology and strategic direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conduct
 an annual meeting with Fund management to discuss the Services provided,
 system functionality and documentation of policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Maintain
 effective working relationships with, and provide data to, third parties
 requiring data from the Funds.

**<u>S. Books and Records</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain
 the general ledger and other accounts, books and financial records of
 the Fund, as required under Section 31(a) of the 1940 Act and the rules
 thereunder in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Comply
 with SEC and 1940 Act rules and regulations regarding record retention
 and maintenance of records on- and off-site as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provide
 the Fund's investment adviser with view and query access to the
 accounting systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Assist
 with the set-up of new Fund accounts and the maintenance and termination
 of existing Fund accounts.

**<u>T. Other</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 financial administration and fund accounting support for projects and
 processes as needed and/or required. Examples include establishment of
 new registrants, series and/or classes; Fund and/or Portfolio mergers,
 liquidations, conversions and proxy statements; insurance policy renewals;
 and issues relating to the application of fees and expense waivers. In
 the event that completion of a project or process necessitates BNYM to
 expend extraordinary expenses, both parties will negotiate in good faith
 to compensate BNYM for all or a portion of these expenses while taking
 into consideration other relevant factors such as cost sharing with other
 BNYM clients and future revenue projections from such projects or processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 operational and financial reporting support to the Fund and each Portfolio
 in connection with its credit facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As
 applicable, support the Fund's transfer agent with respect to dividend
 re-purchase processing and communication with omnibus dealers.

Page **30**

------

**Delaware Funds**

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | <u>/s/ Christopher P. Healy</u> |
| Name: | Christopher P. Healy |
| Title: | Managing Director |
| DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A |

---

Page **31**

------

**Delaware Funds**

---

| | |
|:---|:---|
| VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A | VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A | DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A | VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A | DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC. | DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC. |
| DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND | DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND |
| DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. | DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. |
| DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. | DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. |
| DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND | DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND |
| By: | <u>/s/ Richard Salus</u> |
| Name: | Richard Salus |
| Title: | Chief Financial Officer |

---

Page **32**

------

**Delaware Funds**

**<u>SCHEDULE d</u> TO THE AMENDED AND RESTATED FUND ACCOUNTING AND FINANCIAL ADMINISTRATION SERVICES AGREEMENT BETWEEN**

**THE BANK OF NEW YORK MELLON AND THE FUNDS, Dated January 1, 2014**

**<u>LIST OF AUTHORIZED PRICING VENDORS:</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Name of Vendor</u>** | &nbsp;&nbsp;**<u>Types of Securities</u>** |
| Interactive Data | Equities (US and Foreign), Taxable Bonds, Non Taxable Bonds, CDS |
| Standard & Poor's (including JJ Kenny) | Non Taxable Bonds, Taxable Bonds |
| Bloomberg | Equities, Bonds, Futures, Options |
| Thomson Reuters | Exchange Rates, Equities, Taxable Bonds, Bank Loans |
| Markit | Bank Loans, Swaps, OTC Derivatives |

---

**<u>FAIR VALUATION INFORMATION VENDOR(S)</u>:**

---

| | |
|:---|:---|
| **<u>Name of Vendor</u>** | **<u>Types of Securities</u>** |
| Interactive Data Fair Value Service | Foreign Equities |

---

**<u>LIST OF AUTHORIZED DATA INFORMATION VENDORS:</u>**

---

| | |
|:---|:---|
| **<u>Name of Vendor</u>** | **<u>Type of Service</u>** |
| GICS | Security Classifications |
| S&P – CUSIP | CUSIP Database |
| LSE – SEDOL License | SEDOL Database |

---

Page **33**

------

**Delaware Funds**

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | <u>/s/ Christopher P. Healy</u> |
| Name: | Christopher P. Healy |
| Title: | Managing Director |
| DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |

---

Page **34**

------

**Delaware Funds**

---

| | |
|:---|:---|
| VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A | VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Portfolios identified on Schedule A | DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A | DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A | VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A | DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC. | DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC. |
| DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND | DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND |
| DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. | DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. |
| DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. | DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. |
| DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND | DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND |
| By: | <u>/s/ Richard Salus</u> |
| Name: | Richard Salus |
| Title: | Chief Financial Officer |

---

Page **35**

------

## Ex-99.(H)(2)(I)

EX-99.h.2.i

**AMENDMENT NO. 1 TO AMENDED AND RESTATED FUND ACCOUNTING AND<br> FINANCIAL ADMINISTRATION SERVICES AGREEMENT**

This Amendment ("Amendment") is effective as of the 1<sup>st</sup> day of July, 2017, by and between each investment company listed on Schedule A (referred to herein, individually, as a "Fund" and collectively, as the "Funds") and THE BANK OF NEW YORK MELLON (referred to herein as "BNYM").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Funds and BNYM are parties to an Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as of January 1, 2014 (the "Agreement"), relating to BNYM's provision of fund accounting, financial administration and related services described in the Agreement to the Funds. This Amendment is an amendment to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The parties desire to amend the Agreement as set forth herein.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sections 3.A. through Sections 3.D. of the Agreement are hereby deleted in their entirety and replaced
with the following Sections 3.A. through Sections 3.D.

A. The revised term of this Agreement shall commence on July 1, 2017 and continue for a term of five (5) years expiring on June 30, 2022 and then for subsequent five (5) year periods (each, a "Renewal Term"). Unless otherwise terminated in accordance with its terms, BNYM shall either (i) request that this Agreement be extended for an additional five (5) year period, or (ii) indicate that this Agreement will be terminated upon the expiration of a Renewal Term, in either case by sending a written notice of its intent to the Funds no later than three (3) months prior to the fourth anniversary of the effective date of a Renewal Term. If BNYM requests that this Agreement be extended for an additional five (5) year period and the Funds do not reject such request in writing to BNYM by the fourth anniversary of the effective date of a Renewal Term, this Agreement shall be extended for an additional five (5) year period. If either (a) BNYM indicates that this Agreement will be terminated upon the expiration of a Renewal Term by sending a written notice of its intent to the Funds no later than three (3) months prior to the fourth anniversary of the effective date of a Renewal Term, or (b) the Funds respond to BNYM's request to extend for an additional five (5) year period by rejecting such request in writing to BNYM no later than the fourth anniversary of the effective date of a Renewal Term, then this Agreement shall continue in effect until the date on which the Funds complete their conversion to a successor service provider, provided that such date: (i) shall not be earlier than the end of the Renewal Term and (ii) shall not be later than one (1) year after the end of the Renewal Term.

------

B. This Agreement may be terminated by the following party or parties, as the case may be, for one or more of the following reasons, provided the terminating party provides the applicable written notice to the other party or parties, as the case may be, of the reason for such termination:

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>NonRenewal</u>: BNYM or the Funds may decline to extend the terms of this Agreement beyond a Renewal Term under subparagraph A of this Section;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Mutual Agreement</u>: BNYM and the Funds may mutually agree in writing to terminate this Agreement at any time;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>For Cause"</u>: (a) BNYM may terminate this Agreement "For Cause," as defined below, by providing the Funds with written notice of termination "For Cause" (a "Breach Termination Notice") at least 60 days prior to the date of termination of this Agreement, or (b) a Fund may terminate this Agreement with respect to such Fund "For Cause," as defined below, by providing BNYM with a Breach Termination Notice at least 60 days prior to the date of termination of this Agreement with respect to such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Failure to Pay</u>: BNYM may terminate this Agreement if BNYM has notified the Funds that they have failed to pay BNYM any undisputed amounts when due under this Agreement and the Funds have failed to cure such default within 30 days of receipt of such notice (or, if the Funds have disputed in good faith any fees forth in Schedule C or any expenses, upon final resolution of such dispute).

&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Acquisition by the Funds</u>: The Funds may terminate this Agreement with at least 120 days written notice if the Funds' investment adviser or one of its affiliates (together, the "Acquiring Entity") acquires another investment adviser and/or one of its affiliates (together, the "Acquired Entity") and, in connection with such transaction, the Acquiring Entity acquires or sponsors any complex of registered investment companies serviced or managed by the Acquired Entity, provided that BNYM is included in any request for proposal process to provide fund accounting, financial administration and related services ("Administration Services") to the registered investment companies managed or sponsored by the Acquiring Entity; provided further that the Administration Services that are subject to the request for proposal process are substantially similar to the services provided under this Agreement. For avoidance of doubt, the Acquiring Entity is required to consider BNYM's request for proposal in good faith, but the Acquiring Entity is not obligated to select BNYM.

For purposes of subparagraph (iii) above, "**For Cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a material breach of this Agreement by any other party or parties, as the case may be, that has not been remedied for 30 days following written notice by the terminating party that identifies in reasonable detail the alleged failure of the other party or parties, as the case may be, to perform, provided that if such default is capable of being cured, then the other party or parties, as the case may be, are entitled to such longer period as may reasonably be required to cure such default if the other party or parties, as the case may be, have commenced such cure and is diligently pursuing same, but such cure must be completed within 120 days in any event;

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) when any other party or parties, as the case may be, commit any act or omission that constitutes gross negligence, willful misconduct, fraud or reckless disregard of its or their duties under this Agreement and that act or omission results in material adverse consequences to the terminating party;

&nbsp;&nbsp;&nbsp;&nbsp;(c) a final, unappealable judicial, regulatory or administrative ruling or order in which any other party or parties, as the case may be, have been found guilty of criminal or unethical behavior in the conduct of its business that directly relates to the subject matter of the Services; or

&nbsp;&nbsp;&nbsp;&nbsp;(d) when any other party or parties, as the case may be, shall make a general assignment for the benefit of its or their creditors or any proceeding shall be instituted by or against the other party or parties, as the case may be, to adjudicate it or them as bankrupt or insolvent, or to seek to liquidate, wind up, or reorganize the other party or parties, as the case may be, or protect or relieve its or their debts under any law, or to seek the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or them or for a substantial portion of its or their assets, which proceeding shall remain unstayed for sixty (60) days or the other party or parties, as the case may be, have taken steps to authorize any of the above actions or has become unable to pay its or their debts as they mature.

C. If this Agreement is terminated by any party (regardless of whether it is terminated pursuant to paragraph B. above or for any reason other than those specified in paragraph B. above), the Funds shall pay to BNYM on or before the effective date of such termination any undisputed and unpaid fees owed to, and shall reimburse BNYM for any undisputed and unpaid out-of-pocket costs and expenses owed to, BNYM under this Agreement prior to its termination.

D. If either (i) the Funds terminate this Agreement for any reason other than those specified in paragraph B. above ("Early Termination"), or (ii) BNYM terminates this Agreement "For Cause" or the Funds' "failure to pay" under subparagraphs B(iii) or B(iv) of this Section, respectively, then the Funds shall make a one-time cash payment (a **"Termination Fee"**) equal to a percentage (the "Stated Percentage") of all fees and other amounts calculated as if BNYM were to provide all services hereunder for a period of one year based upon Average Three Month Fees (as defined below). For purposes of this Agreement, "Average Three Month Fees" means the average of (i) the aggregate fees (excluding out-of-pocket expenses) due to BNYM under this Agreement during the last three full calendar months immediately prior to the date of the notice of Early Termination or Breach Termination Notice, as applicable, and (ii) the aggregate fees (excluding out-of-pocket expenses) due to BNYM under this Agreement during the last three full calendar months immediately prior to the termination date of this Agreement. The Stated Percentage shall be: (i) 25% during the first three years of the Renewal Term ended June 30, 2022; and (ii) inapplicable thereafter. In addition, the Funds shall reimburse BNYM promptly for any actual, provable, extraordinary, non-customary and direct costs and expenses (other than any Costs and Expenses) incurred by BNYM in connection with effecting such termination and converting the Funds to a successor service provider, including without limitation the delivery to such successor service provider, the Funds and/or other Funds' service providers any of the Funds' property, records, data, instruments and documents.

------

The parties acknowledge and agree that, upon the occurrence of any of such events giving rise to a Termination Fee: (i) a determination of actual damages incurred by BNYM would be extremely difficult, (ii) the Termination Fee is intended to adequately compensate BNYM for damages incurred and is not intended to constitute any form of penalty, and (iii) the Termination Fee is intended to include the Costs and Expenses incurred by BNYM in connection with effecting such termination and converting the Fund to a successor service provider, including, without limitation, the delivery to such successor service provider, the Fund and/or other Fund service providers any of the Fund's property, records, data, instruments and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 4 - Amendments, Assignment, Subcontracting and Delegation shall be amended and restated
as follows:

A modification of this Agreement will be effective only if in writing and signed by the affected parties. BNYM shall not assign or subcontract the rights or delegate the duties, or outsource or off-shore the Services, pursuant to this Agreement without the prior written consent of the other party or parties, which shall not be unreasonably withheld. Notwithstanding the foregoing, no such consent shall be required to assign or subcontract the rights or delegate the duties, or outsource or off-shore the Services contemplated hereunder to an affiliate of BNYM, provided BNYM provides thirty (30) days advance written notice to the other parties hereto.

This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section 10 of the Agreement - Books and Records, Disclosure, Retention, and Rights of Ownership,
shall be amended and restated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BNYM shall maintain on behalf of each Fund all books and records which are customary or which are legally required to be kept in connection with BNYM's performance of Services, including without limitation books and records directly related to the Funds and those required by Rules 31a-1 and 31a-2 under the 1940 Act ("**Records**"). BNYM will prepare and maintain the Records at each Fund's expense, and the Records shall be the Fund's property. BNYM will make the Records available for inspection by the SEC, including giving the SEC access to the Records, and otherwise surrender the Records promptly in accordance with Rule 31a-3 under the 1940 Act. BNYM will allow a Fund and its authorized persons and representatives to review, inspect and audit the Records during BNYM's normal business hours or, upon reasonable notice, at such other reasonable times as the Fund may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Application & network penetration testing & vulnerability scanning.

BNYM shall perform penetration testing activities on its systems related to the Services provided hereunder, at least annually, as part of its information security policies and procedures. The Funds agree and understand that BNYM does not guarantee that the penetration testing activities will detect all security weaknesses, potential security problems or potential breaches. BNYM will provide the Funds with a certification confirming the completion of the testing promptly after it is complete. Should such testing reveal a failure materially impacting the Funds' receipt of Services, BNYM will promptly notify the Funds in writing and set up a conference call to discuss the relevant details.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Breach/Incident Notification:

BNYM will promptly (within 2 business days when practical based on BNYM's commercially reasonable determination of the relevant circumstances) notify the Funds of any confidentiality breaches, operational breaches, security breaches, data breaches, malware, phishing or other incidents relating to the unauthorized exposure of the Fund's information or materially impacting the Fund's receipt of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Access

BNYM agrees it will ensure that any of its employees or other persons engaged by it for the purposes of providing Services to the Funds are aware of the confidential nature of the Fund's information and agree to comply with BNYM's policies and procedures related to handling confidential client information.

BNYM agrees it will not make, or attempt to make, a connection to any network utilized and provided by the Funds without obtaining prior written approval from the Funds or the Funds' delegate for such connection; and that any such connection will comply at all times with any reasonable conditions that the Funds' Board or its delegate may impose on BNYM.

BNYM will take the necessary steps designed to ensure that all departing personnel with access to the Fund's confidential information will return all such information upon their departure and that such personnel shall immediately cease to access such information and BNYM's technology systems and networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Certification.

Annually, upon the Funds' request, BNYM will confirm in writing completion of its ISO 27001/2 certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Communications.

All communications between BNYM and the Funds should occur between the authorized contacts listed in Exhibit I hereto as may be updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Compliance; Applicable Law.

In performing the Services, BNYM shall comply with all laws applicable to BNYM, and its standard of performance shall be in accord with industry standards and such standards as may be imposed on BNYM by law and the requirements of all regulatory authorities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Annual Risk Assessment/Risk Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. On a periodic basis, typically no less frequently than annually, at BNYM's expense, BNYM conducts a review of the BNYM
architecture, systems and procedures used in connection with the Services ("Risk Assessment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Risk Assessment will examine the design of controls and the operating effectiveness of controls including those within
the following processes, policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access and identity management (including privileged access management with respect to BNYM's systems and the Funds'
data, and ensuring data separation between the Funds data and data belonging to other parties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Incident response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Managing network layer controls such as intrusion detection system ("IDS") (including cybersecurity) and firewalls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Security configurations, antivirus management, vulnerability and patch management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Managing remote access to technology infrastructure and external connections, policies and controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Use of build guides/checklists to harden servers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Conducting background screening and raising security awareness of personnel supporting the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Disaster recovery / business continuity process; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Data backup, retention and destruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. BNYM will meet with the Funds to discuss the Risk Assessment performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. On periodic basis, typically no less frequently than annually, at BNYM's expense, BNYM will provide the Funds with a
copy of its SOC 1 <sup>SM</sup> Report on its Centralized Managed Information Systems or an
equivalent report based on new or supplemented attestation standards as may occur from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. As a result of these discussions, should any Risk Assessment reveal material risks in the Funds' reasonable determination
with regard to the administrative, technical and physical safeguards appropriate to the size and complexity of BNYM's operations,
the Funds will notify BNYM of such risks and BNYM will agree in good faith to review such risks and determine if it is necessary
or desirable to undertake any necessary changes with respect to its processes to remedy the material defects or deficiencies in
the processes giving rise to the material risks ("Remedial Work"). The Remedial Work will be undertaken on a schedule
and terms to be discussed with the Funds should such Remedial Work materially impact the Services received by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. BNYM shall provide reasonable assistance to the Funds on an annual basis so that the Funds and/or their representatives may
(i) review BNYM's relevant policies and procedures, (ii) review relevant information available regarding BNYM's compliance
with such policies and procedures, and (iii) compare the BNYM policies and procedures under review to determine that such policies
and procedures are materially similar to the Funds' equivalent policies and procedures. This review is subject to all relevant
BNYM security policies and requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governance</u> 

Appropriate authorized representatives of BNYM and the Funds shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monitor and review BNYM's performance of its obligations under this Agreement on an ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Ensure operational and support processes and procedures are property documented and that such documents are properly maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Act as initial point of contract for incident monitoring, incident handling and escalation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Attend (and if necessary chair) operational meetings between BNYM and the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Meet as mutually agreed to review performance, coordinate the Services and discuss future requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Schedule A of the Agreement is hereby deleted in its entirety and replaced Schedule A attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Schedule B of the Agreement is hereby deleted in its entirety and replaced Schedule B attached
hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Schedule C of the Agreement is hereby deleted in its entirety and replaced Schedule C attached
hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Exhibit I is hereby added to the Agreement as attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As hereby amended and supplemented, the Agreement, as well as capitalized terms not defined in
this Amendment, shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms
of the Agreement, the terms of this Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement, as amended hereby, constitutes the complete understanding and agreement of the parties
with respect to the subject matter hereof and supersedes all prior communications with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. The facsimile signature of any party to this Amendment
shall constitute the valid and binding execution hereof by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent required by applicable law, the terms of this Amendment and the fees and expenses associated with this Amendment
have been disclosed to and approved by the Board of Trustees of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Amendment shall be governed by the laws of the Commonwealth of Pennsylvania, without regard
to its principles of conflicts of laws.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written.

---

| |
|:---|
| **THE BANK OF NEW YORK MELLON** |
| By: /s/ Christopher Healy |
| Name: Christopher Healy |
| Title: Managing Director |
| DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A |

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8.0 ------

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| |
|:---|
| DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A |

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9.0 ------

---

| |
|:---|
| VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC. |
| DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND |
| DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. |
| DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. |

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10.0 ------

DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND <br>

---

| |
|:---|
| By: /s/ Richard Salus |
| Name: Richard Salus |
| Title: SVP |

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11.0 ------

**<u>Schedule A</u>**

The following Fund and its Portfolios and share classes are covered by, and made parties to, the Amendment as of the date first written above:

---

| |
|:---|
| &nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Adviser Funds** |
| &nbsp;&nbsp; Delaware Diversified Income Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Global Real Estate Opportunities Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp; Delaware U.S. Growth Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Cash Reserve** |
| &nbsp;&nbsp; Delaware Investments Ultrashort Fund – Class A, Class C, Class L and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds I** |
| &nbsp;&nbsp; Delaware Mid Cap Value Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds II** |
| &nbsp;&nbsp; Delaware Value**<sup>®</sup>** Fund – Class A, Class C, Class R, Class R6, Class T and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds IV** |
| &nbsp;&nbsp; Delaware Healthcare Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Small Cap Growth Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Smid Cap Growth Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds V** |
| &nbsp;&nbsp; Delaware Small Cap Core Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Small Cap Value Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Wealth Builder Fund – Class A, Class C, Class R and Institutional Class Shares<br> *(formerly, Delaware Dividend Income Fund)* |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Foundation Funds**<br> **(Delaware Foundation Funds<sup>®</sup>)** |
| &nbsp;&nbsp; Delaware Foundation<sup>®</sup> Conservative Allocation Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Foundation<sup>®</sup> Growth Allocation Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Foundation<sup>®</sup> Moderate Allocation Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Global & International Funds** |
| &nbsp;&nbsp; Delaware Asia Select Fund – Class A, Class C, and Institutional Class Shares<br> *(formerly, Delaware Macquarie Asia Select Fund)* |
| &nbsp;&nbsp; Delaware Emerging Markets Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Global Value Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp; Delaware International Small Cap Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares<br> *(formerly, Delaware Focus Global Growth Fund)* |
| &nbsp;&nbsp; Delaware International Value Equity Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Government Fund** |
| &nbsp;&nbsp; Delaware Emerging Markets Debt Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Strategic Income Fund – Class A, Class C, Class R and Institutional Class Shares<br> *(formerly, Delaware Core Plus Bond Fund)* |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Income Funds** |
| &nbsp;&nbsp; Delaware Corporate Bond Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Extended Duration Bond Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Floating Rate Fund – Class A, Class C, Class R and Institutional Class Shares<br> *(formerly, Delaware Diversified Floating Rate Fund)* |
| &nbsp;&nbsp; Delaware High-Yield Opportunities Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Limited-Term Government Funds** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Delaware Limited-Term Diversified Income Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> State Tax-Free Income Trust** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free Pennsylvania Fund – Class A, Class C, and Institutional Class Shares |

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12.0 ------

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| |
|:---|
| &nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;**Delaware Group<sup>®</sup> Tax-Free Fund** |
| &nbsp;&nbsp; Delaware Tax-Free USA Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Tax-Free USA Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Pooled<sup>®</sup> Trust** |
| &nbsp;&nbsp; Macquarie Core Plus Bond Portfolio – DPT Class<br> *(formerly, The Core Plus Fixed Income Portfolio)* |
| &nbsp;&nbsp; Macquarie Emerging Markets Portfolio – DPT Class<br> *(formerly, The Emerging Markets Portfolio)* |
| &nbsp;&nbsp; Macquarie Emerging Markets Portfolio II – DPT Class<br> *(formerly, The Emerging Markets Portfolio II)* |
| &nbsp;&nbsp; Macquarie High Yield Bond Portfolio – DPT Class<br> *(formerly, The High-Yield Bond Portfolio)* |
| &nbsp;&nbsp; Macquarie Labor Select International Equity Portfolio – DPT Class <br> *(formerly, The Labor Select International Equity Portfolio)* |
| &nbsp;&nbsp; Macquarie Large Cap Value Portfolio – DPT Class<br> *(formerly, The Large-Cap Value Equity Portfolio)* |
| &nbsp;&nbsp; Delaware REIT Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares<br> *(formerly, The Real Estate Investment Trust Portfolio)* |
| &nbsp;&nbsp;**Delaware VIP<sup>®</sup> Trust** |
| &nbsp;&nbsp; Delaware VIP**<sup>®</sup>** Diversified Income Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp; Delaware VIP**<sup>®</sup>** Emerging Markets Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp; Delaware VIP**<sup>®</sup>** High Yield Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp; Delaware VIP<sup>®</sup> International Value Equity Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp; Delaware VIP<sup>®</sup> Limited-Term Diversified Income Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp; Delaware VIP**<sup>®</sup>** REIT Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp; Delaware VIP**<sup>®</sup>** Small Cap Value Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp; Delaware VIP**<sup>®</sup>** U.S. Growth Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Value Series – Standard Class Shares and Service Class Shares<br> &nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP**<sup>®</sup>** Smid Cap Core Series – Standard Class Shares and Service Class Shares<br> *(formerly, Delaware VIP<sup>®</sup> Smid Cap Growth Series)* |
| &nbsp;&nbsp;**Voyageur Insured Funds** |
| &nbsp;&nbsp; Delaware Tax-Free Arizona Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Intermediate Tax Free Funds** |
| &nbsp;&nbsp; Delaware Tax-Free Minnesota Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Mutual Funds** |
| &nbsp;&nbsp; Delaware Minnesota High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp; Delaware National High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Tax-Free California Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Tax-Free Idaho Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp; Delaware Tax-Free New York Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Mutual Funds II** |
| &nbsp;&nbsp; Delaware Tax-Free Colorado Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Mutual Funds III** |
| &nbsp;&nbsp; Delaware Select Growth Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;**Voyageur Tax Free Funds** |
| &nbsp;&nbsp; Delaware Tax-Free Minnesota Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Enhanced Global Dividend and Income Fund –** Common Shares |
| &nbsp;&nbsp;**Delaware Investments Dividend and Income Fund, Inc. –** Common Shares |
| &nbsp;&nbsp;**Delaware Investments Colorado Municipal Income Fund, Inc. –** Common Shares and Preferred Shares |
| &nbsp;&nbsp;**Delaware Investments Minnesota Municipal Income Fund II, Inc. –** Common Shares and Preferred Shares |
| &nbsp;&nbsp;**Delaware Investments National Municipal Income Fund –** Common Shares and Preferred Shares |

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13.0 ------

**<u>Schedule B</u>**

**<u>FUND ACCOUNTING AND FINANCIAL ADMINISTRATION SERVICES</u>**

BNYM shall perform for each Fund and each of its Portfolios the following fund accounting, financial administration and related services. Unless otherwise noted, capitalized terms used herein shall have the same meanings assigned to them in the Agreement.

**<u>A. Valuations</u>**

In accordance with the 1940 Act, a Fund's pricing policies and procedures delivered to BNYM, and a Fund's prospectus and statement of additional information, and subject to the existence of authorized licensing arrangements and Instructions, BNYM will perform the following pricing and valuation services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Perform the necessary functions to calculate daily the net asset value per share ("NAV")
for each share class of each Portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Calculate the value of the assets of each Portfolio by obtaining securities prices and readily
available market quotations from independent pricing sources, subject to any adjustments by the fair valuation information vendors,
in each case using a source/vendor approved by the Fund and listed in Schedule D to the Agreement. If market quotations for portfolio
securities are not readily available, notify the Fund and obtain prices from authorized broker sources and/or use fair values as
determined in good faith by the Fund's board of directors/trustees, which includes, but is not limited to, using values determined
by the Fund's pricing policies and procedures and values approved by the Fund's Valuation/Pricing Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist in resolving pricing discrepancies and implement mutually agreed upon price variance thresholds
and notification processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In accordance with the Fund's NAV error correction policies provided to BNYM, notify the
Fund promptly upon discovery of NAV errors of a Portfolio and initiate correction processes.

**<u>B. Calculation and Payment of Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Based upon information provided by one of the Fund's Authorized Persons to BNYM, calculate
asset-based fees and submit to the Fund Treasurer/Principal Financial Officer for approval, and instruct the custodian to wire
fee payments to the service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Accrue expense waivers based on Instructions and provide reporting of accruals of expense waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accrue and allocate fee payments to directors/trustees and other officers of the Fund paid directly
by the Fund according to Instructions and on a monthly basis forward cash to the Fund's Authorized Persons in the amount
necessary to make such payments to the directors/trustees and other officers of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare expense reports, liabilities analysis and budgets for each Portfolio of the Fund for review
and approval by the Fund Treasurer/Principal Financial Officer, including maintaining detailed records pertaining to expense accruals
and payments, adjusting reports to reflect accrual adjustments, and monitoring all Fund expenses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Forward any invoices payable by the Fund to the Fund's Authorized Persons for review and
approval. Pay any invoices approved by the Fund's Authorized Person for payment on behalf of the Fund. Allocate such invoices
among the Portfolios in accordance with pre-established instructions from the Fund's Authorized Persons. Record the payment
of invoices on the Fund's books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provide to the Fund a monthly summary of disbursements.

**<u>C. Financial Reporting</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare agreed upon financial reporting information for the Fund and/or each Portfolio: (i) for
proxy/information statements, registration statements (including prospectuses, statements of additional information, and business
combination/exchange offers under Form N-14), Section 19 notices, periodic shareholder reports (both semi-annual and annual), Form
N-CSRs, Form N-Qs, Form N-SARs, Form N-MFPs and such other communications required or otherwise sent to investors and/or filed
with regulatory agencies; (ii) to the Investment Company Institute; (iii) to statistical reporting and rating agencies; and (iv)
regarding a closed-end Fund's issuance of preferred stock and commercial paper. Additionally, review and provide comments
to the Fund or a Fund Agent to allow for completion of such reports in accordance with defined timelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare other reports, notices or financial documents in accordance with generally accepted accounting
principles, as required by federal, state and other applicable laws and regulations, in each case as the parties may agree upon
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist in preparing financial information relating to a closed-end Fund's earnings press
release, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide financial information needed for the offer letter to assist with buyback and tender offers
for a closed-end Fund, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide 1940 Act Rule 2a-7 amortized cost monitoring (mark-to-market) reports for a money market
Portfolio with such frequency as is agreed upon by parties, or as may be required by Rule 2a-7 and the Fund's policies and
procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare and provide such detailed
 financial reports as may be necessary for the Fund's board of directors'/trustees'
 reporting process and as the parties may agree upon from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Provide sub-certifications in an agreed-upon form to the Fund's chief compliance officer
and certifying principal executive and financial officers with respect to the generation of financial statements and other financial
reporting performed by BNYM.

**<u>D. [Reserved]</u>**

**<u>E. Portfolio Securities Transactions</u>**

Based on information that is provided to BNYM by the Fund, its investment adviser, and the Fund's Authorized Persons, BNYM will perform the following functions:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain records of investment, capital share, and income and expense activities for each Portfolio
by: (i) recording purchases and sales of investments; (ii) recording corporate actions and capital changes relating to investments;
(iii) accruing interest, dividends and expenses on investments; and (iv) maintaining the historical tax lots and income history
for investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Notify, as directed, the applicable investment adviser (or, if applicable, sub-adviser) with respect
to mandatory and voluntary corporate actions. The Fund's elections (on actions where elections and options exist) on voluntary
corporate actions must be communicated to BNYM by one of the Fund's Authorized Persons on the deadline date stated on the corporate
actions notice, allowing a reasonable amount of time before the stated deadline for BNYM to input the election on the fund accounting
system and notify the custodian (as applicable). BNYM will use commercially reasonable efforts to respond on behalf of the
Fund if a response is received by BNYM after the deadline date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Book corporate action activity upon timely receipt of information and Instructions from one of
the Fund's Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Receive, update and process daily trade files from the Fund investment adviser's order management
system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Based on Instructions from one of the Fund's Authorized Persons or the Fund Treasurer/Principal
Financial Officer, implement tax lot relief methodology.

**<u>F. [Reserved]</u>**

**<u>G. Dividends & Distributions</u>**

Subject to review and approval of the Fund's Treasurer/Principal Financial Officer, BNYM will perform the following functions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide the Fund's transfer agent, dividend disbursing agent and custodian with such information
as is required for such parties to effect the payment of dividends and distributions and to implement the Fund's dividend
reinvestment plan, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Calculate income projections and provide such projections to the Fund for completion of the Section
19(a) notices and respond to any questions or issues raised by such projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Periodically calculate and report each Portfolio's "investment company taxable income,"
"net capital gain" distributions, and realized and unrealized capital gains, and calculate amount of distribution to
avoid application of excise tax, in accordance with IRS Subchapter M requirements and the Portfolio's distribution policies
as disclosed in the Portfolio's prospectus and established by resolution of the Fund's board of directors/trustees.

**<u>H. Reconciliation and Cash Management</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reconcile trade tickets and fund holdings list with investment adviser records on a daily basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reconcile the cash and portfolio investments of the Portfolio with the records of the Fund's
custodian, and provide corresponding reconciliation reports to the Fund and Fund Agents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Calculate and provide cash projections daily for each Portfolio of the Fund based on estimates
of portfolio security transactions (including projected income and dividend receipts), shareholder transactions, and Fund distributions/reinvestments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Calculate and provide daily the cash available for each Portfolio of the Fund.

**<u>I. Shareholder Activity</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Record and reconcile daily shareholder activity, including: (i) recording subscriptions, redemptions,
and dividend reinvestments; (ii) reconciling settlements of shareholder activity; and (iii) recording Portfolio shares outstanding
to the records maintained by each Portfolio's transfer agent and communicate exceptions to transfer agent which is responsible
for researching exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide financial and pricing information to support transfer of portfolio securities in connection
with shareholder transfer-in-kind (purchase and redemption) transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Support the estimation/price protection
 process and other "post-nightly" and "as of" shareholder recording
 processes, including but not limited to, defined contribution clearance and settlement
 and same day cash.

**<u>J. Fund Performance Information</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Calculate each Portfolio's performance, including calculations of yield, total return, expense
ratio, portfolio turnover rate and dollar-weighted average maturity, as applicable, in accordance with standardized SEC reporting
requirements, and provide to the Fund. Calculate and provide such additional performance information as may be reasonably requested
by the Fund or the Fund's Authorized Persons.

**<u>K. Audit Support</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide timely assistance with audit requests from the Fund, its internal auditors, its Independent
Accountants, and regulatory agencies. Respond to inquiries from other Fund Agents regarding BNYM's processes and interface
with such Fund Agents to support annual SSAE 16 audits of such Fund Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare work papers for the Fund's annual audit by the Fund's Independent Accountants,
and coordinate the annual audit by the Fund's Independent Accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provide results of BNYM's semi-annual SSAE 16 audits.

**<u>L. Tax Reporting</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide the financial information necessary for the Fund's preparation of its federal, state
and city tax returns and ancillary schedules, including year-end excise tax distributions, and compliance with Subchapter M and
Section 4982 of the Internal Revenue Code of 1986 (the "Code"). Provide completed Internal Revenue Service forms for
the Funds, such as Form 1120-RIC, necessary to file tax returns in accordance with filing deadlines and maintain copies of all
tax returns and related workpapers.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide financial data regarding portfolio investments to the Fund's transfer agent to support
the production of Form 1099s and similar shareholder tax reporting.

**<u>M. Other Reporting</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide the daily, weekly, monthly, quarterly and ad hoc reports mutually agreed upon by BNYM and
DSC. Each report shall be in a form mutually agreed upon by BNYM and DSC.

**<u>N. Compliance Monitoring</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Establish, maintain, and provide summaries of, internal operating policies
and procedures to support the performance of the Services by BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Conduct testing of each Portfolio for compliance with the Code's requirements to qualify
as a regulated investment company, including but not limited to: (i) quarterly diversification requirements; (ii) annual income
qualification test; and (iii) annual distribution requirements (including avoiding application of excise taxes). Provide the results
to the Fund's chief compliance officer.

**<u>O. Data Feeds</u>**

Subject to the existence of authorized licensing arrangements and Instructions, BNYM will perform the following functions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disseminate each Portfolio's NAV, dividend and portfolio data to Fund Agents and Fund-authorized
third parties (including, if a closed-end fund, the stock exchange on which the Fund is listed) and maintain quality controls necessary
to ensure accuracy of the data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide holdings information to the Fund's proxy voting agent on a monthly basis in support
of Form N-PX preparation and filing requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provide month-end data feeds at the end of the 1<sup>st</sup> business day of the new month and
subsequent month-end feeds as data changes in the month-end area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide daily data feeds inclusive of that day's trading activity to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide the capability to re-transmit data feeds for past periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provide the data necessary for the Fund's web/internet/intranet applications and maintain
the subject matter expertise and quality controls required to ensure data accuracy.

**<u>P. Business Continuity</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. At least annually, BNYM will provide summaries of BNYM's disaster recovery plan for business
continuity, together with summaries of any disaster recovery testing and results, with respect to those functions performed by
BNYM. BNYM will participate in pre-defined disaster recovery testing as reasonably requested.

**<u>Q. Performance of Services by BNYM</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Monitor BNYM's performance and provide a monthly performance monitoring report against mutually
agreed upon metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Develop and implement corrective action
 plans in the event of service requirement defaults.

------

**<u>R. Relationship Management</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide client service support to the Fund, including access to day-to-day points of contact and
to points of escalation as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At a minimum, conduct semi-annual meetings with Fund management to discuss trends, technology and
strategic direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conduct an annual meeting with Fund management to discuss the Services provided, system functionality
and documentation of policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Maintain effective working relationships with, and provide data to, third parties requiring data
from the Funds.

**<u>S. Books and Records</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain the general ledger and other accounts, books and financial records of the Fund, as required
under Section 31(a) of the 1940 Act and the rules thereunder in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Comply with SEC and 1940 Act rules and regulations regarding record retention and maintenance of
records on- and off-site as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provide the Fund's investment adviser with view and query access to the accounting systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Assist with the set-up of new Fund accounts and the maintenance and termination of existing Fund
accounts.

**<u>T. Other</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide financial administration and fund accounting support for projects and processes as needed
and/or required. Examples include establishment of new registrants, series and/or classes; Fund and/or Portfolio mergers, liquidations,
conversions and proxy statements; insurance policy renewals; and issues relating to the application of fees and expense waivers.
In the event that completion of a project or process necessitates BNYM to expend extraordinary expenses, both parties will negotiate
in good faith to compensate BNYM for all or a portion of these expenses while taking into consideration other relevant factors
such as cost sharing with other BNYM clients and future revenue projections from such projects or processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide operational and financial reporting support to the Fund and each Portfolio in connection
with its credit facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As applicable, support the Fund's transfer agent with respect to dividend re-purchase processing
and communication with omnibus dealers.

------

**Exhibit I**

**Authorized Contacts for Communication**

All communications between the Funds and BNYM should occur with the authorized contacts listed below. This includes, but not limited to, requests for information including phone and email communications, account changes, access requests and systems support.

**Fund Contacts:**<br> (List Primary and Alternate contacts for each business area)

---

| | | |
|:---|:---|:---|
| **<u>Delaware Funds</u>** <br> **<u>Contact</u>** | **<u>Telephone</u>** | **<u>Email Address</u>** |
| &nbsp;&nbsp;Richard Salus | &nbsp;&nbsp;(215) 255-1010 | &nbsp;&nbsp;<u>Richard.Salus@macquarie.com</u> |
| &nbsp;&nbsp;Daniel Geatens | &nbsp;&nbsp;(215) 255-1664 | &nbsp;&nbsp; <u>Daniel.Geatens@macquarie.com</u> |

---

**BNYM Contacts:**

---

| | | |
|:---|:---|:---|
| **<u>BNYM Contact</u>** | **<u>Telephone</u>** | **<u>Email Address</u>** |
| &nbsp;&nbsp;Christopher Healy | &nbsp;&nbsp;(617) 382-2671 | &nbsp;&nbsp;Christopher.healy@bnymellon.com |

---

20.0 ------

## Ex-99.(H)(2)(Ii)

EX-99.h.2.ii

**AMENDMENT NO. 2 TO AMENDED AND RESTATED FUND ACCOUNTING AND<br> FINANCIAL ADMINISTRATION SERVICES AGREEMENT**

This Amendment ("Amendment") is effective as of the 11th day of October, 2021, by and between each investment company listed on Schedule A (referred to herein, individually, as a "Fund" and collectively, as the "Funds") and THE BANK OF NEW YORK MELLON (referred to herein as "BNYM").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Funds and BNYM are parties to an Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as of January 1, 2014 and amended July 1, 2017 (the "Agreement"), relating to BNYM's provision of fund accounting, financial administration and related services described in the Agreement to the Funds. This Amendment is an amendment to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. The parties desire to amend the Agreement as set forth herein.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section
 13 is hereby deleted in its entirety and restated as follows:

Any communication, notice or demand pursuant to this Agreement shall be properly addressed, in writing and delivered by personal service (including express or courier service), registered or certified mail, or by facsimile with proof of proper transmission and a means for confirmation of delivery to recipient, as follows:

**If to BNYM:**

**The Bank of New York Mellon**

135 Santilli Highway, AIM 026-0026

Everett, MA 02149-1950

Attention: Christopher P. Healy, Managing Director

Facsimile: (617) 382-2706

**If to a Fund:**

100 Independence

610 Market Street

Philadelphia, PA 19106

------

**With a copy to:**

**Delaware Investments Fund Services Company**

100 Independence

610 Market Street

Philadelphia, PA 19106

Attention: General Counsel

Facsimile: (215) 255-1131

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Schedule
 A of the Agreement is hereby deleted in its entirety and replaced with Schedule A attached
 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 hereby amended and supplemented, the Agreement, as well as capitalized terms not defined
 in this Amendment, shall remain in full force and effect. In the event of a conflict
 between the terms of this Amendment and the terms of the Agreement, the terms of this
 Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Agreement, as amended hereby, constitutes the complete understanding and agreement of
 the parties with respect to the subject matter thereof and supersedes all prior communications
 with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Amendment may be executed in two or more counterparts, each of which shall be deemed
 an original, but all of which together shall constitute one and the same instrument.
 The facsimile signature of any party to this Amendment shall constitute the valid and
 binding execution hereof by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 the extent required by applicable law, the terms of this Amendment and the fees and expenses
 associated with this Amendment have been disclosed to and approved by the Board of Trustees
 of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Amendment shall be governed by the laws of the Commonwealth of Pennsylvania, without
 regard to its principles of conflicts of laws.

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written.

---

| |
|:---|
| **THE BANK OF NEW YORK MELLON** |
| By: <u>/s/ illegible</u><br> Name:<br> Title: |
| DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A |

---

------

---

| |
|:---|
| DELAWARE GROUP STATE TAX- FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| IVY FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A |
| DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A |
| VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A |

---

------

---

| | |
|:---|:---|
| VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A | VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A |
| DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A | DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A |
| DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC. | DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC. |
| DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND | DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND |
| DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. | DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC. |
| DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. | DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC. |
| DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND | DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND |
| By: | /s/ Daniel V. Geatens |
| Name: | Daniel V Geatens |
| Title: | Senior Vice President |

---

------

**<u>Schedule A</u>**

The following Funds and its Portfolios and share classes are covered by, and made parties to, the Agreement as of the date first written above:

---

| |
|:---|
| &nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Adviser Funds**<br> Delaware Diversified Income Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Cash Reserve**<br> Delaware Investments Ultrashort Fund – Class A, Class C, Class L, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds I**<br> Delaware Mid Cap Value Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds II**<br> Delaware Value<sup>®</sup> Fund – Class A, Class C, Class R, Class R6, Class T, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds IV**<br> Delaware Healthcare Fund – Class A, Class C, Class R, and Institutional Class Shares <br> Delaware Small Cap Growth Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Delaware Smid Cap Growth Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares <br> Delaware Covered Call Strategy Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Equity Income Fund – Class A, Class R6, and Institutional Class Shares <br> Delaware Global Equity Fund – Class A, Class R6, and Institutional Class Shares <br> Delaware Growth and Income Fund – Class A, Class R6, and Institutional Class Shares <br> Delaware Growth Equity Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Hedged U.S. Equity Opportunities Fund – Class A, Class R6, and Institutional Class Shares <br> Delaware Opportunity Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Premium Income Fund – Class A, Class R6, and Institutional Class Shares <br> Delaware Total Return Fund – Class A, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds V**<br> Delaware Small Cap Core Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware Small Cap Value Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares <br> Delaware Wealth Builder Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Foundation Funds**<br> Delaware Strategic Allocation Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Global & International Funds**<br> Delaware Emerging Markets Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares <br> Delaware International Small Cap Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares <br> Delaware International Value Equity Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Government Fund**<br> Delaware Emerging Markets Debt Corporate Fund – Class A, Class C, Class R, and Institutional Class Shares <br> Delaware Strategic Income Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Income Funds**<br> Delaware Corporate Bond Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Delaware Extended Duration Bond Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares <br> Delaware Floating Rate Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware High-Yield Opportunities Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |

---

------

---

| |
|:---|
| &nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Limited-Term Government Funds**<br> Delaware Limited-Term Diversified Income Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware Tax-Free New Jersey Fund – Class A and Institutional Class Shares <br> Delaware Tax-Free Oregon Fund – Class A and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> State Tax-Free Income Trust**<br> Delaware Tax-Free Pennsylvania Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Tax-Free Fund**<br> Delaware Tax-Free USA Fund – Class A, Class C, and Institutional Class Shares<br> Delaware Tax-Free USA Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Pooled<sup>®</sup> Trust**<br> Macquarie Emerging Markets Portfolio – DPT Class <br> Macquarie Emerging Markets Portfolio II – DPT Class<br> Macquarie Labor Select International Equity Portfolio – DPT Class<br> Delaware Global Listed Real Assets Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> *(formerly, Delaware REIT Fund)* |
| &nbsp;&nbsp;&nbsp;&nbsp;**Delaware VIP<sup>®</sup> Trust**<br> Delaware VIP<sup>®</sup> Emerging Markets Series – Standard Class Shares and Service Class Shares <br> Delaware VIP<sup>®</sup> Small Cap Value Series – Standard Class Shares and Service Class Shares <br> Delaware VIP**<sup>®</sup>** Equity Income Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Fund for Income Series – Standard Class Shares <br> Delaware VIP**<sup>®</sup>** Growth and Income Series – Standard Class Shares <br> Delaware VIP**<sup>®</sup>** Growth Equity Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** International Series – Standard Class Shares and Service Class Shares <br> Delaware VIP**<sup>®</sup>** Investment Grade Series – Standard Class Shares and Service Class Shares <br> Delaware VIP**<sup>®</sup>** Limited Duration Bond Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Opportunity Series – Standard Class Shares <br> Delaware VIP**<sup>®</sup>** Special Situations Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Total Return Series – Standard Class Shares and Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ivy Funds**<br> Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund – Class A, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Pictet Targeted Return Bond Fund – Class A, Class C, Institutional Class, Class R6, and Class Y |

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## Ex-99.(H)(2)(Iii)

EX-99.h.2.iii

***Execution Version***

**AMENDMENT NO. 3 TO AMENDED AND RESTATED FUND ACCOUNTING AND <br>FINANCIAL ADMINISTRATION SERVICES AGREEMENT**

This Amendment ("Amendment") is made as of December 31, 2021 ("Effective Date"), by and between each investment company listed on Schedule A attached hereto (referred to herein, individually, as a "Fund" and collectively, as the "Funds") and The Bank of New York Mellon (referred to herein as "BNYM").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Funds and BNYM are parties to an Amended and Restated Fund Accounting
and Financial Administration Services Agreement dated as of January 1, 2014 (the "Agreement"), as amended by Amendment
No. 1 dated July 1, 2017 and Amendment No. 2 dated October 11, 2021, relating to BNYM's provision of fund accounting, financial
administration and related services described in the Agreement to the Funds. This Amendment is an amendment to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The parties desire to amend the Agreement as set forth herein.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The first sentence of Section 3.A of the Agreement is hereby deleted in
its entirety and replaced with the following: The revised term of this Agreement shall commence on January 1, 2022 and continue
for a period expiring on December 31, 2025 and then for subsequent five (5) year periods (each such period, a "Renewal Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 3.B(v) of the Agreement is hereby deleted in its entirety and replaced
with the following: (v) <u>Acquisition by the Funds</u>: Beginning on January 1, 2024, the Funds may terminate this Agreement with
at least 120 days written notice if at a point in time on or after January 1, 2024 the Funds' investment adviser or one of
its affiliates (together, the "Acquiring Entity") acquires another investment adviser and/or one of its affiliates
(together, the "Acquired Entity") and, in connection with such transaction, the Acquiring Entity acquires or sponsors
any complex of registered investment companies serviced or managed by the Acquired Entity, provided that BNYM is included in any
request for proposal process to provide fund accounting, financial administration and related services ("Administration Services")
to the registered investment companies managed or sponsored by the Acquiring Entity; provided further that the Administration Services
that are subject to the request for proposal process are substantially similar to the services provided under this Agreement. For
avoidance of doubt, the Acquiring Entity is required to consider BNYM's request for proposal response in good faith, but
the Acquiring Entity is not obligated to select BNYM.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The third sentence of Section 3.D of the Agreement is hereby deleted in
its entirety and replaced with the following: The Stated Percentage shall be: (i) 18% during the first three years of the Renewal
Term ended December 31, 2025; and (ii) inapplicable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A new Section 10.B of the Agreement is hereby added which shall contain
the same language as set forth in Section 10.B of the original version of the Amended and Restated Fund Accounting and Financial
Administration Services Agreement dated as of January 1, 2014, a new Section 10.D of the Agreement is hereby added which shall
contain the same language as set forth in Section 10.D of the original version of the Amended and Restated Fund Accounting and
Financial Administration Services Agreement dated as of January 1, 2014, and a new Section 10.C of the Agreement is hereby added
as follows: Upon and subject to payment of any undisputed and unpaid amounts owed to BNYM under this Agreement, BNYM may at its
option at any time after termination or expiration of this Agreement, and shall promptly upon a Fund's demand or upon termination
or expiration of this Agreement, turn over to the Fund or its designated agent, and cease to retain in BNYM's files, any
Records created and maintained by BNYM pursuant to this Agreement which are no longer needed by BNYM in the performance of the
Services or for its legal protection. If not so turned over to the Fund, such Records will be retained by BNYM, at the expense
of the Fund (which shall be equal to the actual costs incurred by BNYM), for at least seven (7) calendar years from the year of
creation or for such other period of time as is required under applicable law. At the end of such period, such Records will be
turned over to the Fund unless the Fund authorizes in writing the destruction or permanent deletion of such Records. If requested
by the Fund, BNYM shall provide evidence of such destruction or permanent deletion. For the avoidance of doubt, BNYM shall be permitted
to retain all or any portion of the information and retain any digital backup copies created through automated system processes,
in accordance with the confidentiality obligations specified in this Agreement for as long as the information is retained, to the
extent required by any applicable law, regulation, supervisory or regulatory body or BNYM's internal compliance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A new Section 10.E of the Agreement is hereby added as follows: E. Each
Fund acknowledges for itself and its users that certain information provided by BNYM on its websites may be protected by copyrights,
trademarks, service marks and/or other intellectual property rights, and as such, agrees that all such information provided is
for the sole and exclusive use of such Fund and its users. Certain information provided by BNYM is supplied to BNYM pursuant to
third party licensing agreements which restrict the use of such information and protect the proprietary rights of the appropriate
licensor ("Licensor") with respect to such information. Therefore, each Fund, on behalf of itself and its users, further
agrees not to disclose, disseminate, reproduce, redistribute or republish information provided by BNYM on its websites in any way without the express
written permission of BNYM and the Licensor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A new Section 11.D of the Agreement is hereby added as follows: D. Notwithstanding
the other provisions of this Agreement, BNYM may (a) use a Fund's Confidential Information in connection with certain functions
performed on a centralized basis by BNYM, its affiliates and joint ventures and their service providers (including audit, accounting,
risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related
data and storage); (b) disclose such information to its affiliates and joint ventures and to its and their service providers who
are subject to reasonable confidentiality obligations in accordance with applicable law and regulations; and (c) securely store
in a manner consistent with applicable laws and regulations the names and business contact information of a Fund's employees
and representatives relating to this Agreement on the systems or in the records of BNYM's affiliates and joint ventures and
its and their service providers; and (d) aggregate information regarding the Funds on an anonymized basis with other similar client
data for BNYM's and its affiliates' reporting, research, product development and distribution, and marketing purposes
(for clarity, the Funds will not be charged by BNYM for such aggregation or use by BNYM or BNYM's affiliates, unless agreed
to in writing by a Fund). For clarity, the foregoing provisions of this Section 11.D do
not relate to nonpublic personal information or authorize BNYM to utilize nonpublic personal information in a way that would violate
any applicable federal and state privacy laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A new final sentence of Section 17 of the Agreement is hereby added as follows:
Each of the parties to this Agreement expressly and irrevocably waives, to the fullest extent permitted by applicable law, any
right to a jury trial with respect to all suits and proceedings arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Section 4 of Amendment No. 1 to the Agreement (dated July 1, 2017) is hereby
deleted in its entirety and replaced with the following: BNYM shall perform penetration testing activities on its systems related
to the Services provided hereunder, at least annually, as part of its information security policies and procedures. The Funds agree
and understand that BNYM does not guarantee that the penetration testing activities will detect all security weaknesses, potential
security problems or potential breaches. BNYM will provide the Funds with a certification confirming the completion of the testing
promptly after it is complete. BNYM will at its own cost remediate identified security vulnerabilities in accordance with its information
security program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Section 7 of Amendment No. 1 to the Agreement (dated July 1, 2017) is hereby
deleted in its entirety and replaced with the following: Annually, upon the Funds' request, BNYM will confirm
in writing completion of its ISO 27001 certification.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Section 9 of Amendment No. 1 to the Agreement (dated July 1, 2017) is hereby
deleted in its entirety and the first sentence of Section 16.A of the Agreement is hereby deleted in its entirety and replaced
with the following: In performing the Services, BNYM shall comply with all laws, rules and regulations in connection with this
Agreement to which BNYM is subject and with such standards as may be imposed on BNYM by law and by the requirements of all regulatory
authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Schedule A of the Agreement is hereby deleted in its entirety and replaced
with Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As hereby amended and supplemented, the Agreement, as well as capitalized
terms not defined in this Amendment, shall remain in full force and effect. In the event of a conflict between the terms of this
Amendment and the terms of the Agreement, the terms of this Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement, as amended hereby, constitutes the complete understanding
and agreement of the parties with respect to the subject matter thereof and supersedes all prior communications with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent required by applicable law, the terms of this Amendment and
the fees and expenses associated with this Amendment have been disclosed to and approved by the governing body of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Amendment shall be governed by the laws of the Commonwealth of Pennsylvania,
without regard to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The parties expressly agree that this Amendment may be executed in one
or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this
Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a
copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is
hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by
electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed
an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts
of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged
document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used
for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

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**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

THE BANK OF NEW YORK MELLON <br>

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| | |
|:---|:---|
| By: | /s/ Chris Healy |

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Name: <u>Christopher Healy</u>

Title: <u>Managing Director</u>

DELAWARE GROUP ADVISER FUNDS, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP CASH RESERVE, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP EQUITY FUNDS I, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP EQUITY FUNDS II, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP EQUITY FUNDS IV, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP EQUITY FUNDS V, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP FOUNDATION FUNDS, on behalf of its Portfolios identified on Schedule A

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DELAWARE GROUP INCOME FUNDS, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP STATE TAX-FREE INCOME TRUST, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP TAX-FREE FUND, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of its Portfolios identified on Schedule A

VOYAGEUR INSURED FUNDS, on behalf of its Portfolios identified on Schedule A

VOYAGEUR INTERMEDIATE TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A

VOYAGEUR MUTUAL FUNDS, on behalf of its Portfolios identified on Schedule A

VOYAGEUR MUTUAL FUNDS II, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP GOVERNMENT FUND, on behalf of its Portfolios identified on Schedule A

DELAWARE GROUP LIMITED- TERM GOVERNMENT FUNDS,

on behalf of its Portfolios identified on Schedule A

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DELAWARE POOLED TRUST, on behalf of its Portfolios identified on Schedule A

VOYAGEUR MUTUAL FUNDS III, on behalf of its Portfolios identified on Schedule A

VOYAGEUR TAX FREE FUNDS, on behalf of its Portfolios identified on Schedule A

DELAWARE VIP TRUST, on behalf of its Portfolios identified on Schedule A

IVY FUNDS, on behalf of its Portfolios identified on Schedule A

IVY VARIABLE INSURANCE PORTFOLIOS, on behalf of its Portfolios identified on Schedule A

INVESTED PORTFOLIOS, on behalf of its Portfolios identified on Schedule A

DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.

DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND

DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.

DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.

DELAWARE IVY HIGH INCOME OPPORTUNITIES FUND

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DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND

By: /s/ Daniel V. Geatens

Name: <u> Daniel V Geatens</u>

Title: <u> Senior Vice President</u>

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**<u>Schedule A</u>**

The following Funds and its Portfolios and share classes are covered by, and made parties to, the Agreement as of the date first written above.

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| |
|:---|
| &nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Adviser Funds**<br> Delaware Diversified Income Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Cash Reserve**<br> Delaware Investments Ultrashort Fund – Class A, Class C, Class L, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Equity Funds I**<br> Delaware Mid Cap Value Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Equity Funds II**<br> Delaware Value<sup>®</sup> Fund – Class A, Class C, Class R, Class R6, Class T, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Equity Funds IV**<br> Delaware Healthcare Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Delaware Small Cap Growth Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Delaware Smid Cap Growth Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware Covered Call Strategy Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Equity Income Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Global Equity Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Growth and Income Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Growth Equity Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Hedged U.S. Equity Opportunities Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Opportunity Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Premium Income Fund – Class A, Class R6, and Institutional Class Shares<br> Delaware Total Return Fund – Class A, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Equity Funds V**<br> Delaware Small Cap Core Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware Small Cap Value Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware Wealth Builder Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Foundation Funds**<br> Delaware Strategic Allocation Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Global & International Funds**<br> Delaware Emerging Markets Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware International Small Cap Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware International Value Equity Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Government Fund**<br> Delaware Emerging Markets Debt Corporate Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Delaware Strategic Income Fund – Class A, Class C, Class R, and Institutional Class Shares |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Income Funds**<br> Delaware Corporate Bond Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Delaware Extended Duration Bond Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware Floating Rate Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware High-Yield Opportunities Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Limited-Term Government Funds**<br> Delaware Limited-Term Diversified Income Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Delaware Tax-Free New Jersey Fund – Class A and Institutional Class Shares<br> Delaware Tax-Free Oregon Fund – Class A and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> State Tax-Free Income Trust**<br> Delaware Tax-Free Pennsylvania Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group<sup>®</sup> Tax-Free Fund**<br> Delaware Tax-Free USA Fund – Class A, Class C, and Institutional Class Shares<br> Delaware Tax-Free USA Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware Pooled<sup>®</sup> Trust**<br> Macquarie Emerging Markets Portfolio – DPT Class<br> Macquarie Emerging Markets Portfolio II – DPT Class<br> Macquarie Labor Select International Equity Portfolio – DPT Class<br> Delaware Global Listed Real Assets Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> *(formerly, Delaware REIT Fund)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Delaware VIP<sup>®</sup> Trust**<br> Delaware VIP<sup>®</sup> Emerging Markets Series – Standard Class Shares and Service Class Shares<br> Delaware VIP<sup>®</sup> Small Cap Value Series – Standard Class Shares and Service Class Shares<br> Delaware VIP**<sup>®</sup>** Equity Income Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Fund for Income Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Growth and Income Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Growth Equity Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** International Series – Standard Class Shares and Service Class Shares<br> Delaware VIP**<sup>®</sup>** Investment Grade Series – Standard Class Shares and Service Class Shares<br> Delaware VIP**<sup>®</sup>** Limited Duration Bond Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Opportunity Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Special Situations Series – Standard Class Shares<br> Delaware VIP**<sup>®</sup>** Total Return Series – Standard Class Shares and Service Class Shares |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ivy Funds**<br> Delaware Ivy Accumulative Fund – Class A, Class B, Class C, Institutional Class, Class R6<br> Delaware Ivy Multi-Asset Income Fund – Class A, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Strategic Income Fund – Class A, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Asset Strategy Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Balanced Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy California Municipal High Income Fund – Class A, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Cash Management Fund – Class A, Class B, and Class C<br> Delaware Ivy Core Equity Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Corporate Bond Fund – Class A, Class B, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Crossover Credit Fund – Class A, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Systematic Emerging Markets Equity Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Energy Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Global Bond Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Global Equity Income Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Global Growth Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Government Money Market Fund – Class A, Class B, Class C, Class E, and Class R6<br> Delaware Ivy Government Securities Fund – Class A, Class B, Class C, Institutional Class, and Class R6<br> Delaware Ivy High Income Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy International Core Equity Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy International Small Cap Fund – Class A, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Large Cap Growth Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6,<br> Class R, and Class Y<br> Delaware Ivy LaSalle Global Real Estate Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Limited-Term Bond Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Managed International Opportunities Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Mid Cap Growth Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Mid Cap Income Opportunities Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br>

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Ivy Municipal Bond Fund – Class A, Class B, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Municipal High Income Fund – Class A, Class B, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Natural Resources Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Emerging Markets Local Currency Debt Fund – Class A, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy Total Return Bond Fund – Class A, Class C, Institutional Class, Class R6, and Class Y<br> Delaware Ivy High Yield Fund – Class A, Institutional Class, and Class R6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund – Class A, Class E, Institutional Class, and Class R<br> Delaware Ivy ProShares MSCI ACWI Index Fund – Class A, Class E, and Institutional Class<br> Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund – Class A, Class E, Institutional Class, and Class R6<br> Delaware Ivy ProShares S&P 500 Bond Index Fund – Class A, Class E, Institutional Class, and Class R<br> Delaware Ivy S&P 500 Dividend Aristocrats Index Fund – Class A, Class E, Institutional Class, Class R6, and Class R<br> Delaware Ivy International Value Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Science and Technology Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Securian Core Bond Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Smid Cap Core Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Small Cap Growth Fund – Class A, Class B, Class C, Class E, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Value Fund – Class A, Class B, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Delaware Ivy Wilshire Global Allocation Fund – Class A, Class B, Class C, Institutional Class, Class R6 |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ivy Variable Insurance Portfolios**<br> Delaware Ivy VIP Asset Strategy – Class I and Class II Shares<br> Delaware Ivy VIP Balanced – Class II Shares<br> Delaware Ivy VIP Core Equity – Class II Shares<br> Delaware Ivy VIP Corporate Bond – Class II Shares<br> Delaware Ivy VIP Energy – Class I and Class II Shares<br> Delaware Ivy VIP Global Bond – Class II Shares<br> Delaware Ivy VIP Global Equity Income – Class II Shares<br> Delaware Ivy VIP Global Growth – Class II Shares<br> Delaware Ivy VIP Government Money Market – Class II Shares<br> Delaware Ivy VIP Growth – Class II Shares<br> Delaware Ivy VIP High Income – Class I and Class II Shares<br> Delaware Ivy VIP International Core Equity – Class II Shares<br> Delaware Ivy VIP Limited-Term Bond – Class II Shares<br> Delaware Ivy VIP Mid Cap Growth – Class I and Class II Shares<br> Delaware Ivy VIP Natural Resources – Class II Shares<br> Delaware Ivy VIP Pathfinder Aggressive – Class II Shares<br> Delaware Ivy VIP Pathfinder Conservative – Class II Shares<br> Delaware Ivy VIP Pathfinder Moderate – Class II Shares<br> Delaware Ivy VIP Pathfinder Moderate – Managed Volatility – Class II Shares<br> Delaware Ivy VIP Pathfinder Moderately Aggressive – Class II Shares<br> Delaware Ivy VIP Pathfinder Moderately Aggressive – Managed Volatility – Class II Shares<br> Delaware Ivy VIP Pathfinder Moderately Conservative – Class II Shares<br> Delaware Ivy VIP Pathfinder Moderately Conservative – Managed Volatility – Class II Shares<br> Delaware Ivy VIP Science and Technology – Class I and Class II Shares<br> Delaware Ivy VIP Securian Real Estate Securities – Class II Shares<br> Delaware Ivy VIP Smid Cap Core – Class II Shares<br> Delaware Ivy VIP Small Cap Growth – Class I and Class II Shares<br> Delaware Ivy VIP Value – Class II Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **InvestEd Portfolios**<br> InvestEd 90 Portfolio<br> InvestEd 80 Portfolio<br> InvestEd 70 Portfolio<br> InvestEd 60 Portfolio<br> InvestEd 50 Portfolio<br> InvestEd 40 Portfolio<br> InvestEd 30 Portfolio<br> InvestEd 20 Portfolio<br> InvestEd 10 Portfolio<br> InvestEd 0 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Insured Funds**<br> Delaware Tax-Free Arizona Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Intermediate Tax Free Funds**<br> Delaware Tax-Free Minnesota Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Mutual Funds**<br> Delaware Minnesota High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares Delaware National High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares Delaware Tax-Free California Fund – Class A, Class C, and Institutional Class Shares Delaware Tax-Free Idaho Fund – Class A, Class C, and Institutional Class Shares<br> Delaware Tax-Free New York Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Mutual Funds II**<br> Delaware Tax-Free Colorado Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Mutual Funds III**<br> Delaware Select Growth Fund – Class A, Class C, Class R, and Institutional Class Shares |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Tax Free Funds**<br> Delaware Tax-Free Minnesota Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;**Delaware Enhanced Global Dividend and Income Fund** – Common Shares |
| &nbsp;&nbsp;**Delaware Investments Dividend and Income Fund, Inc.** – Common Shares |
| &nbsp;&nbsp;**Delaware Investments Colorado Municipal Income Fund, Inc.** – Common Shares and Preferred Shares |
| &nbsp;&nbsp;**Delaware Investments Minnesota Municipal Income Fund II, Inc.** – Common Shares and Preferred Shares |
| &nbsp;&nbsp;**Delaware Investments National Municipal Income Fund** – Common Shares and Preferred Shares |
| &nbsp;&nbsp;**Delaware Ivy High Income Opportunities Fund** – Common Shares and Preferred Shares |

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## Ex-99.(H)(2)(Iv)

EX-99.h.2.iv

**AMENDMENT NO. 4<br> TO**

**AMENDED AND RESTATED FUND ACCOUNTING AND FINANCIAL**<br> **ADMINISTRATION SERVICES AGREEMENT**

THIS AMENDMENT ("Amendment") is made as of January 31, 2022 (the "Effective Date") to that certain Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as of January 1, 2014 (as amended, restated, supplemented or otherwise modified) by and between each investment company listed on Schedule A attached thereto (each an "Existing Fund" and collectively, the "Existing Funds") and The Bank of New York Mellon (referred to herein as "BNYM").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Existing Funds and BNYM are parties to an Amended and Restated Fund Accounting and Financial
 Administration Services Agreement dated as of January 1, 2014 (the "Agreement"),
 as amended by Amendment No. 1 dated July 1, 2017, Amendment No. 2 dated October 11, 2021
 and Amendment No. 3 dated December 31, 2021, relating to BNYM's provision of fund
 accounting, financial administration and related services described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each
 New Fund (defined below, and collectively with the Existing Funds, the "Funds")
 is not a registered investment company and desires to retain BNYM to perform the services
 described in the Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 parties desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
 Background section is incorporated by reference into and made part of this Amendment.

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement is hereby amended as of the Effective Date by adding each of the following Funds (each a "New Fund") to Schedule A of the Agreement:

Ivy ASF II, Ltd.

Ivy VIP ASF II, Ltd.

Ivy ASF III, LLC

Ivy VIP ASF III (SBP), LLC

Ivy WGA III (SBP), LLC

Ivy EME, Ltd.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Agreement is hereby amended as of the Effective Date by inserting the following sections at the end of the Agreement:

"26. **<u>Adding Additional Funds to the Agreement</u>**. One or more additional investment funds or vehicles which are advised by a Fund's investment adviser but which are organized as separate legal entities from the Funds may be added as a party to the Agreement from time to time ("Additional Funds") through the execution of an amendment to the Agreement including, without limitation, an instrument of accession among each Fund party to the Agreement, such Additional Fund and BNYM whereby each such Additional Fund(s) and BNYM will agree to be bound by the terms of this Agreement. The addition of Additional Fund(s) to the Agreement will not affect the rights or obligations of the Funds under the terms of the Agreement. The obligations of the Funds and any Additional Fund(s) to BNYM under the Agreement shall be several and not joint or joint and several.

"27. **<u>Applicability of Agreement to Non-Registered Investment</u> <u>Companies.</u>** Except as noted in the next sentence, the terms and provisions of this Agreement shall be construed to apply to any investment fund or investment vehicle which is not organized as a registered investment company ("non-RIC") and which is added as a party to the Agreement as an Additional Fund and its shares. If a term or provision is inapplicable to a non-RIC or its shares because it (i) applies to a regulatory provision not applicable to non-RICs (e.g., the 1940 Act), (ii) applies to a structural feature either not present in a non-RIC or not applicable to a non-RIC' s shares, or (iii) is unambiguously not applicable to a non-RIC based on its context, then such term or provision shall not apply to such non-RIC or its shares. Subject to this Section 27, the term "Fund" as used throughout this Agreement shall be construed to include any non-RIC that is an Additional Fund, as applicable."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used in this Amendment not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall control with respect to the matters described herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

*[Remainder of page intentionally left blank] <br> [Signature pages follow]*

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**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

**THE BANK OF NEW YORK MELLON**

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| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Chris Healy |

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Name: <u>Christopher Healy</u>

Title: <u>Managing Director </u>

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**IVY ASF II, LTD.**<br> **By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser**<br> By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment<br> **By:** /s/ Daniel V. Geatens<br> **Name:** Daniel V Geatens<br> **Title:** Senior Vice President<br> **IVY VIP ASF II, LTD.**<br> **By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser**<br> By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment<br> **By: /s/ Daniel V. Geatens**<br> **Name:** Daniel V Geatens<br> **Title:** Senior Vice President<br>

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**IVY ASF III (SBP), LLC**<br> **By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser**<br> By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment<br> **By:** /s/ Daniel V. Geatens<br> **Name:** Daniel V Geatens <br> **Title:** Senior Vice President <br> **IVY VIP ASF III (SBP), LLC**<br> **By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser**<br> By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment<br> **By: /s/ Daniel V. Geatens**<br> **Name:** Daniel V Geatens<br> **Title:** Senior Vice President<br>

------

**IVY WGA III (SBP), LLC**<br> **By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser**<br> By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy WGA III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment<br> **By:** /s/ Daniel V. Geatens<br> **Name:** Daniel V Geatens <br> **Title:** Senior Vice President<br> **IVY EME, LTD.**<br> **By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser**<br> By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy EME, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment<br> **By:** /s/ Daniel V. Geatens<br> **Name:** Daniel V Geatens<br> **Title:** Senior Vice President<br> **DELAWARE GROUP ADVISER FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br>

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**DELAWARE GROUP CASH RESERVE,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP EQUITY FUNDS I,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP EQUITY FUNDS II,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP EQUITY FUNDS IV,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP EQUITY FUNDS V,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP FOUNDATION FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP INCOME FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP STATE** **TAX-FREE INCOME TRUST,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP TAX-FREE FUND,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br>

------

**VOYAGEUR INSURED FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **VOYAGEUR INTERMEDIATE TAX FREE FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **VOYAGEUR MUTUAL FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **VOYAGEUR MUTUAL FUNDS II,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP GOVERNMENT FUND,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE POOLED TRUST,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **VOYAGEUR MUTUAL FUNDS III,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **VOYAGEUR TAX FREE FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE VIP TRUST,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br>

------

**IVY FUNDS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **IVY VARIABLE INSURANCE PORTFOLIOS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **INVESTED PORTFOLIOS,** on behalf of its Portfolios identified on Schedule A to Amendment No. 3 to the Agreement<br> **DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.**<br> **DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND**<br> **DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.**<br> **DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.**<br> **DELAWARE IVY HIGH INCOME OPPORTUNITIES FUND**<br> **DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND**<br>

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| | |
|:---|:---|
| **By:** | /s/ Daniel V. Geatens |

---

---

| | |
|:---|:---|
| **Name:** | &nbsp;&nbsp;&nbsp;Daniel V Geatens |

---

---

| | |
|:---|:---|
| **Title:** | &nbsp;&nbsp;&nbsp;Senior Vice President |

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## Ex-99.(H)(3)(I)

EX-99.h.3.i

**EXPENSE REIMBURSEMENT AGREEMENT**

THIS EXPENSE REIMBURSEMENT AGREEMENT is made by and among Delaware Management Company ("DMC"), Delaware Distributors, L.P. ("DDLP"), Delaware Investments Fund Services Company ("DIFSC") and Ivy Funds (the "Trust") on behalf of the series of the Trust set forth below (each, the "Fund").

WHEREAS, the Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-ended management investment company of the series type, and the Fund is a series of the Trust; and

WHEREAS, the Trust, DMC, DDLP and/or DIFSC have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may normally be subject;

NOW THEREFORE, the parties hereto agree as follows:

1. <u>Reimbursement of Expenses.</u> 

1.1 <u>Applicable Reimbursement Level and Term of Reimbursement.</u> DMC, DDLP and/or DIFSC shall waive all or a portion of its fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, the "Excluded Expenses")) in an aggregate amount equal to the amount by which the Fund's total annual fund operating expenses (excluding any Excluded Expenses) of the specified classes exceed the percentages set forth below for the period from January 30, 2023 through January 30, 2024.

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **All Classes <br> <u>except Class R6</u>** | **<u>Class R6</u>** |
| Delaware Ivy California Municipal High Income Fund | 0.55% | N/A |
| Delaware Ivy Corporate Bond Fund | 0.61% | N/A |
| Delaware Ivy Crossover Credit Fund | 0.65% | N/A |
| Delaware Ivy Emerging Markets Local Currency Debt Fund | 0.80% | 0.80% |
| Delaware Ivy Government Securities Fund | 0.64% | 0.60% |
| Delaware Ivy High Yield Fund | 0.72% | 0.72% |
| Delaware Ivy International Small Cap Fund | 0.99% | 0.99% |
| Delaware Ivy Multi-Asset Income Fund | 0.75% | 0.75% |
| Delaware Ivy Strategic Income Fund | 0.67% | 0.67% |
| Delaware Ivy Total Return Bond Fund | 0.95% | 0.87% |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **<u>Class A</u>** | **<u>Class I</u>** | **<u>Class R</u>** | **<u>Class R6</u>** |
| Delaware Sustainable Equity Income Fund | 0.74% | 0.50% | 1.22% | 0.48% |

---

1.2 <u>Excluded Expenses.</u> For purposes
 of this Agreement, Excluded Expenses may also include such additional costs and expense as may be agreed upon from time to time by
 the Trust's Board of Trustees, DMC, DDLP and DIFSC.

1.3 <u>Payment of Reimbursement Amount.</u> To
 reimburse expenses provided for in this Agreement, the Fund may offset the appropriate reimbursement amounts against the management
 fees and/or shareholder servicing fees payable under the Investment Management Agreement and/or the Shareholder Servicing Agreement.
 Alternatively, the reimbursement amount shall be paid directly by DMC, DDLP and/or DIFSC.

2. <u>Termination and Effectiveness of Agreement.</u> 

2.1 <u>Termination.</u> This Agreement shall
 terminate with respect to the Fund upon termination of the Fund's Investment Management Agreement, Rule 12b-1 Plan
 and/or Shareholder Servicing Agreement or on October 27, 2023, whichever comes first. This Agreement may be terminated prior to expiration
 by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable.

2.2 <u>Effectiveness.</u> This Agreement shall be effective January 30, 2023.

3. <u>Miscellaneous.</u> 

3.1 <u>Captions.</u> The captions in this Agreement are included for convenience of reference only
 and in no other way define or delineate any of the provisions hereof.

3.2 <u>Interpretation.</u> Nothing contained herein shall be deemed to require the Board of Trustees
 of the Trust or the Fund to take any action contrary to the Trust's Declaration of Trust or Bylaws, or any applicable statutory
 or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of Trustees of the Trust
 of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

------

3.3 <u>Definitions.</u> Any question of interpretation of any term or provision of this Agreement, including but not limited to the management fees, the Rule 12b-1 Plan and/or shareholder servicing fees, the computations of net asset values, and the allocation of expenses, having a counterpart in, or otherwise derived from, the terms and provisions of the Investment Management Agreement, Rule 12b-1 Plan, the Shareholder Servicing Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to the Investment Management Agreement, Rule 12b-1 Plan, the Shareholder Servicing Agreement or the 1940 Act.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of January 25, 2023.

---

| | |
|:---|:---|
| IVY FUNDS | IVY FUNDS |
| By: | &nbsp;&nbsp;&nbsp;/s/ Shawn K. Lytle |
|  | &nbsp;&nbsp;Shawn K. Lytle, President & Chief Executive Officer |
| DELAWARE MANAGEMENT COMPANY | DELAWARE MANAGEMENT COMPANY |
| By: | &nbsp;&nbsp;&nbsp;/s/ Richard Salus |
|  | &nbsp;&nbsp;Richard Salus, Senior Vice President |
| DELAWARE DISTRIBUTORS, L.P. | DELAWARE DISTRIBUTORS, L.P. |
| By: | &nbsp;&nbsp;&nbsp;/s/ David F. Connor |
|  | &nbsp;&nbsp;David F. Connor, Senior Vice President |
| DELAWARE INVESTENTS FUND SERVICE COMPANY | DELAWARE INVESTENTS FUND SERVICE COMPANY |
| By: | &nbsp;&nbsp;&nbsp;/s/ Richard Salus |
|  | &nbsp;&nbsp;Richard Salus, Senior Vice President |

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------

## Ex-99.(J)

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Ivy Funds of our reports dated November 30, 2022, relating to the financial statements and financial highlights, which appear in Delaware Ivy California Municipal High Income Fund, Delaware Ivy Corporate Bond Fund, Delaware Ivy Crossover Credit Fund, Delaware Ivy Emerging Markets Local Currency Debt Fund, Delaware Ivy Government Securities Fund, Delaware Ivy High Yield Fund, Delaware Ivy International Small Cap Fund, Delaware Ivy Multi-Asset Income Fund, Delaware Ivy Strategic Income Fund, Delaware Ivy Total Return Bond Fund and Delaware Sustainable Equity Income Fund's Annual Reports on Form N-CSR for the year ended September 30, 2022*.* We also consent to the references to us under the headings "Financial Highlights", "Financial Statements" and "Custodial and Auditing Services" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 27, 2023 <br>

------