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SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.a CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated May 28, 2024, relating to the financial statements and financial highlights, which appears in Macquarie Balanced Fund’s (formerly, Delaware Ivy Balanced Fund) Annual Report on Form N-CSR for the year end

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.a CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated May 28, 2024, relating to the financial statements and financial highlights, which appears in Macquarie Balanced Fund’s (formerly, Delaware Ivy Balanced Fund) Annual Report on Form N-CSR for the year end

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14

File No. 333-284919 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 1 /X/ Post-Effective Amendment No. / / (Check appropriate box or boxes) IVY FUNDS (Exact Name of Registrant as Specified in Charter) (800) 523-1918 Registrant’s Area Code and Telephone Number 100 Independence, 610

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.b CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated November 27, 2024, relating to the financial statements and financial highlights, which appears in Macquarie Multi-Asset Income Fund’s (formerly Delaware Ivy Multi-Asset Income Fund) Annual Report on For

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.b CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated August 15, 2024, relating to the financial statements and financial highlights, which appears in Macquarie Global Allocation Fund’s (formerly, Delaware Ivy Wilshire Global Allocation Fund) Annual Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14

File No. 333-284922 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 1 /X/ Post-Effective Amendment No. / / (Check appropriate box or boxes) IVY FUNDS (Exact Name of Registrant as Specified in Charter) (800) 523-1918 Registrant’s Area Code and Telephone Number 100 Independence, 610

Ivy Funds 100 Independence, 610 Market Street Philadelphia, Pennsylvania 19106-2354 Delaware Distributors, L.P. 100 Independence, 610 Market Street Philadelphia, Pennsylvania 19106-2354

Ivy Funds 100 Independence, 610 Market Street Philadelphia, Pennsylvania 19106-2354 Delaware Distributors, L.

March 17, 2025

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 Telephone 215.

March 17, 2025

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 Telephone 215.

POWER OF ATTORNEY

EX-99.16.a POWER OF ATTORNEY I, the undersigned member of the Board of Trustees of Ivy Funds, hereby constitute and appoint Marty Wolin and Richard Salus, and each of them singly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacity the Ivy Funds’ Registration Statement on Form N-14 wit

February 13, 2025

EX-99.11.a Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103-7098 Telephone: (215) 564-8000 February 13, 2025 Board of Trustees Ivy Funds 610 Market Street Philadelphia, PA 19106 Re: Registration Statement on Form N-14 Ladies and Gentlemen: We have acted as counsel to Ivy Funds (the “Trust”), a Delaware statutory trust, in connection with the preparation and filin

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. / / Post-Effective Amendment No. / / (Check appropriate box or boxes) IVY FUNDS (Exact Name of Registrant as Specified in Charter) (800) 523-1918 Registrant’s Area Code and Telephone Number 100 Independence, 610 Market Street, Philade

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. /  / Post-Effective Amendment No. / / (Check appropriate box or boxes) IVY FUNDS (Exact Name of Registrant as Specified in Charter) (800) 523-1918 Registrant’s Area Code and Telephone Number 100 Independence, 610 Market Street, Philad

February 13, 2025

EX-99.11.a Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103-7098 Telephone: (215) 564-8000 February 13, 2025 Board of Trustees Ivy Funds 610 Market Street Philadelphia, PA 19106 Re: Registration Statement on Form N-14 Ladies and Gentlemen: We have acted as counsel to Ivy Funds (the “Trust”), a Delaware statutory trust, in connection with the preparation and filin

POWER OF ATTORNEY

EX-99.16.a POWER OF ATTORNEY I, the undersigned member of the Board of Trustees of Ivy Funds, hereby constitute and appoint Marty Wolin and Richard Salus, and each of them singly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacity the Ivy Funds’ Registration Statement on Form N-14 wit

SCHEDULE 14C (RULE 14C-101) INFORMATION REQUIRED IN INFORMATION STATEMENT SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(c) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. _______)

SCHEDULE 14C (RULE 14C-101) INFORMATION REQUIRED IN INFORMATION STATEMENT SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(c) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __) Filed by the Registrant [X] Filed by a Party other than the Regis

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

URGENT NOTICE

URGENT NOTICE [Date] Re: [ ] FUND Dear Shareholder: We have tried unsuccessfully to contact you, whether by mail or phone, regarding a very important matter concerning your investment with the Fund.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14

File No. 333-276571 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. 1 /X/ Post-Effective Amendment No. / / (Check appropriate box or boxes) IVY FUNDS (Exact Name of Registrant as Specified in Charter) (800) 523-1918 Registrant’s Area Code and Telephone Number 100 Independence, 610

February 29, 2024

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 Telephone 215.

February 23, 2024

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 Telephone 215.

Ivy Funds 100 Independence, 610 Market Street Philadelphia, PA 19106-2354

Ivy Funds 100 Independence, 610 Market Street Philadelphia, PA 19106-2354 January 19, 2024 VIA EDGAR TRANSMISSION Filing Desk U.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.c CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated December 1, 2023, relating to the financial statements and financial highlights, which appears in Delaware Global Equity Fund’s Annual Report on Form N-CSR for the year ended September 30, 2023. We also

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.a CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Delaware Group® Adviser Funds of our report dated December 21, 2023, relating to the financial statements and financial highlights, which appears in Delaware Diversified Income Fund’s Annual Report on Form N-CSR for the year ended Oc

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.g CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated August 18, 2023, relating to the financial statements and financial highlights, which appears in Delaware Ivy Accumulative Fund’s Annual Report on Form N-CSR for the year ended June 30, 2023. We also con

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.a CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated December 1, 2023, relating to the financial statements and financial highlights, which appears in Delaware Ivy Total Return Bond Fund and Delaware Ivy High Yield Fund’s Annual Report on Form N-CSR for th

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. /  / Post-Effective Amendment No. / / (Check appropriate box or boxes) IVY FUNDS (Exact Name of Registrant as Specified in Charter) (800) 523-1918 Registrant’s Area Code and Telephone Number 100 Independence, 610 Market Street, Philad

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.f CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated September 21, 2023, relating to the financial statements and financial highlights, which appears in Delaware High-Yield Opportunities Fund’s Annual Report on Form N-CSR for the year ended July 31, 2023.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.d CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our reports dated June 9, 2023, relating to the financial statements and financial highlights, which appears in Delaware Mid Cap Growth Equity Fund and Delaware Small Cap Growth Fund’s Annual Report on Form N-CSR for the

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. /  / Post-Effective Amendment No. / / (Check appropriate box or boxes) IVY FUNDS (Exact Name of Registrant as Specified in Charter) (800) 523-1918 Registrant’s Area Code and Telephone Number 100 Independence, 610 Market Street, Philad

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.h CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated June 9, 2023, relating to the financial statements and financial highlights, which appears in Delaware Ivy Large Cap Growth Fund, Delaware Ivy Mid Cap Growth Fund, Delaware Ivy Small Cap Growth Fund, Del

January 18, 2024

EX-99.11.a Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103-7098 Telephone: (215) 564-8000 January 18, 2024 Board of Trustees Ivy Funds Delaware Group Adviser Funds Delaware Group Equity Funds II 610 Market Street Philadelphia, PA 19106 Re: Registration Statement on Form N-14 Ladies and Gentlemen: We have acted as counsel to Ivy Funds, Delaware Group Adviser Fund

POWER OF ATTORNEY

EX-99.16.a POWER OF ATTORNEY I, the undersigned member of the Board of Trustees of Ivy Funds, hereby constitute and appoint David F. Connor, William Speacht and Richard Salus, and each of them singly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacity the Ivy Funds’ Registration State

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.i CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated December 21, 2023, relating to the financial statements and financial highlights, which appears in Delaware Select Growth Fund’s Annual Report on Form N-CSR for the year ended October 31, 2023. We also c

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.e CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated January 27, 2023, relating to the financial statements and financial highlights, which appears in Delaware International Equity Fund’s (formerly known as Delaware International Value Equity Fund) Annual

POWER OF ATTORNEY

EX-99.16.a POWER OF ATTORNEY I, the undersigned member of the Board of Trustees of Ivy Funds, hereby constitute and appoint David F. Connor, William Speacht and Richard Salus, and each of them singly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacity the Ivy Funds’ Registration State

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.b CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Ivy Funds of our report dated June 9, 2023, relating to the financial statements and financial highlights, which appears in Delaware Ivy Global Bond Fund and Delaware Ivy High Income Fund’s Annual Report on Form N-CSR for the year en

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.j CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Delaware Group® Equity Funds II of our report dated June 9, 2023, relating to the financial statements and financial highlights, which appears in Delaware Ivy Value Fund’s Annual Report on Form N-CSR for the year ended March 31, 2023

January 18, 2024

EX-99.11.a Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103-7098 Telephone: (215) 564-8000 January 18, 2024 Board of Trustees Ivy Funds 610 Market Street Philadelphia, PA 19106 Re: Registration Statement on Form N-14 Ladies and Gentlemen: Acquired Fund Acquiring Fund Delaware Ivy Total Return Bond Fund, a series of Ivy Funds Delaware Ivy Global Bond Fund, a serie

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.k CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Delaware Group® Adviser Funds of our report dated June 9, 2023, relating to the financial statements and financial highlights, which appears in Delaware Ivy Core Bond Fund’s Annual Report on Form N-CSR for the year ended March 31, 20

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14.b CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of Delaware Group® Equity Funds II of our report dated January 27, 2023, relating to the financial statements and financial highlights, which appears in Delaware Value ® Fund’s Annual Report on Form N-CSR for the year ended November 30,

Number of shares Value (US $) Common Stocks – 99.25%Δ Denmark − 2.76% Novo Nordisk Class B    65,580 $  8,855,018   8,855,018 France − 11.72% Air Liquide    82,750   11,727,957 Danone   177,700    9,364,480 Orange   702,370    6,977,938 Sodexo    99,

Schedule of investments Delaware Global Value Equity Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 99.

Principal amount° Value (US $) Agency Mortgage-Backed Securities – 3.12% Fannie Mae S.F. 20 yr 4.00% 8/1/42       506,976 $     480,302 Fannie Mae S.F. 30 yr 3.50% 1/1/52     2,186,164     1,989,642 5.00% 9/1/52     2,780,017     2,741,571 5.50% 10/1

Schedule of investments Delaware Ivy Global Bond Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Mortgage-Backed Securities – 3.

Number of shares Value (US $) Common StocksΔ – 99.18% Denmark − 4.87% Novo Nordisk Class B  39,955 $   5,394,972    5,394,972 Finland − 0.02% Nokia   3,500       16,211       16,211 France − 16.84% Air Liquide  37,190     5,270,849 Amundi 144A #     

Schedule of investments Delaware Ivy International Value Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common StocksΔ – 99.

Principal amount° Value (US $) Convertible Bonds — 2.12% New Cotai 5.00% exercise price $0.00, maturity date 2/2/27 <<, = 21,805,540 $    50,275,451 Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 *  4,857,000      3,934,170 Total

Schedule of investments Delaware Ivy High Income Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bonds — 2.

Principal amount° Value (US $) Agency Mortgage-Backed Securities — 3.35% Fannie Mae S.F. 20 yr 4.00% 8/1/42     111,408 $    105,546 Fannie Mae S.F. 30 yr 3.50% 1/1/52      487,091      443,305 5.00% 9/1/52      594,469      586,248 5.50% 10/1/52    

Schedule of investments Delaware Ivy Total Return Bond Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Mortgage-Backed Securities — 3.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.32% Fannie Mae REMICs Series 2015-18 NS 1.731% (6.12% minus LIBOR01M, Cap 6.12%) 4/25/45 Σ, •  4,133,908 $       442,454 Series 2015-37 SB 1.231% (5.62% minus LIBOR01M, Cap

Consolidated schedule of investments Delaware Ivy Asset Strategy Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.

Number of shares Value (US $) Common Stocks — 98.50% Real Estate — 3.32% Americold Realty Trust  132,621 $  3,754,501 Mid-America Apartment Communities    5,652     887,307 Xenia Hotels & Resorts   68,454     902,224   5,544,032 REIT Healthcare — 9.1

Schedule of investments Delaware Real Estate Securities Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Number of shares Value (US $) Closed-Ended Trust – 3.19% Sprott Physical Uranium Trust †    737,837 $   8,626,263 Total Closed-Ended Trust (cost $8,790,581)    8,626,263 Common Stocks – 94.90%Δ Brazil − 6.49% ERO Copper †    517,748    7,127,639 Whea

Schedule of investments Delaware Ivy Natural Resources Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Closed-Ended Trust – 3.

Number of shares Value (US $) Common Stocks — 98.81% Communication Services — 11.86% 37 Interactive Entertainment Network Technology Group Class A     200,100 $     520,996 Advanced Info Service PCL     710,500     4,000,217 America Movil Class L  10

Consolidated schedule of investments Delaware Ivy Systematic Emerging Markets Equity Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Number of shares Value (US $) Common Stocks – 97.31%Δ Australia − 1.46% Newcrest Mining  1,381,518 $    19,414,119     19,414,119 Austria − 1.01% Mondi    787,425     13,417,840     13,417,840 Brazil − 3.24% Banco do Brasil  3,459,647      22,757,430

Schedule of investments Delaware Ivy International Core Equity Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 97.

Principal amount° Value (US $) Agency Mortgage-Backed Securities — 2.30% Fannie Mae S.F. 15 yr 2.50% 8/1/35   358,877 $     329,297 Fannie Mae S.F. 20 yr 4.00% 9/1/42    63,731        60,378 Fannie Mae S.F. 30 yr 3.00% 1/1/50    402,313       356,526

Schedule of investments Delaware Ivy Multi-Asset Income Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Mortgage-Backed Securities — 2.

Principal amount Value (US $) Sovereign Bonds — 94.32% Brazil — 11.09% Brazil Letras do Tesouro Nacional   7.194% 7/1/24 ^ BRL      1,258,000 $   198,723   15.419% 1/1/24 ^ BRL      6,300,000   1,053,260 Brazil Notas do Tesouro Nacional  Series F 10.

Schedule of investments Delaware Ivy Emerging Markets Local Currency Debt Fund December 31, 2022 (Unaudited) Principal amount Value (US $) Sovereign Bonds — 94.

Number of shares Value (US $) Common Stocks — 99.41%♦ Consumer Staples — 6.56% Archer-Daniels-Midland     98,907 $  9,183,515 Darling Ingredients †   132,753   8,309,010  17,492,525 Credit Cyclicals — 3.19% BorgWarner    211,709   8,521,287   8,521,2

Schedule of investments Delaware Climate Solutions Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Number of shares Value (US $) Common Stocks – 97.41%Δ Argentina − 0.96% Arcos Dorados Holdings Class A    42,331 $    353,887     353,887 Australia − 3.21% HUB24 *    24,144      437,098 IPH    52,466      311,849 Pro Medicus *    11,661     438,731

Schedule of investments Delaware Ivy International Small Cap Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 97.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 7.09% Fannie Mae REMIC Series 2014-34 MA 3.00% 2/25/44     59,336 $      56,424 Freddie Mac Structured Agency Credit Risk Debt Notes Series 2022-DNA2 M2 144A 7.678% (SOFR + 3

Schedule of investments Delaware Ivy Strategic Income Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 7.

Number of shares Value (US $) Common Stocks – 98.77%Δ Australia − 3.01% Charter Hall Group  29,308 $   239,053 Goodman Group  33,806    399,572 HealthCo REIT 120,748    142,226 Lifestyle Communities  10,752    139,602 National Storage REIT 126,505   

Schedule of investments Delaware Global Real Estate Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 98.

Number of shares Value (US $) Common Stocks – 100.17%Δ Canada − 3.19% Barrick Gold   282,814 $   4,858,744 Canadian Natural Resources   229,852   12,763,682   17,622,426 China − 2.68% H World Group ADR   174,682     7,410,010 JD.com ADR   131,614    

Schedule of investments Delaware Ivy Global Growth Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 100.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

Consolidated schedule of investments

Consolidated schedule of investments Delaware Ivy Wilshire Global Allocation Fund March 31, 2023 (Unaudited) Principal amount° Value (US $) Corporate Bond — 0.

Schedule of investments

Schedule of investments Delaware Ivy Accumulative Fund March 31, 2023 (Unaudited) Number of shares Value (US $) Common Stocks — 101.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

Number of shares Value (US $) Common Stocks — 99.66% Communication Services — 1.59% Iridium Communications †   312,071 $    16,040,449 Nexstar Media Group     41,386      7,243,792     23,284,241 Consumer Discretionary — 14.37% Boot Barn Holdings †  

Schedule of investments Delaware Ivy Small Cap Growth Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Number of shares Value (US $) Common Stocks — 98.50% Real Estate — 3.32% Americold Realty Trust  132,621 $  3,754,501 Mid-America Apartment Communities    5,652     887,307 Xenia Hotels & Resorts   68,454     902,224   5,544,032 REIT Healthcare — 9.1

Schedule of investments Delaware Real Estate Securities Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Number of shares Value (US $) Affiliated Mutual Funds — 99.55% Delaware Global Value Equity Fund Class R6 1,029,688 $ 7,578,503 Delaware Ivy International Core Equity Fund Class R6 2,053,070 36,154,567 Delaware Ivy International Small Cap Fund Class

Schedule of investments Delaware Ivy Managed International Opportunities Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Affiliated Mutual Funds — 99.

Number of shares Value (US $) Common Stocks – 99.25%Δ Denmark − 2.76% Novo Nordisk Class B    65,580 $  8,855,018   8,855,018 France − 11.72% Air Liquide    82,750   11,727,957 Danone   177,700    9,364,480 Orange   702,370    6,977,938 Sodexo    99,

Schedule of investments Delaware Global Value Equity Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 99.

Principal amount° Value (US $) Convertible Bond — 0.18% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26   90,000 $     72,900 Total Convertible Bond (cost $80,121)      72,900 Corporate Bonds — 91.43% Automotive — 2.11% Ford Motor

NPORT-EX 2 IV901DEL123122.htm Schedule of investments Delaware Ivy High Yield Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bond — 0.18% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26   90,000 $     72,900 Total Convertible Bond (cost $80,121)      72,900 Corporate Bonds — 91.43% Automotive — 2.11% Ford Motor 4.75% 1/15/43  220,000     158,410 Fo

Number of shares Value (US $) Common Stocks — 99.00% Consumer Discretionary — 22.80% Darden Restaurants    273,481 $    37,830,627 Garmin    410,079      37,846,191 Hasbro    658,587      40,180,393 Polaris    364,565      36,821,065 Service Corp. In

Schedule of investments Delaware Ivy Mid Cap Income Opportunities Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Number of shares Value (US $) Closed-Ended Trust – 3.19% Sprott Physical Uranium Trust †    737,837 $   8,626,263 Total Closed-Ended Trust (cost $8,790,581)    8,626,263 Common Stocks – 94.90%Δ Brazil − 6.49% ERO Copper †    517,748    7,127,639 Whea

Schedule of investments Delaware Ivy Natural Resources Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Closed-Ended Trust – 3.

Number of shares Value (US $) Common Stocks – 100.17%Δ Canada − 3.19% Barrick Gold   282,814 $   4,858,744 Canadian Natural Resources   229,852   12,763,682   17,622,426 China − 2.68% H World Group ADR   174,682     7,410,010 JD.com ADR   131,614    

NPORT-EX 2 IV958DEL123122.htm Schedule of investments Delaware Ivy Global Growth Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 100.17%Δ Canada − 3.19% Barrick Gold   282,814 $   4,858,744 Canadian Natural Resources   229,852   12,763,682   17,622,426 China − 2.68% H World Group ADR   174,682     7,410,010 JD.com ADR   131,614    7,387,494   14,797,504 China/Hong

Principal amount° Value (US $) Convertible Bonds — 0.21% Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 #     8,000 $      7,760 Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26     32,000      25,920 Tot

Schedule of investments Delaware Ivy Crossover Credit Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bonds — 0.

Principal amount° Value (US $) Agency Mortgage-Backed Securities — 3.35% Fannie Mae S.F. 20 yr 4.00% 8/1/42     111,408 $    105,546 Fannie Mae S.F. 30 yr 3.50% 1/1/52      487,091      443,305 5.00% 9/1/52      594,469      586,248 5.50% 10/1/52    

Schedule of investments Delaware Ivy Total Return Bond Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Mortgage-Backed Securities — 3.

Number of shares Value (US $) Common Stocks — 98.75% Communication Services — 7.57% AT&T  1,197,500 $    22,045,975 Liberty Global Class C *, † 1,667,103      32,391,811 Meta Platforms Class A †   252,600     30,397,884     84,835,670 Consumer Discre

Schedule of investments Delaware Ivy Value Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Number of shares Value (US $) Common Stocks — 102.87% Communication Services — 8.24% Alphabet Class C † 11,510 $  1,021,282 AT&T  45,950      845,939 Comcast Class A  25,100      877,747 Interpublic Group  13,350      444,689 Meta Platforms Class A †

Schedule of investments Delaware Sustainable Equity Income Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 102.

Number of shares Value (US $) Common Stocks — 99.44% Communication Services — 13.59% Alphabet Class A †  1,245,224 $   109,866,114 Netflix †    392,631     115,779,029 Pinterest Class A †  6,510,146     158,066,345 Take-Two Interactive Software †    

NPORT-EX 2 AIV0080DEL123122.htm Schedule of investments Delaware Ivy Science and Technology Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.44% Communication Services — 13.59% Alphabet Class A †  1,245,224 $   109,866,114 Netflix †    392,631     115,779,029 Pinterest Class A †  6,510,146     158,066,345 Take-Two Interactive Software †    550,454      57,318,775

Number of shares Value (US $) Common Stocks — 97.91% Communication Services — 4.87% Alphabet Class A †  1,225,386 $   108,115,807 Take-Two Interactive Software †    533,684     55,572,515    163,688,322 Consumer Discretionary — 6.40% Amazon.com †    

Schedule of investments Delaware Ivy Core Equity Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 97.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.38% GNMA Series 2012-39 PA 2.00% 3/16/42   1,763,272 $   1,588,566 Series 2015-151 KC 3.50% 4/20/34     857,933      830,522 Total Agency Collateralized Mortgage Obligation

NPORT-EX 2 IV003DEL123122.htm Schedule of investments Delaware Ivy Limited-Term Bond Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.38% GNMA Series 2012-39 PA 2.00% 3/16/42   1,763,272 $   1,588,566 Series 2015-151 KC 3.50% 4/20/34     857,933      830,522 Total Agency Collateralized Mortgage Obligations (cost $2,646,553)    2,419,0

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 2.80% Freddie Mac REMICs Series 2611 HD 5.00% 5/15/23      21,081 $     21,027 Series 4568 DA 3.00% 4/15/46     898,478      821,675 Series 4764 PA 3.00% 10/15/45     372,604

NPORT-EX 2 IV949DEL123122.htm Schedule of investments Delaware Ivy Government Securities Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 2.80% Freddie Mac REMICs Series 2611 HD 5.00% 5/15/23      21,081 $     21,027 Series 4568 DA 3.00% 4/15/46     898,478      821,675 Series 4764 PA 3.00% 10/15/45     372,604      354,226 Series 4798

Number of shares Value (US $) Common Stocks — 99.41%♦ Consumer Staples — 6.56% Archer-Daniels-Midland     98,907 $  9,183,515 Darling Ingredients †   132,753   8,309,010  17,492,525 Credit Cyclicals — 3.19% BorgWarner    211,709   8,521,287   8,521,2

Schedule of investments Delaware Climate Solutions Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Principal amount° Value (US $) Convertible Bonds — 2.12% New Cotai 5.00% exercise price $0.00, maturity date 2/2/27 <<, = 21,805,540 $    50,275,451 Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 *  4,857,000      3,934,170 Total

Schedule of investments Delaware Ivy High Income Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bonds — 2.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.32% Fannie Mae REMICs Series 2015-18 NS 1.731% (6.12% minus LIBOR01M, Cap 6.12%) 4/25/45 Σ, •  4,133,908 $       442,454 Series 2015-37 SB 1.231% (5.62% minus LIBOR01M, Cap

NPORT-EX 2 AIV0060DEL123122.htm Consolidated schedule of investments Delaware Ivy Asset Strategy Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.32% Fannie Mae REMICs Series 2015-18 NS 1.731% (6.12% minus LIBOR01M, Cap 6.12%) 4/25/45 Σ, •  4,133,908 $       442,454 Series 2015-37 SB 1.231% (5.62% minus LIBOR01M, Cap 5.62%) 6/25/45 Σ,

Number of shares Value (US $) Common Stocks – 98.77%Δ Australia − 3.01% Charter Hall Group  29,308 $   239,053 Goodman Group  33,806    399,572 HealthCo REIT 120,748    142,226 Lifestyle Communities  10,752    139,602 National Storage REIT 126,505   

Schedule of investments Delaware Global Real Estate Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 98.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 1.35% Fannie Mae Connecticut Avenue Securities Series 2014-C01 M2 8.789% (LIBOR01M + 4.40%) 1/25/24 •  1,243,888 $  1,276,854 Series 2015-C01 1M2 8.689% (LIBOR01M + 4.30%) 2/

Schedule of investments Delaware Ivy Core Bond Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 1.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 7.09% Fannie Mae REMIC Series 2014-34 MA 3.00% 2/25/44     59,336 $      56,424 Freddie Mac Structured Agency Credit Risk Debt Notes Series 2022-DNA2 M2 144A 7.678% (SOFR + 3

Schedule of investments Delaware Ivy Strategic Income Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 7.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.69% Fannie Mae REMICs Series 2016-36 VB 3.50% 6/25/29   3,831,757 $     3,695,936 Series 2016-71 NB 3.00% 10/25/46   5,006,759       4,557,823 Freddie Mac REMICs Series 461

Schedule of investments Delaware Ivy Balanced Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.

Number of shares Value (US $) Common Stocks – 97.31%Δ Australia − 1.46% Newcrest Mining  1,381,518 $    19,414,119     19,414,119 Austria − 1.01% Mondi    787,425     13,417,840     13,417,840 Brazil − 3.24% Banco do Brasil  3,459,647      22,757,430

Schedule of investments Delaware Ivy International Core Equity Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 97.

Number of shares Value (US $) Common Stocks — 99.29% Basic Materials — 8.04% Beacon Roofing Supply †  60,817 $   3,210,529 Boise Cascade   46,450     3,189,721 Huntsman  198,564     5,456,539 Kaiser Aluminum   32,598     2,476,144 Minerals Technologi

Schedule of investments Delaware Ivy Smid Cap Core Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Number of shares Value (US $) Common Stocks — 99.17%♦ Communication Services — 9.01% Alphabet Class A † 2,691,297 $   237,453,134 Alphabet Class C †   416,721      36,975,655 Electronic Arts  1,169,662    142,909,303    417,338,092 Consumer Discretio

Schedule of investments Delaware Ivy Large Cap Growth Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Number of shares Value (US $) Common Stocks — 98.81% Communication Services — 11.86% 37 Interactive Entertainment Network Technology Group Class A     200,100 $     520,996 Advanced Info Service PCL     710,500     4,000,217 America Movil Class L  10

NPORT-EX 2 IV963DEL123122.htm Consolidated schedule of investments Delaware Ivy Systematic Emerging Markets Equity Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.81% Communication Services — 11.86% 37 Interactive Entertainment Network Technology Group Class A     200,100 $     520,996 Advanced Info Service PCL     710,500     4,000,217 America Movil Class L  10

Number of shares Value (US $) Common StocksΔ – 99.18% Denmark − 4.87% Novo Nordisk Class B  39,955 $   5,394,972    5,394,972 Finland − 0.02% Nokia   3,500       16,211       16,211 France − 16.84% Air Liquide  37,190     5,270,849 Amundi 144A #     

Schedule of investments Delaware Ivy International Value Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common StocksΔ – 99.

Principal amount° Value (US $) Agency Mortgage-Backed Securities – 3.12% Fannie Mae S.F. 20 yr 4.00% 8/1/42       506,976 $     480,302 Fannie Mae S.F. 30 yr 3.50% 1/1/52     2,186,164     1,989,642 5.00% 9/1/52     2,780,017     2,741,571 5.50% 10/1

Schedule of investments Delaware Ivy Global Bond Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Mortgage-Backed Securities – 3.

Number of shares Value (US $) Common Stocks – 97.41%Δ Argentina − 0.96% Arcos Dorados Holdings Class A    42,331 $    353,887     353,887 Australia − 3.21% HUB24 *    24,144      437,098 IPH    52,466      311,849 Pro Medicus *    11,661     438,731

NPORT-EX 2 IV013DEL123122.htm Schedule of investments Delaware Ivy International Small Cap Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 97.41%Δ Argentina − 0.96% Arcos Dorados Holdings Class A    42,331 $    353,887     353,887 Australia − 3.21% HUB24 *    24,144      437,098 IPH    52,466      311,849 Pro Medicus *    11,661     438,731   1,187,678 Austria − 1.

Principal amount° Value (US $) Municipal Bonds — 97.36% Corporate Revenue Bonds — 13.42% California County Tobacco Securitization Agency (Gold Country Settlement Funding Corporation) Series 1  4.00% 6/1/49     145,000 $   143,250 (Merced County Tobac

Schedule of investments Delaware Ivy California Municipal High Income Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Municipal Bonds — 97.

Principal amount° Value (US $) Agency Mortgage-Backed Securities — 2.30% Fannie Mae S.F. 15 yr 2.50% 8/1/35   358,877 $     329,297 Fannie Mae S.F. 20 yr 4.00% 9/1/42    63,731        60,378 Fannie Mae S.F. 30 yr 3.00% 1/1/50    402,313       356,526

NPORT-EX 2 AIV9300DEL123122.htm Schedule of investments Delaware Ivy Multi-Asset Income Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Agency Mortgage-Backed Securities — 2.30% Fannie Mae S.F. 15 yr 2.50% 8/1/35   358,877 $     329,297 Fannie Mae S.F. 20 yr 4.00% 9/1/42    63,731        60,378 Fannie Mae S.F. 30 yr 3.00% 1/1/50    402,313       356,526 3.50% 8/1/49    310,397  

Principal amount° Value (US $) Convertible Bond — 0.13% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26    626,000 $     507,060 Total Convertible Bond (cost $560,714)      507,060 Corporate Bonds — 93.59% Banking — 21.94% Bank of

NPORT-EX 2 IV948DEL123122.htm Schedule of investments Delaware Ivy Corporate Bond Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bond — 0.13% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26    626,000 $     507,060 Total Convertible Bond (cost $560,714)      507,060 Corporate Bonds — 93.59% Banking — 21.94% Bank of America 1.898% 7/23/31 μ 3,425,00

Principal amount Value (US $) Sovereign Bonds — 94.32% Brazil — 11.09% Brazil Letras do Tesouro Nacional   7.194% 7/1/24 ^ BRL      1,258,000 $   198,723   15.419% 1/1/24 ^ BRL      6,300,000   1,053,260 Brazil Notas do Tesouro Nacional  Series F 10.

Schedule of investments Delaware Ivy Emerging Markets Local Currency Debt Fund December 31, 2022 (Unaudited) Principal amount Value (US $) Sovereign Bonds — 94.

Principal amount° Value (US $) Municipal Bonds — 97.68% Corporate Revenue Bonds — 11.94% Buckeye Ohio Tobacco Settlement Financing Authority Series A-2 3.00% 6/1/48     6,110,000 $  4,307,366 Series A-2 4.00% 6/1/48     4,010,000    3,436,490 Series

Schedule of investments Delaware Ivy Municipal Bond Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Municipal Bonds — 97.

Number of shares Value (US $) Common Stocks — 100.00% Communication Services — 5.86% Electronic Arts     517,473 $    63,224,851 Pinterest Class A †  5,727,910     139,073,655 Shutterstock *  1,004,097      52,935,994 ZoomInfo Technologies †  1,735,8

Schedule of investments Delaware Ivy Mid Cap Growth Fund December 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 100.

Principal amount° Value (US $) Municipal Bonds — 99.07% Corporate Revenue Bonds — 22.38% Arizona Industrial Development Authority Revenue (Legacy Cares, Inc. Project) Series A 144A 6.00% 7/1/51  #   5,350,000 $  3,745,000 Series A 144A 7.75% 7/1/50  

Schedule of investments Delaware Ivy Municipal High Income Fund December 31, 2022 (Unaudited) Principal amount° Value (US $) Municipal Bonds — 99.

February 8, 2023

CORRESP 1 filename1.htm 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7098 T: (215) 564-8099 F: (215) 564-8120 February 8, 2023 Via EDGAR Transmission Mindy Rotter, Esq., CPA Division of Investment Management Disclosure Review and Accounting Office U.S. Securities and Exchange Commission New York Regional Office 100 Pearl Street, Suite 20-100 New York, NY 10004-2616 Re: Sarbanes-Oxley Revi

February __, 2023

2005 Market Street, Suite 2600 Philadelphia, PA 19103 T: (215) 564-8099 F: (215) 564-8120 February , 2023 Via EDGAR Transmission U.

February 1, 2023

2005 Market Street, Suite 2600 Philadelphia, PA 19103 T: (215) 564-8099 F: (215) 564-8120 February 1, 2023 Via EDGAR Transmission U.

Schedule of investments

Schedule of investments Delaware Ivy Accumulative Fund September 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Consolidated schedule of investments

Consolidated schedule of investments Delaware Ivy Wilshire Global Allocation Fund September 30, 2022 (Unaudited) Principal amount° Value (US $) Corporate Bond — 0.

SCHEDULE 14C (RULE 14C-101) INFORMATION REQUIRED IN INFORMATION STATEMENT SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(c) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. _______)

SCHEDULE 14C (RULE 14C-101) INFORMATION REQUIRED IN INFORMATION STATEMENT SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(c) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO.

SCHEDULE 14C (RULE 14C-101) INFORMATION REQUIRED IN INFORMATION STATEMENT SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(c) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. _______)

DEF 14C 1 ivydef14cicb102022.htm SCHEDULE 14C (RULE 14C-101) INFORMATION REQUIRED IN INFORMATION STATEMENT SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(c) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. ) Check the appropriate box: [ ] Preliminary information statement [ ] Confidential, for use of the Commission only (as permitted by Rule 14c-5(d) (2)). [X] Definitiv

Principal amount° Value (US $) Corporate Bonds — 98.01% Basic Materials — 0.76% Dow Chemical 3.60% 11/15/50     95,000 $     72,658 DuPont de Nemours 4.205% 11/15/23    157,000      158,056 4.493% 11/15/25     32,000      32,266     262,980 Communica

Schedule of investments Delaware Ivy ProShares S& P 500 Bond Index Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Corporate Bonds — 98.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 5.45% Fannie Mae REMICs Series 2014-34 MA 3.00% 2/25/44     68,907 $      67,791 Freddie Mac REMIC Series 4348 ME 2.50% 6/15/39     38,387        38,404 Freddie Mac Structure

Schedule of investments Delaware Ivy Strategic Income Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 5.

Principal amount° Value (US $) Municipal Bonds — 97.50% Corporate Revenue Bonds — 10.56% California County Tobacco Securitization Agency Series D 0.00% 6/1/55  ^ 1,000,000 $    59,980 (Gold Country Settlement Funding Corporation) Series 1 4.00% 6/1/4

Schedule of investments Delaware Ivy California Municipal High Income Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Municipal Bonds — 97.

Number of shares Value (US $) Common Stocks — 99.93% Communication Services — 4.25% Electronic Arts     742,157 $   90,283,399 Pinterest Class A †  5,031,316     91,368,699 ZoomInfo Technologies †  1,532,205    50,930,494   232,582,592 Consumer Discr

Schedule of investments Delaware Ivy Mid Cap Growth Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.65% Fannie Mae REMICs Series 2016-36 VB 3.50% 6/25/29    4,096,848 $     4,111,338 Series 2016-71 NB 3.00% 10/25/46    5,231,818       5,014,089 Freddie Mac REMICs Series 4

Schedule of investments Delaware Ivy Balanced Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.

Number of shares Value (US $) Common Stocks — 98.87% Communication Services — 2.94% Cogent Communications Holdings    3,040 $    184,710 John Wiley & Sons Class A    3,535      168,832 Telephone and Data Systems   11,418     180,290     533,832 Consu

Schedule of investments Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Number of shares Value (US $) Common Stocks – 99.09%Δ Australia − 2.24% Aristocrat Leisure     492 $     11,676 Australia & New Zealand Banking Group   1,026       15,602 BHP Group   1,861       52,988 Brambles   1,435       10,608 Commonwealth Bank

Schedule of investments Delaware Ivy ProShares MSCI ACWI Index Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 99.

Number of shares Value (US $) Closed-Ended Trust – 3.05% Sprott Physical Uranium Trust *, †    682,051 $   7,349,322 Total Closed-Ended Trust (cost $8,144,643)    7,349,322 Common Stocks – 92.98%Δ Australia − 4.20% BHP Group    355,182   10,113,031  

Schedule of investments Delaware Ivy Natural Resources Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Closed-Ended Trust – 3.

Principal amount° Value (US $) Municipal Bonds — 98.03% Corporate Revenue Bonds — 18.45% Arizona Industrial Development Authority Revenue Series A 144A 7.75% 7/1/50  #   1,000,000 $  1,090,010 (Legacy Cares, Inc. Project) Series A 144A 6.00% 7/1/51  

Schedule of investments Delaware Ivy Municipal High Income Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Municipal Bonds — 98.

Number of shares Value (US $) Common Stocks – 98.90%Δ Denmark − 3.76% Novo Nordisk Class B    138,360 $  15,345,717   15,345,717 France − 12.13% Air Liquide    111,133    14,921,089 Danone    216,810    12,100,994 Euroapi †         25           394 O

Schedule of investments Delaware Ivy Global Equity Income Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 98.

Number of shares Value (US $) Common Stocks — 98.86% REIT Healthcare — 8.31% Healthpeak Properties     75,800 $  1,963,978 Ventas    173,325    8,914,105 Welltower    158,700  13,068,945  23,947,028 REIT Hotel — 3.81% Host Hotels & Resorts    309,359

Schedule of investments Delaware Ivy Securian Real Estate Securities Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Principal amount° Value (US $) Corporate Bond — 0.08% Consumer Discretionary — 0.08% Marrone Bio Innovations 8.00% 12/31/22    4,712,500 $     4,672,444 Total Corporate Bond (cost $4,712,500)      4,672,444 Number of shares Common Stocks — 92.88% Com

Schedule of investments Delaware Ivy Science and Technology Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Corporate Bond — 0.

Number of shares Value (US $) Common Stocks – 98.03%Δ Australia − 0.92% Newcrest Mining    935,408 $    13,487,950     13,487,950 Austria − 1.21% Mondi  1,000,761     17,725,194     17,725,194 Brazil − 3.13% Banco do Brasil  3,789,956      24,144,137

Schedule of investments Delaware Ivy International Core Equity Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 98.

Principal amount° Value (US $) Agency Mortgage-Backed Securities — 1.96% Fannie Mae S.F. 15 yr 2.50% 8/1/35   386,913 $     370,389 Fannie Mae S.F. 30 yr 2.00% 5/1/51    380,168       330,366 3.00% 1/1/50    599,669       560,826 3.50% 8/1/49    352,

Schedule of investments Delaware Ivy Multi-Asset Income Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Agency Mortgage-Backed Securities — 1.

Number of shares Value (US $) Common Stocks — 98.80% Consumer Discretionary — 21.56% Cracker Barrel Old Country Store *    251,393 $    20,988,801 Darden Restaurants      62,199       7,035,951 Garmin     406,124      39,901,683 Hasbro     476,272  

Schedule of investments Delaware Ivy Mid Cap Income Opportunities Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Number of shares Value (US $) Common StocksΔ – 96.73% Denmark − 5.42% Novo Nordisk Class B    68,250 $   7,569,711    7,569,711 Finland − 0.01% Nokia     3,500       16,283       16,283 France − 17.10% Air Liquide    46,750     6,276,812 Amundi #    

Schedule of investments Delaware Ivy International Value Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common StocksΔ – 96.

Principal amount° Value (US $) Corporate Bonds — 48.54% Banking — 18.04% ABN AMRO Bank 2.875% 1/18/28 μ EUR     1,300,000 $ 1,366,049 Banco Bradesco 144A 4.375% 3/18/27 #       200,000     189,237 Bank of America 2.551% 2/4/28 μ       325,000     295

Schedule of investments Delaware Ivy Total Return Bond Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Corporate Bonds — 48.

Principal amount° Value (US $) Convertible Bond — 0.11% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26    626,000 $     567,469 Total Convertible Bond (cost $551,772)      567,469 Corporate Bonds — 96.11% Banking — 22.76% Ally Fin

Schedule of investments Delaware Ivy Corporate Bond Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bond — 0.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 6.24% Freddie Mac REMICs Series 2611 HD 5.00% 5/15/23       65,286 $     65,629 Series 4568 DA 3.00% 4/15/46      968,212      935,284 Series 4764 PA 3.00% 10/15/45      435,

Schedule of investments Delaware Ivy Government Securities Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 6.

Principal amount° Value (US $) Corporate Bonds — 95.40% Banking — 0.89% Deutsche Bank 3.729% 1/14/32 μ 146,000 $   109,893    109,893 Basic Industry — 1.68% First Quantum Minerals 144A 6.875% 10/15/27 #  80,000      71,662 Novelis 144A 4.75% 1/30/30 

Schedule of investments Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Corporate Bonds — 95.

Number of shares Value (US $) Affiliated Mutual Funds — 99.44% Delaware Ivy Global Equity Income Fund Class R6   871,234 $ 10,176,012 Delaware Ivy International Core Equity Fund Class R6 2,765,328   47,425,375 Delaware Ivy International Small Cap Fun

Schedule of investments Delaware Ivy Managed International Opportunities Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Affiliated Mutual Funds — 99.

Principal amount° Value (US $) Sovereign Bonds — 94.86%Δ Brazil — 9.63% Brazil Letras do Tesouro Nacional   7.194% 7/1/24 ^ BRL      1,258,000 $    187,835   7.221% 1/1/24 ^ BRL      7,300,000    1,153,867 Brazil Notas do Tesouro Nacional  Series F 1

Schedule of investments Delaware Ivy Emerging Markets Local Currency Debt Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Sovereign Bonds — 94.

Number of shares Value (US $) Common Stocks — 99.67% Communication Services — 2.72% Gray Television *    448,682 $     7,578,239 Nexstar Media Group Class A     234,207     38,147,636     45,725,875 Consumer Discretionary — 14.96% Boot Barn Holdings 

Schedule of investments Delaware Ivy Small Cap Growth Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Principal amount° Value (US $) Convertible Bond — 0.12% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26     90,000 $     81,585 Total Convertible Bond (cost $78,772)      81,585 Corporate Bonds — 92.33% Automotive — 1.05% Ford Moto

Schedule of investments Delaware Ivy High Yield Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bond — 0.

Principal amount° Value (US $) Agency Mortgage-Backed Security – 0.03% Freddie Mac S.F. 30 yr 4.50% 10/1/35       124,266 $     127,792 Total Agency Mortgage-Backed Security (cost $121,662)      127,792 Corporate Bonds – 47.09% Argentina − 0.00% Aero

Schedule of investments Delaware Ivy Global Bond Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Agency Mortgage-Backed Security – 0.

Number of shares Value (US $) Common Stocks — 97.22% Communication Services — 10.97% 37 Interactive Entertainment Network Technology Group Class A     200,100 $       634,588 Advanced Info Service PCL   1,016,600       5,592,666 America Movil Class L

Consolidated schedule of investments Delaware Ivy Systematic Emerging Markets Equity Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 97.

Number of shares Value (US $) Common Stocks — 98.96%♦ Communication Services — 12.01% Alphabet Class A †    121,899 $   265,649,615 Alphabet Class C †     18,892      41,325,305 Electronic Arts   1,133,347     137,871,663 Meta Platforms Class A †    

Schedule of investments Delaware Ivy Large Cap Growth Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Number of shares Value (US $) Common Stocks — 98.86% Basic Materials — 8.28% Beacon Roofing Supply †    74,733 $   3,838,287 Boise Cascade     57,078     3,395,570 Huntsman    244,014     6,917,797 Kaiser Aluminum     43,943     3,475,452 Minerals Te

Schedule of investments Delaware Ivy Smid Cap Core Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 98.

Number of shares Value (US $) Common Stocks — 99.70% Consumer Discretionary — 7.39% Genuine Parts     33,930 $   4,512,690 Lowe's     22,880     3,996,450 McDonald's     18,070     4,461,122 Target     18,950     2,676,308 VF     83,790    3,701,004

Schedule of investments Delaware Ivy S&P 500 Dividend Aristocrats Index Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 99.

Principal amount° Value (US $) Convertible Bond — 0.16% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26   4,857,000 $     4,402,870 Total Convertible Bond (cost $4,277,391)      4,402,870 Corporate Bonds — 78.09% Automotive — 0.55%

NPORT-EX 2 AIV0090DEL063022.htm Schedule of investments Delaware Ivy High Income Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bond — 0.16% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26   4,857,000 $     4,402,870 Total Convertible Bond (cost $4,277,391)      4,402,870 Corporate Bonds — 78.09% Automotive — 0.55% Goodyear Tire & Rubber 5.25% 7/15/31 

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 1.77% Fannie Mae Interest Strip Series 413 C35 4.50% 10/25/40 Σ  4,762,793 $       858,383 Fannie Mae REMICs Series 2015-18 NS 4.496% (6.12% minus LIBOR01M, Cap 6.12%) 4/25/4

Consolidated schedule of investments Delaware Ivy Asset Strategy Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 1.

Number of shares Value (US $) Common Stocks — 97.58% Communication Services — 7.12% AT&T   1,261,700 $   26,445,232 Comcast Class A     777,481     30,508,355 Liberty Global Class C *, †  1,407,303    31,087,323    88,040,910 Consumer Discretionary —

Schedule of investments Delaware Ivy Value Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 97.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 2.86% Fannie Mae Connecticut Avenue Securities Series 2014-C01 M2 6.024% (LIBOR01M + 4.40%) 1/25/24 •  1,347,058 $   1,377,638 Series 2015-C01 1M2 5.924% (LIBOR01M + 4.30%) 2

Schedule of investments Delaware Ivy Securian Core Bond Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 2.

Number of shares Value (US $) Common Stocks — 96.15%♦ Communication Services — 6.08% Alphabet Class A †      75,405 $   164,327,100 Take-Two Interactive Software †     495,094     60,663,868    224,990,968 Consumer Discretionary — 6.86% Amazon.com †

Schedule of investments Delaware Ivy Core Equity Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 96.

Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.39% GNMA Series 2012-39 PA 2.00% 3/16/42   2,014,481 $   1,924,490 Series 2015-151 KC 3.50% 4/20/34   1,036,052    1,038,384 Total Agency Collateralized Mortgage Obligation

Schedule of investments Delaware Ivy Limited-Term Bond Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Agency Collateralized Mortgage Obligations — 0.

Principal amount° Value (US $) Municipal Bonds — 100.06% Corporate Revenue Bonds — 9.09% Buckeye Ohio Tobacco Settlement Financing Authority Series A-2 3.00% 6/1/48     6,110,000 $  4,540,769 Series B-3 0.126% 6/1/57  ^  27,210,000    3,502,743 (Seni

Schedule of investments Delaware Ivy Municipal Bond Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Municipal Bonds — 100.

Number of shares Value (US $) Common Stocks – 99.68% Canada − 3.91% Barrick Gold   335,792 $  5,940,160 Canadian Natural Resources   383,104  20,565,023  26,505,183 China − 2.65% Huazhu Group ADR   207,395    7,901,749 JD.com ADR   156,257  10,034,82

Schedule of investments Delaware Ivy Global Growth Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 99.

Number of shares Value (US $) Common Stocks – 97.52% Argentina − 0.46% Arcos Dorados Holdings Class A    30,416 $    205,004     205,004 Australia − 3.32% Aussie Broadband †   157,599      360,071 HUB24 *    33,230      464,933 Pro Medicus *    22,47

Schedule of investments Delaware Ivy International Small Cap Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 97.

Number of shares Value (US $) Common Stocks – 99.73%Δ Australia − 1.39% Ingenia Communities Group 183,599 $    504,382 National Storage REIT 184,650     272,753     777,135 Belgium − 0.43% Cofinimmo   2,217     240,695     240,695 Canada − 1.87% Firs

Schedule of investments Delaware Ivy LaSalle Global Real Estate Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks – 99.

Number of shares Value (US $) Common Stocks — 97.18%♦ Consumer Staples — 1.40% Darling Ingredients †    60,037 $   3,590,213    3,590,213 Energy — 87.20% Archaea Energy *, †   495,459     7,694,478 Ardmore Shipping †   217,718     1,517,495 Chesapeak

Schedule of investments Delaware Ivy Energy Fund June 30, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 97.

Principal amount° Value (US $) Convertible Bond — 0.12% Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26     32,000 $     29,008 Total Convertible Bond (cost $28,226)      29,008 Corporate Bonds — 92.45% Banking — 11.87% Ally Financ

Schedule of investments Delaware Ivy Crossover Credit Fund June 30, 2022 (Unaudited) Principal amount° Value (US $) Convertible Bond — 0.

July 29, 2022

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 215.

July 29, 2022

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 215.

July 19, 2022

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 215.

July 19, 2022

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 215.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

DEFA14A 1 proxy.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. __)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) Of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [] Check the appropriate box: [] Preliminary Proxy Statement [] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) []

Schedule of investments

Schedule of investments Delaware Ivy Wilshire Global Allocation Fund March 31, 2022 (Unaudited) Principal amount° Value (US $) Corporate Bond — 0.

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 27, 2022

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Number of shares Value (US $) Common Stocks — 100.15%♦ Communication Services — 6.49% Alphabet Class A †      7,345 $    20,429,016 Live Nation Entertainment *, †    147,580      17,361,311 Match Group †    216,838      23,578,964 Netflix †     81,93

Schedule of investments Delaware Ivy Accumulative Fund March 31, 2022 (Unaudited) Number of shares Value (US $) Common Stocks — 100.

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 27 , 2022

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 27 , 2022 VIA EDGAR TRANSMISSION Filing Desk U.

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 27, 2022

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 27, 2022 VIA EDGAR TRANSMISSION Filing Desk U.

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 19, 2022

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 19, 2022 VIA EDGAR TRANSMISSION Filing Desk U.

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 19, 2022

COVER 4 filename4.htm Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 May 19, 2022 VIA EDGAR TRANSMISSION Filing Desk U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Attention: Jaea Hahn RE: Ivy Funds (the “Registrant”) File Nos. 811-06569; 033-45961 Dear Ms. Hahn: On behalf of the Registrant,

PROXY MATERIALS Delaware Ivy Global Equity Income Fund and Delaware Ivy International Value Fund, each a series of Ivy Funds Delaware Ivy VIP® Global Equity Income, a series of Ivy Variable Insurance Portfolios

PROXY MATERIALS Delaware Ivy Global Equity Income Fund and Delaware Ivy International Value Fund, each a series of Ivy Funds Delaware Ivy VIP? Global Equity Income, a series of Ivy Variable Insurance Portfolios Dear Shareholder: I am writing to let you know that a joint special meeting (the ?Meeting?) of shareholders of the Delaware Funds? by Macquarie funds listed above (each, a ?Fund? and collectively, the ?Funds?) will be held virtually on June 17, 2022, at 4:00 p.

May 6, 2022

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 215.

Law Offices Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7081 (215) 564-8600 April 11, 2022 VIA EDGAR Filing Desk U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Re: Ivy F

Law Offices Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7081 (215) 564-8600 April 11, 2022 VIA EDGAR Filing Desk U.

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [X] Preliminary Proxy S

SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.

Schedule of investments

Schedule of investments Delaware Ivy Emerging Markets Local Currency Debt Fund (formerly, Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund) December 31, 2021 (Unaudited) Principal amount° Value (US $) Sovereign Bonds — 81.

Schedule of investments

Schedule of investments Delaware Ivy Total Return Bond Fund (formerly, Delaware Ivy Pictet Targeted Return Bond Fund) December 31, 2021 (Unaudited) Principal amount° Value (US $) Corporate Bonds — 38.

Settlement

SCHEDULE OF INVESTMENTS Delaware Ivy Strategic Income Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Hong Kong Consumer Discretionary – 0.

PREFERRED STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Securian Core Bond Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) PREFERRED STOCKS Shares Value Industrials Air Freight & Logistics – 0.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Energy Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Consumer Staples Agricultural Products – 1.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Balanced Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Cable & Satellite – 0.

MUNICIPAL BONDS

HTML SCHEDULE OF INVESTMENTS Delaware Ivy Municipal Bond Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) MUNICIPAL BONDS Principal Value Alabama – 1.

COMMON STOCKS

HTML SCHEDULE OF INVESTMENTS Delaware Ivy High Yield Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Energy Oil & Gas Equipment & Services – 0.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Science and Technology Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Interactive Media & Services – 11.

Date of

CONSOLIDATED SCHEDULE OF INVESTMENTS Delaware Ivy Systematic Emerging Markets Equity Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Brazil Consumer Discretionary – 2.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Securian Real Estate Securities Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Real Estate Diversified REITs – 0.

COMMON STOCKS

HTML SCHEDULE OF INVESTMENTS Delaware Ivy LaSalle Global Real Estate Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Australia Real Estate – 2.

Number

HTML SCHEDULE OF INVESTMENTS Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) CORPORATE DEBT SECURITIES Principal Value Communication Services Advertising – 0.

SCHEDULE OF INVESTMENTS

HTML SCHEDULE OF INVESTMENTS Delaware Ivy Large Cap Growth Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Interactive Home Entertainment – 2.

CORPORATE DEBT

HTML SCHEDULE OF INVESTMENTS Delaware Ivy Crossover Credit Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) CORPORATE DEBT SECURITIES Principal Value Communication Services Cable & Satellite – 3.

COMMON STOCKS

HTML SCHEDULE OF INVESTMENTS Delaware Ivy Small Cap Growth Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Broadcasting – 2.

Number of

HTML SCHEDULE OF INVESTMENTS Delaware Ivy Mid Cap Growth Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Interactive Home Entertainment – 1.

Delaware Ivy ProShares Russell 2000 Dividend

SCHEDULE OF INVESTMENTS Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Publishing – 1.

MUNICIPAL BONDS

SCHEDULE OF INVESTMENTS Delaware Ivy Municipal High Income Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) MUNICIPAL BONDS Principal Value Alabama - 4.

UNITED STATES

HTML SCHEDULE OF INVESTMENTS Delaware Ivy Government Securities Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) UNITED STATES GOVERNMENT AGENCY OBLIGATIONS Principal Value Agency Obligations - 6.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Global Growth Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Canada Energy – 2.

Subsidiary Net

CONSOLIDATED SCHEDULE OF INVESTMENTS Delaware Ivy Asset Strategy Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Integrated Telecommunication Services – 2.

SCHEDULE OF INVESTMENTS

SCHEDULE OF INVESTMENTS Delaware Ivy International Small Cap Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Australia Consumer Discretionary – 1.

MUNICIPAL BONDS

SCHEDULE OF INVESTMENTS Delaware Ivy California Municipal High Income Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) MUNICIPAL BONDS Principal Value California - 91.

AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust:

SCHEDULE OF INVESTMENTS Delaware Ivy Corporate Bond Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) ASSET-BACKED SECURITIES Principal Value AerCap Ireland Capital Ltd.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Global Equity Income Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Denmark Health Care – 3.

Fair Value at

HTML SCHEDULE OF INVESTMENTS Delaware Ivy High Income Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Integrated Telecommunication Services – 1.

COMMON STOCKS

HTML SCHEDULE OF INVESTMENTS Delaware Ivy Value Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Alternative Carriers – 2.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Smid Cap Core Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Interactive Media & Services – 1.

Delaware Ivy ProShares S&P 500 Bond Index

HTML SCHEDULE OF INVESTMENTS Delaware Ivy ProShares S&P 500 Bond Index Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) CORPORATE DEBT SECURITIES Principal Value Communication Services Advertising – 0.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Mid Cap Income Opportunities Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Consumer Discretionary Consumer Electronics – 2.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy S&P 500 Dividend Aristocrats Index Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Integrated Telecommunication Services – 1.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Core Equity Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Cable & Satellite – 1.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy International Core Equity Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Australia Materials – 1.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Multi-Asset Income Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Advertising ? 0.

Number

NPORT-EX 2 IGB.htm DELAWARE IVY GLOBAL BOND FUND SOI SCHEDULE OF INVESTMENTS Delaware Ivy Global Bond Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) CORPORATE DEBT SECURITIES Principal Value Argentina Energy – 0.5% Pampa Energia S.A. 7.500%, 1-24-27(A) $2,850 $2,465 Industrials – 0.2% Aeropuertos Argentina 2000 S.A. 8.500%, 8-1-31(A) 929 816 Total Argentina - 0.7% $3,281 Australia Financials –

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Natural Resources Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Australia Materials – 3.

AFFILIATED MUTUAL

NPORT-EX 2 IMIO.htm DELAWARE IVY MANAGED INTERNATIONAL OPPORTUNITIES FUND SOI SCHEDULE OF INVESTMENTS Delaware Ivy Managed International Opportunities Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) AFFILIATED MUTUAL FUNDS Shares Value Delaware Ivy Global Equity Income Fund, Class R6 1,194 $16,475 Delaware Ivy Global Growth Fund, Class R6 270 16,633 Delaware Ivy International Core Equity Fund, C

SCHEDULE OF INVESTMENTS

HTML SCHEDULE OF INVESTMENTS Delaware Ivy International Value Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Denmark Health Care – 5.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy ProShares MSCI ACWI Index Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) COMMON STOCKS Shares Value Australia Consumer Discretionary – 0.

American Airlines Class AA Pass-Through Certificates, Series

SCHEDULE OF INVESTMENTS Delaware Ivy Limited-Term Bond Fund (in thousands) DECEMBER 31, 2021 (UNAUDITED) ASSET-BACKED SECURITIES Principal Value American Airlines Class AA Pass-Through Certificates, Series 2016-2, 3.

SCHEDULE 14C (RULE 14C-101) INFORMATION REQUIRED IN INFORMATION STATEMENT SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(c) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. _______)

SCHEDULE 14C (RULE 14C-101) INFORMATION REQUIRED IN INFORMATION STATEMENT SCHEDULE 14C INFORMATION INFORMATION STATEMENT PURSUANT TO SECTION 14(c) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SEC FILE NUMBER 811-06569 CUSIP NUMBER FORM 12b-25 NOTIFICATION OF LATE FILING (Check one): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form 10-D [ ] Form N-CEN [ x ] Form N-CSR For Period Ended: September 30, 2021 [ ] Transition Report on Form 10-K [ ] Transition Report on Form 20-F [ ] Transition Report on Fo

Percentage of Fund Net Assets

CONSOLIDATED SCHEDULE OF INVESTMENTS Delaware Ivy Wilshire Global Allocation Fund (in thousands) SEPTEMBER 30, 2021 (UNAUDITED) COMMON STOCKS Shares Value Consumer Discretionary Leisure Facilities – 0.

COMMON STOCKS

SCHEDULE OF INVESTMENTS Delaware Ivy Accumulative Fund (in thousands) SEPTEMBER 30, 2021 (UNAUDITED) COMMON STOCKS Shares Value Communication Services Interactive Home Entertainment – 1.

November 12, 2021

Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 Telephone 215.

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 September 14, 2021

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 September 14, 2021 VIA EDGAR TRANSMISSION Filing Desk U.

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 September 14, 2021

Stradley, Ronon, Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, Pennsylvania 19103-7018 (215) 564-8000 September 14, 2021 VIA EDGAR TRANSMISSION Filing Desk U.