Information Statement (SEC Filing - DEF 14C)

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:

Delaware Ivy Funds

Delaware Ivy Variable Insurance Portfolios

(Name of Registrant as Specified in Its Charter)

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

JOINT INFORMATION STATEMENT

This Joint Information Statement is being furnished on behalf of the Boards of Trustees (the 'Trustees' or 'Board') of Delaware Ivy Funds and Delaware Ivy Variable Insurance Portfolios (each a 'Trust' and collectively, the 'Trusts') to inform shareholders of the funds listed above (each, a 'Fund' and collectively, the 'Funds') about recent changes related to the Funds' sub-advisory arrangements or about new sub-advisory arrangements. The changes were approved by the Board on the recommendation of the Funds' investment manager, Delaware Management Company, which is a series of Macquarie Investment Management Business Trust ('DMC'), without shareholder approval as

is permitted by an order of the U.S. Securities and Exchange Commission ('SEC'). WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.

A Notice of Internet Availability of Joint Information Statement relating to this Joint Information Statement ('Notice') was mailed beginning on or about August 2, 2021 to shareholders of record of each Fund as of July 21, 2021 (the 'Record Date'). The Joint Information Statement is available on the Funds' website at ivyinvestments.com on or about August 2, 2021 until at least November 30, 2021. A paper or e-mail copy of the Joint Information Statement may be obtained, without charge, by contacting your participating securities dealer or other financial intermediary or, if you own Fund shares directly through the Funds' service agent, by calling the Funds' service agent toll free at 888-923-3355.

THE TRANSACTION

In a deal announced in December 2021 (the 'Transaction'), Macquarie Group ('Macquarie') announced plans to acquire Waddell & Reed Financial, Inc. ('WDR'). WDR was the parent of Ivy Investment Management Company, the Funds' former principal investment advisor ('IICO'). The IICO investment advisory agreements ('IICO Advisory Agreements') with the Trusts, on behalf of their respective Funds, automatically terminated upon the closing of the Transaction, which occurred on April 30, 2021. At a Board meeting held on January 12, 2021 (the 'Meeting'), it was proposed that DMC serve as the investment adviser to the Funds after the closing of the Transaction. To ensure that advisory services could continue uninterrupted following the termination of the IICO Advisory Agreements, the Board, including a majority of the Trustees who are not 'interested persons' of the Trusts or of DMC (the 'Independent Trustees'), approved the new investment advisory agreements with DMC (the 'DMC Advisory Agreements') for each Fund, to become effective upon the closing, subject to receiving shareholder approval. The DMC Advisory Agreements were approved by Fund shareholders and became effective on or after April 30, 2021 and DMC began managing the Funds on or after May 3, 2021. At the same time, the Fund shareholders also approved the ability of the Funds to rely on the manager of managers exemptive relief that DMC had previously received, which is described in more detail below.

In addition, certain Funds were sub-advised by sub-advisors unaffiliated with DMC, as outlined below (the 'Unaffiliated Sub-Advisors'). Under applicable regulations, these sub-advisory agreements also terminated at the closing of the Transaction. As a result, at the Meeting, the Trusts' Board, including its Independent Trustees, considered and unanimously approved new sub-advisory agreements between DMC and the Unaffiliated Sub-Advisors (each an 'Unaffiliated Sub-Advisory Agreement' and collectively, the 'Unaffiliated Sub-Advisory Agreements'), contingent upon shareholder approval of the proposed DMC Advisory Agreements and each Fund's ability to rely on DMC's manager of managers order (as described below). Because shareholders approved both the DMC Advisory Agreements and reliance on the DMC manager of managers order, shareholder approval was not required for the Unaffiliated Sub-Advisory Agreements. The Unaffiliated Sub-Advisory Agreements are substantially similar to the Funds' prior sub-advisory agreements with the Unaffiliated Sub-Advisors, except that they are between DMC and the Unaffiliated Sub-Advisers instead of IICO.

At the Meeting, the Trusts' Boards also considered the approval of sub-advisory agreements with the following sub-advisors that are affiliated with DMC: Macquarie Investment Management Austria Kapitalanlage AG ('MIMAK'), Macquarie Investment Management Europe Limited ('MIMEL'), Macquarie Investment Management Global Limited ('MIMGL') and Macquarie Funds Management Hong Kong Limited ('MFMHKL') (each an 'Affiliated Sub-Advisor', collectively, the 'Affiliated Sub-Advisors' and collectively with the Unaffiliated Sub-Advisors, the 'Sub-Advisors'), contingent upon shareholder approval of the proposed DMC Advisory Agreements and each Fund's ability to rely on DMC's manager of managers exemptive order (as described below). These Affiliated Sub-Advisors are part of Macquarie's global investment platform, which is described in more detail below.

MANAGER-OF-MANAGERS RELIEF

As noted, DMC has received manager-of-managers relief from the SEC and the Funds' shareholders have authorized the Funds to rely on the relief. Pursuant to that manager of managers authority, DMC, subject to approval by the Board, is permitted to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trusts or DMC, and to enter into and modify material terms and conditions of the related sub-advisory agreements without shareholder approval. Section 15(a) of the Investment Company Act of 1940 (the '1940 Act'), generally requires that the shareholders of a mutual fund approve an agreement pursuant to which a person serves as investment advisor or sub-advisor of the fund. In order to use the 'manager of managers' authority discussed above, DMC and certain affiliates requested and received an exemptive order from the SEC on Jan. 17, 2017 (the 'SEC Order'). The SEC Order exempts DMC, the Trusts and other affiliates from certain of the shareholder approval requirements of Section 15(a) of the 1940 Act and allows the Board, subject to certain conditions, to appoint new sub-advisors and approve new sub-advisory agreements on behalf of the Trusts without shareholder approval. DMC has ultimate responsibility (subject to oversight by the Board) to supervise the sub-advisors and recommend the hiring, termination, and replacement of the sub-advisors to the Board.

The Trusts and DMC have agreed to comply with certain conditions when acting in reliance on the relief granted in the SEC Order. These conditions require, among other things, that within ninety (90) days of hiring a new sub-advisor, the affected fund will notify the shareholders of the fund of the

changes. The Notice provides such notice of the changes and this Joint Information Statement presents additional details regarding each Sub-Advisor and its respective sub-advisory agreements.

THE INVESTMENT MANAGER

DMC is located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, and is a series of Macquarie Investment Management Business Trust, which is an indirect subsidiary of Macquarie Management Holdings, Inc. ('MMHI'), which in turn is an indirect subsidiary, and subject to the ultimate control, of Macquarie Group Limited ('Macquarie'). DMC is registered as an investment advisor with the SEC under the 1940 Act.

DMC provides investment advisory services to the Funds pursuant to the DMC Advisory Agreements. The DMC Advisory Agreements were approved by the Board, including a majority of its Independent Trustees, and Fund shareholders in connection with the Transaction. The Trusts employ DMC to generally manage the investment and reinvestment of the assets of the Funds. In so doing, DMC may hire one or more affiliated or unaffiliated sub-advisors to carry out the investment program of the Funds, subject to the approval of the Board. DMC continuously reviews and supervises the investment program of the Funds. DMC furnishes regular reports to the Board regarding the investment program and performance of the Funds.

Pursuant to the DMC Advisory Agreements, DMC has full discretion and responsibility, subject to the overall supervision of the Board, to select and contract with one or more investment sub-advisors, to manage the investment operations and composition of the Funds, and to render investment advice for the Funds, including the purchase, retention, and disposition of investments, securities, and cash held by the Funds. The DMC Advisory Agreements obligate DMC to implement decisions with respect to the allocation or reallocation of each Fund's assets among one or more current or additional sub-advisors, and to monitor the Sub-Advisors' compliance with the Funds' investment objective(s), policies, and restrictions. Under the DMC Advisory Agreements, the Trusts will bear the expenses of conducting their business. In addition, DMC pays the salaries of all officers and Trustees of the Trusts who are officers, directors, or employees of DMC or its affiliates.

As compensation for the services rendered under the DMC Advisory Agreements, the Funds pay DMC an annual management fee as a percentage of average daily net assets as described in Exhibit A. Because the DMC Advisory Agreements became effective on or after April 30, 2021, the Funds either did not pay DMC any advisory fees during their respective last fiscal years or paid such fees for a partial fiscal year. The advisory fee rates as a percentage of average daily net assets paid to the Unaffiliated Sub-Advisors, all of whom were sub-advising their applicable Funds prior to the closing of the Transaction, are described in Exhibit A.

The key executives of DMC and their principal occupations are: Shawn K. Lytle, President; David F. Connor, Senior Vice President/General Counsel/Secretary; Richard Salus, Senior Vice President; Michael F. Capuzzi, U.S. Chief Operating Officer; and; Brian L. Murray, Senior Vice President/Global Chief Compliance Officer. The address of each person listed is 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. Shawn K. Lytle is also a Trustee for the Funds.

PART I - DMC AFFILIATED SUB-ADVISORS

DMC uses Macquarie's global equity and fixed income investment platforms in providing advisory, trading and other services to the Funds. At the Meeting, the Board approved the use of the Affiliated Sub-Advisors on the global investment platforms.

Below is a brief description of Macquarie's global investment platforms, the Affiliated Sub-Advisers and the anticipated role that the Affiliated Sub-Advisers would play in the investment program of each applicable Fund.

Global Equity Investment Platform. DMC uses MIMGL to provide quantitative support and with MFMHKL, trading to the equity mutual funds that they advise. Both MIMGL and MFMHKL are registered investment advisers with the SEC, as well as registered in their home jurisdiction. MIMGL, DMC's Sydney Australia based affiliate, and MFMHKL, DMC's Hong Kong domiciled affiliate, are authorized to provide trading for equity Funds investing in foreign securities to support DMC's portfolio managers. Under this arrangement, MIMGL provides services such as performance attribution and supplementing the work of DMC's U.S. based quantitative team, with both MIMGL and MFMHKL trading securities as directed by DMC's U.S. based portfolio managers in the Austral-Asia time zone. DMC believes that utilizing local traders in the applicable time zone, or closer to the applicable time zone, creates efficiencies, leverages relationships those traders may have with local market participants and enables more nimble execution and responsiveness to information that may impact the region.

Global Fixed Income Investment Platform. DMC use MIMAK, MIMEL and MIMGL to provide portfolio management and trading services, as well as to share investment research and recommendations, to the fixed income Funds. The global fixed income investment platform includes offices in Philadelphia (DMC), Sydney (MIMGL), London (MIMEL) and Vienna (MIMAK), which provide 24-hour coverage across the three major market time zones (Australasia, Europe, Americas) and collaboration on all major fixed income asset classes presently managed by all four locations. DMC believes that this global coverage is beneficial for the Funds, as it translates into potentially more resources and diversity of viewpoints to assist in the management of the Funds. DMC collaborates across locations and is able to delegate to its affiliates specific execution of the Funds' strategy from time to time in its sole discretion, although DMC and the Funds' named portfolio managers are responsible for driving the Funds' strategy and investment process and remain primarily responsible for the day-to-day management of the Funds' portfolios. DMC believes the ability to utilize its global affiliates in this manner enables DMC's portfolio managers to leverage the capabilities of the broader Macquarie Asset Management organization and to take advantage of its affiliates' expertise and location in Austral-Asian, European or British financial markets, as well as the affiliates' access to research and investment ideas that may be unique to or influenced by those financial markets. Moreover, consistent with the use of affiliates for trading equity securities as discussed above, utilizing local traders in the applicable time zone, or closer to the applicable time zone, provides benefits such as efficiencies, access to relationships those traders may have with local market participants and more nimble execution and reactivity to information that may impact the region.

The chart in Exhibit B describes the platform(s) and Affiliated Sub-Advisors used by each Fund as well as the services provided to each such Fund by the applicable Affiliated Sub-Advisors.

Macquarie Investment Management Austria Kapitalanlage AG. MIMAK, located at Kaerntner Strasse 28, 1010 Vienna, Austria, is an affiliate of DMC and a part of Macquarie Investment Management ('MIM'). MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. As of March 31, 2021, MIM managed more than $279 billion in assets for institutional and individual clients.

Although MIMAK serves as a sub-advisor, DMC has ultimate responsibility for all investment advisory services. DMC 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. DMC has entered into a separate sub-advisory agreement with MIMAK and compensates MIMAK out of the investment advisory fees it receives from the Funds (the 'MIMAK Sub-Advisory Agreement'). There will be no increase in the advisory fees paid by the Funds to DMC as a consequence of the appointment of MIMAK and the implementation of the MIMAK Sub-Advisory Agreement. The MIMAK Sub-Advisory Agreement was effective on or after April 30, 2021 and MIMAK began sub-advising the applicable Funds on or after May 3, 2021.

MIMAK serves as sub-advisor for the fixed income funds within the Delaware Funds by Macquarie and Optimum Fund Trust that do not invest primarily in US municipal securities as part of the global fixed income platform.

The names and principal occupations of the principal executive officers and/or directors of MIMAK are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with MIMAK, is Kaerntner Strasse 28, 1010 Vienna, Austria:

Macquarie Investment Management Europe Limited. MIMEL, located at 28 Ropemaker Street, London, England, is an affiliate of DMC and a part of MIM.

Although MIMEL serves as a sub-advisor, DMC has ultimate responsibility for all investment advisory services. DMC may seek investment advice and recommendations from MIMEL and DMC may also permit MIMEL to execute Fund security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMEL's specialized market knowledge. DMC has entered into a separate sub-advisory agreement with MIMEL and compensates MIMEL out of the investment advisory fees it receives from the Funds (the 'MIMEL Sub-Advisory Agreement'). There will be no increase in the advisory fees paid by the Funds to DMC as a consequence of the appointment of MIMEL and the implementation of the MIMEL Sub-Advisory Agreement. The MIMEL Sub-Advisory Agreement was effective on or after April 30, 2021 and MIMEL began sub-advising the applicable Funds beginning on or after May 3, 2021.

MIMAK serves as sub-advisor for the fixed income funds within the Delaware Funds by Macquarie and Optimum Fund Trust that do not invest primarily in US municipal securities as part of the global fixed income platform.

The names and principal occupations of the principal executive officers and/or directors of MIMEL are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with MIMEL, is 28 Ropemaker Street, London, England:

Macquarie Investment Management Global Limited. MIMGL, located at 50 Martin Place, Sydney, Australia, is an affiliate of DMC and a part of MIM.

Although MIMGL serves as a sub-advisor, DMC has ultimate responsibility for all investment advisory services. DMC 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. DMC has entered into a separate sub-advisory agreement with MIMGL and compensates MIMGL out of the investment advisory fees it receives from the Funds (the 'MIMGL Sub-Advisory Agreement'). There will be no increase in the advisory fees paid by the Funds to DMC as a consequence of the appointment of MIMGL and the implementation of the MIMGL Sub-Advisory Agreements. The MIMGL Sub-Advisory Agreement was effective on or after April 30, 2021 and MIMGL began sub-advising the applicable Funds on or after May 3, 2021.

MIMGL serves as sub-advisor for the fixed income funds within the Delaware Funds by Macquarie and Optimum Fund Trust that do not invest primarily in US municipal securities as part of the global fixed income platform and for the equity funds within the Delaware Funds by Macquarie as part of the global equity platform

The names and principal occupations of the principal executive officers and/or directors of MIMGL are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with MIMGL, is 50 Martin Place, Sydney, Australia:

THE AFFILIATED SUB-ADVISORY AGREEMENTS

The Affiliated Sub-Advisory Agreements were approved by the Board. Under the Affiliated Sub-Advisory Agreements, and in accordance with applicable laws and regulations, MIMAK, MIMEL, MIMGL and MFMHKL agree to provide DMC with all books and records relating to the transactions each executes and render for presentation to the Board such reports as the Board may reasonably request. The Affiliated Sub-Advisory Agreements provide for DMC to pay the Affiliated Sub-Advisors a fee based on the extent to which a Sub-Advisor provides services to the Funds. To the extent applicable, the Affiliated Sub-Advisory Agreements are compensated from the fees that DMC received from the Funds.

An Affiliated Sub-Advisory Agreement may be terminated at any time, without the payment of a penalty, by: (i) DMC with written notice to the Affiliated Sub-Advisor; (ii) a Trust pursuant to action by the Board or pursuant to the vote of a majority of the outstanding voting securities of its Funds, with written notice to the applicable Affiliated Sub-Advisor; or (iii) an Affiliated Sub-Advisor with written notice to DMC and a Trust, each on not less than 60 days' notice to the required parties.

The Affiliated Sub-Advisory Agreements provide that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of its duties, each of the Affiliated Sub-Advisors, any of their affiliates, or any of their controlling persons, members, officers, directors, employees or agents, will not be liable for any action or omission connected with rendering services, or for any losses that may be sustained in connection with its activities as a sub-advisor to the Funds.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE SUB-ADVISOR SUB-ADVISORY AGREEMENTS

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the Affiliated Sub-Advisory Agreements are described in Exhibit C.

PART II - SUB-ADVISORS UNAFFILIATED WITH DMC

Apollo Credit Management, LLC (Apollo), located at 9 West 57th Street, New York, New York 10019, was approved by the Board to serve as investment sub-adviser to, and as such provide investment advice to, and generally conduct the investment management program for, the total return strategy of each of the Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund pursuant to an agreement with DMC ('Apollo Sub-Advisory Agreement'). Apollo has operated as an investment adviser since 2011 and is a subsidiary of Apollo Global Management, Inc.

(together with its consolidated subsidiaries, including Apollo, Apollo Global). As of March 31, 2021, Apollo Global's total assets under management were approximately $461.1 billion.

Apollo is not affiliated with DMC, and Apollo discharges its responsibilities subject to the oversight and supervision of DMC. Apollo is compensated out of the fees that DMC receives from Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund. There will be no increase in the advisory fees paid by Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund to DMC as a consequence of retaining Apollo and the implementation of the Apollo Sub-Advisory Agreement. The fees paid by DMC to Apollo depend upon the fee rates negotiated by DMC and approved by the Board and on the percentage of the Fund assets of Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund allocated to Apollo by DMC. In accordance with procedures adopted by the Board, Apollo may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The Apollo Sub-Advisory Agreement is dated April 30, 2021 and Apollo began managing the Funds' assets under the Apollo Sub-Advisory Agreement beginning on May 3, 2021.

Apollo does not serve as an investment advisor or sub-advisor to any registered investment company that has an investment objective similar to the Funds' investment objectives.

The names and principal occupations of the principal executive officers and/or directors of Apollo are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Apollo, is 9 West 57th Street, New York, New York 10019:

THE APOLLO SUB-ADVISORY AGREEMENT

The Apollo Sub-Advisory Agreement was approved by the Board at the Meeting, which was called for the purpose of approving the Apollo Sub-Advisory Agreement for an initial term of two years. Thereafter, continuance of the Apollo Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The Apollo Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The terms of the Apollo Sub-Advisory Agreement are substantially similar to the terms of the sub-advisory agreement between DMC and Apollo.

The Apollo Sub-Advisory Agreement provides that Apollo, among other duties, will make all investment decisions for its allocated portion of the investment portfolio of Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund. Apollo, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of the assets of Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund. Apollo also will perform

certain other administrative and compliance-related functions in connection with the management of its allocated portion of the investment portfolio of Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund.

The Apollo Sub-Advisory Agreement provides for Apollo to be compensated based on the average daily net assets of Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund allocated to Apollo. Apollo is compensated from the fees that DMC receives from Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund. Apollo generally will pay all expenses it incurs in connection with its activities under the Apollo Sub-Advisory Agreement, other than the costs of the portfolio securities and other investments of Delaware Ivy Apollo Strategic Income Fund and Delaware Ivy Apollo Multi-Asset Income Fund.

The Apollo Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to Apollo, or (ii) Apollo, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE APOLLO SUB-ADVISORY AGREEMENT

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the Apollo Sub-Advisory Agreement are described in Exhibit C.

Mackenzie Investments Europe Limited (Mackenzie Europe), located at Brooklawn House, Shelbourne Rd, Ballsbridge, Dublin 4, 4, Ireland, was approved by the Board to serve as investment sub-advisor to, and as such provide investment advice to, and generally conduct the investment management program for Delaware Ivy International Small Cap Fund pursuant to an agreement with DMC (the 'Mackenzie Sub-Advisory Agreement'). Mackenzie Europe delegates to its affiliate, Mackenzie Investments Asia Limited (Mackenzie Asia, and collectively with Mackenzie Europe, Mackenzie), an investment adviser located at Suite 1011-12, Two Pacific Place, 88 Queensway, Hong Kong, certain investment management, trading and other responsibilities for Fund investments, as further described below. Mackenzie had approximately $5.9 billion in assets under management as of June 31, 2021. Mackenzie Europe is responsible for the overall management of the Fund's portfolio of investments (other than the investment of cash on hand), including the allocation of the Fund's net assets among various regions and countries, and making purchases and sales consistent with the Fund's investment objective and strategies. Mackenzie Europe also is responsible for the supervision of Mackenzie Asia, a sub-advisor of the Fund that assists with certain portfolio management, trading and other matters.

Mackenzie Europe is not affiliated with DMC, and Mackenzie Europe discharges its responsibilities subject to the oversight and supervision of DMC. Mackenzie Europe is compensated out of the fees that DMC receives from Delaware Ivy International Small Cap Fund. There will be no increase in the advisory fees paid by Delaware Ivy International Small Cap Fund to DMC as a consequence of retaining Mackenzie Europe and the implementation of the Mackenzie Europe Sub-Advisory Agreement. The fees paid by DMC to Mackenzie Europe depend upon the fee rates negotiated by DMC and approved by the Board and on the percentage of the Fund's assets allocated to Mackenzie Europe by DMC. In accordance with procedures adopted by the Board, Mackenzie Europe may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable

law. The Mackenzie Europe Sub-Advisory Agreement is dated April 30, 2021 and Mackenzie began managing the Fund's assets under the Mackenzie Europe Sub-Advisory Agreement beginning on May 3, 2021.

Mackenzie Europe serves as an investment advisor to the following non-U.S. pooled investment vehicle, which has an investment objective similar to the Fund's investment objective: Mackenzie International Small Cap.

The names and principal occupations of the principal executive officers and/or directors of Mackenzie Europe are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Mackenzie Europe, is Brooklawn House, Shelbourne Rd, Ballsbridge, Dublin 4, 4, Ireland:

THE MACKENZIE EUROPE SUB-ADVISORY AGREEMENT

The Mackenzie Europe Sub-Advisory Agreement was approved by the Board at the Meeting, which was called for the purpose of approving the Mackenzie Europe Sub-Advisory Agreement for an initial term of two years. Thereafter, continuance of the Mackenzie Europe Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The Mackenzie Europe Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The terms of the Mackenzie Europe Sub-Advisory Agreement are substantially similar to the terms of the sub-advisory agreement between DMC and Mackenzie Europe.

The Mackenzie Europe Sub-Advisory Agreement provides that Mackenzie Europe, among other duties, will make all investment decisions for its allocated portion of Delaware Ivy International Small Cap Fund's investment portfolio. Mackenzie Europe, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of Delaware Ivy International Small Cap Fund's assets. Mackenzie Europe also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of Delaware Ivy International Small Cap Fund's investment portfolio.

The Mackenzie Europe Sub-Advisory Agreement provides for Mackenzie Europe to be compensated based on the average daily net assets of Delaware Ivy International Small Cap Fund allocated to Mackenzie Europe. Mackenzie Europe is compensated from the fees that DMC receives from Delaware Ivy International Small Cap Fund. Mackenzie Europe generally will pay all expenses it incurs in connection with its activities under the Mackenzie Europe Sub-Advisory Agreement, other than the costs of Delaware Ivy International Small Cap Fund's portfolio securities and other investments.

The Mackenzie Europe Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to Mackenzie Europe, or (ii) Mackenzie Europe, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE MACKENZIE EUROPE SUB-ADVISORY AGREEMENT

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the Mackenzie Sub-Advisory Agreement are described in Exhibit C.

LaSalle Investment Management Securities, LLC ('LaSalle'), located at 100 East Pratt Street, 20th Floor, Baltimore, Maryland 21202, was approved by the Board to serve as a sub-advisor to Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund at the Meeting. LaSalle is wholly-owned by LaSalle Investment Management, Inc., a wholly-owned subsidiary of Jones Lang LaSalle Incorporated. LaSalle has more than 30 years of experience and provides portfolio management services with respect to real estate securities traded on exchanges located throughout the world. LaSalle is organized as a limited liability company. LaSalle is registered as an investment advisor with the SEC. As of June 30, 2021, LaSalle had approximately $5 billion in assets under management.

LaSalle is not affiliated with DMC, and LaSalle discharges its responsibilities subject to the oversight and supervision of DMC. LaSalle is compensated out of the fees that DMC receives from each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund. There will be no increase in the advisory fees paid by each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund to DMC as a consequence of the implementation of the LaSalle sub-advisory agreements ('LaSalle Sub-Advisory Agreements'). The fees paid by DMC to LaSalle depend upon the fee rates negotiated by DMC and approved by the Board and on the percentage of the assets of each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund allocated to LaSalle by DMC. In accordance with procedures adopted by the Board, LaSalle may effect portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The LaSalle Sub-Advisory Agreements are dated April 30, 2021and LaSalle began managing the Funds' assets under the LaSalle Sub-Advisory Agreements beginning on May 3, 2021.

LaSalle serves as a sub-advisor to the following non-U.S. pooled investment vehicles listed below, each of which has an investment objective similar to the investment objective of each of Delaware Ivy LaSalle Global Real Estate Fund or Delaware Ivy Apollo Multi-Asset Income Fund.

The names and principal occupations of the principal executive officers of LaSalle are listed below. The address of each principal executive officer listed below, as it relates to the person's position with LaSalle, is 100 East Pratt Street, 20th Floor, Baltimore, Maryland 21202:

THE LASALLE SUB-ADVISORY AGREEMENTS

The LaSalle Sub-Advisory Agreements were approved by the Board at the Meeting, which was called for the purpose of approving the LaSalle Sub-Advisory Agreements for an initial term of two years. Thereafter, continuance of the La Salle Sub-Advisory Agreements will require the annual approval of the Board, including a majority of the Independent Trustees. The LaSalle Sub-Advisory Agreements provide that they will terminate automatically in the event of their assignment.

The LaSalle Sub-Advisory Agreements provide that LaSalle, among other duties, will make all investment decisions for its allocated portion of the investment portfolio for each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund in accordance with the investment objectives, policies, and restrictions of each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund. LaSalle, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of the assets of each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund. LaSalle also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of the investment portfolio of each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund.

The LaSalle Sub-Advisory Agreements provide for LaSalle to be compensated based on the average daily net assets of each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund allocated to LaSalle. LaSalle is compensated from the fees that DMC receives from each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund. LaSalle generally will pay all expenses it incurs in connection with its activities under the LaSalle Sub-Advisory Agreements, other than the costs of each of Delaware Ivy LaSalle Global Real Estate Fund and Delaware Ivy Apollo Multi-Asset Income Fund's portfolio securities and other investments.

The LaSalle Sub-Advisory Agreements may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to LaSalle, or (ii) LaSalle, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE LASALLE SUB-ADVISORY AGREEMENTS

The discussion of DMC's recommendation and the Board's considerations regarding the LaSalle Sub-Advisory Agreement are described in Exhibit C.

Pictet Asset Management Limited (Pictet UK), located at Moor House, 120 London Wall, London EC2Y 5ET, United Kingdom, was approved by the Board to serve as a sub-advisor to Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund at the Meeting. Pictet UK has been providing both discretionary and advisory investment management services on a global scale to a wide range of

international institutional clients since 1980. Pictet UK is wholly owned by Pictet Asset Management Holding SA which is ultimately owned by Pictet & Partners SCA, a Swiss Holding Company and Pictet Canada LP, a Canadian Investment dealer. Pictet UK is organized as a corporation under the laws of the United Kingdom. Pictet UK is registered as an investment advisor with the SEC. Pictet UK delegates to its affiliate, Pictet Asset Management (Singapore) PTE Ltd (Pictet Singapore), an SEC-registered investment advisor located at 10 Marina Boulevard, Unit 22-01 Tower 2, Marina Bay Financial Centre, Singapore, investment management responsibilities for the portion of the portfolio allocated by Pictet UK for companies located or listed for trading in Asian markets.

Pictet UK is not affiliated with DMC, and Pictet UK discharges its responsibilities subject to the oversight and supervision of DMC. Pictet UK is compensated out of the fees that DMC receives from Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund. There will be no increase in the advisory fees paid by Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund to DMC as a consequence of the implementation of the Pictet UK sub-advisory agreement with DMC (the Pictet UK Sub-Advisory Agreement'). The fees paid by DMC to Pictet UK depend upon the fee rates negotiated by DMC and approved by the Board and on the percentage of the assets of Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund allocated to Pictet UK by DMC. In accordance with procedures adopted by the Board, Pictet UK may effect portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The Pictet UK Sub-Advisory Agreement is dated April 30, 2021 and Pictet UK began managing the Fund's assets under the Pictet UK Sub-Advisory Agreement beginning on May 3, 2021.

Pictet UK does not serve as an investment advisor or sub-advisor to any registered investment company that has an investment objective similar to the Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund's investment objective.

The names and principal occupations of the principal executive officers and directors of Pictet UK are listed below. The address of each principal executive officer and director listed below, as it relates to the person's position with Pictet UK, is 120 London Wall, London EC2Y 5ET, United Kingdom:

THE PICTET UK SUB-ADVISORY AGREEMENT

The Pictet UK Sub-Advisory Agreement was approved by the Board at the Meeting, which was called for the purpose of approving the Pictet UK Sub-Advisory Agreement for an initial term of two years. Thereafter, continuance of the Pictet UK Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The Pictet UK Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The Pictet UK Sub-Advisory Agreement provides that Pictet UK, among other duties, will make all investment decisions for its allocated portion of Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund's investment portfolio in accordance with Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund's investment objectives, policies, and restrictions. Pictet UK, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund's assets. Pictet UK is also responsible for the supervision of Pictet Singapore, a sub-advisor of Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund that assists with portfolio management. Pictet UK is responsible for paying Pictet Singapore for the performance of the delegated services. Pictet UK also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund's investment portfolio.

The Pictet UK Sub-Advisory Agreement provides for Pictet UK to be compensated based on the average daily net assets of Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund allocated to Pictet UK. Pictet UK is compensated from the fees that DMC receives from Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund. Pictet UK generally will pay all expenses it incurs in connection with its activities under the Pictet UK Sub-Advisory Agreement, other than the costs of Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund's portfolio securities and other investments.

The Pictet UK Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to Pictet UK, or (ii) Pictet UK, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE PICTET UK SUB-ADVISORY AGREEMENT

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the Pictet UK Sub-Advisory Agreement are described in Exhibit C.

Pictet Asset Management SA (Pictet AM CH), located at 60 Route Des Acacias, Geneva, Switzerland 1211-73, was approved by the Board to serve as a sub-advisor to Delaware Ivy Pictet Targeted Return Bond Fund at the Meeting. Pictet AM CH has been providing discretionary or advisory investment management services on a global scale to a wide range of international institutional clients since January 2006. Pictet AM CH is wholly owned by Pictet Asset Management Holding SA, Geneva that is ultimately owned by Pictet & Partners SCA, a Swiss Holding Company and Pictet Canada LP, a Canadian Investment dealer. Pictet AM CH is organized as a corporation under the laws of Switzerland. Pictet AM CH is registered as an investment advisor with the SEC. Pictet AM CH delegates to its affiliate, Pictet UK, also an SEC registered investment advisor located at Moor House, 120 LondonWall, London EC2Y5ET, United Kingdom, certain investment management, trading and other responsibilities for Delaware Ivy Pictet Targeted Return Bond Fund.

Pictet AM CH is not affiliated with DMC, and Pictet AM CH discharges its responsibilities subject to the oversight and supervision of DMC. Pictet AM CH is compensated out of the fees that DMC receives from Delaware Ivy Pictet Targeted Return Bond Fund. There will be no increase in the advisory fees paid by Delaware Ivy Pictet Targeted Return Bond Fund to DMC as a consequence of the implementation of the Pictet AM CH sub-advisory agreement with DMC (the 'Pictet AM CH Sub-Advisory Agreement'). The fees paid by DMC to Pictet AM CH depend upon the fee rates negotiated by DMC and approved by the Board and on the percentage of the assets of Delaware Ivy Pictet Targeted Return Bond Fund allocated to Pictet AM CH by DMC. In accordance with procedures adopted by the Board, Pictet AM CH may effect portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The Pictet AM CH Sub-Advisory Agreement is dated April 30, 2021 and Pictet AM CH began managing the Fund's assets under the Pictet AM CH Sub-Advisory Agreement beginning on May 3, 2021.

Pictet AM CH does not serve as an investment advisor or sub-advisor to any registered investment companies that has an investment objective similar to the Delaware Ivy Pictet Targeted Return Bond Fund's investment objective.

The names and principal occupations of the principal executive officers and directors of Pictet AM CH are listed below. The address of each principal executive officer and director listed below, as it relates to the person's position with Pictet AM CH, is 60 Route Des Acacias, Geneva, Switzerland 1211-73:

THE PICTET AM CH SUB-ADVISORY AGREEMENT

The Pictet AM CH Sub-Advisory Agreement was approved by the Board at the Meeting, which was called for the purpose of approving the Pictet AM CH Sub-Advisory Agreement for an initial term of two years. Thereafter, continuance of the Pictet AM CH Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The Pictet AM CH Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The Pictet AM CH Sub-Advisory Agreement provides that Pictet AM CH, among other duties, will make all investment decisions for its allocated portion of Delaware Ivy Pictet Targeted Return Bond Fund's investment portfolio in accordance with Delaware Ivy Pictet Targeted Return Bond Fund's investment objectives, policies, and restrictions. Pictet AM CH, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of Delaware Ivy Pictet Targeted Return Bond Fund's assets. Pictet AM CH also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of Delaware Ivy Pictet Targeted Return Bond Fund's investment portfolio. Pictet AM CH is also responsible for the supervision of Pictet UK, a sub-advisor of Delaware Ivy Pictet Targeted Return Bond Fund that provides portfolio management services. Pictet AM CH is responsible for paying Pictet UK for the performance of its delegated services.

The Pictet AM CH Sub-Advisory Agreement provides for Pictet AM CH to be compensated based on the average daily net assets of Delaware Ivy Pictet Targeted Return Bond Fund. Pictet AM CH is compensated from the fees that DMC receives from Delaware Ivy Pictet Targeted Return Bond Fund. Pictet AM CH generally will pay all expenses it incurs in connection with its activities under the Pictet AM CH Sub-Advisory Agreement, other than the costs of Delaware Ivy Pictet Targeted Return Bond Fund's portfolio securities and other investments.

The Pictet AM CH Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to Pictet AM CH, or (ii) Pictet AM CH, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE PICTET AM CH SUB-ADVISORY AGREEMENT

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the Pictet AM CH Sub-Advisory Agreement are described in Exhibit C.

PineBridge Investments LLC (PineBridge), located at 65 East 55th Street, 6th Floor; New York, New York 10022, was approved by the Board to serve as a sub-advisor to Delaware Ivy PineBridge High Yield Fund at the Meeting. PineBridge is a limited liability company organized under the laws of the state of Delaware. PineBridge is a majority-owned subsidiary of Pacific Century Group, an Asia-based private investment group. As a global firm, PineBridge Investments has over 60 years of experience in emerging and developed markets. PineBridge is registered as an investment advisor with the SEC. As of June 30, 2021, PineBridge had approximately $141.45 billion in assets under management.

PineBridge is not affiliated with DMC, and PineBridge discharges its responsibilities subject to the oversight and supervision of DMC. PineBridge is compensated out of the fees that DMC receives from the Delaware Ivy PineBridge High Yield Fund pursuant to the sub-advisory agreement between PineBridge and DMC (the 'Pinebridge Sub-Advisory Agreement'). There will be no increase in the advisory fees paid by the Delaware Ivy PineBridge High Yield Fund to DMC as a consequence of the implementation of the PineBridge Sub-Advisory Agreement. The fees paid by DMC to PineBridge depend upon the fee rates negotiated by DMC and approved by the Board. In accordance with procedures adopted by the Board, PineBridge may effect portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The PineBridge Sub-Advisory Agreement is dated April 30,

2021 and PineBridge began managing the Fund's assets under the PineBridge Sub-Advisory Agreement beginning on May 3, 2021.

PineBridge serves as an investment advisor or sub-advisor to the registered investment companies listed below, each of which has an investment objective similar to the Delaware Ivy PineBridge High Yield Fund's investment objective.

The names and principal occupations of the principal executive officers and/or directors of PineBridge are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with PineBridge, is 65 East 55th Street, 6th Floor; New York, New York 10022.

THE PINEBRIDGE SUB-ADVISORY AGREEMENT

The PineBridge Sub-Advisory Agreement was approved by the Board at the Meeting, which was called for the purpose of approving the PineBridge Sub-Advisory Agreement for an initial term of two years. Thereafter, continuance of the PineBridge Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The PineBridge Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The terms of the PineBridge Sub-Advisory Agreement are substantially similar to the terms of the prior sub-advisory agreement between the previous manager and PineBridge.

The PineBridge Sub-Advisory Agreement provides that PineBridge, among other duties, will make all investment decisions for its allocated portion of the Delaware Ivy PineBridge High Yield Fund's investment portfolio in accordance with the Delaware Ivy PineBridge High Yield Fund's investment objectives, policies, and restrictions. PineBridge, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of the Delaware Ivy PineBridge High Yield Fund's assets. PineBridge also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of the Delaware Ivy PineBridge High Yield Fund's investment portfolio.

The PineBridge Sub-Advisory Agreement provides for PineBridge to be compensated based a percentage of the average daily value of the net assets of the Delaware Ivy PineBridge High Yield Fund. PineBridge is compensated from the fees that DMC receives from the Delaware Ivy PineBridge High Yield Fund. PineBridge generally will pay all expenses it incurs in connection with its activities under the PineBridge Sub-Advisory Agreement, other than the costs of the Delaware Ivy PineBridge High Yield Fund's portfolio securities and other investments.

The PineBridge Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to PineBridge, or (ii) PineBridge, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS regarding the PINEBRIDGE Sub-Advisory Agreement

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the PineBridge Sub-Advisory Agreement are described in Exhibit C.

Pzena Investment Management, LLC (Pzena), located at 320 Park Avenue, 8th Floor, New York, NY 10022, was approved by the Board to serve as a sub-advisor to Delaware Ivy Pzena International Value Fund at the Meeting. Pzena was founded in 1996 and is a limited liability company organized under the laws of the state of Delaware. Pzena is registered as an investment advisor with the SEC. As of June 30, 2021, Pzena had approximately $53.1 billion in assets under management.

Pzena is not affiliated with DMC, and Pzena discharges its responsibilities subject to the oversight and supervision of DMC. Pzena is compensated out of the fees that DMC receives from Delaware Ivy Pzena International Value Fund pursuant to a sub-advisory agreement between Pzena and DMC (the 'Pzena Sub-Advisory Agreement'). There will be no increase in the advisory fees paid by Delaware Ivy Pzena International Value Fund to DMC as a consequence of the implementation of the Pzena Sub-Advisory Agreement. The fees paid by DMC to Pzena depend upon the fee rates negotiated by DMC and approved by the Board. In accordance with procedures adopted by the Board, Pzena may effect portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The Pzena Sub-Advisory Agreement is dated April 30, 2021 and PineBridge began managing the Fund's assets under the Pzena Sub-Advisory Agreement beginning on May 3, 2021.

Pzena serves as an investment advisor or sub-advisor to the registered investment companies listed below, each of which has an investment objective similar to the Fund's investment objective.

The names and principal occupations of the principal executive officers and/or directors of Pzena are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Pzena, is 320 Park Avenue, 8th Floor, New York, NY 10022.

THE PZENA SUB-ADVISORY AGREEMENT

The Pzena Sub-Advisory Agreement was approved by the Board at the Meeting, which was called for the purpose of approving the Pzena Sub-Advisory Agreement for an initial term of two years. Thereafter, continuance of the Pzena Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The Pzena Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The terms of the Pzena Sub-Advisory Agreement are substantially similar to the terms of the prior sub-advisory agreement between the previous manager and Pzena.

The Pzena Sub-Advisory Agreement provides that Pzena, among other duties, will make all investment decisions for its allocated portion of the Delaware Ivy Pzena International Value Fund's investment portfolio in accordance with the Delaware Ivy Pzena International Value Fund's investment objectives, policies, and restrictions. Pzena, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of the Delaware Ivy Pzena International Value Fund's assets. Pzena also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of the Delaware Ivy Pzena International Value Fund's investment portfolio.

The Pzena Sub-Advisory Agreement provides for Pzena to be compensated based a percentage of the average daily value of the net assets of the Fund. Pzena is compensated from the fees that DMC receives from the Delaware Ivy Pzena International Value Fund. Pzena generally will pay all expenses it incurs in connection with its activities under the Pzena Sub-Advisory Agreement, other than the costs of the Delaware Ivy Pzena International Value Fund's portfolio securities and other investments.

The Pzena Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to Pzena, or (ii) Pzena, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE PZENA SUB-ADVISORY AGREEMENT

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the Pzena Sub-Advisory Agreement are described in Exhibit C.

Securian Asset Management, Inc. (Securian AM), an investment adviser located at 400 Robert Street North, St. Paul, Minnesota 55101, was approved by the Board to serves as investment sub-advisor to, and as such provide investment advice to, and generally conducts the investment management program for Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate

Securities Fund and Delaware Ivy VIP Securian Real Estate Securities pursuant to sub-advisory agreements with DMC (the 'Securian Sub-Advisory Agreements') and also to provide investment advice to, and generally conduct the investment management program as it relates to the portion of a Managed Volatility Portfolio allocated to the volatility management strategy as described in the Principal Investment Strategies section for each of Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility pursuant to an agreement with DMC. Since its inception in 1985, Securian AM and its predecessor have provided investment advisory services for mutual funds and have managed investment portfolios for various private accounts, including its affiliate, Minnesota Life Insurance Company (Minnesota Life). Both Securian AM and Minnesota Life are wholly-owned subsidiaries of Securian Financial Group, Inc., which is a second-tier subsidiary of Minnesota Mutual Companies, Inc., a mutual insurance holding company. Personnel of Securian AM also manage Minnesota Life's investment portfolios. Securian AM had approximately $52.9 billion in assets under management as of June 30, 2021.

Securian AM is not affiliated with DMC, and Securian AM discharges its responsibilities subject to the oversight and supervision of DMC. Securian AM is compensated out of the fees that DMC receives from Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy VIP Securian Real Estate Securities, Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility, and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility. There will be no increase in the advisory fees paid by Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy VIP Securian Real Estate Securities, Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility, and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility to DMC as a consequence of retaining Securian AM and the implementation of the Securian AM Sub-Advisory Agreement. The fees paid by DMC to Securian AM depend upon the fee rates negotiated by DMC and approved by the Board and on the percentage of the Funds' assets allocated to Securian AM by DMC. In accordance with procedures adopted by the Board, Securian AM may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The Securian AM Sub-Advisory Agreement is dated April 30, 2021 and Securian began managing the Funds' assets under the Securian Sub-Advisory Agreement beginning on May 3, 2021.

Securian AM serves as an investment advisor to the SFT Core Bond Fund, which is available only through a variable insurance product. The annual advisory fee rate (as a percentage of average daily net assets) is 0.40%.

The names and principal occupations of the principal executive officers and/or directors of Securian AM are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Securian AM, is 400 Robert Street North, St. Paul, Minnesota 55101:

THE SECURIAN SUB-ADVISORY AGREEMENTS

The Securian AM Sub-Advisory Agreements were approved by the Board at the Meeting, which was called for the purpose of approving the Securian AM Sub-Advisory Agreement for an initial term of two years. Thereafter, continuance of the Securian AM Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The Securian AM Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The terms of the Securian AM Sub-Advisory Agreements are substantially similar to the terms of the prior sub-advisory agreements between DMC and Securian AM.

The Securian AM Sub-Advisory Agreements provides that Securian AM, among other duties, will make all investment decisions for its allocated portions of the investment portfolios for Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy VIP Securian Real Estate Securities, Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility, and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility. Securian AM, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of the assets of Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy VIP Securian Real Estate Securities, Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility, and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility. Securian AM also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of the investment portfolios of Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy VIP Securian Real Estate Securities, Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility, and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility.

The Securian AM Sub-Advisory Agreement provides for Securian AM to be compensated based on the average daily net assets of Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy VIP Securian Real Estate Securities, Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility, and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility allocated to Securian AM. Securian AM is compensated from the fees that DMC receives from Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy VIP Securian Real Estate Securities, Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility, and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility. Securian AM generally will pay all expenses it incurs in connection with its activities under the Securian AM Sub-Advisory Agreement, other than the costs of the portfolio securities and other investments of Delaware Ivy Securian Core Bond Fund, Delaware Ivy Securian Real Estate Securities Fund, Delaware Ivy VIP Securian Real Estate Securities, Delaware Ivy VIP Pathfinder Moderate - Managed Volatility, Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility, and Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility.

The Securian AM Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or a Trust at any time on written notice to Securian AM, or (ii) Securian AM, on not less than sixty (60) days' written notice to DMC and a Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE SECURIAN AM SUB-ADVISORY AGREEMENT

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the Securian Sub-Advisory Agreements are described in Exhibit C.

Wilshire Associates Incorporated (Wilshire), located 1299 Ocean Avenue, Santa Monica, California, 90401, was approved by the Board to serve as a sub-advisor to the Multi-Asset Segment of Delaware Ivy Wilshire Global Allocation Fund at the Meeting. Wilshire Associates Incorporated is a trade name for Wilshire Advisors LLC, a limited liability company organized under the laws of the state of California. Wilshire is registered as an investment advisor with the SEC. As of March 31, 2021, Wilshire had approximately $86 billion in assets under management.

Wilshire is not affiliated with DMC, and Wilshire discharges its responsibilities subject to the oversight and supervision of DMC. Wilshire is compensated out of the fees that DMC receives from Delaware Ivy Wilshire Global Allocation Fund pursuant to a sub-advisory agreement between Wilshire and DMC (the 'Wilshire Sub-Advisory Agreement'). There will be no increase in the advisory fees paid by Delaware Ivy Wilshire Global Allocation Fund to DMC as a consequence of the implementation of the Wilshire Sub-Advisory Agreement. The fees paid by DMC to Wilshire depend upon the fee rates negotiated by DMC and approved by the Board. In accordance with procedures adopted by the Board, Wilshire may effect portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The Wilshire Sub-Advisory Agreement is dated April 30, 2021 and Wilshire began managing the Fund's assets under the Wilshire Sub-Advisory Agreement beginning on May 3, 2021.

Wilshire does not serve as an investment advisor or sub-advisor to any registered investment companies that have a similar investment objective similar to the Delaware Ivy Wilshire Global Allocation Fund's investment objective.

The names and principal occupations of the principal executive officers and/or directors of Wilshire are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Wilshire, is 1299 Ocean Avenue, Santa Monica, California, 90401.

THE WILSHIRE SUB-ADVISORY AGREEMENT

The Wilshire Sub-Advisory Agreement was approved by the Board at the Meeting, which was called for the purpose of approving the Wilshire Sub-Advisory Agreement for an initial term of two

years. Thereafter, continuance of the Wilshire Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The Wilshire Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The terms of the Wilshire Sub-Advisory Agreement are substantially similar to the terms of the prior sub-advisory agreement between the previous manager and Wilshire.

The Wilshire Sub-Advisory Agreement provides that Wilshire, among other duties, will make all investment decisions for its allocated portion of the Delaware Ivy Wilshire Global Allocation Fund's investment portfolio in accordance with the Delaware Ivy Wilshire Global Allocation Fund's investment objectives, policies, and restrictions. Wilshire, subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of the Delaware Ivy Wilshire Global Allocation Fund's assets. Wilshire also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of the Delaware Ivy Wilshire Global Allocation Fund's investment portfolio.

The Wilshire Sub-Advisory Agreement provides for Wilshire to be compensated based a percentage of the average daily value of the net assets of the Fund. Wilshire is compensated from the fees that DMC receives from the Delaware Ivy Wilshire Global Allocation Fund. Wilshire generally will pay all expenses it incurs in connection with its activities under the Wilshire Sub-Advisory Agreement, other than the costs of the Delaware Ivy Wilshire Global Allocation Fund's portfolio securities and other investments.

The Wilshire Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to Wilshire, or (ii) Wilshire, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE WILSHIRE SUB-ADVISORY AGREEMENT

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the Wilshire Sub-Advisory Agreement are described in Exhibit C.

ProShares Advisors LLC (ProShares), located at 7501 Wisconsin Avenue, Suite 1000, Bethesda, Maryland 20814, was approved by the Board to serve as a sub-advisor to Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund, Delaware Ivy ProShares MSCI ACWI Index Fund, Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Delaware Ivy ProShares S&P 500 Bond Index Fund, and Delaware Ivy ProShares S&P 500 Dividend Aristocrats Index Fund (each a ProShares Fund and collectively, the ProShares Funds) at the Meeting. ProShares is a limited liability company organized under the laws of the state of Maryland. ProShares was founded in 2005 and is owned by Michael L. Sapir, Louis M. Mayberg and William E. Seale. ProShares is registered as an investment advisor with the SEC. As of June 30, 2021, ProShares and its affiliates had approximately $63 billion in assets under management.

ProShares is not affiliated with DMC, and ProShares discharges its responsibilities subject to the oversight and supervision of DMC. ProShares is compensated out of the fees that DMC receives from the ProShares Funds pursuant to a sub-advisory agreement between ProShares and DMC (the 'ProShares Sub-Advisory Agreement'). There will be no increase in the advisory fees paid by the ProShares Funds to DMC as a consequence of the implementation of the ProShares Sub-Advisory Agreement. The fees paid by DMC to ProShares depend upon the fee rates negotiated by DMC and approved by the Board. In accordance with procedures adopted by the Board, ProShares may effect portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law. The ProShares Sub-Advisory Agreement is dated April 30, 2021 and ProShares began managing the Funds' assets under the ProShares Sub-Advisory Agreement beginning on May 3, 2021.

ProShares serves as an investment advisor to the registered investment companies listed below, each of which has an investment objective similar to the Funds' investment objectives.

The names and principal occupations of the principal executive officers and/or directors of ProShares are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with ProShare, is 7501 Wisconsin Avenue, Suite 1000, Bethesda, Maryland 20814.

THE PROSHARES SUB-ADVISORY AGREEMENT

The ProShares Sub-Advisory Agreement was approved by the Board at the Meeting, which was called for the purpose of approving the ProShares Sub-Advisory Agreement for an initial term of two years. Thereafter, continuance of the ProShares Sub-Advisory Agreement will require the annual approval of the Board, including a majority of the Independent Trustees. The ProShares Sub-Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The terms of the ProShares Sub-Advisory Agreement are substantially similar to the terms of the prior sub-advisory agreement between the previous manager and ProShares.

The ProShares Sub-Advisory Agreement provides that ProShares, among other duties, will make all investment decisions for its allocated portion of the ProShares Funds' investment portfolio in accordance with the ProShares Funds' investment objectives, policies, and restrictions. ProShares,

subject to the supervision of the Board and DMC, will conduct an ongoing program of investment, evaluation, and, if appropriate, sale and reinvestment of its allocated portion of the ProShares Funds' assets. ProShares also will perform certain other administrative and compliance-related functions in connection with the management of its allocated portion of the ProShares Funds' investment portfolio.

The ProShares Sub-Advisory Agreement provides for ProShares to be compensated based a percentage of the average daily value of the net assets of the ProShares Funds. ProShares is compensated from the fees that DMC receives from the ProShares Funds. ProShares generally will pay all expenses it incurs in connection with its activities under the ProShares Sub-Advisory Agreement, other than the costs of the ProShares Funds portfolio securities and other investments.

The ProShares Sub-Advisory Agreement may be terminated without the payment of any penalty by: (i) DMC or the Trust at any time on written notice to ProShares, or (ii) ProShares, on not less than sixty (60) days' written notice to DMC and the Trust.

DMC'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS REGARDING THE PROSHARES SUB-ADVISORY AGREEMENT

The discussion of DMC's recommendation and the Board's considerations regarding the approval of the ProShares Sub-Advisory Agreement are described in Exhibit C.

GENERAL INFORMATION

Distributor

The Funds' distributor, Delaware Distributors, L.P. ('Distributor'), located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, serves as the national distributor of the Funds' shares under an amended and restated Distribution Agreement dated April 30, 2010. The Distributor is an affiliate of DMC and bears all of the costs of promotion and distribution, except for payments by the retail class shares 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. Shares of the Funds are offered on a continuous basis by the Distributor and may be purchased through authorized investment dealers or directly by contracting 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.

Shares Outstanding

The table in Exhibit D shows as of the Record Date, as to each class of shares of each Funds, the number of shares outstanding.

Record Or Beneficial Ownership

As of the Record Date, Exhibit E shows the record or beneficial owners holding 5% or more of the total outstanding shares of any class of shares of each Fund. As of the Record Date, DMC believes that the Funds' officers and Trustees directly owned less than 1% of the outstanding shares of each Class of each Fund.

Householding

Only one copy of the Notice may be mailed to households, even if more than one person in a household is a shareholder of record of a Fund as of the Record Date, unless the Trust has received instructions to the contrary. Additional copies of the Notice or copies of the Joint Information Statement may be obtained, without charge, by contacting your participating securities dealer or other financial intermediary or, if you own Fund shares directly through the Fund's service agent, by calling the Fund's service agent toll free at 800 914-0278. If you do not want the mailing of the Notice or the Joint Information Statement, as applicable, to be combined with those for other members of your household in the future, or if you are receiving multiple copies and would rather receive just one copy for the household, please contact your participating securities dealer or other financial intermediary or, if you own Fund shares directly through the Fund's service agent, by calling the Funds' service agent.

Financial Information

Shareholders can obtain a copy of the Funds' most recent Annual and Semiannual Reports, without charge, by contacting their participating securities dealer or other applicable financial intermediary or, if a shareholder owns Fund shares directly through the Fund's service agent, by calling the Fund's service agent toll free at 888-923-3355.

EXHIBIT A

As compensation for services rendered under the Investment Management Agreement, DMC is entitled to receive an annual fee equal to the following percentage rates of the average daily net assets of each Fund:

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy Accumulative Fund	Net Assets	Fee
Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.60% of net assets
In excess of $3 billion	0.55% of net assets
Delaware Ivy Apollo Multi-Asset Income Fund	Net Assets	Fee
Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.61% of net assets
In excess of $3 billion	0.58% of net assets
Delaware Ivy Apollo Strategic Income Fund	Net Assets	Fee
Up to $1 billion	0.68% of net assets
Over $1 billion and up to $2 billion	0.62% of net assets
Over $2 billion and up to $3 billion	0.58% of net assets
In excess of $3 billion	0.57% of net assets
Delaware Ivy Asset Strategy Fund	Net Assets	Fee
Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.60% of net assets
Over $3 billion and up to $28 billion	0.55% of net assets
Over $28 billion and up to $53 billion	0.545% of net assets
In excess of $53 billion	0.54% of net assets
Delaware Ivy Balanced Fund	Net Assets	Fee
	Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.60% of net assets
Over $3 billion and up to $5 billion	0.55% of net assets
Over $5 billion and up to $10 billion	0.54% of net assets
In excess of $10 billion	0.53% of net assets
Delaware Ivy California Municipal High Income Fund	Net Assets	Fee
Up to $500 million	0.525% of net assets
Over $500 million and up to $1 billion	0.50% of net assets
Over $1 billion and up to $1.5 billion	0.45% of net assets
Over $1.5 billion and up to $5 billion	0.40% of net assets
Over $5 billion and up to $10 billion	0.395% of net asset
Over $10 billion and up to $15 billion	0.39% of net assets
In excess of $15 billion	0.385% of net assets
Delaware Ivy Cash Management Fund	Net Assets	Fee
Up to $1 billion	0.35% of net assets
In excess of $1 billion	0.30% of net assets

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy Core Equity Fund	Net Assets	Fee
Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.60% of net assets
Over $3 billion and up to $5 billion	0.55% of net assets
Over $5 billion and up to $6 billion	0.525% of net assets
Over $6 billion and up to $10 billion	0.50% of net assets
In excess of $10 billion	0.49% of net assets
Delaware Ivy Corporate Bond Fund	Net Assets	Fee
Up to $1 billion	0.475% of net assets
Over $1 billion and up to $1.5 billion	0.45% of net assets
In excess of $1.5 billion	0.40% of net assets
Delaware Ivy Crossover Credit Fund	Net Assets	Fee
Up to $500 million	0.50% of net assets
Over $500 million and up to $1 billion	0.45% of net assets
Over $1 billion and up to $2.50 billion	0.425% of net assets
Over $2.5 billion and up to $5 billion	0.40% of net assets
In excess of $5 billion	0.375% of net assets
Delaware Ivy Emerging Markets Equity Fund	Net Assets	Fee
Up to $500 million	1.00% of net assets
Over $500 million and up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.76% of net asset
Over $5 billion and up to $10 billion	0.755% of net assets
In excess of $10 billion	0.75% of net assets
Delaware Ivy Energy Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.76% of net assets
Over $5 billion and up to $10 billion	0.75% of net assets
In excess of $10 billion	0.74% of net assets
Delaware Ivy Global Bond Fund	Net Assets	Fee
Up to $500 million	0.625% of net assets
Over $500 million and up to $1 billion	0.60% of net assets
Over $1 billion and up to $1.5 billion	0.55% of net assets
Over $1.5 billion and up to $5 billion	0.50% of net assets
Over $5 billion and up to $10 billion	0.49% of net asset
In excess of $10 billion	0.48% of net assets
Delaware Ivy Global Equity Income Fund	Net Assets	Fee
Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.60% of net assets
Over $3 billion and up to $5 billion	0.55% of net assets
Over $5 billion and up to $10 billion	0.545% of net assets
In excess of $10 billion	0.54% of net assets

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy Global Growth Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.70% of net assets
Over $5 billion and up to $10 billion	0.695% of net assets
In excess of $10 billion	0.69% of net assets
Delaware Ivy Government Money Market Fund	Net Assets	Fee
Up to $1 billion	0.35% of net assets
In excess of $1 billion	0.30% of net assets
Delaware Ivy Government Securities Fund	Net Assets	Fee
Up to $500 million	0.50% of net assets
Over $500 million and up to $1 billion	0.45% of net assets
Over $1 billion and up to $1.5 billion	0.40% of net assets
In excess of $1.5 billion	0.35% of net assets
Delaware Ivy High Income Fund	Net Assets	Fee
Up to $500 million	0.625% of net assets
Over $500 million and up to $1 billion	0.60% of net assets
Over $1 billion and up to $1.5 billion	0.55% of net assets
Over $1.5 billion and up to $10 billion	0.50% of net assets
Over $10 billion and up to $20 billion	0.49% of net assets
In excess of $20 billion	0.48% of net assets
Delaware Ivy International Small Cap Fund	Net Assets	Fee
Up to $1 billion	1.00% of net assets
Over $1 billion and up to $2 billion	0.95% of net assets
Over $2 billion and up to $5 billion	0.90% of net assets
In excess of $5 billion	0.85% of net assets
Delaware Ivy International Core Equity Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.70% of net assets
Over $5 billion and up to $10 billion	0.69% of net assets
In excess of $10 billion	0.68% of net assets
Delaware Ivy Large Cap Growth	Net Assets	Fee
Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.60% of net assets
Over $3 billion and up to $5 billion	0.55% of net assets
Over $5 billion and up to $10 billion	0.545% of net assets
In excess of $10 billion	0.54% of net assets
Delaware Ivy LaSalle Global Real Estate Fund	Net Assets	Fee
Up to $1 billion	0.95% of net assets
Over $1 billion and up to $2 billion	0.92% of net assets
Over $2 billion and up to $3 billion	0.87% of net assets
Over $3 billion and up to $5 billion	0.84% of net assets
Over $5 billion and up to $10 billion	0.82% of net assets
In excess of $10 billion	0.80% of net assets

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy Limited-Term Bond Fund	Net Assets	Fee
Up to $500 million	0.50% of net assets
Over $500 million and up to $1 billion	0.45% of net assets
Over $1 billion and up to $1.5 billion	0.40% of net assets
Over $1.5 billion and up to $5 billion	0.35% of net assets
Over $5 billion and up to $10 billion	0.34% of net assets
In excess of $10 billion	0.33% of net assets
Delaware Ivy Managed International Opportunities Fund	A cash fee computed each day on the net assets of the Fund at the annual rate of 0.05% of net assets.
Delaware Ivy Mid Cap Growth Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.76% of net assets
Over $5 billion and up to $10 billion	0.73% of net assets
Over $10 billion and up to $15 billion	0.70% of net assets
In excess of $15 billion	0.67% of net assets
Delaware Ivy Mid Cap Income Opportunities Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.76% of net assets
Over $5 billion and up to $10 billion	0.73% of net assets
Over $10 billion and up to $15 billion	0.70% of net assets
In excess of $15 billion	0.67% of net assets

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy Municipal Bond Fund	Net Assets	Fee
Up to $500 million	0.525% of net assets
Over $500 million and up to $1 billion	0.50% of net assets
Over $1 billion and up to $1.5 billion	0.45% of net assets
Over $1.5 billion and up to $5 billion	0.40% of net assets
Over $5 billion and up to $10 billion	0.395% of net assets
Over $10 billion and up to $15 billion	0.39% of net assets
In excess of $15 billion	0.385% of net assets
Delaware Ivy Municipal High Income Fund	Net Assets	Fee
Up to $500 million	0.525% of net assets
Over $500 million and up to $1 billion	0.50% of net assets
Over $1 billion and up to $1.5 billion	0.45% of net assets
Over $1.5 billion and up to $5 billion	0.40% of net assets
Over $5 billion and up to $10 billion	0.395% of net assets
Over $10 billion and up to $15 billion	0.39% of net assets
In excess of $15 billion	0.385% of net assets
Delaware Ivy Natural Resources Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.76% of net assets
Over $5 billion and up to $10 billion	0.73% of net assets
In excess of $10 billion	0.70% of net assets
Delaware Ivy Pictet Emerging Markets Local Currency Debt Fund	Net Assets	Fee
Up to $1 billion	0.75% of net assets
Over $1 billion and up to $2 billion	0.725% of net assets
Over $2 billion and up to $5 billion	0.70% of net assets
Over $5 billion and up to $10 billion	0.675% of net assets
In excess of $10 billion	0.65% of net assets
Delaware Ivy Pictet Targeted Return Bond Fund	Net Assets	Fee
Up to $1 billion	0.90% of net assets
Over $1 billion and up to $2 billion	0.85% of net assets
Over $2 billion and up to $5 billion	0.80% of net assets
In excess of $5 billion	0.75% of net assets
Delaware Ivy PineBridge High Yield Fund	Net Assets	Fee
Up to $500 million	0.625% of net assets
Over $500 million and up to $1 billion	0.60% of net assets
Over $1 billion and up to $1.5 billion	0.55% of net assets
Over $1.5 billion and up to $10 billion	0.50% of net assets
Over $10 billion and up to $20 billion	0.49% of net assets
In excess of $20 billion	0.48% of net assets

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy ProShares Interest Rate Hedged High Yield Index Fund	Net Assets	Fee
Up to $1 billion	0.50% of net assets
Over $1 billion and up to $2 billion	0.48% of net assets
Over $2 billion and up to $5 billion	0.46% of net assets
In excess of $5 billion	0.45% of net assets
Delaware Ivy ProShares MSCI ACWI Index Fund	Net Assets	Fee
Up to $1 billion	0.45% of net assets
Over $1 billion and up to $2 billion	0.43% of net assets
Over $2 billion and up to $5 billion	0.41% of net assets
In excess of $5 billion	0.40% of net assets
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund	Net Assets	Fee
Up to $1 billion	0.40% of net assets
Over $1 billion and up to $2 billion	0.38% of net assets
Over $2 billion and up to $5 billion	0.36% of net assets
In excess of $5 billion	0.35% of net assets
Delaware Ivy ProShares S&P 500 Bond Index Fund	Net Assets	Fee
Up to $1 billion	0.20% of net assets
Over $1 billion and up to $2 billion	0.18% of net assets
Over $2 billion and up to $5 billion	0.16% of net assets
In excess of $5 billion	0.15% of net assets
Delaware Ivy ProShares S&P 500 Dividend Aristocrats Index Fund	Net Assets	Fee
Up to $1 billion	0.35% of net assets
Over $1 billion and up to $2 billion	0.33% of net assets
Over $2 billion and up to $5 billion	0.31% of net assets
In excess of $5 billion	0.30% of net assets
Delaware Ivy Pzena International Value Fund	Net Assets	Fee
Up to $500 million	1.00% of net assets
Over $500 million and up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.76% of net assets
Over $5 billion and up to $10 billion	0.73% of net assets
In excess of $10 billion	0.70% of net assets
Delaware Ivy Science & Technology Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $8 billion	0.76% of net assets
Over $8 billion and up to $13 billion	0.755% of net assets
In excess of $13 billion	0.75% of net assets

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy Securian Core Bond Fund	Net Assets	Fee
Up to $500 million	0.525% of net assets
Over $500 million and up to $1 billion	0.50% of net assets
Over $1 billion and up to $1.5 billion	0.45% of net assets
Over $1.5 billion and up to $5 billion	0.40% of net assets
Over $5 billion and up to $10 billion	0.395% of net assets
In excess of $10 billion	0.39% of net assets
Delaware Ivy Securian Real Estate Securities Fund	Net Assets	Fee
Up to $1 billion	0.90% of net assets
Over $1 billion and up to $2 billion	0.87% of net assets
Over $2 billion and up to $3 billion	0.84% of net assets
Over $3 billion and up to $5 billion	0.80% of net assets
Over $5 billion and up to $10 billion	0.76% of net assets
In excess of $10 billion	0.72% of net assets
Delaware Ivy Small Cap Core Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.76% of net assets
Over $5 billion and up to $10 billion	0.73% of net assets
In excess of $10 billion	0.72% of net assets
Delaware Ivy Small Cap Growth Fund	Net Assets	Fee
Up to $1 billion	0.85% of net assets
Over $1 billion and up to $2 billion	0.83% of net assets
Over $2 billion and up to $3 billion	0.80% of net assets
Over $3 billion and up to $5 billion	0.76% of net assets
Over $5 billion and up to $10 billion	0.73% of net assets
In excess of $10 billion	0.72% of net assets
Ivy Value Fund	Net Assets	Fee
Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.60% of net assets
Over $3 billion and up to $5 billion	0.55% of net assets
Over $5 billion and up to $10 billion	0.545% of net assets
In excess of $10 billion	0.54% of net assets
Delaware Ivy Wilshire Global Allocation Fund - Predecessor Strategy	Net Assets	Fee
Up to $1 billion	0.70% of net assets
Over $1 billion and up to $2 billion	0.65% of net assets
Over $2 billion and up to $3 billion	0.60% of net assets
In excess of $3 billion	0.55% of net assets

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy Wilshire Global Allocation Fund - Successor Strategy	Net Assets	Fee
Up to $500 million	0.06% of net assets
Over $500 million and up to $1 billion	0.05% of net assets
Over $1 billion and up to $2 billion	0.04% of net assets
In excess of $2 billion	0.03% of net assets
Delaware Ivy VIP Asset Strategy	Up to $1 billion	0.70%
Over $1 billion and up to $2 billion	0.65%
Over $2 billion and up to $3 billion	0.60%
Over $3 billion	0.55%
Delaware Ivy VIP Balanced	Up to $1 billion	0.70%
Over $1 billion and up to $2 billion	0.65%
Over $2 billion and up to $3 billion	0.60%
Over $3 billion	0.55%
Delaware Ivy VIP Core Equity	Up to $1 billion	0.70%
Over $1 billion and up to $2 billion	0.65%
Over $2 billion and up to $3 billion	0.60%
Over $3 billion	0.55%
Delaware Ivy VIP Corporate Bond	Up to $1 billion	0.475%
Over $1 billion and up to $1.5 billion	0.450%
Over $1.5 billion	0.400%
Delaware Ivy VIP Energy	Up to $1 billion	0.85%
Over $1 billion and up to $2 billion	0.83%
Over $2 billion and up to $3 billion	0.80%
Over $3 billion	0.76%
Delaware Ivy VIP Global Bond	Up to $500 million	0.625%
Over $500 million and up to $1 billion	0.600%
Over $1 billion and up to $1.5 billion	0.550%
Over $1.5 billion	0.500%
Delaware Ivy VIP Global Equity Income	Up to $1 billion	0.70%
Over $1 billion and up to $2 billion	0.65%
Over $2 billion and up to $3 billion	0.60%
Over $3 billion	0.55%
Delaware Ivy VIP Global Growth	Up to $1 billion	0.85%
Over $1 billion and up to $2 billion	0.83%
Over $2 billion and up to $3 billion	0.80%
Over $3 billion	0.76%
Delaware Ivy VIP Government Money Market	Up to $1 billion	0.35%
Over $1 billion	0.30%

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy VIP Growth	Up to $1 billion	0.70%
Over $1 billion and up to $2 billion	0.65%
Over $2 billion and up to $3 billion	0.60%
Over $3 billion	0.55%
Delaware Ivy VIP High Income	Up to $500 million	0.625%
Over $500 million and up to $1 billion	0.600%
Over $1 billion and up to $1.5 billion	0.550%
Over $1.5 billion	0.500%
Delaware Ivy VIP International Core Equity	Up to $1 billion	0.85%
Over $1 billion and up to $2 billion	0.83%
Over $2 billion and up to $3 billion	0.80%
Over $3 billion	0.76%
Delaware Ivy VIP Limited-Term Bond	Up to $500 million	0.50%
Over $500 million and up to $1 billion	0.45%
Over $1 billion and up to $1.5 billion	0.40%
Over $1.5 billion	0.35%
Delaware Ivy VIP Mid Cap Growth	Up to $1 billion	0.85%
Over $1 billion and up to $2 billion	0.83%
Over $2 billion and up to $3 billion	0.80%
Over $3 billion	0.76%
Delaware Ivy VIP Natural Resources	Up to $1 billion	0.85%
Over $1 billion and up to $2 billion	0.83%
Over $2 billion and up to $3 billion	0.80%
Over $3 billion and up to $5 billion	0.76%
Over $5 billion and up to $10 billion	0.73%
Over $10 billion	0.70%
Delaware Ivy VIP Science and Technology	Up to $1 billion	0.85%
Over $1 billion and up to $2 billion	0.83%
Over $2 billion and up to $3 billion	0.80%
Over $3 billion	0.76%
Delaware Ivy VIP Small Cap Growth	Up to $1 billion	0.85%
Over $1 billion and up to $2 billion	0.83%
Over $2 billion and up to $3 billion	0.80%
Over $3 billion	0.76%
Delaware Ivy VIP Value	Up to $1 billion	0.70%
Over $1 billion and up to $2 billion	0.65%
Over $2 billion and up to $3 billion	0.60%
Over $3 billion	0.55%
Delaware Ivy VIP Pathfinder Aggressive	All net assets	0.00%

Fund Name (Trust Name)	Management Fee Schedule (as a percentage of average daily net assets) Annual Rate
Delaware Ivy VIP Pathfinder Moderately Aggressive	All net assets	0.00%
Delaware Ivy VIP Pathfinder Moderate	All net assets	0.00%
Delaware Ivy VIP Pathfinder Moderate - Managed Volatility	Up $500 million	0.20%
Over $500 million and up to $1 billion	0.17%
Over $1 billion	0.15%
Delaware Ivy VIP Pathfinder Moderately Aggressive - Managed Volatility	Up $500 million	0.20%
Over $500 million and up to $1 billion	0.17%
Over $1 billion	0.15%
Delaware Ivy VIP Pathfinder Moderately Conservative - Managed Volatility	Up $500 million	0.20%
Over $500 million and up to $1 billion	0.17%
Over $1 billion	0.15%
Delaware Ivy VIP Pathfinder Moderately Conservative	All net assets	0.00%
Delaware Ivy VIP Pathfinder Conservative	All net assets	0.00%
Delaware Ivy VIP Securian Real Estate Securities	Up to $1 billion	0.90%
Over $1 billion and up to $2 billion	0.87%
Over $2 billion and up to $3 billion	0.84%
Over $3 billion	0.80%
Delaware Ivy VIP Small Cap Core	Up to $1 billion	0.85%
Over $1 billion and up to $2 billion	0.83%
Over $2 billion and up to $3 billion	0.80%
Over $3 billion	0.76%

Payments to Sub-Advisors

The Unaffiliated Sub-Advisors were paid the following fees during the annual period from April 2020 through March 2021.

EXHIBIT B

The Affiliated Sub-Advisers provide the services indicated by the chart below.

EXHIBIT C

Board Considerations in Approving DMC/Sub-Advisory Agreements

Because there was no change of control of any of the Unaffiliated Sub-Advisors with respect to the Transaction and because the new Unaffiliated Sub-advisory Agreements with DMC were substantially similar to the prior Unaffiliated Sub-Advisors' agreements with IICO, the Board considered the information previously provided by the Unaffiliated Sub-Advisors during the Board's most recent annual contract renewal meeting or the meeting where an Unaffiliated Sub-Advisor was initially hired if the Unaffiliated Sub-Advisor was still within the initial term of its Unaffiliated Sub-Advisory Agreement. As a result, the Board focused primarily on the approval of DMC (and its Affiliated Sub-Advisors) and the terms of the DMC Advisory Agreement. Below is a description of the Board's considerations.

At Meeting, the Board, including the Board's Independent Trustees, considered and unanimously approved the DMC Advisory Agreements between the Trusts, on behalf of each Fund, and DMC. The Board also determined to recommend that shareholders of each Fund approve the proposed DMC Advisory Agreements. The Board's Independent Trustees reviewed the approval of the DMC Advisory Agreement in executive sessions with their independent legal counsel at which no representatives of DMC or IICO were present. In voting their approval of the proposed Management Agreement at the Meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

Background for the Board Approvals

At a meeting held on December 17, 2020, representatives of WDR, IICO and DMC met with the Board to discuss the merger agreement with Macquarie, pursuant to which Macquarie would acquire WDR. The Independent Trustees were advised that the Transaction, if completed, would constitute a change of control event and result in the termination of the IICO investment advisory agreements. The Independent Trustees were also advised that it was proposed that DMC, a wholly-owned subsidiary of Macquarie, would serve as the investment adviser to each Fund after the closing of the Transaction and that the Board would be asked to consider approval of the terms and conditions of the DMC Advisory Agreements with DMC and thereafter to submit the DMC Advisory Agreements to each Fund's shareholders for approval.

In anticipation of the Transaction, the Trustees met at a series of subsequent meetings on January 6, 2021, January 9, 2021, and January 12, 2021, which included meetings of the full Board and separate meetings of the Independent Trustees for the purposes of considering, among other things: whether it would be in the best interests of each Fund and its respective shareholders to approve the DMC Advisory Agreements; and the anticipated impacts of the Transaction on the Funds and their shareholders (each, a 'Board Meeting'). During each of these Board Meetings, the Board sought additional and clarifying information as they deemed necessary or appropriate. In this connection, the Independent Trustees worked with their independent legal counsel to prepare formal due diligence requests (the 'Diligence Requests') that were submitted to DMC. The Diligence Requests sought information relevant to the Boards' consideration of the DMC Advisory Agreements and distribution arrangements, and other anticipated impacts of the Transaction on the Funds and their shareholders. DMC provided

documents and information in response to the Diligence Requests (the 'Response Materials'). Senior management representatives of DMC, WDR and IICO participated in a portion of each Board Meeting and addressed various questions raised by the Board. Throughout the process, the Independent Trustees were assisted by their independent legal counsel, who advised them on, among other things, their duties and obligations relating to their consideration of the DMC Advisory Agreements.

The Board's evaluation of the DMC Advisory Agreements reflected the information provided specifically in connection with its review of the DMC Advisory Agreements, as well as, where relevant, information that was previously furnished to the Board in connection with the most recent renewal of the IICO investment advisory agreements at a meeting of the Board on August 11-12, 2020 ('2020 15(c) Board Meeting') and at other subsequent Board meetings in 2020. The Board's evaluation of the DMC Advisory Agreements also reflected the knowledge gained as Trustees of the Funds with respect to services provided by IICO and its affiliates.

The Board's approvals and recommendations were based on their determination, within their business judgment, that it would be in the best interests of each Fund and the Fund's respective shareholders, for DMC to provide investment advisory services to the Funds, following the closing of the Transaction.

Factors Considered in Approving the Proposed DMC Advisory Agreements

In connection with the Board's consideration of the DMC Advisory Agreements, DMC and IICO advised the Board about a variety of matters, including the following:

The Nature, Extent, and Quality of Services Expected to be Provided by DMC. The Board received and considered information regarding the nature, extent and quality of services expected to be provided by DMC. In evaluating the nature, extent and quality of services to be provided by DMC, the Board considered information provided by DMC regarding its advisory services, investment philosophy and process, investment management capabilities, business and operating structure, scale of operations, leadership and reputation, distribution capabilities, and financial condition (both pre- and post-Closing). The Board also considered the capabilities, resources, and personnel of DMC, including senior and other personnel of IICO who had been extended offers to join DMC, in order to determine whether DMC is capable of providing the same level of investment management services currently provided to each Fund, and also considered the transition and integration plans to move management of the Funds to DMC. The Board recognized that the IICO personnel who had been extended offers may not accept such offers and personnel changes may occur in the future in the ordinary course. The Board also considered the policies and practices of DMC regarding the selection of broker/dealers and the execution of portfolio transactions. The Board considered the resources and infrastructure that DMC intends to devote to its compliance program to ensure compliance with applicable laws and regulations as well as DMC's commitment to those programs. The Board also considered the resources that DMC has devoted to its risk management program and cybersecurity program. The Board also reviewed information provided by DMC related to its business, legal, and regulatory affairs. This review considered the resources available to DMC to provide the services specified under the DMC Advisory Agreements. The Board considered DMC's financial condition, including the financing of the Transaction, and noted that DMC is expected to be able to provide a high level of service to the Funds and continuously invest and re-invest in its business. Finally, the Board considered that, following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Funds and their shareholders by DMC compared to those currently provided by IICO.

The Board considered that, while it was proposed that DMC would become the investment adviser to the Funds, the same portfolio managers and portfolio management teams at IICO that manage Funds are expected to continue to do so after the Transaction as employees of Macquarie if they choose to become employees of Macquarie. The Board determined that they

had considered the qualifications of the portfolio managers at IICO at the 2020 15(c) Board Meeting.

The Board considered that certain Funds would continue to operate in a manager-of-managers structure post-Transaction, with expanded relief provided that Fund shareholders approved relying on DMC's manager-of-managers relief. The Board considered that DMC's experience in allocating assets to, and overseeing the advisory services of, its sub-advisers, was similar to IICO's role in allocating assets to and overseeing the advisory services provided by the current sub-advisers to the Funds, as applicable. The Board considered that DMC may utilize certain affiliated sub-advisors to leverage Macquarie's global equity and/or global fixed income investment platform in providing advisory, trading and other services to the Funds.

The Board considered that the terms and conditions of the DMC Advisory Agreements are substantially similar to the terms and conditions of the IICO investment advisory agreements.

After review of these and other considerations, the Board concluded that DMC will be capable of providing investment advisory services of the same high quality as the investment advisory services provided to the Funds by IICO, and that these services are appropriate in nature and extent in light of the Funds' operations and investor needs.

Performance of the Funds. With respect to the performance of the Funds, the Board considered their review at the 2020 15(c) Board Meeting of peer group and benchmark investment performance comparison data relating to each Fund's long-term performance record for similar accounts. The Board considered that information reviewed at the 2020 15(c) Board Meeting would be relevant given that the Funds are expected to retain their current portfolio managers, portfolio management teams or unaffiliated Sub-Advisors. Based on information presented to the Board at the 2020 15(c) Board Meeting and its discussions with DMC, the Board concluded that DMC is capable of generating a level of long-term investment performance that is appropriate in light of each Fund's investment objectives, strategies and restrictions.

Fees to Be Paid to DMC and Expenses of the Funds. The Board considered that they had reviewed each Fund's existing advisory fee rate at the 2020 15(c) Board Meeting. The Board considered that the DMC Advisory Agreements do not change any Fund's contractual advisory fee rate. The Board also considered that DMC and IICO had represented to the Board that they will use their best efforts to ensure that they and their respective affiliates do not take any action that imposes an 'unfair burden' on the Funds as a result of the Transaction or as a result of any express or implied terms, conditions or understandings applicable to the change of control event, for so long as the requirements of Section 15(f) apply. The Board also considered a comparison of the proposed advisory fees to be paid by each Fund to the advisory fees paid by funds and other accounts managed by DMC. The Board concluded that the retention of DMC was unlikely to impose an unfair burden on the Funds' because, after the Transaction, none of IICO, DMC, DDLP, or any of their respective affiliates, would be entitled to receive any compensation directly or indirectly (i) from any person in connection with the purchase or sale of securities or other property to, from, or on behalf of the Funds (other than ordinary fees for bona fide principal underwriting services), or (ii) from the Funds or their shareholders for other than bona fide investment advisory or other services. Based on its review, the Board determined,

with respect to each Fund, that DMC's advisory fee is fair and reasonable in light of the nature, extent and quality of services to be provided to the Fund under the DMC Advisory Agreements.

Extent to Which DMC May Realize Economies of Scale as the Funds Grow Larger and Whether Fee Levels Reflect These Economies of Scale for the Benefit of the Funds' Shareholders. The Board considered potential or anticipated economies of scale in relation to the services DMC would provide to each Fund. The Board considered that the DMC Advisory Agreements include the same advisory fee breakpoints for the same Funds as the IICO investment advisory agreements. The Board also considered DMC's representation that the significant increase in its assets under management post-Transaction may reasonably be expected to enable the new combined firm to reach greater economies of scale in a shorter time frame. The Board also considered DMC's representation that it expected to realize economies of scale in connection with the operation of the Funds, specifically by achieving operational efficiencies, cost synergies and possible consolidation of service providers and vendors. The Board noted that they will have the opportunity to periodically re-examine whether a Fund or the respective Trust has achieved economies of scale, and the appropriateness of investment advisory fees payable to DMC, in the future.

Profits to be Realized by DMC and its Affiliates from Their Relationship with the Trusts. The Board considered the benefits DMC and its affiliates may derive from their relationship with the Funds. The Board also considered information on DMC's profitability that was provided to the board of trustees of the Delaware Funds by Macquarie complex in connection with their most recent 15(c) process. The Board considered DMC's representation that the fully integrated Ivy Fund Complex, including investments to support ongoing growth, was expected to have an overall marginally positive impact on DMC's overall financial profitability. The Board considered that the expected profitability of DMC and its affiliates was not excessive in light of the nature, extent and quality of the services to be provided to each Fund. The Board noted the difficulty of accurately projecting profitability under the current circumstances and noted that they would have the opportunity to give further consideration to DMC's profitability with respect to the Funds at the end of the initial two-year term of the DMC Advisory Agreements.

Fall-Out Benefits to DMC and its Affiliates. The Board considered the possible fall-out benefits and other types of benefits that may accrue to DMC and its affiliates. The Board noted that the Transaction provides DMC and its affiliates the opportunity to deliver investment products and services to the WDR network. The Board considered that the Transaction, if completed, would significantly increase DMC's assets under management and expand DMC's investment capabilities and relationships with certain wealth management intermediaries. Specifically, the Board considered that upon completion of the Transaction, Macquarie has agreed to sell WDR's wealth management platform to LPL Financial Holdings Inc. This increased size and diversification could facilitate DMC's continued investment in its business and products, which DMC would be able to leverage across a broader base of assets. DMC also would be able to use trading commission credits from the Funds' transactions in securities to 'purchase' third-party research and execution services to support its investment process. Based on their review, the Boards determined that any 'fall-out' benefits and other types of benefits that may accrue to DMC are fair and reasonable.

Conclusions. Based on the foregoing and other relevant considerations, at the January 2021 Meeting, the Board, including a majority of the Independent Trustees, acting within their

business judgment, (1) concluded that the terms of the DMC Advisory Agreements are fair and reasonable and that approval of the DMC Advisory Agreements is in the best interests of each Fund and its respective shareholders, (2) voted to approve the DMC Advisory Agreements, and (3) voted to recommend approval of the DMC Advisory Agreement by shareholders of the Funds. The Board evaluated all information available to them on a Fund-by-Fund basis and their determinations were made separately in respect of each Fund. The Board noted some factors may have been more or less important with respect to any particular Fund and that no one factor was determinative of their decisions which, instead, were premised upon the totality of factors considered. In this connection, the Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the DMC Advisory Agreements and to recommend approval of the DMC Advisory Agreements by shareholders of the Funds.

Class C: 39,549.866

`	Class B: 11,402.521