Acquired Funds	Acquiring Funds
Delaware Ivy Municipal Bond Fund, a series of Ivy Funds	Delaware Tax-Free USA Fund, a series of Delaware Group® Tax-Free Fund
Delaware Ivy Municipal High Income Fund, a series of Ivy Funds	Delaware National High-Yield Municipal Bond Fund, a series of Voyageur Mutual Funds
Delaware Ivy California Municipal High Income Fund, a series of Ivy Funds	Delaware Tax-Free California Fund, a series of Voyageur Mutual Funds
Delaware Ivy Corporate Bond Fund, a series of Ivy Funds	Delaware Corporate Bond Fund, a series of Delaware Group Income Funds
Delaware Ivy Crossover Credit Fund, a series of Ivy Funds	Delaware Corporate Bond Fund, a series of Delaware Group Income Funds
Delaware Ivy Limited-Term Bond Fund, a series of Ivy Funds	Delaware Limited-Term Diversified Income Fund, a series of Delaware Group Limited-Term Government Funds
Delaware Ivy Strategic Income Fund, a series of Ivy Funds	Delaware Strategic Income Fund, a series of Delaware Group Government Fund

	By Order of the Board of Trustees of Ivy Funds,
	Shawn K. Lytle
	President

THE REORGANIZATIONS	5
COMPARISON OF INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES, PRINCIPAL RISKS, AND FUNDAMENTAL INVESTMENT RESTRICTIONS	7
How do the investment objectives, principal investment strategies, principal risks, and fundamental investment restrictions of the Acquired Funds compare against those of the Acquiring Funds?	7
INFORMATION ABOUT THE FUNDS	51
What are the fees and expenses of each Fund and what are the anticipated fees and expenses after the Reorganization?	51
How can I compare the costs of investing in Acquired Fund shares with the cost of investing in Acquiring Fund shares of the comparable class?	60
What are the general tax consequences of the Reorganizations?	63
Who manages the Funds?	64
How do the performance records of the Funds compare?	67
Where can I find more financial information about the Funds?	84
WHAT ARE OTHER KEY FEATURES OF THE FUNDS?	84
REASONS FOR THE REORGANIZATIONS	115
INFORMATION ABOUT THE REORGANIZATIONS AND THE PLAN	117
How will the Reorganizations be carried out?	117
Who will pay the expenses of the Reorganization?	117
What are the tax consequences of each Reorganization?	117
What should I know about shares of the Acquired Fund and Acquiring Fund?	121
What are the capitalizations of the Funds and what might the capitalization be after the Reorganizations?	124
Do the Trustees and Officers own shares of the Funds?	131
Who are the control persons and owners of record or beneficially 5% or more of any class of a Fund’s outstanding equity securities?	132
VOTING INFORMATION	164
How many votes are necessary to approve the Plan?	164
May I revoke my proxy?	165
What other matters will be voted upon at the Meeting?	165
Who is entitled to vote?	165
How will proxies be solicited?	165
Are there dissenters’ rights?	166
MORE INFORMATION ABOUT THE FUNDS	166
EXHIBITS TO PROXY STATEMENT/PROSPECTUS	169

Acquisition of the Assets of:

DELAWARE IVY MUNICIPAL BOND FUND (a series of Ivy Funds)

By and in exchange for shares of:

DELAWARE TAX-FREE USA FUND (a series of Delaware Group® Tax-Free Fund)

Acquisition of the Assets of:

DELAWARE IVY MUNICIPAL HIGH INCOME FUND (a series of Ivy Funds)

By and in exchange for shares of:

DELAWARE NATIONAL HIGH-YIELD MUNICIPAL BOND FUND (a series of Voyageur Mutual Funds)

Acquisition of the Assets of:

DELAWARE IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND (a series of Ivy Funds)

By and in exchange for shares of:

DELAWARE TAX-FREE CALIFORNIA FUND (a series of Voyageur Mutual Funds)

Acquisition of the Assets of:

DELAWARE IVY CORPORATE BOND FUND (a series of Ivy Funds)

By and in exchange for shares of:

DELAWARE CORPORATE BOND FUND (a series of Delaware Group Income Funds)

Acquisition of the Assets of:

DELAWARE IVY CROSSOVER CREDIT FUND (a series of Ivy Funds)

By and in exchange for shares of:

DELAWARE CORPORATE BOND FUND (a series of Delaware Group Income Funds)

Acquisition of the Assets of:

DELAWARE IVY LIMITED-TERM BOND FUND (a series of Ivy Funds)

By and in exchange for shares of:

DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND (a series of Delaware Group Limited-Term Government Funds)

Acquisition of the Assets of:

DELAWARE IVY STRATEGIC INCOME FUND (a series of Ivy Funds)

By and in exchange for shares of:

DELAWARE STRATEGIC INCOME FUND (a series of Delaware Group Government Fund)

Acquired Funds	Acquiring Funds
Delaware Ivy Municipal Bond Fund, a series of Ivy Funds	Delaware Tax-Free USA Fund, a series of Delaware Group Tax-Free Fund
Delaware Ivy Municipal High Income Fund, a series of Ivy Funds	Delaware National High-Yield Municipal Bond Fund, a series of Voyageur Mutual Funds
Delaware Ivy California Municipal High Income Fund, a series of Ivy Funds	Delaware Tax-Free California Fund, a series of Voyageur Mutual Funds
Delaware Ivy Corporate Bond Fund, a series of Ivy Funds	Delaware Corporate Bond Fund, a series of Delaware Group Income Funds
Delaware Ivy Crossover Credit Fund, a series of Ivy Funds	Delaware Corporate Bond Fund, a series of Delaware Group Income Funds
Delaware Ivy Limited-Term Bond Fund, a series of Ivy Funds	Delaware Limited-Term Diversified Income Fund, a series of Delaware Group Limited-Term Government Funds
Delaware Ivy Strategic Income Fund, a series of Ivy Funds	Delaware Strategic Income Fund, a series of Delaware Group Government Fund

Acquired Fund Prospectuses	Acquiring Fund Prospectuses
Delaware Ivy Municipal Bond Fund – dated July 29, 2022 (1933 Act File No. 033-45961)	Delaware Tax-Free USA Fund – dated December 29, 2022 (1933 Act File No. 002-86606)
Delaware Ivy Municipal High Income Fund – dated July 29, 2022 (1933 Act File No. 033-45961)	Delaware National High-Yield Municipal Bond Fund – dated December 29, 2022 (1933 Act File No. 033-63238)
Delaware Ivy California Municipal High Income Fund – dated January 30, 2023 (1933 Act File No. 033-45961)	Delaware Tax-Free California Fund – dated December 29, 2022 (1933 Act File No. 033-63238)
Delaware Ivy Corporate Bond Fund – dated January 30, 2023 (1933 Act File No. 033-45961)	Delaware Corporate Bond Fund – dated November 28, 2022 (1933 Act File No. 002-37707)
Delaware Ivy Crossover Credit Fund – dated January 30, 2023 (1933 Act File No. 033-45961)	Delaware Corporate Bond Fund – dated November 28, 2022 (1933 Act File No. 002-37707)
Delaware Ivy Limited-Term Bond Fund – dated July 29, 2022 (1933 Act File No. 033-45961)	Delaware Limited-Term Diversified Income Fund – dated April 29, 2022 (1933 Act File No. 002-75526)
Delaware Ivy Strategic Income Fund – dated January 30, 2023 (1933 Act File No. 033-45961)	Delaware Strategic Income Fund – dated November 28, 2022 (1933 Act File No. 002-97889)

Delaware Ivy Municipal Bond Fund (Acquired Fund)	Delaware Tax-Free USA Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Ivy Municipal Bond Fund seeks to provide the level of current income consistent with preservation of capital and that is not subject to federal income tax.	What is the Fund’s investment objective?   Delaware Tax-Free USA Fund seeks as high a level of current interest income exempt from federal income tax as is available from municipal

obligations and as is consistent with prudent investment management and preservation of capital.

Delaware Ivy Municipal Bond Fund (Acquired Fund)

Delaware Tax-Free USA Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   Delaware Ivy Municipal Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in municipal bonds. The Fund mainly invests in municipal bonds of investment grade and of any maturity. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam), the interest on which is excludable from gross income for federal income tax purposes, although a portion of such interest may be an item of tax preference for purposes of the federal alternative minimum tax (AMT) (Tax Preference Item). Investment grade debt securities include debt securities rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or

What are the Fund’s principal investment strategies?   Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax. This is a fundamental investment policy that may not be changed without prior shareholder approval.   The Fund will invest primarily in municipal debt obligations that are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund may invest up to 20% of its net assets in high yield fixed income securities (junk bonds). The Fund will invest its assets in

comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by Delaware Management Company (Manager), the Fund’s investment manager, to be of comparable quality. The Fund diversifies its holdings between two main types of municipal bonds:   •General obligation bonds, which are backed by the full faith, credit and taxing power of the governmental authority. •Revenue bonds, which are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and multi-family housing projects and student loan bonds that finance pools of student loans as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues.    The Manager attempts to enhance Fund performance by utilizing opportunities presented by the shape and slope of the yield curve. As an overlay to this core strategy, the Manager attempts to identify and capitalize on relative value opportunities that exist between sectors, states (including US possessions), security structures and ratings categories. The Manager monitors relative attractiveness to other taxable fixed-income asset classes, as well as municipal market supply/demand patterns, expectations of US Treasury (Treasury) market performance and overall market liquidity, tax policies and other technical factors, in seeking to identify opportunities for the Fund. The Manager may look at a number of factors in selecting securities for the Fund’s portfolio. These include the security’s current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, the structure of the security, including whether it has a call feature, and the state in which the security is issued. The Manager seeks to emphasize prudent diversification among sectors, states, security structures, position sizes and ratings categories, in an attempt to reduce overall portfolio risk and

securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund’s income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation.

performance volatility as well as to emphasize capital preservation. However, the Fund may invest significantly in municipal bonds payable from revenues derived from similar projects, such as those in the healthcare, transportation and utility sectors. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

Acquired Fund	Acquiring Fund
	Market risk
Interest rate risk	Interest rate risk
Credit risk	Credit risk
	High yield (junk bond) risk
Prepayment risk	Call risk
Liquidity risk	Liquidity risk
Alternative minimum tax risk	Alternative minimum tax risk
Political, legislative or regulatory risk	Government and regulatory risk
	Geographic concentration risk
Focus risk	Industry and sector risk
IBOR risk	IBOR risk
Active management and selection risk	Active management and selection risk
Fixed Income Risk

Taxability risk

Delaware Ivy Municipal Bond Fund (Acquired Fund)

Delaware Tax-Free USA Fund (Acquiring Fund)

What are the Fund’s fundamental investment restrictions?   Acquired Fund: 1. The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 2. The Fund may not engage in the business of underwriting the securities of other issuers, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 3. The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 4. The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 5. The Fund may not purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 6. The Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the US government or any of its agencies or instrumentalities, securities of other investment companies and “tax-exempt securities” (i.e., securities the interest on which is not subject to

What are the Fund’s fundamental investment restrictions?   The Acquiring Fund shall not: 1. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 2. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 3. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or

federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one industry.   7. The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations.

Delaware Ivy Municipal High Income Fund (Acquired Fund)	Delaware National High-Yield Municipal Bond Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Ivy Municipal High Income Fund seeks to provide a high level of current income that is not subject to federal income tax.	What is the Fund’s investment objective?   Delaware National High-Yield Municipal Bond Fund seeks a high level of current income exempt from federal income tax primarily through investment in medium- and lower-grade municipal obligations.

Delaware Ivy Municipal High Income Fund (Acquired Fund)

Delaware National High-Yield Municipal Bond Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   Delaware Ivy Municipal High Income Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of municipal bonds. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam), the interest on which is excludable from gross income for federal income tax purposes, although a significant portion of such interest may be an item of tax preference for purposes of the federal alternative minimum tax (AMT) (Tax Preference Item). (Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, corporations no longer are subject to the AMT for taxable years of the corporation beginning after December 31, 2017.) The Fund typically invests at least 65% of its total assets in medium- and lower-quality bonds that include bonds rated BBB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by Delaware Management Company (Manager) to be of comparable quality. Such investments include non-investment grade debt securities, commonly called “high yield” or “junk” bonds, which typically are rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade bonds. Although the Manager considers credit ratings in selecting investments for the Fund, the Manager bases its investment decision for a particular instrument primarily on its own credit analysis and not on a NRSRO’s credit rating. The

What are the Fund’s principal investment strategies?   Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax. This is a fundamental investment policy that may not be changed without prior shareholder approval. Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity between 5 and 30 years. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund’s income will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. Under normal circumstances, the Fund will invest primarily in lower-rated municipal securities, which typically offer higher income potential and involve greater risk than higher-quality securities.

Manager will consider, among other things, the issuer’s financial resources and operating history, its sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, and interest and asset coverage. The Fund may invest in higher-quality municipal bonds at times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk, and/or when, in the opinion of the Manager, there is a lack of medium- and lower-quality bonds in which to invest. After conducting a top-down (assessing the market environment) analysis of the municipal high income market, the Manager uses a research-oriented, bottom-up (researching individual issuers) credit-by-credit investment approach. The Manager considers a number of factors in selecting individual securities for the Fund’s portfolio, including the security’s current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, the structure of the security, including whether it has a call feature, and the state in which the security is issued. The Fund primarily invests in revenue bonds: revenue bonds are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues. The Fund may invest in PABs in general, in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education, transportation and special tax sectors, and in municipal bonds of issuers located in the same geographical area. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the security’s

current credit quality. Additionally, the Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

Acquired Fund	Acquiring Fund
	Market risk
High yield (junk bond) risk	High yield (junk bond) risk
Focus risk	Industry and sector risk
	Geographic concentration risk
Fixed income risk
Interest rate risk	Interest rate risk
Credit risk	Credit risk
Prepayment risk	Call risk
Liquidity risk	Liquidity risk
Political, legislative or regulatory risk	Government and regulatory risk
Alternative minimum tax risk	Alternative minimum tax risk
Taxability risk
IBOR risk	IBOR risk
Active management and selection risk	Active management and selection risk

Delaware Ivy Municipal High Income Fund (Acquired Fund)	Delaware National High-Yield Municipal Bond Fund (Acquiring Fund)
What are the Fund’s fundamental investment restrictions?	What are the Fund’s fundamental investment restrictions?

Acquired Fund:   1. The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 2. The Fund may not engage in the business of underwriting the securities of other issuers, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.   3. The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.   4. The Fund may not purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.   5. The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.   6. The Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the US government or any of its agencies or instrumentalities, securities of other investment companies and “tax-exempt securities” (i.e., securities the interest on which is not subject to federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one industry.

The Acquiring Fund shall not:   1. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 2. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 3. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 4. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 5. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. 6. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations.

7. The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

Delaware Ivy California Municipal High Income Fund (Acquired Fund)	Delaware Tax-Free California Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Ivy California Municipal High Income Fund seeks to provide a high level of current income that is not subject to Federal and California income tax.	What is the Fund’s investment objective?   Delaware Tax-Free California Fund seeks as high a level of current income exempt from federal income tax and from the California state personal income tax as is consistent with preservation of capital.

Delaware Ivy California Municipal High Income Fund (Acquired Fund)	Delaware Tax-Free California Fund (Acquiring Fund)
What are the Fund’s principal investment strategies?	What are the Fund’s principal investment strategies?

Delaware Ivy California Municipal High Income Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of municipal securities with income payments that are exempt from Federal and California income taxes. These municipal securities primarily include obligations issued by the State of California and its subdivisions, authorities, instrumentalities and corporations. It is possible that up to 20% of the Fund’s net assets may be in securities that pay taxable income. A significant portion of the current income paid by the Fund may be a tax preference item for purposes of the Federal alternative minimum tax (AMT) (Tax Preference Item). (Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, corporations no longer are subject to the AMT for taxable years of the corporation beginning after December 31, 2017.) The Fund typically invests at least 50% of its total assets in medium- and lower-quality municipal securities that include securities rated BBB+ by Standard & Poor’s (S&P) or similarly rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, in the Manager’s opinion, that are equivalent in quality. Such investments include non-investment grade debt securities, commonly called “high yield” or “junk” bonds, which typically are rated BBB- or lower by S&P or comparably rated by another NRSRO or, if unrated, of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade bonds. The Fund may invest in higher-quality municipal securities at times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk, and/or when, in the opinion of the Manager, there is a lack of medium and lower-quality securities in which to invest. After conducting a top-down (assessing the market environment) analysis, the Manager uses a research-oriented, bottom-up (researching individual issuers) credit-by-credit investment approach. The Manager considers a number of factors in selecting individual securities for the Fund’s portfolio, including the security’s current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, and the structure of the security, including whether it has a call feature. The Fund primarily invests in revenue bonds: revenue bonds are payable only from specific

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from California state personal income taxes. This is a fundamental investment policy that may not be changed without prior shareholder approval. Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. Municipal debt obligations in which the Fund may invest may also include securities issued by US territories and possessions (such as the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands) to the extent that these securities are also exempt from federal income tax and California state personal income taxes. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% of its net assets in high yield (junk) bonds. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund’s income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund may invest in insured municipal bonds. The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a state’s share of annual tobacco settlement revenues. The Fund may invest in PABs in general, in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education, transportation and special tax sectors, and in municipal securities of issuers located in the same geographical area. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the security’s current credit quality. Additionally, the Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

Acquired Fund	Acquiring Fund
Market risk	Market risk
Interest rate risk	Interest rate risk
Credit risk	Credit risk
High yield (junk bond) risk	High Yield (junk bond) risk
Call risk	Call risk
Liquidity risk	Liquidity risk
Alternative minimum tax risk	Geographic concentration risk
Government and regulatory risk	Alternative minimum tax risk
Geographic concentration risk	Government and regulatory risk
Industry and sector risk	Industry and sector risk
IBOR risk	IBOR risk
Active management and selection risk	Active management and selection risk

Delaware Ivy California Municipal High Income Fund (Acquired Fund)

Delaware Tax-Free California Fund (Acquiring Fund)

What are the Fund’s fundamental investment restrictions?   Acquired Fund:   1. The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 2. The Fund may not engage in the business of underwriting the securities of other issuers, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 3. The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 4. The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 5. The Fund may not purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority

What are the Fund’s fundamental investment restrictions?   The Acquiring Fund shall not:   1. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit.   2. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”).   3. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other

of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.   6. The Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, securities of other investment companies and “tax-exempt securities” (i.e., securities the interest on which is not subject to federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one industry.   7. The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations.

Delaware Ivy Corporate Bond Fund (Acquired Fund)	Delaware Corporate Bond Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Ivy Corporate Bond Fund seeks to provide current income consistent with preservation of capital.	What is the Fund’s investment objective?   Delaware Corporate Bond Fund seeks to provide investors with total return.

Delaware Ivy Corporate Bond Fund (Acquired Fund)

Delaware Corporate Bond Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   Delaware Ivy Corporate Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in corporate bonds (also referred to as corporate “debt securities” or “fixed-income securities”). For this purpose, “corporate bonds” includes any debt security issued by a domestic or foreign company with an initial maturity greater than one year. The Fund invests primarily in investment-grade debt securities (including bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality). The Fund has no limitations regarding the duration or dollar-weighted average of its holdings, may invest in debt securities with varying maturities and can invest in debt securities issued by both domestic and foreign companies, in a variety of sectors and industries. The Fund may invest significantly in debt securities payable from the same sector. In selecting debt securities for the Fund, the Manager looks at a number of factors, including both a top-down (assessing the market environment) and a bottom-up (researching individual issuers) analysis. The top-down analysis looks at broad economic and financial trends in an effort to anticipate their impact on the fixed-income market and seeks to identify certain criteria that contribute to the overall target portfolio characteristics such as duration, spread, ratings and liquidity. The bottom-up analysis seeks to identify securities that the Manager believes have favorable risk/reward characteristics and targets those securities for overweight positioning. From the sector level, the Manager identifies companies that

What are the Fund’s principal investment strategies?   Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in corporate bonds (80% policy). Delaware Management Company (Manager) focuses on corporate bonds that have investment grade credit ratings from a nationally recognized statistical rating organization (NRSRO). The bonds the Manager selects for the portfolio are typically rated BBB- and above by Standard & Poor’s Financial Services LLC (S&P), Baa3 and above by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another NRSRO. The Manager may also invest in unrated bonds if it believes their credit quality is comparable to those that have investment grade ratings. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge. The Fund may also invest up to 20% of its net assets in high yield corporate bonds (“junk bonds”). In addition, the Fund may invest up to 40% of its total assets in foreign securities, but the Fund’s total non-US-dollar currency exposure will be limited, in the aggregate, to no more than 25% of net assets. The average portfolio duration of the Fund will generally vary within two years (plus or minus) of

have positive attributes and considers the issuer’s past, present and estimated future: financial strength, cash flow, management, borrowing requirements, balance sheet policy and relative safety. Additional factors considered include leverage, interest coverage, revenue and margin stability, competition and industry trends, as well as relative value and liquidity. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities. For example, the Manager may sell a holding if, in the Manager’s opinion, the issuer’s financial strength weakens and/or the yield and relative safety of the security decline. The Manager also may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash. The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

the current average duration of the Bloomberg US Corporate Investment Grade Index, which as of December 31, 2021, was 8.57 years. Duration measures a bond’s sensitivity to interest rates by indicating the approximate change in a bond or bond fund’s price given a 1% change in interest rates. The 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any such change.

Acquired Fund	Acquiring Fund
	Market risk
Fixed income risk
Credit risk	Credit risk
Interest rate risk	Interest rate risk
High yield (junk bond) risk	High Yield (junk bond) risk
Foreign risk	Foreign risk
US government securities risk	Government and regulatory risk
Industry and sector risk	Industry and sector risk
Financials sector risk
	Loans and other indebtedness risk
Liquidity risk	Liquidity risk
IBOR risk	IBOR risk
Active management and selection risk	Active management and selection risk

Delaware Ivy Corporate Bond Fund (Acquired Fund)

Delaware Corporate Bond Fund (Acquiring Fund)

What are the Fund’s fundamental investment restrictions?   Acquired Fund:   1. The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 2. The Fund may not engage in the business of underwriting the securities of other issuers, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 3. The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 4. The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 5. The Fund may not purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.   6. The Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, securities of other investment companies and “tax-exempt securities” (i.e., securities the interest on which is not subject to federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one industry.

What are the Fund’s fundamental investment restrictions?   The Acquiring Fund shall not:   1. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 2. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 3. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations.

7. The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

Delaware Ivy Crossover Credit Fund (Acquired Fund)	Delaware Corporate Bond Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Ivy Crossover Credit Fund seeks to provide total return through a combination of high current income and capital appreciation.	What is the Fund’s investment objective?   Delaware Corporate Bond Fund seeks to provide investors with total return.

Delaware Ivy Crossover Credit Fund (Acquired Fund)

Delaware Corporate Bond Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   Delaware Ivy Crossover Credit Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in bonds (for this purpose, “bonds” includes any debt security with an initial maturity greater than one year). The Fund invests primarily in corporate debt fixed-income securities, which can include both investment grade and non-investment grade rated bonds. Investment grade bonds include bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. By contrast, non-investment grade debt securities, commonly called “high yield” or “junk” bonds, include bonds rated BB+ or lower by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. “Crossover” debt generally refers to bonds rated at or near the point where the lower end of investment grade debt and the higher end of high yield debt meet. Such bonds are on the verge of losing or regaining investment-grade status (i.e., they are on the verge of “crossing over,” falling to junk status or rising to investment grade status). In addition, crossover bonds include those that have been rated below investment grade since issuance, but may be close to achieving investment grade status (i.e., so-called “rising stars”), or those that at one time were considered to be investment grade and now are categorized as “junk” bonds due to a reduction in the issuer’s credit rating (i.e., so-called “fallen angels”). Depending on the current Fund composition and market conditions, the Manager expects that a majority of the crossover bonds will be rated either BBB or BB by S&P, or comparably rated by another NRSRO or, if unrated, determined by the Manager to be of comparable quality. Except as noted above, the Fund has no limitations regarding the maturity, duration or dollar-weighted average of its holdings, may invest in debt securities with varying maturities and can invest in debt securities issued by companies of any size, in a variety of sectors and industries. The Fund will primarily invest in debt securities issued by

What are the Fund’s principal investment strategies?   Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in corporate bonds (80% policy). Delaware Management Company (Manager) focuses on corporate bonds that have investment grade credit ratings from a nationally recognized statistical rating organization (NRSRO). The bonds the Manager selects for the portfolio are typically rated BBB- and above by Standard & Poor’s Financial Services LLC (S&P), Baa3 and above by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another NRSRO. The Manager may also invest in unrated bonds if it believes their credit quality is comparable to those that have investment grade ratings. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge. The Fund may also invest up to 20% of its net assets in high yield corporate bonds (“junk bonds”). In addition, the Fund may invest up to 40% of its total assets in foreign securities, but the Fund’s total non-US-dollar currency exposure will be limited, in the aggregate, to no more than 25% of net assets. The average portfolio duration of the Fund will generally vary within two years (plus or minus) of the current average duration of the Bloomberg US Corporate Investment Grade Index, which as of December 31, 2021, was 8.57 years. Duration measures a bond’s sensitivity to interest rates by indicating the approximate change in a bond or bond fund’s price given a 1% change in interest rates. The 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any such change.

domestic companies, but also may invest up to 40% of its total assets in debt securities issued by foreign companies, including foreign securities that are denominated in US dollars or foreign currencies. Many of the companies in which the Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Fund is not invested directly in such markets. The Fund typically will not invest more than 35% of its total assets in non-investment grade securities. In selecting debt securities for the Fund, the Manager looks at a number of factors, including both a top-down (assessing the market environment) and a bottom-up (researching individual issuers) analysis. The top-down analysis looks at broad economic and financial trends in an effort to anticipate their impact on the fixed-income market and seeks to identify certain criteria that contribute to the overall target portfolio characteristics such as duration, spread, ratings and liquidity. The bottom-up analysis seeks to identify securities that the Manager believes have favorable risk/reward characteristics and targets those securities for overweight positioning. From the sector level, the Manager identifies companies that have positive attributes and considers the issuer’s past, present and estimated future: financial strength, cash flow, management, borrowing requirements, balance sheet policy and relative safety. Additional factors considered include leverage, interest coverage, revenue and margin stability, competition and industry trends, as well as relative value and liquidity. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities, including a review of the risk and reward potential for a specific issuer. The Manager also may sell a security if, in the Manager’s opinion, the price of the security has risen to fully reflect the company’s improved creditworthiness. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund’s holding in that security or to raise cash. The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The

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

Acquired Fund	Acquiring Fund
	Market risk
Fixed income risk
Credit risk	Credit risk
Interest rate risk	Interest rate risk
Foreign risk	Foreign risk
High yield (junk bond) risk	High Yield (junk bond) risk
Limited number of securities risk
	Loans and other indebtedness risk
US government securities risk	Government and regulatory risk
Portfolio turnover risk
Financials sector risk	Industry and sector risk
IBOR risk	IBOR risk
Liquidity risk	Liquidity risk
Active management and selection risk	Active management and selection risk

Delaware Ivy Crossover Credit Fund (Acquired Fund)

Delaware Corporate Bond Fund (Acquiring Fund)

What are the Fund’s fundamental investment restrictions?   Acquired Fund:   1. The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 2. The Fund may not engage in the business of underwriting the securities of other issuers, except as

What are the Fund’s fundamental investment restrictions?   The Acquiring Fund shall not:   1. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 2. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be

permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 3. The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 4. The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 5. The Fund may not purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.   6. The Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, securities of other investment companies and “tax-exempt securities” (i.e., securities the interest on which is not subject to federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one industry.   7. The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 3. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations.

Delaware Ivy Limited-Term Bond Fund (Acquired Fund)	Delaware Limited-Term Diversified Income Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Ivy Limited-Term Bond Fund seeks to provide current income consistent with preservation of capital.	What is the Fund’s investment objective?   Delaware Limited-Term Diversified Income Fund seeks maximum total return, consistent with reasonable risk.

Delaware Ivy Limited-Term Bond Fund (Acquired Fund)

Delaware Limited-Term Diversified Income Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   Under normal circumstances, the Delaware Ivy Limited-Term Bond Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities (80% policy), including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations. The Fund may also invest up to 30% of its net assets in

What are the Fund’s principal investment strategies?   Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations (80% policy). Investment grade fixed income securities are securities rated BBB- or higher by Standard &

foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Fund may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or “junk” bonds). Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases The Fund will maintain an average effective duration from one to three years. Investment grade debt securities include those that are rated within the four highest ratings categories by Moody’s Investors Service, Inc. (Moody’s) or Standard & Poor’s Financial Services LLC (S&P) or that are unrated but determined by the Manager to be of equivalent quality. The Fund may use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forward foreign currency contracts, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of its net assets. The Manager may look at a number of factors in selecting securities for the Fund’s portfolio, beginning with a top-down (assessing the market environment) review of the broad economic and financial trends in the US and world markets. This process aids in the determination of economic fundamentals, which leads to sector allocation. Within a sector, the Manager typically considers the maturity and perceived liquidity of the security, the relative value of the security based on historical

Poor’s Financial Services LLC (S&P) and Baa3 or higher by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by another nationally recognized statistical rating organization (NRSRO), or those that are deemed to be of comparable quality. The Fund will maintain an average effective duration from one to three years. The Fund’s investment manager, Delaware Management Company (Manager), will determine how much of the Fund’s assets to allocate among the different types of fixed income securities in which the Fund may invest based on the Manager’s evaluation of economic and market conditions and its assessment of the returns and potential for appreciation that can be achieved from various sectors of the fixed income market. The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and commercial paper of US companies and, subject to the limitations described below, non-US companies. The Fund may also invest in a variety of securities that are issued or guaranteed as to the payment of principal and interest by the US government, and by various agencies or instrumentalities, which have been established or are sponsored by the US government, and, subject to the limitations described below, securities issued by foreign governments. Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases. The Fund may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or “junk” bonds).

yield information, the creditworthiness of the particular issuer (if not backed by the full faith and credit of the Treasury), and prepayment risks for mortgage-backed securities and other debt securities with call provisions. Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses in buying securities, including review of the security’s valuation and the issuer’s creditworthiness. The Manager also may sell a security to take advantage of what it believes are more attractive investment opportunities, to reduce the Fund’s holding in that security or to raise cash. The Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

The Fund may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Fund’s total non-US dollar currency exposure will be limited, in the aggregate, to no more than 10% of its net assets. The Fund may use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forward foreign currency contracts, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of its net assets. The Fund’s 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any such change.

Acquired Fund	Acquiring Fund
	Market risk
Fixed income risk
Interest risk rate	Interest rate risk
Credit risk	Credit risk
	High Yield (junk bond) risk
Prepayment risk	Prepayment risk
	Liquidity risk
	Derivatives risk
Mortgage-backed and asset-backed securities risk	Mortgage-backed and asset-backed securities risk
	Leveraging risk
	Foreign risk
	Valuation risk
IBOR risk	IBOR risk
US government securities risk	Government and regulatory risk
Active management and selection risk	Active management and selection risk

Delaware Ivy Limited-Term Bond Fund (Acquired Fund)

Delaware Limited-Term Diversified Income Fund (Acquiring Fund)

What are the Fund’s fundamental investment restrictions?   Acquired Fund:   1. The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 2. The Fund may not engage in the business of underwriting the securities of other issuers, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 3. The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 4. The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 5. The Fund may not purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 6. The Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the

What are the Fund’s fundamental investment restrictions?   The Acquiring Fund shall not:   1. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 2. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 3. Make personal loans or loans of its assets to persons who control or are under common control with the Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent the Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker-dealers or institutional investors, or investing in loans, including assignments and participation interests. 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities.

US government or any of its agencies or instrumentalities, securities of other investment companies and “tax-exempt securities” (i.e., securities the interest on which is not subject to federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one industry. 7. The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

6. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations.

Delaware Ivy Strategic Income Fund (Acquired Fund)	Delaware Strategic Income Fund (Acquiring Fund)
What is the Fund’s investment objective?   Delaware Ivy Strategic Income Fund seeks to provide a high level of current income. Capital appreciation is a secondary objective.	What is the Fund’s investment objective?   Delaware Strategic Income Fund seeks high current income and, secondarily, long-term total return.

Delaware Ivy Strategic Income Fund (Acquired Fund)

Delaware Strategic Income Fund (Acquiring Fund)

What are the Fund’s principal investment strategies?   Delaware Ivy Strategic Income Fund seeks to achieve its objectives by investing at least 80% of the Fund’s net assets, plus the amount of any borrowings for investment purposes, in US and foreign debt securities, including those in emerging markets (80% policy). Debt securities include all varieties of fixed, variable and floating rate income securities, including bonds, US and foreign government and agency securities, corporate loans (and loan participations), mortgage-backed securities and other asset-backed securities and convertible securities. To achieve the Fund's investment objective, the Manager will allocate investments among various sectors of debt securities and at any given time may have a substantial amount of its assets invested in any class of debt security. The Fund may invest up to 100% of its net assets in high yield, lower-quality debt securities (also known as “junk bonds”). The Fund may invest up to 100% of its net assets in foreign securities, including emerging markets securities. The Fund’s total non-US dollar currency exposure may reach 100% of net assets. Due to the manner in which the Fund is managed, it may be subject to a high rate of portfolio turnover. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The

What are the Fund’s principal investment strategies?   Under normal circumstances, the Manager will invest at least 80% of the Fund’s net assets, plus the amount of any borrowings for investment purposes, in US and foreign debt securities, including those in emerging markets (80% policy). Debt securities include all varieties of fixed, variable and floating rate income securities, including bonds, US and foreign government and agency securities, corporate loans (and loan participations), and mortgage-backed securities and other asset-backed securities. To achieve the Fund's investment objective, the Manager will allocate investments among various sectors of debt securities and at any given time may have a substantial amount of its assets invested in any class of debt security. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge. The Fund may invest up to 100% of its net assets in high yield, lower-quality debt securities (also known as “junk bonds”). The Fund may invest up to 100% of its net assets in foreign securities, including emerging markets securities. The Fund’s total non-US dollar currency exposure may reach 100% of net assets. Due to the manner in which the Fund is managed, it may be subject to a high rate of portfolio turnover.

Fund will not use derivatives for reasons inconsistent with its investment objective. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge.

The Fund may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions to meet redemption requests, for temporary defensive purposes, and pending investment. The Fund may also use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and swaps. The Fund may use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to affect diversification.   The 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any such change.

Acquired Fund	Acquiring Fund
Market risk	Market risk
Interest risk rate	Interest rate risk
High yield (junk bond) risk	High Yield (junk bond) risk
IBOR risk	IBOR risk
Liquidity risk	Liquidity risk
Credit risk	Credit risk
Loans and other indebtedness risk	Loans and other indebtedness risk
Adjustable rate securities risk	Adjustable rate securities risk
Foreign and emerging markets risk	Foreign and emerging markets risk
	Currency risk
Derivatives risk	Derivatives risk

Leveraging risk	Leveraging risk
Mortgage-backed and asset-backed securities risk	Mortgage-backed and asset-backed securities risk
Prepayment risk	Prepayment risk
Valuation risk	Valuation risk
Portfolio turnover risk	Portfolio turnover risk
Government and regulatory risk	Government and regulatory risk
	US government securities risk
Active management and selection risk	Active management and selection risk

Delaware Ivy Strategic Income Fund (Acquired Fund)

Delaware Strategic Income Fund (Acquiring Fund)

What are the Fund’s fundamental investment restrictions?   Acquired Fund:   1. The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 2. The Fund may not engage in the business of underwriting the securities of other issuers, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 3. The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 4. The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. 5. The Fund may not purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority

What are the Fund’s fundamental investment restrictions?   The Acquiring Fund shall not:   1. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 2. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 3. Make personal loans or loans of its assets to persons who control or are under common control with the Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent the Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not

of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.   6. The Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, securities of other investment companies and “tax-exempt securities” (i.e., securities the interest on which is not subject to federal income tax) or such other securities as may be excluded for this purpose under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) if, as a result, such purchase would result in the concentration (as that term may be defined in the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief) of its investments in securities of issuers in any one industry. 7. The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations.

Shareholder Fees (fees paid directly from your investment)				Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Other Expenses	Acquired Fund Fees and Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Ivy Municipal Bond Fund as of September 30, 2022

Class A into Acquiring Fund Class A	4.50%	1.001		0.52%	0.25%	0.17%	None	0.94%	(0.14%)2	None	0.80%
Class C into Acquiring Fund Class C	None	1.00%1		0.52%	1.00%	0.40%	None	1.92%	(-0.37%)2	None	1.55%
Class I into Acquiring Fund Inst. Class	None	None		0.52%	0.00%	0.25%	None	0.77%	(0.22%)2	None	0.55%
Class R6 into Acquiring Fund Inst. Class		None		0.52%	0.00%	0.10%	None	0.62%	(-0.07%)2	None	0.55%
Delaware Tax-Free USA Fund as of August 31, 2022
Class A	4.50%	None		0.52%	0.25%	0.14%	None	0.91%	(0.11%)4	None	0.80%
Class C	None	1.00%3		0.52%	1.00%	0.14%	None	1.66%	(0.11%)4	None	1.55%
Inst. Class	None	None		0.52%	None	0.14%	None	0.66%	(0.11%)4	None	0.55%
Pro Forma Delaware Tax-Free USA Fund as of [    ]
Class A	4.50%	None		0.51%	0.25%	0.16%	None	0.92%	(0.12%)	None	0.80%
Class C	None	1.00%3		0.51%	1.00%	0.16%	None	1.67%	(0.12%)	None	1.55%
Inst. Class	None	None		0.51%	0.00%	0.16%	None	0.67%	(0.12%)	None	0.55%

Shareholder Fees (fees paid directly from your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Other Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Ivy Municipal High Income Fund as of September 30, 2022
Class A into Acquiring Fund Class A	4.50%	1.00%1		0.51%	0.25%	0.16%	0.92%	(0.06%)2	None	0.86%
Class C into Acquiring Class Fund Class C	None	1.00%1		0.51%	1.00%	0.34%	1.85%	(0.27%)2	None	1.58%
Class I into Acquiring Inst. Class	None	None		0.51%	None	0.25%	0.76%	(0.15%)2	None	0.61%
Class R6 into Acquiring Fund Inst. Class	None	None		0.51%	None	0.11%	0.62%	0.02%2	None	0.60%
Class Y into Acquiring Class A	None	None		0.51%	0.25%	0.25%	1.01%	(0.15%)2	None	0.86%
Delaware National High-Yield Municipal Bond Fund as of August 31, 2022
Class A	4.50%	None		0.49%	0.25%	0.14%	0.88%	(0.03%)3	None	0.85%
Class C	None	1.00%4		0.49%	1.00%	0.14%	1.63%	(0.03%)3	None	1.60%
Inst. Class	None	None		0.49%	None	0.14%	0.63%	(0.03%)3	None	0.60%
Pro Forma Delaware National High-Yield Municipal Bond Fund as of [   ], 2023
Class A	4.50%	None		0.48%	0.25%	0.13%	0.86%	(0.01%)5	None	0.85%
Class C	None	1.00%4		0.48%	1.00%	0.13%	1.61%	(0.01%)5	None	1.60%
Inst. Class	None	None		0.48%	0.00%	0.13%	0.61%	(0.01%)5	None	0.60%
1 For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased prior to July 1, 2021 at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 12 months of purchase, or on shares that were purchased after July 1, 2021 at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
2 Delaware Management Company (Manager), the Fund’s investment manager, Delaware Distributors, L.P. (Distributor), the Fund's distributor, and/or Delaware Investments Fund Services Company (DIFSC), the Fund's transfer agent, have contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.61% of the Class I Shares’, 0.86% of

the Class A Shares’, 1.58% of the Class C Shares’, and 0.86% of the Class Y Shares’ average daily net assets from July 29, 2022 through July 29, 2023. These waivers and reimbursements may only be terminated by agreement of the Manager, the Distributor, DIFSC and/or the Fund, as applicable.
3 The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.60% of the Fund’s average daily net assets from December 29, 2022 through December 29, 2023. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.
4 Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).
5 The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding [0.60]% of the Fund’s average daily net assets from [___ through___]. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Shareholder Fees (fees paid directly from your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Dividends on Short Sales and Interest Expense	Other Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Ivy California Municipal High Income Fund as of September 30, 2022
Class A into Acquiring Fund Class A	4.50%	1.00%1		0.53%	0.25%	None	0.74%	1.52%	(0.72%)2	None	0.80%
Class C into Acquiring Fund Class C	None	1.00%1		0.53%	1.00%	None	0.67%	2.20%	(0.65%)2	None	1.55%
Inst. Class into Acquiring Fund Inst. Class	None	None		0.53%	None	None	0.92 %	1.45%	(0.90%)2	None	0.55%
Class Y into Acquiring Fund Class A	None	None		0.53%	0.25%	None	0.48%	1.26%	(0.46%)2	None	0.80%
Delaware Tax-Free California Fund as of August 30, 2022
Class A	4.50%	None		0.55%	0.25%	None	0.19%	0.99%	(0.19%)4	None	0.80%
Class C	None	1.00%3		0.55%	1.00%	None	0.19%	1.74%	(0.19%)4	None	1.55%

Inst. Class	None	None		0.55%	None	None	0.19%	0.74%	(0.19%)4	None	0.55%
Pro Forma Delaware Tax-Free California Fund as of [   ], 2023
Class A	4.50%	None		0.55%	0.25%	None	0.20%	1.00%	(0.20%)5	None	0.80%
Class C	None	1.00%3		0.55%	1.00%	None	0.20%	1.75%	(0.20%)5	None	1.55%
Inst. Class	None	None		0.55%	None	None	0.20%	0.75%	(0.20%)5	None	0.55%

Shareholder Fees (fees paid directly from your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Other Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Ivy Corporate Bond Fund as of September 30, 2022
Class A into Acquiring Fund Class A	4.50%	1.00%1		0.47%	0.25%	0.29%	1.01%	(0.15%)2	None	0.86%
Class C into Acquiring Fund Class C	None	1.00%3		0.47%	1.00%	0.58%	2.05%	(0.44%)2	None	1.61%

Class I into Acquiring Fund Inst. Class	None	None		0.47%	None	0.25%	0.72%	(0.11%)2	None	0.61%
Class Y into Acquiring Fund Class A	None	None		0.47%	0.25%	0.23%	0.95%	(0.09%)2	None	0.86%
Delaware Ivy Crossover Credit Fund as of September 30, 2022
Class A into Acquiring Fund Class A	4.50%	1.00%4		0.51%	0.25%	0.93%	1.69%	(0.79%)5	None	0.90%
Inst. Class into Acquiring Fund Inst. Class	None	None		0.51%	None	0.76%	1.27%	(0.62%)5	None	0.65%
Class Y into Acquiring Fund Class A	None	None		0.51%	0.25%	0.81%	1.57%	(0.67%)5	None	0.90%
Delaware Corporate Bond Fund as of July 31, 2022
Class A	4.50%	None		0.48%	0.25%	0.18%	0.91%	(0.09%)7	None	0.82%
Class C	None	1.00%3		0.48%	1.00%	0.18%	1.66%	(0.09%)7	None	1.57%
Inst. Class	None	None		0.48%	None	0.18%	0.66%	(0.09%)7	None	0.57%
Pro Forma Delaware Corporate Bond Fund as of [   ], 2023
Class A	4.50%	None		0.47%	0.25%	0.18%	0.90%	(0.08%)8	None	0.82%
Class C	None	1.00%3		0.47%	1.00%	0.18%	1.65%	(0.08%)8	None	1.57%
Inst. Class	None	None		0.47%	None	0.18%	0.65%	(0.08%)8	None	0.57%

Shareholder Fees (fees paid directly from your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Other Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Ivy Limited-Term Bond Fund as of September 30, 2022
Class A into Acquiring Fund Class A	2.75%	1.00%1		0.47%	0.25%	0.22%	0.94%	(0.16%)2	None	0.78%
Class C into Acquiring Fund Class  C	None	1.00%1		0.47%	1.00%	0.34%	1.81%	(0.28%)2	None	1.53%
Inst. Class into Acquiring Fund Inst. Class	None	None		0.47%	0.00%	0.25%	0.72%	(0.19%)2	None	0.53%
Class R into Acquiring Fund Class R	None	None		0.47%	0.50%	0.33%	1.30%	(0.27%)2	None	1.03%
Class R6 into Acquiring Fund Class R6	None	None		0.47%	0.00%	0.08%	0.55%	(0.02%)2	None	0.53%
Class Y into Acquiring Fund Class A	None	None		0.47%	0.25%	0.26%	0.98%	(0.20%)2	None	0.78%
Delaware Limited-Term Diversified Income Fund  as of June 30, 2022

Shareholder Fees (fees paid directly from your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees		Other Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Recoupments	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Delaware Ivy Strategic Income Fund as of September 30, 2022
Class A into Acquiring Fund Class A	4.50%	1.00%1		0.68%	0.25%		0.35%	1.28%	(0.36%)2	None	0.92%
Class C into Acquiring Fund Class  C	None	1.00%1		0.68%	1.00%		0.57%	2.25%	(0.58%)2	None	1.67%
Inst. Class into Acquiring Fund Inst. Class	None	None		0.68%	None		0.32%	1.00%	(0.33%)2	None	0.67%
Class R6 into Acquiring Fund Inst. Class	None	None		0.68%	None		0.20%	0.88%	(0.21%)2	None	0.67%
Class Y into Acquiring Fund Class A	None	None		0.68%	0.25%		0.62%	1.55%	(0.63%)2	None	0.92%
Delaware Strategic Income Fund as of July 31, 2022
Class A	4.50%	None		0.55%	0.25%		0.44%	1.24%	(0.40%)4	None	0.84%
Class C	None	1.00%3		0.55%	1.00%		0.44%	1.99%	(0.40%)4	None	1.59%
Inst. Class	None	None		0.55%	None		0.44%	0.99%	(0.40%)4	None	0.59%
Pro Forma Delaware Strategic Income Fund as of  [   ], 2023
Class A	4.50%	None		0.55%	0.25%		0.31%	1.11%	(0.27%)5	None	0.84%
Class C	None	1.00%3		0.55%	1.00%		0.31%	1.86%	(0.27%)5	None	1.59%
Inst. Class	None	None		0.55%	None		0.31%	0.86%	(0.27%)5	None	0.59%

Class A	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$528	$723	$934	$1,541
Acquiring Fund	$528	$717	$921	$1,510
Pro forma Acquiring Fund (after the Reorganization)	$528	$719	$925	$1,520
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$158	$567	$1,002	$2,213
Acquiring Fund	$158	$513	$892	$1,956
Pro forma Acquiring Fund (after the Reorganization)	$158	$515	$896	$1,966
Class I/Class R6/Institutional Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class I)	$56	$224	$406	$934

Acquired Fund (Class R6)	$56	$191	$339	$768
Acquiring Fund (Institutional Class)	$56	$200	$357	$812
Pro forma Acquiring Fund (after the Reorganization)	$56	$202	$361	$823

Class A/Class Y	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class A)	$534	$724	$931	$1,525
Acquired Fund (Class Y)	$88	$307	$543	$1,223
Acquiring Fund (Class A)	$533	$715	$913	$1,483
Pro forma Acquiring Fund (after the Reorganization)	$533	$711	$904	$1,462
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$161	$556	$976	$2,147
Acquiring Fund	$163	$511	$884	$1,930
Pro forma Acquiring Fund (after the Reorganization)	$163	$507	$875	$1,910
Class I/Class R6/Institutional Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class I)	$62	$228	$408	$928
Acquired Fund (Class R6)	$61	$197	$344	$772
Acquiring Fund (Institutional Class)	$61	$199	$348	$783
Pro forma Acquiring Fund (after the Reorganization)	$61	$194	$339	$761

Class A/Class Y	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class A)	$528	$841	$1,176	$2,122
Acquired Fund (Class Y)	$82	$354	$647	$1,482
Acquiring Fund (Class A)	$528	$733	$955	$1,592
Pro forma Acquiring Fund (after the Reorganization)	$528	$735	$959	$1,602
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$158	$626	$1,120	$2,483
Acquiring Fund	$158	$530	$926	$2,036
Pro forma Acquiring Fund (after the Reorganization)	$158	$532	$930	$2,046
Class I/Institutional Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class I)	$56	$370	$706	$1,658
Acquiring Fund (Institutional Class)	$56	$217	$393	$901
Pro forma Acquiring Fund (after the Reorganization)	$56	$220	$397	$912

Class A/Class Y	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class A)	$534	$743	$969	$1,618
Acquired Fund (Class Y)	$88	$294	$517	$1,158
Acquiring Fund (Class A)	$530	$719	$923	$1,511
Pro forma Acquiring Fund (after the Reorganization)	$530	$716	$919	$1,501
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$164	$600	$1,063	$2,344
Acquiring Fund	$160	$515	$894	$1,958
Pro forma Acquiring Fund (after the Reorganization)	$160	$513	$889	$1,948
Class I /Institutional Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class I)	$62	$219	$390	$884
Acquiring Fund (Institutional Class)	$58	$202	$359	$814
Pro forma Acquiring Fund (after the Reorganization)	$58	$200	$354	$803

Class A/Class Y	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class A)	$538	$885	$1,256	$2,295
Acquired Fund (Class Y)	$92	$430	$792	$1,811
Acquiring Fund (Class A)	$530	$719	$923	$1,511
Pro forma Acquiring Fund (after the Reorganization)	$530	$716	$919	$1,501
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	N/A	N/A	N/A	N/A
Acquiring Fund	$160	$515	$894	$1,958
Pro forma Acquiring Fund (after the Reorganization)	$160	$513	$889	$1,948
Class I /Institutional Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class I)	$66	$341	$637	$1,479
Acquiring Fund (Institutional Class)	$58	$202	$359	$814
Pro forma Acquiring Fund (after the Reorganization)	$58	$200	$354	$803

Class A/Class Y	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class A)	$352	$551	$766	$1,384
Acquired Fund (Class Y)	$80	$292	$522	$1,183
Acquiring Fund (Class A)	$329	$532	$751	$1,383
Pro forma Acquiring Fund (after the Reorganization)	$329	$532	$751	$1,383
Class C	1 Year	3 Years	5 Years	10 Years

Acquired Fund	$156	$542	$954	$2,104
Acquiring Fund	$142	$508	$898	$1,993
Pro forma Acquiring Fund (after the Reorganization)	$142	$508	$898	$1,993
Class R	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$105	$385	$687	$1,544
Acquiring Fund	$91	$352	$634	$1,438
Pro forma Acquiring Fund (after the Reorganization)	$91	$352	$634	$1,438
Class I /Institutional Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class I)	$54	$211	$382	$877
Acquiring Fund (Institutional Class)	$40	$195	$363	$852
Pro forma Acquiring Fund (after the Reorganization)	$40	$195	$363	$852
Class R6	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$54	$174	$305	$687
Acquiring Fund	$33	$175	$330	$779
Pro forma Acquiring Fund (after the Reorganization)	$33	$188	$357	$846

Class A/Class Y	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class A)	$540	$804	$1,088	$1,895
Acquired Fund (Class Y)	$94	$428	$785	$1,792
Acquiring Fund (Class A)	$532	$788	$1,064	$1,849
Pro forma Acquiring Fund (after the Reorganization)	$532	$761	$1,009	$1,718
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$170	$648	$1,152	$2,540
Acquiring Fund	$162	$586	$1,036	$2,285
Pro forma Acquiring Fund (after the Reorganization)	$162	$559	$981	$2,158
Class I /Class R6/Institutional Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Class I)	$68	$286	$520	$1,195
Acquired Fund (Class R6)	$68	$260	$467	$1,065
Acquiring Fund (Institutional Class)	$60	$275	$508	$1,177
Pro forma Acquiring Fund (after the Reorganization)	$60	$247	$450	$1,036

Fund	Aggregate Fee
Delaware Ivy Municipal Bond Fund	0.35%
Delaware Tax-Free USA Fund	0.41%
Delaware Ivy Municipal High Income Fund	0.37%
Delaware National High-Yield Municipal Bond Fund	0.46%
Delaware Ivy California Municipal High Income Fund	0.00%
Delaware Tax-Free California Fund	0.36%
Delaware Ivy Corporate Bond Fund	0.36%
Delaware Corporate Bond Fund	0.39%
Delaware Ivy Crossover Credit Fund	0.00%
Delaware Ivy Limited-Term Bond Fund	0.032%
Delaware Limited-Term Diversified Income Fund	0.020%
Delaware Ivy Strategic Income Fund	0.035%
Delaware Strategic Income Fund	0.015%

	1 year	5 years	10 years or lifetime
Class A return before taxes	-16.54%	-1.33%	0.36%
Class A return after taxes on distributions	-16.60%	-1.40%	0.32%
Class A return after taxes on distributions and sale of Fund shares	-8.57%	-0.32%	0.92%
Class C return before taxes	-14.20%	-1.33%	0.15%
Class I return before taxes	-12..42%	-0.32%	0.97%
Class R6 return before taxes (lifetime: 7/5/17-12/31/22)	-12.37%	-0.21%	0.08%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses or taxes)	-8.53%	1.25%	2.13%

	1 year	5 years	10 years
Class A return before taxes	-19.97%	-0.22%	1.32%
Class A return after taxes on distributions	-19.97%	-0.36%	1.23%
Class A return after taxes on distributions and sale of Fund shares	-10.65%	0.62%	1.81%
Class C return before taxes	-17.66%	-0.06%	1.03%
Institutional Class return before taxes	-16.02%	0.97%	2.05%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)	-8.53%	1.25%	2.13%

	1 year	5 years	10 years or lifetime
Class A return before taxes	-18.16%	-0.74%	1.17%
Class A return after taxes on distributions	-18.18%	-0.75%	1.15%

Class A return after taxes on distributions and sale of Fund shares	-9.34%	0.37%	1.83%
Class C return before taxes	-15.77%	-0.56%	1.03%
Class I return before taxes	-14.11%	0.41%	1.84%
Class R6 return before taxes (lifetime: 7/5/17-12/31/22)	-14.12%	0.45%	0.74%
Class Y return before taxes	-14.37%	0.14%	1.61%
Bloomberg Municipal High Yield Index (reflects no deduction for fees, expenses or taxes)	-13.10%	2.63%	3.49%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)	-8.53%	1.25%	2.13%

	1 year	5 years	10 years
Class A return before taxes	-18.72%	0.63%	2.56%
Class A return after taxes on distributions	-18.80%	0.58%	2.54%
Class A return after taxes on distributions and sale of Fund shares	-9.56%	1.44%	2.90%
Class C return before taxes	-16.32%	0.79%	2.26%
Institutional Class return before taxes	-14.56%	1.81%	3.30%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)	-8.53%	1.25%	3.49%

	1 year	5 years	10 years or Lifetime
Class A return before taxes  (lifetime: 10/3/16–12/31/22)	-15.68%	-0.59%	0.41%
Class A return after taxes on distributions (lifetime: 10/3/16–12/31/22)	-15.75%	-0.66%	0.34%
Class A return after taxes on distributions and sale of Fund shares (lifetime: 10/3/16–12/31/22)	-8.23%	0.13%	0.89%
Class C return before taxes (lifetime: 10/3/16–12/31/22)	-13.44%	-0.64%	0.24%
Class I return before taxes (lifetime: 10/3/16–12/31/22)	-11.53%	0.47%	1.29%
Class Y return before taxes (lifetime: 10/3/16–12/31/22)	--11.73%	0.27%	1.09%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/3/16–12/31/22)*	-8.53%	1.25%	2.13%
Bloomberg Municipal High Yield Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/3/16–12/31/22)*	-13.10%	2.63%	3.49%

	1 year	5 years	10 years or lifetime
Class A return before taxes	-16.25%	-0.21%	1.58%
Class A return after taxes on distributions	-16.25%	-0.28%	1.55%
Class A return after taxes on distributions and sale of Fund shares	-8.50%	0.59%	1.98%
Class C return before taxes	-13.88%	-0.03%	1.29%
Institutional Class return before taxes (lifetime: 12/31/13–12/31/22)	-12.17%	0.97%	3.14%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)	-8.53%	1.25%	3.49%

	1 year	5 years	10 years or lifetime
Class A return before taxes	-20.66%	-1.23%	0.28%
Class A return after taxes on distributions	-21.41%	-2.63%	-1.08%
Class A return after taxes on distributions and sale of Fund shares	-12.21%	-1.34%	-0.29%
Class C return before taxes	-18.50%	-1.01%	0.12%
Class I return before taxes	-16.61%	0.25%	1.16%
Class Y return before taxes (lifetime: 10/16/17-12/31/22)	-16.69%	0.01%	0.00%
Bloomberg US Corporate Investment Grade Index (reflects no deduction for fees, expenses, or taxes)*	-15.76%	0.45%	1.96%
Bloomberg US Credit Index (reflects no deduction for fees, expenses, or taxes)*	-15.26%	0.42%	1.82%

	1 year	5 years	10 years or lifetime
Class A return before taxes	-20.77%	-0.56%	1.36%
Class A return after taxes on distributions	-21.85%	-2.01%	-0.27%
Class A return after taxes on distributions and sale of Fund shares	-12.27%	-0.96%	0.37%
Class C return before taxes	-18.50%	-0.38%	1.06%
Class R return before taxes	-17.24%	0.13%	1.57%
Class R6 return before taxes (lifetime: 1/31/19-12/31/22)	-16.73%	n/a	1.10%
Institutional Class return before taxes	-16.88%	0.61%	2.07%
Bloomberg US Corporate Investment Grade Index (reflects no deduction for fees, expenses, or taxes)	-15.76%	0.45%	1.96%

	1 year	5 years	10 years or lifetime
Class A return before taxes	-21.30%	-0.38%	0.42%
Class A return after taxes on distributions	-21.16%	-2.19%	-1.38%
Class A return after taxes on distributions and sale of Fund shares	-12.59%	-0.87%	-0.29%
Class I return before taxes	-17.34%	1.06%	1.72%
Class Y return before taxes (lifetime: 10/16/17-12/31/21)	--17.54%	0.81%	1.47%
Bloomberg US Corporate Bond Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 4/3/17–12/31/22)	-15.76%	0.45%	1.96%

	1 year	5 years	10 years or lifetime
Class A return before taxes	-20.77%	-0.56%	1.36%
Class A return after taxes on distributions	-21.85%	-2.01%	-0.27%
Class A return after taxes on distributions and sale of Fund shares	-12.27%	-0.96%	0.37%
Class C return before taxes	-18.50%	-0.38%	1.06%
Class R return before taxes	-17.24%	0.13%	1.57%
Class R6 return before taxes (lifetime: 1/31/19-12/31/22)	-16.73%	n/a	1.10%
Institutional Class return before taxes	-16.88%	0.61%	2.07%
Bloomberg US Corporate Investment Grade Index (reflects no deduction for fees, expenses, or taxes)	-15.76%	0.45%	1.96%

	1 year	5 years	10 years or lifetime
Class A return before taxes	-6.91%	0.18%	0.52%
Class A return after taxes on distributions	-7.51%	-0.47%	-0.15%
Class A return after taxes on distributions and sale of Fund shares	-4.09%	-0.13%	0.11%
Class C return before taxes	-5.98%	-0.07%	0.17%
Class I return before taxes	-4.05%	0.92%	1.01%
Class R6 return before taxes (lifetime: 7/31/14–12/31/22)	-3.96%	1.06%	1.28%
Class R return before taxes	-4.58%	0.33%	0.41%
Class Y return before taxes	-4.29%	0.69%	0.77%
Bloomberg Barclays 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses or taxes)	-3.69%	0.92%	0.88%

	1 year	5 years	10 years or lifetime
Class A return before taxes	--6.85%	-0.04%	0.44%
Class A return after taxes on distributions	-7.77%	-0.92%	-0.29%
Class A return after taxes on distributions and sale of Fund shares	-4.05%	-0.39%	0.02%
Class C return before taxes	--6.01%	-0.33%	-0.15%
Class R return before taxes	--4.59%	0.17%	0.36%
Institutional Class return before taxes	--4.12%	0.67%	0.87%
Class R6 return before taxes (lifetime: 5/1/17–12/31/22)	-4.06%	0.74%	0.84%
Bloomberg Barclays 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or taxes)	-3.69%	0.92%	0.88%

	1 year	5 years	Lifetime
Class A return before taxes (lifetime: 10/1/15–12/31/22)	-14.16%	0.06%	1.40%
Class A return after taxes on distributions (lifetime: 10/1/15–12/31/22)	-15.70%	-1.71%	-0.03%
Class A return after taxes on distributions and sale of Fund shares (lifetime: 10/1/15–12/31/22)	-8.37%	-0.66%	0.33%
Class C return before taxes (lifetime: 10/1/15–12/31/22)	-11.74%	0.48%	1.47%
Class I return before taxes (lifetime: 10/1/15–12/31/22)	-9.78%	1.64%	2.61%
Class R6 return before taxes (lifetime: 10/1/15–12/31/22)	-9.77%	1.66%	2.62%

Class Y return before taxes (lifetime: 10/1/15–12/31/22)	-10.13%	1.27%	2.26%
Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/1/15–12/31/22)*	-13.01%	0.02%	0.78%
50% Bloomberg US Universal Index + 50% ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/1/15–12/31/22)*	-12.06%	1.20%	2.83%
Bloomberg US Universal Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/1/15–12/31/22)*	-12.99%	0.18%	1.14%
ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) (lifetime: 10/1/15–12/31/22)*	-11.22%	2.12%	4.45%

	1 year	5 years	10 years
Class A return before taxes	-14.58%	0.21%	1.25%
Class A return after taxes on distributions	-16.10%	-1.36%	-0.20%
Class A return after taxes on distributions and sale of Fund shares	-8.62%	-0.47%	0.32%
Class C return before taxes	-12.04%	0.37%	0.95%
Class R return before taxes	-10.82%	0.86%	1.44%
Institutional Class return before taxes	-10.29%	1.38%	1.96%
Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes)	-1.30%	0.02%	1.06%

Acquired Fund Investment Advisory Fee		Acquiring Fund Investment Advisory Fee
0.525%	Up to $500 million	0.55% on first $500 million
0.50%	Over $500 million and up to $1 billion	0.50% on next $500 million
0.45%	Over $1 billion and up to $1.5 billion	0.45% on next $1.5 billion
0.40%	Over $1.5 billion and up to $5 billion	0.425% on assets in excess of $2.5 billion
0.395%	Over $5 billion and up to $10 billion
0.39%	Over $10 billion and up to $15 billion
0.385%	In excess of $15 billion

Acquired Fund Investment Advisory Fee		Acquiring Fund Investment Advisory Fee
0.525%	Up to $500 million	0.55% on first $500 million
0.50%	Over $500 million and up to $1 billion	0.50% on next $500 million
0.45%	Over $1 billion and up to $1.5 billion	0.45% on next $1.5 billion
0.40%	Over $1.5 billion and up to $5 billion	0.425% on assets in excess of $2.5 billion
0.395%	Over $5 billion and up to $10 billion
0.39%	Over $10 billion and up to $15 billion
0.385%	In excess of $15 billion

Acquired Fund Investment Advisory Fee		Acquiring Fund Investment Advisory Fee
0.525%	Up to $500 million	0.55% on first $500 million
0.50%	Over $500 million and up to $1 billion	0.50% on next $500 million
0.45%	Over $1 billion and up to $1.5 billion	0.45% on next $1.5 billion
0.40%	Over $1.5 billion and up to $5 billion	0.425% on assets in excess of $2.5 billion
0.395%	Over $5 billion and up to $10 billion
0.39%	Over $10 billion and up to $15 billion
0.385%	In excess of $15 billion

Acquired Fund Investment Advisory Fee		Acquiring Fund Investment Advisory Fee
0.475%	Up to $1 billion	0.50% on first $500 million
0.45%	Over $1 billion and up to $1.5 billion	0.475% on next $500 million
0.40%	In excess of $1.5 billion	0.45% on next $1.5 billion
		0.425% on assets in excess of $2.5 billion

Acquired Fund Investment Advisory Fee		Acquiring Fund Investment Advisory Fee
0.50%	Up to $500 million	0.50% on first $500 million
0.45%	Over $500 million and up to $1 billion	0.475% on next $500 million
0.425%	Over $1 billion and up to $2.5 billion	0.45% on next $1.5 billion
0.40%	Over $2.5 billion and up to $5 billion	0.425% on assets in excess of $2.5 billion
0.375%	In excess of $5 billion

Acquired Fund Investment Advisory Fee		Acquiring Fund Investment Advisory Fee
0.50%	Up to $500 million	0.50% on first $500 million
0.45%	Over $500 million and up to $1 billion	0.475% on next $500 million
0.40%	Over $1 billion and up to $1.5 billion	0.45% on next $1.5 billion
0.35%	Over $1.5 billion and up to $5 billion	0.425% on assets in excess of $2.5 billion
0.34%	Over $5 billion and up to $10 billion
0.33%	In excess of $10 billion

Acquired Fund Investment Advisory Fee		Acquiring Fund Investment Advisory Fee
0.68%	Up to $1 billion	0.55% on first $500 million
0.62%	Over $1 billion and up to $2 billion	0.50% on next $500 million
0.58%	Over $2 billion and up to $3 billion	0.45% on next $1.5 billion
0.57%	In excess of $3 billion	0.425% on assets in excess of $2.5 billion

1.	Class A shares have an upfront sales charge that is noted in the Class A sales charges tables below.

2.	If you invest the amounts noted in the Class A sales charges tables below, your front-end sales charge will be reduced.

3.	You may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in “How to reduce your sales charge” below.

4.

Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. For Delaware Tax-Free USA Fund, Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992 and 0.25% on all shares acquired on or after June 1, 1992. For

5.	Class A shares generally are not subject to a CDSC, except in the limited circumstances described in the tables below.

6.

Class A shares generally are not available for purchase by anyone qualified to purchase Class R shares, except as described below. Any account holding Class A shares of Delaware Strategic Income Fund as of June 2, 2003 (the date Class R shares were made available) continues to be eligible to purchase Class A shares after that date.

7.	Because of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class I, Class R6, and Institutional Class shares.

Amount of purchase	Sales charge as a % of offering price			Sales charge as a % of net amount invested
Less than $100,000		4.50%			5.13%
$100,000 but less than $250,000		3.50%			4.00%
$250,000 or more		none*			none*

Amount of purchase

Sales charge as a % of offering price

Sales charge as a % of net amount invested

Less than $100,000

4.50%

5.13%

$100,000 but less than $250,000

3.50%

4.00%

$250,000 or more

none*

none*

Amount of purchase	Sales charge as a % of offering price			Sales charge as a % of net amount invested
Less than $100,000		4.50%			5.13%
$100,000 but less than $250,000		3.50%			4.00%
$250,000 but less than $500,000		2.50%			3.00%
$500,000 but less than $1 million		2.00%			2.44%
$1 million or more		none*			none*

Amount of purchase	Sales charge as a % of offering price			Sales charge as a % of net amount invested
Less than $100,000		2.75%			3.23%
$100,000 but less than $250,000		2.00%			2.44%
$250,000 but less than $1 million		1.00%			1.34%
$1 million or more		none*			none*

Amount of purchase	Sales charge as a % of offering price				Sales charge as a % of net amount invested
Less than $100,000		4.50%				5.13%
$100,000 but less than $250,000		3.50%				4.00%
$250,000 or more			none*			none*

Amount of purchase	Sales charge as a % of offering price			Sales charge as a % of net amount invested
Less than $100,000		4.50%			5.13%
$100,000 but less than $250,000		3.50%			4.00%
$250,000 or more		none*			none*

Amount of purchase	Sales charge as a % of offering price			Sales charge as a % of net amount invested
Less than $100,000		4.50%			5.13%
$100,000 but less than $250,000		3.50%			4.00%
$250,000 but less than $500,000		2.50%			3.00%
$500,000 but less than $1 million		2.00%			2.44%
$1 million or more		none*			none*

Amount of purchase	Sales charge as a % of offering price			Sales charge as a of net amount invested
Less than $100,000		2.75%			3.23%
$100,000 but less than $250,000		2.00%			2.44%
$250,000 but less than $1 million		1.00%			1.34%
$1 million or more		none*			none*

1.	Institutional Class shares have no upfront sales charge, so the full amount of your purchase is invested in a Fund.

2.	Institutional Class shares are not subject to a CDSC.

3.	Institutional Class shares do not assess a 12b-1 fee.

4.	Institutional Class shares are available for purchase only by the following:

•

retirement plans or certain other programs that are maintained on platforms sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliate) related to such plans or programs;

•

tax-exempt employee benefit plans of the Manager, its affiliates, and securities dealers that have a selling agreement with the Distributor;

•

a bank, trust company, or similar financial institution investing for its own account or for the account of its trust customers for whom the financial institution is exercising investment discretion in purchasing Institutional Class shares, except where the investment is part of a program that requires payment to the financial institution of a Rule 12b-1 Plan fee;

•

registered investment advisors (RIAs) investing on behalf of clients that consist solely of institutions and high net worth individuals whose assets are entrusted to an RIA for investment purposes for accounts requiring Institutional Class shares (use of the Institutional Class shares is restricted to RIAs who are not affiliated or associated with a broker or dealer and who derive compensation for their services exclusively from their advisory clients);

•

programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (1) such programs allow or require the purchase of Institutional Class shares; (2) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Institutional Class shares; and (3) a financial intermediary (i) charges clients an ongoing fee for advisory, investment consulting or similar services, or (ii) offers the Institutional Class shares through a no-commission network or platform;

•

through a brokerage program of a financial intermediary that has entered into a written agreement with the Distributor and/or the transfer agent specifically allowing purchases of Institutional Class shares in such programs;

•

private investment vehicles, including, but not limited to, foundations and endowments; or

•

current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, any of the Manager's affiliates, or any predecessor fund to a Delaware Fund, provided that such shares are either held in an account opened directly with the Fund or are held through an account with a financial intermediary that permits the purchase of such shares. At the direction of

1.	Class R6 shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R6 shares are not subject to a CDSC.

2.	Class R6 shares do not assess a 12b-1 fee.

3.	Class R6 shares do not pay any service fees, sub-accounting fees, and/or subtransfer agency fees to any brokers, dealers, or other financial intermediaries.

4.

Class R6 shares are generally available to certain employer-sponsored retirement plans, such as 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans and money purchase pension plans, defined benefit plans, employer-sponsored benefit plans, and non-qualified deferred compensation plans. In addition, for these employer-sponsored retirement plans, Class R6 shares must be held through plan level or omnibus accounts held on the books of the Fund, and Class R6 shares are only available for purchase through financial intermediaries who have the appropriate agreement with the Distributor (or its affiliates) related to Class R6.

5.

Class R6 shares are also available for purchase through certain programs, platforms, or accounts that are maintained or sponsored by financial intermediary firms (including but not limited to, brokers, dealers, banks, trust companies, or entities performing trading/clearing functions), provided that the financial intermediary firm has entered into an agreement with the Distributor (or its affiliates) related to Class R6 for such programs, platforms or accounts.

6.	Class R6 shares are also generally available for purchase by or through funds (including mutual funds registered under the 1940 Act and collective trusts) of funds.

7.

In addition to the foregoing list of eligible investors, Class R6 shares are generally available to certain institutional investors and high net worth individuals who make a minimum initial investment directly in the Fund’s Class R6 shares of $1,000,000 or more and who have completed an application and been approved by the Fund for such investment. These institutional investors and high net worth individuals must retain Class R6 shares directly in their names and will not be permitted to hold such shares through an omnibus account or other similar arrangements.

8.	Class R6 shares may not be available through certain financial intermediaries.

1.	Participants of employee benefit plans established under Section 401(a) (including a 401(k) plan), 403(b) or 457(b) of the Code for which an unaffiliated third party intermediary provides administrative, distribution and/or other support services to the plan.

2.

Individuals investing in fee-based brokerage or advisory accounts, wrap accounts and asset allocation programs that charge asset-based fees, through certain investment advisers and broker-dealers, including banks, trust institutions, investment fund administrators and other third parties investing for their own accounts or for the accounts of their customers, and for which entity an unaffiliated third party provides administrative, distribution and/or other support services.

3.	Government entities or authorities and corporations whose investment within the first 12 months after initial investment is $10 million or more and to which entity an unaffiliated third party intermediary provides certain administrative, distribution and/or other support services.

4.	Clients of financial intermediaries who have self-directed brokerage accounts (that may or may not charge transaction fees to those clients), provided that such financial intermediaries have entered into an agreement

Commission (%)	Class A​1
Less than $100,000		4.00%
$100,000 but less than $250,000		3.00%
$250,000 but less than $5 million		1.00%
$5 million but less than $25 million		0.50%
$25 million or more		0.25%
12b-1 fee to dealer		0.25%

Commission (%)	Class A​1
Less than $100,000		4.00%
$100,000 but less than $250,000		3.00%
$250,000 but less than $5 million		1.00%
$5 million but less than $25 million		0.50%
$25 million or more		0.25%
12b-1 fee to dealer		0.25%

	Class A1
Commission (%)		—
Investment less than $100,000		4.00%
$100,000 but less than $250,000		3.00%
$250,000 but less than $500,000		2.00%

$500,000 but less than $1 million		1.60%
$1 million but less than $5 million		1.00%
$5 million but less than $25 million		0.50%
$25 million or more		0.25%
12b-1 fee to dealer		0.25%

Commission (%)	Class A​1
Less than $100,000		2.35%
$100,000 but less than $250,000		1.75%
$250,000 but less than $1 million		0.75%
$1 million but less than $5 million		0.75%
$5 million but less than $25 million		0.50%
$25 million or more		0.25%
12b-1 fee to dealer		0.25%

1

On sales of Class A shares, the Distributor reallows to your securities dealer a portion of the front-end sales charge depending upon the amount you invested. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.25% from the date of purchase. Additionally, Delaware Tax-Free USA Fund's Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992 and 0.25% on all shares acquired on or after June 1, 1992. On sales of Class A shares where there is no front-end sales charge, the Distributor may pay your securities dealer an upfront commission of up to 1.00%. The upfront commission includes an advance of the first year's 12b-1 fee of up to 0.25%. During the first 12 months, the Distributor will retain the 12b-1 fee to partially offset the upfront commission advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 12b-1 fee applicable to Class A shares.

2

On sales of Class C shares, the Distributor may pay your securities dealer an upfront commission of 1.00%. The upfront commission includes an advance of the first year's 12b-1 service fee of up to 0.25%. During the first 12 months, the Distributor retains the full 1.00% 12b-1 fee to partially offset the upfront commission and the prepaid 0.25% service fee advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 1.00% 12b-1 fee applicable to Class C shares. Alternatively, certain intermediaries may not be eligible to receive the upfront commission of 1.00%, but may receive the 12b-1 fee for sales of Class C shares from the date of purchase. After approximately eight years, Class C shares are eligible to automatically convert to Class A shares and dealers may then be eligible to receive the 12b-1 fee applicable to Class A shares.

	Class A1			Class C2			Class R3
Commission (%)		—			1.00%			—
Investment less than $100,000		4.00%			—			—
$100,000 but less than $250,000		3.00%			—			—
$250,000 but less than $500,000		2.00%			—			—
$500,000 but less than $1 million		1.60%			—			—
$1 million but less than $5 million		1.00%			—			—
$5 million but less than $25 million		0.50%			—			—
$25 million or more		0.25%			—			—
12b-1 fee to dealer		0.25%			1.00%			0.50%

	Class A​1			Class C​2			Class R​3
Commission (%)		—			1.00%			—
Investment less than $100,000		2.35%			—			—
$100,000 but less than $250,000		1.75%			—			—
$250,000 but less than $5 million		0.75%			—			—
$5 million but less than $25 million		0.50%			—			—
$25 million or more		0.25%			—			—
12b-1 fee to dealer		0.25%			1.00%			0.50%

Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

Class A	Class C
Available.	Not available.

Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

1.	Shares purchased under the Delaware Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 90-day reinvestment privilege.

2.

Purchases by: (i) current and former officers, Trustees/Directors, and employees of any Delaware Fund, the Manager, any of the Manager's current affiliates and those that may in the future be created, or any predecessor fund to a Delaware Fund, including the funds formerly advised by Foresters Investment Management Company, Inc., Ivy Investment Management Company, Waddell & Reed, or any other fund families acquired or merged into the Delaware Funds; (ii) current employees of legal counsel to Delaware Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer's agreements with the Distributor. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase shares at NAV.

3.	Purchases by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning sales of shares of Delaware Funds.

4.	Purchases by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.

5.

Purchases by programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (i) such programs allow or require the purchase of Class A shares; (ii) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class A shares; and (iii) a financial intermediary (1) charges clients an ongoing fee for advisory, investment consulting, or similar services, or (2) offers the Class A shares through a no-commission network or platform. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares through a financial intermediary that offers these programs.

6.

Purchases for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries have entered into an agreement with the Distributor providing for the purchase of Class A shares at NAV through self-directed brokerage service platforms or programs. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares at NAV through a self-directed investment brokerage service platform or program.

7.	Purchases by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase shares of a Fund’s Institutional Class or Class I, if applicable.

8.

Purchases by retirement plans or certain other programs that are maintained or sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliates) related to such plans or programs.

9.

9.	Purchases by certain legacy bank-sponsored retirement plans and certain legacy retirement assets that meet requirements set forth in the SAI.

11.

10.	Investments made by plan level and/or participant retirement accounts that are for the purpose of repaying a loan taken from such accounts.

13.

11.

Purchases by certain participants in defined contribution plans and members of their households whose plan assets will be rolled over into IRA accounts (IRA Program) where the financial intermediary has entered into an agreement specifically relating to such IRA Program with the Distributor and/or the transfer agent.

12.	Purchases by certain participants of particular group retirement plans as described in a Fund’s SAI.

13.	Additional purchases by existing shareholders whose accounts were eligible for purchasing shares at NAV under a predecessor fund’s eligibility requirements set by the predecessor fund’s company.

14.	Investments made into an account with no financial intermediary or no longer associated with a financial intermediary may invest in Class A shares without a sales charge.

1.

Redemptions in accordance with a systematic withdrawal plan: Redemptions in accordance with a systematic withdrawal plan, provided the annual amount selected to be withdrawn under the plan does not exceed 12% of the value of the account on the date that the systematic withdrawal plan was established or modified.

2.	Redemptions that result from the right to liquidate a shareholder’s account: Redemptions that result from the right to liquidate a shareholder’s account if the aggregate NAV of the shares held in the account is less than the then-effective minimum account size.

3.	Section 401(a) qualified retirement plan distributions: Distributions to participants or beneficiaries from a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (Internal Revenue Code).

4.	Section 401(a) qualified retirement plan redemptions: Redemptions pursuant to the direction of a participant or beneficiary of a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code with respect to that retirement plan.

5.

Periodic distributions or systematic withdrawals from a retirement account or qualified plan: Periodic distributions or systematic withdrawals from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan​1 (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans) not subject to a penalty under Section 72(t)(2)(A) of the Internal Revenue Code or a hardship or unforeseen emergency provision in the qualified plan as described in Treas. Reg. §1.401(k)-1(d)(3) and Section 457(d)(1)(A)(iii) of the Internal Revenue Code.

6.

Returns of excess contributions due to any regulatory limit: Returns of excess contributions due to any regulatory limit from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan​1 (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans).

7.	Distributions by other employee benefit plans: Distributions by other employee benefit plans to pay benefits.

8.

Distributions from an account of a redemption resulting from death or disability: Distributions from an account of a redemption resulting from the death or disability (as defined in Section 72(t)(2)(A) of the Internal Revenue Code) of a registered owner or a registered joint owner occurring after the purchase of the shares being redeemed. In the case of accounts established under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act or trust accounts, the waiver applies upon the death of all beneficial owners.

9.	Redemptions by certain legacy retirement assets: Redemptions by certain legacy retirement assets that meet the requirements set forth in a Fund’s SAI.

10.	Redemptions in connection with a fund liquidation: Redemptions subsequent to the fund liquidation notice to shareholders.

1.	By check — Sent to your address of record, provided there has not been an address change in the last 30 days.

2.	By wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire fee may be deducted from your proceeds.

3.	By ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.

•

Bank information must be on file before you request a wire or ACH redemption. Your bank may charge a fee for these services.

1.	Each Acquiring Fund and its corresponding Acquired Fund share similar investment objectives, principal investment strategies, and principal risks and materially similar fundamental investment restrictions.

2.	Each Acquiring Fund and its corresponding Acquired Fund have a high degree of portfolio holding overlap and the same portfolio management teams, which is anticipated to mitigate transaction costs in connection with each Reorganization.

3.

Each Acquiring Fund’s overall net expense ratio is expected to be equal to or lower than the corresponding Acquired Fund’s net expense ratio following the Reorganizations taking into account applicable expense limitation arrangements, with the exception of Class C shares of Delaware National High-Yield Municipal Bond Fund(Acquiring Fund), which have a total expense ratio that is 2 basis points (0.02%) higher than Class C shares of Delaware Ivy Municipal High Income Fund (Acquired Fund) .

4.	Each Acquiring Fund’s expense limitation agreements will remain in place for a minimum of twelve months following the Reorganization.

5.	The assets under management of each Fund (e.g., smaller funds going into larger funds) and DMC’s view on ability to garner additional assets of each Fund outside of the Reorganizations.

6.

Each Acquiring Fund’s assets will increase as a result of the Reorganization which may result in increased economies of scale and may help the Acquiring Funds reach and/or get closer (as applicable) to breakpoints in the management fee schedules, which will or may (as applicable) allow them to benefit from lower management fees in the future.

7.	Potential increased distribution attention due to shelf space eligibility and increased Fund sizes.

8.	Potential other benefits, including as described by DMC to the Boards.

9.	The performance of the Funds across the various periods and the timing of the new portfolio management teams on the Acquired Funds.

10.	The Reorganizations will be effected on the basis of each Fund’s net asset value per share and will not result in the dilution of the interests of shareholders of any Fund.

11.

The total costs of the Reorganization will be split as follows: one third paid by the Acquiring Funds together, one third paid by the Acquired Funds together, and one third by DMC, with individual Fund contributions to be assessed based on proportional assets to ensure that smaller funds are not disadvantaged.

12.	Each Reorganization will be effected on a tax-free basis.

	Delaware Ivy Municipal Bond Fund as of 12/31/2022	Delaware Tax-Free USA Fund as of 12/31/2022
Aggregate Capital Loss Carryovers	None	($30,578,460)
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($18,612,135)	($49,641,311)
Net Assets	$363,852,831	$708,828,495
Approximate Annual Limitation for Capital Losses*	None	None

	Delaware Ivy Municipal High Income Fund as of 12/31/2022	Delaware National High-Yield Municipal Bond Fund as of 12/31/2022
Aggregate Capital Loss Carryovers	($37,755,050)	None
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($101,843,329)	($143,761,032)
Net Assets	$543,480,943	$1,881,518,776
Approximate Annual Limitation for Capital Losses*	($13,740,291)	None

	Delaware Ivy California Municipal High Income Fund as of 12/31/2022	Delaware Tax-Free California Fund as of 12/31/2022
Aggregate Capital Loss Carryovers	None	None
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($1,143,044)	($10,098,904)
Net Assets	$14,478,952	$162,669,969
Approximate Annual Limitation for Capital Losses*	None	None

	Delaware Ivy Corporate Bond Fund as of  12/31/2022	Delaware Corporate Bond Fund as of 12/31/2022
Aggregate Capital Loss Carryovers	($15,932,656)	None
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($63,342,464)	($145,256,424)
Net Assets	$376,324,922	$1,155,572,972
Approximate Annual Limitation for Capital Losses*	None	None

Delaware Ivy Crossover Credit Fund as of 12/31/2022

Delaware Corporate Bond Fund as of 12/31/2022

Aggregate Capital Loss Carryovers	($1,241,756)	None
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($3,415,443)	($145,256,424)
Net Assets	$15,838,861	$1,155,572,972
Approximate Annual Limitation for Capital Losses*	None	None

	Delaware Ivy Limited-Term Bond Fund as of  12/31/2022	Delaware Limited-Term Diversified Income Fund as of 12/31/2022
Aggregate Capital Loss Carryovers	($5,472,441)	($63,301,220)
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($23,429,551)	($20,026,022)
Net Assets	$643,697,767	$430,777,958
Approximate Annual Limitation for Capital Losses*	None	None

	Delaware Ivy Strategic Income Fund as of  12/31/2022	Delaware Strategic Income Fund as of 12/31/2022
Aggregate Capital Loss Carryovers	None	($8,269,060)
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	($20,772,782)	($12,721,482)
Net Assets	$152,863,021	$115,846,088
Approximate Annual Limitation for Capital Losses*	None	($1,120,613)

•

receive a greater amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized appreciation as a percentage of net asset value is greater than the Acquired Fund’s;

•

receive a lesser amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized appreciation as a percentage of net asset value is lesser than the Acquired Fund’s;

•

receive a greater amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized depreciation as a percentage of net asset value is lesser than the Acquired Fund’s; or

•

receive a lesser amount of taxable distributions than they would have had if a Reorganization had not occurred if the combined fund’s unrealized depreciation as a percentage of net asset value is greater than the Acquired Fund’s.

Acquired Fund Name	Unrealized Appreciation or (Depreciation) as a % of NAV	Acquiring Fund Name	Unrealized Appreciation or (Depreciation) as a % of NAV	Approximate Unrealized Appreciation or (Depreciation) as a % of NAV on a combined basis
Delaware Ivy Municipal Bond Fund	(8.47)% as of 9/30/2022	Delaware Tax-Free USA Fund	(3.53)% as of 8/31/2022	(5.14)%
Delaware Ivy Municipal High Income Fund	(19.13)% as of 9/30/2022	Delaware National High-Yield Municipal Bond Fund	(5.74)% as of 8/31/2022	(9.14)%
Delaware Ivy California Municipal High Income Fund	(9.25)% as of 9/30/2022	Delaware Tax-Free California Fund	(4.61)% as of 8/31/2022	(5.08)%
Delaware Ivy Corporate Bond Fund	(19.59)% as of 9/30/2022	Delaware Corporate Bond Fund	(9.47)% as of 7/31/2022	(11.94)%
Delaware Ivy Crossover Credit Fund	(23.79)% as of 9/30/2022	Delaware Corporate Bond Fund	(9.47)% as of 7/31/2022	(9.66)%
Delaware Ivy Limited-Term Bond Fund	(5.29)% as of 9/30/2022	Delaware Limited-Term Diversified Income Fund	(4.99)% as of 6/30/2022	(5.17)%
Delaware Ivy Strategic Income Fund	(16.56)% as of 9/30/2022	Delaware Strategic Income Fund	(12.36)% as of 7/31/2022	(15.06)%

Acquired Funds/Classes*	Acquiring Funds/Classes*
Delaware Ivy Municipal Bond Fund ($364.3), a series of Ivy Funds	Delaware Tax-Free USA Fund ($708.8), a series of Delaware Group Tax-Free Fund
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class R6	Institutional Class

Acquired Funds/Classes*	Acquiring Funds/Classes*
Delaware Ivy Municipal High Income Fund ($543.9), a series of Ivy Funds	Delaware National High-Yield Municipal Bond Fund ($1,881.5), a series of Voyageur Mutual Funds
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class R6	Institutional Class
Class Y	Class A
Delaware Ivy California Municipal High Income Fund ($14.5), a series of Ivy Funds	Delaware Tax-Free California Fund ($162.7), a series of Voyageur Mutual Funds
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class Y	Class A
Delaware Ivy Corporate Bond Fund ($377.3), a series of Ivy Funds	Delaware Corporate Bond Fund ($1,155.6), a series of Delaware Group Income Funds
Class A	Class A
Class C	Class C
Class I	Institutional Class
-	Class R
-	Class R6
Class Y	Class A
Delaware Ivy Crossover Credit Fund ($15.8), a series of Ivy Funds	Delaware Corporate Bond Fund ($1,155.6), a series of Delaware Group Income Funds
Class A	Class A
-	Class C
Class I	Institutional Class
Class Y	Class A
Delaware Ivy Limited-Term Bond Fund ($643.7), a series of Ivy Funds	Delaware Limited-Term Diversified Income Fund ($427.4), a series of Delaware Group Limited-Term Government Funds
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class R	Class R
Class R6	Class R6
Class Y	Class A
Delaware Ivy Strategic Income Fund ($152.9), a series of Ivy Funds	Delaware Strategic Income Fund ($115.8), a series of Delaware Group Government Fund
Class A	Class A
Class C	Class C
Class I	Institutional Class

Delaware Ivy Strategic Income Fund ($152.9), a series of Ivy Funds	Delaware Strategic Income Fund ($115.8), a series of Delaware Group Government Fund
-	Class R
Class R6	Institutional Class
Class Y	Class A

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$ 364,184,306.41	$  708,194,592.10		$ 1,072,378,898.51
Total shares outstanding	36,614,006.86	70,615,802.47	(317,624.44)	106,912,184.89
Class A net assets	$252,070,848.70	$ 490,694,995.04		$742,765,843.74
Class A shares outstanding	25,341,995.67	49,044,520.99	(160,092.70)	74,226,423.95
Class A net asset value per share	$9.95	$10.01		$10.01
Class C net assets	$ 3,958,955.64	$7,812,492.41		$11,771,448.05
Class C shares outstanding	398,013.182	780,695.314	(2,513.12)	1,176,195.38
Class C net asset value per share	$9.95	$10.01		$10.01
Class R6 net assets	$ 754,994.32	N/A		$  754,994.32
Class R6 shares outstanding	75,895.51	-	(1,069.51)	74,826.00
Class R6 net asset value per share	$9.95	$10.09		$10.09
Class I net assets	$107,399,507.75	$209,687,104.65		$ 317,086,612.40
Class I shares outstanding	10,798,102.50	20,790,586.17	(153,949.11)	31,434,739.57
Class I net asset value per share	$9.95	$10.09		$10.09

1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Adjustments reflect the costs of the Reorganization incurred by each Fund.

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$ 542,806,410.30	$1,863,946,622.24		$2,406,753,032.54
Total shares outstanding	127,968,578.98	189,422,570.86	(72,520,108.09)	244,871,041.75
Class A net assets	$  375,383,444.24	$282,479,750.88		$657,863,195.12
Class A shares outstanding	88,498,678.13	28,929,625.39	(50,037,259.66)	67,391,043.85
Class A net asset value per share	$4.24	$9.76		$9.76
Class C net assets	$ 11,330,575.45	$ 43,303,084.44		$  54,633,659.89
Class C shares outstanding	2,671,245.60	4,417,319.77	(1,515,064.43)	5,573,500.94
Class C net asset value per share	$4.24	$9.80		$9.80
Class Y net assets	$3,032,467.65	N/A		$ 3,032,467.65
Class Y shares outstanding	714,867.56	N/A	(407,315.06)	307,552.50
Class Y net asset value per share	$4.24	$9.86		$9.86
Class R6 net assets	$757,565.69	N/A		$757,565.69
Class R6 shares outstanding	178,591.99	-	(101,759.77)	76,832.22
Class R6 net asset value per share	$4.24	$9.86		$9.86

Institutional Class net assets	$  152,302,357.27	$1,538,163,786.92		$1,690,466,144.19
Institutional Class shares outstanding	35,905,195.70	156,075,625.70	(20,458,709.16)	171,522,112.24
Institutional Class net asset value per share	$ 4.24	$9.86		$9.86
1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Adjustments reflect the costs of the Reorganization incurred by each Fund.

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$ 14,451,035.63	$ 162,281,867.64		$176,732,903.27
Total shares outstanding	1,591,530.16	15,180,609.51	(239,768.84)	16,532,370.83
Class A net assets	$8,095,722.39	$ 68,182,081.39		$76,277,803.78
Class A shares outstanding	891,493.62	6,378,876.69	(134,176.28)	7,136,194.04
Class A net asset value per share	$9.08	$10.69		$10.69
Class C net assets	$378,661.92	$2,242,581.40		$  2,621,243.32
Class C shares outstanding	41,697.87	209,375.95	(6,341.94)	244,731.87
Class C net asset value per share	$9.08	$10.71		$10.71
Class Y net assets	$ 48,754.95	N/A		$ 48,754.95
Class Y shares outstanding	5,368.254	N/A	(807.45)	4,560.80
Class Y net asset value per share	$9.08	$10.69		$10.69
Institutional Class net assets	$ 5,927,896.37	$ 91,857,204.85		$97,785,101.22

Institutional Class shares outstanding	652,970.42	8,592,356.87	(98,443.16)	9,146,884.12
Institutional Class net asset value per share	$9.08	$10.69		$10.69
1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Adjustments reflect the costs of the Reorganization incurred by each Fund.

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$377,196,564.82	$1,154,129,679.43		$1,531,326,244.25
Total shares outstanding	24,529,968.93	76,895,054.75	599,715.60	102,024,739.28
Class A net assets	$  199,311,185.67	$ 253,068,620.24		$452,379,805.91
Class A shares outstanding	12,966,965.42	16,860,228.83	311,594.58	30,138,788.84
Class A net asset value per share	$15.37	$15.01		$ 15.01
Class C net assets	$1,303,047.13	$ 12,977,164.34		$14,280,211.47
Class C shares outstanding	84,918.69	864,437.02	1,893.24	951,248.96
Class C net asset value per share	$15.34	$15.01		$15.01
Class Y net assets	$203,947.96	N/A		$203,947.96
Class Y shares outstanding	13,269.63	N/A	317.85	13,587.47
Class Y net asset value per share	$ 15.37	$15.01		$ 15.01
Class R net assets	N/A	$ 8,682,653.25		$  8,682,653.25
Class R shares outstanding	N/A	577,967.94	-	577,967.94
Class R net asset value per share	N/A	$15.02		$15.02

Class R6 net assets	N/A	$ 10,667,081.62		$10,667,081.62
Class R6 shares outstanding	N/A	711,169.68	-	711,169.68
Class R6 net asset value per share	N/A	$15.00		$ 15.00
Institutional Class net assets	$ 176,378,384.06	$ 868,734,159.98		$1,045,112,544.04
Institutional Class shares outstanding	11,464,815.19	57,881,251.28	285,909.93	69,631,976.40
Institutional Class net asset value per share	$15.38	$15.01		$15.01
1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Adjustments reflect the costs of the Reorganization incurred by each Fund.

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$              15,855,077.83	$       1,154,129,679.43		$                                       1,169,984,757.26
Total shares outstanding	1,912,121.82	76,895,054.75	(855,820.84)	77,951,355.74
Class A net assets	$ 3,233,601.86	$ 253,068,620.24		$256,302,222.10
Class A shares outstanding	389,933.11	16,860,228.83	(174,503.27)	17,075,658.67
Class A net asset value per share	$8.29	$15.01		$15.01
Class C net assets	N/A	$12,977,164.34		$12,977,164.34
Class C shares outstanding	N/A	864,437.022	-	864,437.02
Class C net asset value per share	N/A	$15.01		$15.01
Class Y net assets	$979,754.99	N/A		$979,754.99

Class Y shares outstanding	118,200.29	N/A	(52,926.81)	65,273.48
Class Y net asset value per share	$8.29	$15.01		$ 15.01
Class R net assets	N/A	$8,682,653.25		$8,682,653.25
Class R shares outstanding	N/A	577,967.94	-	577,967.94
Class R net asset value per share	N/A	$15.02		$ 15.02
Class R6 net assets	N/A	$10,667,081.62		$ 10,667,081.62
Class R6 shares outstanding	N/A	711,169.68	-	711,169.68
Class R6 net asset value per share	N/A	$15.00		$15.00
Institutional Class net assets	$11,641,720.98	$  868,734,159.98		$880,375,880.96
Institutional Class shares outstanding	1,403,988.42	57,881,251.28	(628,390.76)	58,656,848.94
Institutional Class net asset value per share	$8.29	$15.01		$15.01
1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Adjustments reflect the costs of the Reorganization incurred by each Fund.

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$642,765,077.89	$ 427,372,272.21		$1,070,137,350.10
Total shares outstanding	62,402,549.41	55,441,115.45	20,967,422.95	138,811,087.80
Class A net assets	$319,382,385.31	$216,290,671.80		$535,673,057.11
Class A shares outstanding	31,006,660.1	28,049,060.1	10,417,773.80	69,473,493.99

Class A net asset value per share	$ 10.30	$7.71		$7.71
Class C net assets	$ 8,758,189.93	$9,379,624.55		$18,137,814.48
Class C shares outstanding	850,322.40	1,217,774.93	287,104.86	2,355,202.20
Class C net asset value per share	$10.30	$7.70		$7.70
Class Y net assets	$1,970,213.30	N/A		$1,970,213.30
Class Y shares outstanding	191,279.13	N/A	64,260.86	255,539.99
Class Y net asset value per share	$10.30	$                            7.71		$7.71
Class R net assets	$ 330,020.67	$ 740,485.17		$ 1,070,505.84
Class R shares outstanding	32,039.57	96,063.80	10,764.67	138,868.03
Class R net asset value per share	$10.30	$7.71		$7.71
Class R6 net assets	$  4,646,718.92	$ 4,879,572.87		$9,526,291.79
Class R6 shares outstanding	451,110.64	633,565.82	152,359.35	1,237,035.80
Class R6 net asset value per share	$10.30	$7.70		$ 7.70
Institutional Class net assets	$307,677,549.76	$196,081,917.82		$503,759,467.58
Institutional Class shares outstanding	29,871,137.58	25,444,650.81	10,035,159.41	65,350,947.79
Institutional Class net asset value per share	$10.30	$7.71		$7.71
1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Adjustments reflect the costs of the Reorganization incurred by each Fund.

	Acquired Fund	Acquiring Fund	Pro Forma Adjustments to Capitalization1,2	Acquiring Fund after Reorganization1
	(unaudited)	(unaudited)		(estimated)
				(unaudited)
Net assets (all classes)	$ 152,867,202.33	$  115,469,403.33		$268,336,605.66
Total shares outstanding	17,700,356.28	16,041,731.28	3,531,199.60	37,273,287.16
Class A net assets	$49,719,652.99	$ 73,252,860.80		$122,972,513.79
Class A shares outstanding	5,758,636.88	10,176,934.22	1,146,870.48	17,082,441.58
Class A net asset value per share	$ 8.63	$7.20		$7.20
Class C net assets	$2,396,304.75	$ 967,071.88		$3,363,376.63
Class C shares outstanding	277,546.72	134,377.07	55,273.39	467,197.18
Class C net asset value per share	$8.63	$7.20		$7.20
Class Y net assets	$  93,519.50	N/A		$ 93,519.50
Class Y shares outstanding	10,833.13	N/A	2,155.69	12,988.82
Class Y net asset value per share	$8.63	$7.20		$7.20
Class R net assets	N/A	$152,057.30		$152,057.30
Class R shares outstanding	N/A	21,076.98		21,076.98
Class R net asset value per share	N/A	$7.21		$7.21
Class R6 net assets	$756,655.32	N/A		$756,655.32
Class R6 shares outstanding	87,596.93	N/A	17,494.09	105,091.02
Class R6 net asset value per share	$ 8.64	$7.20		$7.20
Institutional Class net assets	$99,901,069.77	$41,097,413.35		$140,998,483.12
Institutional Class shares outstanding	11,565,742.62	5,709,343.00	2,309,405.96	19,584,491.58
Institutional Class net asset value per share	$ 8.64	$7.20		$7.20
1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Adjustments reflect the costs of the Reorganization incurred by each Fund.

A	Form of Agreement and Plan of Reorganization
B	Financial Highlights

1.	DESCRIPTION OF THE REORGANIZATIONS

2.

VALUATION

3.	CLOSING AND CLOSING DATE

4.	REPRESENTATIONS AND WARRANTIES

5.	COVENANTS OF THE ACQUIRING FUND AND THE TARGET FUND

6.	CONDITIONS PRECEDENT TO OBLIGATIONS OF THE TARGET FUND

7.	CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND

8.	FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND AND THE TARGET FUND

9.

EXPENSES

10.	FINAL TAX RETURNS AND FORMS 1099 OF THE TARGET FUND

11.	ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES AND COVENANTS

12.	TERMINATION

13.	AMENDMENTS

14.	HEADINGS; GOVERNING LAW; COUNTERPARTS; ASSIGNMENT; LIMITATION OF LIABILITY

		Delaware Group Government Fund Delaware Group Income Funds Delaware Group Limited-Term Government Funds Delaware Group Tax-Free Fund Ivy Funds Voyageur Mutual Funds, each on behalf of its respective series    identified on Exhibit A hereto
		By:
			Name:
			Title:
		With respect to Section 9.1 only, Delaware Management Company, a series of Macquarie Investment Management Business Trust
		By:
			Name:
			Title:

TARGET FUND (AND TARGET SHARE CLASSES) AND TARGET ENTITY	ACQUIRING FUND (AND SHARE CLASSES) AND ACQUIRING ENTITY	CLOSING DATE
Delaware Ivy Municipal Bond Fund, a series of Ivy Funds	Delaware Tax-Free USA Fund, a series of Delaware Group Tax-Free Fund
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class R6	Institutional Class
Delaware Ivy Municipal High Income Fund, a series of Ivy Funds	Delaware National High-Yield Municipal Bond Fund, a series of Voyageur Mutual Funds
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class R6	Institutional Class
Class Y	Class A
Delaware Ivy California Municipal High Income Fund, a series of Ivy Funds	Delaware Tax-Free California Fund, a series of Voyageur Mutual Funds
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class Y	Class A
Delaware Ivy Corporate Bond Fund, a series of Ivy Funds	Delaware Corporate Bond Fund, a series of Delaware Group Income Funds
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class Y	Class A
Delaware Ivy Crossover Credit Fund, a series of Ivy Funds	Delaware Corporate Bond Fund, a series of Delaware Group Income Funds
Class A	Class A
Class I	Institutional Class
Class Y	Class A
Delaware Ivy Limited-Term Bond Fund, a series of Ivy Funds	Delaware Limited-Term Diversified Income Fund, a series of Delaware Group Limited-Term Government Funds

TARGET FUND (AND TARGET SHARE CLASSES) AND TARGET ENTITY	ACQUIRING FUND (AND SHARE CLASSES) AND ACQUIRING ENTITY	CLOSING DATE
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class R	Class R
Class R6	Class R6
Class Y	Class A
Delaware Ivy Strategic Income Fund, a series of Ivy Funds	Delaware Strategic Income Fund, a series of Delaware Group Government Fund
Class A	Class A
Class C	Class C
Class I	Institutional Class
Class R6	Institutional Class
Class Y	Class A

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.95			$	11.89			$	11.68			$	11.70			$	11.72			$	11.82
Income (loss) from investment operations:
Net investment income2				0.16				0.30				0.26				0.34				0.40				0.42
Net realized and unrealized gain (loss)				(1.17	)			(0.88	)			0.21				(0.03	)			(0.03	)			(0.15	)
Total from investment operations				(1.01	)			(0.58	)			0.47				0.31				0.37				0.27
Less dividends and distributions from:
Net investment income				(0.19	)			(0.25	)			(0.26	)			(0.33	)			(0.39	)			(0.37	)
Net realized gain				—				(0.11	)			—				—				—				—
Total dividends and distributions				(0.19	)			(0.36	)			(0.26	)			(0.33	)			(0.39	)			(0.37	)
Net asset value, end of period			$	9.75			$	10.95			$	11.89			$	11.68			$	11.70			$	11.72
Total return3				(9.34%	)			(5.09%	)			4.07%				2.68%				3.28%				2.28%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	288,064			$	375,510			$	445	4		$	453	4		$	476	4		$	523	4
Ratio of expenses to average net assets5				0.82%				0.83%				0.83%				0.84%				0.84%				0.87%
Ratio of expenses to average net assets prior to fees waived5				0.94%				0.87%				0.90%				0.91%				0.90%				0.92%
Ratio of net investment income to average net assets				2.98%				2.50%				2.21%				2.87%				3.38%				3.52%
Ratio of net investment income to average net assets prior to fees waived				2.86%				2.46%				2.14%				2.80%				3.32%				3.47%
Portfolio turnover				26%				60%				22%				18%				7%				—%	6
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.
6	Portfolio turnover is less than 0.50%.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.95			$	11.89			$	11.68			$	11.70			$	11.72			$	11.82
Income (loss) from investment operations:
Net investment income2				0.10				0.18				0.16				0.24				0.30				0.29
Net realized and unrealized gain (loss)				(1.16	)			(0.86	)			0.21				(0.03	)			(0.01	)			(0.13	)
Total from investment operations				(1.06	)			(0.68	)			0.37				0.21				0.29				0.16
Less dividends and distributions from:
Net investment income				(0.14	)			(0.15	)			(0.16	)			(0.23	)			(0.31	)			(0.26	)
Net realized gain				—				(0.11	)			—				—				—				—
Total dividends and distributions				(0.14	)			(0.26	)			(0.16	)			(0.23	)			(0.31	)			(0.26	)
Net asset value, end of period			$	9.75			$	10.95			$	11.89			$	11.68			$	11.70			$	11.72
Total return3				(9.78%	)4			(5.87%	)			3.14%				1.80%				2.50%				1.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	3,663			$	4,842			$	8	5		$	16	5		$	19	5		$	24	5
Ratio of expenses to average net assets6				1.80%				1.67%				1.73%				1.72%				1.70%				1.74%
Ratio of expenses to average net assets prior to fees waived6				1.92%				1.67%				1.73%				1.72%				1.70%				1.74%
Ratio of net investment income to average net assets				1.98%				1.56%				1.36%				2.00%				2.53%				2.46%
Ratio of net investment income to average net assets prior to fees waived				1.86%				1.56%				1.36%				2.00%				2.53%				2.46%
Portfolio turnover				26%				60%				22%				18%				7%				—%	7
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	Portfolio turnover is less than 0.50%.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.95			$	11.89			$	11.68			$	11.70			$	11.72			$	11.82
Income (loss) from investment operations:
Net investment income2				0.16				0.31				0.28				0.36				0.42				0.43
Net realized and unrealized gain (loss)				(1.16	)			(0.88	)			0.21				(0.03	)			(0.02	)			(0.15	)
Total from investment operations				(1.00	)			(0.57	)			0.49				0.33				0.40				0.28
Less dividends and distributions from:
Net investment income				(0.20	)			(0.26	)			(0.28	)			(0.35	)			(0.42	)			(0.38	)
Net realized gain				—				(0.11	)			—				—				—				—
Total dividends and distributions				(0.20	)			(0.37	)			(0.28	)			(0.35	)			(0.42	)			(0.38	)
Net asset value, end of period			$	9.75			$	10.95			$	11.89			$	11.68			$	11.70			$	11.72
Total return3				(9.26%	)4			(4.96%	)4			4.21%	4			2.83%	4			3.53%	4			2.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	147,899			$	238,886			$	302	5		$	293	5		$	315	5		$	326	5
Ratio of expenses to average net assets6				0.66%				0.70%				0.70%				0.70%				0.70%				0.75%
Ratio of expenses to average net assets prior to fees waived6				0.77%				0.72%				0.74%				0.74%				0.73%				0.75%
Ratio of net investment income to average net assets				3.08%				2.59%				2.33%				3.01%				3.52%				3.58%
Ratio of net investment income to average net assets prior to fees waived				2.97%				2.57%				2.29%				2.97%				3.49%				3.58%
Portfolio turnover				26%				60%				22%				18%				7%				—%	7
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.
7	Portfolio turnover is less than 0.50%.

			Six months ended 9/30/221 (Unaudited)				Year ended																7/5/17 to 3/31/182
							3/31/22				3/31/21				3/31/20				3/31/19
Net asset value, beginning of period			$	10.95			$	11.89			$	11.68			$	11.70			$	11.72			$	11.90
Income (loss) from investment operations:
Net investment income3				0.16				0.32				0.29				0.36				0.43				0.33
Net realized and unrealized gain (loss)				(1.16	)			(0.87	)			0.21				(0.02	)			(0.02	)			(0.21	)
Total from investment operations				(1.00	)			(0.55	)			0.50				0.34				0.41				0.12
Less dividends and distributions from:
Net investment income				(0.20	)			(0.28	)			(0.29	)			(0.36	)			(0.43	)			(0.30	)
Net realized gain				—				(0.11	)			—				—				—				—
Total dividends and distributions				(0.20	)			(0.39	)			(0.29	)			(0.36	)			(0.43	)			(0.30	)
Net asset value, end of period			$	9.75			$	10.95			$	11.89			$	11.68			$	11.70			$	11.72
Total return4				(9.23%	)5			(4.84%	)			4.32%				2.94%				3.62%				1.09%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	726			$	1,124			$	1	6		$	1	6		$	1	6		$	1	6
Ratio of expenses to average net assets7				0.60%				0.58%				0.60%				0.60%				0.59%				0.60%
Ratio of expenses to average net assets prior to fees waived7				0.62%				0.58%				0.60%				0.60%				0.59%				0.60%
Ratio of net investment income to average net assets				3.14%				2.75%				2.43%				3.09%				3.62%				3.74%
Ratio of net investment income to average net assets prior to fees waived				3.12%				2.75%				2.43%				3.09%				3.62%				3.74%
Portfolio turnover				26%				60%				22%				18%				7%				—%	8
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
6	Net assets reported in millions.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.
8	Portfolio turnover is less than 0.50%.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05			$	5.09
Income (loss) from investment operations:
Net investment income2				0.06				0.21				0.17				0.19				0.22				0.16
Net realized and unrealized gain (loss)				(0.59	)			(0.28	)			0.17				(0.15	)			(0.03	)			—
Total from investment operations				(0.53	)			(0.07	)			0.34				0.04				0.19				0.16
Less dividends and distributions from:
Net investment income				(0.10	)			(0.16	)			(0.17	)			(0.19	)			(0.22	)			(0.20	)
Total dividends and distributions				(0.10	)			(0.16	)			(0.17	)			(0.19	)			(0.22	)			(0.20	)
Net asset value, end of period			$	4.18			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05
Total return3				(11.21%	)4			(1.44%	)			7.13%				0.72%				3.76%				3.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	424,777			$	556,920			$	6,367	5		$	610	5		$	665	5		$	732	5
Ratio of expenses to average net assets6				0.90%				0.89%				0.89%				0.88%				0.87%				0.88%
Ratio of expenses to average net assets prior to fees waived6				0.92%				0.89%				0.89%				0.88%				0.87%				0.88%
Ratio of net investment income to average net assets				2.45%				4.14%				3.47%				3.76%				4.32%				3.17%
Ratio of net investment income to average net assets prior to fees waived				2.43%				4.14%				3.47%				3.76%				4.32%				3.17%
Portfolio turnover				66%				42%				7%				18%				10%				3%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05			$	5.09
Income (loss) from investment operations:
Net investment income2				0.04				0.17				0.14				0.15				0.18				0.19
Net realized and unrealized gain (loss)				(0.59	)			(0.27	)			0.17				(0.15	)			(0.03	)			(0.06	)
Total from investment operations				(0.55	)			(0.10	)			0.31				—				0.15				0.13
Less dividends and distributions from:
Net investment income				(0.08	)			(0.13	)			(0.14	)			(0.15	)			(0.18	)			(0.17	)
Total dividends and distributions				(0.08	)			(0.13	)			(0.14	)			(0.15	)			(0.18	)			(0.17	)
Net asset value, end of period			$	4.18			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05
Total return3				(11.51%	)			(2.12%	)			6.39%				0.01%				3.06%				2.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	12,380			$	18,899			$	30	4		$	79	4		$	106	4		$	143	4
Ratio of expenses to average net assets5				1.58%				1.58%				1.58%				1.58%				1.58%				1.58%
Ratio of expenses to average net assets prior to fees waived5				1.85%				1.71%				1.68%				1.65%				1.63%				1.64%
Ratio of net investment income to average net assets				1.59%				3.32%				2.85%				3.06%				3.63%				3.67%
Ratio of net investment income to average net assets prior to fees waived				1.32%				3.19%				2.75%				2.99%				3.58%				3.61%
Portfolio turnover				66%				42%				7%				18%				10%				3%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05			$	5.09
Income (loss) from investment operations:
Net investment income2				0.06				0.23				0.19				0.20				0.23				0.23
Net realized and unrealized gain (loss)				(0.59	)			(0.28	)			0.17				(0.15	)			(0.03	)			(0.06	)
Total from investment operations				(0.53	)			(0.05	)			0.36				0.05				0.20				0.17
Less dividends and distributions from:
Net investment income				(0.10	)			(0.18	)			(0.19	)			(0.20	)			(0.23	)			(0.21	)
Total dividends and distributions				(0.10	)			(0.18	)			(0.19	)			(0.20	)			(0.23	)			(0.21	)
Net asset value, end of period			$	4.18			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05
Total return3				(11.08%	)			(1.16%	)			7.42%				0.99%				4.04%				3.56%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	189,681			$	278,654			$	313	4		$	355	4		$	413	4		$	520	4
Ratio of expenses to average net assets5				0.61%				0.61%				0.61%				0.61%				0.64%				0.68%
Ratio of expenses to average net assets prior to fees waived5				0.76%				0.75%				0.74%				0.72%				0.71%				0.72%
Ratio of net investment income to average net assets				2.65%				4.42%				3.76%				4.02%				4.57%				4.49%
Ratio of net investment income to average net assets prior to fees waived				2.50%				4.28%				3.63%				3.91%				4.50%				4.45%
Portfolio turnover				66%				42%				7%				18%				10%				3%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended																7/5/17 to 3/31/182
							3/31/22				3/31/21				3/31/20				3/31/19
Net asset value, beginning of period			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05			$	5.11
Income (loss) from investment operations:
Net investment income3				0.06				0.23				0.19				0.20				0.23				0.17
Net realized and unrealized gain (loss)				(0.59	)			(0.28	)			0.17				(0.14	)			(0.03	)			(0.07	)
Total from investment operations				(0.53	)			(0.05	)			0.36				0.06				0.20				0.10
Less dividends and distributions from:
Net investment income				(0.10	)			(0.18	)			(0.19	)			(0.21	)			(0.23	)			(0.16	)
Total dividends and distributions				(0.10	)			(0.18	)			(0.19	)			(0.21	)			(0.23	)			(0.16	)
Net asset value, end of period			$	4.18			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05
Total return4				(11.08%	)			(1.15%	)			7.43%				1.03%				4.13%				2.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	730			$	1,095			$	1	5		$	1	5		$	1	5		$	—	5,6
Ratio of expenses to average net assets7				0.62%				0.60%				0.60%				0.58%				0.57%				0.58%
Ratio of net investment income to average net assets				2.57%				4.46%				3.77%				4.03%				4.56%				4.55%
Portfolio turnover				66%				42%				7%				18%				10%				3%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05			$	5.09
Income (loss) from investment operations:
Net investment income2				0.06				0.21				0.17				0.19				0.22				0.23
Net realized and unrealized gain (loss)				(0.59	)			(0.28	)			0.17				(0.15	)			(0.03	)			(0.07	)
Total from investment operations				(0.53	)			(0.07	)			0.34				0.04				0.19				0.16
Less dividends and distributions from:
Net investment income				(0.10	)			(0.16	)			(0.17	)			(0.19	)			(0.22	)			(0.20	)
Total dividends and distributions				(0.10	)			(0.16	)			(0.17	)			(0.19	)			(0.22	)			(0.20	)
Net asset value, end of period			$	4.18			$	4.81			$	5.04			$	4.87			$	5.02			$	5.05
Total return3				(11.21%	)			(1.44%	)			7.12%				0.72%				3.79%				3.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	2,981			$	3,955			$	4	4		$	6	4		$	7	4		$	10	4
Ratio of expenses to average net assets5				0.92%				0.89%				0.89%				0.88%				0.87%				0.88%
Ratio of expenses to average net assets prior to fees waived5				1.01%				1.00%				0.99%				0.98%				0.96%				0.98%
Ratio of net investment income to average net assets				2.39%				4.14%				3.49%				3.75%				4.36%				4.44%
Ratio of net investment income to average net assets prior to fees waived				2.30%				4.03%				3.39%				3.65%				4.27%				4.34%
Portfolio turnover				66%				42%				7%				18%				10%				3%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

	Year ended
Class A shares		8/31/22		8/31/21			8/31/20			8/31/19			8/31/18
Net asset value, beginning of period		$12.04			$11.15			$11.48			$11.00			$11.05
Income (loss) from investment operations:
Net investment income​1		0.44			0.42			0.44			0.46			0.46
Net realized and unrealized gain (loss)		(1.67	)		0.91			(0.33	)		0.48			(0.05	)
Total from investment operations		(1.23	)		1.33			0.11			0.94			0.41
Less dividends and distributions from:
Net investment income		(0.43	)		(0.42	)		(0.44	)		(0.46	)		(0.46	)
Net realized gain		(0.03	)		(0.02	)		—			—			—
Total dividends and distributions		(0.46	)		(0.44	)		(0.44	)		(0.46	)		(0.46	)
Net asset value, end of period		$10.35			$12.04			$11.15			$11.48			$11.00
Total return2		(10.49%	)		12.12%			1.06%			8.81%			3.80%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$261,839			$247,542			$182,214			$208,549			$200,493
Ratio of expenses to average net assets		0.85%			0.85%			0.85%			0.85%			0.85%
Ratio of expenses to average net assets prior to fees waived		0.88%			0.88%			0.91%			0.90%			0.91%
Ratio of net investment income to average net assets		3.94%			3.65%			3.99%			4.22%			4.19%
Ratio of net investment income to average net assets prior to fees waived		3.91%			3.62%			3.93%			4.17%			4.13%
Portfolio turnover		56%			16%			44%			33%			19%

​1	Calculated using average shares outstanding.
​2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

	Year ended
Class C shares		8/31/22		8/31/21			8/31/20			8/31/19			8/31/18
Net asset value, beginning of period		$12.09			$11.20			$11.52			$11.04			$11.09
Income (loss) from investment operations:
Net investment income​1		0.35			0.33			0.36			0.38			0.38
Net realized and unrealized gain (loss)		(1.67	)		0.91			(0.32	)		0.48			(0.05	)
Total from investment operations		(1.32	)		1.24			0.04			0.86			0.33
Less dividends and distributions from:
Net investment income		(0.35	)		(0.33	)		(0.36	)		(0.38	)		(0.38	)
Net realized gain		(0.03	)		(0.02	)		—			—			—
Total dividends and distributions		(0.38	)		(0.35	)		(0.36	)		(0.38	)		(0.38	)
Net asset value, end of period		$10.39			$12.09			$11.20			$11.52			$11.04
Total return2		(11.18%	)		11.25%			0.41%			7.98%			3.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$46,410			$58,285			$68,993			$91,184			$92,155
Ratio of expenses to average net assets		1.60%			1.60%			1.60%			1.60%			1.60%
Ratio of expenses to average net assets prior to fees waived		1.63%			1.63%			1.66%			1.65%			1.66%
Ratio of net investment income to average net assets		3.19%			2.90%			3.24%			3.47%			3.44%
Ratio of net investment income to average net assets prior to fees waived		3.16%			2.87%			3.18%			3.42%			3.38%
Portfolio turnover		56%			16%			44%			33%			19%

​1	Calculated using average shares outstanding.
​2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

	Year ended
Institutional Class shares		8/31/22		8/31/21			8/31/20			8/31/19			8/31/18
Net asset value, beginning of period		$12.15			$11.26			$11.58			$11.10			$11.15
Income (loss) from investment operations:
Net investment income​1		0.47			0.45			0.47			0.49			0.49
Net realized and unrealized gain (loss)		(1.68	)		0.91			(0.32	)		0.48			(0.05	)
Total from investment operations		(1.21	)		1.36			0.15			0.97			0.44
Less dividends and distributions from:
Net investment income		(0.46	)		(0.45	)		(0.47	)		(0.49	)		(0.49	)
Net realized gain		(0.03	)		(0.02	)		—			—			—
Total dividends and distributions		(0.49	)		(0.47	)		(0.47	)		(0.49	)		(0.49	)
Net asset value, end of period		$10.45			$12.15			$11.26			$11.58			$11.10
Total return2		(10.22%	)		12.32%			1.44%			9.03%			4.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,544,505			$1,452,944			$1,095,548			$1,141,973			$1,017,167
Ratio of expenses to average net assets		0.60%			0.60%			0.60%			0.60%			0.60%
Ratio of expenses to average net assets prior to fees waived		0.63%			0.63%			0.66%			0.65%			0.66%
Ratio of net investment income to average net assets		4.19%			3.90%			4.24%			4.47%			4.44%
Ratio of net investment income to average net assets prior to fees waived		4.16%			3.87%			4.18%			4.42%			4.38%
Portfolio turnover		56%			16%			44%			33%			19%

​1	Calculated using average shares outstanding.
​2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64			$	10.80
Income (loss) from investment operations:
Net investment income2				0.08				0.11				0.15				0.20				0.21				0.18
Net realized and unrealized gain (loss)				(0.37	)			(0.43	)			0.17				0.14				0.10				(0.15	)
Total from investment operations				(0.29	)			(0.32	)			0.32				0.34				0.31				0.03
Less dividends and distributions from:
Net investment income				(0.08	)			(0.11	)			(0.15	)			(0.21	)			(0.21	)			(0.19	)
Total dividends and distributions				(0.08	)			(0.11	)			(0.15	)			(0.21	)			(0.21	)			(0.19	)
Net asset value, end of period			$	10.24			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64
Total return3				(2.78%	)4			(2.95%	)			2.99%				3.14%				2.95%				0.25%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	327,327			$	348,269			$	421	5		$	381	5		$	382	5		$	431	5
Ratio of expenses to average net assets6				0.89%				0.89%				0.89%				0.91%				0.91%				0.89%
Ratio of expenses to average net assets prior to fees waived6				0.94%				0.89%				0.89%				0.91%				0.91%				0.89%
Ratio of net investment income to average net assets				1.57%				0.98%				1.39%				1.86%				1.90%				1.69%
Ratio of net investment income to average net assets prior to fees waived				1.52%				0.98%				1.39%				1.86%				1.90%				1.69%
Portfolio turnover				63%				88%				55%				61%				83%				24%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64			$	10.80
Income (loss) from investment operations:
Net investment income2				0.04				0.02				0.07				0.12				0.13				0.10
Net realized and unrealized gain (loss)				(0.38	)			(0.43	)			0.17				0.13				0.10				(0.15	)
Total from investment operations				(0.34	)			(0.41	)			0.24				0.25				0.23				(0.05	)
Less dividends and distributions from:
Net investment income				(0.03	)			(0.02	)			(0.07	)			(0.12	)			(0.13	)			(0.11	)
Total dividends and distributions				(0.03	)			(0.02	)			(0.07	)			(0.12	)			(0.13	)			(0.11	)
Net asset value, end of period			$	10.24			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64
Total return3				(3.18%	)4			(3.70%	)			2.23%				2.36%				2.20%				(0.51%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	10,353			$	14,208			$	25	5		$	27	5		$	45	5		$	55	5
Ratio of expenses to average net assets6				1.72%				1.67%				1.65%				1.67%				1.65%				1.66%
Ratio of expenses to average net assets prior to fees waived6				1.81%				1.67%				1.65%				1.67%				1.65%				1.66%
Ratio of net investment income to average net assets				0.72%				0.22%				0.65%				1.12%				1.16%				0.92%
Ratio of net investment income to average net assets prior to fees waived				0.63%				0.22%				0.65%				1.12%				1.16%				0.92%
Portfolio turnover				63%				88%				55%				61%				83%				24%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64			$	10.80
Income (loss) from investment operations:
Net investment income2				0.09				0.13				0.18				0.23				0.24				0.21
Net realized and unrealized gain (loss)				(0.37	)			(0.43	)			0.17				0.13				0.10				(0.16	)
Total from investment operations				(0.28	)			(0.30	)			0.35				0.36				0.34				0.05
Less dividends and distributions from:
Net investment income				(0.09	)			(0.13	)			(0.18	)			(0.23	)			(0.24	)			(0.21	)
Total dividends and distributions				(0.09	)			(0.13	)			(0.18	)			(0.23	)			(0.24	)			(0.21	)
Net asset value, end of period			$	10.24			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64
Total return3				(2.67%	)4			(2.76%	)			3.21%				3.38%				3.19%				0.49%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	345,405			$	434,583			$	596	5		$	570	5		$	677	5		$	710	5
Ratio of expenses to average net assets6				0.66%				0.68%				0.68%				0.69%				0.67%				0.66%
Ratio of expenses to average net assets prior to fees waived6				0.72%				0.68%				0.68%				0.69%				0.67%				0.66%
Ratio of net investment income to average net assets				1.79%				1.19%				1.61%				2.10%				2.14%				1.92%
Ratio of net investment income to average net assets prior to fees waived				1.73%				1.19%				1.61%				2.10%				2.14%				1.92%
Portfolio turnover				63%				88%				55%				61%				83%				24%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64			$	10.80
Income (loss) from investment operations:
Net investment income2				0.06				0.06				0.12				0.16				0.17				0.14
Net realized and unrealized gain (loss)				(0.37	)			(0.43	)			0.16				0.14				0.10				(0.15	)
Total from investment operations				(0.31	)			(0.37	)			0.28				0.30				0.27				(0.01	)
Less dividends and distributions from:
Net investment income				(0.06	)			(0.06	)			(0.11	)			(0.17	)			(0.17	)			(0.15	)
Total dividends and distributions				(0.06	)			(0.06	)			(0.11	)			(0.17	)			(0.17	)			(0.15	)
Net asset value, end of period			$	10.24			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64
Total return3				(2.94%	)4			(3.34%	)			2.61%				2.76%				2.60%				(0.12%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	329			$	478			$	—	5,6		$	1	5		$	—	5,6		$	1	5
Ratio of expenses to average net assets7				1.22%				1.29%				1.27%				1.28%				1.26%				1.26%
Ratio of expenses to average net assets prior to fees waived7				1.30%				1.29%				1.27%				1.28%				1.26%				1.26%
Ratio of net investment income to average net assets				1.21%				0.59%				1.06%				1.47%				1.54%				1.32%
Ratio of net investment income to average net assets prior to fees waived				1.13%				0.59%				1.06%				1.47%				1.54%				1.32%
Portfolio turnover				63%				88%				55%				61%				83%				24%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64			$	10.80
Income (loss) from investment operations:
Net investment income2				0.09				0.15				0.20				0.24				0.25				0.22
Net realized and unrealized gain (loss)				(0.37	)			(0.43	)			0.17				0.14				0.10				(0.15	)
Total from investment operations				(0.28	)			(0.28	)			0.37				0.38				0.35				(0.07	)
Less dividends and distributions from:
Net investment income				(0.09	)			(0.15	)			(0.20	)			(0.25	)			(0.25	)			(0.23	)
Total dividends and distributions				(0.09	)			(0.15	)			(0.20	)			(0.25	)			(0.25	)			(0.23	)
Net asset value, end of period			$	10.24			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64
Total return3				(2.62%	)4			(2.60%	)			3.37%				3.54%				3.36%				0.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	4,727			$	140,580			$	122	5		$	130	5		$	169	5		$	85	5
Ratio of expenses to average net assets6				0.54%				0.53%				0.53%				0.53%				0.51%				0.50%
Ratio of expenses to average net assets prior to fees waived6				0.55%				0.53%				0.53%				0.53%				0.51%				0.50%
Ratio of net investment income to average net assets				1.68%				1.34%				1.77%				2.25%				2.30%				2.08%
Ratio of net investment income to average net assets prior to fees waived				1.67%				1.34%				1.77%				2.25%				2.30%				2.08%
Portfolio turnover				63%				88%				55%				61%				83%				24%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Six months ended 9/30/221 (Unaudited)				Year ended
							3/31/22				3/31/21				3/31/20				3/31/19				3/31/18
Net asset value, beginning of period			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64			$	10.80
Income (loss) from investment operations:
Net investment income2				0.08				0.11				0.16				0.20				0.21				0.18
Net realized and unrealized gain (loss)				(0.38	)			(0.43	)			0.16				0.14				0.10				(0.15	)
Total from investment operations				(0.30	)			(0.32	)			0.32				0.34				0.31				0.03
Less dividends and distributions from:
Net investment income				(0.07	)			(0.11	)			(0.15	)			(0.21	)			(0.21	)			(0.19	)
Total dividends and distributions				(0.07	)			(0.11	)			(0.15	)			(0.21	)			(0.21	)			(0.19	)
Net asset value, end of period			$	10.24			$	10.61			$	11.04			$	10.87			$	10.74			$	10.64
Total return3				(2.79%	)4			(2.95%	)4			2.99%	4			3.14%	4			2.95%				0.25%	4
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	1,967			$	2,129			$	3	5		$	6	5		$	7	5		$	11	5
Ratio of expenses to average net assets6				0.91%				0.89%				0.89%				0.91%				0.91%				0.89%
Ratio of expenses to average net assets prior to fees waived6				0.98%				0.93%				0.93%				0.96%				0.91%				0.91%
Ratio of net investment income to average net assets				1.54%				0.98%				1.45%				1.88%				1.89%				1.69%
Ratio of net investment income to average net assets prior to fees waived				1.47%				0.94%				1.41%				1.83%				1.89%				1.67%
Portfolio turnover				63%				88%				55%				61%				83%				24%
1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Net assets reported in millions.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

	Year ended
	8/31/22					8/31/21			8/31/20				8/31/19				8/31/18
Net asset value, beginning of period	$	12.56		$	11.94			$		11.96		$		11.44		$		11.70
Income (loss) from investment operations:
Net investment income1		0.33			0.36					0.38				0.41				0.42
Net realized and unrealized gain (loss)		(1.88	)		0.70					0.01				0.52				(0.26)
Total from investment operations		(1.55	)		1.06					0.39				0.93				0.16
Less dividends and distributions from:
Net investment income		(0.33	)		(0.36		)			(0.38	)			(0.41	)			(0.42)
Net realized gain		(0.17	)		(0.08		)			(0.03	)			—	2			—
Total dividends and distributions		(0.50	)		(0.44		)			(0.41	)			(0.41	)			(0.42)
Net asset value, end of period	$	10.51		$	12.56			$		11.94		$		11.96		$		11.44
Total return3		(12.65%	)		9.03%					3.44%				8.35%				1.44%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	534,749		$	944,054			$		478,671		$		472,153		$		481,117
Ratio of expenses to average net assets		0.80%			0.82%					0.81%				0.81%				0.81%
Ratio of expenses to average net assets prior to fees waived		0.91%			0.92%					0.95%				0.95%				0.96%
Ratio of net investment income to average net assets		2.82%			2.84%					3.24%				3.55%				3.66%
Ratio of net investment income to average net assets prior to fees waived		2.71%			2.74%					3.10%				3.41%				3.51%
Portfolio turnover		71%			40%					77%				43%				42%

​1	Calculated using average shares outstanding.
​2	Amount is less than $0.005 per share.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

		Year ended
		8/31/22			8/31/21			8/31/20				8/31/19		8/31/18
Net asset value, beginning of period	$	12.66		$		12.03		$	12.05		$	11.52	$		11.79
Income (loss) from investment operations:
Net investment income1		0.36				0.39			0.41			0.44			0.45
Net realized and unrealized gain (loss)		(1.90	)			0.71			0.01			0.53			(0.27	)
Total from investment operations		(1.54	)			1.10			0.42			0.97			0.18
Less dividends and distributions from:
Net investment income		(0.36	)			(0.39	)		(0.41	)		(0.44	)		(0.45	)
Net realized gain		(0.17	)			(0.08	)		(0.03	)		—	2		—
Total dividends and distributions		(0.53	)			(0.47	)		(0.44	)		(0.44	)		(0.45	)
Net asset value, end of period	$	10.59		$		12.66		$	12.03		$	12.05	$		11.52
Total return3		(12.48%	)			9.34%			3.70%			8.68%			1.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	369,318		$		209,447		$	135,801		$	134,112	$		77,396
Ratio of expenses to average net assets		0.55%				0.57%			0.56%			0.56%			0.56%
Ratio of expenses to average net assets prior to fees waived		0.66%				0.67%			0.70%			0.70%			0.71%
Ratio of net investment income to average net assets		3.07%				3.09%			3.49%			3.80%			3.91%
Ratio of net investment income to average net assets prior to fees waived		2.96%				2.99%			3.35%			3.66%			3.76%
Portfolio turnover		71%				40%			77%			43%			42%

	Year ended
Class A shares		8/31/22		8/31/21			8/31/20			8/31/19			8/31/18
Net asset value, beginning of period		$12.64			$12.18			$12.49			$11.98			$12.26
Income (loss) from investment operations:
Net investment income​1		0.35			0.37			0.38			0.40			0.40
Net realized and unrealized gain (loss)		(1.65	)		0.46			(0.20	)		0.53			(0.28	)
Total from investment operations		(1.30	)		0.83			0.18			0.93			0.12
Less dividends and distributions from:
Net investment income		(0.35	)		(0.37	)		(0.38	)		(0.40	)		(0.40	)
Net realized gain		(0.02	)		—			(0.11	)		(0.02	)		—
Total dividends and distributions		(0.37	)		(0.37	)		(0.49	)		(0.42	)		(0.40	)
Net asset value, end of period		$10.97			$12.64			$12.18			$12.49			$11.98
Total return2		(10.48%	)		6.88%			1.59%			7.99%			1.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$71,308			$86,059			$44,059			$42,203			$53,171
Ratio of expenses to average net assets		0.82%			0.86%			0.82%			0.82%			0.82%
Ratio of expenses to average net assets prior to fees waived		0.99%			1.06%			1.03%			1.03%			1.02%
Ratio of net investment income to average net assets		2.94%			2.95%			3.17%			3.36%			3.30%
Ratio of net investment income to average net assets prior to fees waived		2.77%			2.75%			2.96%			3.15%			3.10%
Portfolio turnover		31%			14%			36%			32%			16%

​1	Calculated using average shares outstanding.
​2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

	Year ended
Class C shares		8/31/22		8/31/21			8/31/20			8/31/19			8/31/18
Net asset value, beginning of period		$12.66			$12.21			$12.52			$12.00			$12.28
Income (loss) from investment operations:
Net investment income​1		0.26			0.27			0.29			0.32			0.31
Net realized and unrealized gain (loss)		(1.64	)		0.45			(0.20	)		0.54			(0.28	)
Total from investment operations		(1.38	)		0.72			0.09			0.86			0.03
Less dividends and distributions from:
Net investment income		(0.26	)		(0.27	)		(0.29	)		(0.32	)		(0.31	)
Net realized gain		(0.02	)		—			(0.11	)		(0.02	)		—
Total dividends and distributions		(0.28	)		(0.27	)		(0.40	)		(0.34	)		(0.31	)
Net asset value, end of period		$11.00			$12.66			$12.21			$12.52			$12.00
Total return2		(11.05%	)		5.99%			0.83%			7.26%			0.25%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$2,479			$3,843			$6,829			$11,551			$13,015
Ratio of expenses to average net assets		1.57%			1.61%			1.57%			1.57%			1.57%
Ratio of expenses to average net assets prior to fees waived		1.74%			1.81%			1.78%			1.78%			1.77%
Ratio of net investment income to average net assets		2.19%			2.20%			2.42%			2.61%			2.55%
Ratio of net investment income to average net assets prior to fees waived		2.02%			2.00%			2.21%			2.40%			2.35%
Portfolio turnover		31%			14%			36%			32%			16%

​1	Calculated using average shares outstanding.
​2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

	Year ended
Institutional Class shares		8/31/22		8/31/21			8/31/20			8/31/19			8/31/18
Net asset value, beginning of period		$12.64			$12.18			$12.49			$11.98			$12.26
Income (loss) from investment operations:
Net investment income​1		0.38			0.40			0.41			0.43			0.43
Net realized and unrealized gain (loss)		(1.65	)		0.46			(0.20	)		0.53			(0.28	)
Total from investment operations		(1.27	)		0.86			0.21			0.96			0.15
Less dividends and distributions from:
Net investment income		(0.38	)		(0.40	)		(0.41	)		(0.43	)		(0.43	)
Net realized gain		(0.02	)		—			(0.11	)		(0.02	)		—
Total dividends and distributions		(0.40	)		(0.40	)		(0.52	)		(0.45	)		(0.43	)
Net asset value, end of period		$10.97			$12.64			$12.18			$12.49			$11.98
Total return2		(10.26%	)		7.14%			1.84%			8.25%			1.26%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$79,900			$45,996			$34,098			$44,646			$32,953
Ratio of expenses to average net assets		0.57%			0.61%			0.57%			0.57%			0.57%
Ratio of expenses to average net assets prior to fees waived		0.74%			0.81%			0.78%			0.78%			0.77%
Ratio of net investment income to average net assets		3.19%			3.20%			3.42%			3.61%			3.55%
Ratio of net investment income to average net assets prior to fees waived		3.02%			3.00%			3.21%			3.40%			3.35%
Portfolio turnover		31%			14%			36%			32%			16%

​1	Calculated using average shares outstanding.
​2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

		Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.68			$	10.48			$	10.58			$	9.98			$	10.16
Income (loss) from investment operations:
Net investment income1				0.30				0.21				0.21				0.26				0.26
Net realized and unrealized gain (loss)				(1.70	)			0.20				(0.11	)			0.60				(0.16	)
Total from investment operations				(1.40	)			0.41				0.10				0.86				0.10
Less dividends and distributions from:
Net investment income				(0.27	)			(0.21	)			(0.20	)			(0.26	)			(0.26	)
Net realized gain				(0.11	)			—				—				—				(0.02	)
Total dividends and distributions				(0.38	)			(0.21	)			(0.20	)			(0.26	)			(0.28	)
Net asset value, end of period			$	8.90			$	10.68			$	10.48			$	10.58			$	9.98
Total return2				(13.46%	)			3.97%				1.01%				8.73%				0.89%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	9,573			$	15	3		$	19	3		$	17	3		$	14	3
Ratio of expenses to average net assets4				0.80%				0.80%				0.80%				0.80%				0.78%
Ratio of expenses to average net assets prior to fees waived4				1.52%				1.33%				1.23%				1.29%				1.32%
Ratio of net investment income to average net assets				3.03%				1.94%				2.03%				2.54%				2.56%
Ratio of net investment income to average net assets prior to fees waived				2.31%				1.41%				1.60%				2.05%				2.02%
Portfolio turnover				28%				16%				9%				10%				10%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

		Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.68			$	10.48			$	10.58			$	9.98			$	10.16
Income (loss) from investment operations:
Net investment income1				0.19				0.12				0.12				0.17				0.17
Net realized and unrealized gain (loss)				(1.68	)			0.20				(0.11	)			0.60				(0.17	)
Total from investment operations				(1.49	)			0.32				0.01				0.77				—	2
Less dividends and distributions from:
Net investment income				(0.18	)			(0.12	)			(0.11	)			(0.17	)			(0.16	)
Net realized gain				(0.11	)			—				—				—				(0.02	)
Total dividends and distributions				(0.29	)			(0.12	)			(0.11	)			(0.17	)			(0.18	)
Net asset value, end of period			$	8.90			$	10.68			$	10.48			$	10.58			$	9.98
Total return3				(14.28%	)			3.09%				0.13%				7.81%				(0.07%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	381			$	2	4		$	2	4		$	2	4		$	2	4
Ratio of expenses to average net assets5				1.70%				1.65%				1.67%				1.66%				1.63%
Ratio of expenses to average net assets prior to fees waived5				2.20%				2.10%				2.02%				2.06%				2.08%
Ratio of net investment income to average net assets				1.92%				1.09%				1.16%				1.69%				1.70%
Ratio of net investment income to average net assets prior to fees waived				1.42%				0.64%				0.81%				1.29%				1.25%
Portfolio turnover				28%				16%				9%				10%				10%
1	Calculated using average shares outstanding.
2	Amount is less than $0.005 per share.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

		Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.68			$	10.48			$	10.58			$	9.98			$	10.16
Income (loss) from investment operations:
Net investment income1				0.33				0.23				0.23				0.28				0.28
Net realized and unrealized gain (loss)				(1.71	)			0.21				(0.10	)			0.60				(0.16	)
Total from investment operations				(1.38	)			0.44				0.13				0.88				0.12
Less dividends and distributions from:
Net investment income				(0.29	)			(0.24	)			(0.23	)			(0.28	)			(0.28	)
Net realized gain				(0.11	)			—				—				—				(0.02	)
Total dividends and distributions				(0.40	)			(0.24	)			(0.23	)			(0.28	)			(0.30	)
Net asset value, end of period			$	8.90			$	10.68			$	10.48			$	10.58			$	9.98
Total return2				(13.29%	)			4.18%				1.21%				8.95%				1.10%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	7,154			$	9	3		$	13	3		$	13	3		$	11	3
Ratio of expenses to average net assets4				0.60%				0.60%				0.60%				0.60%				0.58%
Ratio of expenses to average net assets prior to fees waived4				1.45%				1.21%				1.12%				1.16%				1.20%
Ratio of net investment income to average net assets				3.27%				2.12%				2.23%				2.75%				2.74%
Ratio of net investment income to average net assets prior to fees waived				2.42%				1.51%				1.71%				2.19%				2.12%
Portfolio turnover				28%				16%				9%				10%				10%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

		Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.68			$	10.48			$	10.58			$	9.98			$	10.16
Income (loss) from investment operations:
Net investment income1				0.26				0.21				0.21				0.26				0.25
Net realized and unrealized gain (loss)				(1.66	)			0.20				(0.11	)			0.60				(0.15	)
Total from investment operations				(1.40	)			0.41				0.10				0.86				0.10
Less dividends and distributions from:
Net investment income				(0.27	)			(0.21	)			(0.20	)			(0.26	)			(0.26	)
Net realized gain				(0.11	)			—				—				—				(0.02	)
Total dividends and distributions				(0.38	)			(0.21	)			(0.20	)			(0.26	)			(0.28	)
Net asset value, end of period			$	8.90			$	10.68			$	10.48			$	10.58			$	9.98
Total return2				(13.48%	)			3.97%				1.01%				8.73%				0.93%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	77			$	1	3		$	1	3		$	1	3		$	1	3
Ratio of expenses to average net assets4				0.80%				0.80%				0.80%				0.80%				0.78%
Ratio of expenses to average net assets prior to fees waived4				1.26%				1.45%				1.35%				1.40%				1.44%
Ratio of net investment income to average net assets				2.51%				1.96%				2.03%				2.55%				2.56%
Ratio of net investment income to average net assets prior to fees waived				2.05%				1.31%				1.48%				1.95%				1.90%
Portfolio turnover				28%				16%				9%				10%				10%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

Financial highlights Delaware Corporate Bond Fund Class A       Class A shares		7/31/221		7/31/211			7/31/201			7/31/191			7/31/181
Net asset value, beginning of period		$19.47			$19.62			$17.91			$16.83			$17.70
Income (loss) from investment operations:
Net investment income​2		0.45			0.45			0.51			0.63			0.57
Net realized and unrealized gain (loss)		(3.10	)		0.03			1.74			1.11			(0.81	)
Total from investment operations		(2.65	)		0.48			2.25			1.74			(0.24	)
Less dividends and distributions from:
Net investment income		(0.51	)		(0.51	)		(0.54	)		(0.66	)		(0.63	)
Net realized gain		(0.30	)		(0.12	)		—			—			—
Total dividends and distributions		(0.81	)		(0.63	)		(0.54	)		(0.66	)		(0.63	)
Net asset value, end of period		$16.01			$19.47			$19.62			$17.91			$16.83
Total return3		(13.91%	)		2.47%			12.90%			10.65%			(1.44%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$285,977			$412,495			$199,500			$168,910			$200,600
Ratio of expenses to average net assets​4		0.82%			0.82%			0.82%			0.82%			0.88%
Ratio of expenses to average net assets prior to fees waived​4		0.91%			0.91%			0.91%			0.92%			0.92%
Ratio of net investment income to average net assets		2.49%			2.31%			2.71%			3.68%			3.26%
Ratio of net investment income to average net assets prior to fees waived		2.40%			2.22%			2.62%			3.58%			3.22%
Portfolio turnover		109%			123%			172%			173%			158%

​1	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information have been revised to reflect the reverse stock split.
​2	Calculated using average shares outstanding.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​4	Expense ratios do not include expenses of the investment companies (Underlying Funds) in which the Fund invests.

	Year ended
Class C shares		7/31/221		7/31/211			7/31/201			7/31/191			7/31/181
Net asset value, beginning of period		$19.47			$19.62			$17.91			$16.83			$17.70
Income (loss) from investment operations:
Net investment income​2		0.30			0.30			0.36			0.51			0.42
Net realized and unrealized gain (loss)		(3.07	)		0.03			1.77			1.11			(0.81	)
Total from investment operations		(2.77	)		0.33			2.13			1.62			(0.39	)
Less dividends and distributions from:
Net investment income		(0.39	)		(0.36	)		(0.42	)		(0.54	)		(0.48	)
Net realized gain		(0.30	)		(0.12	)		—			—			—
Total dividends and distributions		(0.69	)		(0.48	)		(0.42	)		(0.54	)		(0.48	)
Net asset value, end of period		$16.01			$19.47			$19.62			$17.91			$16.83
Total return3		(14.55%	)		1.70%			12.05%			9.83%			(2.18%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$15,995			$28,365			$48,283			$68,277			$88,274
Ratio of expenses to average net assets​4		1.57%			1.57%			1.57%			1.57%			1.63%
Ratio of expenses to average net assets prior to fees waived​4		1.66%			1.66%			1.66%			1.67%			1.67%
Ratio of net investment income to average net assets		1.74%			1.56%			1.96%			2.93%			2.51%
Ratio of net investment income to average net assets prior to fees waived		1.65%			1.47%			1.87%			2.83%			2.47%
Portfolio turnover		109%			123%			172%			173%			158%

​1	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information have been revised to reflect the reverse stock split.
​2	Calculated using average shares outstanding.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

	Year ended
Class R shares		7/31/221		7/31/211			7/31/201			7/31/191			7/31/181
Net asset value, beginning of period		$19.50			$19.62			$17.94			$16.86			$17.70
Income (loss) from investment operations:
Net investment income​2		0.39			0.39			0.45			0.57			0.51
Net realized and unrealized gain (loss)		(3.09	)		0.06			1.74			1.14			(0.78	)
Total from investment operations		(2.70	)		0.45			2.19			1.71			(0.27	)
Less dividends and distributions from:
Net investment income		(0.48	)		(0.45	)		(0.51	)		(0.63	)		(0.57	)
Net realized gain		(0.30	)		(0.12	)		—			—			—
Total dividends and distributions		(0.78	)		(0.57	)		(0.51	)		(0.63	)		(0.57	)
Net asset value, end of period		$16.02			$19.50			$19.62			$17.94			$16.86
Total return3		(14.26%	)		2.37%			12.43%			10.36%			(1.51%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$9,419			$12,760			$14,107			$17,517			$19,512
Ratio of expenses to average net assets​4		1.07%			1.07%			1.07%			1.07%			1.13%
Ratio of expenses to average net assets prior to fees waived​4		1.16%			1.16%			1.16%			1.17%			1.17%
Ratio of net investment income to average net assets		2.24%			2.06%			2.46%			3.43%			3.01%
Ratio of net investment income to average net assets prior to fees waived		2.15%			1.97%			2.37%			3.33%			2.97%
Portfolio turnover		109%			123%			172%			173%			158%

​1	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information have been revised to reflect the reverse stock split.
​2	Calculated using average shares outstanding.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

	Year ended
Institutional Class shares		7/31/221		7/31/211			7/31/201			7/31/191			7/31/181
Net asset value, beginning of period		$19.47			$19.62			$17.91			$16.83			$17.70
Income (loss) from investment operations:
Net investment income​2		0.48			0.48			0.54			0.66			0.60
Net realized and unrealized gain (loss)		(3.07	)		0.06			1.77			1.11			(0.81	)
Total from investment operations		(2.59	)		0.54			2.31			1.77			(0.21	)
Less dividends and distributions from:
Net investment income		(0.57	)		(0.57	)		(0.60	)		(0.69	)		(0.66	)
Net realized gain		(0.30	)		(0.12	)		—			—			—
Total dividends and distributions		(0.87	)		(0.69	)		(0.60	)		(0.69	)		(0.66	)
Net asset value, end of period		$16.01			$19.47			$19.62			$17.91			$16.83
Total return3		(13.69%	)		2.72%			13.18%			10.93%			(1.20%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$957,741			$1,036,266			$903,456			$730,173			$860,359
Ratio of expenses to average net assets​4		0.57%			0.57%			0.57%			0.57%			0.63%
Ratio of expenses to average net assets prior to fees waived​4		0.66%			0.66%			0.66%			0.67%			0.67%
Ratio of net investment income to average net assets		2.74%			2.56%			2.96%			3.93%			3.51%
Ratio of net investment income to average net assets prior to fees waived		2.65%			2.47%			2.87%			3.83%			3.47%
Portfolio turnover		109%			123%			172%			173%			158%

​1	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information have been revised to reflect the reverse stock split.
​2	Calculated using average shares outstanding.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

	Year ended
Class R6 shares		7/31/222		7/31/212			7/31/202			1/31/19​1 to 7/31/192
Net asset value, beginning of period		$19.47			$19.59			$17.91			$16.77
Income (loss) from investment operations:
Net investment income​3		0.51			0.51			0.57			0.33
Net realized and unrealized gain (loss)		(3.11	)		0.06			1.74			1.17
Total from investment operations		(2.60	)		0.57			2.31			1.50
Less dividends and distributions from:
Net investment income		(0.57	)		(0.57	)		(0.63	)		(0.36	)
Net realized gain		(0.30	)		(0.12	)		—			—
Total dividends and distributions		(0.87	)		(0.69	)		(0.63	)		(0.36	)
Net asset value, end of period		$16.00			$19.47			$19.59			$17.91
Total return4		(13.78%	)		2.97%			13.12%			8.98%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$12,206			$10,763			$4,058			$2
Ratio of expenses to average net assets​5		0.48%			0.48%			0.48%			0.48%
Ratio of expenses to average net assets prior to fees waived​5		0.57%			0.57%			0.57%			0.58%
Ratio of net investment income to average net assets		2.83%			2.65%			3.05%			4.01%
Ratio of net investment income to average net assets prior to fees waived		2.74%			2.56%			2.96%			3.91%
Portfolio turnover		109%			123%			172%			173%	​6

​1	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
​2	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information have been revised to reflect the reverse stock split.
​3	Calculated using average shares outstanding.
​4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
​6	Portfolio turnover is representative of the Fund for the entire period.

		Year ended
			9/30/221				9/30/211				9/30/201				9/30/191				9/30/181
Net asset value, beginning of period			$	19.62			$	20.70			$	19.62			$	18.06			$	18.81
Income (loss) from investment operations:
Net investment income2				0.36				0.39				0.45				0.48				0.45
Net realized and unrealized gain (loss)				(3.97	)			(0.03	)			1.11				1.56				(0.78	)
Total from investment operations				(3.61	)			0.36				1.56				2.04				(0.33	)
Less dividends and distributions from:
Net investment income				(0.39	)			(0.42	)			(0.48	)			(0.48	)			(0.42	)
Net realized gain				(0.59	)			(1.02	)			—				—				—
Total dividends and distributions				(0.98	)			(1.44	)			(0.48	)			(0.48	)			(0.42	)
Net asset value, end of period			$	15.03			$	19.62			$	20.70			$	19.62			$	18.06
Total return3				(19.22%	)			1.59%				8.07%				11.48%				(1.72%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	210,466			$	333	4		$	355	4		$	348	4		$	364	4
Ratio of expenses to average net assets5				1.01%				0.96%				1.00%				1.02%				1.05%
Ratio of net investment income to average net assets				2.05%				1.89%				2.26%				2.54%				2.41%
Portfolio turnover				52%				72%				84%				63%				29%
1	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been revised to reflect the reverse stock split.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

		Year ended
			9/30/221				9/30/211				9/30/201				9/30/191				9/30/181
Net asset value, beginning of period			$	19.59			$	20.67			$	19.59			$	18.03			$	18.78
Income (loss) from investment operations:
Net investment income2				0.18				0.21				0.27				0.30				0.27
Net realized and unrealized gain (loss)				(3.96	)			(0.03	)			1.11				1.56				(0.75	)
Total from investment operations				(3.78	)			0.18				1.38				1.86				(0.48	)
Less dividends and distributions from:
Net investment income				(0.21	)			(0.24	)			(0.30	)			(0.30	)			(0.27	)
Net realized gain				(0.59	)			(1.02	)			—				—				—
Total dividends and distributions				(0.80	)			(1.26	)			(0.30	)			(0.30	)			(0.27	)
Net asset value, end of period			$	15.01			$	19.59			$	20.67			$	19.59			$	18.03
Total return3				(20.01%	)			0.68%				7.13%				10.52%				(2.63%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	1,271			$	2	4		$	4	4		$	4	4		$	4	4
Ratio of expenses to average net assets5				2.05%				1.84%				1.89%				1.92%				1.94%
Ratio of net investment income to average net assets				1.01%				1.02%				1.37%				1.64%				1.48%
Portfolio turnover				52%				72%				84%				63%				29%
1	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been restated to reflect the reverse stock split.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

		Year ended
			9/30/221				9/30/211				9/30/201				9/30/191				9/30/181
Net asset value, beginning of period			$	19.62			$	20.70			$	19.62			$	18.06			$	18.81
Income (loss) from investment operations:
Net investment income2				0.41				0.42				0.51				0.54				0.51
Net realized and unrealized gain (loss)				(3.97	)			(0.03	)			1.11				1.56				(0.78	)
Total from investment operations				(3.56	)			0.39				1.62				2.10				(0.27	)
Less dividends and distributions from:
Net investment income				(0.43	)			(0.45	)			(0.54	)			(0.54	)			(0.48	)
Net realized gain				(0.59	)			(1.02	)			—				—				—
Total dividends and distributions				(1.02	)			(1.47	)			(0.54	)			(0.54	)			(0.48	)
Net asset value, end of period			$	15.04			$	19.62			$	20.70			$	19.62			$	18.06
Total return3				(18.98%	)			1.87%				8.39%				11.84%				(1.41%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	202,864			$	442	4		$	460	4		$	523	4		$	545	4
Ratio of expenses to average net assets5				0.72%				0.70%				0.71%				0.70%				0.72%
Ratio of net investment income to average net assets				2.31%				2.15%				2.55%				2.86%				2.74%
Portfolio turnover				52%				72%				84%				63%				29%
1	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been restated to reflect the reverse stock split.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Year ended																10/16/171 to
			9/30/222				9/30/212				9/30/202				9/30/192				9/30/182
Net asset value, beginning of period			$	19.62			$	20.70			$	19.59			$	18.03			$	18.84
Income (loss) from investment operations:
Net investment income3				0.37				0.39				0.45				0.48				0.45
Net realized and unrealized gain (loss)				(3.97	)			(0.06	)			1.14				1.59				(0.87	)
Total from investment operations				(3.60	)			0.33				1.59				2.07				(0.42	)
Less dividends and distributions from:
Net investment income				(0.40	)			(0.39	)			(0.48	)			(0.51	)			(0.39	)
Net realized gain				(0.59	)			(1.02	)			—				—				—
Total dividends and distributions				(0.99	)			(1.41	)			(0.48	)			(0.51	)			(0.39	)
Net asset value, end of period			$	15.03			$	19.62			$	20.70			$	19.59			$	18.03
Total return4				(19.18%	)			1.58%				8.29%				11.62%				(2.16%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	200			$	—	5,6		$	—	5,6		$	—	5,6		$	—	5,6
Ratio of expenses to average net assets7				0.95%				0.95%				0.94%				0.93%				1.00%
Ratio of net investment income to average net assets				2.13%				1.90%				2.32%				2.62%				2.62%
Portfolio turnover				52%				72%				84%				63%				29%	8
1	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2	On September 9, 2022, the Fund declared a 3 for 1 reverse stock split. The net asset values and per share information listed have been restated to reflect the reverse stock split.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Net assets reported in millions.
6	Rounds to less than $500 thousands.
7	Expense ratios do not include expenses of any investment companies in which the Fund invests.
8	Portfolio turnover is representative of the Fund for the period ended September 30, 2018.

		Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.88			$	11.28			$	10.51			$	9.64			$	10.26
Income (loss) from investment operations:
Net investment income1				0.22				0.21				0.28				0.32				0.30
Net realized and unrealized gain (loss)				(2.30	)			0.33				0.77				0.90				(0.56	)
Total from investment operations				(2.08	)			0.54				1.05				1.22				(0.26	)
Less dividends and distributions from:
Net investment income				(0.23	)			(0.22	)			(0.28	)			(0.35	)			(0.27	)
Net realized gain				(0.48	)			(0.72	)			—				—				(0.09	)
Total dividends and distributions				(0.71	)			(0.94	)			(0.28	)			(0.35	)			(0.36	)
Net asset value, end of period			$	8.09			$	10.88			$	11.28			$	10.51			$	9.64
Total return2				(20.27%	)			4.93%				10.18%				13.10%				(2.56%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	3,924			$	7	3		$	18	3		$	12	3		$	12	3
Ratio of expenses to average net assets4				0.90%				0.90%				0.90%				0.90%				0.90%
Ratio of expenses to average net assets prior to fees waived4				1.69%				1.23%				1.21%				1.25%				1.19%
Ratio of net investment income to average net assets				2.26%				1.92%				2.64%				3.23%				3.07%
Ratio of net investment income to average net assets prior to fees waived				1.47%				1.59%				2.33%				2.88%				2.78%
Portfolio turnover				60%				135%				165%				94%				85%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

		Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.88			$	11.28			$	10.51			$	9.64			$	10.26
Income (loss) from investment operations:
Net investment income1				0.24				0.24				0.31				0.34				0.33
Net realized and unrealized gain (loss)				(2.29	)			0.33				0.77				0.90				(0.56	)
Total from investment operations				(2.05	)			0.57				1.08				1.24				(0.23	)
Less dividends and distributions from:
Net investment income				(0.26	)			(0.25	)			(0.31	)			(0.37	)			(0.30	)
Net realized gain				(0.48	)			(0.72	)			—				—				(0.09	)
Total dividends and distributions				(0.74	)			(0.97	)			(0.31	)			(0.37	)			(0.39	)
Net asset value, end of period			$	8.09			$	10.88			$	11.28			$	10.51			$	9.64
Total return2				(20.05%	)			5.19%				10.46%				13.39%				(2.41%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	12,427			$	30	3		$	39	3		$	27	3		$	23	3
Ratio of expenses to average net assets4				0.65%				0.65%				0.65%				0.65%				0.65%
Ratio of expenses to average net assets prior to fees waived4				1.27%				1.03%				1.06%				1.13%				1.06%
Ratio of net investment income to average net assets				2.48%				2.18%				2.89%				3.47%				3.33%
Ratio of net investment income to average net assets prior to fees waived				1.86%				1.80%				2.48%				2.99%				2.92%
Portfolio turnover				60%				135%				165%				94%				85%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

		Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.88			$	11.28			$	10.51			$	9.64			$	10.26
Income (loss) from investment operations:
Net investment income1				0.22				0.21				0.28				0.32				0.30
Net realized and unrealized gain (loss)				(2.31	)			0.33				0.77				0.90				(0.56	)
Total from investment operations				(2.09	)			0.54				1.05				1.22				(0.26	)
Less dividends and distributions from:
Net investment income				(0.23	)			(0.22	)			(0.28	)			(0.35	)			(0.27	)
Net realized gain				(0.48	)			(0.72	)			—				—				(0.09	)
Total dividends and distributions				(0.71	)			(0.94	)			(0.28	)			(0.35	)			(0.36	)
Net asset value, end of period			$	8.08			$	10.88			$	11.28			$	10.51			$	9.64
Total return2				(20.35%	)			4.93%				10.18%				13.10%				(2.56%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	953			$	1	3		$	1	3		$	1	3		$	1	3
Ratio of expenses to average net assets4				0.90%				0.90%				0.90%				0.90%				0.90%
Ratio of expenses to average net assets prior to fees waived4				1.57%				1.26%				1.30%				1.37%				1.29%
Ratio of net investment income to average net assets				2.29%				1.93%				2.65%				3.23%				3.06%
Ratio of net investment income to average net assets prior to fees waived				1.62%				1.57%				2.25%				2.76%				2.67%
Portfolio turnover				60%				135%				165%				94%				85%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Net assets reported in millions.
4	Expense ratios do not include expenses of any investment companies in which the Fund invests.

	Year Ended
Class A	12/31/22	12/31/21	12/31/20	12/31/19	12/31/18
Net asset value, beginning of period	$ 8.25	$ 8.44	$ 8.27	$ 8.14	$ 8.46
Net investment income1	0.13	0.07	0.11	0.21	0.20
Net realized and unrealized gain (loss)	(0.48)	(0.11)	0.23	0.15	(0.29)
Total from investment operations	(0.35)	(0.04)	0.34	0.36	(0.09)
Less dividends and distributions from: Net investment income	(0.19)	(0.15)	(0.14)	(0.20)	(0.19)
Return of Capital	—	—2	(0.03)	(0.03)	(0.04)
Total dividends and distributions	(0.19)	(0.15)	(0.17)	(0.23)	(0.23)
Net Asset Value, end of period	$ 7.71	$ 8.25	$ 8.44	$ 8.27	$ 8.14
Total Return3	(4.26%)	(0.45%)	4.16%	4.51%	(1.08%)
Ratios and Supplemental Data: Net Assets, end of period (000 omitted)	$216,299	$260,162	$148,185	$137,798	$168,003
Ratio of expenses to average net assets4	0.53%	0.54%	0.54%	0.54%	0.60%
Ratio of expenses to average net assets prior to fees waived4	0.96%	0.95%	0.96%	0.96%	0.95%
Ratio of net investment income to average net assets	1.71%	0.89%	1.32%	2.58%	2.46%
Ratio of net investment income to average net assets prior to fees waived	1.28%	0.48%	0.90%	2.16%	2.11%
Portfolio Turnover..	110%	205%	224%	123%	130%

	Year Ended
Class C	12/31/22	12/31/21	12/31/20	12/31/19	12/31/18
Net asset value, beginning of period	$ 8.24	$ 8.44	$  8.27	$  8.14	$ 8.45
Net investment income1	0.07	—	0.04	0.14	0.13
Net realized and unrealized gain (loss)	(0.49)	(0.12)	0.23	0.15	(0.28)
Total from investment operations	(0.42)	(0.12)	0.27	0.29	(0.15)
Less dividends and distributions from: Net investment income	(0.12)	(0.08)	(0.07)	(0.13)	(0.12)
Return of Capital	—	—2	(0.03)	(0.03)	(0.04)
Total dividends and distributions	(0.12)	(0.08)	(0.10)	(0.16)	(0.16)
Net Asset Value, end of period	$ 7.70	$ 8.24	$  8.44	$  8.27	$ 8.14
Total Return3	(5.08%)	(1.41%)	3.28%	3.63%	(1.80%)
Ratios and Supplemental Data: Net Assets, end of period (000 omitted)	$  9,339	$ 11,355	$22,565	$36,977	$ 64,324
Ratio of expenses to average net assets4	1.38%	1.39%	1.39%	1.39%	1.45%
Ratio of expenses to average net assets prior to fees waived4	1.71%	1.70%	1.71%	1.71%	1.70%
Ratio of net investment income to average net assets	0.86%	0.04%	0.47%	1.73%	1.61%
Ratio of net investment income to average net assets prior to fees waived	0.53%	(0.27%)	0.15%	1.41%	1.36%
Portfolio Turnover	110%	205%	224%	123%	130%

	Year Ended
Class R	12/31/22	12/31/21	12/31/20	12/31/19	12/31/18
Net asset value, beginning of period	$ 8.25	$ 8.44	$ 8.28	$ 8.14	$ 8.46
Net investment income1	0.11	0.04	0.08	0.18	0.18
Net realized and unrealized gain (loss)	(0.49)	(0.11)	0.22	0.16	(0.30)
Total from investment operations	(0.38)	(0.07)	0.30	0.34	(0.12)
Less dividends and distributions from: Net investment income	(0.16)	(0.12)	(0.11)	(0.17)	(0.16)
Return of Capital	—	—2	(0.03)	(0.03)	(0.04)
Total dividends and distributions	(0.16)	(0.12)	(0.14)	(0.20)	(0.20)
Net Asset Value, end of period	$ 7.71	$ 8.25	$ 8.44	$ 8.28	$ 8.14
Total Return3	(4.59%)	(0.80%)	3.66%	4.27%	(1.43%)
Ratios and Supplemental Data: Net Assets, end of period (000 omitted)	$743	$843	$ 946	$ 1,586	$2,753
Ratio of expenses to average net asset4	0.88%	0.89%	0.89%	0.89%	0.95%
Ratio of expenses to average net assets prior to fees waived4	1.21%	1.20%	1.21%	1.21%	1.20%
Ratio of net investment income to average net assets	1.36%	0.54%	0.97%	2.23%	2.11%
Ratio of net investment income to average net assets prior to fees waived	1.03%	0.23%	0.65%	1.91%	1.86%
Portfolio Turnover	110%	205%	224%	123%	130%

	Year Ended
Institutional Class	12/31/22	12/31/21	12/31/20	12/31/19	12/31/18
Net asset value, beginning of period	$ 8.25	$ 8.44	$ 8.27	$ 8.14	$ 8.46
Net investment income1	0.15	0.09	0.12	0.23	0.22
Net realized and unrealized gain (loss)	(0.49)	(0.12)	0.23	0.15	(0.30)
Total from investment operations	(0.34)	(0.03)	0.35	0.38	(0.08)
Less dividends and distributions from: Net investment income	(0.20)	(0.16)	(0.15)	(0.22)	(0.20)
Return of Capital	—	—2	(0.03)	(0.03)	(0.04)
Total dividends and distributions	(0.20)	(0.16)	(0.18)	(0.25)	(0.24)
Net Asset Value, end of period	$ 7.71	$ 8.25	$ 8.44	$ 8.27	$ 8.14
Total Return3	(4.12%)	(0.30%)	4.31%	4.67%	(0.93%)
Ratios and Supplemental Data: Net Assets, end of period (000 omitted)	$199,497	$213,457	$262,775	$249,667	$240,614
Ratio of expenses to average net assets4	0.38%	0.39%	0.39%	0.39%	0.45%
Ratio of expenses to average net assets prior to fees waived4	0.71%	0.70%	0.71%	0.71%	0.70%
Ratio of net investment income to average net assets	1.86%	1.04%	1.47%	2.73%	2.61%
Ratio of net investment income to average net assets prior to fees waived	1.53%	0.73%	1.15%	2.41%	2.36%
Portfolio Turnover..	110%	205%	224%	123%	130%

	Year Ended
Class R6	12/31/22	12/31/21	12/31/20	12/31/19	12/31/18
Net asset value, beginning of period	$ 8.24	$ 8.44	$ 8.27	$ 8.14	$ 8.45
Net investment income1	0.15	0.09	0.13	0.23	0.22
Net realized and unrealized gain (loss)	(0.48)	(0.12)	0.23	0.15	(0.28)
Total from investment operations	(0.33)	(0.03)	0.36	0.38	(0.06)
Less dividends and distributions from: Net investment income	(0.21)	(0.17)	(0.16)	(0.22)	(0.21)
Return of Capital	—	—2	(0.03)	(0.03)	(0.04)
Total dividends and distributions	(0.21)	(0.17)	(0.19)	(0.25)	(0.25)
Net Asset Value, end of period	$ 7.70	$ 8.24	$ 8.44	$ 8.27	$ 8.14
Total Return3	(4.06%)	(0.36%)	4.38%	4.74%	(0.75%)
Ratios and Supplemental Data: Net Assets, end of period (000 omitted)	$  4,900	$  5,923	$ 4,646	$ 3,059	$  1,631
Ratio of expenses to average net assets4	0.32%	0.32%	0.32%	0.32%	0.38%
Ratio of expenses to average net assets prior to fees waived4	0.65%	0.63%	0.63%	0.64%	0.62%
Ratio of net investment income to average net assets	1.92%	1.10%	1.54%	2.80%	2.68%
Ratio of net investment income to average net assets prior to fees waived	1.59%	0.79%	1.23%	2.48%	2.44%
Portfolio Turnover	110%	205%	224%	123%	130%

			Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.20			$	9.92			$	9.99			$	9.97			$	10.27
Income (loss) from investment operations:
Net investment income1				0.38				0.41				0.42				0.44				0.42
Net realized and unrealized gain (loss)				(1.75	)			0.33				(0.05	)			0.06				(0.27	)
Total from investment operations				(1.37	)			0.74				0.37				0.50				0.15
Less dividends and distributions from:
Net investment income				(0.40	)			(0.46	)			(0.44	)			(0.45	)			(0.40	)
Net realized gain				—				—				—				(0.03	)			(0.05	)
Total dividends and distributions				(0.40	)			(0.46	)			(0.44	)			(0.48	)			(0.45	)
Net asset value, end of period			$	8.43			$	10.20			$	9.92			$	9.99			$	9.97
Total return2				(13.81%	)			7.59%	3			3.84%				5.13%				1.53%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	54,645			$	87	4		$	111	4		$	120	4		$	117	4
Ratio of expenses to average net assets5				1.06%				1.04%				1.05%				1.05%				1.15%
Ratio of expenses to average net assets prior to fees waived5				1.28%				1.19%				1.17%				1.15%				1.16%
Ratio of net investment income to average net assets				4.04%				4.01%				4.35%				4.45%				4.14%
Ratio of net investment income to average net assets prior to fees waived				3.82%				3.86%				4.23%				4.35%				4.13%
Portfolio turnover				57%				62%				59%				45%				48%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Payments from affiliates had no impact on net asset value and total return.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.19			$	9.91			$	9.98			$	9.97			$	10.27
Income (loss) from investment operations:
Net investment income1				0.31				0.33				0.35				0.36				0.35
Net realized and unrealized gain (loss)				(1.75	)			0.33				(0.06	)			0.05				(0.27	)
Total from investment operations				(1.44	)			0.66				0.29				0.41				0.08
Less dividends and distributions from:
Net investment income				(0.32	)			(0.38	)			(0.36	)			(0.37	)			(0.33	)
Net realized gain				—				—				—				(0.03	)			(0.05	)
Total dividends and distributions				(0.32	)			(0.38	)			(0.36	)			(0.40	)			(0.38	)
Net asset value, end of period			$	8.43			$	10.19			$	9.91			$	9.98			$	9.97
Total return2				(14.43%	)			6.77%	3			3.03%				4.21%				0.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	2,647			$	5	4		$	5	4		$	5	4		$	6	4
Ratio of expenses to average net assets5				1.82%				1.82%				1.83%				1.85%				1.85%
Ratio of expenses to average net assets prior to fees waived5				2.25%				2.05%				2.08%				2.04%				2.02%
Ratio of net investment income to average net assets				3.27%				3.22%				3.57%				3.65%				3.43%
Ratio of net investment income to average net assets prior to fees waived				2.84%				2.99%				3.32%				3.46%				3.26%
Portfolio turnover				57%				62%				59%				45%				48%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Payments from affiliates had no impact on net asset value and total return.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.20			$	9.92			$	9.99			$	9.98			$	10.28
Income (loss) from investment operations:
Net investment income1				0.42				0.45				0.46				0.48				0.45
Net realized and unrealized gain (loss)				(1.75	)			0.33				(0.06	)			0.05				(0.27	)
Total from investment operations				(1.33	)			0.78				0.40				0.53				0.18
Less dividends and distributions from:
Net investment income				(0.43	)			(0.50	)			(0.47	)			(0.49	)			(0.43	)
Net realized gain				—				—				—				(0.03	)			(0.05	)
Total dividends and distributions				(0.43	)			(0.50	)			(0.47	)			(0.52	)			(0.48	)
Net asset value, end of period			$	8.44			$	10.20			$	9.92			$	9.99			$	9.98
Total return2				(13.36%	)			7.99%	3			4.23%				5.43%				1.95%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	114,410			$	241	4		$	257	4		$	315	4		$	315	4
Ratio of expenses to average net assets5				0.67%				0.67%				0.67%				0.67%				0.82%
Ratio of expenses to average net assets prior to fees waived5				1.00%				0.98%				0.96%				0.93%				0.93%
Ratio of net investment income to average net assets				4.41%				4.36%				4.73%				4.83%				4.46%
Ratio of net investment income to average net assets prior to fees waived				4.08%				4.05%				4.44%				4.57%				4.35%
Portfolio turnover				57%				62%				59%				45%				48%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Payments from affiliates had no impact on net asset value and total return.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.21			$	9.92			$	9.99			$	9.98			$	10.28
Income (loss) from investment operations:
Net investment income1				0.42				0.45				0.46				0.48				0.46
Net realized and unrealized gain (loss)				(1.75	)			0.34				(0.06	)			0.05				(0.27	)
Total from investment operations				(1.33	)			0.79				0.40				0.53				0.19
Less dividends and distributions from:
Net investment income				(0.44	)			(0.50	)			(0.47	)			(0.49	)			(0.44	)
Net realized gain				—				—				—				(0.03	)			(0.05	)
Total dividends and distributions				(0.44	)			(0.50	)			(0.47	)			(0.52	)			(0.49	)
Net asset value, end of period			$	8.44			$	10.21			$	9.92			$	9.99			$	9.98
Total return2				(13.44%	)			8.09%	3			4.23%				5.43%				1.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	796			$	1	4		$	22	4		$	48	4		$	53	4
Ratio of expenses to average net assets5				0.67%				0.67%				0.67%				0.67%				0.77%
Ratio of expenses to average net assets prior to fees waived5				0.88%				0.84%				0.80%				0.78%				0.78%
Ratio of net investment income to average net assets				4.45%				4.72%				4.71%				4.83%				4.52%
Ratio of net investment income to average net assets prior to fees waived				4.24%				4.55%				4.58%				4.72%				4.51%
Portfolio turnover				57%				62%				59%				45%				48%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Payments from affiliates had no impact on net asset value and total return.
4	Net assets reported in millions.
5	Expense ratios do not include expenses of any investment companies in which the Fund invests.

			Year ended
			9/30/22				9/30/21				9/30/20				9/30/19				9/30/18
Net asset value, beginning of period			$	10.20			$	9.92			$	9.99			$	9.97			$	10.27
Income (loss) from investment operations:
Net investment income1				0.39				0.44				0.42				0.44				0.42
Net realized and unrealized gain (loss)				(1.76	)			0.30				(0.05	)			0.06				(0.27	)
Total from investment operations				(1.37	)			0.74				0.37				0.50				0.15
Less dividends and distributions from:
Net investment income				(0.40	)			(0.46	)			(0.44	)			(0.45	)			(0.40	)
Net realized gain				—				—				—				(0.03	)			(0.05	)
Total dividends and distributions				(0.40	)			(0.46	)			(0.44	)			(0.48	)			(0.45	)
Net asset value, end of period			$	8.43			$	10.20			$	9.92			$	9.99			$	9.97
Total return2				(13.80%	)			7.59%	3			3.85%				5.13%				1.58%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$	90			$	—	4,5		$	7	4		$	7	4		$	8	4
Ratio of expenses to average net assets6				1.06%				1.04%				1.05%				1.05%				1.10%
Ratio of expenses to average net assets prior to fees waived6				1.55%				1.21%				1.20%				1.18%				1.17%
Ratio of net investment income to average net assets				4.06%				4.32%				4.35%				4.46%				4.18%
Ratio of net investment income to average net assets prior to fees waived				3.57%				4.15%				4.20%				4.33%				4.11%
Portfolio turnover				57%				62%				59%				45%				48%
1	Calculated using average shares outstanding.
2	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
3	Payments from affiliates had no impact on net asset value and total return.
4	Net assets reported in millions.
5	Rounds to less than $500 thousands.
6	Expense ratios do not include expenses of any investment companies in which the Fund invests.

Year ended
Class A shares		7/31/22		7/31/21			7/31/20			7/31/19			7/31/18
Net asset value, beginning of period		$8.57			$8.24			$8.07			$8.01			$8.41
Income (loss) from investment operations:
Net investment income​1		0.29			0.30			0.29			0.32			0.32
Net realized and unrealized gain (loss)		(1.17	)		0.35			0.20			0.08			(0.37	)
Total from investment operations		(0.88	)		0.65			0.49			0.40			(0.05	)
Less dividends and distributions from:
Net investment income		(0.31	)		(0.32	)		(0.32	)		(0.27	)		(0.32	)
Net realized gain		—			—			—			—			—
Return of capital		—			—	​2		—	​2		(0.07	)		(0.03	)
Total dividends and distributions		(0.31	)		(0.32	)		(0.32	)		(0.34	)		(0.35	)
Net asset value, end of period		$7.38			$8.57			$8.24			$8.07			$8.01
Total return3		(10.45%	)		8.02%			6.27%			5.20%			(0.62%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$79,273			$31,690			$29,793			$31,032			$33,912
Ratio of expenses to average net assets​4		0.90%	​5		0.84%			0.84%			0.84%			0.88%
Ratio of expenses to average net assets prior to fees waived​4		1.24%			1.53%			1.52%			1.50%			1.35%
Ratio of net investment income to average net assets		3.62%			3.54%			3.66%			4.09%			3.83%
Ratio of net investment income to average net assets prior to fees waived		3.28%			2.85%			2.98%			3.43%			3.36%
Portfolio turnover		65%			89%			130%			106%			125%

​1	Calculated using average shares outstanding.
​2	Amount is less than $0.005 per share.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​4	Expense ratios do not include expenses of the investment companies (Underlying Funds) in which the Fund invests.
​5	Net expense ratio includes extraordinary expenses.

	Year ended
Class C shares		7/31/22		7/31/21			7/31/20			7/31/19			7/31/18
Net asset value, beginning of period		$8.58			$8.25			$8.08			$8.02			$8.42
Income (loss) from investment operations:
Net investment income​1		0.23			0.24			0.23			0.26			0.25
Net realized and unrealized gain (loss)		(1.18	)		0.35			0.20			0.08			(0.36	)
Total from investment operations		(0.95	)		0.59			0.43			0.34			(0.11	)
Less dividends and distributions from:
Net investment income		(0.25	)		(0.26	)		(0.26	)		(0.21	)		(0.26	)
Net realized gain		—			—			—			—			—
Return of capital		—			—	​2		—	​2		(0.07	)		(0.03	)
Total dividends and distributions		(0.25	)		(0.26	)		(0.26	)		(0.28	)		(0.29	)
Net asset value, end of period		$7.38			$8.58			$8.25			$8.08			$8.02
Total return3		(11.22%	)		7.21%			5.47%			4.42%			(1.35%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,110			$1,451			$1,846			$2,793			$3,450
Ratio of expenses to average net assets​4		1.65%	​5		1.59%			1.59%			1.59%			1.63%
Ratio of expenses to average net assets prior to fees waived​4		1.99%			2.28%			2.27%			2.25%			2.10%
Ratio of net investment income to average net assets		2.87%			2.79%			2.91%			3.34%			3.08%
Ratio of net investment income to average net assets prior to fees waived		2.53%			2.10%			2.23%			2.68%			2.61%
Portfolio turnover		65%			89%			130%			106%			125%

​1	Calculated using average shares outstanding.
​2	Amount is less than $0.005 per share.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
​5	Net expense ratio includes extraordinary expenses.

	Year ended
Class R shares		7/31/22		7/31/21			7/31/20			7/31/19			7/31/18
Net asset value, beginning of period		$8.60			$8.27			$8.10			$8.03			$8.44
Income (loss) from investment operations:
Net investment income​1		0.27			0.28			0.27			0.30			0.30
Net realized and unrealized gain (loss)		(1.19	)		0.35			0.20			0.09			(0.38	)
Total from investment operations		(0.92	)		0.63			0.47			0.39			(0.08	)
Less dividends and distributions from:
Net investment income		(0.29	)		(0.30	)		(0.30	)		(0.25	)		(0.30	)
Net realized gain		—			—			—			—			—
Return of capital		—			—	​2		—	​2		(0.07	)		(0.03	)
Total dividends and distributions		(0.29	)		(0.30	)		(0.30	)		(0.32	)		(0.33	)
Net asset value, end of period		$7.39			$8.60			$8.27			$8.10			$8.03
Total return3		(10.86%	)		7.74%			5.99%			5.07%			(0.97%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$148			$171			$431			$738			$4,259
Ratio of expenses to average net assets​4		1.15%	​5		1.09%			1.09%			1.09%			1.13%
Ratio of expenses to average net assets prior to fees waived​4		1.49%			1.78%			1.77%			1.75%			1.60%
Ratio of net investment income to average net assets		3.37%			3.29%			3.41%			3.84%			3.58%
Ratio of net investment income to average net assets prior to fees waived		3.03%			2.60%			2.73%			3.18%			3.11%
Portfolio turnover		65%			89%			130%			106%			125%

​1	Calculated using average shares outstanding.
​2	Amount is less than $0.005 per share.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
​5	Net expense ratio includes extraordinary expenses.

	Year ended
Institutional Class shares		7/31/22		7/31/21			7/31/20			7/31/19			7/31/18
Net asset value, beginning of period		$8.58			$8.25			$8.08			$8.02			$8.42
Income (loss) from investment operations:
Net investment income​1		0.31			0.32			0.31			0.34			0.34
Net realized and unrealized gain (loss)		(1.18	)		0.35			0.20			0.08			(0.37	)
Total from investment operations		(0.87	)		0.67			0.51			0.42			(0.03	)
Less dividends and distributions from:
Net investment income		(0.33	)		(0.34	)		(0.34	)		(0.29	)		(0.34	)
Net realized gain		—			—			—			—			—
Return of capital		—			—	​2		—	​2		(0.07	)		(0.03	)
Total dividends and distributions		(0.33	)		(0.34	)		(0.34	)		(0.36	)		(0.37	)
Net asset value, end of period		$7.38			$8.58			$8.25			$8.08			$8.02
Total return3		(10.33%	)		8.29%			6.53%			5.47%			(0.36%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$15,126			$16,258			$9,845			$16,457			$28,366
Ratio of expenses to average net assets​4		0.65%	​5		0.59%			0.59%			0.59%			0.63%
Ratio of expenses to average net assets prior to fees waived​4		0.99%			1.28%			1.27%			1.25%			1.10%
Ratio of net investment income to average net assets		3.87%			3.79%			3.91%			4.34%			4.08%
Ratio of net investment income to average net assets prior to fees waived		3.53%			3.10%			3.23%			3.68%			3.61%
Portfolio turnover		65%			89%			130%			106%			125%

​1	Calculated using average shares outstanding.
​2	Amount is less than $0.005 per share.
​3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
​4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
​5	Net expense ratio includes extraordinary expenses.