The Proposal to change each Fund’s diversification status is being undertaken in response to a portfolio management change for each Fund. The Proposal is intended to provide each Fund’s shareholders with better long-term investment opportunities.

The proposed change to each Fund’s diversification status will provide greater investment flexibility to enable the portfolio management team to manage the Funds in accordance with the team’s investment process and approach.  Additionally, the proposed change will provide greater investment flexibility to invest a larger percentage of each Fund’s assets in fewer issuers or in any one issuer. The proposed change would enable the portfolio management team to focus each Fund’s investments on those securities that the portfolio managers believe are most promising.  Additionally, if the proposed change to each Fund’s diversification status is approved, it would be easier for each Fund to respond to possible future investment opportunities.

The proposed change in diversification presents different risks for each Fund relative to how it is currently managed.  For example, because a non-diversified fund may invest its assets in the securities of fewer issuers, the Fund’s shares may become more volatile, that is, the value of the Fund’s shares may increase or decrease more rapidly than if the Fund remained diversified. Nonetheless, management of the Funds and the new portfolio management team anticipate that even as non-diversified funds, the Funds would continue to hold securities from a variety of different issuers. In addition, the portfolio managers will perform extensive analysis on all securities in an effort to manage this risk.

There is also a risk that some Fund shareholders may not be in favor of a less diversified portfolio, which could result in possible investor outflows in response to the proposed change. Also, initial portfolio turnover is anticipated to be high as the Funds transition, which creates the potential for realizing capital gains (if they are not offset by capital losses). This risk may adversely impact taxable shareholders.

Based on the representations of Fund management, including that the change in diversification status was intended to allow the portfolio management team to more effectively and consistently manage the Funds in accordance with the team’s established investment strategy, the Board determined that the Proposal was in the best interests of the Funds and their shareholders. If shareholders approve the Proposal, it is expected that the change would be effective on or about July 29, 2022.

FOR THE REASONS DISCUSSED ABOVE, THE BOARD UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR PROPOSAL 2.

Only shareholders of record of the Funds at the close of business on April 15, 2022 (the “Record Date”), will be entitled to notice of, and to vote at, the Meeting on the matters described in this Proxy Statement.  Shareholders will be entitled to one vote for each full share and a fractional vote for each fractional share that they hold.  If sufficient votes to approve a Proposal for a Fund are not received by the date of the Meeting or any reconvened Meeting following an adjournment, the Meeting or reconvened Meeting may be adjourned to permit further solicitations of proxies.  The persons named as proxies on the enclosed proxy cards will vote their proxies in their discretion on questions of adjournment and any other items (other than the Proposals) that properly come before the Meeting.  A majority of the votes cast by shareholders of a Fund present virtually or by proxy at the Meeting (whether or not sufficient to constitute a quorum for the Fund) may adjourn the Meeting with respect to that Fund.  The Meeting may also be adjourned by the Chairperson of the Meeting.

Abstentions will be counted for purposes of determining whether a quorum is present at the Meeting.  Abstentions are considered as shares present at the Meeting but are not considered votes cast.  As a result, abstentions will have the same effect as a vote “Against” the Proposals, which require a “1940 Act Majority.”

You may revoke your proxy at any time for a Fund before it is voted by sending a written notice to the Fund expressly revoking your proxy, by signing and forwarding to the Fund a later-dated proxy, or by attending the Meeting and voting virtually.  If your shares are held in the name of your broker, you will have to make arrangements with your broker to revoke a previously executed proxy.  If you wish to vote virtually at the Meeting, you must obtain a legal proxy from your broker of record and present it at the Meeting.

The Board does not intend to bring any matters before the Meeting other than as described in this Proxy Statement.  Because the Meeting is a special meeting, the Board does not anticipate that any other matters will be brought before the Meeting by others.  However, if any other matter legally comes before the Meeting, proxies will be voted in the discretion of the persons appointed as proxies.

Only shareholders of record on the Record Date will be entitled to vote at the Meeting on the matters described in this Proxy Statement.  As of April 15, 2022, there were [_____]Appendix A lists the shares outstanding for each Fund as of Delaware Ivy Global Equity Income Fund, [_____] shares outstanding of Delaware Ivy International Value Fund, and [______] shares outstanding of Delaware Ivy VIP Global Equity Income, as shown in Appendix A.the Record Date.

A “Quorum” is the minimum number of shares that must be present in order to conduct the Meeting.  A Quorum for a particular Fund means one-third (33⅓%) of the shares of that Fund that are entitled to vote at the Meeting, present at the meeting virtually or represented by proxy.

To amend, adopt, or eliminate a fundamental investment restriction, which includes changes to diversification status, each Fund must receive the affirmative vote of a 1940 Act Majority Vote.

The approval of the Proposals for a Fund is not contingent on the approval of any other Proposals.  If Proposal 1 is not approved by shareholders of a Fund, the current fundamental investment restriction relating to industry concentration will remain in effect for that Fund.  If Proposal 2 is not approved by shareholders of a Fund, the current fundamental investment limitation regarding diversification will remain in effect for that Fund.

For Proposals 1 and 2, each Fund will cover its costs relating to the proxy preparation, mailing, solicitation, and special meeting.

The Fund has engaged AST Fund Solutions (“AST”) to solicit proxies from brokers, banks, other institutional holders and individual shareholders at an anticipated cost of approximately $317,000 for the Proposals.  Because AST must be paid its out-of-pocket expenses, such as postage, express mail services, and courier expenses, fees and expenses may be greater depending on the effort necessary to obtain shareholder votes.

This proxy solicitation is being made by the Board for use at the Meeting.  In addition to solicitations by mail, solicitations also may be made by advertisement, telephone, telegram, facsimile transmission or other electronic media, or personal contacts.  The Funds will request broker/dealer firms, custodians, nominees, and fiduciaries to forward proxy materials to the beneficial owners of the shares of record.

In addition to solicitations by mail, officers and employees of the Trusts, DMC, and their affiliates may, without extra pay, conduct additional solicitations by telephone, telecopy, and personal interviews.  The Funds expect that any solicitations will be primarily by mail, but also may include telephone, telecopy, or oral solicitations.

As the Meeting date approaches, you may receive a telephone call from a representative of AST if your votes have not yet been received.  Proxies that are obtained telephonically will be recorded in accordance with the procedures described below.  These procedures are designed to ensure that both the identity of the shareholder casting the vote and the voting instructions of the shareholder are accurately determined.

In all cases where a telephonic proxy is solicited, the AST representative is required to ask for each shareholder’s full name and address, and to confirm that the shareholder has received the proxy materials in the mail.  If the shareholder is a corporation or other entity, the AST representative is required to ask for the person’s title and confirmation that the person is authorized to direct the voting of

the shares.  If the information elicited matches the information previously provided to AST, then the AST representative has the responsibility to explain the voting process, read the Proposals listed on the proxy card, and ask for the shareholder’s instructions on the Proposals.  Although the AST representative is permitted to answer questions about the process, he or she is not permitted to recommend to the shareholder how to vote, other than to read any recommendation set forth in this Proxy Statement.  AST will record the shareholder’s instructions on the card.  Within 72 hours, the shareholder will be sent a

Unless you have instructed the Funds not to do so, only one copy of this Proxy Statement will be mailed to multiple Fund shareholders sharing an address (a “Household”), even if more than one shareholder in a Household is a Fund shareholder of record.  If you need additional copies of this Proxy Statement, if you do not want the mailing of proxy solicitation materials to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for the Household, please contact your participating broker/dealer firm or other financial intermediary or, if you hold Fund shares directly with the Funds, you may write to the Funds by regular mail to Attention: Shareholder Services, P.O. Box 9876, Providence,  RI 02940-8076, by overnight courier service to Delaware Service Center at 4400 Computer Drive, Westborough, MA 01581-1722,IVY Investments, 430 W 7th Street Suite 219722 Kansas City, MO 64105-1407, or by calling toll-free 800 523-1918.888 923-3355.  If you hold Fund shares directly with the Funds, you may write to the Funds by regular mail or overnight mail to the Attention: Ivy Investments PO Box 219722 Kansas City, MO 64121-9722

The governing instruments of the Trusts do not require that the Funds hold annual meetings of shareholders.  Each Fund is, however, required to call meetings of shareholders in accordance with the requirements of the 1940 Act to seek approval of new or material amendments to advisory arrangements or of a change in the fundamental investment policies, objectives or restrictions of the Fund.  A Trust also would be required to hold a shareholder meeting to elect new Trustees at such time as less than a majority of the Trustees holding office have been elected by shareholders.  Each Trust’s governing instruments generally provide that a shareholder meeting may be called by a majority of the Trustees, the Chair of the Board, or the President of the Trust.

Shareholders of a Fund wishing to submit proposals for inclusion in a proxy statement for a future shareholder meeting must send their written proposal to that Fund a reasonable time before the Board’s solicitation relating to that meeting is to be made.  Shareholder proposals must meet certain legal requirements established by the SEC, so there is no guarantee that a shareholder’s proposal will actually be included in the next proxy statement.  The persons named as proxies in future proxy materials of a Fund may exercise discretionary authority with respect to any shareholder proposal presented at any subsequent shareholder meeting if written notice of that proposal has not been received by that Fund within a reasonable period of time before the Board’s solicitation relating to that meeting is made. Written proposals with regard to a Fund should be sent to the Secretary of the Trusts, David F. Connor, at the address of the Funds given above.

Shareholders who wish to communicate to the Board may address correspondence to Thomas L. Bennett, Board Chair, c/o the Ivy Funds in connection with Delaware Ivy Global Equity Income Fund and Delaware Ivy International Value Fund, or c/o Ivy Variable Insurance Portfolios in connection with

Delaware Ivy VIP Global Equity Income at 610 Market Street, Philadelphia, Pennsylvania 19106.  Shareholders may also send correspondence to any individual Trustee, c/o the Ivy Funds in connection with Delaware Ivy Global Equity Income Fund and Delaware Ivy International Value Fund, or c/o Ivy Variable Insurance Portfolios in connection with Delaware Ivy VIP Global Equity Income at 610 Market Street, Philadelphia, Pennsylvania 19106.  Without opening any such correspondence, Trust management will promptly forward all such correspondence to the intended recipient(s).

Service Agent. Waddell & Reed Services Company (“WISC”), an affiliate of DMC, located at 6301 Glenwood Street, Overland Park, Kansas, serves as the Funds’ shareholder servicing, dividend disbursing, and transfer agent (the “Transfer Agent”) pursuant to a Shareholder Services Agreement. The Transfer Agent is paid a fee by the Funds for providing these services consisting of an asset-based fee and certain out-of-pocket expenses. The Transfer Agent will bill, and the Funds will pay, such compensation monthly. Omnibus and networking fees charged by financial intermediaries and subtransfer agency fees are passed on to and paid directly by the Funds. The Transfer Agent’s compensation is fixed each year and approved by the Board, including a majority of the Independent Trustees.

Fund Accountants.  The Bank of New York Mellon (“BNY Mellon”), 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration services to the Funds. Those services include performing functions related to calculating the Funds’ net asset values (“NAVs”) and providing financial reporting information, regulatory compliance testing and other related accounting services. For these services, the Funds pay BNY Mellon an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges.

WISC provides fund accounting and financial administration oversight services to the Funds. Those services include overseeing the Funds’ pricing process, the calculation and payment of fund expenses, and financial reporting in shareholder reports, registration statements and other regulatory filings. WISC also manages the process for the payment of dividends and distributions and the dissemination of Fund NAVs and performance data. For these services, the Funds pay WISC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. The fees payable to BNY Mellon and WISC under the service agreements described above will be allocated among all funds in the Delaware Funds on a relative NAV basis.

Distribution Services. Delaware Distributors, L.P., located at 610 Market Street, Philadelphia, PA 19106, serves as the national distributor of the Funds’ shares. The Distributor is an affiliate of DMC. The Distributor has agreed to use its best efforts to sell shares of the Funds. Shares of the Funds are offered on a continuous basis by the Distributor and may be purchased through authorized investment dealers or directly by contacting the Distributor or the Trusts.

[No Fund paid any brokerage commissions for portfolio securities to any broker that is an affiliate (or an affiliate of an affiliate) of the Funds, DMC, DDLP, or DIFSC during the Funds’ most recently completed fiscal year.]

As of DecemberMarch 31, 2021,2022, the officers and Trustees of each Trust, as a group, owned less than 1% of the outstanding voting shares of each Fund or class thereof.

To the best knowledge of the Trusts, as of DecemberMarch 31, 2021,2022, no person, except as set forth in Appendix B, owned of record 5% or more of the outstanding shares of any Fund.  Except as noted in

Appendix B, the Trusts have no knowledge of beneficial ownership of 5% or more of the outstanding shares of any class of any Fund.

AS OF DECEMBER 31, 2021THE RECORD DATE

The following table shows, as of DecemberMarch 31, 2021,2022, the accounts of each class of each Fund that own of record 5% or more of such class.