Delaware Group Equity Funds Iv NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-04413

Delaware Group^® Equity Funds IV

(Exact name of registrant as specified in charter)

610 Market Street
Philadelphia, PA 19106

Registrant's telephone number, including area code:

(800) 523-1918

Date of fiscal year end:

March 31

Date of reporting period:

September 30, 2024

Item 1. Report to Stockholders.

(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Delaware Healthcare Fund

Class A: DLHAX

Semiannual shareholder report | September 30, 2024

This semiannual shareholder report contains important information about Delaware Healthcare Fund (Fund) for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at delawarefunds.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$63	1.21%

*	Annualized

Fund statistics (as of September 30, 2024)

Fund net assets	$833,197,480
Total number of portfolio holdings	103
Total advisory fees paid	$3,263,551
Portfolio turnover rate	3%

Fund holdings (as of September 30, 2024)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Blue Chip Medical Products	49.45%
Biotechnology	25.83%
Healthcare Services	10.58%
Small- / Mid-Cap Medical Products	6.17%
Other	1.69%

Top 10 equity holdings

Eli Lilly & Co.	9.36%
Regeneron Pharmaceuticals	5.93%
UnitedHealth Group	5.33%
Amgen	4.64%
Merck & Co.	4.54%
Pfizer	3.98%
Elevance Health	3.93%
Boston Scientific	3.82%
Chugai Pharmaceutical	3.36%
AbbVie	3.08%

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information

You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at delawarefunds.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Delaware Funds by Macquarie^®or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.

(3983849)

Delaware Healthcare Fund

Class C: DLHCX

Semiannual shareholder report | September 30, 2024

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$101	1.96%

*	Annualized

Fund statistics (as of September 30, 2024)

Fund net assets	$833,197,480
Total number of portfolio holdings	103
Total advisory fees paid	$3,263,551
Portfolio turnover rate	3%

Fund holdings (as of September 30, 2024)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Blue Chip Medical Products	49.45%
Biotechnology	25.83%
Healthcare Services	10.58%
Small- / Mid-Cap Medical Products	6.17%
Other	1.69%

Top 10 equity holdings

Eli Lilly & Co.	9.36%
Regeneron Pharmaceuticals	5.93%
UnitedHealth Group	5.33%
Amgen	4.64%
Merck & Co.	4.54%
Pfizer	3.98%
Elevance Health	3.93%
Boston Scientific	3.82%
Chugai Pharmaceutical	3.36%
AbbVie	3.08%

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.

(3983849)

Delaware Healthcare Fund

Class R: DLRHX

Semiannual shareholder report | September 30, 2024

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R	$75	1.46%

*	Annualized

Fund statistics (as of September 30, 2024)

Fund net assets	$833,197,480
Total number of portfolio holdings	103
Total advisory fees paid	$3,263,551
Portfolio turnover rate	3%

Fund holdings (as of September 30, 2024)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Blue Chip Medical Products	49.45%
Biotechnology	25.83%
Healthcare Services	10.58%
Small- / Mid-Cap Medical Products	6.17%
Other	1.69%

Top 10 equity holdings

Eli Lilly & Co.	9.36%
Regeneron Pharmaceuticals	5.93%
UnitedHealth Group	5.33%
Amgen	4.64%
Merck & Co.	4.54%
Pfizer	3.98%
Elevance Health	3.93%
Boston Scientific	3.82%
Chugai Pharmaceutical	3.36%
AbbVie	3.08%

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.

(3983849)

Delaware Healthcare Fund

Institutional Class: DLHIX

Semiannual shareholder report | September 30, 2024

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Institutional Class	$50	0.96%

*	Annualized

Fund statistics (as of September 30, 2024)

Fund net assets	$833,197,480
Total number of portfolio holdings	103
Total advisory fees paid	$3,263,551
Portfolio turnover rate	3%

Fund holdings (as of September 30, 2024)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Blue Chip Medical Products	49.45%
Biotechnology	25.83%
Healthcare Services	10.58%
Small- / Mid-Cap Medical Products	6.17%
Other	1.69%

Top 10 equity holdings

Eli Lilly & Co.	9.36%
Regeneron Pharmaceuticals	5.93%
UnitedHealth Group	5.33%
Amgen	4.64%
Merck & Co.	4.54%
Pfizer	3.98%
Elevance Health	3.93%
Boston Scientific	3.82%
Chugai Pharmaceutical	3.36%
AbbVie	3.08%

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at delawarefunds.com/literature.

(3983849)

(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

(b)

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

Alternative / specialty mutual fund

Delaware Healthcare Fund

Financial statements and other information

For the six months ended September 30, 2024

Table of contents

Schedule of investments	1
Statement of assets and liabilities	5
Statement of operations	7
Statements of changes in net assets	8
Financial highlights	10
Notes to financial statements	18
Other Fund information	30

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

Form N-PORT and proxy voting information

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund's website at delawarefunds.com/literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

Table of Contents

Schedule of investments

Delaware Healthcare Fund

September 30, 2024 (Unaudited)

	Number of shares	Value (US $)
Common Stocks — 93.71%♦
Biotechnology — 25.82%
ACADIA Pharmaceuticals †	92,648	$ 1,424,926
Alkermes †	300,000	8,397,000
Allogene Therapeutics †	146,779	410,981
Alnylam Pharmaceuticals †	30,000	8,250,900
Altimmune †	100,000	614,000
Amarin ADR †	190,000	119,111
AnaptysBio †	93,732	3,140,022
Arcus Biosciences †	379,100	5,796,439
Atea Pharmaceuticals †	70,000	234,500
BioMarin Pharmaceutical †	110,000	7,731,900
BioNTech ADR †	18,000	2,137,860
Cellectis ADR †	226,875	485,513
Cogent Biosciences †	230,000	2,484,000
Coherus Biosciences †	900,000	936,000
Compugen †	1,020,000	1,846,200
Cytokinetics †	30,000	1,584,000
Day One Biopharmaceuticals †	110,000	1,532,300
Dynavax Technologies †	570,000	6,349,800
Exact Sciences †	91,353	6,222,966
Fortress Biotech †	6,666	9,632
Galmed Pharmaceuticals †	1,700	11,662
GRAIL †	80,000	1,100,800
Immunovant †	122,100	3,481,071
Incyte †	80,000	5,288,000
Intellia Therapeutics †	20,000	411,000
Janux Therapeutics †	76,601	3,479,984
Karyopharm Therapeutics †	500,000	415,000
Landos Biopharma †	14,718	36,942
MacroGenics †	420,000	1,381,800
Madrigal Pharmaceuticals †	15,000	3,183,300
MEI Pharma	30,000	85,500
Mersana Therapeutics †	150,000	283,500
Moderna †	10,000	668,300
Mural Oncology †	30,000	93,900
Mustang Bio †	8,000	1,882
Myriad Genetics †	50,000	1,369,500
Nektar Therapeutics †	256,385	333,301
Neurocrine Biosciences †	70,000	8,065,400
NextCure †	150,000	205,500
ProQR Therapeutics †	620,000	1,128,400
Puma Biotechnology †	61,255	156,200

Table of Contents

Schedule of investments

Delaware Healthcare Fund

	Number of shares	Value (US $)
Common Stocks♦ (continued)
Biotechnology (continued)
Regeneron Pharmaceuticals †	47,000	$ 49,408,280
REGENXBIO †	149,000	1,563,010
Rigel Pharmaceuticals †	160,000	2,588,800
Rocket Pharmaceuticals †	58,000	1,071,260
Roivant Sciences †	338,181	3,902,609
Sangamo Therapeutics †	400,000	346,440
Sarepta Therapeutics †	11,000	1,373,790
Sio Gene Therapies †	64,171	0
Structure Therapeutics ADR †	58,000	2,545,620
Syndax Pharmaceuticals †	180,000	3,465,000
Tarsus Pharmaceuticals †	150,000	4,933,500
Theravance Biopharma †	208,783	1,682,791
Ultragenyx Pharmaceutical †	70,000	3,888,500
uniQure †	706,166	3,481,398
United Therapeutics †	14,000	5,016,900
Ventyx Biosciences †	430,000	937,400
Vertex Pharmaceuticals †	25,000	11,627,000
Viking Therapeutics †	330,100	20,898,631
Viridian Therapeutics †	29,370	668,168
Voyager Therapeutics †	5,700	33,345
WaVe Life Sciences †	81,955	672,031
Xencor †	200,000	4,022,000
XOMA Royalty †	3,466	91,780
		215,107,245
Blue Chip Medical Products — 49.45%
AbbVie	130,000	25,672,400
Amgen	120,000	38,665,200
AstraZeneca	131,243	20,332,922
Biogen †	28,000	5,427,520
Boston Scientific †	380,000	31,844,000
Chugai Pharmaceutical	580,000	27,973,978
Eli Lilly & Co.	88,000	77,962,720
Euroapi †	8,695	36,683
Gilead Sciences	210,000	17,606,400
Johnson & Johnson	100,000	16,206,000
Merck & Co.	333,000	37,815,480
Organon & Co.	29,500	564,335
Pfizer	1,145,000	33,136,300
Roche Holding	80,000	25,578,071
Sanofi	165,423	18,948,069
Stryker	15,000	5,418,900

Table of Contents

	Number of shares	Value (US $)
Common Stocks♦ (continued)
Blue Chip Medical Products (continued)
UCB	112,137	$ 20,221,699
Zimmer Biomet Holdings	80,000	8,636,000
		412,046,677
Healthcare Services — 10.58%
CVS Health	100,000	6,288,000
Elevance Health	63,000	32,760,000
Quest Diagnostics	30,000	4,657,500
UnitedHealth Group	76,000	44,435,680
		88,141,180
Other — 1.69%
Cia de Minas Buenaventura ADR	66,353	918,326
Fannie Mae †	1,300,000	1,534,000
Federal Home Loan Mortgage †	1,050,000	1,207,500
Kenvue	186,600	4,316,058
Sohu.com ADR †	390,722	6,153,871
		14,129,755
Small- / Mid-Cap Medical Products — 6.17%
Halozyme Therapeutics †	220,000	12,592,800
Illumina †	100,000	13,041,000
InnoCare Pharma 144A #, †	17,000	14,739
Intra-Cellular Therapies †	80,000	5,853,600
Perrigo	230,000	6,032,900
Topcon	16,800	180,653
Viatris	1,170,018	13,583,909
Zimvie †	8,000	126,960
		51,426,561
Total Common Stocks (cost $539,054,586)		780,851,418



Rights — 0.01%
Biotechnology — 0.01%
Ambit Bioscience =, †, π	76,500	0
Yumanity Therapeutics =, †	750,000	0
Contra Surface Oncolog †	350,000	26,950
Mirati Therapeutics †	60,000	42,000
Total Rights (cost $0)		68,950

Table of Contents

Schedule of investments

Delaware Healthcare Fund

	Number of shares	Value (US $)


Short-Term Investments — 6.43%
Money Market Mutual Funds — 6.43%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%)	13,390,862	$ 13,390,862
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%)	13,390,863	13,390,863
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%)	13,390,863	13,390,863
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%)	13,390,863	13,390,863
Total Short-Term Investments (cost $53,563,451)		53,563,451
Total Value of Securities—100.15% (cost $592,618,037)		$834,483,819

♦	Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2024, the aggregate value of Rule 144A securities was $14,739, which represents 0.00% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2024, the aggregate value of restricted securities was $0, which represented 0.00% of the Fund’s net assets. See Note 7 in “Notes to financial statements” and table below for additional details on restricted securities.

Restricted Securities
Investments	Date of Acquisition	Cost	Value
Ambit Bioscience	12/11/14	$—	$—

Summary of abbreviations:

ADR – American Depositary Receipt

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Statement of assets and liabilities

Delaware Healthcare Fund

September 30, 2024 (Unaudited)

Assets:
Investments, at value*	$834,483,819
Foreign tax reclaims receivable	1,197,034
Receivable for fund shares sold	791,219
Dividends receivable	469,076
Prepaid expenses	49,435
Other assets	7,050
Total Assets	836,997,633
Liabilities:
Due to custodian	6
Payable for fund shares redeemed	3,002,209
Investment management fees payable to affiliates	573,344
Other accrued expenses	134,792
Distribution fees payable to affiliates	89,802
Total Liabilities	3,800,153
Total Net Assets	$833,197,480

Net Assets Consist of:
Paid-in capital	$502,037,923
Total distributable earnings (loss)	331,159,557
Total Net Assets	$833,197,480

Table of Contents

Statement of assets and liabilities

Delaware Healthcare Fund


Net Asset Value

Class A:
Net assets	$224,579,249
Shares of beneficial interest outstanding, unlimited authorization, no par	7,665,138
Net asset value per share	$29.30
Sales charge	5.75%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$31.09

Class C:
Net assets	$49,630,028
Shares of beneficial interest outstanding, unlimited authorization, no par	1,886,683
Net asset value per share	$26.31

Class R:
Net assets	$2,631,345
Shares of beneficial interest outstanding, unlimited authorization, no par	92,309
Net asset value per share	$28.51

Institutional Class:
Net assets	$556,356,858
Shares of beneficial interest outstanding, unlimited authorization, no par	18,771,246
Net asset value per share	$29.64
*Investments, at cost	$592,618,037

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Statement of operations

Delaware Healthcare Fund

Six months ended September 30, 2024 (Unaudited)

Investment Income:
Dividends	$6,270,361
Foreign tax withheld	(140,263)
	6,130,098

Expenses:
Management fees	3,329,539
Distribution expenses — Class A	271,084
Distribution expenses — Class C	261,846
Distribution expenses — Class R	7,227
Dividend disbursing and transfer agent fees and expenses	347,294
Accounting and administration expenses	76,443
Reports and statements to shareholders expenses	37,725
Registration fees	36,771
Legal fees	28,175
Audit and tax fees	18,594
Trustees’ fees	17,664
Custodian fees	9,317
Other	11,387
	4,453,066
Less expenses waived	(65,988)
Less expenses paid indirectly	(1,892)
Total operating expenses	4,385,186
Net Investment Income (Loss)	1,744,912

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	42,406,375
Foreign currencies	17,395
Net increase from payment by affiliates¹	7,334
Net realized gain (loss)	42,431,104

Net change in unrealized appreciation (depreciation) on:
Investments	4,672,252
Foreign currencies	69,461
Net change in unrealized appreciation (depreciation)	4,741,713
Net Realized and Unrealized Gain (Loss)	47,172,817
Net Increase (Decrease) in Net Assets Resulting from Operations	$48,917,729

¹	See Note 2 in “Notes to financial statements.”

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Statements of changes in net assets

Delaware Healthcare Fund

	Six months ended 9/30/24 (Unaudited)	Year ended 3/31/24
	Six months ended 9/30/24 (Unaudited)	Year ended 3/31/24
Increase in Net Assets from Operations:
Net investment income (loss)	$1,744,912	$2,528,245
Net realized gain (loss)	42,423,770	91,604,162
Net increase from payment by affiliates¹	7,334	—
Net change in unrealized appreciation (depreciation)	4,741,713	42,084,660
Net increase (decrease) in net assets resulting from operations	48,917,729	136,217,067

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A	—	(11,555,407)
Class C	—	(3,292,772)
Class R	—	(144,002)
Institutional Class	—	(27,759,682)
	—	(42,751,863)

Capital Share Transactions (See Note 4):
Proceeds from shares sold:
Class A	14,962,010	20,434,921
Class C	1,117,906	2,328,873
Class R	165,404	410,695
Institutional Class	55,126,323	61,217,381

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A	—	11,227,556
Class C	—	3,260,640
Class R	—	144,002
Institutional Class	—	22,831,525
	71,371,643	121,855,593

Table of Contents

	Six months ended 9/30/24 (Unaudited)	Year ended 3/31/24
	Six months ended 9/30/24 (Unaudited)	Year ended 3/31/24
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$(19,976,233)	$(60,663,170)
Class C	(11,617,913)	(24,296,278)
Class R	(703,093)	(943,916)
Institutional Class	(46,113,768)	(154,178,563)
	(78,411,007)	(240,081,927)
Decrease in net assets derived from capital share transactions	(7,039,364)	(118,226,334)
Net Increase (Decrease) in Net Assets	41,878,365	(24,761,130)

Net Assets:
Beginning of period	791,319,115	816,080,245
End of period	$833,197,480	$791,319,115

¹	See Note 2 in “Notes to financial statements.”

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Financial highlights

Delaware Healthcare Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Payment by affiliates

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	See Note 2 in “Notes to financial statements.”
⁵	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.
⁶	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Six months ended 9/30/24¹ (Unaudited)	Year ended
Six months ended 9/30/24¹ (Unaudited)	3/31/24	3/31/23	3/31/22	3/31/21	3/31/20
$27.58	$24.40	$27.35	$27.71	$22.75	$24.63


0.04	0.06	0.08	0.06	0.03	0.03
1.68	4.58	(0.76)	1.06	6.49	0.11
1.72	4.64	(0.68)	1.12	6.52	0.14


—	(0.15)	—	—	(0.06)	—
—	(1.31)	(2.27)	(1.48)	(1.50)	(2.02)
—	(1.46)	(2.27)	(1.48)	(1.56)	(2.02)

—^3,4	—	—	—	—	—

$29.30	$27.58	$24.40	$27.35	$27.71	$22.75

6.24%⁶	20.06%⁶	(2.98%)⁶	4.44%	28.55%	(0.27%)


$224,579	$216,521	$219,518	$311,815	$344,531	$272,911
1.21%	1.21%	1.23%	1.24%	1.23%	1.27%
1.23%	1.25%	1.26%	1.24%	1.23%	1.27%
0.32%	0.23%	0.32%	0.20%	0.11%	0.13%
0.30%	0.19%	0.29%	0.20%	0.11%	0.13%
3%	5%	3%	1%	22%	24%

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Financial highlights

Delaware Healthcare Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net realized gain

Total dividends and distributions

Payment by affiliates

Net asset value, end of period

Total return⁶

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁸

Ratio of expenses to average net assets prior to fees waived⁸

Ratio of net investment loss to average net assets

Ratio of net investment loss to average net assets prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses.
⁴	Amount is less than $0.005 per share.
⁵	See Note 2 in “Notes to financial statements.”
⁶	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.
⁷	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁸	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Six months ended 9/30/24¹ (Unaudited)	Year ended
Six months ended 9/30/24¹ (Unaudited)	3/31/24	3/31/23	3/31/22	3/31/21	3/31/20
$24.86	$22.15	$25.22	$25.86	$21.42	$23.47


(0.05) ³	(0.12)	(0.10)	(0.14)	(0.17)	(0.15)
1.50	4.14	(0.70)	0.98	6.11	0.12
1.45	4.02	(0.80)	0.84	5.94	(0.03)


—	(1.31)	(2.27)	(1.48)	(1.50)	(2.02)
—	(1.31)	(2.27)	(1.48)	(1.50)	(2.02)

—^4,5	—	—	—	—	—

$26.31	$24.86	$22.15	$25.22	$25.86	$21.42

5.83%⁷	19.18%⁷	(3.73%)⁷	3.66%	27.62%	(1.02%)


$49,630	$57,364	$69,423	$86,748	$112,012	$99,376
1.96%	1.96%	1.98%	1.99%	1.98%	2.02%
1.98%	2.00%	2.01%	1.99%	1.98%	2.02%
(0.43%)	(0.52%)	(0.43%)	(0.55%)	(0.64%)	(0.62%)
(0.45%)	(0.56%)	(0.46%)	(0.55%)	(0.64%)	(0.62%)
3%	5%	3%	1%	22%	24%

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Financial highlights

Delaware Healthcare Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Payment by affiliates

Net asset value, end of period

Total return⁶

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁸

Ratio of expenses to average net assets prior to fees waived⁸

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $(0.005) per share.
⁴	Amount is less than $0.005 per share.
⁵	See Note 2 in “Notes to financial statements.”
⁶	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.
⁷	Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.
⁸	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Six months ended 9/30/24¹ (Unaudited)	Year ended
Six months ended 9/30/24¹ (Unaudited)	3/31/24	3/31/23	3/31/22	3/31/21	3/31/20
$26.87	$23.81	$26.81	$27.26	$22.40	$24.34


0.01	—³	0.02	(0.01)	(0.04)	(0.03)
1.63	4.46	(0.75)	1.04	6.40	0.11
1.64	4.46	(0.73)	1.03	6.36	0.08


—	(0.09)	—	—	—	—
—	(1.31)	(2.27)	(1.48)	(1.50)	(2.02)
—	(1.40)	(2.27)	(1.48)	(1.50)	(2.02)

—^4,5	—	—	—	—	—

$28.51	$26.87	$23.81	$26.81	$27.26	$22.40

6.10%⁷	19.74%⁷	(3.23%)⁷	4.18%	28.30%	(0.52%)


$2,631	$2,999	$3,042	$4,130	$4,867	$5,269
1.46%	1.46%	1.48%	1.49%	1.48%	1.52%
1.48%	1.50%	1.51%	1.49%	1.48%	1.52%
0.07%	(0.02%)	0.07%	(0.05%)	(0.14%)	(0.12%)
0.05%	(0.06%)	0.04%	(0.05%)	(0.14%)	(0.12%)
3%	5%	3%	1%	22%	24%

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Financial highlights

Delaware Healthcare Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Payment by affiliates

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	See Note 2 in “Notes to financial statements.”
⁵	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.
⁶	Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.
⁷	Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Six months ended 9/30/24¹ (Unaudited)	Year ended
Six months ended 9/30/24¹ (Unaudited)	3/31/24	3/31/23	3/31/22	3/31/21	3/31/20
$27.87	$24.65	$27.60	$27.93	$22.91	$24.75


0.08	0.12	0.15	0.13	0.10	0.09
1.69	4.63	(0.77)	1.06	6.55	0.12
1.77	4.75	(0.62)	1.19	6.65	0.21


—	(0.22)	(0.06)	(0.04)	(0.13)	(0.03)
—	(1.31)	(2.27)	(1.48)	(1.50)	(2.02)
—	(1.53)	(2.33)	(1.52)	(1.63)	(2.05)

—^{3, 4}	—	—	—	—	—

$29.64	$27.87	$24.65	$27.60	$27.93	$22.91

6.35%⁶	20.36%⁶	(2.73%)⁶	4.69%	28.91%	(0.01%)


$556,357	$514,435	$524,097	$542,943	$684,831	$518,093
0.96%	0.96%	0.98%	0.99%	0.98%	1.02%
0.98%	1.00%	1.01%	0.99%	0.98%	1.02%
0.57%	0.48%	0.57%	0.45%	0.36%	0.38%
0.55%	0.44%	0.54%	0.45%	0.36%	0.38%
3%	5%	3%	1%	22%	24%

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Notes to financial statements

Delaware Healthcare Fund

September 30, 2024 (Unaudited)

Delaware Group^® Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers 3 funds. These financial statements and the related notes pertain to Delaware Healthcare Fund (Fund). The Trust is an open-end investment company. The Fund is considered nondiversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as the valuation designee (Valuation Designee) for the Fund to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. The Fund may use fair value pricing relatively frequently for

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securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Fund may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended September 30, 2024, and for all open tax years (years ended March 31, 2021–March 31, 2024), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended September 30, 2024, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These realized gains and losses are included on the “Statement of operations” under “Net realized gain (loss) on investments.” The Fund reports certain foreign currency related transactions as components of

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Notes to financial statements

Delaware Healthcare Fund

1. Significant Accounting Policies (continued)

realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws,payment history and market convention. The “Statement of operations” includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended September 30, 2024, the Fund earned $1,691 under this arrangement.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the

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corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended September 30, 2024, the Fund earned the $201 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.85% on the first $500 million of average daily net assets of the Fund, 0.80% on the next $500 million, 0.75% on the next $1.5 billion, and 0.70% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any distribution and service (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 0.96% of the Fund’s average daily net assets from April 1, 2024 through July 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as a percentage of average daily net assets from April 1, 2024 through July 30, 2025, unless terminated by agreement of DMC and the Fund, is as follows:

Operating expense limitation as a percentage of average daily net assets
Class A	Class C	Class R	Institutional Class
1.21%	1.96%	1.46%	0.96%

DMC entered into a Sub-Advisory Agreement on behalf of the Fund with Macquarie Investment Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Pursuant to the terms of the Sub-Advisory Agreement, the investment sub-advisory fee is paid by DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides services to the Fund.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations”

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Notes to financial statements

Delaware Healthcare Fund

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

under “Accounting and administration expenses.” For the six months ended September 30, 2024, the Fund paid $20,107 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended September 30, 2024, the Fund paid $25,925 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class shares do not pay a 12b-1 fee.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the six months ended September 30, 2024, the Fund paid $10,608 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended September 30, 2024, DDLP earned $20,402 for commissions on sales of the Fund’s Class A shares. For the six months ended September 30, 2024, DDLP received gross CDSC commissions of $57 and $115 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs,

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in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

During the six months ended September 30, 2024, DMC reimbursed the Fund $7,334 for commissions related to a trade error. These amounts are included in “Net increase from payment by affiliates ”in the "Statement of operations." Payment by affiliates had no impact on total return.

MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the U.S. Securities and Exchange Commission (SEC) consenting to an order (“Settlement Order”) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (“ARMBS Strategy”). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC’s findings. The Settlement Order does not impact MIMBT’s ability to continue to provide services to the Fund.

3. Investments

For the six months ended September 30, 2024, the Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:

Purchases	$25,870,357
Sales	73,370,202

At September 30, 2024, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2024, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$592,618,037
Aggregate unrealized appreciation of investments	$401,430,883
Aggregate unrealized depreciation of investments	(159,565,101)
Net unrealized appreciation of investments	$241,865,782

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s

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Notes to financial statements

Delaware Healthcare Fund

3. Investments (continued)

investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 − Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 − Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 − Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of September 30, 2024:

	Level 1	Level 2	Level 3	Total
Securities
Assets:
Common Stocks
Biotechnology	$215,070,303	$36,942	$—	$215,107,245
Blue Chip Medical Products	412,046,677	—	—	412,046,677
Healthcare Services	88,141,180	—	—	88,141,180
Other	14,129,755	—	—	14,129,755
Small- / Mid-Cap Medical Products	51,426,561	—	—	51,426,561
Rights	—	68,950	—¹	68,950
Short-Term Investments	53,563,451	—	—	53,563,451
Total Value of Securities	$834,377,927	$105,892	$—	$834,483,819

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¹The security that has been valued at zero on the “Schedule of investments” is considered to be a Level 3 investment in this table.

During the six months ended September 30, 2024, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Fund’s net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months ended	Year ended
	9/30/24	3/31/24
Shares sold:
Class A	533,852	811,631
Class C	43,649	101,527
Class R	6,083	16,632
Institutional Class	1,935,339	2,387,991

Shares issued upon reinvestment of dividends and distributions:
Class A	—	478,787
Class C	—	153,949
Class R	—	6,299
Institutional Class	—	964,576
	2,518,923	4,921,392

Shares redeemed:
Class A	(718,827)	(2,436,254)
Class C	(464,726)	(1,081,812)
Class R	(25,399)	(39,084)
Institutional Class	(1,624,527)	(6,155,495)
	(2,833,479)	(9,712,645)
Net decrease	(314,556)	(4,791,253)

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Notes to financial statements

Delaware Healthcare Fund

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the table above and on the “Statements of changes in net assets.” For the six months ended September 30, 2024 and the year ended March 31, 2024, the Fund had the following exchange transactions:

	Exchange Redemptions			Exchange Subscriptions
	Class A Shares	Class C Shares	Institutional Class Shares	Class A Shares	Institutional Class Shares	Value
Six months ended
9/30/24	16,160	10,146	—	1,637	23,401	$699,143
Year ended
3/31/24	18,387	30,036	3,555	23,935	24,957	1,236,528

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 28, 2024.

The Fund had no amounts outstanding as of September 30, 2024, or at any time during the period then ended.

6. Securities Lending

The Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the

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applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

At September 30, 2024, the Fund had no securities out on loan.

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Notes to financial statements

Delaware Healthcare Fund

7. Credit and Market Risks

The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen.

The value of the Fund’s shares will be affected by factors particular to the healthcare and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.

The Fund invests a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- and/or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include limited financial resources or a dependence on narrow product lines.

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund is a nondiversified fund. Because a nondiversified fund may invest its assets in fewer issuers, the value of the Fund's shares may increase or decrease more rapidly than if it were fully diversified.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A and restricted securities have been identified on the “Schedule of investments.”

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8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Subsequent Events

On October 28, 2024, the Fund, along with the other Participants, entered into an amendment to the Agreement for a $335,000,000 revolving line of credit to be used as described in Note 5. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 27, 2025.

Management has determined that no other material events or transactions occurred subsequent to September 30, 2024, that would require recognition or disclosure in the Fund’s financial statements.

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Other Fund information (Unaudited)

Delaware Healthcare Fund

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

Statement Regarding Basis of Approval for Investment Advisory Contract

Board Consideration of Investment Management Agreement and Sub-Advisory Agreement at a Meeting Held on August 13-15, 2024

At a meeting held on August 13-15, 2024 (the “Annual Contract Renewal Meeting”), the Board of Trustees (the “Board”), including a majority of Trustees each of whom is not an “interested person” as defined under the Investment Company Act of 1940 (the “Independent Trustees”), approved the renewal of the Delaware Healthcare Fund (the “Fund”) Investment Management Agreement with Delaware Management Company (“DMC”) and the Sub-Advisory Agreement with Macquarie Investment Management Global Limited (“MIMGL” or the “Affiliated Sub-Adviser”).

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2024, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an “Investment Committee” and together, the “Investment Committees”), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreement. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreement, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract

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Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreement, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund’s Investment Management Agreement and the Sub-Advisory Agreement, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (“JDL”).

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreement for a one-year term. The following summarizes a number of important, but not necessarily all of the, factors considered by the Board in support of its approval.

Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including the Fund’s portfolio manager. The Board met with DMC’s senior management and investment personnel. The Board reviewed the materials provided by the Fund’s portfolio management team discussing its performance, investment strategies and outlook, as well as DMC with respect to comparing Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board’s review included consideration of DMC’s investment oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC’s programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation and compliance risks and its plans for enhancing those programs (including through the allocation of additional resources and enhancements to existing processes and testing). The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates, as well as information from Macquarie Group Ltd. (“Macquarie”), the parent company of DMC, regarding Macquarie’s commitment to the U.S. mutual fund business.

In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the fund complex. Among other things, these services include third party service provider oversight, transfer agency, internal audit, pricing and valuation, portfolio trading, and legal and compliance functions. The Board noted DMC’s responsibility for overseeing: the preparation of the Fund’s prospectus, summary prospectus, statement of additional information, and shareholder reports; responsibility for other periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board.

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Other Fund information (Unaudited)

Delaware Healthcare Fund

Board Consideration of Investment Management Agreement and Sub-Advisory Agreement at a Meeting Held on August 13-15, 2024 (continued)

The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie, and the resources available to DMC as part of Macquarie’s global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Adviser under the Sub-Advisory Agreement and the credentials and experience of the officers and employees of the Affiliated Sub-Adviser who provide these services. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Adviser, and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Adviser with respect to certain asset classes and/or investment styles. The Board noted that the Affiliated Sub-Adviser is part of Macquarie’s global investment platform that has offices and personnel that are located around the world. The Affiliated Sub-Adviser provides research, investment and trading analysis on the markets and economies of various countries in which the Fund may invest, makes recommendations regarding securities, provides portfolio management services, and assists with security trades, as applicable. The Board took into account that the Sub-Advisory Agreement may benefit the Fund and its shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Adviser in managing the Fund.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC and the Affiliated Sub-Adviser.

Investment performance. The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board’s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider (“Broadridge”), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund’s institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the “Performance Universe”). The Board received a description of the methodology used to select the peer funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2023.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional health/biotechnology funds, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund’s total return for the 1-, 3-,

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5-, and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-year period and underperformed its benchmark index for 3-, 5-, and 10-year periods. The Board noted that the Fund was generally outperforming its Performance Universe during the periods under review. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund’s relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.

Comparative expenses. The Board received and considered expense data for the Fund. DMC provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Broadridge total expenses (reflecting any applicable fee waivers and/or expense reimbursements), for comparative consistency, were shown by Broadridge for Institutional Class shares, including 12b-1 and non-12b-1 service fees (as applicable). The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the “Expense Group”). The Fund’s total expenses were also compared with those of its Expense Universe, which is comprised of the Fund, its Expense Group and all other similar with an institutional share class (i.e., funds without 12b-1 fees and non-12b-1 service fees) with assets equal to or greater than $100 million, excluding outliers (the “Expense Universe”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers and/or expense reimbursements, with the Fund’s Expense Universe.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Group average. It was noted that consistent with DMC’s waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.

The Board noted that DMC, and not the Fund, pays the sub-advisory fees to the Affiliated Sub-Adviser and, accordingly, that the retention of the Affiliated Sub-Adviser does not increase the fees and expenses incurred by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Adviser under the Sub-Advisory Agreement was reasonable.

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Other Fund information (Unaudited)

Delaware Healthcare Fund

Board Consideration of Investment Management Agreement and Sub-Advisory Agreement at a Meeting Held on August 13-15, 2024 (continued)

Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the complex, including the current breakpoints. The Board considered the continuation and/or implementation of contractual fee waivers and/or expense reimbursements, as applicable. The Board noted that, as of March 31, 2024, the Fund’s net assets exceeded its first breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC’s investment in its business, including investments in business infrastructure, technology and cybersecurity.

Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to the Fund and the complex as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC’s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC’s profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC’s profit, if any, can vary significantly depending on the particular fund; and that DMC’s support for, and commitment to, a fund is not solely dependent on the profits realized as to that fund.

The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Adviser. Given the affiliation between DMC and the Affiliated Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Based on its review, the Board determined that DMC’s profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the complex; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through “soft dollar” arrangements; and the fees that various affiliates received for serving as transfer agent and for

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overseeing fund accounting and financial administration services to the complex. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates, including the Affiliated Sub-Adviser, were unreasonable.

Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, unanimously approved the continuation of DMC’s Investment Management Agreement and of the Affiliated Sub-Adviser’s Sub-Advisory Agreement for an additional one-year period.

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Contact information

Shareholder assistance by phone
800 523-1918, weekdays from 8:30am to
6:00pm ET

For securities dealers and financial
institutions representatives only
800 362-7500

Regular mail
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437

Overnight courier service
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.

The Fund is advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

The Fund is governed by US laws and regulations.

(3983849)

SA-573-1124

This page is not part of the Financial statements and other information.

The Financial Highlights are attached herewith.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is included as part of the material filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is included as part of the material filed under Item 7 of this form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

(b)

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.


(a)(1)		Not applicable.

(a)(2)		Not applicable.

(a)(3)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit [99.CERT].

(a)(4)		There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)		There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.


Name of Registrant: Delaware Group Equity Funds IV

/s/ SHAWN K. LYTLE
By:		Shawn K. Lytle
Title:		President and Chief Executive Officer
Date:		December 3, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


/s/ SHAWN K. LYTLE
By:		Shawn K. Lytle
Title:		President and Chief Executive Officer
Date:		December 3, 2024


/s/ RICHARD SALUS
By:		Richard Salus
Title:		Chief Financial Officer
Date:		December 3, 2024

Delaware Group Equity Funds Iv N-CSRSCertified semi-annual shareholder report (management investment company)