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: | Â Â Â Â Â | 811-04413 Â |
Exact name of registrant as specified in charter: | Delaware GroupÂŽ Equity Funds IV Â | |
Address of principal executive offices: | 610 Market Street | |
Philadelphia, PA 19106 Â | ||
Name and address of agent for service: | David F. Connor, Esq. | |
610 Market Street | ||
Philadelphia, PA 19106 Â | ||
Registrantâs telephone number, including area code: | (800) 523-1918 Â | |
Date of fiscal year end: | March 31 Â | |
Date of reporting period: | September 30, 2020 |
Item 1. Reports to Stockholders
Visit delawarefunds.com/edelivery.
with offices in the United States, Europe, Asia, and Australia. As active
managers, we prioritize autonomy and accountability at the investment
team level in pursuit of opportunities that matter for clients. Delaware Funds
is one of the longest-standing mutual fund families, with more than 80 years
in existence.
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do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fundâs expenses shown in the table reflect
fee waivers in effect and assume reinvestment of all dividends and distributions.
Expense analysis of an investment of $1,000
 | Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* |
Actual Fund returnâ | ||||
Class A | $1,000.00 | $1,201.30 | 1.25% | $6.90 |
Class C | 1,000.00 | 1,196.50 | 2.00% | 11.01 |
Class R | 1,000.00 | 1,200.00 | 1.50% | 8.33 |
Institutional Class | 1,000.00 | 1,203.00 | 1.00% | 5.52 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,018.80 | 1.25% | $6.33 |
Class C | 1,000.00 | 1,015.04 | 2.00% | 10.10 |
Class R | 1,000.00 | 1,017.50 | 1.50% | 7.64 |
Institutional Class | 1,000.00 | 1,020.05 | 1.00% | 5.06 |
*âExpenses Paid During Periodâ are equal to the Fundâs annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
â Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
Delaware Healthcare Fund | As of September 30, 2020 (Unaudited) |
Security type / sector | Percentage of net assets |
Common Stock⌠| 102.62% |
Biotechnology | 33.39% |
Blue Chip Medical Products | 42.06% |
Healthcare Services | 8.13% |
Other | 12.23% |
Small- / Mid-Cap Medical Products | 6.81% |
Rights | 0.02% |
Total Value of Securities | 102.64% |
Liabilities Net of Receivables and Other Assets | (2.64%) |
Total Net Assets | 100.00% |
âŚNarrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
Top 10 equity holdings | Percentage of net assets |
Sanofi ADR | 5.72% |
Amgen | 5.27% |
Roche Holding | 5.17% |
Micron Technology | 5.01% |
Regeneron Pharmaceuticals | 4.23% |
Arena Pharmaceuticals | 3.29% |
Sanofi | 3.19% |
MorphoSys | 3.18% |
Chugai Pharmaceutical | 3.16% |
UnitedHealth Group | 3.14% |
Delaware Healthcare Fund | September 30, 2020 (Unaudited) |
 |  | Number of shares | Value (US $) |
Common Stock â 102.62%⌠| |||
Biotechnology â 33.39% | |||
ACADIA Pharmaceuticalsââ | Â | 194,776 | $8,034,510 |
Alder Biopharmaceuticalsâ=, â | Â | 75,000 | 66,000 |
Alexion Pharmaceuticalsââ | Â | 20,000 | 2,288,600 |
Alkermesââ | Â | 423,142 | 7,011,463 |
Allogene Therapeuticsââ | Â | 146,779 | 5,535,036 |
Alnylam Pharmaceuticalsââ | Â | 41,000 | 5,969,600 |
Amarin ADRââ | Â | 190,000 | 799,900 |
AnaptysBioââ | Â | 93,732 | 1,382,547 |
Arcus Biosciencesââ | Â | 461,200 | 7,904,968 |
Arena Pharmaceuticalsââ | Â | 525,000 | 39,264,750 |
Athenexââ | Â | 174,415 | 2,110,422 |
Athira Pharmaââ | Â | 5,000 | 92,300 |
Axovant Gene Therapiesââ | Â | 64,171 | 296,470 |
BioMarin Pharmaceuticalââ | Â | 129,000 | 9,814,320 |
Cellectis ADRââ | Â | 226,875 | 4,197,188 |
Clovis Oncologyââ | Â | 250,200 | 1,458,666 |
Coherus Biosciencesââ | Â | 430,000 | 7,886,200 |
Dynavax Technologiesââ | Â | 760,000 | 3,283,200 |
Epizymeââ | Â | 203,200 | 2,424,176 |
Exact Sciencesââ | Â | 96,353 | 9,823,188 |
Five Prime Therapeuticsââ | Â | 100,000 | 470,000 |
Forma Therapeutics Holdingsââ | Â | 92,786 | 4,624,454 |
Fortress Biotechââ | Â | 100,000 | 404,000 |
Galmed Pharmaceuticalsââ | Â | 306,010 | 1,080,215 |
Immunomedicsââ | Â | 167,862 | 14,273,306 |
Incyteââ | Â | 80,000 | 7,179,200 |
Intellia Therapeuticsââ | Â | 20,000 | 397,600 |
Intercept Pharmaceuticalsââ | Â | 27,000 | 1,119,420 |
Karyopharm Therapeuticsââ | Â | 380,000 | 5,548,000 |
Lexicon Pharmaceuticalsââ | Â | 11,697 | 16,844 |
MacroGenicsââ | Â | 420,000 | 10,579,800 |
Madrigal Pharmaceuticalsââ | Â | 28,500 | 3,383,805 |
MEI Pharmaââ | Â | 600,000 | 1,872,000 |
Mersana Therapeuticsââ | Â | 150,000 | 2,793,000 |
Mirati Therapeuticsââ | Â | 100,000 | 16,605,000 |
Momenta Pharmaceuticalsââ | Â | 141,501 | 7,425,972 |
MorphoSysââ | Â | 300,000 | 37,961,868 |
Mustang Bioââ | Â | 120,000 | 378,000 |
Myriad Geneticsââ | Â | 135,000 | 1,760,400 |
Nektar Therapeuticsââ | Â | 256,385 | 4,253,427 |
Neurocrine Biosciencesââ | Â | 110,000 | 10,577,600 |
NextCureââ | Â | 100,000 | 880,000 |
 |  | Number of shares | Value (US $) |
Common StockâŚâ(continued) | |||
Biotechnologyâ(continued) | |||
Proteostasis Therapeuticsââ | Â | 750,000 | $825,000 |
Provention Bioââ | Â | 70,000 | 898,100 |
Puma Biotechnologyââ | Â | 61,255 | 618,063 |
Regeneron Pharmaceuticalsââ | Â | 90,000 | 50,380,200 |
REGENXBIOââ | Â | 149,000 | 4,100,480 |
Rigel Pharmaceuticalsââ | Â | 1,600,000 | 3,840,000 |
Rocket Pharmaceuticalsââ | Â | 58,000 | 1,325,880 |
Sangamo Therapeuticsââ | Â | 400,000 | 3,780,000 |
Sarepta Therapeuticsââ | Â | 23,000 | 3,229,890 |
Seattle Geneticsââ | Â | 95,000 | 18,590,550 |
Syndax Pharmaceuticalsââ | Â | 180,000 | 2,656,800 |
Ultragenyx Pharmaceuticalââ | Â | 70,000 | 5,753,300 |
uniQureââ | Â | 706,166 | 26,008,094 |
United Therapeuticsââ | Â | 86,800 | 8,766,800 |
Vascular Biogenicsââ | Â | 200,000 | 244,000 |
Vertex Pharmaceuticalsââ | Â | 25,000 | 6,803,000 |
Viking Therapeuticsââ | Â | 330,100 | 1,921,182 |
Voyager Therapeuticsââ | Â | 5,700 | 60,819 |
Xencorââ | Â | 129,191 | 5,011,319 |
XOMAââ | Â | 3,466 | 65,299 |
 | 398,106,191 | ||
Blue Chip Medical Products â 42.06% | |||
AbbVieâ | Â | 226,559 | 19,844,303 |
Amgenâ | Â | 246,964 | 62,768,370 |
AstraZenecaâ | Â | 110,000 | 12,019,092 |
AstraZeneca ADRâ | Â | 82,000 | 4,493,600 |
Biogenââ | Â | 45,000 | 12,765,600 |
Boston Scientificââ | Â | 380,000 | 14,519,800 |
Bristol Myers Squibbâ | Â | 200,000 | 12,058,000 |
Chugai Pharmaceuticalâ | Â | 840,000 | 37,695,407 |
Eli Lilly and Co.â | Â | 181,446 | 26,857,637 |
Gilead Sciencesâ | Â | 310,000 | 19,588,900 |
GlaxoSmithKlineâ | Â | 547,575 | 10,265,665 |
GlaxoSmithKline ADRâ | Â | 309,300 | 11,642,052 |
Johnson & Johnsonâ | Â | 100,000 | 14,888,000 |
Merck & Co.â | Â | 295,000 | 24,470,250 |
Pfizerâ | Â | 604,600 | 22,188,820 |
Roche Holdingâ | Â | 180,000 | 61,657,300 |
Sanofiâ | Â | 380,000 | 38,080,501 |
Sanofi ADRâ | Â | 1,360,000 | 68,231,200 |
Strykerâ | Â | 15,000 | 3,125,550 |
Teva Pharmaceutical Industries ADRââ | Â | 530,000 | 4,775,300 |
 |  | Number of shares | Value (US $) |
Common StockâŚâ(continued) | |||
Blue Chip Medical Productsâ(continued) | |||
UCBâ | Â | 76,000 | $8,631,602 |
Zimmer Biomet Holdingsâ | Â | 80,000 | 10,891,200 |
 | 501,458,149 | ||
Healthcare Services â 8.13% | |||
Anthemâ | Â | 87,500 | 23,501,625 |
Change Healthcareââ | Â | 25,532 | 370,469 |
Cignaâ | Â | 75,000 | 12,705,750 |
CVS Healthâ | Â | 250,000 | 14,600,000 |
McKessonâ | Â | 12,862 | 1,915,538 |
Quest Diagnosticsâ | Â | 48,000 | 5,495,520 |
UnitedHealth Groupâ | Â | 120,000 | 37,412,400 |
Walgreens Boots Allianceâ | Â | 26,900 | 966,248 |
 | 96,967,550 | ||
Other â 12.23% | |||
China Mobile ADRâ | Â | 240,000 | 7,718,400 |
Cia de Minas Buenaventura ADRâ | Â | 115,300 | 1,408,966 |
Coca-Cola Femsa ADRâ | Â | 300,000 | 12,216,000 |
Compugenââ | Â | 690,000 | 11,212,500 |
Dell Technologies Class Cââ | Â | 102,600 | 6,944,994 |
Fannie Maeââ | Â | 1,300,000 | 2,626,000 |
Federal Home Loan Mortgageââ | Â | 1,050,000 | 2,005,500 |
Micron Technologyââ | Â | 1,272,000 | 59,733,120 |
QUALCOMMâ | Â | 100,000 | 11,768,000 |
SINAââ | Â | 60,000 | 2,556,600 |
SK Telecom ADRâ | Â | 885,805 | 19,859,748 |
Sohu.com ADRââ | Â | 390,722 | 7,759,739 |
 | 145,809,567 | ||
Small- / Mid-Cap Medical Products â 6.81% | |||
ABIOMEDââ | Â | 8,000 | 2,216,480 |
Aerie Pharmaceuticalsââ | Â | 5,100 | 60,027 |
Halozyme Therapeuticsââ | Â | 230,000 | 6,044,400 |
Illuminaââ | Â | 102,000 | 31,526,160 |
InnoCare Pharma 144Aâ#, â | Â | 17,000 | 22,268 |
Inspire Medical Systemsââ | Â | 30,000 | 3,871,500 |
Intra-Cellular Therapiesââ | Â | 450,000 | 11,547,000 |
Mylanââ | Â | 1,095,000 | 16,238,850 |
Perrigoâ | Â | 210,000 | 9,641,100 |
 | 81,167,785 | ||
Total Common Stockâ(cost $969,750,510) | 1,223,509,242 | ||
 |  | Number of shares | Value (US $) |
Rights â 0.02% | |||
Ambit Bioscience =, â | Â | 76,500 | $0 |
Bristol-Myers Squibb â | Â | 80,000 | 180,000 |
Total Rightsâ(cost $0) | 180,000 | ||
Total Value of Securitiesâ102.64% (cost $969,750,510) | Â | Â | $1,223,689,242 |
⌠| Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
â | Non-income producing security. |
= | 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 âNotes to financial statements.â |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of Rule 144A securities was $22,268, which represents 0.00% of the Fund net assets. See Note 8 in âNotes to financial statements.â |
Summary of abbreviations: |
ADR â American Depositary Receipt |
Delaware Healthcare Fund | September 30, 2020 (Unaudited) |
Assets: | Â |
Investments, at value* | $1,223,689,242 |
Foreign currencies, at valueÎ | 126 |
Receivable for securities sold | 304,493 |
Interest receivable | 712,630 |
Foreign tax reclaims receivable | 1,009,903 |
Receivable for fund shares sold | 2,325,845 |
Total Assets | 1,228,042,239 |
Liabilities: | Â |
Due to custodian | 30,263,306 |
Payable for fund shares redeemed | 3,290,697 |
Payable for securities purchased | 874,072 |
Investment management fees payable to affiliates | 798,992 |
Other accrued expenses | 359,850 |
Distribution fees payable to affiliates | 168,674 |
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 9,188 |
Trustees' fees and expenses payable to affiliates | 4,112 |
Accounting and administration expenses payable to affiliates | 3,690 |
Reports and statements to shareholders expenses payable to affiliates | 2,355 |
Legal fees payable to affiliates | 2,062 |
Total Liabilities | 35,776,998 |
Total Net Assets | $1,192,265,241 |
Net Assets Consist of: | Â |
Paid-in capital | $901,045,715 |
Total distributable earnings (loss) | 291,219,526 |
Total Net Assets | $1,192,265,241 |
Net Asset Value | Â |
Class A: | Â |
Net assets | $335,833,214 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 12,288,020 |
Net asset value per share | $27.33 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $29.00 |
Class C: | Â |
Net assets | $117,830,861 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 4,596,481 |
Net asset value per share | $25.64 |
Class R: | Â |
Net assets | $4,823,452 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 179,425 |
Net asset value per share | $26.88 |
Institutional Class: | Â |
Net assets | $733,777,714 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 26,625,799 |
Net asset value per share | $27.56 |
*Investments, at cost | $969,750,510 |
ÎForeign currencies, at cost | 125 |
Delaware Healthcare Fund | Six months ended September 30, 2020 (Unaudited) |
Investment Income: | Â |
Dividends | $9,526,152 |
Foreign tax withheld | (642,868) |
 | 8,883,284 |
Expenses: | Â |
Management fees | 4,702,870 |
Distribution expenses â Class A | 411,535 |
Distribution expenses â Class C | 600,571 |
Distribution expenses â Class R | 13,036 |
Dividend disbursing and transfer agent fees and expenses | 622,247 |
Accounting and administration expenses | 116,710 |
Custodian fees | 110,543 |
Reports and statements to shareholders expenses | 78,603 |
Registration fees | 52,310 |
Legal fees | 34,330 |
Trustees' fees and expenses | 33,954 |
Audit and tax fees | 25,948 |
Other | 18,165 |
 | 6,820,822 |
Less expenses paid indirectly | (565) |
Total operating expenses | 6,820,257 |
Net Investment Income | 2,063,027 |
Net Realized and Unrealized Gain (Loss): | Â |
Net realized gain (loss) on: | Â |
Investments | $15,099,087 |
Foreign currencies | (54,227) |
Foreign currency exchange contracts | 29,252 |
Net realized gain | 15,074,112 |
Net change in unrealized appreciation (depreciation) of: | Â |
Investments | 168,687,446 |
Foreign currencies | 44,360 |
Net change in unrealized appreciation (depreciation) | 168,731,806 |
Net Realized and Unrealized Gain | 183,805,918 |
Net Increase in Net Assets Resulting from Operations | $185,868,945 |
 | Six months ended 9/30/20 (Unaudited) |  | Year ended 3/31/20 |
 | |||
Increase (Decrease) in Net Assets from Operations: | Â | Â | Â |
Net investment income | $2,063,027 | Â | $1,826,275 |
Net realized gain | 15,074,112 | Â | 79,685,586 |
Net change in unrealized appreciation (depreciation) | 168,731,806 | Â | (79,428,868) |
Net increase in net assets resulting from operations | 185,868,945 | Â | 2,082,993 |
Dividends and Distributions to Shareholders from: | Â | Â | Â |
Distributable earnings: | Â | Â | Â |
Class A | â | Â | (23,247,550) |
Class C | â | Â | (8,927,434) |
Class R | â | Â | (442,120) |
Institutional Class | â | Â | (43,754,405) |
 | â |  | (76,371,509) |
Capital Share Transactions: | Â | Â | Â |
Proceeds from shares sold: | Â | Â | Â |
Class A | 36,682,998 | Â | 51,114,758 |
Class C | 16,325,570 | Â | 17,068,454 |
Class R | 556,849 | Â | 2,037,618 |
Institutional Class | 195,623,505 | Â | 248,681,594 |
Net asset value of shares issued upon reinvestment of dividends and distributions: | Â | Â | Â |
Class A | â | Â | 22,461,260 |
Class C | â | Â | 8,722,235 |
Class R | â | Â | 439,981 |
Institutional Class | â | Â | 39,559,439 |
 | 249,188,922 |  | 390,085,339 |
 | Six months ended 9/30/20 (Unaudited) |  | Year ended 3/31/20 |
 | |||
Capital Share Transactions (continued): | Â | Â | Â |
Cost of shares redeemed: | Â | Â | Â |
Class A | $(28,842,340) | Â | $(97,367,467) |
Class C | (17,787,931) | Â | (32,342,093) |
Class R | (1,972,224) | Â | (3,818,176) |
Institutional Class | (89,839,182) | Â | (315,447,503) |
 | (138,441,677) |  | (448,975,239) |
Increase (decrease) in net assets derived from capital share transactions | 110,747,245 | Â | (58,889,900) |
Net Increase (Decrease) in Net Assets | 296,616,190 | Â | (133,178,416) |
Net Assets: | Â | Â | Â |
Beginning of period | 895,649,051 | Â | 1,028,827,467 |
End of period | $1,192,265,241 | Â | $895,649,051 |
 |
 |
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 |
 |
Net asset value, end of period |
 |
Total return3 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment income (loss) to average net assets |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
Six months ended 9/30/201 (Unaudited) | Â | Year ended | ||||||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | 3/31/17 | Â | 3/31/16 | ||
$22.75 | Â | $24.63 | Â | $22.63 | Â | $19.19 | Â | $18.46 | Â | $20.36 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
0.06 | Â | 0.03 | Â | (0.03) | Â | 0.04 | Â | 0.16 | Â | 0.05 |
4.52 | Â | 0.11 | Â | 2.44 | Â | 4.08 | Â | 1.97 | Â | (0.44) |
4.58 | Â | 0.14 | Â | 2.41 | Â | 4.12 | Â | 2.13 | Â | (0.39) |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
â | Â | â | Â | (0.15) | Â | (0.68) | Â | (0.18) | Â | (0.17) |
â | Â | (2.02) | Â | (0.26) | Â | â | Â | (1.22) | Â | (1.34) |
â | Â | (2.02) | Â | (0.41) | Â | (0.68) | Â | (1.40) | Â | (1.51) |
 | ||||||||||
$27.33 | Â | $22.75 | Â | $24.63 | Â | $22.63 | Â | $19.19 | Â | $18.46 |
 | ||||||||||
20.13% | Â | (0.27%) | Â | 10.74% | Â | 21.56% | Â | 12.30% | Â | (2.45%) |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
$335,833 | Â | $272,911 | Â | $319,993 | Â | $212,838 | Â | $154,687 | Â | $197,138 |
1.25% | Â | 1.27% | Â | 1.28% | Â | 1.31% | Â | 1.38% | Â | 1.37% |
0.29% | Â | 0.13% | Â | (0.10%) | Â | 0.18% | Â | 0.84% | Â | 0.25% |
6% | Â | 24% | Â | 33% | Â | 28% | Â | 29% | Â | 46% |
 |
 |
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 |
 |
Net asset value, end of period |
 |
Total return3 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment income (loss) to average net assets |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
Six months ended 9/30/201 (Unaudited) | Â | Year ended | ||||||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | 3/31/17 | Â | 3/31/16 | ||
$21.42 | Â | $23.47 | Â | $21.61 | Â | $18.36 | Â | $17.72 | Â | $19.60 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
(0.03) | Â | (0.15) | Â | (0.20) | Â | (0.12) | Â | 0.02 | Â | (0.10) |
4.25 | Â | 0.12 | Â | 2.33 | Â | 3.90 | Â | 1.88 | Â | (0.42) |
4.22 | Â | (0.03) | Â | 2.13 | Â | 3.78 | Â | 1.90 | Â | (0.52) |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
â | Â | â | Â | (0.01) | Â | (0.53) | Â | (0.04) | Â | (0.02) |
â | Â | (2.02) | Â | (0.26) | Â | â | Â | (1.22) | Â | (1.34) |
â | Â | (2.02) | Â | (0.27) | Â | (0.53) | Â | (1.26) | Â | (1.36) |
 | ||||||||||
$25.64 | Â | $21.42 | Â | $23.47 | Â | $21.61 | Â | $18.36 | Â | $17.72 |
 | ||||||||||
19.65% | Â | (1.02%) | Â | 9.91% | Â | 20.67% | Â | 11.45% | Â | (3.17%) |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
$117,831 | Â | $99,376 | Â | $115,843 | Â | $76,033 | Â | $57,814 | Â | $73,715 |
2.00% | Â | 2.02% | Â | 2.03% | Â | 2.06% | Â | 2.13% | Â | 2.12% |
(0.46%) | Â | (0.62%) | Â | (0.85%) | Â | (0.57%) | Â | 0.09% | Â | (0.50%) |
6% | Â | 24% | Â | 33% | Â | 28% | Â | 29% | Â | 46% |
 |
 |
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 |
 |
Net asset value, end of period |
 |
Total return4 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment income (loss) to average net assets |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Amount is less than $0.005 per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
Six months ended 9/30/201 (Unaudited) | Â | Year ended | ||||||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | 3/31/17 | Â | 3/31/16 | ||
$22.40 | Â | $24.34 | Â | $22.37 | Â | $18.98 | Â | $18.27 | Â | $20.17 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
0.04 | Â | (0.03) | Â | (0.08) | Â | (0.02) | Â | 0.11 | Â | â3 |
4.44 | Â | 0.11 | Â | 2.40 | Â | 4.04 | Â | 1.95 | Â | (0.44) |
4.48 | Â | 0.08 | Â | 2.32 | Â | 4.02 | Â | 2.06 | Â | (0.44) |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
â | Â | â | Â | (0.09) | Â | (0.63) | Â | (0.13) | Â | (0.12) |
â | Â | (2.02) | Â | (0.26) | Â | â | Â | (1.22) | Â | (1.34) |
â | Â | (2.02) | Â | (0.35) | Â | (0.63) | Â | (1.35) | Â | (1.46) |
 | ||||||||||
$26.88 | Â | $22.40 | Â | $24.34 | Â | $22.37 | Â | $18.98 | Â | $18.27 |
 | ||||||||||
20.00% | Â | (0.52%) | Â | 10.44% | Â | 21.26% | Â | 12.03% | Â | (2.71%) |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
$4,823 | Â | $5,269 | Â | $7,080 | Â | $5,683 | Â | $5,169 | Â | $5,878 |
1.50% | Â | 1.52% | Â | 1.53% | Â | 1.56% | Â | 1.63% | Â | 1.62% |
0.04% | Â | (0.12%) | Â | (0.35%) | Â | (0.07%) | Â | 0.59% | Â | â |
6% | Â | 24% | Â | 33% | Â | 28% | Â | 29% | Â | 46% |
 |
 |
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 |
 |
Net asset value, end of period |
 |
Total return3 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment income to average net assets |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
Six months ended 9/30/201 (Unaudited) | Â | Year ended | ||||||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | 3/31/17 | Â | 3/31/16 | ||
$22.91 | Â | $24.75 | Â | $22.74 | Â | $19.28 | Â | $18.53 | Â | $20.44 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
0.10 | Â | 0.09 | Â | 0.04 | Â | 0.09 | Â | 0.21 | Â | 0.10 |
4.55 | Â | 0.12 | Â | 2.43 | Â | 4.10 | Â | 1.98 | Â | (0.45) |
4.65 | Â | 0.21 | Â | 2.47 | Â | 4.19 | Â | 2.19 | Â | (0.35) |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
â | Â | (0.03) | Â | (0.20) | Â | (0.73) | Â | (0.22) | Â | (0.22) |
â | Â | (2.02) | Â | (0.26) | Â | â | Â | (1.22) | Â | (1.34) |
â | Â | (2.05) | Â | (0.46) | Â | (0.73) | Â | (1.44) | Â | (1.56) |
 | ||||||||||
$27.56 | Â | $22.91 | Â | $24.75 | Â | $22.74 | Â | $19.28 | Â | $18.53 |
 | ||||||||||
20.30% | Â | (0.01%) | Â | 10.98% | Â | 21.84% | Â | 12.53% | Â | (2.20%) |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
$733,778 | Â | $518,093 | Â | $585,911 | Â | $282,585 | Â | $137,621 | Â | $156,600 |
1.00% | Â | 1.02% | Â | 1.03% | Â | 1.06% | Â | 1.13% | Â | 1.12% |
0.54% | Â | 0.38% | Â | 0.14% | Â | 0.43% | Â | 1.09% | Â | 0.50% |
6% | Â | 24% | Â | 33% | Â | 28% | Â | 29% | Â | 46% |
Delaware Healthcare Fund | September 30, 2020 (Unaudited) |
âmore-likely-than-notâ of being sustained by the applicable tax authority. Tax positions not deemed to meet the âmore-likely-than-notâ threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fundâs tax positions taken or expected to be taken on the Fundâs
federal income tax returns through the six months ended September 30, 2020 and for all open tax years (years ended March 31, 2017âMarch 31, 2020), and has concluded that no provision for federal income tax is required in the Fundâs financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in "Other" on the âStatement of operations.â During the six months ended September 30, 2020, the Fund did not incur any interest or tax penalties. 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.
Purchases | $220,996,193 |
Sales | 69,491,888 |
Cost of investments | $969,750,510 |
Aggregate unrealized appreciation of investments | $361,680,072 |
Aggregate unrealized depreciation of investments | (107,741,340) |
Net unrealized appreciation of investments | $253,938,732 |
 |  | Level 1 |  | Level 2 |  | Level 3 | Total |  | |
Securities | Â | Â | Â | Â | Â | Â | Â | Â | |
Assets: | Â | Â | Â | Â | Â | Â | Â | Â | |
Common Stock | Â | $1,017,109,539 | Â | $206,333,703 | Â | $66,000 | $1,223,509,242 | Â | |
Rights | Â | 180,000 | Â | â | Â | â | 180,000 | Â | |
Total Value of Securities | Â | $1,017,289,539 | Â | $206,333,703 | Â | $66,000 | $1,223,689,242 | Â |
 | Six months ended |  | Year ended |
 | 9/30/20 |  | 3/31/20 |
Shares sold: | |||
Class A | 1,361,367 | Â | 2,088,179 |
Class C | 648,942 | Â | 732,473 |
Class R | 21,010 | Â | 83,857 |
Institutional Class | 7,324,866 | Â | 10,187,681 |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | â | Â | 888,851 |
Class C | â | Â | 365,712 |
Class R | â | Â | 17,663 |
Institutional Class | â | Â | 1,555,621 |
 | 9,356,185 |  | 15,920,037 |
Shares redeemed: | |||
Class A | (1,071,193) | Â | (3,972,133) |
Class C | (692,741) | Â | (1,394,743) |
Class R | (76,766) | Â | (157,203) |
Institutional Class | (3,315,190) | Â | (12,797,263) |
 | (5,155,890) |  | (18,321,342) |
Net increase (decrease) | 4,200,295 | Â | (2,401,305) |
 |  | Exchange Redemptions |  | Exchange Subscriptions |  |  | ||||||
 |  | Class A Shares |  | Class C Shares |  | Class A Shares |  | Institutional Class Shares | Value |  | ||
Six months ended | Â | |||||||||||
9/30/20 | Â | 21,412 | Â | 65,844 | Â | 25,279 | Â | 57,771 | $2,195,808 | Â | ||
Year ended | Â | |||||||||||
3/31/20 | Â | 236,831 | Â | 13,382 | Â | 4,240 | Â | 243,920 | 5,977,911 | Â |
November 4, 2019.
the six months ended September 30, 2020:
 | Long Derivative Volume |  | Short Derivative Volume | ||
Foreign currency exchange contracts (average cost) | Â | $92,283 | Â | Â | $41,378 |
the Fund.
September 30, 2020, that would require recognition or disclosure in the Fund's financial statements.
(Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fundâs net assets in Highly Liquid investments (called a âHighly Liquid Investment Minimumâ or âHLIMâ); and (4) prohibiting the Fundâs acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a
non-public basis) and to the Board if the Fundâs holdings of Illiquid assets exceed 15% of the Fundâs net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).
Delaware Healthcare Fund at a meeting held August 11-13, 2020
Sub-Adviser to the Fund. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies,
and restrictions for the Fund; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with
the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the
Sub-Advisers.
poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent, applicable, ended January 31, 2020. The Boardâs objective is that the Fundâs performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.
health/biotechnology funds as selected by Broadridge. The Broadridge report comparison showed that the Fundâs total return for the 1-, 3-, and 5-year periods was in the first quartile of its Performance Universe. The report further showed that the Fundâs total return for the 10-year period was in the second quartile of its Performance Universe. The Board was satisfied with performance.
Chief Executive Officer
Delaware FundsÂŽ
by Macquarie
Philadelphia, PA
Stonebrook Capital
Management, LLC
Jersey City, NJ
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY
President
State Street Corporation
Boston, MA
Drexel University
Philadelphia, PA
Officer
Assurant, Inc.
New York, NY
Sevilla-Sacasa
Officer
Banco ItaĂş International
Miami, FL
PNC Financial Services Group
Pittsburgh, PA
and President
Gore Creek Capital, Ltd.
Golden, CO
Treasurer
3M Company
St. Paul, MN
General Counsel,
and Secretary
Delaware Funds
by Macquarie
Philadelphia, PA
Treasurer
Delaware Funds
by Macquarie
Philadelphia, PA
Chief Financial Officer
Delaware Funds
by Macquarie
Philadelphia, PA
delawarefunds.com/literature.
and use
broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
This and other information can be found in each Fundâs prospectus and, if available, its summary prospectus.
A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or
calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully
before investing.
(formerly, Delaware Emerging Markets Debt Fund)
Municipal fixed income funds
the Acquiring Funds. The Reorganizations are expected to take place in December 2020. The Acquired Funds will
continue to accept purchases (including reinvested dividends and capital gains) from existing shareholders until November 25, 2020. Contingent deferred sales charges will be waived on redemptions from the Acquired Funds
through the date of the Reorganizations.
out the convenient options provided by Macquarie Investment Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
exchange all or part of your shares in one Delaware FundsÂŽ by Macquarie mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
any changes:
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at
delawarefunds.com/literature.
read it carefully before buying shares through an exchange.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
P.O. Box 9876
Providence, RI 02940-8076
4400 Computer Drive
Westborough, MA 01581-1722
Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
Visit delawarefunds.com/edelivery.
with offices in the United States, Europe, Asia, and Australia. As active
managers, we prioritize autonomy and accountability at the investment
team level in pursuit of opportunities that matter for clients. Delaware Funds
is one of the longest-standing mutual fund families, with more than 80 years
in existence.
1 | |
3 | |
5 | |
7 | |
9 | |
10 | |
12 | |
20 | |
30 | |
35 |
do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fundâs expenses shown in the table reflect
fee waivers in effect and assume reinvestment of all dividends and distributions.
Expense analysis of an investment of $1,000
 | Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* |
Actual Fund returnâ | ||||
Class A | $1,000.00 | $1,787.00 | 1.30% | $9.08 |
Class C | 1,000.00 | 1,780.90 | 2.05% | 14.29 |
Class R | 1,000.00 | 1,785.10 | 1.55% | 10.82 |
Institutional Class | 1,000.00 | 1,790.10 | 1.05% | 7.34 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,018.55 | 1.30% | $6.58 |
Class C | 1,000.00 | 1,014.79 | 2.05% | 10.35 |
Class R | 1,000.00 | 1,017.30 | 1.55% | 7.84 |
Institutional Class | 1,000.00 | 1,019.80 | 1.05% | 5.32 |
*âExpenses Paid During Periodâ are equal to the Fundâs annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
â Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
Delaware Small Cap Growth Fund | As of September 30, 2020 (Unaudited) |
Security type / sector | Percentage of net assets |
Common Stock⌠| 99.59% |
Communication Services | 5.01% |
Consumer Discretionary | 18.87% |
Consumer Staples | 9.60% |
Healthcare | 33.73% |
Industrials | 7.37% |
Information Technology | 25.01% |
Total Value of Securities | 99.59% |
Receivables and Other Assets Net of Liabilities | 0.41% |
Total Net Assets | 100.00% |
âŚNarrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
Top 10 equity holdings | Percentage of net assets |
iRhythm Technologies | 4.23% |
TopBuild | 4.21% |
Invitae | 4.10% |
Pacira BioSciences | 4.03% |
Bill.com Holdings | 3.96% |
LGI Homes | 3.91% |
Progyny | 3.85% |
SiteOne Landscape Supply | 3.80% |
Bandwidth Class A | 3.73% |
Novocure | 3.71% |
Delaware Small Cap Growth Fund | September 30, 2020 (Unaudited) |
 |  | Number of shares | Value (US $) |
Common Stock â 99.59%⌠| |||
Communication Services â 5.01% | |||
Bandwidth Class Aââ | Â | 23,875 | $4,167,859 |
EverQuote Class Aââ | Â | 37,085 | 1,432,964 |
 | 5,600,823 | ||
Consumer Discretionary â 18.87% | |||
LGI Homesââ | Â | 37,600 | 4,367,992 |
Malibu Boats Class Aââ | Â | 17,245 | 854,662 |
Planet Fitness Class Aââ | Â | 38,865 | 2,394,861 |
Shake Shack Class Aââ | Â | 37,310 | 2,405,749 |
TopBuildââ | Â | 27,575 | 4,706,777 |
Wingstopâ | Â | 17,400 | 2,377,710 |
YETI Holdingsââ | Â | 88,007 | 3,988,477 |
 | 21,096,228 | ||
Consumer Staples â 9.60% | |||
Boston Beer Class Aââ | Â | 3,681 | 3,251,648 |
Freshpetââ | Â | 25,321 | 2,827,090 |
Performance Food Groupââ | Â | 57,722 | 1,998,336 |
Simply Good Foodsââ | Â | 120,310 | 2,652,835 |
 | 10,729,909 | ||
Healthcare â 33.73% | |||
1Life Healthcareââ | Â | 104,580 | 2,965,889 |
American Wellââ | Â | 7,500 | 222,300 |
Blueprint Medicinesââ | Â | 7,308 | 677,452 |
CRISPR Therapeuticsââ | Â | 31,105 | 2,601,622 |
Inari Medicalââ | Â | 46,127 | 3,183,685 |
Invitaeââ | Â | 105,746 | 4,584,089 |
iRhythm Technologiesââ | Â | 19,876 | 4,732,674 |
Novocureââ | Â | 37,216 | 4,142,513 |
Pacira BioSciencesââ | Â | 74,919 | 4,504,130 |
PetIQââ | Â | 9,405 | 309,613 |
Progynyââ | Â | 146,125 | 4,300,459 |
Quanterixââ | Â | 110,451 | 3,726,617 |
Repligenââ | Â | 11,860 | 1,749,824 |
 | 37,700,867 | ||
Industrials â 7.37% | |||
SiteOne Landscape Supplyââ | Â | 34,865 | 4,251,787 |
Trexââ | Â | 55,718 | 3,989,409 |
 | 8,241,196 | ||
Information Technology â 25.01% | |||
Bill.com Holdingsââ | Â | 44,120 | 4,425,677 |
Everbridgeââ | Â | 22,324 | 2,806,797 |
 |  | Number of shares | Value (US $) |
Common StockâŚâ(continued) | |||
Information Technologyâ(continued) | |||
Globantââ | Â | 16,255 | $2,913,221 |
Inphiââ | Â | 27,100 | 3,041,975 |
Lattice Semiconductorââ | Â | 125,290 | 3,628,398 |
Medalliaââ | Â | 137,190 | 3,761,750 |
Rapid7ââ | Â | 55,436 | 3,394,901 |
Shift4 Paymentsââ | Â | 82,490 | 3,989,216 |
 | 27,961,935 | ||
Total Common Stockâ(cost $79,830,209) | 111,330,958 | ||
Total Value of Securitiesâ99.59% (cost $79,830,209) | Â | Â | $111,330,958 |
⌠| Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
â | Non-income producing security. |
Delaware Small Cap Growth Fund | September 30, 2020 (Unaudited) |
Assets: | Â |
Investments, at value* | $111,330,958 |
Interest receivable | 4 |
Receivable for fund shares sold | 1,301,595 |
Total Assets | 112,632,557 |
Liabilities: | Â |
Due to custodian | 196,026 |
Payable for fund shares redeemed | 330,774 |
Payable for securities purchased | 220,270 |
Investment management fees payable to affiliates | 63,862 |
Other accrued expenses | 21,230 |
Distribution fees payable to affiliates | 4,553 |
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 841 |
Accounting and administration expenses payable to affiliates | 636 |
Reports and statements to shareholders expenses payable to affiliates | 225 |
Legal fees payable to affiliates | 199 |
Total Liabilities | 838,616 |
Total Net Assets | $111,793,941 |
Net Assets Consist of: | Â |
Paid-in capital | $67,078,696 |
Total distributable earnings (loss) | 44,715,245 |
Total Net Assets | $111,793,941 |
Net Asset Value | Â |
Class A: | Â |
Net assets | $7,495,025 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 453,324 |
Net asset value per share | $16.53 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $17.54 |
Class C: | Â |
Net assets | $2,491,741 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 157,206 |
Net asset value per share | $15.85 |
Class R: | Â |
Net assets | $2,004,256 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 123,121 |
Net asset value per share | $16.28 |
Institutional Class: | Â |
Net assets | $99,802,919 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 5,968,278 |
Net asset value per share | $16.72 |
*Investments, at cost | $79,830,209 |
Delaware Small Cap Growth Fund | Six months ended September 30, 2020 (Unaudited) |
Investment Income: | Â |
Dividends | $20,541 |
Expenses: | Â |
Management fees | 354,225 |
Distribution expenses â Class A | 7,268 |
Distribution expenses â Class C | 7,514 |
Distribution expenses â Class R | 4,143 |
Dividend disbursing and transfer agent fees and expenses | 43,472 |
Registration fees | 41,185 |
Accounting and administration expenses | 27,434 |
Audit and tax fees | 15,507 |
Reports and statements to shareholders expenses | 14,388 |
Trustees' fees and expenses | 2,742 |
Custodian fees | 1,922 |
Legal fees | 1,883 |
Other | 5,475 |
 | 527,158 |
Less expenses waived | (12,449) |
Less expenses paid indirectly | (25) |
Total operating expenses | 514,684 |
Net Investment Loss | (494,143) |
Net Realized and Unrealized Gain: | Â |
Net realized gain on investments | 15,154,722 |
Net change in unrealized appreciation (depreciation) of investments | 35,067,379 |
Net Realized and Unrealized Gain | 50,222,101 |
Net Increase in Net Assets Resulting from Operations | $49,727,958 |
 | Six months ended 9/30/20 (Unaudited) |  | Year ended 3/31/20 |
 | |||
Increase (Decrease) in Net Assets from Operations: | Â | Â | Â |
Net investment loss | $(494,143) | Â | $(386,718) |
Net realized gain (loss) | 15,154,722 | Â | (289,780) |
Net change in unrealized appreciation (depreciation) | 35,067,379 | Â | (5,156,079) |
Net increase (decrease) in net assets resulting from operations | 49,727,958 | Â | (5,832,577) |
Dividends and Distributions to Shareholders from: | Â | Â | Â |
Distributable earnings: | Â | Â | Â |
Class A | â | Â | (35,531) |
Class C | â | Â | (10,143) |
Class R | â | Â | (17,951) |
Institutional Class | â | Â | (962,541) |
 | â |  | (1,026,166) |
Capital Share Transactions: | Â | Â | Â |
Proceeds from shares sold: | Â | Â | Â |
Class A | 6,125,638 | Â | 838,980 |
Class C | 1,080,947 | Â | 816,398 |
Class R | 17,324 | Â | 19,603 |
Institutional Class | 27,759,522 | Â | 71,586,170 |
Net asset value of shares issued upon reinvestment of dividends and distributions: | Â | Â | Â |
Class A | â | Â | 35,531 |
Class C | â | Â | 10,143 |
Class R | â | Â | 17,951 |
Institutional Class | â | Â | 961,677 |
 | 34,983,431 |  | 74,286,453 |
 | Six months ended 9/30/20 (Unaudited) |  | Year ended 3/31/20 |
 | |||
Capital Share Transactions (continued): | Â | Â | Â |
Cost of shares redeemed: | Â | Â | Â |
Class A | $(3,243,297) | Â | $(883,963) |
Class C | (67,545) | Â | (405,501) |
Class R | (16,954) | Â | (337,498) |
Institutional Class | (32,458,287) | Â | (16,247,738) |
 | (35,786,083) |  | (17,874,700) |
Increase (decrease) in net assets derived from capital share transactions | (802,652) | Â | 56,411,753 |
Net Increase in Net Assets | 48,925,306 | Â | 49,553,010 |
Net Assets: | Â | Â | Â |
Beginning of period | 62,868,635 | Â | 13,315,625 |
End of period | $111,793,941 | Â | $62,868,635 |
 |
 |
Net asset value, beginning of period |
 |
Income (loss) from investment operations: |
Net investment loss3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
 |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
 |
Net asset value, end of period |
 |
Total return4 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
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 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
3 | The average shares outstanding method has been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
Six months ended 9/30/202 (Unaudited) | Â | Year ended | Â | 6/30/161 to 3/31/17 | ||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | |||
$9.23 | Â | $10.39 | Â | $11.59 | Â | $9.22 | Â | $8.50 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
(0.09) | Â | (0.13) | Â | (0.14) | Â | (0.13) | Â | (0.05) |
7.39 | Â | (0.88) | Â | 2.33 | Â | 3.22 | Â | 1.12 |
7.30 | Â | (1.01) | Â | 2.19 | Â | 3.09 | Â | 1.07 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
â | Â | (0.15) | Â | (3.39) | Â | (0.72) | Â | (0.35) |
â | Â | (0.15) | Â | (3.39) | Â | (0.72) | Â | (0.35) |
 | ||||||||
$16.53 | Â | $9.23 | Â | $10.39 | Â | $11.59 | Â | $9.22 |
 | ||||||||
78.70% | Â | (9.93%) | Â | 22.47% | Â | 34.47% | Â | 12.69% |
 | ||||||||
 |  |  |  |  |  |  |  |  |
$7,495 | Â | $2,053 | Â | $2,330 | Â | $432 | Â | $184 |
1.30% | Â | 1.30% | Â | 1.30% | Â | 1.30% | Â | 1.30% |
1.33% | Â | 1.65% | Â | 2.68% | Â | 3.33% | Â | 4.87% |
(1.26%) | Â | (1.26%) | Â | (1.19%) | Â | (1.20%) | Â | (0.77%) |
(1.29%) | Â | (1.61%) | Â | (2.57%) | Â | (3.23%) | Â | (4.34%) |
64% | Â | 139% | Â | 158% | Â | 151% | Â | 145% |
 |
 |
Net asset value, beginning of period |
 |
Income (loss) from investment operations: |
Net investment loss3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
 |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
 |
Net asset value, end of period |
 |
Total return4 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
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 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
3 | The average shares outstanding method has been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
Six months ended 9/30/202 (Unaudited) | Â | Year ended | Â | 6/30/161 to 3/31/17 | ||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | |||
$8.88 | Â | $10.08 | Â | $11.43 | Â | $9.17 | Â | $8.50 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
(0.14) | Â | (0.20) | Â | (0.21) | Â | (0.20) | Â | (0.11) |
7.11 | Â | (0.85) | Â | 2.25 | Â | 3.18 | Â | 1.13 |
6.97 | Â | (1.05) | Â | 2.04 | Â | 2.98 | Â | 1.02 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
â | Â | (0.15) | Â | (3.39) | Â | (0.72) | Â | (0.35) |
â | Â | (0.15) | Â | (3.39) | Â | (0.72) | Â | (0.35) |
 | ||||||||
$15.85 | Â | $8.88 | Â | $10.08 | Â | $11.43 | Â | $9.17 |
 | ||||||||
78.09% | Â | (10.64%) | Â | 21.42% | Â | 33.44% | Â | 12.09% |
 | ||||||||
 |  |  |  |  |  |  |  |  |
$2,492 | Â | $773 | Â | $478 | Â | $61 | Â | $31 |
2.05% | Â | 2.05% | Â | 2.05% | Â | 2.05% | Â | 2.05% |
2.08% | Â | 2.40% | Â | 3.43% | Â | 4.08% | Â | 5.62% |
(2.01%) | Â | (2.01%) | Â | (1.94%) | Â | (1.95%) | Â | (1.52%) |
(2.04%) | Â | (2.36%) | Â | (3.32%) | Â | (3.98%) | Â | (5.09%) |
64% | Â | 139% | Â | 158% | Â | 151% | Â | 145% |
 |
 |
Net asset value, beginning of period |
 |
Income (loss) from investment operations: |
Net investment loss3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
 |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
 |
Net asset value, end of period |
 |
Total return4 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
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 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
3 | The average shares outstanding method has been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
Six months ended 9/30/202 (Unaudited) | Â | Year ended | Â | 6/30/161 to 3/31/17 | ||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | |||
$9.10 | Â | $10.27 | Â | $11.53 | Â | $9.20 | Â | $8.50 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
(0.10) | Â | (0.16) | Â | (0.17) | Â | (0.15) | Â | (0.07) |
7.28 | Â | (0.86) | Â | 2.30 | Â | 3.20 | Â | 1.12 |
7.18 | Â | (1.02) | Â | 2.13 | Â | 3.05 | Â | 1.05 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
â | Â | (0.15) | Â | (3.39) | Â | (0.72) | Â | (0.35) |
â | Â | (0.15) | Â | (3.39) | Â | (0.72) | Â | (0.35) |
 | ||||||||
$16.28 | Â | $9.10 | Â | $10.27 | Â | $11.53 | Â | $9.20 |
 | ||||||||
78.51% | Â | (10.15%) | Â | 22.05% | Â | 34.10% | Â | 12.57% |
 | ||||||||
 |  |  |  |  |  |  |  |  |
$2,004 | Â | $1,120 | Â | $1,577 | Â | $8 | Â | $6 |
1.55% | Â | 1.55% | Â | 1.55% | Â | 1.55% | Â | 1.55% |
1.58% | Â | 1.90% | Â | 2.93% | Â | 3.58% | Â | 5.12% |
(1.51%) | Â | (1.51%) | Â | (1.44%) | Â | (1.45%) | Â | (1.02%) |
(1.54%) | Â | (1.86%) | Â | (2.82%) | Â | (3.48%) | Â | (4.59%) |
64% | Â | 139% | Â | 158% | Â | 151% | Â | 145% |
 |
 |
Net asset value, beginning of period |
 |
Income (loss) from investment operations: |
Net investment loss3 |
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 |
 |
Net asset value, end of period |
 |
Total return4 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
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 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
3 | The average shares outstanding method has been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
Six months ended 9/30/202 (Unaudited) | Â | Year ended | Â | 6/30/161 to 3/31/17 | ||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | |||
$9.33 | Â | $10.47 | Â | $11.64 | Â | $9.24 | Â | $8.50 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
(0.07) | Â | (0.11) | Â | (0.11) | Â | (0.10) | Â | (0.04) |
7.46 | Â | (0.88) | Â | 2.33 | Â | 3.22 | Â | 1.13 |
7.39 | Â | (0.99) | Â | 2.22 | Â | 3.12 | Â | 1.09 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
â | Â | â | Â | â | Â | â | Â | â |
â | Â | (0.15) | Â | (3.39) | Â | (0.72) | Â | (0.35) |
â | Â | (0.15) | Â | (3.39) | Â | (0.72) | Â | (0.35) |
 | ||||||||
$16.72 | Â | $9.33 | Â | $10.47 | Â | $11.64 | Â | $9.24 |
 | ||||||||
79.01% | Â | (9.66%) | Â | 22.68% | Â | 34.73% | Â | 12.93% |
 | ||||||||
 |  |  |  |  |  |  |  |  |
$99,803 | Â | $58,923 | Â | $8,931 | Â | $7,605 | Â | $5,621 |
1.05% | Â | 1.05% | Â | 1.05% | Â | 1.05% | Â | 1.05% |
1.08% | Â | 1.40% | Â | 2.43% | Â | 3.08% | Â | 4.62% |
(1.01%) | Â | (1.01%) | Â | (0.94%) | Â | (0.95%) | Â | (0.52%) |
(1.04%) | Â | (1.36%) | Â | (2.32%) | Â | (2.98%) | Â | (4.09%) |
64% | Â | 139% | Â | 158% | Â | 151% | Â | 145% |
Delaware Small Cap Growth Fund | September 30, 2020 (Unaudited) |
front-end sales charge of 1.00%, if redeemed during the first year, and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, 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.
an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trustâs Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.
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 âmore-likely-than-notâ of being sustained by the applicable tax authority. Tax positions not deemed to meet the âmore-likely-than-notâ 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, 2020 and for all open tax years (years ended March 31, 2017âMarch 31, 2020), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized
six months ended September 30, 2020, the Fund did not incur any interest or tax penalties.
âLess expenses paid indirectly.â For the six months ended September 30, 2020, the Fund earned $25 under this arrangement.
pay/reimburse the Fund to the extent necessary to ensure total annual operating 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), from exceeding 1.05% of the Fund's average daily net assets from
April 1, 2020 through September 30, 2020.* 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.
execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.
certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Fund. For the six months ended September 30, 2020, the Fund was charged $1,523 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliatesâ employees. This amount is included on the âStatement of operationsâ under âLegal fees.â
July 29, 2021.
Purchases | $59,729,415 |
Sales | 61,593,495 |
Cost of investments | $79,830,209 |
Aggregate unrealized appreciation of investments | $32,451,483 |
Aggregate unrealized depreciation of investments | (950,734) |
Net unrealized appreciation of investments | $31,500,749 |
 | Level 1 |
Securities | Â |
Assets: | Â |
Common Stock | $111,330,958 |
 | Six months ended |  | Year ended |
 | 9/30/20 |  | 3/31/20 |
Shares sold: | |||
Class A | 437,276 | Â | 79,439 |
Class C | 75,395 | Â | 81,725 |
Class R | 1,335 | Â | 1,871 |
Institutional Class | 1,956,314 | Â | 6,930,241 |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | â | Â | 3,377 |
Class C | â | Â | 999 |
Class R | â | Â | 1,729 |
Institutional Class | â | Â | 90,553 |
 | 2,470,320 |  | 7,189,934 |
Shares redeemed: | |||
Class A | (206,357) | Â | (84,596) |
Class C | (5,157) | Â | (43,101) |
Class R | (1,289) | Â | (34,051) |
Institutional Class | (2,305,902) | Â | (1,555,682) |
 | (2,518,705) |  | (1,717,430) |
Net increase (decrease) | (48,385) | Â | 5,472,504 |
 |  | Exchange Redemptions |  | Exchange Subscriptions |  |  | ||
 |  | Class C Shares |  | Class A Shares | Value |  | ||
Six months ended | Â | |||||||
9/30/20 | Â | 212 | Â | 204 | $2,412 | Â | ||
Year ended | Â | |||||||
3/31/20 | Â | 89 | Â | 86 | 918 | Â |
was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on
November 4, 2019.
September 30, 2020, that would require recognition or disclosure in the Fund's financial statements.
(Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fundâs net assets in Highly Liquid investments (called a âHighly Liquid Investment Minimumâ or âHLIMâ); and (4) prohibiting the Fundâs acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a
non-public basis) and to the Board if the Fundâs holdings of Illiquid assets exceed 15% of the Fundâs net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).
Sub-Adviser to the Fund. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund, compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the
Sub-Advisers.
poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent, applicable, ended January 31, 2020. The Boardâs objective is that the Fundâs performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.
by each of Sub-Adviser in relation to the services being provided to the Fund and in relation to the
Sub-Adviserâs overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Fund, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.
Chief Executive Officer
Delaware FundsÂŽ
by Macquarie
Philadelphia, PA
Stonebrook Capital
Management, LLC
Jersey City, NJ
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY
President
State Street Corporation
Boston, MA
Drexel University
Philadelphia, PA
Officer
Assurant, Inc.
New York, NY
Sevilla-Sacasa
Officer
Banco ItaĂş International
Miami, FL
PNC Financial Services Group
Pittsburgh, PA
and President
Gore Creek Capital, Ltd.
Golden, CO
Treasurer
3M Company
St. Paul, MN
General Counsel,
and Secretary
Delaware Funds
by Macquarie
Philadelphia, PA
Treasurer
Delaware Funds
by Macquarie
Philadelphia, PA
Chief Financial Officer
Delaware Funds
by Macquarie
Philadelphia, PA
delawarefunds.com/literature.
and use
broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
This and other information can be found in each Fundâs prospectus and, if available, its summary prospectus.
A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or
calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully
before investing.
(formerly, Delaware Emerging Markets Debt Fund)
Municipal fixed income funds
the Acquiring Funds. The Reorganizations are expected to take place in December 2020. The Acquired Funds will
continue to accept purchases (including reinvested dividends and capital gains) from existing shareholders until November 25, 2020. Contingent deferred sales charges will be waived on redemptions from the Acquired Funds
through the date of the Reorganizations.
out the convenient options provided by Macquarie Investment Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
exchange all or part of your shares in one Delaware FundsÂŽ by Macquarie mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
any changes:
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at
delawarefunds.com/literature.
read it carefully before buying shares through an exchange.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
P.O. Box 9876
Providence, RI 02940-8076
4400 Computer Drive
Westborough, MA 01581-1722
Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
Visit delawarefunds.com/edelivery.
with offices in the United States, Europe, Asia, and Australia. As active
managers, we prioritize autonomy and accountability at the investment
team level in pursuit of opportunities that matter for clients. Delaware Funds
is one of the longest-standing mutual fund families, with more than 80 years
in existence.
1 | |
3 | |
5 | |
7 | |
9 | |
10 | |
12 | |
22 | |
33 | |
38 |
do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund's expenses shown in the table assume reinvestment of all dividends and distributions.
Expense analysis of an investment of $1,000
 | Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* |
Actual Fund returnâ | ||||
Class A | $1,000.00 | $1,769.70 | 1.07% | $7.43 |
Class C | 1,000.00 | 1,761.60 | 1.82% | 12.60 |
Class R | 1,000.00 | 1,766.50 | 1.32% | 9.15 |
Institutional Class | 1,000.00 | 1,771.40 | 0.82% | 5.70 |
Class R6 | 1,000.00 | 1,772.20 | 0.74% | 5.14 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.70 | 1.07% | $5.42 |
Class C | 1,000.00 | 1,015.94 | 1.82% | 9.20 |
Class R | 1,000.00 | 1,018.45 | 1.32% | 6.68 |
Institutional Class | 1,000.00 | 1,020.96 | 0.82% | 4.15 |
Class R6 | 1,000.00 | 1,021.36 | 0.74% | 3.75 |
*âExpenses Paid During Periodâ are equal to the Fundâs annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
â Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
Delaware Smid Cap Growth Fund | As of September 30, 2020 (Unaudited) |
Security type / sector | Percentage of net assets |
Common Stock⌠| 99.89% |
Communication Services | 9.37% |
Consumer Discretionary | 21.01% |
Consumer Staples | 5.28% |
Healthcare | 30.46% |
Industrials | 6.35% |
Technology | 27.42% |
Short-Term Investments | 0.15% |
Total Value of Securities | 100.04% |
Liabilities Net of Receivables and Other Assets | (0.04%) |
Total Net Assets | 100.00% |
âŚNarrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
Top 10 equity holdings | Percentage of net assets |
Exact Sciences | 4.82% |
Novocure | 4.42% |
iRhythm Technologies | 4.31% |
DraftKings Class A | 4.20% |
Invitae | 4.17% |
TopBuild | 3.86% |
Pacira BioSciences | 3.84% |
RingCentral Class A | 3.78% |
Progyny | 3.77% |
YETI Holdings | 3.74% |
Delaware Smid Cap Growth Fund | September 30, 2020 (Unaudited) |
 |  | Number of shares | Value (US $) |
Common Stock â 99.89%⌠| |||
Communication Services â 9.37% | |||
Bandwidth Class Aââ | Â | 368,270 | $64,288,894 |
Live Nation Entertainmentââ | Â | 6,235 | 335,942 |
Match Groupââ | Â | 1,123,983 | 124,368,719 |
Rokuââ | Â | 524,508 | 99,027,110 |
Take-Two Interactive Softwareââ | Â | 307,890 | 50,869,586 |
 | 338,890,251 | ||
Consumer Discretionary â 21.01% | |||
Bright Horizons Family Solutionsââ | Â | 52,720 | 8,015,549 |
Chewy Class Aââ | Â | 815,710 | 44,725,379 |
DraftKings Class Aââ | Â | 2,579,641 | 151,786,076 |
LGI Homesââ | Â | 1,135,448 | 131,904,994 |
Planet Fitness Class Aââ | Â | 1,392,790 | 85,823,720 |
Poolâ | Â | 186,998 | 62,558,311 |
TopBuildââ | Â | 816,958 | 139,446,561 |
YETI Holdingsââ | Â | 2,987,759 | 135,405,238 |
 | 759,665,828 | ||
Consumer Staples â 5.28% | |||
Boston Beer Class Aââ | Â | 150,206 | 132,685,972 |
Performance Food Groupââ | Â | 4,815 | 166,695 |
Simply Good Foodsââ | Â | 2,641,775 | 58,251,139 |
 | 191,103,806 | ||
Healthcare â 30.46% | |||
Exact Sciencesââ | Â | 1,709,695 | 174,303,405 |
GoodRx Holdings Class Aââ | Â | 5,000 | 278,000 |
Invitaeââ | Â | 3,474,156 | 150,604,663 |
iRhythm Technologiesââ | Â | 654,847 | 155,925,619 |
Neurocrine Biosciencesââ | Â | 712,295 | 68,494,287 |
Novocureââ | Â | 1,435,768 | 159,815,336 |
Pacira BioSciencesââ | Â | 2,307,275 | 138,713,373 |
Progynyââ | Â | 4,635,604 | 136,425,826 |
Quanterixââ | Â | 1,320,500 | 44,553,670 |
Sarepta Therapeuticsââ | Â | 510,785 | 71,729,538 |
Teladoc Healthââ | Â | 2,934 | 643,250 |
 | 1,101,486,967 | ||
Industrials â 6.35% | |||
SiteOne Landscape Supplyââ | Â | 953,244 | 116,248,106 |
Trexââ | Â | 1,584,513 | 113,451,131 |
 | 229,699,237 | ||
Technology â 27.42% | |||
Avalaraââ | Â | 609,642 | 77,631,812 |
 |  | Number of shares | Value (US $) |
Common StockâŚâ(continued) | |||
Technologyâ(continued) | |||
Bill.com Holdingsââ | Â | 883,652 | $88,639,132 |
Coupa Softwareââ | Â | 275,500 | 75,553,120 |
EPAM Systemsââ | Â | 307,078 | 99,272,176 |
Everbridgeââ | Â | 537,066 | 67,525,308 |
Lattice Semiconductorââ | Â | 1,570,600 | 45,484,576 |
Marvell Technology Groupâ | Â | 2,783,249 | 110,494,985 |
Monolithic Power Systemsâ | Â | 189,170 | 52,893,824 |
Oktaââ | Â | 545,525 | 116,660,521 |
RingCentral Class Aââ | Â | 497,312 | 136,566,849 |
Trade Desk Class Aââ | Â | 232,977 | 120,863,808 |
 | 991,586,111 | ||
Total Common Stockâ(cost $2,239,118,395) | 3,612,432,200 | ||
Short-Term Investments â 0.15% | |||
Money Market Mutual Funds â 0.15% | |||
BlackRock FedFund â Institutional Shares (seven-day effective yield 0.00%) | Â | 1,395,758 | 1,395,758 |
Fidelity Investments Money Market Government Portfolio â Class I (seven-day effective yield 0.01%) | Â | 1,395,758 | 1,395,758 |
GS Financial Square Government Fund â Institutional Shares (seven-day effective yield 0.00%) | Â | 1,395,758 | 1,395,758 |
Morgan Stanley Government Portfolio â Institutional Share Class (seven-day effective yield 0.00%) | Â | 1,395,758 | 1,395,758 |
Total Short-Term Investmentsâ(cost $5,583,032) | 5,583,032 | ||
Total Value of Securitiesâ100.04% (cost $2,244,701,427) | Â | Â | $3,618,015,232 |
⌠| Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
â | Non-income producing security. |
Summary of abbreviations: |
GS â Goldman Sachs |
Delaware Smid Cap Growth Fund | September 30, 2020 (Unaudited) |
Assets: | Â |
Investments, at value* | $3,618,015,232 |
Receivable for securities sold | 12,880,670 |
Dividends and interest receivable | 94,647 |
Receivable for fund shares sold | 19,163,050 |
Total Assets | 3,650,153,599 |
Liabilities: | Â |
Due to custodian | 34,599 |
Payable for securities purchased | 25,187,277 |
Payable for fund shares redeemed | 5,749,129 |
Investment management fees payable to affiliates | 1,821,827 |
Other accrued expenses | 490,277 |
Distribution fees payable to affiliates | 383,092 |
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 25,816 |
Audit and tax fees payable | 18,350 |
Trustees' fees and expenses payable to affiliates | 11,393 |
Accounting and administration expenses payable to affiliates | 9,772 |
Reports and statements to shareholders expenses payable to non-affiliates | 6,778 |
Legal fees payable to affiliates | 5,712 |
Total Liabilities | 33,744,022 |
Total Net Assets | $3,616,409,577 |
Net Assets Consist of: | Â |
Paid-in capital | $1,989,107,238 |
Total distributable earnings (loss) | 1,627,302,339 |
Total Net Assets | $3,616,409,577 |
Net Asset Value | Â |
Class A: | Â |
Net assets | $1,426,956,902 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 36,769,931 |
Net asset value per share | $38.81 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $41.18 |
Class C: | Â |
Net assets | $128,703,615 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 8,292,128 |
Net asset value per share | $15.52 |
Class R: | Â |
Net assets | $15,424,732 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 442,277 |
Net asset value per share | $34.88 |
Institutional Class: | Â |
Net assets | $1,959,235,152 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 35,516,389 |
Net asset value per share | $55.16 |
Class R6: | Â |
Net assets | $86,089,176 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,556,529 |
Net asset value per share | $55.31 |
*Investments, at cost | $2,244,701,427 |
Delaware Smid Cap Growth Fund | Six months ended September 30, 2020 (Unaudited) |
Investment Income: | Â |
Dividends | $754,075 |
Interest | 70 |
 | 754,145 |
Expenses: | Â |
Management fees | 8,931,591 |
Distribution expenses â Class A | 1,433,540 |
Distribution expenses â Class C | 493,511 |
Distribution expenses â Class R | 30,675 |
Dividend disbursing and transfer agent fees and expenses | 1,301,853 |
Accounting and administration expenses | 242,601 |
Registration fees | 84,488 |
Reports and statements to shareholders expenses | 76,181 |
Trustees' fees and expenses | 75,944 |
Legal fees | 55,653 |
Custodian fees | 31,801 |
Audit and tax fees | 18,405 |
Other | 24,279 |
 | 12,800,522 |
Less expenses paid indirectly | (1,108) |
Total operating expenses | 12,799,414 |
Net Investment Loss | (12,045,269) |
Net Realized and Unrealized Gain: | Â |
Net realized gain on investments | 269,570,018 |
Net change in unrealized appreciation (depreciation) of investments | 1,136,862,530 |
Net Realized and Unrealized Gain | 1,406,432,548 |
Net Increase in Net Assets Resulting from Operations | $1,394,387,279 |
 | Six months ended 9/30/20 (Unaudited) |  | Year ended 3/31/20 |
 | |||
Increase (Decrease) in Net Assets from Operations: | Â | Â | Â |
Net investment loss | $(12,045,269) | Â | $(16,684,751) |
Net realized gain | 269,570,018 | Â | 79,007,296 |
Net change in unrealized appreciation (depreciation) | 1,136,862,530 | Â | (144,532,066) |
Net increase (decrease) in net assets resulting from operations | 1,394,387,279 | Â | (82,209,521) |
Dividends and Distributions to Shareholders from: | Â | Â | Â |
Distributable earnings: | Â | Â | Â |
Class A | â | Â | (40,069,400) |
Class C | â | Â | (6,825,843) |
Class R | â | Â | (558,548) |
Institutional Class | â | Â | (21,276,178) |
Class R6 | â | Â | (572,224) |
 | â |  | (69,302,193) |
Capital Share Transactions: | Â | Â | Â |
Proceeds from shares sold: | Â | Â | Â |
Class A | 103,538,726 | Â | 97,149,147 |
Class C | 28,221,839 | Â | 30,055,854 |
Class R | 3,422,337 | Â | 3,238,198 |
Institutional Class | 805,940,070 | Â | 557,241,244 |
Class R6 | 56,686,540 | Â | 17,242,856 |
Net asset value of shares issued upon reinvestment of dividends and distributions: | Â | Â | Â |
Class A | â | Â | 38,911,458 |
Class C | â | Â | 6,717,827 |
Class R | â | Â | 557,364 |
Institutional Class | â | Â | 19,348,530 |
Class R6 | â | Â | 513,058 |
 | 997,809,512 |  | 770,975,536 |
 | Six months ended 9/30/20 (Unaudited) |  | Year ended 3/31/20 |
 | |||
Capital Share Transactions (continued): | Â | Â | Â |
Cost of shares redeemed: | Â | Â | Â |
Class A | $(104,754,880) | Â | $(160,158,725) |
Class C | (14,806,619) | Â | (19,287,809) |
Class R | (3,084,408) | Â | (8,753,630) |
Institutional Class | (250,568,908) | Â | (387,679,303) |
Class R6 | (4,359,310) | Â | (7,525,632) |
 | (377,574,125) |  | (583,405,099) |
Increase in net assets derived from capital share transactions | 620,235,387 | Â | 187,570,437 |
Net Increase in Net Assets | 2,014,622,666 | Â | 36,058,723 |
Net Assets: | Â | Â | Â |
Beginning of period | 1,601,786,911 | Â | 1,565,728,188 |
End of period | $3,616,409,577 | Â | $1,601,786,911 |
 |
 |
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 |
 |
Net asset value, end of period |
 |
Total return3 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment loss to average net assets |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
Six months ended 9/30/201 (Unaudited) | Â | Year ended | ||||||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | 3/31/17 | Â | 3/31/16 | ||
$21.93 | Â | $23.85 | Â | $22.83 | Â | $17.59 | Â | $27.04 | Â | $29.41 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
(0.16) | Â | (0.26) | Â | (0.20) | Â | (0.20) | Â | (0.14) | Â | (0.01) |
17.04 | Â | (0.58) | Â | 4.35 | Â | 5.74 | Â | (0.08) | Â | 0.65 |
16.88 | Â | (0.84) | Â | 4.15 | Â | 5.54 | Â | (0.22) | Â | 0.64 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.23) | Â | (3.01) |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.23) | Â | (3.01) |
 | ||||||||||
$38.81 | Â | $21.93 | Â | $23.85 | Â | $22.83 | Â | $17.59 | Â | $27.04 |
 | ||||||||||
76.97% | Â | (3.96%) | Â | 19.68% | Â | 31.68% | Â | 1.13% | Â | 2.26% |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
$1,426,957 | Â | $805,989 | Â | $901,171 | Â | $776,647 | Â | $653,453 | Â | $787,583 |
1.07% | Â | 1.10% | Â | 1.12% | Â | 1.17% | Â | 1.21% | Â | 1.20% |
(1.01%) | Â | (1.04%) | Â | (0.82%) | Â | (1.00%) | Â | (0.60%) | Â | (0.03%) |
43% | Â | 113% | Â | 96% | Â | 101% | Â | 159% | Â | 24% |
 |
 |
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 |
 |
Net asset value, end of period |
 |
Total return3 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment loss to average net assets |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
Six months ended 9/30/201 (Unaudited) | Â | Year ended | ||||||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | 3/31/17 | Â | 3/31/16 | ||
$8.81 | Â | $10.26 | Â | $11.55 | Â | $9.09 | Â | $18.76 | Â | $21.46 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
(0.11) | Â | (0.19) | Â | (0.18) | Â | (0.18) | Â | (0.20) | Â | (0.16) |
6.82 | Â | (0.18) | Â | 2.02 | Â | 2.94 | Â | (0.24) | Â | 0.47 |
6.71 | Â | (0.37) | Â | 1.84 | Â | 2.76 | Â | (0.44) | Â | 0.31 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.23) | Â | (3.01) |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.23) | Â | (3.01) |
 | ||||||||||
$15.52 | Â | $8.81 | Â | $10.26 | Â | $11.55 | Â | $9.09 | Â | $18.76 |
 | ||||||||||
76.16% | Â | (4.63%) | Â | 18.83% | Â | 30.71% | Â | 0.30% | Â | 1.53% |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
$128,704 | Â | $63,090 | Â | $56,065 | Â | $46,508 | Â | $49,266 | Â | $67,633 |
1.82% | Â | 1.85% | Â | 1.87% | Â | 1.92% | Â | 1.96% | Â | 1.95% |
(1.76%) | Â | (1.79%) | Â | (1.57%) | Â | (1.75%) | Â | (1.35%) | Â | (0.78%) |
43% | Â | 113% | Â | 96% | Â | 101% | Â | 159% | Â | 24% |
 |
 |
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 |
 |
Net asset value, end of period |
 |
Total return3 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment loss to average net assets |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
Six months ended 9/30/201 (Unaudited) | Â | Year ended | ||||||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | 3/31/17 | Â | 3/31/16 | ||
$19.74 | Â | $21.62 | Â | $21.01 | Â | $16.25 | Â | $25.77 | Â | $28.24 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
(0.18) | Â | (0.29) | Â | (0.24) | Â | (0.23) | Â | (0.19) | Â | (0.08) |
15.32 | Â | (0.51) | Â | 3.98 | Â | 5.29 | Â | (0.10) | Â | 0.62 |
15.14 | Â | (0.80) | Â | 3.74 | Â | 5.06 | Â | (0.29) | Â | 0.54 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.23) | Â | (3.01) |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.23) | Â | (3.01) |
 | ||||||||||
$34.88 | Â | $19.74 | Â | $21.62 | Â | $21.01 | Â | $16.25 | Â | $25.77 |
 | ||||||||||
76.65% | Â | (4.18%) | Â | 19.42% | Â | 31.34% | Â | 0.87% | Â | 1.99% |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
$15,425 | Â | $8,477 | Â | $14,143 | Â | $13,068 | Â | $16,731 | Â | $18,768 |
1.32% | Â | 1.35% | Â | 1.37% | Â | 1.42% | Â | 1.46% | Â | 1.45% |
(1.26%) | Â | (1.29%) | Â | (1.07%) | Â | (1.25%) | Â | (0.85%) | Â | (0.28%) |
43% | Â | 113% | Â | 96% | Â | 101% | Â | 159% | Â | 24% |
 |
 |
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 |
 |
Net asset value, end of period |
 |
Total return3 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment income (loss) to average net assets |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
Six months ended 9/30/201 (Unaudited) | Â | Year ended | ||||||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | 3/31/17 | Â | 3/31/16 | ||
$31.14 | Â | $33.35 | Â | $30.69 | Â | $23.50 | Â | $32.83 | Â | $34.98 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
(0.17) | Â | (0.28) | Â | (0.19) | Â | (0.20) | Â | (0.11) | Â | 0.08 |
24.19 | Â | (0.85) | Â | 5.98 | Â | 7.69 | Â | 0.02 | Â | 0.78 |
24.02 | Â | (1.13) | Â | 5.79 | Â | 7.49 | Â | (0.09) | Â | 0.86 |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
â | Â | â | Â | â | Â | â | Â | (0.01) | Â | â |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.23) | Â | (3.01) |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.24) | Â | (3.01) |
 | ||||||||||
$55.16 | Â | $31.14 | Â | $33.35 | Â | $30.69 | Â | $23.50 | Â | $32.83 |
 | ||||||||||
77.14% | Â | (3.70%) | Â | 19.99% | Â | 32.01% | Â | 1.33% | Â | 2.54% |
 | ||||||||||
 |  |  |  |  |  |  |  |  |  |  |
$1,959,235 | Â | $706,785 | Â | $585,344 | Â | $231,474 | Â | $226,724 | Â | $432,915 |
0.82% | Â | 0.85% | Â | 0.87% | Â | 0.92% | Â | 0.96% | Â | 0.95% |
(0.76%) | Â | (0.79%) | Â | (0.57%) | Â | (0.75%) | Â | (0.35%) | Â | 0.22% |
43% | Â | 113% | Â | 96% | Â | 101% | Â | 159% | Â | 24% |
 |
 |
Net asset value, beginning of period |
 |
Income (loss) from investment operations: |
Net investment loss3 |
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 |
 |
Net asset value, end of period |
 |
Total return4 |
 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of net investment income (loss) to average net assets |
Portfolio turnover |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
3 | The average shares outstanding method has been applied for per share information. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
5 | Portfolio turnover is representative of the Fund for the entire year. |
Six months ended 9/30/202 (Unaudited) | Â | Year ended | Â | 5/2/161 to 3/31/17 | ||||
3/31/20 | Â | 3/31/19 | Â | 3/31/18 | Â | |||
$31.21 | Â | $33.40 | Â | $30.71 | Â | $23.50 | Â | $33.01 |
 | ||||||||
 |  |  |  |  |  |  |  |  |
(0.16) | Â | (0.25) | Â | (0.16) | Â | (0.19) | Â | (0.05) |
24.26 | Â | (0.86) | Â | 5.98 | Â | 7.70 | Â | (0.19) |
24.10 | Â | (1.11) | Â | 5.82 | Â | 7.51 | Â | (0.24) |
 | ||||||||
 |  |  |  |  |  |  |  |  |
â | Â | â | Â | â | Â | â | Â | (0.04) |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.23) |
â | Â | (1.08) | Â | (3.13) | Â | (0.30) | Â | (9.27) |
 | ||||||||
$55.31 | Â | $31.21 | Â | $33.40 | Â | $30.71 | Â | $23.50 |
 | ||||||||
77.22% | Â | (3.63%) | Â | 20.08% | Â | 32.10% | Â | 0.88% |
 | ||||||||
 |  |  |  |  |  |  |  |  |
$86,089 | Â | $17,446 | Â | $9,005 | Â | $1,186 | Â | $2 |
0.74% | Â | 0.77% | Â | 0.80% | Â | 0.84% | Â | 0.84% |
(0.68%) | Â | (0.71%) | Â | (0.50%) | Â | (0.67%) | Â | (0.21%) |
43% | Â | 113% | Â | 96% | Â | 101% | Â | 159%5 |
Delaware Smid Cap Growth Fund | September 30, 2020 (Unaudited) |
The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00% if redeemed during the first year, and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment
taken in the course of preparing the Fundâs tax returns to determine whether the tax positions are
âmore-likely-than-notâ of being sustained by the applicable tax authority. Tax positions not deemed to meet the âmore-likely-than-notâ threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fundâs tax positions taken or expected to be taken on the Fundâs federal income tax returns through the six months ended September 30, 2020 and for all open tax years (years ended March 31, 2017âMarch 31, 2020), and has concluded that no provision for federal income tax is required in the Fundâs financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in âOtherâ on the âStatement of operations.â During the six months ended September 30, 2020, the Fund did not incur any interest or tax penalties. 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.
âLess expenses paid indirectly.â For the six months ended September 30, 2020, the Fund earned $1,108 under this arrangement.
Sub-Advisor a portion of its investment management fee.
Purchases | $1,764,186,049 |
Sales | 1,159,158,397 |
Cost of investments | $2,244,701,427 |
Aggregate unrealized appreciation of investments | $1,390,552,197 |
Aggregate unrealized depreciation of investments | (17,238,392) |
Net unrealized appreciation of investments | $1,373,313,805 |
 | Level 1 |
Securities | Â |
Assets: | Â |
Common Stock | $3,612,432,200 |
Short-Term Investments | 5,583,032 |
Total Value of Securities | $3,618,015,232 |
 | Six months ended |  | Year ended |
 | 9/30/20 |  | 3/31/20 |
Shares sold: | |||
Class A | 3,234,339 | Â | 3,916,893 |
Class C | 2,267,817 | Â | 2,914,364 |
Class R | 120,009 | Â | 145,012 |
Institutional Class | 18,470,774 | Â | 16,060,080 |
Class R6 | 1,094,053 | Â | 494,340 |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | â | Â | 1,598,663 |
Class C | â | Â | 686,193 |
Class R | â | Â | 25,427 |
Institutional Class | â | Â | 560,340 |
Class R6 | â | Â | 14,833 |
 | 25,186,992 |  | 26,416,145 |
Shares redeemed: | |||
Class A | (3,211,123) | Â | (6,550,747) |
Class C | (1,140,534) | Â | (1,900,558) |
Class R | (107,232) | Â | (395,179) |
Institutional Class | (5,651,324) | Â | (11,472,483) |
Class R6 | (96,525) | Â | (219,767) |
 | (10,206,738) |  | (20,538,734) |
Net increase | 14,980,254 | Â | 5,877,411 |
 |  | Exchange Redemptions |  | Exchange Subscriptions |  |  | ||||||||
 |  | Class A Shares |  | Class C Shares |  | Class A Shares |  | Institutional Class Shares |  | Class R6 Shares | Value |  | ||
Six months ended | Â | |||||||||||||
9/30/20 | Â | 449,702 | Â | 193,571 | Â | 41,731 | Â | 84,000 | Â | 257,483 | $18,689,322 | Â | ||
Year ended | Â | |||||||||||||
3/31/20 | Â | 32,353 | Â | 58,675 | Â | 11,691 | Â | 32,019 | Â | â | 1,418,403 | Â |
was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on
November 4, 2019.
real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the
six months ended September 30, 2020. The Fundâs REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.
September 30, 2020, that would require recognition or disclosure in the Fund's financial statements.
(Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fundâs net assets in Highly Liquid investments (called a âHighly Liquid Investment Minimumâ or âHLIMâ); and (4) prohibiting the Fundâs acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a
non-public basis) and to the Board if the Fundâs holdings of Illiquid assets exceed 15% of the Fundâs net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).
Sub-Adviser to the Fund. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the
Sub-Advisers.
poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent, applicable, ended January 31, 2020. The Boardâs objective is that the Fundâs performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.
by each Sub-Adviser in relation to the services being provided to the Fund and in relation to the
Sub-Adviserâs overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Fund, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.
Chief Executive Officer
Delaware FundsÂŽ
by Macquarie
Philadelphia, PA
Stonebrook Capital
Management, LLC
Jersey City, NJ
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY
President
State Street Corporation
Boston, MA
Drexel University
Philadelphia, PA
Officer
Assurant, Inc.
New York, NY
Sevilla-Sacasa
Officer
Banco ItaĂş International
Miami, FL
PNC Financial Services Group
Pittsburgh, PA
and President
Gore Creek Capital, Ltd.
Golden, CO
Treasurer
3M Company
St. Paul, MN
General Counsel,
and Secretary
Delaware Funds
by Macquarie
Philadelphia, PA
Treasurer
Delaware Funds
by Macquarie
Philadelphia, PA
Chief Financial Officer
Delaware Funds
by Macquarie
Philadelphia, PA
delawarefunds.com/literature.
and use
broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
This and other information can be found in each Fundâs prospectus and, if available, its summary prospectus.
A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or
calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully
before investing.
(formerly, Delaware Emerging Markets Debt Fund)
Municipal fixed income funds
the Acquiring Funds. The Reorganizations are expected to take place in December 2020. The Acquired Funds will
continue to accept purchases (including reinvested dividends and capital gains) from existing shareholders until November 25, 2020. Contingent deferred sales charges will be waived on redemptions from the Acquired Funds
through the date of the Reorganizations.
out the convenient options provided by Macquarie Investment Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
exchange all or part of your shares in one Delaware FundsÂŽ by Macquarie mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
any changes:
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at
delawarefunds.com/literature.
read it carefully before buying shares through an exchange.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
P.O. Box 9876
Providence, RI 02940-8076
4400 Computer Drive
Westborough, MA 01581-1722
Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
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) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrantâs principal executive officer and principal financial officer have evaluated the registrantâs disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing 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.
There were no significant changes in the registrantâs internal control over financial reporting 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 registrantâs internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits
(a)Â | (1) Code of Ethics |
 | |
       Not applicable. | |
 | |
(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT. | |
 | |
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934. | |
 | |
       Not applicable. | |
 | |
(b)Â Â | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT. |
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.
DELAWARE GROUPÂŽ EQUITY FUNDS IV
/s/ SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title:Â | President and Chief Executive Officer |
Date: | December 3, 2020 |
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:Â | President and Chief Executive Officer |
Date: | December 3, 2020 |
 | |
 | |
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | December 3, 2020 |