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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-04413
Exact name of registrant as specified in charter:	Delaware Group® Equity Funds IV
Address of principal executive offices:	610 Market Street
	Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	September 30
Date of reporting period:	March 31, 2022

Item 1. Reports to Stockholders

Semiannual report

Equity funds Delaware Equity Income Fund
Delaware Growth and Income Fund
Delaware Growth Equity Fund
Delaware Opportunity Fund
Delaware Global Equity Fund Alternative/specialty funds Delaware Covered Call Strategy Fund
Delaware Hedged U.S. Equity Opportunities Fund
Delaware Premium Income Fund Multi-asset fund Delaware Total Return Fund

March 31, 2022

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

Table of contents

Disclosure of Fund expenses	1
Security type / sector / country allocations
and top 10 equity holdings	6
Schedules of investments	16
Statements of assets and liabilities	54
Statements of operations	60
Statements of changes in net assets	66
Financial highlights	71
Notes to financial statements	98
About the organization	126

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus for the Funds at delawarefunds.com/literature.

Manage your account online

● Check your account balance and transactions

● View statements and tax forms

● Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

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

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of March 31, 2022, and subject to change for events occurring after such date.

The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

All third-party marks cited are the property of their respective owners.

© 2022 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from October 1, 2021 to March 31, 2022 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2021 to March 31, 2022.

Actual expenses

The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each 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 Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

Delaware Equity Income Fund
Expense analysis of an investment of $1,000

										Expenses
										Paid
	Beginning			Ending						During
	Account			Account			Annualized			Period
	Value			Value			Expense			10/1/21 to
	10/1/21			3/31/22			Ratio			3/31/22*
Actual Fund return†
Class A		$	1,000.00		$	1,087.20		1.09	%		$	5.67
Institutional Class			1,000.00			1,089.20		0.82	%			4.27
Class R6			1,000.00			1,089.40		0.76	%			3.96
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.50		1.09	%		$	5.49
Institutional Class			1,000.00			1,020.84		0.82	%			4.13
Class R6			1,000.00			1,021.14		0.76	%			3.83

1

Disclosure of Fund expenses

Delaware Growth and Income Fund
Expense analysis of an investment of $1,000

										Expenses
										Paid
	Beginning			Ending						During
	Account			Account			Annualized			Period
	Value			Value			Expense			10/1/21 to
	10/1/21			3/31/22			Ratio			3/31/22*
Actual Fund return†
Class A		$	1,000.00		$	1,087.90		1.05	%		$	5.47
Institutional Class			1,000.00			1,089.20		0.80	%			4.17
Class R6			1,000.00			1,090.30		0.73	%			3.80
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.70		1.05	%		$	5.29
Institutional Class			1,000.00			1,020.94		0.80	%			4.03
Class R6			1,000.00			1,021.29		0.73	%			3.68

Delaware Growth Equity Fund
Expense analysis of an investment of $1,000

										Expenses
										Paid
	Beginning			Ending						During
	Account			Account			Annualized			Period
	Value			Value			Expense			10/1/21 to
	10/1/21			3/31/22			Ratio			3/31/22*
Actual Fund return†
Class A		$	1,000.00		$	988.30		1.08	%		$	5.35
Institutional Class			1,000.00			990.10		0.83	%			4.12
Class R6			1,000.00			990.30		0.76	%			3.77
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.55		1.08	%		$	5.44
Institutional Class			1,000.00			1,020.79		0.83	%			4.18
Class R6			1,000.00			1,021.14		0.76	%			3.83

2

Delaware Opportunity Fund
Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,079.10		1.18%		$	6.12
Institutional Class		1,000.00		1,080.90		0.90%			4.67
Class R6		1,000.00		1,081.80		0.78%			4.05
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.05		1.18%		$	5.94
Institutional Class		1,000.00		1,020.44		0.90%			4.53
Class R6		1,000.00		1,021.04		0.78%			3.93

Delaware Global Equity Fund
Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	956.00		1.34%		$	6.53
Institutional Class		1,000.00		956.80		1.06%			5.17
Class R6		1,000.00		957.90		1.01%			4.93
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.25		1.34%		$	6.74
Institutional Class		1,000.00		1,019.65		1.06%			5.34
Class R6		1,000.00		1,019.90		1.01%			5.09

3

Disclosure of Fund expenses

Delaware Covered Call Strategy Fund
Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,046.70		1.31%		$	6.68
Institutional Class		1,000.00		1,048.20		1.06%			5.41
Class R6		1,000.00		1,048.60		0.88%			4.49
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.40		1.31%		$	6.59
Institutional Class		1,000.00		1,019.65		1.06%			5.34
Class R6		1,000.00		1,020.54		0.88%			4.43

Delaware Hedged U.S. Equity Opportunities Fund
Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	995.90		1.61%		$	8.01
Institutional Class		1,000.00		997.10		1.30%			6.47
Class R6		1,000.00		997.10		1.20%			5.97
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,016.90		1.61%		$	8.10
Institutional Class		1,000.00		1,018.45		1.30%			6.54
Class R6		1,000.00		1,018.95		1.20%			6.04

4

Delaware Premium Income Fund
Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,029.30		1.30%		$	6.58
Institutional Class		1,000.00		1,029.60		1.05%			5.31
Class R6		1,000.00		1,030.10		0.90%			4.56
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.45		1.30%		$	6.54
Institutional Class		1,000.00		1,019.70		1.05%			5.29
Class R6		1,000.00		1,020.44		0.90%			4.53

Delaware Total Return Fund
Expense analysis of an investment of $1,000

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,031.80		1.11%		$	5.62
Institutional Class		1,000.00		1,033.70		0.86%			4.36
Class R6		1,000.00		1,033.90		0.79%			4.01
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.40		1.11%		$	5.59
Institutional Class		1,000.00		1,020.64		0.86%			4.33
Class R6		1,000.00		1,020.99		0.79%			3.98

*“Expenses Paid During Period” are equal to the relevant Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Funds’ expenses reflected above and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds), including exchange-traded funds in which it invests. The tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.

5

Security type / sector allocations and top 10 equity holdings

Delaware Equity Income Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Common Stocks		99.61%
Communication Services		8.34%
Consumer Discretionary		5.23%
Consumer Staples		6.71%
Energy		6.95%
Financials		21.17%
Healthcare		23.96%
Industrials		10.34%
Information Technology		15.53%
Materials		1.38%
Short-Term Investments		0.29%
Total Value of Securities		99.90%
Receivables and Other Assets Net of Liabilities		0.10%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Johnson & Johnson		5.26%
Exxon Mobil		4.37%
Cisco Systems		4.00%
Raytheon Technologies		3.90%
Bristol-Myers Squibb		3.80%
Cognizant Technology Solutions Class A		3.36%
Motorola Solutions		3.30%
Northrop Grumman		3.28%
Verizon Communications		3.27%
Allstate		3.21%

6

Security type / sector allocations and top 10 equity holdings
Delaware Growth and Income Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Common Stocks		99.66	%
Communication Services		8.25	%
Consumer Discretionary		4.92	%
Consumer Staples		6.67	%
Energy		6.90	%
Financials		21.29	%
Healthcare		24.03	%
Industrials		10.63	%
Information Technology		15.58	%
Materials		1.39	%
Short-Term Investments		0.29	%
Total Value of Securities		99.95	%
Receivables and Other Assets Net of Liabilities		0.05	%
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Johnson & Johnson		5.28	%
Exxon Mobil		4.32	%
Raytheon Technologies		4.08	%
Cisco Systems		3.97	%
Bristol-Myers Squibb		3.82	%
Cognizant Technology Solutions Class A		3.41	%
Northrop Grumman		3.36	%
Motorola Solutions		3.33	%
Verizon Communications		3.24	%
Allstate		3.14	%

7

Security type / sector allocations and top 10 equity holdings
Delaware Growth Equity Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Common Stocks ◆		98.36	%
Communication Services		6.18	%
Consumer Discretionary		14.35	%
Consumer Staples		3.12	%
Financials		11.91	%
Healthcare		16.56	%
Industrials		11.71	%
Information Technology*		32.40	%
Materials		2.13	%
Short-Term Investments		1.79	%
Total Value of Securities		100.15	%
Liabilities Net of Receivables and Other Assets		(0.15	%)
Total Net Assets		100.00	%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Electronics, Office/Business Equipment, Semiconductors, Software and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 8.93%, 2.07%, 2.65%, 5.71%, 10.76% and 2.28%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Apple		6.15	%
Microsoft		4.99	%
Alphabet Class A		4.06	%
Cadence Design Systems		3.24	%
NVIDIA		3.17	%
Costco Wholesale		3.12	%
AutoZone		2.93	%
West Pharmaceutical Services		2.89	%
Fortinet		2.78	%
Ameriprise Financial		2.77	%

8

Security type / sector allocations and top 10 equity holdings
Delaware Opportunity Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Common Stocks		98.20	%
Basic Industry		8.85	%
Consumer Discretionary		12.16	%
Consumer Staples		2.90	%
Energy		7.27	%
Financial Services		19.80	%
Healthcare		5.55	%
Industrials		12.29	%
Real Estate Investment Trusts		7.73	%
Technology		11.91	%
Transportation		2.60	%
Utilities		7.14	%
Short-Term Investments		0.25	%
Total Value of Securities		98.45	%
Receivables and Other Assets Net of Liabilities		1.55	%
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Hess		2.84	%
Marathon Oil		2.46	%
East West Bancorp		2.36	%
Raymond James Financial		2.31	%
Huntsman		1.97	%
KBR		1.94	%
Synopsys		1.88	%
Quanta Services		1.83	%
Teradyne		1.70	%
Hartford Financial Services Group		1.68	%

9

Security type / country and sector allocations
Delaware Global Equity Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / country	of net assets
Common Stocks by Country		98.19	%
Denmark		3.93	%
France		12.01	%
Germany		11.63	%
Japan		5.96	%
Netherlands		3.36	%
Spain		4.65	%
Sweden		6.05	%
Switzerland		9.71	%
United Kingdom		9.73	%
United States		31.16	%
Exchange-Traded Fund		1.02	%
Short-Term Investments		0.09	%
Total Value of Securities		99.30	%
Receivables and Other Assets Net of Liabilities		0.70	%
Total Net Assets		100.00	%
	Percentage
Common stocks and preferred stocks by sector ◆	of net assets
Communication Services		2.38	%
Consumer Discretionary		9.96	%
Consumer Staples*		37.91	%
Healthcare		24.98	%
Industrials		10.10	%
Information Technology		8.87	%
Materials		3.99	%
Total		98.19	%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, and household products/wares. As of March 31, 2022, such amounts, as a percentage of total net assets were 5.69%, 4.77%, 21.55%, and 5.90%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

10

Security type / sector allocations and top 10 equity holdings
Delaware Covered Call Strategy Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Common Stocks ◆		101.90	%
Communication Services		7.81	%
Consumer Discretionary		15.09	%
Consumer Staples		4.98	%
Energy		6.87	%
Financials		8.60	%
Healthcare		8.91	%
Industrials		11.33	%
Information Technology*		31.10	%
Materials		3.30	%
Utilities		3.91	%
Short-Term Investments		1.37	%
Total Value of Securities Before Options
Written		103.27	%
Options Written		(3.40	%)
Receivables and Other Assets Net of Liabilities		0.13	%
Total Net Assets		100.00	%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended) The Information Technology sector consisted of computers, diversified financial services, semiconductors, and software. As of March 31, 2022, such amounts, as a percentage of total net assets were 9.74%, 3.40%, 9.53%, and 8.43%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Apple		9.74	%
Microsoft		8.53	%
Alphabet Class A		6.29	%
Costco Wholesale		4.97	%
Broadcom		4.88	%
Texas Instruments		4.55	%
Booking Holdings		3.98	%
NextEra Energy		3.91	%
UnitedHealth Group		3.83	%
BlackRock		3.76	%

11

Security type / sector allocations and top 10 equity holdings
Delaware Hedged U.S. Equity Opportunities Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Common Stocks		95.75%
Communication Services		8.40%
Consumer Discretionary		12.28%
Consumer Staples		5.78%
Energy		1.51%
Financials		13.67%
Healthcare		13.57%
Industrials		11.54%
Information Technology		20.29%
Materials		3.83%
Real Estate		2.98%
Utilities		1.90%
Exchange-Traded Fund		0.61%
Options Purchased		1.03%
Short-Term Investments		1.96%
Total Value of Securities Before Options
Written		99.35%
Options Written		(0.56%	)
Receivables and Other Assets Net of Liabilities		1.21%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Microsoft		2.51%
Amazon.com		2.42%
Alphabet Class A		2.39%
Apple		2.01%
Chubb		1.43%
Marsh & McLennan		1.22%
Visa Class A		1.21%
UnitedHealth Group		1.14%
Johnson & Johnson		1.12%
TJX		1.08%

12

Security type / sector allocations and top 10 equity holdings
Delaware Premium Income Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Common Stocks ◆		119.94%
Communication Services		8.96%
Consumer Discretionary		14.29%
Consumer Staples		8.59%
Energy		9.58%
Financials		13.74%
Healthcare		14.20%
Industrials		15.64%
Information Technology*		30.81%
Materials		2.00%
Utilities		2.13%
Short-Term Investments		1.39%
Total Value of Securities Before Options
Written		121.33%
Options Written		(21.91%	)
Receivables and Other Assets Net of Liabilities		0.58%
Total Net Assets		100.00%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Diversified Financial Services, Energy-Alternate Sources, Semiconductors, and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 4.65%, 2.14%, 1.79%, 12.10%, and 10.13%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 equity holdings	of net assets
Broadcom		10.56%
Chevron		7.00%
Corning		5.50%
Apple		4.65%
CSX		4.65%
Cisco Systems		4.63%
Constellation Brands Class A		4.54%
Pfizer		4.45%
Lockheed Martin		4.44%
BlackRock		3.84%

13

Security type / sector allocations and top 10 equity holdings
Delaware Total Return Fund

As of March 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Agency Mortgage-Backed Securities		2.74%
Collateralized Debt Obligations		0.28%
Convertible Bonds		6.35%
Corporate Bonds		12.53%
Banking		1.38%
Banks		0.16%
Basic Industry		0.49%
Basic Materials		0.12%
Brokerage		0.01%
Capital Goods		0.40%
Communication Services		0.03%
Communications		1.28%
Consumer Cyclical		1.23%
Consumer Non-Cyclical		1.01%
Electric		0.18%
Energy		1.77%
Finance Companies		0.05%
Financials		0.68%
Healthcare		0.40%
Information Technology		0.01%
Insurance		0.55%
Media		0.65%
Real Estate Investment Trusts		0.18%
Services		0.18%
Technology		0.78%
Transportation		0.37%
Utilities		0.62%
Non-Agency Asset-Backed Securities		0.17%
Non-Agency Commercial Mortgage-Backed
Securities		1.34%
Sovereign Bonds		1.62%
Supranational Banks		0.19%
US Treasury Obligations		1.83%
Common Stocks		62.29%
Banks		0.58%
Basic Materials		0.30%
Biotechnology		0.15%
Communication Services		1.93%
Communications		2.42%
Consumer Discretionary		7.81%
Consumer Staples		4.20%
Electric		0.24%
Energy		3.73%
Financials		4.61%
Healthcare		9.01%
Industrials		3.39%
Information Technology		9.44%
Insurance		2.17%
Materials		0.92%
Media		0.61%
REIT Diversified		0.52%
REIT Healthcare		0.39%
REIT Hotel		0.02%
REIT Industrial		0.10%
REIT Mall		0.09%
REIT Manufactured Housing		0.12%
REIT Multifamily		1.03%
REIT Office		0.05%
REIT Self-Storage		0.33%
REIT Shopping Center		0.15%
REIT Single Tenant		0.19%
REIT Specialty		0.01%
REITs		1.41%
Retail		0.26%
Technology		5.19%
Utilities		0.92%
Convertible Preferred Stock		1.62%
Exchange-Traded Funds		5.23%
Limited Liability Corporation		2.18%
Short-Term Investments		1.31%
Total Value of Securities		99.68%
Receivables and Other Assets Net of Liabilities		0.32%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

14

	Percentage
Top 10 equity holdings	of net assets
Apple		2.64%
Microsoft		2.19%
Johnson & Johnson		1.45%
Broadcom		1.30%
ConocoPhillips		1.17%
Merck & Co.		1.16%
MetLife		1.11%
Cisco Systems		1.05%
TJX		1.00%
Verizon Communications		1.00%

15

Schedules of investments
Delaware Equity Income Fund

March 31, 2022 (Unaudited)

	Number of
	shares	Value (US $)
Common Stocks – 99.61%
Communication Services – 8.34%
AT&T	259,746	$	6,137,798
Comcast Class A	182,634		8,550,924
Verizon Communications	185,887		9,469,084
			24,157,806
Consumer Discretionary – 5.23%
APA	26,738		1,105,082
Chipotle Mexican Grill †	1,893		2,994,783
Lowe's	14,806		2,993,625
PulteGroup	11,912		499,113
TJX	124,461		7,539,847
			15,132,450
Consumer Staples – 6.71%
Altria Group	93,807		4,901,416
Archer-Daniels-Midland	15,149		1,367,349
Mondelez International Class A	74,986		4,707,621
Philip Morris International	89,891		8,444,360
			19,420,746
Energy – 6.95%
ConocoPhillips	74,687		7,468,700
Exxon Mobil	153,184		12,651,467
			20,120,167
Financials – 21.17%
Allstate	67,046		9,286,542
American Financial Group	17,947		2,613,442
American International Group	69,095		4,337,093
Discover Financial Services	9,254		1,019,698
Evercore Class A	17,773		1,978,490
Fidelity National Financial	26,321		1,285,518
First American Financial	136,359		8,838,790
MetLife	119,353		8,388,129
Old Republic International	184,643		4,776,714
OneMain Holdings	75,183		3,564,426
Synchrony Financial	140,697		4,897,663
Truist Financial	138,323		7,842,914
Unum Group	77,851		2,453,085
			61,282,504
Healthcare – 23.96%
AbbVie	7,246		1,174,649
AmerisourceBergen	31,499		4,873,210
Bristol-Myers Squibb	150,704		11,005,913
Cardinal Health	27,432		1,555,394
Cigna	29,593		7,090,779
CVS Health	63,921		6,469,445
Gilead Sciences	122,387		7,275,907
Johnson & Johnson	85,932		15,229,728
Merck & Co.	110,072		9,031,408
Pfizer	46,278		2,395,812
Viatris	300,106		3,265,153
			69,367,398
Industrials – 10.34%
Emerson Electric	42,593		4,176,244
Honeywell International	25,685		4,997,787
Northrop Grumman	21,220		9,490,008
Raytheon Technologies	113,942		11,288,234
			29,952,273
Information Technology – 15.53%
Broadcom	13,976		8,800,408
Cisco Systems	207,565		11,573,824
Cognizant Technology Solutions
Class A	108,634		9,741,211
HP	99,719		3,619,800
Motorola Solutions	39,456		9,556,243
Oracle	9,699		802,398
Western Union	46,563		872,591
			44,966,475
Materials – 1.38%
DuPont de Nemours	41,991		3,089,698
Newmont	11,547		917,409
			4,007,107
Total Common Stocks
(cost $244,092,839)			288,406,926
Short-Term Investments – 0.29%
Money Market Mutual Funds – 0.29%
BlackRock FedFund – Institutional
Shares (seven-day effective
yield 0.23%)	207,569		207,569
Fidelity Investments Money Market
Government Portfolio – Class I
(seven-day effective yield
0.12%)	207,569		207,569
GS Financial Square Government
Fund – Institutional Shares
(seven-day effective yield
0.25%)	207,569		207,569
Morgan Stanley Government
Portfolio – Institutional Share
Class (seven-day effective yield
0.23%)	207,570		207,570
Total Short-Term Investments
(cost $830,277)			830,277
Total Value of Securities–99.90%
(cost $244,923,116)		$	289,237,203

† Non-income producing security.

16

Summary of abbreviations:
GS – Goldman Sachs

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

17

Schedules of investments
Delaware Growth and Income Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 99.66%
Communication Services – 8.25%
	AT&T	938,236	$	22,170,516
	Comcast Class A	650,938		30,476,917
	Verizon Communications	666,271		33,939,845
				86,587,278
Consumer Discretionary – 4.92%
	APA	73,308		3,029,820
	Chipotle Mexican Grill †	6,836		10,814,757
	Lowe's	54,414		11,001,967
	TJX	441,516		26,747,039
				51,593,583
Consumer Staples – 6.67%
	Altria Group	335,316		17,520,261
	Archer-Daniels-Midland	52,426		4,731,971
	Mondelez International Class A	263,258		16,527,337
	Philip Morris International	332,383		31,224,059
				70,003,628
Energy – 6.90%
	ConocoPhillips	269,919		26,991,900
	Exxon Mobil	548,991		45,341,167
				72,333,067
Financials – 21.29%
	Allstate	237,781		32,935,046
	American Financial Group	67,036		9,761,782
	American International Group	255,686		16,049,410
	Discover Financial Services	37,371		4,117,910
	Evercore Class A	66,751		7,430,721
	Fidelity National Financial	95,507		4,664,562
	First American Financial	498,925		32,340,319
	MetLife	428,451		30,111,536
	Old Republic International	648,640		16,780,317
	OneMain Holdings	275,272		13,050,646
	Synchrony Financial	520,781		18,128,387
	Truist Financial	504,546		28,607,758
	Unum Group	295,168		9,300,744
				223,279,138
Healthcare – 24.03%
	AbbVie	34,017		5,514,496
	AmerisourceBergen	114,040		17,643,128
	Bristol-Myers Squibb	549,345		40,118,665
	Cardinal Health	91,867		5,208,859
	Cigna	106,438		25,503,609
	CVS Health	232,160		23,496,914
	Gilead Sciences	440,822		26,206,868
	Johnson & Johnson	312,441		55,373,918
	Merck & Co.	398,332		32,683,141
	Pfizer	168,105		8,702,796
	Viatris	1,061,890		11,553,363
				252,005,757
Industrials – 10.63%
	Emerson Electric	158,844		15,574,654
	Honeywell International	92,193		17,938,914
	Northrop Grumman	78,800		35,240,936
	Raytheon Technologies	431,514		42,750,092
				111,504,596
Information Technology – 15.58%
	Broadcom	50,680		31,912,182
	Cisco Systems	747,054		41,655,731
	Cognizant Technology Solutions
	Class A	399,291		35,804,424
	HP	364,049		13,214,979
	Motorola Solutions	144,049		34,888,668
	Oracle	34,529		2,856,584
	Western Union	162,628		3,047,649
				163,380,217
Materials – 1.39%
	DuPont de Nemours	153,419		11,288,570
	Newmont	41,931		3,331,418
				14,619,988
Total Common Stocks
	(cost $860,271,017)			1,045,307,252
Short-Term Investments – 0.29%
Money Market Mutual Funds – 0.29%
	BlackRock FedFund –
	Institutional Shares (seven-
	day effective yield 0.23%)	764,039		764,039
	Fidelity Investments Money
	Market Government Portfolio
	– Class I (seven-day effective
	yield 0.12%)	764,039		764,039
	GS Financial Square
	Government Fund –
	Institutional Shares (seven-
	day effective yield 0.25%)	764,039		764,039
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective
	yield 0.23%)	764,040		764,040
Total Short-Term Investments
	(cost $3,056,157)			3,056,157
Total Value of
	Securities–99.95%
	(cost $863,327,174)		$	1,048,363,409

† Non-income producing security.

18

Summary of abbreviations:
GS – Goldman Sachs

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

19

Schedules of investments
Delaware Growth Equity Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 98.36%◆
Communication Services – 6.18%
	Alphabet Class A †	7,360	$	20,470,736
	Omnicom Group	125,250		10,631,220
				31,101,956
Consumer Discretionary – 14.35%
	Amazon.com †	4,180		13,626,591
	AutoZone †	7,210		14,741,422
	Lowe's	59,560		12,042,436
	Ralph Lauren	79,610		9,030,958
	Target	60,511		12,841,645
	Tempur Sealy International	357,810		9,990,055
				72,273,107
Consumer Staples – 3.12%
	Costco Wholesale	27,330		15,737,981
				15,737,981
Financials – 11.91%
	American Express	74,050		13,847,350
	Ameriprise Financial	46,460		13,954,725
	Capital One Financial	81,930		10,756,590
	JPMorgan Chase & Co.	71,080		9,689,626
	W R Berkley	176,200		11,733,158
				59,981,449
Healthcare – 16.56%
	Envista Holdings †	280,240		13,650,490
	HCA Healthcare	50,360		12,621,223
	IQVIA Holdings †	46,330		10,711,959
	Merck & Co.	79,810		6,548,411
	Pfizer	266,180		13,780,139
	Thermo Fisher Scientific	19,530		11,535,394
	West Pharmaceutical Services	35,390		14,535,027
				83,382,643
Industrials – 11.71%
	Dover	78,370		12,296,253
	EMCOR Group	90,070		10,144,584
	Parker-Hannifin	45,880		13,018,909
	Rockwell Automation	38,060		10,657,942
	United Parcel Service Class B	60,000		12,867,600
				58,985,288
Information Technology – 32.40%
	Adobe †	27,920		12,720,910
	Apple	177,458		30,985,941
	Arrow Electronics †	87,970		10,435,881
	Cadence Design Systems †	99,230		16,319,366
	Fortinet †	40,940		13,990,836
	Juniper Networks	309,000		11,482,440
	KLA	34,960		12,797,458
	Microsoft	81,450		25,111,849
	NVIDIA	58,570		15,981,410
	Zebra Technologies Class A †	32,257		13,344,721
				163,170,812
Materials – 2.13%
	Westlake	86,900		10,723,460
				10,723,460
Total Common Stocks
	(cost $317,109,172)			495,356,696
Short-Term Investments – 1.79%
Money Market Mutual Funds – 1.79%
	BlackRock FedFund – Institutional
	Shares (seven-day effective
	yield 0.23%)	2,258,680		2,258,680
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield
	0.12%)	2,258,681		2,258,681
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield
	0.25%)	2,258,681		2,258,681
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective yield
	0.23%)	2,258,681		2,258,681
Total Short-Term Investments
	(cost $9,034,723)			9,034,723
Total Value of Securities–100.15%
	(cost $326,143,895)		$	504,391,419

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:

GS – Goldman Sachs

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

20

Delaware Opportunity Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 98.20%
Basic Industry – 8.85%
	Alcoa	68,500	$	6,167,055
	Axalta Coating Systems †	125,500		3,084,790
	Berry Global Group †	124,100		7,192,836
	Celanese	42,900		6,129,123
	Crown Holdings	51,300		6,417,117
	Graphic Packaging Holding	351,400		7,042,056
	Huntsman	346,200		12,985,962
	Louisiana-Pacific	74,600		4,634,152
	Newmont	59,400		4,719,330
				58,372,421
Consumer Discretionary – 12.16%
	Aptiv †	42,000		5,027,820
	AutoZone †	3,900		7,973,862
	Cable One	2,080		3,045,619
	Capri Holdings †	81,200		4,172,868
	Darden Restaurants	33,600		4,467,120
	Dollar Tree †	42,100		6,742,315
	DR Horton	106,600		7,942,766
	Hasbro	45,500		3,727,360
	Johnson Controls International	95,900		6,288,163
	Marriott International Class A †	59,500		10,457,125
	Nexstar Media Group Class A	27,000		5,088,960
	Polaris	41,600		4,381,312
	Ross Stores	48,000		4,342,080
	Stanley Black & Decker	46,700		6,528,193
				80,185,563
Consumer Staples – 2.90%
	Campbell Soup	51,700		2,304,269
	Conagra Brands	117,000		3,927,690
	Kellogg	61,900		3,991,931
	Tyson Foods Class A	51,600		4,624,908
	US Foods Holding †	113,400		4,267,242
				19,116,040
Energy – 7.27%
	Coterra Energy	280,300		7,559,691
	Hess	175,200		18,753,408
	Marathon Oil	647,000		16,246,170
	Valero Energy	52,700		5,351,158
				47,910,427
Financial Services – 19.80%
	Affiliated Managers Group	38,700		5,454,765
	Allstate	71,100		9,848,061
	Assurant	41,900		7,618,677
	East West Bancorp	196,600		15,535,332
	Globe Life	57,700		5,804,620
	Hancock Whitney	147,965		7,716,375
	Hartford Financial Services Group	153,900		11,051,559
	KeyCorp	465,600		10,420,128
	Raymond James Financial	138,650		15,239,021
	Reinsurance Group of America	69,900		7,651,254
	Signature Bank	23,200		6,808,968
	State Street	69,500		6,054,840
	Synchrony Financial	247,700		8,622,437
	Synovus Financial	149,000		7,301,000
	Western Alliance Bancorp	66,000		5,466,120
				130,593,157
Healthcare – 5.55%
	AmerisourceBergen	48,800		7,549,848
	Quest Diagnostics	45,500		6,227,130
	Service Corp. International	65,600		4,317,792
	STERIS	28,500		6,890,445
	Syneos Health †	54,000		4,371,300
	Zimmer Biomet Holdings	56,700		7,251,930
				36,608,445
Industrials – 12.29%
	AECOM	111,600		8,571,996
	AMETEK	29,300		3,902,174
	CACI International Class A †	13,000		3,916,380
	Gates Industrial †	271,700		4,091,802
	ITT	111,973		8,421,490
	KBR	233,900		12,801,347
	ManpowerGroup	37,900		3,559,568
	Oshkosh	59,600		5,998,740
	Quanta Services	91,700		12,068,637
	Regal Rexnord	32,800		4,879,984
	United Rentals †	16,700		5,932,007
	WESCO International †	52,900		6,884,406
				81,028,531
Real Estate Investment Trusts – 7.73%
	Apartment Income REIT	119,329		6,379,328
	Brandywine Realty Trust	343,600		4,858,504
	Host Hotels & Resorts	240,200		4,667,086
	Kimco Realty	301,600		7,449,520
	Life Storage	48,650		6,831,920
	MGM Growth Properties Class A	180,900		7,000,830
	Outfront Media	221,200		6,288,716
	Spirit Realty Capital	163,400		7,519,668
				50,995,572
Technology – 11.91%
	Agilent Technologies	66,800		8,839,644
	Avnet	126,800		5,146,812
	Ciena †	97,300		5,899,299
	Fiserv †	26,300		2,666,820
	Flex †	400,300		7,425,565
	Keysight Technologies †	51,700		8,167,049
	ON Semiconductor †	135,700		8,496,177

21

Schedules of investments
Delaware Opportunity Fund

			Number of
			shares	Value (US $)
Common Stocks (continued)
Technology (continued)
	Qorvo †		50,600	$	6,279,460
	Synopsys †		37,300		12,430,971
	Teradyne		94,700		11,196,381
	Western Digital †		40,800		2,025,720
					78,573,898
Transportation – 2.60%
	JB Hunt Transport Services		26,700		5,361,093
	Kirby †		67,100		4,843,949
	Southwest Airlines †		152,000		6,961,600
					17,166,642
Utilities – 7.14%
	CMS Energy		114,100		7,980,154
	Edison International		96,500		6,764,650
	MDU Resources Group		143,500		3,824,275
	NRG Energy		167,500		6,425,300
	Public Service Enterprise Group		132,700		9,289,000
	WEC Energy Group		58,400		5,828,904
	Xcel Energy		96,900		6,993,273
					47,105,556
Total Common Stocks
	(cost $454,345,683)				647,656,252
Short-Term Investments – 0.25%
Money Market Mutual Funds – 0.25%
	BlackRock Liquidity FedFund –
		Institutional Shares (seven-day
		effective yield 0.03%)	410,265		410,265
	Fidelity Government Portfolio –
		Class I (seven-day effective
		yield 0.01%)	410,267		410,267
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.03%)	410,267		410,267
	MSILF Government Portfolio –
		Institutional Share Class (seven-
		day effective yield 0.03%)	410,268		410,268
Total Short-Term Investments
	(cost $1,641,067)				1,641,067
Total Value of Securities–98.45%
	(cost $455,986,750)			$	649,297,319

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs
REIT – Real Estate Investment Trust

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

22

Delaware Global Equity Fund

March 31, 2022 (Unaudited)

			Number of
			shares	Value (US $)
Common Stocks – 98.19%Δ
Denmark – 3.93%
	Novo Nordisk Class B		73,390	$	8,140,136
					8,140,136
France – 12.01%
	Air Liquide		47,260		8,267,850
	Danone		100,370		5,544,739
	Orange		416,220		4,928,586
	Sodexo		75,850		6,172,364
					24,913,539
Germany – 11.63%
	adidas AG		28,590		6,662,215
	Fresenius Medical Care AG & Co.		116,440		7,802,741
	Knorr-Bremse		41,250		3,162,102
	SAP		58,530		6,486,772
					24,113,830
Japan – 5.96%
	Asahi Group Holdings		83,000		3,022,900
	Kao		118,300		4,830,267
	Makita		72,100		2,306,955
	Seven & i Holdings		46,100		2,197,919
					12,358,041
Netherlands – 3.36%
	Koninklijke Ahold Delhaize		216,630		6,968,016
					6,968,016
Spain – 4.65%
	Amadeus IT Group †		148,410		9,649,337
					9,649,337
Sweden – 6.05%
	Essity Class B		214,500		5,061,993
	H & M Hennes & Mauritz Class B		172,000		2,309,554
	Securitas Class B		458,870		5,176,660
					12,548,207
Switzerland – 9.71%
	Nestle		67,100		8,724,252
	Roche Holding		14,840		5,871,622
	Swatch Group		19,510		5,531,553
					20,127,427
United Kingdom – 9.73%
	Diageo		172,980		8,774,338
	Intertek Group		48,730		3,324,252
	Smith & Nephew		507,790		8,076,337
					20,174,927
United States – 31.16%
	3M		31,870		4,744,806
	Clorox		39,970		5,557,029
	Conagra Brands		150,360		5,047,585
	General Mills		19,990		1,353,723
	Henry Schein †		89,620		7,813,968
	Ingredion		63,600		5,542,740
	Kimberly-Clark		54,340		6,692,514
	Lamb Weston Holdings		155,410		9,310,613
	Merck & Co.		93,550		7,675,778
	Parker-Hannifin		7,790		2,210,490
	Pfizer		123,550		6,396,184
	Visa Class A		10,220		2,266,489
					64,611,919
Total Common Stocks
	(cost $205,042,655)				203,605,379
Exchange-Traded Fund – 1.02%
	Vanguard S&P 500 ETF		5,120		2,125,670
Total Exchange-Traded Fund
	(cost $2,023,075)				2,125,670
Short-Term Investments – 0.09%
Money Market Mutual Funds – 0.09%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.23%)	46,639		46,639
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.12%)	46,638		46,638
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.25%)	46,638		46,638
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.23%)	46,639		46,639
Total Short-Term Investments
	(cost $186,554)				186,554
Total Value of Securities–99.30%
	(cost $207,252,284)			$	205,917,603

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 10 in “Security type / country and sector allocations.”
†	Non-income producing security.

The following foreign currency exchange contracts were outstanding at March 31, 2022:¹

23

Schedules of investments
Delaware Global Equity Fund

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	CHF	(58,959	)	USD	63,918		4/4/22	$	105	$	—
BNYM	EUR	90,421		USD	(100,939	)	4/1/22		—		(907	)
BNYM	SEK	(1,051,050	)	USD	113,419		4/1/22		1,632		—
BNYM	SEK	(970,423	)	USD	103,398		4/4/22		181		—
Total Foreign Currency Exchange Contracts								$	1,918	$	(907	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹ See Note 6 in "Notes to financial statements".

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
ETF – Exchange-Traded Fund
GS – Goldman Sachs
S&P – Standard & Poor’s Financial Services LLC

Summary of currencies:
CHF – Swiss Franc
EUR – European Monetary Unit
SEK – Swedish Krona
USD – US Dollar

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

24

Delaware Covered Call Strategy Fund

March 31, 2022 (Unaudited)

			Number of
			shares		Value (US $)
Common Stocks – 101.90%◆
Communication Services – 7.81%
	Alphabet Class A ~, †		2,800		$	7,787,780
	Meta Platforms Class A ~, †		8,500			1,890,060
						9,677,840
Consumer Discretionary – 15.09%
	Amazon.com ~, †		1,000			3,259,950
	Booking Holdings ~, †		2,100			4,931,745
	Home Depot ~		14,900			4,460,017
	Tesla ~, †		3,300			3,556,080
	Whirlpool ~		14,400			2,488,032
						18,695,824
Consumer Staples – 4.98%
	Costco Wholesale ~		10,700			6,161,595
						6,161,595
Energy – 6.87%
	Chevron ~		25,100			4,087,033
	Exxon Mobil ~		53,600			4,426,824
						8,513,857
Financials – 8.60%
	Bank of America ~		95,200			3,924,144
	BlackRock ~		6,100			4,661,437
	JPMorgan Chase & Co. ~		15,200			2,072,064
						10,657,645
Healthcare – 8.91%
	Bristol-Myers Squibb ~		26,300			1,920,689
	Medtronic ~		39,400			4,371,430
	UnitedHealth Group ~		9,300			4,742,721
						11,034,840
Industrials – 11.33%
	Honeywell International ~		11,900			2,315,502
	Lockheed Martin ~		6,300			2,780,820
	Raytheon Technologies ~		24,900			2,466,843
	Southwest Airlines ~, †		62,100			2,844,180
	Union Pacific ~		13,300			3,633,693
						14,041,038
Information Technology – 31.10%
	Apple ~		69,100			12,065,551
	Broadcom ~		9,600			6,044,928
	Mastercard Class A ~		11,800			4,217,084
	Microsoft ~		34,300			10,575,033
	Texas Instruments ~		30,700			5,632,836
						38,535,432
Materials – 3.30%
	PPG Industries ~		31,200			4,089,384
						4,089,384
Utilities – 3.91%
	NextEra Energy ~		57,200			4,845,412
						4,845,412
Total Common Stocks
	(cost $79,194,661)					126,252,867
Short-Term Investments – 1.37%
Money Market Mutual Funds – 1.37%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.23%)	425,275			425,275
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.12%)	425,276			425,276
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.25%)	425,276			425,276
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.23%)	425,277			425,277
Total Short-Term Investments
	(cost $1,701,104)					1,701,104
Total Value of Securities Before
	Options Written–103.27%
	(cost $80,895,765)					127,953,971
			Number of
			contracts
Options Written – (3.40%)
Equity Call Options – (3.40%)
	Alphabet, strike price $2,820,
		expiration date 4/14/22, notional
		amount $(7,896,000)	(28	)		(102,900	)
	Amazon.com, strike price $3,400,
		expiration date 4/14/22, notional
		amount $(3,400,000)	(10	)		(23,775	)
	Apple, strike price $170, expiration
		date 4/14/22, notional amount
		$(11,747,000)	(691	)		(443,967	)
	Bank of America, strike price $46,
		expiration date 6/17/22, notional
		amount $(4,379,200)	(952	)		(62,832	)
	BlackRock, strike price $810,
		expiration date 6/17/22, notional
		amount $(4,941,000)	(61	)		(107,055	)

25

Schedules of investments
Delaware Covered Call Strategy Fund

			Number of
			contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	Booking Holdings, strike price
		$2,800, expiration date 6/17/22,
		notional amount $(5,880,000)	(21	)	$	(60,900	)
	Bristol-Myers Squibb, strike price
		$75, expiration date 9/16/22,
		notional amount $(1,972,500)	(263	)		(74,035	)
	Broadcom, strike price $630,
		expiration date 5/20/22, notional
		amount $(6,048,000)	(96	)		(264,000	)
	Chevron, strike price $160,
		expiration date 8/19/22, notional
		amount $(4,016,000)	(251	)		(315,632	)
	Costco Wholesale, strike price
		$525, expiration date 4/14/22,
		notional amount $(5,617,500)	(107	)		(559,877	)
	Exxon Mobil, strike price $80,
		expiration date 5/20/22, notional
		amount $(4,288,000)	(536	)		(276,040	)
	Home Depot, strike price $380,
		expiration date 4/14/22, notional
		amount $(5,662,000)	(149	)		(596	)
	Honeywell International, strike
		price $210, expiration date
		6/17/22, notional amount
		$(2,499,000)	(119	)		(25,109	)
	JPMorgan Chase & Co., strike
		price $160, expiration date
		4/14/22, notional amount
		$(2,432,000)	(152	)		(608	)
	Lockheed Martin, strike price $410,
		expiration date 4/14/22, notional
		amount $(2,583,000)	(63	)		(211,680	)
	Mastercard, strike price $360,
		expiration date 6/17/22, notional
		amount $(4,248,000)	(118	)		(223,610	)
	Medtronic, strike price $110,
		expiration date 4/14/22, notional
		amount $(4,334,000)	(394	)		(90,029	)
	Meta Platforms, strike price $250,
		expiration date 6/17/22, notional
		amount $(2,125,000)	(85	)		(56,100	)
	Microsoft, strike price $315,
		expiration date 4/14/22, notional
		amount $(10,804,500)	(343	)		(114,905	)
	NextEra Energy, strike price
		$87.50, expiration date 6/17/22,
		notional amount $(5,005,000)	(572	)		(132,990	)
	PPG Industries, strike price $160,
		expiration date 5/20/22, notional
		amount $(4,992,000)	(312	)		(74,880	)
	Raytheon Technologies, strike
		price $100, expiration date
		5/20/22, notional amount
		$(2,490,000)	(249	)		(77,813	)
	Southwest Airlines, strike price
		$50, expiration date 4/14/22,
		notional amount $(3,105,000)	(621	)		(10,868	)
	Tesla, strike price $1,025,
		expiration date 4/14/22, notional
		amount $(3,382,500)	(33	)		(257,977	)
	Texas Instruments, strike price
		$185, expiration date 5/20/22,
		notional amount $(5,679,500)	(307	)		(200,318	)
	Union Pacific, strike price $275,
		expiration date 5/20/22, notional
		amount $(3,657,500)	(133	)		(112,053	)
	UnitedHealth Group, strike price
		$480, expiration date 4/14/22,
		notional amount $(4,464,000)	(93	)		(311,317	)
	Whirlpool, strike price $210,
		expiration date 6/17/22, notional
		amount $(3,024,000)	(144	)		(25,200	)
Total Options Written
	(premium received $3,968,372)				$	(4,217,066	)

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
~	All or portion of the security has been pledged as collateral with outstanding options written.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

26

Delaware Hedged U.S. Equity Opportunities Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 95.75%
Communication Services – 8.40%
	Activision Blizzard	1,211	$	97,013
	Alphabet Class A †	596		1,657,685
	Alphabet Class C †	148		413,363
	AT&T	3,207		75,781
	Cable One	283		414,380
	Cargurus †	4,152		176,294
	Charter Communications Class A †	259		141,290
	Electronic Arts	2,802		354,481
	Match Group †	2,181		237,162
	Meta Platforms Class A †	2,350		522,546
	Omnicom Group	1,380		117,134
	Pinterest Class A †	2,278		56,062
	Roku †	1,844		230,998
	Snap Class A †	6,580		236,814
	Spotify Technology †	1,411		213,089
	T-Mobile US †	3,257		418,036
	Twitter †	2,439		94,365
	Verizon Communications	1,629		82,981
	Walt Disney †	1,213		166,375
	ZoomInfo Technologies Class A †	2,187		130,651
				5,836,500
Consumer Discretionary – 12.28%
	Airbnb Class A †	3,630		623,489
	Alibaba Group Holding ADR †	600		65,280
	Amazon.com †	516		1,682,134
	CarMax †	2,356		227,307
	Chewy Class A †	2,223		90,654
	Choice Hotels International	1,597		226,391
	Compass Group †	13,663		294,029
	Denny's †	9,855		141,025
	Dollar General	472		105,081
	Dollar Tree †	1,174		188,016
	DraftKings Class A †	6,396		124,530
	Etsy †	1,803		224,077
	Garmin	1,731		205,314
	General Motors †	1,925		84,199
	Genuine Parts	876		110,393
	Las Vegas Sands †	4,812		187,042
	Lennar Class A	1,506		122,242
	Lululemon Athletica †	811		296,202
	McDonald's	2,282		564,293
	NIKE Class B	4,775		642,524
	NVR †	96		428,858
	Peloton Interactive Class A †	4,480		118,362
	Six Flags Entertainment †	6,082		264,567
	Steven Madden	4,212		162,752
	Tesla †	66		71,122
	Thor Industries	1,447		113,879
	TJX	12,406		751,555
	Ulta Beauty †	722		287,515
	Visteon †	1,244		135,758
				8,538,590
Consumer Staples – 5.78%
	Clorox	97		13,486
	Coca-Cola	7,314		453,468
	Colgate-Palmolive	8,938		677,769
	Costco Wholesale	245		141,083
	General Mills	1,208		81,806
	Hormel Foods	1,898		97,823
	Kellogg	1,409		90,866
	Keurig Dr Pepper	7,045		267,006
	PepsiCo	4,291		718,228
	Philip Morris International	2,295		215,592
	Procter & Gamble	4,915		751,012
	Sysco	796		64,993
	Unilever	4,082		185,334
	US Foods Holding †	4,496		169,184
	Walmart	616		91,735
				4,019,385
Energy – 1.51%
	Baker Hughes	2,348		85,491
	Canadian Natural Resources	4,632		287,091
	ConocoPhillips	1,076		107,600
	Diamondback Energy	1,101		150,925
	Marathon Oil	7,594		190,685
	Schlumberger	2,982		123,187
	SolarEdge Technologies †	332		107,027
				1,052,006
Financials – 13.67%
	Aegon	37,886		200,417
	AerCap Holdings †	3,133		157,527
	Alleghany †	330		279,510
	American Express	2,961		553,707
	Apollo Global Management	2,138		132,535
	Arthur J Gallagher & Co.	760		132,696
	Assurant	910		165,465
	Bank of America	8,116		334,542
	Berkshire Hathaway Class B †	1,113		392,789
	Brown & Brown	1,661		120,040
	Cadence Bank	4,941		144,574
	Charles Schwab	7,388		622,882
	Chubb	4,658		996,346
	Credit Acceptance †	470		258,674
	Equitable Holdings	3,833		118,478
	First Citizens BancShares Class A	140		93,184
	First Republic Bank	797		129,194
	Globe Life	1,743		175,346
	Hanover Insurance Group	1,154		172,546

27

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Financials (continued)
	Intercontinental Exchange	842	$	111,245
	Kemper	2,306		130,381
	M&T Bank	2,637		446,971
	Markel †	245		361,434
	Marsh & McLennan	4,970		846,987
	MetLife	4,005		281,471
	Moody's	265		89,414
	Progressive	1,827		208,260
	Raymond James Financial	2,150		236,307
	Royal Bank of Canada	1,925		211,940
	S&P Global	706		289,587
	Travelers	784		143,260
	Voya Financial	5,352		355,105
	Western Alliance Bancorp	2,019		167,214
	White Mountains Insurance Group	81		92,035
	Willis Towers Watson	412		97,323
	Zions Bancorp	3,879		254,307
				9,503,693
Healthcare – 13.57%
	Abbott Laboratories	500		59,180
	ABIOMED †	503		166,614
	Agilent Technologies	674		89,190
	Alnylam Pharmaceuticals †	422		68,908
	Apellis Pharmaceuticals †	1,571		79,823
	AstraZeneca ADR	2,668		176,995
	Baxter International	5,727		444,072
	Becton Dickinson and Co.	840		223,440
	Biogen †	582		122,569
	Boston Scientific †	3,690		163,430
	Bristol-Myers Squibb	1,455		106,259
	Centene †	2,864		241,120
	Cerner	995		93,092
	CVS Health	2,166		219,221
	Danaher	1,802		528,581
	DENTSPLY SIRONA	3,804		187,233
	Dexcom †	371		189,804
	Eli Lilly & Co.	460		131,730
	Encompass Health	5,648		401,629
	Exact Sciences †	3,778		264,158
	Humana	459		199,743
	Illumina †	906		316,556
	Insulet †	388		103,359
	Integra LifeSciences
	Holdings †	2,752		176,844
	Intuitive Surgical †	202		60,939
	Jazz Pharmaceuticals †	567		88,265
	Johnson & Johnson	4,410		781,584
	Medtronic	5,066		562,073
	Merck & Co.	1,140		93,537
	Molina Healthcare †	676		225,507
	Organon & Co.	1,729		60,394
	Pfizer	2,411		124,817
	PTC Therapeutics †	1,871		69,807
	Regeneron Pharmaceuticals †	246		171,811
	Sanofi	1,160		118,598
	Seagen †	1,986		286,083
	STERIS	44		10,638
	Stryker	1,948		520,798
	Teleflex	341		120,997
	Thermo Fisher Scientific	190		112,224
	Ultragenyx Pharmaceutical †	1,022		74,218
	UnitedHealth Group	1,555		793,003
	Veeva Systems Class A †	1,479		314,228
	Vertex Pharmaceuticals †	333		86,903
				9,429,974
Industrials – 11.54%
	Airbus †	852		102,810
	AMERCO	264		157,592
	Boeing †	604		115,666
	Canadian National Railway	1,774		237,971
	Cintas	740		314,789
	Clean Harbors †	1,827		203,966
	Copart †	3,493		438,267
	CoStar Group †	2,051		136,617
	CRH	3,997		159,647
	Enovis †	3,057		121,638
	Expeditors International of
	Washington	2,708		279,357
	Fastenal	3,730		221,562
	Fortive	1,761		107,298
	Honeywell International	3,657		711,579
	IDEX	1,095		209,944
	II-VI †	2,304		167,017
	JB Hunt Transport Services	747		149,990
	JELD-WEN Holding †	4,090		82,945
	John Bean Technologies	1,158		137,188
	Johnson Controls International	2,989		195,989
	Knight-Swift Transportation
	Holdings	2,036		102,737
	Lennox International	727		187,464
	Lockheed Martin	695		306,773
	Middleby †	1,723		282,469
	Northrop Grumman	1,613		721,366
	PACCAR	3,753		330,527
	Raytheon Technologies	2,833		280,665
	Rollins	2,365		82,893
	Spirit AeroSystems Holdings
	Class A	3,493		170,773

28

		Number of
		shares	Value (US $)
Common Stocks (continued)
Industrials (continued)
	Uber Technologies †	3,491	$	124,559
	Union Pacific	1,942		530,574
	Waste Connections	852		119,024
	Westinghouse Air Brake
	Technologies	5,506		529,512
				8,021,168
Information Technology – 20.29%
	Accenture Class A	1,252		422,212
	Advanced Micro Devices †	3,457		377,988
	Amphenol Class A	1,144		86,200
	ANSYS †	227		72,107
	Apple	8,017		1,399,848
	Arista Networks †	2,529		351,480
	Automatic Data Processing	541		123,099
	Black Knight †	2,146		124,447
	Block †	1,962		266,047
	Broadcom	161		101,378
	CDW	757		135,420
	Cisco Systems	407		22,694
	Cognizant Technology Solutions
	Class A	3,180		285,151
	Constellation Software	224		382,904
	DocuSign †	1,183		126,723
	Dynatrace †	2,210		104,091
	EPAM Systems †	149		44,195
	F5 †	1,979		413,512
	Fair Isaac †	188		87,694
	Fidelity National Information
	Services	2,225		223,434
	Five9 †	846		93,398
	Fleetcor Technologies †	741		184,553
	Flex †	8,689		161,181
	Genpact	5,783		251,618
	GoDaddy Class A †	2,126		177,946
	Guidewire Software †	850		80,427
	Intel	1,543		76,471
	KLA	199		72,846
	Leidos Holdings	4,061		438,669
	Lumentum Holdings †	3,933		383,861
	Mastercard Class A	1,533		547,864
	Micron Technology	2,328		181,328
	Microsoft	5,651		1,742,260
	MKS Instruments	1,865		279,750
	MongoDB †	501		222,239
	Motorola Solutions	223		54,011
	NVIDIA	1,284		350,352
	NXP Semiconductors	458		84,767
	Okta †	836		126,203
	Oracle	1,425		117,890
	Palo Alto Networks †	400		249,004
	Paychex	1,012		138,108
	Paycom Software †	646		223,761
	PayPal Holdings †	398		46,029
	Qorvo †	909		112,807
	RingCentral Class A †	1,113		130,455
	Salesforce †	1,137		241,408
	Samsung Electronics GDR	70		89,715
	Shopify Class A †	75		50,697
	Synaptics †	599		119,500
	Topicus.com †	360		26,853
	Tyler Technologies †	205		91,202
	UiPath Class A †	4,666		100,739
	Universal Display	606		101,172
	Visa Class A	3,776		837,404
	VMware Class A	1,979		225,349
	WEX †	941		167,921
	Workday Class A †	1,562		374,037
				14,104,419
Materials – 3.83%
	Albemarle	633		139,988
	Ball	1,357		122,130
	Celanese	992		141,727
	Ecolab	3,511		619,902
	FMC	3,820		502,597
	Linde	1,514		483,617
	PPG Industries	1,118		146,536
	Reliance Steel & Aluminum	1,342		246,056
	Rio Tinto ADR	1,017		81,767
	Sherwin-Williams	718		179,227
				2,663,547
Real Estate – 2.98%
	American Tower	2,274		571,274
	Americold Realty Trust	4,858		135,441
	AvalonBay Communities	479		118,969
	Equinix	222		164,640
	Gaming and Leisure Properties	4,029		189,081
	Innovative Industrial Properties	379		77,847
	Public Storage	637		248,608
	Ryman Hospitality Properties †	1,947		180,623
	VICI Properties	8,452		240,544
	Welltower	1,461		140,461
				2,067,488
Utilities – 1.90%
	American Electric Power	70		6,984
	Avangrid	1,577		73,709
	Consolidated Edison	1,509		142,872
	Constellation Energy	1		56
	Dominion Energy	846		71,885

29

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Utilities (continued)
	Duke Energy	2,121	$	236,831
	Exelon	5,268		250,915
	Iberdrola	14,035		153,402
	Pinnacle West Capital	1,773		138,471
	UGI	3,802		137,709
	WEC Energy Group	1,100		109,791
				1,322,625
Total Common Stocks
	(cost $59,015,100)			66,559,395
Exchange-Traded Fund – 0.61%
	iShares Russell 1000 Growth ETF	1,534		425,885
Total Exchange-Traded Fund
	(cost $413,202)			425,885
		Number of
		contracts
Options Purchased – 1.03%
Options on Indices – 1.03%
	S&P 500 Index, strike price $3,950,
	expiration date 9/16/22, notional
	amount $4,740,000	12		120,660
	S&P 500 Index, strike price $3,950,
	expiration date 12/16/22,
	notional amount $6,320,000	16		239,440
	S&P 500 Index, strike price $4,100,
	expiration date 5/20/22, notional
	amount $4,920,000	12		35,760
	S&P 500 Index, strike price $4,100,
	expiration date
	6/17/22, notional amount
	$6,560,000	16		89,200
	S&P 500 Index, strike price $4,225,
	expiration date
	9/16/22, notional amount
	$6,337,500	15		229,575
Total Options Purchased
	(cost $1,222,596)			714,635
		Number of
		shares
Short-Term Investments – 1.96%
Money Market Mutual Funds – 1.96%
	BlackRock FedFund – Institutional
	Shares (seven-day effective yield
	0.23%)	340,318		340,318
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield 0.12%)	340,319		340,319
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield 0.25%)	340,319		340,319
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective yield
	0.23%)	340,319		340,319
Total Short-Term Investments
	(cost $1,361,275)			1,361,275
Total Value of Securities Before
	Options Written–99.35%
	(cost $62,012,173)			69,061,190
		Number of
		contracts
Options Written – (0.56%)
Options on Indices – (0.56%)
	S&P 500 Index, strike price $3,750,
	expiration date 6/17/22, notional
	amount $(6,000,000)	(16)		(39,520	)
	S&P 500 Index, strike price $3,850,
	expiration date 9/16/22, notional
	amount $(5,775,000)	(15)		(128,850	)
	S&P 500 Index, strike price $3,600,
	expiration date 9/16/22, notional
	amount $(4,320,000)	(12)		(69,480	)
	S&P 500 Index, strike price $3,600,
	expiration date 12/16/22,
	notional amount $(5,760,000)	(16)		(151,680	)
Total Options Written
	(premium received $746,009)		$	(389,530	)

† Non-income producing security.

30

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2022:¹

Foreign Currency Exchange Contracts

	Currency to					Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For		Date	Appreciation		Depreciation
BNYM	CAD	(12,200	)	USD	9,774	4/1/22	$	15	$	–
BNYM	CAD	(1,104	)	USD	882	4/1/22		–		(1	)
BNYM	EUR	(6,400	)	USD	7,084	4/1/22		4		–
BNYM	GBP	(3,355	)	USD	4,407	4/1/22		–		(1	)
DB	GBP	(459,000	)	USD	615,939	6/15/22		13,146		–
TD	CAD	(1,295,000	)	USD	1,014,378	6/15/22		–		(21,294	)
Total Foreign Currency Exchange Contracts							$	13,165	$	(21,296	)

Futures Contracts Exchange-Traded

												Variation
												Margin
					Notional				Value/			Due from
		Notional			Cost			Expiration	Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Depreciation			Brokers
(17)	E-mini S&P 500 Index	$	(3,851,137	)	$	(3,654,943	)	6/17/22	$	(196,194	)	$	55,463
	E-mini S&P MidCap
(21)	400 Index		(5,647,320	)		(5,376,644	)	6/17/22		(270,676	)		80,850
(16)	EURO STOXX 50 Index		(676,671	)		(670,140	)	6/17/22		(6,531	)		7,191
(11)	FTSE 100 Index		(1,081,738	)		(1,031,432	)	6/17/22		(50,306	)		4,397
(2)	MSCI EAFE Index		(214,440	)		(202,851	)	6/17/22		(11,589	)		3,640
(5)	S&P/TSX 60 Index		(1,053,554	)		(1,032,336	)	6/16/22		(21,218	)		9,823
Total Futures Contracts					$	(11,968,346	)		$	(556,514	)	$	161,364

The use of foreign currency exchange contracts and futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

¹See Note 6 in “Notes to financial statements.”

Summary of abbreviations:
ADR – American Depositary Receipt
DB – Deutsche Bank
EAFE – Europe, Australasia, and Far East
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GDR – Global Depositary Receipt
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
S&P – Standard & Poor’s Financial Services
LLC TD – TD Bank

Summary of currencies:
CAD – Canadian Dollar
EUR – European Monetary Unit

31

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

Summary of currencies: (continued)

GBP – British Pound Sterling
USD – US Dollar

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

32

Delaware Premium Income Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 119.94% ♦
Communication Services – 8.96%
	Alphabet Class A ~, †	600	$	1,668,810
	Comcast Class A ~	27,600		1,292,232
	Meta Platforms Class A ~, †	5,900		1,311,924
				4,272,966
Consumer Discretionary – 14.29%
	Booking Holdings ~, †	500		1,174,225
	Darden Restaurants ~	9,800		1,302,910
	Home Depot ~	5,900		1,766,047
	TJX ~	16,800		1,017,744
	Whirlpool ~	9,000		1,555,020
				6,815,946
Consumer Staples – 8.59%
	Constellation Brands Class A ~	9,400		2,165,008
	Mondelez International Class A ~	22,700		1,425,106
	Sysco ~	6,200		506,230
				4,096,344
Energy – 9.58%
	Chevron ~	20,500		3,338,015
	Exxon Mobil ~	14,900		1,230,591
				4,568,606
Financials – 13.74%
	American Express ~	9,300		1,739,100
	Bank of America ~	44,200		1,821,924
	BlackRock ~	2,400		1,834,008
	JPMorgan Chase & Co. ~	8,500		1,158,720
				6,553,752
Healthcare – 14.20%
	Amgen ~	3,200		773,824
	Bristol-Myers Squibb ~	17,700		1,292,631
	Merck & Co. ~	19,700		1,616,385
	Pfizer ~	41,000		2,122,570
	UnitedHealth Group ~	1,900		968,943
				6,774,353
Industrials – 15.64%
	Boeing ~, †	5,500		1,053,250
	CSX ~	59,200		2,217,040
	Lockheed Martin ~	4,800		2,118,720
	Raytheon Technologies ~	9,800		970,886
	United Rentals ~, †	3,100		1,101,151
				7,461,047
Information Technology – 30.81%
	Apple ~	12,700		2,217,547
	Broadcom ~	8,000		5,037,440
	Cisco Systems ~	39,600		2,208,096
	Corning ~	71,100		2,624,301
	First Solar ~, †	10,200		854,148
	Texas Instruments ~	4,000		733,920

	Visa Class A ~		4,600	1,020,142
				14,695,594
Materials – 2.00%
	PPG Industries ~		7,300	956,811
				956,811
Utilities – 2.13%
	NextEra Energy ~		12,000	1,016,520
				1,016,520
Total Common Stocks
	(cost $44,540,852)			57,211,939
Short-Term Investments – 1.39%
Money Market Mutual Funds – 1.39%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.23%)	165,195	165,195
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.12%)	165,195	165,195
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.25%)	165,195	165,195
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.23%)	165,196	165,196
Total Short-Term Investments
	(cost $660,781)			660,781
Total Value of Securities Before
	Options Written – 121.33%
	(cost $45,201,633)			57,872,720

			Number of
			contracts
Options Written – (21.91%)
Equity Call Options – (21.91%)
	Alphabet, strike price $2,300,
		expiration date 1/20/23, notional
		amount $(460,000)	(2	)	(124,330	)
	Alphabet, strike price $2,350,
		expiration date 1/20/23, notional
		amount $(940,000)	(4	)	(233,340	)
	American Express, strike price
		$150, expiration date 1/20/23,
		notional amount $(1,395,000)	(93	)	(428,497	)

33

Schedules of investments

Delaware Premium Income Fund

			Number of
			contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	Amgen, strike price $180,
		expiration date 1/20/23, notional
		amount $(576,000)	(32	)	$	(207,040	)
	Apple, strike price $135, expiration
		date 11/18/22, notional amount
		$(1,714,500)	(127	)		(573,087	)
	Bank of America, strike price $40,
		expiration date 9/16/22, notional
		amount $(1,768,000)	(442	)		(183,430	)
	BlackRock, strike price $720,
		expiration date 6/17/22, notional
		amount $(1,728,000)	(24	)		(156,960	)
	Boeing, strike price $190,
		expiration date 1/20/23, notional
		amount $(1,045,000)	(55	)		(153,313	)
	Booking Holdings, strike price
		$2,100, expiration date 1/20/23,
		notional amount $(420,000)	(2	)		(90,930	)
	Booking Holdings, strike price
		$1,950, expiration date 9/16/22,
		notional amount $(585,000)	(3	)		(148,305	)
	Bristol-Myers Squibb, strike price
		$62.5, expiration date 1/20/23,
		notional amount $(1,106,250)	(177	)		(218,595	)
	Broadcom, strike price $510,
		expiration date 1/20/23, notional
		amount $(1,989,000)	(39	)		(574,860	)
	Broadcom, strike price $530,
		expiration date 7/15/22, notional
		amount $(2,173,000)	(41	)		(465,760	)
	Chevron, strike price $115,
		expiration date 1/20/23, notional
		amount $(2,357,500)	(205	)		(1,014,237	)
	Cisco Systems, strike price $50,
		expiration date 1/20/23, notional
		amount $(1,980,000)	(396	)		(320,760	)
	Comcast, strike price $42.5,
		expiration date 1/20/23, notional
		amount $(1,173,000)	(276	)		(184,230	)
	Constellation Brands, strike price
		$200, expiration date 1/20/23,
		notional amount $(1,880,000)	(94	)		(380,700	)
	Corning, strike price $33,
		expiration date 5/20/22, notional
		amount $(1,815,000)	(550	)		(248,875	)

Corning, strike price $34,
	expiration date 8/19/22, notional
	amount $(547,400)	(161	)	(70,438	)
CSX, strike price $29.17,
	expiration date 6/17/22, notional
	amount $(1,726,864)	(592	)	(506,160	)
Darden Restaurants, strike price
	$115, expiration date 1/20/23,
	notional amount $(736,000)	(64	)	(163,840	)
Darden Restaurants, strike price
	$125, expiration date 1/20/23,
	notional amount $(425,000)	(34	)	(65,790	)
Exxon Mobil, strike price $72.5,
	expiration date 7/15/22, notional
	amount $(1,080,250)	(149	)	(173,585	)
First Solar, strike price $62.5,
	expiration date 1/20/23, notional
	amount $(637,500)	(102	)	(269,535	)
Home Depot, strike price $290,
	expiration date 6/17/22, notional
	amount $(1,711,000)	(59	)	(121,688	)
JPMorgan Chase & Co., strike
	price $140, expiration date
	1/20/23, notional amount
	$(1,190,000)	(85	)	(95,838	)
Lockheed Martin, strike price $340,
	expiration date 1/20/23, notional
	amount $(1,632,000)	(48	)	(517,680	)
Merck & Co., strike price $67.5,
	expiration date 1/20/23, notional
	amount $(1,329,750)	(197	)	(316,185	)
Meta Platforms, strike price $220,
	expiration date 1/20/23, notional
	amount $(1,298,000)	(59	)	(195,142	)
Mondelez International, strike price
	$52.50, expiration date 1/20/23,
	notional amount $(1,191,750)	(227	)	(274,670	)
NextEra Energy, strike price $70,
	expiration date 6/17/22, notional
	amount $(840,000)	(120	)	(184,800	)
Pfizer, strike price $45, expiration
	date 9/16/22, notional amount
	$(1,845,000)	(410	)	(328,000	)
PPG Industries, strike price $130,
	expiration date 5/20/22, notional
	amount $(520,000)	(40	)	(26,000	)

34

			Number of
			contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	PPG Industries, strike price $140,
		expiration date 1/20/23, notional
		amount $(462,000)	(33	)	$	(32,670	)
	Raytheon Technologies, strike
		price $80, expiration date
		1/20/23, notional amount
		$(400,000)	(50	)		(107,625	)
	Raytheon Technologies, strike
		price $80, expiration date
		6/17/22, notional amount
		$(384,000)	(48	)		(93,120	)
	Sysco, strike price $65, expiration
		date 1/20/23, notional amount
		$(201,500)	(31	)		(59,985	)
	Sysco, strike price $75, expiration
		date 11/18/22, notional amount
		$(232,500)	(31	)		(34,100	)
	Texas Instruments, strike price
		$145, expiration date 1/20/23,
		notional amount $(580,000)	(40	)		(178,000	)
	TJX, strike price $60, expiration
		date 1/20/23, notional amount
		$(1,008,000)	(168	)		(113,400	)
	United Rentals, strike price $300,
		expiration date 1/20/23, notional
		amount $(930,000)	(31	)		(260,710	)
	UnitedHealth Group, strike price
		$410, expiration date 1/20/23,
		notional amount $(779,000)	(19	)		(225,577	)
	Visa, strike price $175, expiration
		date 9/16/22, notional amount
		$(805,000)	(46	)		(234,370	)
	Whirlpool, strike price $200,
		expiration date 1/20/23, notional
		amount $(1,800,000)	(90	)		(92,700	)
Total Options Written
	(premium received $10,467,555)				$	(10,448,857	)

♦	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
~	All or portion of the security has been pledged as collateral with outstanding options written.
†	Non-income producing security.

Summary of abbreviations:

GS – Goldman Sachs

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

35

Schedules of investments

Delaware Total Return Fund

March 31, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Agency Mortgage-Backed Securities – 2.74%
	Fannie Mae
		4.50% 2/1/44	66,636	$	70,376
	Fannie Mae S.F. 15 yr
		2.00% 2/1/36	160,451		156,021
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	67,142		63,015
		2.50% 1/1/41	54,199		52,398
		3.00% 3/1/33	359,003		355,635
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50	65,242		60,768
		2.00% 3/1/51	937,405		872,677
		2.00% 6/1/51	805,304		750,254
		2.50% 10/1/50	173,236		166,214
		2.50% 7/1/51	248,566		237,478
		2.50% 8/1/51	339,646		325,165
		2.50% 9/1/51	228,428		218,239
		2.50% 11/1/51	514,959		492,044
		2.50% 12/1/51	123,132		117,640
		2.50% 2/1/52	430,954		411,818
		3.00% 3/1/50	121,707		119,802
		3.00% 6/1/50	32,786		32,169
		3.00% 5/1/51	13,444		13,242
		3.00% 3/1/52	811,671		794,867
		3.50% 12/1/47	421,733		425,386
		3.50% 1/1/48	268,115		270,890
		3.50% 8/1/50	82,000		82,865
		3.50% 1/1/52	808,379		814,091
		4.00% 3/1/47	228,907		237,078
		4.50% 1/1/50	155,108		164,860
		5.00% 7/1/47	100,331		108,495
		6.00% 5/1/36	30,726		32,816
		6.00% 6/1/37	11,159		12,452
		6.00% 7/1/37	14,314		15,975
		6.00% 8/1/37	15,320		17,017
		6.00% 10/1/40	118,408		132,169
		6.50% 11/1/33	73,965		79,401
		6.50% 6/1/36	35,427		38,034
		7.00% 3/1/32	99,607		103,988
		7.00% 8/1/32	81,622		83,363
	Fannie Mae S.F. 30 yr TBA
		3.50% 4/1/52	486,000		486,835
	Freddie Mac S.F. 15 yr
		2.00% 12/1/35	106,412		103,462
		3.00% 3/1/35	158,897		160,540
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	77,300		72,541
		2.50% 6/1/41	401,862		388,483
		3.00% 9/1/40	126,185		125,250
		3.00% 4/1/42	321,000		318,618
		3.50% 9/1/35	337,115		341,582

	Freddie Mac S.F. 30 yr
		3.00% 11/1/46	66,220	65,823
		3.00% 8/1/51	1,053,598	1,033,809
		3.50% 8/1/49	351,086	353,631
		4.00% 4/1/52	393,000	401,655
		4.50% 10/1/40	291,255	310,179
	GNMA I S.F. 30 yr
		3.00% 8/15/45	302,931	301,387
	GNMA II S.F. 30 yr
		3.00% 12/20/51	124,013	122,767
		3.00% 1/20/52	180,451	178,636
Total Agency Mortgage-Backed Securities
	(cost $13,310,679)			12,693,900
Collateralized Debt Obligations – 0.28%
	Octagon Investment
		Partners 34
		Series 2017-1A
		A1 144A 1.394%
		(LIBOR03M + 1.14%)
		1/20/30 #, •	1,000,000	999,070
	Venture 34 CLO
		Series 2018-34A A
		144A 1.471%
		(LIBOR03M + 1.23%,
		Floor 1.23%)
		10/15/31 #, •	300,000	298,886
Total Collateralized Debt Obligations
	(cost $1,297,941)			1,297,956
Convertible Bonds – 6.35%
Basic Industry – 0.14%
	Ivanhoe Mines 144A
		2.50% exercise price
		$7.43, maturity date
		4/15/26 #	450,000	647,100
				647,100
Capital Goods – 0.46%
	Chart Industries 144A
		1.00% exercise price
		$58.73, maturity date
		11/15/24 #	394,000	1,161,315
	Danimer Scientific 144A
		3.25% exercise price
		$10.79, maturity date
		12/15/26 #	184,000	151,340
	Kaman 3.25% exercise
		price $65.26, maturity
		date 5/1/24	798,000	822,977
				2,135,632

36

			Principal
			amount°	Value (US $)
Convertible Bonds (continued)
Communications — 0.75%
	Cable One 1.125%
		exercise price
		$2,275.83, maturity date
		3/15/28	1,028,000	$	924,172
	InterDigital 2.00% exercise
		price $81.29, maturity
		date 6/1/24	1,008,000		1,038,240
	Liberty Broadband 144A
		1.25% exercise price
		$900.01, maturity date
		9/30/50 #	1,132,000		1,089,550
	Liberty Latin America
		2.00% exercise price
		$20.65, maturity date
		7/15/24	480,000		437,700
					3,489,662
Consumer Cyclical — 0.55%
	Cheesecake Factory
		0.375% exercise price
		$78.40, maturity date
		6/15/26	772,000		694,800
	Ford Motor 0.00% exercise
		price $17.31, maturity
		date 3/15/26 ^	650,000		771,550
	fuboTV 144A 3.25%
		exercise price $57.78,
		maturity date 2/15/26 #	511,000		346,713
	Spirit Airlines 1.00%
		exercise price $49.07,
		maturity date 5/15/26	803,000		724,306
					2,537,369
Consumer Non-Cyclical — 1.98%
	BioMarin Pharmaceutical
		0.599% exercise price
		$124.67, maturity date
		8/1/24	332,000		332,664
	Chefs' Warehouse 1.875%
		exercise price $44.20,
		maturity date 12/1/24	1,094,000		1,156,905
	Chegg 3.90% exercise
		price $107.55, maturity
		date 9/1/26 ^	1,012,000		831,864
	Coherus Biosciences
		1.50% exercise price
		$19.26, maturity date
		4/15/26	620,000		616,776
	Collegium Pharmaceutical
		2.625% exercise price
		$29.19, maturity date
		2/15/26	678,000		677,661
	FTI Consulting 2.00%
		exercise price $101.38,
		maturity date 8/15/23	567,000		903,182
	Integra
		LifeSciences Holdings
		0.50% exercise price
		$73.67, maturity date
		8/15/25	962,000		1,014,140
	Ionis Pharmaceuticals
		0.125% exercise price
		$83.28, maturity date
		12/15/24	771,000		695,057
	Jazz Investments I 2.00%
		exercise price $155.81,
		maturity date 6/15/26	468,000		569,753
	Neurocrine Biosciences
		2.25% exercise price
		$75.92, maturity date
		5/15/24	271,000		357,720
	Paratek Pharmaceuticals
		4.75% exercise price
		$15.90, maturity date
		5/1/24	1,210,000		1,071,455
	Repay Holdings 144A
		1.608% exercise price
		$33.60, maturity date
		2/1/26 #, ^	1,117,000		934,929
					9,162,106
Energy — 0.25%
	Helix Energy Solutions
		Group 6.75% exercise
		price $6.97, maturity
		date 2/15/26	995,000		1,144,946
					1,144,946
Media — 0.21%
	DISH Network 3.375%
		exercise price $65.18,
		maturity date 8/15/26	1,097,000		989,494
					989,494
Real Estate Investment Trusts — 0.22%
	Blackstone Mortgage Trust
		4.75% exercise price
		$36.23, maturity date
		3/15/23	722,000		737,162
	Summit Hotel Properties
		1.50% exercise price
		$11.99, maturity date
		2/15/26	287,000		301,637
					1,038,799

37

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Convertible Bonds (continued)
Technology — 1.32%
	Block 0.125% exercise
		price $121.01, maturity
		date 3/1/25	489,000	$	643,341
	Microchip Technology
		1.625% exercise price
		$46.63, maturity date
		2/15/27	440,000		945,725
	ON Semiconductor
		1.625% exercise price
		$20.72, maturity date
		10/15/23	402,000		1,216,854
	Palo Alto Networks 0.75%
		exercise price $266.35,
		maturity date 7/1/23	466,000		1,091,838
	Quotient Technology
		1.75% exercise price
		$17.36, maturity date
		12/1/22	642,000		633,205
	Travere Therapeutics
		2.50% exercise price
		$38.80, maturity date
		9/15/25	735,000		768,075
	Vishay Intertechnology
		2.25% exercise price
		$31.30, maturity date
		6/15/25	381,000		380,543
	Wolfspeed 144A 0.25%
		exercise price $127.22,
		maturity date 2/15/28 #	364,000		413,367
					6,092,948
Transportation — 0.22%
	Seaspan 144A 3.75%
		exercise price $13.01,
		maturity date 12/15/25 #	829,000		1,033,349
					1,033,349
Utilities — 0.25%
	NextEra Energy Partners
		144A 0.357% exercise
		price $75.96, maturity
		date 11/15/25 #, ^	360,000		409,090
	NRG Energy 2.75%
		exercise price $44.53,
		maturity date 6/1/48	670,000		737,662
					1,146,752
Total Convertible Bonds
		(cost $26,419,271)			29,418,157
Corporate Bonds — 12.53%
Banking — 1.38%
	Banco Continental 144A
		2.75% 12/10/25 #	200,000		183,039
	Banco Nacional de
		Panama 144A 2.50%
		8/11/30 #	205,000		181,459
	Bank of America
		2.482% 9/21/36 µ	430,000		370,376
		2.551% 2/4/28 µ	190,000		181,729
		2.972% 2/4/33 µ	5,000		4,690
	Bank of New York Mellon
		4.70% 9/20/25 µ, ψ	20,000		20,530
	BBVA Bancomer 144A
		1.875% 9/18/25 #	200,000		190,809
	Citigroup
		3.07% 2/24/28 µ	340,000		331,522
		4.00% 12/10/25 µ, ψ	10,000		9,625
	Corp. Financiera de
		Desarrollo 144A 2.40%
		9/28/27 #	200,000		184,355
	Credit Agricole 144A
		2.811% 1/11/41 #	620,000		513,633
	Credit Suisse Group 144A
		2.593% 9/11/25 #, µ	250,000		241,696
	Deutsche Bank 2.222%
		9/18/24 µ	335,000		327,841
	Goldman Sachs Group
		1.542% 9/10/27 µ	533,000		487,868
		3.102% 2/24/33 µ	5,000		4,718
		3.615% 3/15/28 µ	70,000		69,989
	JPMorgan Chase & Co.
		1.47% 9/22/27 µ	5,000		4,614
		2.545% 11/8/32 µ	200,000		183,024
		2.963% 1/25/33 µ	480,000		453,019
		3.328% 4/22/52 µ	5,000		4,644
		4.60% 2/1/25 µ, ψ	30,000		28,988
	Morgan Stanley
		2.475% 1/21/28 µ	190,000		181,414
		2.484% 9/16/36 µ	284,000		243,962
		5.00% 11/24/25	110,000		116,058
	NBK SPC 144A 1.625%
		9/15/27 #, µ	205,000		187,791
	PNC Financial Services
		Group 2.60% 7/23/26	130,000		128,204
	QNB Finance 2.625%
		5/12/25	200,000		195,890
	State Street 2.203%
		2/7/28 µ	10,000		9,594

38

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	SVB Financial Group
		1.80% 2/2/31	15,000	$	12,947
		4.00% 5/15/26 µ, ψ	405,000		375,131
	Truist Bank 2.636%
		9/17/29 µ	275,000		270,579
	Truist Financial
		1.887% 6/7/29 µ	20,000		18,199
		4.95% 9/1/25 µ, ψ	30,000		30,795
	US Bancorp
		1.45% 5/12/25	30,000		28,707
		2.215% 1/27/28 µ	5,000		4,782
		2.491% 11/3/36 µ	10,000		8,984
		2.677% 1/27/33 µ	320,000		304,577
		3.00% 7/30/29	290,000		284,522
					6,380,304
Banks — 0.16%
	Barclays 5.20% 5/12/26		200,000		208,345
	Citigroup 4.45% 9/29/27		375,000		387,434
	JPMorgan Chase & Co.
		4.023% 12/5/24 µ	150,000		152,466
					748,245
Basic Industry — 0.49%
	AngloGold Ashanti
		Holdings 3.75%
		10/1/30	200,000		187,389
	Artera Services 144A
		9.033% 12/4/25 #	130,000		130,052
	Avient 144A 5.75%
		5/15/25 #	144,000		148,075
	Chemours 144A 5.75%
		11/15/28 #	260,000		252,910
	Corp Nacional del Cobre
		de Chile 144A 3.15%
		1/14/30 #	657,000		633,078
	INEOS Quattro Finance 2
		144A 3.375% 1/15/26 #	200,000		186,460
	New Gold 144A 7.50%
		7/15/27 #	220,000		228,507
	Newmont
		2.25% 10/1/30	125,000		114,397
		2.60% 7/15/32	20,000		18,425
		2.80% 10/1/29	100,000		95,781
	OCP 144A 3.75%
		6/23/31 #	200,000		181,976
	Westlake 3.125% 8/15/51		105,000		86,658
					2,263,708
Basic Materials — 0.12%
	First Quantum Minerals
		144A 7.25% 4/1/23 #	200,000		199,906
		144A 7.50% 4/1/25 #	365,000		370,928
					570,834
Brokerage — 0.01%
	Charles Schwab 5.375%
		6/1/25 µ, ψ	25,000		25,875
					25,875
Capital Goods — 0.40%
	Boeing 3.25% 2/1/28		285,000		275,090
	Intertape Polymer Group
		144A 4.375% 6/15/29 #	235,000		242,340
	Madison IAQ 144A 5.875%
		6/30/29 #	180,000		161,800
	Teledyne Technologies
		0.95% 4/1/24	115,000		110,475
		2.25% 4/1/28	30,000		27,889
		2.75% 4/1/31	310,000		287,782
	Terex 144A 5.00%
		5/15/29 #	260,000		249,687
	TK Elevator US Newco
		144A 5.25% 7/15/27 #	235,000		232,704
	TransDigm 144A 6.25%
		3/15/26 #	260,000		267,246
					1,855,013
Communication Services — 0.03%
	AT&T 3.10% 2/1/43		136,000		117,757
					117,757
Communications — 1.28%
	Altice Financing 144A
		5.00% 1/15/28 #	200,000		179,635
	Altice France 144A 5.50%
		10/15/29 #	215,000		193,208
	Altice France Holding
		144A 6.00% 2/15/28 #	280,000		242,056
	AT&T
		1.70% 3/25/26	110,000		104,287
		3.50% 6/1/41	84,000		77,558
		3.50% 9/15/53	285,000		251,160
	Cellnex Finance 144A
		3.875% 7/7/41 #	250,000		203,547
	Charter Communications
		Operating
		3.85% 4/1/61	120,000		96,852
		4.40% 12/1/61	290,000		253,479
	Comcast 3.20% 7/15/36		440,000		421,739

39

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Consolidated
		Communications
		144A 5.00% 10/1/28 #	110,000	$	94,879
		144A 6.50% 10/1/28 #	110,000		101,629
	Discovery
		Communications 4.00%
		9/15/55	235,000		203,619
	Frontier Communications
		Holdings
		144A 5.875%
		10/15/27 #	370,000		367,980
		144A 6.75% 5/1/29 #	110,000		105,752
	Magallanes
		144A 3.755% 3/15/27 #	305,000		304,954
		144A 4.054% 3/15/29 #	5,000		5,031
		144A 4.279% 3/15/32 #	5,000		5,028
		144A 5.141% 3/15/52 #	15,000		15,382
	Millicom International
		Cellular 144A 4.50%
		4/27/31 #	200,000		186,516
	Ooredoo International
		Finance 144A 5.00%
		10/19/25 #	267,000		284,859
	Rogers Communications
		144A 3.80% 3/15/32 #	220,000		218,572
		144A 4.55% 3/15/52 #	10,000		9,971
	Sprint 7.125% 6/15/24		295,000		316,771
	Time Warner Cable 7.30%
		7/1/38	110,000		133,843
	Time Warner
		Entertainment 8.375%
		3/15/23	55,000		57,935
	T-Mobile USA
		1.50% 2/15/26	15,000		14,011
		2.55% 2/15/31	305,000		277,056
		2.625% 4/15/26	120,000		114,770
		3.00% 2/15/41	195,000		165,353
		3.375% 4/15/29	120,000		114,300
		3.50% 4/15/25	20,000		20,153
		3.75% 4/15/27	20,000		20,150
	Verizon Communications
		144A 2.355% 3/15/32 #	135,000		122,161
		3.40% 3/22/41	30,000		28,203
		3.875% 3/1/52	10,000		10,079
		4.50% 8/10/33	245,000		263,516
	Vodafone Group
		4.25% 9/17/50	115,000		115,009
		4.875% 6/19/49	130,000		141,915
	Zayo Group Holdings
		144A 6.125% 3/1/28 #	75,000		67,273
					5,910,191
Consumer Cyclical — 1.23%
	Allison Transmission 144A
		5.875% 6/1/29 #	400,000		408,644
	Aptiv
		3.10% 12/1/51	323,000		257,508
		3.25% 3/1/32	5,000		4,745
	Asbury Automotive Group
		144A 4.625%
		11/15/29 #	70,000		65,274
		4.75% 3/1/30	85,000		80,329
	AutoNation 3.85% 3/1/32		5,000		4,847
	B2W Digital 144A 4.375%
		12/20/30 #	200,000		172,546
	Bath & Body Works
		6.875% 11/1/35	245,000		252,817
		6.95% 3/1/33	169,000		174,888
	Caesars Entertainment
		144A 6.25% 7/1/25 #	410,000		423,825
	Carnival
		144A 5.75% 3/1/27 #	310,000		296,050
		144A 7.625% 3/1/26 #	300,000		302,310
	Fertitta Entertainment
		144A 6.75% 1/15/30 #	130,000		119,761
	Ford Motor Credit
		2.90% 2/16/28	350,000		317,063
		3.375% 11/13/25	270,000		264,203
		4.542% 8/1/26	285,000		285,057
	General Motors
		5.40% 10/2/23	15,000		15,527
		6.125% 10/1/25	15,000		16,117
	General Motors Financial
		1.017% (SOFR +
		0.76%) 3/8/24 •	135,000		134,113
		3.10% 1/12/32	100,000		90,004
		4.35% 4/9/25	75,000		76,354
		5.25% 3/1/26	165,000		172,979
	Hutama Karya Persero
		144A 3.75% 5/11/30 #	400,000		402,792
	Levi Strauss & Co. 144A
		3.50% 3/1/31 #	213,000		195,508
	Lowe's 4.25% 4/1/52		10,000		10,359
	MGM Growth Properties
		Operating Partnership
		144A 3.875% 2/15/29 #	120,000		118,129
	Murphy Oil USA 144A
		3.75% 2/15/31 #	225,000		205,782
	Royal Caribbean Cruises
		144A 5.50% 4/1/28 #	394,000		376,138
	Scientific Games
		International
		144A 7.25% 11/15/29 #	75,000		78,723
		144A 8.25% 3/15/26 #	207,000		215,539

40

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Six Flags Entertainment
		144A 4.875% 7/31/24 #	150,000	$	150,180
					5,688,111
Consumer Non-Cyclical — 1.01%
	AbbVie
		2.60% 11/21/24	30,000		29,820
		4.05% 11/21/39	10,000		10,304
		4.25% 11/21/49	30,000		31,246
	Amgen 2.80% 8/15/41		295,000		254,092
	Anheuser-Busch InBev
		Worldwide
		4.50% 6/1/50	130,000		139,338
		4.70% 2/1/36	25,000		26,881
	BAT Capital 2.259%
		3/25/28	40,000		35,962
	BAT International Finance
		1.668% 3/25/26	55,000		50,538
	Baxter International 144A
		3.132% 12/1/51 #	16,000		13,731
	Biogen 3.15% 5/1/50		365,000		299,929
	Bristol-Myers Squibb
		2.35% 11/13/40	245,000		207,276
		3.70% 3/15/52	285,000		287,283
	Bunge Finance 2.75%
		5/14/31	400,000		368,661
	Central American Bottling
		144A 5.25% 4/27/29 #	200,000		199,286
	CVS Health
		2.70% 8/21/40	295,000		252,280
		3.25% 8/15/29	280,000		276,770
		3.75% 4/1/30	15,000		15,283
		4.30% 3/25/28	6,000		6,287
	Gilead Sciences 4.15%
		3/1/47	30,000		30,981
	Global Payments 2.90%
		11/15/31	10,000		9,123
	HCA 144A 3.125%
		3/15/27 #	340,000		332,746
	InRetail Consumer 144A
		3.25% 3/22/28 #	200,000		187,911
	JBS USA LUX
		144A 3.00% 2/2/29 #	230,000		213,216
		144A 6.50% 4/15/29 #	287,000		304,587
	Pilgrim's Pride 144A
		4.25% 4/15/31 #	130,000		120,527
	Post Holdings 144A 5.50%
		12/15/29 #	418,000		402,839
	Regeneron
		Pharmaceuticals 1.75%
		9/15/30	15,000		13,036
	Royalty Pharma
		1.20% 9/2/25	285,000		262,476
		1.75% 9/2/27	190,000		172,759
	Viatris
		1.65% 6/22/25	5,000		4,658
		2.30% 6/22/27	5,000		4,559
		2.70% 6/22/30	115,000		101,313
		4.00% 6/22/50	10,000		8,434
					4,674,132
Electric — 0.18%
	NextEra Energy Capital
		Holdings 3.00%
		1/15/52	415,000		355,331
	Southern California Edison
		4.00% 4/1/47	35,000		33,765
		4.20% 3/1/29	150,000		155,514
		4.875% 3/1/49	90,000		96,066
	UEP Penonome II 144A
		6.50% 10/1/38 #	192,384		183,114
					823,790
Energy — 1.77%
	Ascent Resources Utica
		Holdings
		144A 5.875% 6/30/29 #	195,000		193,054
		144A 7.00% 11/1/26 #	95,000		97,583
	BP Capital Markets
		America
		2.721% 1/12/32	15,000		14,135
		3.06% 6/17/41	430,000		386,850
	Callon Petroleum 144A
		8.00% 8/1/28 #	65,000		68,633
	CNX Midstream Partners
		144A 4.75% 4/15/30 #	75,000		70,320
	CNX Resources
		144A 6.00% 1/15/29 #	165,000		166,865
		144A 7.25% 3/14/27 #	120,000		127,162
	ConocoPhillips 3.80%
		3/15/52	255,000		260,099
	Continental Resources
		4.375% 1/15/28	405,000		411,205
	Crestwood Midstream
		Partners
		144A 5.625% 5/1/27 #	66,000		65,533
		144A 6.00% 2/1/29 #	171,000		170,714
	DCP Midstream Operating
		5.125% 5/15/29	235,000		242,166
	Devon Energy 4.75%
		5/15/42	5,000		5,302

41

Schedules of investments
Delaware Total Return Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Diamondback Energy
		3.125% 3/24/31		300,000	$	287,021
		4.25% 3/15/52		5,000		4,955
	Enbridge
		0.608% (SOFR +
		0.40%) 2/17/23 •		160,000		159,869
		2.50% 8/1/33		310,000		275,851
	Energy Transfer
		5.25% 4/15/29		50,000		53,441
		6.25% 4/15/49		55,000		63,354
		6.50% 11/15/26 µ, ψ		180,000		177,354
	Enterprise Products
		Operating
		3.20% 2/15/52		360,000		304,831
		3.30% 2/15/53		5,000		4,283
	EQM Midstream Partners
		144A 4.75% 1/15/31 #		145,000		135,794
	Equinor 1.75% 1/22/26			15,000		14,376
	Genesis Energy
		7.75% 2/1/28		340,000		342,312
		8.00% 1/15/27		235,000		242,008
	KazTransGas JSC 144A
		4.375% 9/26/27 #		579,000		524,342
	MPLX
		1.75% 3/1/26		15,000		14,075
		4.125% 3/1/27		290,000		297,022
	Murphy Oil 6.375%
		7/15/28		385,000		401,060
	NuStar Logistics 5.625%
		4/28/27		205,000		201,013
	Occidental Petroleum
		6.45% 9/15/36		65,000		76,479
		6.60% 3/15/46		210,000		247,194
		6.625% 9/1/30		105,000		120,619
	PDC Energy 5.75%
		5/15/26		280,000		284,277
	PTTEP Treasury Center
		144A 2.587% 6/10/27 #		200,000		191,837
	Qatar Energy 144A 2.25%
		7/12/31 #		200,000		184,495
	Sabine Pass Liquefaction
		5.625% 3/1/25		40,000		42,318
		5.75% 5/15/24		275,000		287,956
	Southwestern Energy
		7.75% 10/1/27		234,000		248,008
	TechnipFMC 144A 6.50%
		2/1/26 #		293,000		304,160
	Tengizchevroil Finance Co
		International 144A
		2.625% 8/15/25 #		200,000		177,500
	Tennessee Gas Pipeline
		144A 2.90% 3/1/30 #		150,000		140,915
	Weatherford International
		144A 8.625% 4/30/30 #		13,000		13,215
	Western Midstream
		Operating 4.75%
		8/15/28		110,000		113,736
						8,215,291
Finance Companies – 0.05%
	Ally Financial 4.70%
		5/15/26 µ, ψ		20,000		18,889
	Jefferies Group 2.625%
		10/15/31		240,000		216,789
						235,678
Financials – 0.68%
	AerCap Ireland Capital
		DAC 4.45% 4/3/26		345,000		348,914
	Air Lease
		2.875% 1/15/26		195,000		188,460
		2.875% 1/15/32		175,000		156,896
		3.00% 2/1/30		45,000		41,505
		3.375% 7/1/25		15,000		14,801
		4.125% 12/15/26 µ, ψ		10,000		8,525
	Ally Financial 8.00%
		11/1/31		35,000		43,983
	Aviation Capital Group
		144A 1.95% 1/30/26 #		465,000		427,634
	Avolon Holdings Funding
		144A 3.25% 2/15/27 #		10,000		9,422
		144A 3.95% 7/1/24 #		75,000		74,815
	Banco del Estado de Chile
		144A 2.704% 1/9/25 #		280,000		278,141
	Bank of Georgia 144A
		6.00% 7/26/23 #		255,000		248,625
	Castlelake Aviation
		Finance DAC 144A
		5.00% 4/15/27 #		200,000		178,914
	DAE Sukuk DIFC 144A
		3.75% 2/15/26 #		200,000		195,365
	Development Bank of
		Kazakhstan 144A
		10.95% 5/6/26 #	KZT	100,000,000		178,304
	Hightower Holding 144A
		6.75% 4/15/29 #		135,000		132,286
	MAF Sukuk 3.933%
		2/28/30		200,000		200,160
	Midcap Financial Issuer
		Trust
		144A 5.625% 1/15/30 #		200,000		177,115
		144A 6.50% 5/1/28 #		200,000		188,382

42

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Financials (continued)
	SVB Financial Group
		1.80% 10/28/26	10,000	$	9,306
	US Bancorp 3.70%
		1/15/27 µ, ψ	10,000		9,075
	Wells Fargo & Co.
		3.526% 3/24/28 µ	5,000		4,994
		3.90% 3/15/26 µ, ψ	35,000		33,571
					3,149,193
Healthcare – 0.40%
	Bausch Health 144A
		6.25% 2/15/29 #	380,000		312,210
	CHS 144A 4.75%
		2/15/31 #	105,000		99,371
	DaVita 144A 4.625%
		6/1/30 #	195,000		182,364
	Encompass Health 4.75%
		2/1/30	30,000		28,850
	Hadrian Merger Sub 144A
		8.50% 5/1/26 #	295,000		297,299
	HCA
		5.375% 2/1/25	215,000		223,975
		5.875% 2/1/29	250,000		273,705
	Ortho-Clinical Diagnostics
		144A 7.25% 2/1/28 #	120,000		123,753
	Tenet Healthcare 144A
		6.125% 10/1/28 #	295,000		300,120
					1,841,647
Information Technology – 0.01%
	Autodesk 2.40% 12/15/31		25,000		22,333
	Broadcom 144A 3.419%
		4/15/33 #	11,000		10,287
	CDW 3.276% 12/1/28		15,000		14,157
					46,777
Insurance – 0.55%
	Aon 2.90% 8/23/51		230,000		191,420
	Arthur J Gallagher & Co.
		3.50% 5/20/51	440,000		392,654
	Athene Global Funding
		144A 1.00% 4/16/24 #	95,000		90,914
	Athene Holding 3.95%
		5/25/51	340,000		311,726
	Brighthouse Financial
		3.85% 12/22/51	265,000		221,647
		5.625% 5/15/30	15,000		16,475
	Brown & Brown 4.95%
		3/17/52	10,000		10,707
	GA Global Funding Trust
		144A 1.00% 4/8/24 #	470,000		450,277
	HUB International 144A
		5.625% 12/1/29 #	138,000		132,052
	Jackson Financial
		144A 3.125%
		11/23/31 #	10,000		9,117
		144A 4.00% 11/23/51 #	10,000		8,475
	NFP 144A 6.875%
		8/15/28 #	145,000		138,659
	USI 144A 6.875% 5/1/25 #		585,000		587,919
					2,562,042
Media – 0.65%
	AMC Networks 4.25%
		2/15/29	650,000		607,425
	CCO Holdings
		4.50% 5/1/32	65,000		59,546
		144A 5.375% 6/1/29 #	335,000		335,588
	Clear Channel Outdoor
		Holdings 144A 7.50%
		6/1/29 #	135,000		134,869
	CSC Holdings
		144A 3.375% 2/15/31 #	495,000		417,674
		144A 5.00% 11/15/31 #	280,000		235,116
	Directv Financing 144A
		5.875% 8/15/27 #	135,000		132,985
	Gray Escrow II 144A
		5.375% 11/15/31 #	30,000		28,725
	Gray Television 144A
		4.75% 10/15/30 #	125,000		116,262
	Nielsen Finance
		144A 4.50% 7/15/29 #	55,000		54,984
		144A 4.75% 7/15/31 #	185,000		185,179
	Sirius XM Radio 144A
		4.00% 7/15/28 #	325,000		309,190
	Terrier Media Buyer 144A
		8.875% 12/15/27 #	200,000		203,744
	VZ Secured Financing
		144A 5.00% 1/15/32 #	200,000		187,305
					3,008,592
Real Estate Investment Trusts – 0.18%
	Crown Castle International
		1.05% 7/15/26	485,000		438,850
	Iron Mountain 144A 5.25%
		3/15/28 #	375,000		370,612
	MGM Growth Properties
		Operating Partnership
		5.75% 2/1/27	35,000		37,122
					846,584
Services – 0.18%
	NESCO Holdings II 144A
		5.50% 4/15/29 #	80,000		78,699

43

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Services (continued)
	Prime Security Services
		Borrower 144A 5.75%
		4/15/26 #	298,000	$	304,347
	United Rentals North
		America 5.25% 1/15/30	220,000		227,278
	Univar Solutions USA
		144A 5.125% 12/1/27 #	230,000		230,219
					840,543
Technology – 0.78%
	Broadcom
		144A 3.137%
		11/15/35 #	4,000		3,532
		144A 3.469% 4/15/34 #	355,000		329,519
	CDW 2.67% 12/1/26		5,000		4,722
	Fidelity National
		Information Services
		1.65% 3/1/28	470,000		421,415
	Fiserv 3.20% 7/1/26		315,000		313,823
	Global Payments
		2.15% 1/15/27	10,000		9,402
		2.65% 2/15/25	147,000		143,980
	Go Daddy Operating 144A
		3.50% 3/1/29 #	235,000		216,421
	Microchip Technology
		0.972% 2/15/24	345,000		330,884
		144A 0.983% 9/1/24 #	125,000		118,454
	Micron Technology 2.703%
		4/15/32	10,000		9,069
	MSCI 144A 3.625%
		11/1/31 #	200,000		188,563
	NXP
		144A 3.125% 2/15/42 #	10,000		8,628
		144A 3.25% 5/11/41 #	90,000		79,609
		144A 4.875% 3/1/24 #	285,000		292,975
	Oracle 2.95% 4/1/30		30,000		27,713
	PayPal Holdings 2.65%
		10/1/26	440,000		433,428
	SS&C Technologies 144A
		5.50% 9/30/27 #	240,000		242,100
	VMware 1.00% 8/15/24		475,000		453,300
	Workday
		3.70% 4/1/29	5,000		5,016
		3.80% 4/1/32	5,000		4,997
					3,637,550
Transportation – 0.37%
	Canadian Pacific Railway
		2.45% 12/2/31	5,000		4,650
		3.00% 12/2/41	5,000		4,509
	Delta Air Lines 7.375%
		1/15/26	131,000		142,410
	Mileage Plus Holdings
		144A 6.50% 6/20/27 #	345,000		360,094
	Rutas 2 and 7 Finance
		144A 3.08% 9/30/36 #,
		^	302,000		219,589
	Seaspan 144A 5.50%
		8/1/29 #	115,000		107,761
	Southwest Airlines 5.125%
		6/15/27	35,000		37,462
	Union Pacific
		2.80% 2/14/32	440,000		422,997
		3.50% 2/14/53	5,000		4,907
	United Airlines
		144A 4.375% 4/15/26 #	80,000		78,800
		144A 4.625% 4/15/29 #	95,000		90,461
	VistaJet Malta Finance
		144A 6.375% 2/1/30 #	275,000		259,105
					1,732,745
Utilities – 0.62%
	Calpine
		144A 4.50% 2/15/28 #	95,000		92,834
		144A 5.00% 2/1/31 #	220,000		200,575
		144A 5.25% 6/1/26 #	71,000		71,448
	CenterPoint Energy 1.45%
		6/1/26	345,000		320,236
	Duke Energy 4.875%
		9/16/24 µ, ψ	320,000		324,202
	Entergy Mississippi 2.85%
		6/1/28	90,000		86,697
	Entergy Texas 3.55%
		9/30/49	185,000		174,877
	Evergy Kansas Central
		3.45% 4/15/50	35,000		32,847
	Eversource Energy 2.90%
		3/1/27	10,000		9,816
	Infraestructura Energetica
		Nova 144A 3.75%
		1/14/28 #	275,000		272,166
	Pacific Gas and Electric
		2.10% 8/1/27	330,000		297,073
		3.25% 6/1/31	5,000		4,530
		3.30% 8/1/40	270,000		221,562
		4.95% 7/1/50	43,000		40,670
	PG&E 5.25% 7/1/30		130,000		126,256
	Sempra Energy 4.875%
		10/15/25 µ, ψ	20,000		20,150
	Sociedad de Transmision
		Austral 144A 4.00%
		1/27/32 #	200,000		194,306
	Southern California Edison
		3.45% 2/1/52	137,000		123,417

44

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	Vistra
		144A 7.00% 12/15/26 #,
		µ, ψ		170,000	$	165,802
		144A 8.00% 10/15/26 #,
		µ, ψ		105,000		106,181
						2,885,645
Total Corporate Bonds
	(cost $61,508,107)					58,060,247
Non-Agency Asset-Backed Securities – 0.17%
	Diamond Infrastructure
		Funding
		Series 2021-1A A 144A
		1.76% 4/15/49 #		150,000		135,816
	Domino's Pizza Master
		Issuer
		Series 2021-1A A2I
		144A 2.662% 4/25/51 #		148,875		138,025
	Taco Bell Funding
		Series 2021-1A A2I
		144A 1.946% 8/25/51 #		269,325		243,576
	Trafigura Securitisation
		Finance
		Series 2021-1A
		A2 144A 1.08%
		1/15/25 #		300,000		285,861
Total Non-Agency Asset-Backed Securities
	(cost $868,175)					803,278
Non-Agency Commercial Mortgage-Backed Securities – 1.34%
	BANK
		Series 2019-
		BN21 A5 2.851%
		10/17/52		100,000		96,556
		Series 2020-
		BN25 A5 2.649%
		1/15/63		500,000		475,185
		Series 2021-
		BN36 A5 2.47% 9/15/64		776,000		725,527
		Series 2022-
		BNK40 A4 3.507%
		3/15/64 •		500,000		503,459
	Benchmark Mortgage
		Trust
		Series 2020-
		B17 A5 2.289% 3/15/53		500,000		461,954
		Series 2020-
		B20 A5 2.034%
		10/15/53		400,000		360,783
		Series 2022-
		B33 A5 3.458% 3/15/55		500,000		504,759
	Cantor Commercial Real
		Estate Lending
		Series 2019-
		CF2 A5 2.874%
		11/15/52		350,000		337,158
	Citigroup Commercial
		Mortgage Trust
		Series 2019-
		C7 A4 3.102% 12/15/72		500,000		488,547
	GS Mortgage Securities
		Trust
		Series 2017-
		GS5 A4 3.674% 3/10/50		350,000		352,796
		Series 2017-
		GS6 A3 3.433% 5/10/50		350,000		349,318
		Series 2019-
		GC42 A4 3.001% 9/1/52		500,000		486,026
	JPM-DB Commercial
		Mortgage Securities
		Trust
		Series 2017-
		C7 A5 3.409% 10/15/50		350,000		350,675
	Morgan Stanley Bank of
		America Merrill Lynch
		Trust
		Series 2016-
		C29 A4 3.325% 5/15/49		350,000		347,519
	Wells Fargo Commercial
		Mortgage Trust
		Series 2016-
		BNK1 A3 2.652%
		8/15/49		350,000		339,653
Total Non-Agency Commercial Mortgage-
	Backed Securities
	(cost $6,666,467)					6,179,915
Sovereign Bonds – 1.62%Δ
Angola – 0.04%
	Angolan Government
		International Bond
		9.375% 5/8/48		200,000		197,220
						197,220
Armenia – 0.04%
	Republic of Armenia
		International Bond
		144A 3.60% 2/2/31 #		200,000		158,923
						158,923
Chile – 0.02%
	Bonos de la Tesoreria de
		la Republica en pesos
		144A 2.80% 10/1/33 #	CLP	65,000,000		60,046

45

Schedules of investments
Delaware Total Return Fund

				Principal
				amount°	Value (US $)
Sovereign BondsΔ (continued)
Chile (continued)
	Bonos de la Tesoreria de
		la Republica en pesos
		5.00% 3/1/35	CLP	30,000,000	$	34,103
						94,149
Colombia – 0.15%
	Colombia Government
		International Bonds
		4.125% 2/22/42		217,000		170,076
		5.20% 5/15/49		200,000		171,204
	Colombian TES 7.00%
		6/30/32	COP	1,635,100,000		358,229
						699,509
Dominican Republic – 0.18%
	Dominican Republic
		International Bond
		144A 4.50% 1/30/30 #		913,000		839,969
						839,969
Egypt – 0.04%
	Egypt Government
		International Bond
		5.25% 10/6/25		200,000		193,280
						193,280
Honduras – 0.04%
	Honduras Government
		International Bond
		144A 5.625% 6/24/30 #		200,000		182,000
						182,000
Indonesia – 0.03%
	Indonesia Treasury Bond
		6.125% 5/15/28	IDR	1,768,000,000		121,609
						121,609
Ivory Coast – 0.11%
	Ivory Coast Government
		International Bonds
		144A 4.875% 1/30/32 #	EUR	200,000		195,463
		144A 6.125% 6/15/33 #		234,000		227,313
		144A 6.875% 10/17/40 #	EUR	100,000		100,900
						523,676
Mongolia – 0.06%
	Mongolia Government
		International Bond
		144A 5.625% 5/1/23 #		269,000		271,353
						271,353
Morocco – 0.12%
	Morocco Government
		International Bonds
		144A 1.375% 3/30/26 #	EUR	270,000		288,062
	Morocco Government
		International Bonds
		144A 2.375% 12/15/27 #		300,000		274,494
						562,556
Nigeria – 0.04%
	Nigeria Government
		International Bond
		144A 8.375% 3/24/29 #		200,000		202,376
						202,376
North Macedonia – 0.02%
	North Macedonia
		Government
		International Bond
		144A 3.675% 6/3/26 #	EUR	100,000		110,661
						110,661
Paraguay – 0.21%
	Paraguay Government
		International Bond
		144A 4.95% 4/28/31 #		742,000		778,180
		5.60% 3/13/48		200,000		205,702
						983,882
Peru – 0.11%
	Peru Government Bond
		6.95% 8/12/31	PEN	743,000		207,362
	Peruvian Government
		International Bonds
		2.392% 1/23/26		300,000		291,657
						499,019
Romania – 0.02%
	Romanian Government
		International Bond
		144A 2.625% 12/2/40 #	EUR	100,000		84,524
						84,524
Senegal – 0.04%
	Senegal Government
		International Bond
		144A 6.25% 5/23/33 #		200,000		189,290
						189,290
Serbia – 0.10%
	Serbia International Bonds
		144A 2.125% 12/1/30 #		200,000		167,910
		144A 3.125% 5/15/27 #	EUR	250,000		270,078
						437,988

46

				Principal
				amount°	Value (US $)
Sovereign BondsΔ (continued)
South Africa – 0.08%
	Republic of South Africa
		Government
		International Bond
		5.65% 9/27/47		400,000	$	350,258
						350,258
Uruguay – 0.05%
	Uruguay Government
		International Bonds
		4.50% 8/14/24		69,000		71,157
		9.875% 6/20/22	UYU	6,623,000		161,609
						232,766
Uzbekistan – 0.12%
	Republic of Uzbekistan
		International Bonds
		144A 3.90% 10/19/31 #		200,000		177,210
		144A 4.75% 2/20/24 #		374,000		375,180
						552,390
Total Sovereign Bonds
	(cost $8,095,937)					7,487,398
Supranational Banks – 0.19%
	Banque Ouest Africaine de
		Developpement
		144A 4.70% 10/22/31 #		306,000		303,139
	Central American Bank for
		Economic Integration
		144A 2.00% 5/6/25 #		400,000		388,476
	European Investment
		Bank
		5.50% 1/23/23	MXN	3,931,000		192,123
Total Supranational Banks
	(cost $895,295)					883,738
US Treasury Obligations – 1.83%
	US Treasury Bonds
		1.75% 8/15/41		365,000		316,580
		1.875% 11/15/51		195,000		171,112
		2.00% 11/15/41		185,000		167,454
		2.25% 8/15/46		1,035,000		969,100
		2.375% 2/15/42		170,000		164,023
		4.375% 2/15/38		780,000		987,401
	US Treasury Note
		1.875% 2/15/32		90,000		86,442
	US Treasury Notes
		1.50% 2/15/25		1,900,000		1,847,008
		1.50% 1/31/27		2,155,000		2,059,709
		1.875% 2/28/29		1,330,000		1,284,177
		2.50% 3/31/27		240,000		240,544
	US Treasury Strip Principal
		2.225% 5/15/44 ^		335,000		187,046
Total US Treasury Obligations
	(cost $8,867,498)					8,480,596
				Number of
				shares
Common Stocks – 62.29%
Banks – 0.58%
	US Bancorp			50,600	$	2,689,390
						2,689,390
Basic Materials – 0.30%
	Dow			21,716		1,383,744
						1,383,744
Biotechnology – 0.15%
	Amgen			2,801		677,338
						677,338
Communication Services – 1.93%
	Alphabet Class C †			594		1,659,036
	AT&T			103,369		2,442,609
	KDDI			25,500		836,059
	Orange			46,630		552,160
	Publicis Groupe			8,750		531,070
	Walt Disney †			21,313		2,923,291
						8,944,225
Communications – 2.42%
	Alphabet Class A †			560		1,557,556
	eBay			14,404		824,773
	Meta Platforms Class A †			5,424		1,206,081
	Motorola Solutions			12,306		2,980,513
	Verizon Communications			91,102		4,640,736
						11,209,659
Consumer Discretionary – 7.81%
	adidas AG			4,540		1,057,938
	Amazon.com †			1,353		4,410,712
	Best Buy			17,815		1,619,384
	Buckle			42,047		1,389,233
	Dollar General			12,807		2,851,222
	Dollar Tree †			18,100		2,898,715
	Ethan Allen Interiors			24,292		633,292
	H & M Hennes & Mauritz
		Class B		28,310		380,137
	Home Depot			9,246		2,767,605
	Lowe's			11,190		2,262,506
	NIKE Class B			12,779		1,719,542
	PulteGroup			3,220		134,918
	Ross Stores			17,728		1,603,675
	Sodexo			13,350		1,086,369
	Sturm Ruger & Co.			6,656		463,391
	Swatch Group			4,570		1,295,705

47

Schedules of investments
Delaware Total Return Fund

			Number of
			shares	Value (US $)
Common Stocks (continued)
Consumer Discretionary (continued)
	Tesla †		1,423	$	1,533,425
	TJX		76,900		4,658,602
	Tractor Supply		9,717		2,267,656
	Ulta Beauty †		2,851		1,135,325
					36,169,352
Consumer Staples – 4.20%
	Altria Group		45,750		2,390,438
	Archer-Daniels-Midland		32,200		2,906,372
	Asahi Group Holdings		7,400		269,512
	Conagra Brands		88,200		2,960,874
	Danone		16,140		891,622
	Diageo		34,330		1,741,375
	Essity Class B		36,870		870,096
	Kao		21,900		894,191
	Kellogg		10,868		700,877
	Koninklijke Ahold Delhaize		33,690		1,083,656
	Nestle		12,860		1,672,040
	Philip Morris International		25,706		2,414,822
	Seven & i Holdings		13,800		657,945
					19,453,820
Electric – 0.24%
	NRG Energy		28,927		1,109,640
					1,109,640
Energy – 3.73%
	Chevron		7,847		1,277,727
	ConocoPhillips		54,195		5,419,500
	Devon Energy		20,717		1,224,996
	Enphase Energy †		948		191,287
	EOG Resources		6,278		748,526
	Exxon Mobil		39,210		3,238,354
	Kinder Morgan		113,843		2,152,771
	Marathon Petroleum		19,601		1,675,886
	Williams		40,710		1,360,121
					17,289,168
Financials – 4.61%
	Ameriprise Financial		5,162		1,550,458
	BlackRock		2,834		2,165,658
	Blackstone		16,320		2,071,661
	Diamond Hill Investment Group		3,043		569,954
	Discover Financial Services		30,470		3,357,489
	Invesco		58,795		1,355,813
	New Residential Investment		60,869		668,342
	Principal Financial Group		29,696		2,179,983
	Prudential Financial		20,045		2,368,718
	S&P Global		3,013		1,235,872
	Synchrony Financial		32,417		1,128,436
	Truist Financial		47,400		2,687,580
					21,339,964
Healthcare – 9.01%
	AbbVie		19,314		3,130,993
	AmerisourceBergen		14,241		2,203,225
	Baxter International		36,600		2,837,964
	Bristol-Myers Squibb		35,695		2,606,806
	Cigna		11,800		2,827,398
	CVS Health		25,900		2,621,339
	Eli Lilly & Co.		752		215,350
	Fresenius Medical Care AG &
		Co.	16,790		1,125,112
	Gilead Sciences		9,766		580,589
	Hologic †		10,654		818,440
	Johnson & Johnson		37,791		6,697,699
	Merck & Co.		65,330		5,360,327
	Molina Healthcare †		4,348		1,450,449
	Novo Nordisk Class B		13,310		1,476,294
	Pfizer		59,511		3,080,884
	Roche Holding		2,770		1,095,983
	Smith & Nephew		88,190		1,402,651
	UnitedHealth Group		1,661		847,060
	Viatris		125,526		1,365,723
					41,744,286
Industrials – 3.39%
	Dover		17,953		2,816,826
	Honeywell International		14,684		2,857,213
	Intertek Group		9,050		617,371
	Knorr-Bremse		6,900		528,933
	Lockheed Martin		4,236		1,869,770
	Makita		15,900		508,746
	Northrop Grumman		6,200		2,772,764
	Raytheon Technologies		28,132		2,787,037
	Securitas Class B		82,080		925,971
					15,684,631
Information Technology – 9.44%
	Amadeus IT Group †		24,750		1,609,198
	Apple		69,974		12,218,160
	Applied Materials		4,575		602,985
	Cisco Systems		87,007		4,851,510
	Cognizant Technology Solutions
		Class A	31,245		2,801,739
	HP		60,413		2,192,992
	International Business Machines		9,059		1,177,851
	Microsoft		32,935		10,154,190
	Monolithic Power Systems		4,028		1,956,319
	NetApp		23,981		1,990,423
	NVIDIA		5,239		1,429,514
	SAP		9,230		1,022,944
	Western Union		92,659		1,736,430
					43,744,255

48

			Number of
			shares	Value (US $)
Common Stocks (continued)
Insurance – 2.17%
	American Financial Group		14,298	$	2,082,075
	American International Group		45,000		2,824,650
	MetLife		73,456		5,162,487
					10,069,212
Materials – 0.92%
	Air Liquide		8,110		1,418,795
	DuPont de Nemours		38,300		2,818,114
					4,236,909
Media – 0.61%
	Comcast Class A		60,367		2,826,383
					2,826,383
REIT Diversified – 0.52%
	Digital Realty Trust		3,470		492,046
	Equinix		895		663,750
	VICI Properties		43,912		1,249,735
					2,405,531
REIT Healthcare – 0.39%
	Healthcare Trust of America
		Class A	7,713		241,725
	Healthpeak Properties		2,165		74,325
	Omega Healthcare Investors		28,993		903,422
	Ventas		1,243		76,768
	Welltower		5,422		521,271
					1,817,511
REIT Hotel – 0.02%
	Chatham Lodging Trust †		7,582		104,556
					104,556
REIT Industrial – 0.10%
	Duke Realty		7,527		437,018
	Rexford Industrial Realty		241		17,976
					454,994
REIT Mall – 0.09%
	Simon Property Group		3,007		395,601
					395,601
REIT Manufactured Housing – 0.12%
	Equity LifeStyle Properties		2,200		168,256
	Sun Communities		2,071		363,026
					531,282
REIT Multifamily – 1.03%
	American Campus Communities		407		22,780
	American Homes 4 Rent
		Class A	3,515		140,705
	AvalonBay Communities		1,470		365,104
	Equity Residential		36,979		3,325,152
	Essex Property Trust		1,363		470,889
	Invitation Homes		11,425		459,057
					4,783,687
REIT Office – 0.05%
	Boston Properties		436		56,157
	City Office REIT		1,024		18,084
	Highwoods Properties		3,825		174,955
					249,196
REIT Self-Storage – 0.33%
	Extra Space Storage		2,408		495,085
	National Storage Affiliates Trust		2,695		169,138
	Public Storage		2,249		877,740
					1,541,963
REIT Shopping Center – 0.15%
	Phillips Edison & Co.		5,702		196,092
	Regency Centers		3,141		224,079
	Retail Opportunity Investments		11,170		216,586
	SITE Centers		4,713		78,754
					715,511
REIT Single Tenant – 0.19%
	Essential Properties Realty
		Trust	4,757		120,352
	Four Corners Property Trust		5,447		147,287
	National Retail Properties		2,382		107,047
	Orion Office REIT		414		5,796
	Realty Income		5,093		352,945
	STORE Capital		4,959		144,952
					878,379
REIT Specialty – 0.01%
	EPR Properties		305		16,686
	WP Carey		627		50,687
					67,373
REITs – 1.41%
	Agree Realty		973		64,568
	Alexandria Real Estate Equities		2,414		485,817
	Apple Hospitality		13,433		241,391
	Brixmor Property Group		10,912		281,639
	Camden Property Trust		1,444		239,993
	CareTrust REIT		7,659		147,819
	Cousins Properties		4,885		196,817
	CubeSmart		2,709		140,949
	Douglas Emmett		1,227		41,006
	Gaming and Leisure Properties		4,042		189,691
	Iron Mountain		13,105		726,148
	Kilroy Realty		1,484		113,407
	Kimco Realty		7,299		180,285
	Kite Realty Group Trust		6,591		150,077
	Lamar Advertising Class A		908		105,491

49

Schedules of investments
Delaware Total Return Fund

			Number of
			shares	Value (US $)
Common Stocks (continued)
REITs (continued)
	Life Storage		2,211	$	310,491
	LXP Industrial Trust		15,137		237,651
	Medical Properties Trust		10,573		223,513
	Mid-America Apartment
		Communities	1,006		210,707
	Outfront Media		634		18,025
	Piedmont Office Realty Trust
		Class A	5,959		102,614
	Plymouth Industrial REIT		1,919		52,005
	Prologis		10,275		1,659,207
	Spirit Realty Capital		4,375		201,338
	Terreno Realty		2,161		160,022
	UDR		457		26,218
	Urban Edge Properties		1,768		33,769
					6,540,658
Retail – 0.26%
	Bath & Body Works		24,798		1,185,344
					1,185,344
Technology – 5.19%
	Adobe †		4,969		2,263,976
	Advanced Micro Devices †		18,309		2,001,906
	Broadcom		9,571		6,026,667
	Dropbox Class A †		28,535		663,439
	Fidelity National Information
		Services	29,081		2,920,314
	KLA		1,563		572,152
	Lam Research		3,397		1,826,261
	Oracle		34,300		2,837,639
	Paychex		17,212		2,348,921
	Paycom Software †		1,216		421,198
	QUALCOMM		14,195		2,169,280
					24,051,753
Utilities – 0.92%
	Edison International		42,100		2,951,210
	Vistra		56,574		1,315,345
					4,266,555
Total Common Stocks
	(cost $250,948,156)				288,561,870
Convertible Preferred Stock – 1.62%
	2020 Mandatory
		Exchangeable Trust
		144A 6.50% exercise
		price $47.09, maturity
		date 5/16/23 #	506		494,615
	Algonquin Power & Utilities
		7.75% exercise price
		$18.00, maturity date
		6/15/24	7,926		392,813
	AMG Capital Trust II
		5.15% exercise price
		$195.47, maturity date
		10/15/37	9,591		512,831
	Bank of America 7.25%
		exercise price $50.00 ω	566		742,875
	El Paso Energy Capital
		Trust I 4.75% exercise
		price $34.49, maturity
		date 3/31/28	20,525		1,022,145
	Elanco Animal Health
		5.00% exercise price
		$38.40, maturity date
		2/1/23	11,606		472,828
	Essential Utilities 6.00%
		exercise price $42.19,
		maturity date 4/30/22	20,550		1,257,455
	Lyondellbasell Advanced
		Polymers 6.00%
		exercise price $52.33 ω	744		694,152
	RBC Bearings 5.00%
		exercise price $226.60,
		maturity date 10/15/24	7,231		721,075
	UGI 7.25% exercise price
		$52.57, maturity date
		6/1/24	7,720		694,800
	Wells Fargo & Co. Non
		Voting Shares 7.50%
		exercise price
		$156.71 ω	356		471,700
Total Convertible Preferred Stock
	(cost $7,555,142)				7,477,289
Exchange-Traded Funds – 5.23%
	iShares Core MSCI Emerging
		Markets ETF	214,768		11,930,362
	iShares Global Infrastructure
		ETF	236,402		12,023,406
	iShares MSCI EAFE ETF		180		13,248
	iShares Trust iShares ESG
		Aware MSCI EAFE ETF	3,070		226,351
	Vanguard FTSE Developed
		Markets ETF	920		44,188
Total Exchange-Traded Funds
	(cost $24,990,323)				24,237,555

50

			Principal
			amount°	Value (US $)
Limited Liability Corporation – 2.18%
	Sc Hixson Pp
		0.000%
		1/7/20<<, =, †, π	7,200,000	$	10,113,120
Total Limited Liability Corporation
	(cost $6,498,000)				10,113,120
			Number of
			shares
Short-Term Investments – 1.31%
Money Market Mutual Funds – 1.31%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.23%)	1,514,303		1,514,303
	Fidelity Investments
		Money Market
		Government Portfolio –
		Class I (seven-day
		effective yield 0.12%)	1,514,303		1,514,303
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.25%)	1,514,303		1,514,303
	Morgan Stanley
		Government Portfolio –
		Institutional Share Class
		(seven-day effective
		yield 0.23%)	1,514,303		1,514,303
Total Short-Term Investments
	(cost $6,057,212)				6,057,212
Total Value of
	Securities–99.68%
	(cost $423,978,203)			$	461,752,231

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $42,282,554, which represents 9.13% of the Fund's net assets. See Note 9 in “Notes to financial statements.”
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
Δ	Securities have been classified by country of risk.
†	Non-income producing security.
ω	Perpetual security with no stated maturity date.
<<	Affiliated company. See Note 2 in "Notes to financial statements."
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2022, the aggregate value of restricted securities was $10,113,120, which represented 2.18% of the Fund’s net assets. See Note 9 in “Notes to financial statements” and the following table, for additional details on restricted securities.

Restricted Securities

Investments	Date of Acquisition	Cost	Value
Sc Hixson Pp	1/7/20	$6,498,000	$10,113,120

51

Schedules of investments
Delaware Total Return Fund

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2022:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date		Appreciation		Depreciation
BNYM	EUR	24,371		USD	(27,206	)		4/1/22	$	—	$	(245	)
BNYM	JPY	(552,825	)	USD	4,527			4/1/22		—		(13	)
BNYM	SEK	(180,663	)	USD	19,495			4/1/22		281		—
CITI	COP	(1,034,440,000	)	USD	269,431			6/24/22		—		(1,333	)
JPMCB	CLP	(12,553,749	)	USD	16,115			4/1/22		162		—
JPMCB	CLP	226,778,750		USD	(286,952	)		6/24/22		—		(2,928	)
JPMCB	EUR	(941,834	)	USD	1,036,739			6/24/22		—		(8,775	)
JPMCB	MXN	20,507		USD	(1,003	)		6/24/22		12		—
Total Foreign Currency Exchange Contracts									$	455	$	(13,294	)

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
8	US Treasury 5 yr Notes	$	917,500		$	952,206		6/30/22	$	—	$	(34,706	)	$	1,125
	US Treasury 10 yr
(16)	Notes		(1,966,000	)		(2,022,460	)	6/21/22		56,460		—			(4,000	)
	US Treasury 10 yr Ultra
(4)	Notes		(541,875	)		(559,553	)	6/21/22		17,678		—			(1,625	)
	US Treasury Ultra
(2)	Bonds		(354,250	)		(366,448	)	6/21/22		12,198		—			(2,125	)
Total Futures Contracts					$	(1,996,255	)		$	86,336	$	(34,706	)	$	(6,625	)

¹ See Note 6 in "Notes to financial statements".

The use of foreign currency exchange contracts and futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin is reflected in the Fund’s net assets.

Summary of abbreviations:

AG – Aktiengesellschaft

BNYM – Bank of New York Mellon

CDS – Credit Default Swap

CITI – Citigroup

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

DB – Deutsche Bank

DIFC – Dubai International Financial Centre

EAFE – Europe, Australasia, and Far East

ESG – Environmental, Social, and Governance

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

52

Summary of abbreviations: (continued)

GNMA – Government National Mortgage Association

GS – Goldman Sachs

ICE – Intercontinental Exchange, Inc.

JPMCB – JPMorgan Chase Bank

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rate

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

MSCI – Morgan Stanley Capital International

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s Financial Services LLC

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

TBA – To be announced

yr – Year

Summary of currencies:

CLP – Chilean Peso

COP – Colombian Peso

EUR – European Monetary Unit

IDR – Indonesian Rupiah

JPY – Japanese Yen

KZT – Kazakhstani Tenge

MXN – Mexican Peso

PEN – Peruvian Sol

SEK – Swedish Krona

USD – US Dollar

UYU – Uruguayan Peso

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

53

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

March 31, 2022 (Unaudited)

		Delaware		Delaware		Delaware
		Equity Income		Growth and		Growth Equity
		Fund		Income Fund		Fund
Assets:
	Investments, at value*	$	289,237,203	$	1,048,363,409	$	504,391,419
	Cash		759		280		1,486
	Receivable for securities sold		3,044,167		10,792,512		—
	Dividends and interest receivable		531,170		1,921,113		207,569
	Receivable for fund shares sold		48,051		597,948		334,487
	Other assets		2,015		7,284		4,148
	Total Assets		292,863,365		1,061,682,546		504,939,109
Liabilities:
	Payable for securities purchased		2,753,188		10,219,426		—
	Payable for fund shares redeemed		204,518		1,275,356		685,091
	Investment management fees payable to affiliates		150,537		552,476		273,982
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		62,773		249,456		121,218
	Distribution fees payable to affiliates		60,813		221,141		98,912
	Reports and statements to shareholders expenses payable to non-affiliates		34,393		107,909		44,566
	Accounting and administration expenses payable to non-affiliates		33,229		77,450		48,421
	Registration fees payable to affiliates		18,781		15,169		9,681
	Audit and tax fees payable		14,476		14,477		14,477
	Custody fees payable		5,906		16,270		14,148
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,268		8,227		3,902
	Trustees’ fees and expenses payable to affiliates		1,372		4,975		2,378
	Accounting and administration expenses payable to affiliates		1,022		2,816		1,514
	Other accrued expenses		1,009		6,435		965
	Legal fees payable to affiliates		719		2,607		1,246
	Reports and statements to shareholders expenses payable to affiliates		147		533		256
	Distribution payable		—		6,302		—
	Total Liabilities		3,345,151		12,781,025		1,320,757
Total Net Assets		$	289,518,214	$	1,048,901,521	$	503,618,352
Net Assets Consist of:
	Paid-in capital	$	236,786,625	$	835,151,440	$	274,149,496
	Total distributable earnings (loss)		52,731,589		213,750,081		229,468,856
Total Net Assets		$	289,518,214	$	1,048,901,521	$	503,618,352

54

	Delaware			Delaware			Delaware
	Equity Income			Growth and			Growth Equity
	Fund			Income Fund			Fund
Net Asset Value
Class A:
Net assets	$	287,218,107		$	1,044,238,195		$	472,578,634
Shares of beneficial interest outstanding, unlimited authorization, no par		40,206,872			73,123,454			37,798,357
Net asset value per share	$	7.14		$	14.28		$	12.50
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	7.58		$	15.15		$	13.26
Institutional Class:
Net assets	$	2,279,315		$	4,617,491		$	30,733,169
Shares of beneficial interest outstanding, unlimited authorization, no par		316,092			322,816			2,351,821
Net asset value per share	$	7.21		$	14.30		$	13.07
Class R6:
Net assets	$	20,792		$	45,835		$	306,549
Shares of beneficial interest outstanding, unlimited authorization, no par		2,915			3,181			23,176
Net asset value per share	$	7.13		$	14.41		$	13.23
____________________
*Investments, at cost	$	244,923,116		$	863,327,174		$	326,143,895

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

55

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

						Delaware
		Delaware		Delaware		Covered Call
		Opportunity		Global Equity		Strategy
		Fund		Fund		Fund
Assets:
	Investments, at value*	$	649,297,319	$	205,917,603	$	127,953,971
	Cash		431		116		137,957
	Foreign currencies, at valueΔ		—		201,060		—
	Receivable for securities sold		12,100,670		324,508		353,462
	Dividends and interest receivable		711,734		381,568		39,204
	Receivable for fund shares sold		291,408		48,998		72,030
	Foreign tax reclaims receivable		—		1,209,281		—
	Unrealized appreciation on foreign currency exchange contracts		—		1,918		—
	Other assets		4,766		1,594		897
	Total Assets		662,406,328		208,086,646		128,557,521
Liabilities:
	Options written, at valueΣ		—		—		4,217,066
	Payable for securities purchased		1,330,186		202,209		16,285
	Payable for fund shares redeemed		661,504		145,577		201,181
	Investment management fees payable to affiliates		409,766		140,511		87,224
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		144,813		51,630		29,234
	Distribution fees payable to affiliates		138,109		43,076		18,738
	Reports and statements to shareholders expenses payable to non-affiliates		57,458		31,103		17,759
	Accounting and administration expenses payable to non-affiliates		54,581		29,923		25,541
	Custody fees payable		16,285		35,749		2,440
	Registration fees payable to affiliates		16,149		17,199		—
	Audit and tax fees payable		14,702		14,913		17,204
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		5,139		1,608		955
	Other accrued expenses		3,865		7,286		3,305
	Trustees' fees and expenses payable		3,154		1,025		578
	Accounting and administration expenses payable to affiliates		1,886		824		627
	Legal fees payable to affiliates		1,653		537		222
	Reports and statements to shareholders expenses payable to affiliates		335		105		64
	Distribution payable		23		142		—
	Unrealized depreciation on foreign currency exchange contracts		—		907		—
	Registrar and transfer agent fees payable		—		—		17,119
	Total Liabilities		2,859,608		724,324		4,655,542
Total Net Assets		$	659,546,720	$	207,362,322	$	123,901,979
Net Assets Consist of:
	Paid-in capital	$	441,455,749	$	207,188,426	$	79,300,929
	Total distributable earnings (loss)		218,090,971		173,896		44,601,050
Total Net Assets		$	659,546,720	$	207,362,322	$	123,901,979

56

							Delaware
	Delaware			Delaware			Covered Call
	Opportunity			Global Equity			Strategy
	Fund			Fund			Fund
Net Asset Value
Class A:
Net assets	$	655,630,368		$	205,036,942		$	89,800,034
Shares of beneficial interest outstanding, unlimited authorization, no par		18,947,727			34,291,721			6,546,237
Net asset value per share	$	34.60		$	5.98		$	13.72
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	36.71		$	6.34		$	14.56
Institutional Class:
Net assets	$	3,856,052		$	2,302,272		$	34,054,357
Shares of beneficial interest outstanding, unlimited authorization, no par		106,346			360,222			2,489,806
Net asset value per share	$	36.26		$	6.39		$	13.68
Class R6:
Net assets	$	60,300		$	23,108		$	47,588
Shares of beneficial interest outstanding, unlimited authorization, no par		1,639			3,569			3,493
Net asset value per share	$	36.79		$	6.47		$	13.62
____________________
*Investments, at cost	$	455,986,750		$	207,252,284		$	80,895,765
ΔForeign currencies, at cost		—			200,141			—
ΣOptions written, premium received		—			—			(3,968,372	)

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

57

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

		Delaware
		Hedged
		U.S. Equity		Delaware			Delaware
		Opportunities		Premium			Total Return
		Fund		Income Fund			Fund
Assets:
	Investments, at value*	$	69,061,190	$	57,872,720		$	451,639,111
	Investments of affiliated issuers, at value**		—		—			10,113,120
	Cash		834,738		210,949			100,187
	Cash collateral due from brokers		—		—			47,234
	Foreign currencies, at valueΔ		25,134		—			31,480
	Variation margin due from broker on futures contracts		161,364		—			—
	Receivable for securities sold		159,884		142,499			4,617,874
	Dividends and interest receivable		53,557		34,092			1,408,678
	Receivable for fund shares sold		44,557		21,418			201,347
	Unrealized appreciation on foreign currency exchange contracts		13,165		—			455
	Foreign tax reclaims receivable		1,321		—			148,197
	Other assets		489		1,061			3,373
	Total Assets		70,355,399		58,282,739			468,311,056
Liabilities:
	Options written, at valueΣ		389,531		10,448,857			—
	Payable for securities purchased		199,451		—			3,946,470
	Payable for fund shares redeemed		68,321		25,992			364,354
	Investment management fees payable to affiliates		58,151		26,979			244,780
	Unrealized depreciation on foreign currency exchange contracts		21,296		—			13,294
	Accounting and administration expenses payable to non-affiliates		20,932		19,867			43,936
	Audit and tax fees payable		17,456		16,501			25,943
	Registration fees payable to affiliates		16,981		—			17,044
	Custody fees payable		15,803		1,054			29,456
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		13,375		9,198			102,431
	Reports and statements to shareholders expenses payable to non-affiliates		9,193		10,062			52,562
	Distribution fees payable to affiliates		8,498		4,266			97,273
	Other accrued expenses		4,402		2,443			42,063
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		538		374			3,612
	Accounting and administration expenses payable to affiliates		502		452			1,427
	Trustees' fees and expenses payable to affiliates		310		—			2,203
	Legal fees payable to affiliates		162		119			1,154
	Reports and statements to shareholders expenses payable to affiliates		35		24			235
	Variation margin due to broker on futures contracts		—		—			6,625
	Cash collateral due to brokers		—		—			60,000
	Trustees' fees and expenses payable		—		228			—
	Registrar and transfer agent fees payable		—		16,115			—
	Total Liabilities		844,937		10,582,531			5,054,862
Total Net Assets		$	69,510,462	$	47,700,208		$	463,256,194
Net Assets Consist of:
	Paid-in capital	$	60,085,431	$	51,392,672		$	413,292,082
	Total distributable earnings (loss)		9,425,031		(3,692,464	)		49,964,112
Total Net Assets		$	69,510,462	$	47,700,208		$	463,256,194

58

	Delaware
	Hedged
	U.S. Equity			Delaware			Delaware
	Opportunities			Premium			Total Return
	Fund			Income Fund			Fund
Net Asset Value
Class A:
Net assets	$	40,321,496		$	19,998,379		$	461,798,662
Shares of beneficial interest outstanding, unlimited authorization, no par		4,422,372			1,894,591			29,900,136
Net asset value per share	$	9.12		$	10.56		$	15.44
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.68		$	11.20		$	16.38
Institutional Class:
Net assets	$	29,173,680		$	27,690,718		$	1,422,579
Shares of beneficial interest outstanding, unlimited authorization, no par		3,109,762			2,621,938			91,662
Net asset value per share	$	9.38		$	10.56		$	15.52
Class R6:
Net assets	$	15,286		$	11,111		$	34,953
Shares of beneficial interest outstanding, unlimited authorization, no par		1,626			2,105			2,245
Net asset value per share	$	9.40		$	5.28		$	15.57
____________________
*Investments, at cost	$	62,012,173		$	45,201,633		$	416,599,785
**Investments of affiliated issuers, at cost		—			—			6,498,000
ΔForeign currencies, at cost		25,387			—			31,807
ΣOptions written, premium received		(746,009	)		(10,467,555	)		—

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

59

Statements of operations (continued)
Delaware Group^® Equity Funds IV (Trust)

Six months ended March 31, 2022 (Unaudited)

		Delaware				Delaware				Delaware
		Equity Income Fund				Growth and Income Fund				Growth Equity Fund
Investment Income:
	Dividends		$	4,369,744			$	15,745,001			$	2,093,085
Expenses:
	Management fees			951,041				3,273,738				1,811,255
	Distribution expenses — Class A			363,504				1,313,267				643,529
	Dividend disbursing and transfer agent fees
	and expenses			173,071				668,629				329,172
	Accounting and administration expenses			44,653				110,579				70,741
	Registration fees			27,303				28,624				27,620
	Reports and statements to shareholders
	expenses			20,519				61,935				23,693
	Audit and tax fees			14,476				14,477				14,477
	Legal fees			7,352				34,640				20,559
	Custodian fees			5,070				16,197				13,343
	Trustees’ fees and expenses			4,711				16,908				9,650
	Other			7,705				15,394				11,117
				1,619,405				5,554,388				2,975,156
	Less expenses waived			(31,963	)			(18,945	)			—
	Less expenses paid indirectly			(966	)			(3,030	)			(1,345	)
	Total operating expenses			1,586,476				5,532,413				2,973,811
Net Investment Income (Loss)				2,783,268				10,212,588				(880,726	)

60

	Delaware			Delaware			Delaware
	Equity Income Fund			Growth and Income Fund			Growth Equity Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		$	11,086,096		$	30,349,692		$	67,507,343
Net change in unrealized appreciation
(depreciation) of investments			10,803,867			48,796,061			(71,209,095	)
Net Realized and Unrealized Gain (Loss)			21,889,963			79,145,753			(3,701,752	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		$	24,673,231		$	89,358,341		$	(4,582,478	)

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

61

Statements of operations (continued)

Delaware Group^® Equity Funds IV (Trust)

											Delaware
			Delaware				Delaware				Covered Call Strategy
			Opportunity Fund				Global Equity Fund				Fund
Investment Income:
	Dividends			$	6,999,877			$	2,186,118			$	960,475
	Foreign tax withheld				—				(146,084	)			—
					6,999,877				2,040,034				960,475
Expenses:
	Management fees				2,497,757				966,254				512,166
	Distribution expenses — Class A				842,987				280,434				116,865
	Dividend disbursing and transfer agent fees
		and expenses			441,630				151,833				85,409
	Accounting and administration expenses				77,782				39,597				31,642
	Reports and statements to shareholders
		expenses			37,463				13,658				8,404
	Registration fees				26,616				25,613				24,107
	Legal fees				20,711				7,122				3,651
	Custodian fees				15,871				27,798				2,429
	Audit and tax fees				14,754				15,344				17,220
	Trustees’ fees and expenses				11,033				3,796				2,121
	Other				11,566				9,743				6,788
					3,998,170				1,541,192				810,802
	Less expenses waived				(11,693	)			(25,423	)			(14,741	)
	Less expenses paid indirectly				(2,060	)			(903	)			(553	)
	Total operating expenses				3,984,417				1,514,866				795,508
Net Investment Income					3,015,460				525,168				164,967

62

										Delaware
			Delaware			Delaware				Covered Call Strategy
			Opportunity Fund			Global Equity Fund				Fund
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments		$	29,749,958		$	7,781,849			$	7,266,191
		Foreign currencies			—			(5,615	)			—
		Foreign currency exchange contracts			—			(79,311	)			—
		Options written			—			—				(3,278,399	)
	Net realized gain				29,749,958			7,696,923				3,987,792
	Net change in unrealized appreciation
		(depreciation) of:
		Investments			19,370,901			(17,817,642	)			3,158,333
		Foreign currencies			—			(23,958	)			—
		Foreign currency exchange contracts			—			1,296				—
		Options written			—			—				(1,349,319	)
	Net change in unrealized appreciation
		(depreciation)			19,370,901			(17,840,304	)			1,809,014
Net Realized and Unrealized Gain (Loss)					49,120,859			(10,143,381	)			5,796,806
Net Increase (Decrease) in Net Assets
	Resulting from Operations			$	52,136,319		$	(9,618,213	)		$	5,961,773

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

63

Statements of operations (continued)

Delaware Group^® Equity Funds IV (Trust)

			Delaware
			Hedged U.S. Equity				Delaware				Delaware
			Opportunities Fund				Premium Income Fund				Total Return Fund
Investment Income:
	Dividends			$	397,315			$	613,731			$	4,498,104
	Interest				—				—				1,531,372
	Foreign tax withheld				(1,715	)			—				(33,501	)
					395,600				613,731				5,995,975
Expenses:
	Management fees				402,101				198,418				1,565,991
	Distribution expenses — Class A				54,028				26,455				601,613
	Dividend disbursing and transfer agent fees
		and expenses			41,534				28,523				295,722
	Accounting and administration expenses				25,547				23,857				61,317
	Registration fees				24,609				23,103				26,616
	Audit and tax fees				17,890				16,518				28,214
	Custodian fees				10,069				965				23,890
	Reports and statements to shareholders
		expenses			5,214				3,259				28,888
	Legal fees				2,097				1,451				24,443
	Trustees’ fees and expenses				1,150				817				7,948
	Other				7,138				6,181				34,030
					591,377				329,547				2,698,672
	Less expenses waived				(69,231	)			(42,381	)			(25,777	)
	Less expenses paid indirectly				(241	)			(171	)			(1,665	)
	Total operating expenses				521,905				286,995				2,671,230
Net Investment Income (Loss)					(126,305	)			326,736				3,324,745

64

			Delaware
			Hedged U.S. Equity				Delaware				Delaware
			Opportunities Fund				Premium Income Fund				Total Return Fund
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments		$	3,957,757			$	2,022,003			$	9,966,554
		Foreign currencies			(1,347	)			—				(99,007	)
		Foreign currency exchange contracts			36,966				—				104,705
		Futures contracts			305,757				—				120,090
		Options purchased			(766,183	)			—				—
		Options written			352,163				(2,040,954	)			—
		Swap contracts			—				—				(62	)
	Net realized gain (loss)				3,885,113				(18,951	)			10,092,280
	Net change in unrealized appreciation
		(depreciation) of:
		Investments			(2,738,651	)			1,849,879				443,441
		Affiliated investments			—				—				1,913,040
		Foreign currencies			(84	)			—				(3,291	)
		Foreign currency exchange contracts			(40,987	)			—				(18,806	)
		Futures contracts			(920,636	)			—				14,813
		Options purchased			(364,268	)			—				—
		Options written			230,003				(733,701	)			—
		Swap contracts			—				—				4,782
	Net change in unrealized appreciation
		(depreciation)			(3,834,623	)			1,116,178				2,353,979
Net Realized and Unrealized Gain					50,490				1,097,227				12,446,259
Net Increase (Decrease) in Net Assets
	Resulting from Operations			$	(75,815	)		$	1,423,963			$	15,771,004

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

65

Statements of changes in net assets

Delaware Group^® Equity Funds IV (Trust)

			Delaware Equity Income Fund						Delaware Growth and Income Fund
			Six months						Six months
			ended						ended
			3/31/22			Year ended			3/31/22			Year ended
			(Unaudited)			9/30/21			(Unaudited)			9/30/21
Increase in Net Assets from Operations:
	Net investment income		$	2,783,268		$	6,009,095		$	10,212,588		$	19,925,283
	Net realized gain			11,086,096			40,762,390			30,349,692			123,986,437
	Net change in unrealized appreciation (depreciation)			10,803,867			37,952,856			48,796,061			150,039,410
	Net increase in net assets resulting from operations			24,673,231			84,724,341			89,358,341			293,951,130
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(36,896,197	)		(24,457,751	)		(107,269,499	)		(71,056,321	)
		Institutional Class		(227,373	)		(110,899	)		(471,380	)		(340,754	)
		Class R6		(2,613	)		(6,268	)		(4,583	)		(17,294	)
				(37,126,183	)		(24,574,918	)		(107,745,462	)		(71,414,369	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		4,681,673			8,476,289			13,552,608			31,810,651
		Institutional Class		681,273			1,040,174			648,340			2,213,795
		Class R6		2			—			—			—
	Net asset value of shares issued upon reinvestment of dividends and
		distributions:
		Class A		36,749,522			24,369,427			106,896,448			70,843,149
		Institutional Class		227,373			110,899			471,380			340,033
		Class R6		2,613			6,268			4,583			17,294
				42,342,456			34,003,057			121,573,359			105,224,922
	Cost of shares redeemed:
		Class A		(32,033,876	)		(107,437,014	)		(94,951,228	)		(310,857,682	)
		Institutional Class		(341,521	)		(533,493	)		(1,238,063	)		(2,772,085	)
		Class R6		(1,679	)		(697,843	)		(153,683	)		(2,667,596	)
				(32,377,076	)		(108,668,350	)		(96,342,974	)		(316,297,363	)
	Increase (decrease) in net assets derived from capital share
		transactions		9,965,380			(74,665,293	)		25,230,385			(211,072,441	)
Net Increase (Decrease) in Net Assets				(2,487,572	)		(14,515,870	)		6,843,264			11,464,320
Net Assets:
	Beginning of period			292,005,786			306,521,656			1,042,058,257			1,030,593,937
	End of period		$	289,518,214		$	292,005,786		$	1,048,901,521		$	1,042,058,257

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

66

			Delaware Growth Equity Fund						Delaware Opportunity Fund
			Six months						Six months
			ended						ended
			3/31/22			Year ended			3/31/22			Year ended
			(Unaudited)			9/30/21			(Unaudited)			9/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	(880,726	)	$	(1,470,174	)	$	3,015,460		$	9,698,314
	Net realized gain			67,507,343			166,788,168			29,749,958			41,816,533
	Net change in unrealized appreciation (depreciation)			(71,209,095	)		58,692,023			19,370,901			209,856,575
	Net increase (decrease) in net assets resulting from operations			(4,582,478	)		224,010,017			52,136,319			261,371,422
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(156,566,728	)		(44,227,721	)		(37,289,204	)		(5,426,910	)
		Institutional Class		(14,457,651	)		(11,172,975	)		(253,207	)		(29,402	)
		Class R6		(486,387	)		(70,467	)		(2,855	)		—
				(171,510,766	)		(55,471,163	)		(37,545,266	)		(5,456,312	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		15,321,044			32,140,436			8,695,414			20,796,944
		Institutional Class		5,345,412			31,792,980			387,452			1,949,558
		Class R6		159,694			1,129,570			4,297			26,918
	Net asset value of shares issued upon reinvestment of dividends and
		distributions:
		Class A		156,152,281			44,114,355			37,209,192			5,409,732
		Institutional Class		14,449,952			11,166,619			253,207			29,402
		Class R6		486,387			70,467			2,855			—
				191,914,770			120,414,427			46,552,417			28,212,554
	Cost of shares redeemed:
		Class A		(56,303,477	)		(163,229,065	)		(65,766,574	)		(219,420,050	)
		Institutional Class		(54,769,521	)		(119,660,332	)		(934,100	)		(1,476,289	)
		Class R6		(1,691,872	)		(3,336,162	)		(179,099	)		(1,010,135	)
				(112,764,870	)		(286,225,559	)		(66,879,773	)		(221,906,474	)
	Increase (decrease) in net assets derived from capital share transactions			79,149,900			(165,811,132	)		(20,327,356	)		(193,693,920	)
Net Increase (Decrease) in Net Assets				(96,943,344	)		2,727,722			(5,736,303	)		62,221,190
Net Assets:
	Beginning of period			600,561,696			597,833,974			665,283,023			603,061,833
	End of period		$	503,618,352		$	600,561,696		$	659,546,720		$	665,283,023

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

67

Statements of changes in net assets
Delaware Group^® Equity Funds IV (Trust)

			Delaware Global Equity Fund						Delaware Covered Call Strategy Fund
			Six months						Six months
			ended						ended
			3/31/22			Year ended			3/31/22			Year ended
			(Unaudited)			9/30/21			(Unaudited)			9/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	525,168		$	2,665,084		$	164,967		$	837,226
	Net realized gain			7,696,923			23,291,280			3,987,792			23,594,739
	Net change in unrealized appreciation (depreciation)			(17,840,304	)		7,659,377			1,809,014			3,327,270
	Net increase (decrease) in net assets resulting from operations			(9,618,213	)		33,615,741			5,961,773			27,759,235
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(27,926,329	)		(12,688,395	)		(86,932	)		(677,582	)
		Institutional Class		(308,721	)		(805,368	)		(78,328	)		(320,034	)
		Class R6		(2,753	)		(2,751	)		(150	)		(978	)
				(28,237,803	)		(13,496,514	)		(165,410	)		(998,594	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		2,239,066			6,700,103			1,930,997			5,000,427
		Institutional Class		111,793			1,481,082			710,665			2,882,027
		Class R6		4,931			118,387			—			42,113
	Net asset value of shares issued upon reinvestment of dividends
		and distributions:
		Class A		27,811,296			12,628,543			86,558			673,593
		Institutional Class		308,721			805,368			73,554			296,723
		Class R6		2,753			2,751			150			787
				30,478,560			21,736,234			2,801,924			8,895,670
	Cost of shares redeemed:
		Class A		(21,476,719	)		(75,417,284	)		(12,048,301	)		(52,033,124	)
		Institutional Class		(12,996,150	)		(5,681,192	)		(2,882,693	)		(12,821,056	)
		Class R6		(120,190	)		(1,304,516	)		(2,432	)		(253,701	)
				(34,593,059	)		(82,402,992	)		(14,933,426	)		(65,107,881	)
	Decrease in net assets derived from capital share transactions			(4,114,499	)		(60,666,758	)		(12,131,502	)		(56,212,211	)
Net Decrease in Net Assets				(41,970,515	)		(40,547,531	)		(6,335,139	)		(29,451,570	)
Net Assets:
	Beginning of period			249,332,837			289,880,368			130,237,118			159,688,688
	End of period		$	207,362,322		$	249,332,837		$	123,901,979		$	130,237,118

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

68

			Delaware						Delaware
			Hedged U.S. Equity						Premium
			Opportunities Fund						Income Fund
			Six months						Six months
			ended						ended
			3/31/22			Year ended			3/31/22			Year ended
			(Unaudited)			9/30/21			(Unaudited)			9/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	(126,305	)	$	(279,735	)	$	326,736		$	896,675
	Net realized gain (loss)			3,885,113			9,961,474			(18,951	)		(6,008,017	)
	Net change in unrealized appreciation (depreciation)			(3,834,623	)		790,346			1,116,178			11,534,361
	Net increase (decrease) in net assets resulting from operations			(75,815	)		10,472,085			1,423,963			6,423,019
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(4,567,050	)		(12,646,227	)		(121,777	)		(403,701	)
		Institutional Class		(2,718,430	)		(4,921,276	)		(204,758	)		(491,110	)
		Class R6		(1,592	)		(22,403	)		(269	)		(1,540	)
				(7,287,072	)		(17,589,906	)		(326,804	)		(896,351	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		1,425,038			6,493,969			349,016			947,867
		Institutional Class		8,690,819			16,845,480			3,633,970			5,013,875
		Class R6		—			38,668			—			—
	Net asset value of shares issued upon reinvestment of dividends and
		distributions:
		Class A		4,536,813			12,579,722			120,855			399,834
		Institutional Class		2,718,430			4,921,276			200,117			459,186
		Class R6		1,592			22,403			269			1,412
				17,372,692			40,901,518			4,304,227			6,822,174
	Cost of shares redeemed:
		Class A		(6,022,190	)		(24,132,677	)		(2,967,815	)		(13,596,508	)
		Institutional Class		(4,202,216	)		(14,722,965	)		(2,992,107	)		(14,741,378	)
		Class R6		(1,294	)		(125,139	)		(4,866	)		(22,568	)
				(10,225,700	)		(38,980,781	)		(5,964,788	)		(28,360,454	)
	Increase (decrease) in net assets derived from capital share transactions			7,146,992			1,920,737			(1,660,561	)		(21,538,280	)
Net Decrease in Net Assets				(215,895	)		(5,197,084	)		(563,402	)		(16,011,612	)
Net Assets:
	Beginning of period			69,726,357			74,923,441			48,263,610			64,275,222
	End of period		$	69,510,462		$	69,726,357		$	47,700,208		$	48,263,610

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

69

Statements of changes in net assets
Delaware Group^® Equity Funds IV (Trust)

			Delaware Total
			Return Fund
			Six months
			ended
			3/31/22			Year ended
			(Unaudited)			9/30/21
Increase in Net Assets from Operations:
	Net investment income		$	3,324,745		$	8,052,340
	Net realized gain			10,092,280			66,531,942
	Net change in unrealized appreciation (depreciation)			2,353,979			33,743,111
	Net increase in net assets resulting from operations			15,771,004			108,327,393
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(62,969,872	)		(10,186,083	)
		Institutional Class		(174,889	)		(25,842	)
		Class R6		(4,679	)		(3,194	)
				(63,149,440	)		(10,215,119	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		7,754,891			19,064,709
		Institutional Class		462,271			1,197,743
		Class R6		649			1,596
	Net asset value of shares issued upon reinvestment of dividends and distributions:
		Class A		62,700,511			10,098,032
		Institutional Class		174,889			25,842
		Class R6		4,679			3,194
				71,097,890			30,391,116
	Cost of shares redeemed:
		Class A		(50,202,539	)		(188,287,340	)
		Institutional Class		(473,387	)		(790,311	)
		Class R6		(28,853	)		(735,529	)
				(50,704,779	)		(189,813,180	)
	Increase (decrease) in net assets derived from capital share transactions			20,393,111			(159,422,064	)
Net Decrease in Net Assets				(26,985,325	)		(61,309,790	)
Net Assets:
	Beginning of period			490,241,519			551,551,309
	End of period		$	463,256,194		$	490,241,519

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

70

Financial highlights
Delaware Equity Income Fund Class A

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)				9/30/21			9/30/202		9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	7.52		$	6.24		$	9.68		$	11.09		$	10.71		$	9.72
Income (loss) from investment operations:
Net investment income3		0.07			0.14			0.11			0.15			0.26			0.16
Net realized and unrealized gain (loss)		0.55			1.69			(0.51	)		(0.16	)		0.65			1.22
Total from investment operations		0.62			1.83			(0.40	)		(0.01	)		0.91			1.38
Less dividends and distributions from:
Net investment income		(0.12	)		(0.10	)		(0.13	)		(0.26	)		(0.17	)		(0.21	)
Net realized gain		(0.88	)		(0.45	)		(2.91	)		(1.14	)		(0.36	)		(0.18	)
Total dividends and distributions		(1.00	)		(0.55	)		(3.04	)		(1.40	)		(0.53	)		(0.39	)
Net asset value, end of period	$	7.14		$	7.52		$	6.24		$	9.68		$	11.09		$	10.71
Total return4		8.72%	5		30.49%	5		(7.89%	)		1.83%			8.68%			14.46%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	287,218		$	290,191		$	304,917		$	468,634		$	545,810		$	564,918
Ratio of expenses to average net assets6		1.09%			1.12%			1.16%			1.19%			1.20%			1.20%
Ratio of expenses to average net assets prior
to fees waived6		1.11%			1.13%			1.16%			1.19%			1.20%			1.20%
Ratio of net investment income to average net
assets		1.90%			1.90%			1.56%			1.58%			2.42%			1.58%
Ratio of net investment income to average net
assets prior to fees waived		1.88%			1.89%			1.56%			1.58%			2.42%			1.58%
Portfolio turnover		10%			57%			114%	7		39%			35%			15%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Equity Income Fund were reorganized into Class A shares of Delaware Equity Income Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Class A shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

71

Financial highlights
Delaware Equity Income Fund Institutional Class

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	7.58		$	6.28		$	9.73		$	11.16		$	10.77		$	9.74
Income (loss) from investment operations:
Net investment income3		0.56			0.16			0.13			0.20			0.31			0.19
Net realized and unrealized gain (loss)		0.64			1.71			(0.53	)		(0.20	)		0.65			1.23
Total from investment operations		1.20			1.87			(0.40	)		—			0.96			1.42
Less dividends and distributions from:
Net investment income		(0.13	)		(0.12	)		(0.14	)		(0.29	)		(0.21	)		(0.21	)
Net realized gain		(0.88	)		(0.45	)		(2.91	)		(1.14	)		(0.36	)		(0.18	)
Total dividends and distributions		(1.01	)		(0.57	)		(3.05	)		(1.43	)		(0.57	)		(0.39	)
Net asset value, end of period	$	7.21		$	7.58		$	6.28		$	9.73		$	11.16		$	10.77
Total return4		8.92%	5		30.91%	5		(7.72%	)5		1.97%			9.09%			14.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,279		$	1,794		$	926		$	1,786		$	80,387		$	71,611
Ratio of expenses to average net assets6		0.82%			0.85%			0.89%			0.86%			0.85%			0.84%
Ratio of expenses to average net assets prior to
fees waived6		0.86%			0.88%			0.94%			0.86%			0.85%			0.84%
Ratio of net investment income to average net
assets		2.17%			2.21%			1.86%			2.08%			2.79%			1.94%
Ratio of net investment income to average net
assets prior to fees waived		2.13%			2.18%			1.81%			2.08%			2.79%			1.94%
Portfolio turnover		10%			57%			114%	7		39%			35%			15%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Equity Income Fund were reorganized into Institutional Class shares of Delaware Equity Income Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Advisor Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

72

Delaware Equity Income Fund Class R6

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	7.51		$	6.23		$	9.67		$	11.12		$	10.72		$	9.78
Income (loss) from investment operations:
Net investment income3		0.55			0.16			0.14			0.19			0.31			0.37
Net realized and unrealized gain (loss)		0.63			1.69			(0.52	)		(0.17	)		0.66			1.06
Total from investment operations		1.18			1.85			(0.38	)		0.02			0.97			1.43
Less dividends and distributions from:
Net investment income		(0.13	)		(0.12	)		(0.15	)		(0.33	)		(0.21	)		(0.31	)
Net realized gain		(0.88	)		(0.45	)		(2.91	)		(1.14	)		(0.36	)		(0.18	)
Total dividends and distributions		(1.01	)		(0.57	)		(3.06	)		(1.47	)		(0.57	)		(0.49	)
Net asset value, end of period	$	7.13		$	7.51		$	6.23		$	9.67		$	11.12		$	10.72
Total return4		8.94%	5		30.91%	5		(7.54%	)5		2.18%			9.21%			14.84%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21		$	21		$	679		$	1,411		$	2,499		$	2,193
Ratio of expenses to average net assets6		0.76%			0.81%			0.82%			0.81%			0.80%			0.80%
Ratio of expenses to average net assets prior to
fees waived6		0.78%			0.82%			0.88%			0.81%			0.80%			0.80%
Ratio of net investment income to average net
assets		2.23%			2.46%			1.92%			1.94%			2.81%			2.02%
Ratio of net investment income to average net
assets prior to fees waived		2.21%			2.45%			1.86%			1.94%			2.81%			2.02%
Portfolio turnover		10%			57%			114%	7		39%			35%			15%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Equity Income Fund were reorganized into Class R6 shares of Delaware Equity Income Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Institutional Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

73

Financial highlights
Delaware Growth and Income Fund Class A

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	14.62		$	11.94		$	19.85		$	24.41		$	23.30		$	21.51
Income (loss) from investment operations:
Net investment income3		0.14			0.25			0.23			0.27			0.26			0.25
Net realized and unrealized gain (loss)		1.08			3.34			(0.95	)		(0.54	)		2.11			2.66
Total from investment operations		1.22			3.59			(0.72	)		(0.27	)		2.37			2.91
Less dividends and distributions from:
Net investment income		(0.21	)		(0.21	)		(0.25	)		(0.27	)		(0.32	)		(0.37	)
Net realized gain		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)		(0.75	)
Total dividends and distributions		(1.56	)		(0.91	)		(7.19	)		(4.29	)		(1.26	)		(1.12	)
Net asset value, end of period	$	14.28		$	14.62		$	11.94		$	19.85		$	24.41		$	23.30
Total return4		8.79%			30.89%			(7.99%	)		2.02%			10.35%			13.99%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,044,238		$	1,037,062		$	1,023,821		$	1,464,393		$	1,653,563		$	1,675,590
Ratio of expenses to average net assets5		1.05%			1.07%			1.10%			1.13%			1.14%			1.15%
Ratio of net investment income to average net
assets		1.94%			1.82%			1.71%			1.37%			1.08%			1.13%
Portfolio turnover		9%			51%			113%	6		55%			34%			16%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Growth & Income Fund were reorganized into Class A shares of Delaware Growth and Income Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Class A shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

74

Delaware Growth and Income Fund Institutional Class

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	14.64		$	11.99		$	19.87		$	24.58		$	23.46		$	21.67
Income (loss) from investment operations:
Net investment income3		0.16			0.29			0.30			0.33			0.35			0.33
Net realized and unrealized gain (loss)		1.08			3.34			(0.98	)		(0.55	)		2.11			2.69
Total from investment operations		1.24			3.63			(0.68	)		(0.22	)		2.46			3.02
Less dividends and distributions from:
Net investment income		(0.23	)		(0.28	)		(0.26	)		(0.47	)		(0.40	)		(0.48	)
Net realized gain		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)		(0.75	)
Total dividends and distributions		(1.58	)		(0.98	)		(7.20	)		(4.49	)		(1.34	)		(1.23	)
Net asset value, end of period	$	14.30		$	14.64		$	11.99		$	19.87		$	24.58		$	23.46
Total return4		8.92%			31.19%			(7.68%	)5		2.26%			10.73%			14.42%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,618		$	4,804		$	4,063		$	21,597		$	142,220		$	166,851
Ratio of expenses to average net assets6		0.80%			0.82%			0.85%			0.83%			0.79%			0.78%
Ratio of expenses to average net assets prior to
fees waived6		0.80%			0.82%			0.86%			0.83%			0.79%			0.78%
Ratio of net investment income to average net
assets		2.19%			2.08%			1.98%			1.66%			1.44%			1.50%
Ratio of net investment income to average net
assets prior to fees waived		2.19%			2.08%			1.97%			1.66%			1.44%			1.50%
Portfolio turnover		9%			51%			113%	7		55%			34%			16%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Growth & Income Fund were reorganized into Institutional Class shares of Delaware Growth and Income Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Advisor Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

75

Financial highlights
Delaware Growth and Income Fund Class R6

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	14.72		$	12.01		$	19.92		$	24.52		$	23.39		$	21.58
Income (loss) from investment operations:
Net investment income3		0.19			0.30			0.29			0.35			0.36			0.34
Net realized and unrealized gain (loss)		1.08			3.35			(0.96	)		(0.56	)		2.12			2.67
Total from investment operations		1.27			3.65			(0.67	)		(0.21	)		2.48			3.01
Less dividends and distributions from:
Net investment income		(0.23	)		(0.24	)		(0.30	)		(0.37	)		(0.41	)		(0.45	)
Net realized gain		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)		(0.75	)
Total dividends and distributions		(1.58	)		(0.94	)		(7.24	)		(4.39	)		(1.35	)		(1.20	)
Net asset value, end of period	$	14.41		$	14.72		$	12.01		$	19.92		$	24.52		$	23.39
Total return4		9.03%			31.25%	5		(7.63%	)5		2.34%			10.85%			14.47%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	46		$	192		$	2,710		$	5,597		$	11,067		$	10,839
Ratio of expenses to average net assets6		0.73%			0.75%			0.76%			0.75%			0.74%			0.74%
Ratio of expenses to average net assets prior to
fees waived6		0.73%			0.76%			0.81%			0.75%			0.74%			0.74%
Ratio of net investment income to average net
assets		2.56%			2.29%			2.07%			1.75%			1.49%			1.54%
Ratio of net investment income to average net
assets prior to fees waived		2.56%			2.28%			2.02%			1.75%			1.49%			1.54%
Portfolio turnover		9%			51%			113%	7		55%			34%			16%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Growth & Income Fund were reorganized into Class R6 shares of Delaware Growth and Income Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Institutional Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

76

Delaware Growth Equity Fund Class A

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

	Six months
	ended
	3/31/221									Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	17.63		$	13.67		$	12.09		$	13.61		$	12.04		$	11.24
Income (loss) from investment operations:
Net investment income (loss)3		(0.02	)		(0.04	)		(0.03	)		0.02			(0.01	)		—
Net realized and unrealized gain (loss)		0.39			5.37			2.93			(0.92	)		2.66			2.38
Total from investment operations		0.37			5.33			2.90			(0.90	)		2.65			2.38
Less dividends and distributions from:
Net investment income		—			—			(0.02	)		—			(0.01	)		(0.03	)
Net realized gain		(5.50	)		(1.37	)		(1.30	)		(0.62	)		(1.07	)		(1.55	)
Total dividends and distributions		(5.50	)		(1.37	)		(1.32	)		(0.62	)		(1.08	)		(1.58	)
Net asset value, end of period	$	12.50		$	17.63		$	13.67		$	12.09		$	13.61		$	12.04
Total return4		(1.17%	)		41.67%			25.53%			(6.01%	)5		23.22%			24.16%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	472,579		$	518,096		$	472,795		$	507,351		$	570,309		$	444,933
Ratio of expenses to average net assets6		1.08%			1.09%			1.14%			1.19%			1.22%			1.25%
Ratio of expenses to average net assets prior to
fees waived6		1.08%			1.09%			1.14%			1.20%			1.22%			1.25%
Ratio of net investment income (loss) to average
net assets		(0.33%	)		(0.28%	)		(0.22%	)		0.16%			(0.06%	)		0.00%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.33%	)		(0.28%	)		(0.22%	)		0.15%			(0.06%	)		0.00%
Portfolio turnover		14%			31%			37%			51%			37%			58%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Select Growth Fund were reorganized into Class A shares of Delaware Growth Equity Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Class A shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

77

Financial highlights

Delaware Growth Equity Fund Institutional Class

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

	Six months
	ended
	3/31/221									Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	18.18		$	14.03		$	12.38		$	13.89		$	12.23		$	11.37
Income (loss) from investment operations:
Net investment income (loss)3		(0.01	)		(0.01	)		0.01			0.06			0.04			0.05
Net realized and unrealized gain (loss)		0.40			5.53			3.00			(0.94	)		2.71			2.40
Total from investment operations		0.39			5.52			3.01			(0.88	)		2.75			2.45
Less dividends and distributions from:
Net investment income		—			—			(0.06	)		(0.01	)		(0.02	)		(0.04	)
Net realized gain		(5.50	)		(1.37	)		(1.30	)		(0.62	)		(1.07	)		(1.55	)
Total dividends and distributions		(5.50	)		(1.37	)		(1.36	)		(0.63	)		(1.09	)		(1.59	)
Net asset value, end of period	$	13.07		$	18.18		$	14.03		$	12.38		$	13.89		$	12.23
Total return4		(0.99%	)		41.98%			25.88%	5		(5.74%	)5		23.74%			24.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	30,733		$	80,648		$	121,478		$	143,304		$	194,554		$	81,203
Ratio of expenses to average net assets6		0.83%			0.84%			0.86%			0.88%			0.83%			0.84%
Ratio of expenses to average net assets prior to
fees waived6		0.83%			0.84%			0.89%			0.89%			0.83%			0.84%
Ratio of net investment income (loss) to average
net assets		(0.13%	)		(0.05%	)		0.06%			0.50%			0.34%			0.40%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.13%	)		(0.05%	)		0.03%			0.49%			0.34%			0.40%
Portfolio turnover		14%			31%			37%			51%			37%			58%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Select Growth Fund were reorganized into Institutional Class shares of Delaware Growth Equity Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Advisor Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

78

Delaware Growth Equity Fund Class R6

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

	Six months
	ended
	3/31/221									Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	18.34		$	14.13		$	12.46		$	13.97		$	12.29		$	11.42
Income (loss) from investment operations:
Net investment income (loss)3		(0.01	)		0.01			0.02			0.07			0.05			0.05
Net realized and unrealized gain (loss)		0.40			5.57			3.02			(0.95	)		2.72			2.41
Total from investment operations		0.39			5.58			3.04			(0.88	)		2.77			2.46
Less dividends and distributions from:
Net investment income		—			—			(0.07	)		(0.01	)		(0.02	)		(0.04	)
Net realized gain		(5.50	)		(1.37	)		(1.30	)		(0.62	)		(1.07	)		(1.55	)
Total dividends and distributions		(5.50	)		(1.37	)		(1.37	)		(0.63	)		(1.09	)		(1.59	)
Net asset value, end of period	$	13.23		$	18.34		$	14.13		$	12.46		$	13.97		$	12.29
Total return4		(0.97%	)		42.12%			25.97%	5		(5.66%	)5		23.81%			24.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	306		$	1,818		$	3,561		$	4,044		$	7,836		$	4,950
Ratio of expenses to average net assets6		0.76%			0.76%			0.79%			0.79%			0.80%			0.82%
Ratio of expenses to average net assets prior to
fees waived6		0.76%			0.76%			0.83%			0.80%			0.80%			0.82%
Ratio of net investment income (loss) to average
net assets		(0.11%	)		0.08%			0.12%			0.57%			0.35%			0.43%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.11%	)		0.08%			0.08%			0.56%			0.35%			0.43%
Portfolio turnover		14%			31%			37%			51%			37%			58%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Select Growth Fund were reorganized into Class R6 shares of Delaware Growth Equity Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Institutional Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

79

Financial highlights

Delaware Opportunity Fund Class A

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

	Six months
	ended
	3/31/221									Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	33.94		$	23.26		$	37.79		$	42.06		$	41.86		$	37.29
Income (loss) from investment operations:
Net investment income3		0.15			0.43			0.16			0.12			0.39			0.11
Net realized and unrealized gain (loss)		2.49			10.48			(3.01	)		(0.60	)		2.31			6.03
Total from investment operations		2.64			10.91			(2.85	)		(0.48	)		2.70			6.14
Less dividends and distributions from:
Net investment income		(0.39	)		(0.23	)		(0.24	)		(0.38	)		(0.12	)		(0.22	)
Net realized gain		(1.59	)		—			(11.44	)		(3.41	)		(2.38	)		(1.35	)
Total dividends and distributions		(1.98	)		(0.23	)		(11.68	)		(3.79	)		(2.50	)		(1.57	)
Net asset value, end of period	$	34.60		$	33.94		$	23.26		$	37.79		$	42.06		$	41.86
Total return4		7.91%			47.10%			(13.31%	)5		0.80%			6.49%			16.99%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	655,631		$	660,973		$	599,543		$	915,339		$	1,010,312		$	1,002,618
Ratio of expenses to average net assets6		1.18%			1.20%			1.21%			1.20%			1.20%			1.20%
Ratio of expenses to average net assets prior to
fees waived6		1.18%			1.20%			1.24%			1.20%			1.20%			1.20%
Ratio of net investment income to average net
assets		0.89%			1.40%			0.62%			0.32%			0.93%			0.27%
Ratio of net investment income to average net
assets prior to fees waived		0.89%			1.40%			0.59%			0.32%			0.93%			0.27%
Portfolio turnover		6%			13%			120%	7		47%			35%			32%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Opportunity Fund were reorganized into Class A shares of Delaware Opportunity Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Class A shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

80

Delaware Opportunity Fund Institutional Class

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

	Six months
	ended
	3/31/221									Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	35.58		$	24.37		$	38.75		$	42.91		$	42.56		$	37.79
Income (loss) from investment operations:
Net investment income3		0.21			0.52			0.24			0.23			0.61			0.24
Net realized and unrealized gain (loss)		2.62			10.99			(3.18	)		(0.58	)		2.27			6.12
Total from investment operations		2.83			11.51			(2.94	)		(0.35	)		2.88			6.36
Less dividends and distributions from:
Net investment income		(0.56	)		(0.30	)		—			(0.40	)		(0.15	)		(0.24	)
Net realized gain		(1.59	)		—			(11.44	)		(3.41	)		(2.38	)		(1.35	)
Total dividends and distributions		(2.15	)		(0.30	)		(11.44	)		(3.81	)		(2.53	)		(1.59	)
Net asset value, end of period	$	36.26		$	35.58		$	24.37		$	38.75		$	42.91		$	42.56
Total return4		8.09%	5		47.50%	5		(13.04%	)5		1.14%			6.82	%		17.37%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,856		$	4,083		$	2,490		$	10,325		$	149,481		$	81,773
Ratio of expenses to average net assets6		0.90%			0.90%			0.95%			0.92%			0.89%			0.88%
Ratio of expenses to average net assets prior to
fees waived6		0.93%			0.95%			1.04%			0.92%			0.89%			0.88%
Ratio of net investment income to average net
assets		1.16%			1.59%			0.83%			0.62%			1.42%			0.59%
Ratio of net investment income to average net
assets prior to fees waived		1.13%			1.54%			0.74%			0.62%			1.42%			0.59%
Portfolio turnover		6%			13%			120%	7		47%			35%			32%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Opportunity Fund were reorganized into Institutional Class shares of Delaware Opportunity Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Advisor Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

81

Financial highlights
Delaware Opportunity Fund Class R6

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

			Six months
			ended
			3/31/221									Year ended
			(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period		$	35.51		$	24.04		$	38.71		$	42.87		$	42.49		$	37.71
Income (loss) from investment operations:
Net investment income3			0.23			0.54			0.28			0.27			0.59			0.27
Net realized and unrealized gain (loss)			2.64			10.93			(3.11	)		(0.59	)		2.33			6.12
Total from investment operations			2.87			11.47			(2.83	)		(0.32	)		2.92			6.39
Less dividends and distributions from:
Net investment income			—			—			(0.40	)		(0.43	)		(0.16	)		(0.26	)
Net realized gain			(1.59	)		—			(11.44	)		(3.41	)		(2.38	)		(1.35	)
Total dividends and distributions			(1.59	)		—			(11.84	)		(3.84	)		(2.54	)		(1.61	)
Net asset value, end of period		$	36.79		$	35.51		$	24.04		$	38.71		$	42.87		$	42.49
Total return4			8.18%	5		47.71%	5		(12.93%	)5		1.23%			6.95%			17.49%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	60		$	227		$	1,029		$	2,338		$	5,793		$	5,678
Ratio of expenses to average net assets6			0.78%			0.78%			0.79%			0.78%			0.77%			0.78%
Ratio of expenses to average net assets prior
	to fees waived6		0.86%			0.88%			0.95%			0.78%			0.77%			0.78%
Ratio of net investment income to average net
	assets		1.23%			1.75%			1.00%			0.73%			1.38%			0.70%
Ratio of net investment income to average net
	assets prior to fees waived		1.15%			1.65%			0.84%			0.73%			1.38%			0.70%
Portfolio turnover			6%			13%			120%	7		47%			35%			32%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Opportunity Fund were reorganized into Class R6 shares of Delaware Opportunity Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Institutional Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

82

Delaware Global Equity Fund Class A

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

			Six months
			ended
			3/31/221									Year ended
			(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period		$	7.13		$	6.67		$	7.50		$	8.81		$	8.60		$	7.30
Income (loss) from investment operations:
Net investment income (loss)3			0.02			0.07			0.06			0.04			(0.01	)		0.02
Net realized and unrealized gain (loss)			(0.29	)		0.73			0.23			(0.35	)		0.89			1.29
Total from investment operations			(0.27	)		0.80			0.29			(0.31	)		0.88			1.31
Less dividends and distributions from:
Net investment income			(0.07	)		(0.07	)		(0.08	)		—			(0.04	)		(0.01	)
Net realized gain			(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)		—
Total dividends and distributions			(0.88	)		(0.34	)		(1.12	)		(1.00	)		(0.67	)		(0.01	)
Net asset value, end of period		$	5.98		$	7.13		$	6.67		$	7.50		$	8.81		$	8.60
Total return4			(4.40%	)5		12.11%			3.89%	5		(1.48%	)5		10.69%	5		17.99%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	205,037		$	233,850		$	271,088		$	344,592		$	393,697		$	379,176
Ratio of expenses to average net assets6			1.34%			1.36%			1.41%			1.44%			1.43%			1.44%
Ratio of expenses to average net assets
	prior to fees waived6		1.36%			1.36%			1.42%			1.46%			1.48%			1.49%
Ratio of net investment income (loss) to
	average net assets		0.46%			0.94%			0.86%			0.55%			(0.16%	)		0.30%
Ratio of net investment income (loss) to
	average net assets prior to fees waived		0.44%			0.94%			0.85%			0.53%			(0.21%	)		0.25%
Portfolio turnover			17%			34%			128%			119%			132%			117%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Global Fund were reorganized into Class A shares of Delaware Global Equity Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Class A shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

83

Financial highlights
Delaware Global Equity Fund Institutional Class

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

			Six months
			ended
			3/31/221									Year ended
			(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period		$	7.48		$	6.97		$	7.74		$	9.03		$	8.78		$	7.43
Income (loss) from investment operations:
Net investment income3			0.02			0.09			0.07			0.07			0.02			0.06
Net realized and unrealized gain (loss)			(0.30	)		0.77			0.25			(0.36	)		0.91			1.31
Total from investment operations			(0.28	)		0.86			0.32			(0.29	)		0.93			1.37
Less dividends and distributions from:
Net investment income			—			(0.08	)		(0.05	)		—			(0.05	)		(0.02	)
Net realized gain			(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)		—
Total dividends and distributions			(0.81	)		(0.35	)		(1.09	)		(1.00	)		(0.68	)		(0.02	)
Net asset value, end of period		$	6.39		$	7.48		$	6.97		$	7.74		$	9.03		$	8.78
Total return4			(4.32%	)		12.54%			4.24%			(1.20%	)		11.03%			18.46%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,302		$	15,345		$	17,475		$	75,077		$	228,234		$	191,839
Ratio of expenses to average net assets5			1.06%			1.07%			1.09%			1.09%			1.05%			1.04%
Ratio of expenses to average net assets prior
	to fees waived5		1.11%			1.11%			1.18%			1.11%			1.10%			1.09%
Ratio of net investment income to average net
	assets		0.60%			1.24%			0.93%			0.95%			0.25%			0.70%
Ratio of net investment income to average net
	assets prior to fees waived		0.55%			1.20%			0.84%			0.93%			0.20%			0.65%
Portfolio turnover			17%			34%			128%			119%			132%			117%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Global Fund were reorganized into Institutional Class shares of Delaware Global Equity Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Advisor Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

84

Delaware Global Equity Fund Class R6

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

			Six months
			ended
			3/31/221									Year ended
			(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period		$	7.58		$	6.98		$	7.80		$	9.08		$	8.82		$	7.47
Income (loss) from investment operations:
Net investment income3			0.02			0.02			0.08			0.07			0.03			0.06
Net realized and unrealized gain (loss)			(0.31	)		0.85			0.25			(0.35	)		0.91			1.31
Total from investment operations			(0.29	)		0.87			0.33			(0.28	)		0.94			1.37
Less dividends and distributions from:
Net investment income			(0.01	)		—			(0.11	)		—			(0.05	)		(0.02	)
Net realized gain			(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)		—
Total dividends and distributions			(0.82	)		(0.27	)		(1.15	)		(1.00	)		(0.68	)		(0.02	)
Net asset value, end of period		$	6.47		$	7.58		$	6.98		$	7.80		$	9.08		$	8.82
Total return4			(4.21%	)		12.61%			4.32%			(1.08%	)		11.12%			18.38%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	23		$	138		$	1,317		$	1,946		$	4,419		$	3,800
Ratio of expenses to average net assets5			1.01%			1.02%			1.03%			1.02%			1.00%			1.00%
Ratio of expenses to average net assets prior to
	fees waived5		1.05%			1.05%			1.13%			1.04%			1.05%			1.05%
Ratio of net investment income to average net
	assets		0.50%			0.31%			1.21%			0.95%			0.29%			0.74%
Ratio of net investment income to average net
	assets prior to fees waived		0.46%			0.28%			1.11%			0.93%			0.24%			0.69%
Portfolio turnover			17%			34%			128%			119%			132%			117%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Global Fund were reorganized into Class R6 shares of Delaware Global Equity Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Institutional Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

85

Financial highlights
Delaware Covered Call Strategy Fund Class A

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

			Six months
			ended
			3/31/221									Year ended
			(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period		$	13.12		$	10.99		$	11.81		$	11.83		$	11.18		$	10.36
Income (loss) from investment operations:
Net investment income3			0.01			0.06			0.13			0.12			0.11			0.10
Net realized and unrealized gain (loss)			0.60			2.14			(0.82	)		(0.02	)		0.64			0.85
Total from investment operations			0.61			2.20			(0.69	)		0.10			0.75			0.95
Less dividends and distributions from:
Net investment income			(0.01	)		(0.07	)		(0.13	)		(0.12	)		(0.10	)		(0.11	)
Net realized gain			—			—			—			—			—			(0.02	)
Total dividends and distributions			(0.01	)		(0.07	)		(0.13	)		(0.12	)		(0.10	)		(0.13	)
Net asset value, end of period		$	13.72		$	13.12		$	10.99		$	11.81		$	11.83		$	11.18
Total return4			4.67%			20.11%			(5.75%	)		0.97%			6.79%			9.17%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	89,800		$	95,583		$	121,566		$	211,777		$	237,103		$	167,906
Ratio of expenses to average net assets5			1.31%			1.31%			1.32%			1.30%			1.30%			1.30%
Ratio of expenses to average net assets prior
	to fees waived5		1.33%			1.35%			1.37%			1.28%			1.28%			1.36%
Ratio of net investment income to average
	net assets		0.19%			0.51%			1.15%			1.11%			0.95%			1.18%
Ratio of net investment income to average
	net assets prior to fees waived		0.17%			0.47%			1.10%			1.13%			0.97%			1.12%
Portfolio turnover			3%			41%			49%			34%			107%			121%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Covered Call Strategy Fund were reorganized into Class A shares of Delaware Covered Call Strategy Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Class A shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value 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.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

86

Delaware Covered Call Strategy Fund Institutional Class

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	13.08		$	10.96		$	11.78		$	11.80		$	11.16		$	10.34
Income (loss) from investment operations:
Net investment income3		0.03			0.09			0.15			0.16			0.14			0.13
Net realized and unrealized gain (loss)		0.60			2.14			(0.81	)		(0.02	)		0.64			0.86
Total from investment operations		0.63			2.23			(0.66	)		0.14			0.78			0.99
Less dividends and distributions from:
Net investment income		(0.03	)		(0.11	)		(0.16	)		(0.16	)		(0.14	)		(0.15	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.03	)		(0.11	)		(0.16	)		(0.16	)		(0.14	)		(0.17	)
Net asset value, end of period	$	13.68		$	13.08		$	10.96		$	11.78		$	11.80		$	11.16
Total return4		4.82%			20.40%			(5.54%	)		1.25%			7.09%			9.62%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	34,054		$	34,606		$	37,887		$	66,252		$	114,275		$	109,360
Ratio of expenses to average net assets5		1.06%			1.07%			1.10%			1.00%			0.97%			0.97%
Ratio of expenses to average net assets prior to
fees waived5		1.08%			1.10%			1.12%			0.96%			1.03%			1.06%
Ratio of net investment income to average net
assets		0.44%			0.75%			1.38%			1.41%			1.25%			1.53%
Ratio of net investment income to average net
assets prior to fees waived		0.42%			0.72%			1.36%			1.45%			1.19%			1.44%
Portfolio turnover		3%			41%			49%			34%			107%			121%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Covered Call Strategy Fund were reorganized into Institutional Class shares of Delaware Covered Call Strategy Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Advisor Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

87

Financial highlights
Delaware Covered Call Strategy Fund Class R6

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	13.03		$	10.91		$	11.69		$	11.72		$	11.17		$	10.35
Income (loss) from investment operations:
Net investment income3		0.04			0.12			0.18			0.17			0.16			0.16
Net realized and unrealized gain (loss)		0.59			2.12			(0.81	)		(0.02	)		0.63			0.85
Total from investment operations		0.63			2.24			(0.63	)		0.15			0.79			1.01
Less dividends and distributions from:
Net investment income		(0.04	)		(0.12	)		(0.15	)		(0.18	)		(0.24	)		(0.17	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.04	)		(0.12	)		(0.15	)		(0.18	)		(0.24	)		(0.19	)
Net asset value, end of period	$	13.62		$	13.03		$	10.91		$	11.69		$	11.72		$	11.17
Total return4		4.86%			20.57%			(5.30%	)		1.42%			7.19%			9.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	48		$	48		$	236		$	1,477		$	2,913		$	7,334
Ratio of expenses to average net assets5		0.88%			0.88%			0.89%			0.87%			0.84%			0.84%
Ratio of expenses to average net assets prior to
fees waived5		1.00%			1.02%			1.07%			0.90%			0.89%			0.96%
Ratio of net investment income to average net
assets		0.63%			1.02%			1.64%			1.54%			1.38%			1.65%
Ratio of net investment income to average net
assets prior to fees waived		0.51%			0.88%			1.46%			1.51%			1.33%			1.53%
Portfolio turnover		3%			41%			49%			34%			107%			121%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Covered Call Strategy Fund were reorganized into Class R6 shares of Delaware Covered Call Strategy Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Institutional Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

88

Delaware Hedged U.S. Equity Opportunities Fund Class A

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	10.20		$	11.61		$	12.36		$	11.90		$	10.77		$	9.91
Income (loss) from investment operations:
Net investment loss3		(0.02	)		(0.05	)		(0.02	)		(0.01	)		(0.03	)		(0.02	)
Net realized and unrealized gain		0.01			1.55			1.23			0.68			1.16			0.88
Total from investment operations		(0.01	)		1.50			1.21			0.67			1.13			0.86
Less dividends and distributions from:
Net investment income		—			—			(0.05	)		—			—			—
Net realized gain		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—			—
Total dividends and distributions		(1.07	)		(2.91	)		(1.96	)		(0.21	)		—			—
Net asset value, end of period	$	9.12		$	10.20		$	11.61		$	12.36		$	11.90		$	10.77
Total return4		(0.41%	)		14.35%			10.91%			5.92%			10.49%			8.68%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	40,321		$	45,084		$	55,603		$	78,297		$	66,746		$	44,228
Ratio of expenses to average net assets5		1.61%			1.64%			1.66%			1.75%			1.75%			1.75%
Ratio of expenses to average net assets prior to
fees waived5		1.79%			1.80%			1.85%			1.68%			1.76%			2.09%
Ratio of net investment loss to average net
assets		(0.49%	)		(0.48%	)		(0.14%	)		(0.05%	)		(0.22%	)		(0.21%	)
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.67%	)		(0.64%	)		(0.33%	)		0.02%			(0.23%	)		(0.55%	)
Portfolio turnover		36%			60%			109%			124%			56%			75%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class A shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Class A shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

89

Financial highlights
Delaware Hedged U.S. Equity Opportunities Fund Institutional Class

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18		9/30/17
Net asset value, beginning of period	$	10.45		$	11.79		$	12.48		$	11.99		$	10.81	$	9.91
Income (loss) from investment operations:
Net investment income (loss)3		(0.01	)		(0.02	)		0.02			0.03			0.02		0.01
Net realized and unrealized gain		0.01			1.59			1.25			0.67			1.16		0.89
Total from investment operations		—			1.57			1.27			0.70			1.18		0.90
Less dividends and distributions from:
Net investment income		—			—			(0.05	)		—	4		—		—	4
Net realized gain		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—		—
Total dividends and distributions		(1.07	)		(2.91	)		(1.96	)		(0.21	)		—		—	4
Net asset value, end of period	$	9.38		$	10.45		$	11.79		$	12.48		$	11.99	$	10.81
Total return5		(0.29%	)		14.79%			11.28%			6.14%			10.92%		9.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	29,174		$	24,625		$	19,229		$	44,543		$	94,955	$	33,770
Ratio of expenses to average net assets6		1.30%			1.30%			1.33%			1.42%			1.42%		1.42%
Ratio of expenses to average net assets prior to
fees waived6		1.54%			1.56%			1.62%			1.39%			1.40%		1.76%
Ratio of net investment income (loss) to average
net assets		(0.16%	)		(0.15%	)		0.21%			0.27%			0.16%		0.10%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.40%	)		(0.41%	)		(0.08%	)		0.30%			0.18%		(0.24%	)
Portfolio turnover		36%			60%			109%			124%			56%		75%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Institutional Class shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Advisor Class shares.
3	Calculated using average shares outstanding.
4	Amount is less than $0.005 per share.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

90

Delaware Hedged U.S. Equity Opportunities Fund Class R6

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18		9/30/17
Net asset value, beginning of period	$	10.47		$	11.80		$	12.53		$	12.01		$	10.82	$	9.91
Income from investment operations:
Net investment income3		—	4		—	4		0.04			0.04			0.02		0.02
Net realized and unrealized gain		—			1.58			1.24			0.69			1.17		0.89
Total from investment operations		—	4		1.58			1.28			0.73			1.19		0.91
Less dividends and distributions from:
Net investment income		—			—			(0.10	)		—	4		—		—	4
Net realized gain		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—		—
Total dividends and distributions		(1.07	)		(2.91	)		(2.01	)		(0.21	)		—		—	4
Net asset value, end of period	$	9.40		$	10.47		$	11.80		$	12.53		$	12.01	$	10.82
Total return5		(0.29%	)		14.92%			11.41%			6.39%			11.00%		9.21%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15		$	17		$	91		$	341		$	574	$	472
Ratio of expenses to average net assets6		1.20%			1.20%			1.23%			1.31%			1.31%		1.31%
Ratio of expenses to average net assets prior to
fees waived6		1.45%			1.49%			1.57%			1.30%			1.39%		1.74%
Ratio of net investment income (loss) to average
net assets		(0.08%	)		(0.05%	)		0.31%			0.37%			0.21%		0.23%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.33%	)		(0.34%	)		(0.03%	)		0.38%			0.13%		(0.20%	)
Portfolio turnover		36%			60%			109%			124%			56%		75%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class R6 shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Institutional Class shares.
3	Calculated using average shares outstanding.
4	Amount is less than $0.005 per share.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

91

Financial highlights

Delaware Premium Income Fund Class A

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

	Six months
	ended												4/2/181
	3/31/222			Year ended									to
	(Unaudited)			9/30/21			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	10.32		$	9.36		$	10.14		$	10.26		$	10.00
Income (loss) from investment operations:
Net investment income4		0.06			0.16			0.21			0.18			0.08
Net realized and unrealized gain (loss)		0.24			0.96			(0.65	)		0.05			0.23
Total from investment operations		0.30			1.12			(0.44	)		0.23			0.31
Less dividends and distributions from:
Net investment income		(0.06	)		(0.16	)		(0.21	)		(0.17	)		(0.05	)
Net realized gain		—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.06	)		(0.16	)		(0.34	)		(0.35	)		(0.05	)
Net asset value, end of period	$	10.56		$	10.32		$	9.36		$	10.14		$	10.26
Total return5		2.93%			11.96%			(4.24%	)		2.33%			3.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	19,998		$	22,015		$	31,472		$	60,830		$	41,688
Ratio of expenses to average net assets6		1.30%			1.30%			1.30%			1.30%			1.30%
Ratio of expenses to average net assets prior to fees waived6		1.47%			1.49%			1.44%			1.35%			2.07%
Ratio of net investment income to average net assets		1.17%			1.55%			2.19%			1.74%			1.57%
Ratio of net investment income to average net assets prior to
fees waived		1.00%			1.36%			2.05%			1.69%			0.80%
Portfolio turnover		12%			16%			32%			63%			77%

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	On October 4, 2019, Class A shares of First Investors Premium Income Fund were reorganized into Class A shares of Delaware Premium Income Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Class A shares.
4	Calculated using average shares outstanding.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. 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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

92

Delaware Premium Income Fund Institutional Class

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

	Six months
	ended												4/2/181
	3/31/222			Year ended									to
	(Unaudited)			9/30/21			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	10.33		$	9.37		$	10.16		$	10.26		$	10.00
Income (loss) from investment operations:
Net investment income4		0.07			0.18			0.23			0.20			0.10
Net realized and unrealized gain (loss)		0.24			0.96			(0.65	)		0.07			0.22
Total from investment operations		0.31			1.14			(0.42	)		0.27			0.32
Less dividends and distributions from:
Net investment income		(0.08	)		(0.18	)		(0.24	)		(0.19	)		(0.06	)
Net realized gain		—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.08	)		(0.18	)		(0.37	)		(0.37	)		(0.06	)
Net asset value, end of period	$	10.56		$	10.33		$	9.37		$	10.16		$	10.26
Total return5		2.96%			12.27%			(4.05%	)		2.67%			3.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	27,691		$	26,233		$	32,769		$	67,844		$	34,170
Ratio of expenses to average net assets6		1.05%			1.05%			1.05%			1.05%			1.02%
Ratio of expenses to average net assets prior to fees waived6		1.22%			1.24%			1.19%			1.10%			1.52%
Ratio of net investment income to average net assets		1.43%			1.80%			2.45%			1.98%			1.86%
Ratio of net investment income to average net assets prior to
fees waived		1.26%			1.61%			2.31%			1.93%			1.36%
Portfolio turnover		12%			16%			32%			63%			77%

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	On October 4, 2019, Advisor Class shares of First Investors Premium Income Fund were reorganized into Institutional Class shares of Delaware Premium Income Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Advisor Class shares.
4	Calculated using average shares outstanding.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

93

Financial highlights

Delaware Premium Income Fund Class R6

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

	Six months
	ended												4/2/181
	3/31/222			Year ended									to
	(Unaudited)			9/30/21			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	5.23		$	4.87		$	5.53		$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income4		0.04			0.10			0.13			0.20			0.10
Net realized and unrealized gain (loss)		0.12			0.50			(0.37	)		(0.27	)		0.23
Total from investment operations		0.16			0.60			(0.24	)		(0.07	)		0.33
Less dividends and distributions from:
Net investment income		(0.11	)		(0.24	)		(0.29	)		(4.38	)		(0.17	)
Net realized gain		—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.11	)		(0.24	)		(0.42	)		(4.56	)		(0.17	)
Net asset value, end of period	$	5.28		$	5.23		$	4.87		$	5.53		$	10.16
Total return5		3.01%			12.54%			(3.95%	)		2.90%			3.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11		$	16		$	34		$	29		$	3,877
Ratio of expenses to average net assets6		0.90%			0.90%			0.90%			0.90%			0.89%
Ratio of expenses to average net assets prior to fees waived6		1.14%			1.17%			1.13%			1.05%			1.88%
Ratio of net investment income to average net assets		1.55%			1.95%			2.63%			2.06%			1.88%
Ratio of net investment income to average net assets prior to
fees waived		1.31%			1.68%			2.40%			1.91%			0.89%
Portfolio turnover		12%			16%			32%			63%			77%

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	On October 4, 2019, Institutional Class shares of First Investors Premium Income Fund were reorganized into Class R6 shares of Delaware Premium Income Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Institutional Class shares.
4	Calculated using average shares outstanding.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. 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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

94

Delaware Total Return Fund Class A

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	17.17		$	14.37		$	19.03		$	20.22		$	19.88		$	19.00
Income (loss) from investment operations:
Net investment income3		0.11			0.24			0.29			0.28			0.31			0.23
Net realized and unrealized gain (loss)		0.45			2.87			(0.88	)		0.39			0.74			1.27
Total from investment operations		0.56			3.11			(0.59	)		0.67			1.05			1.50
Less dividends and distributions from:
Net investment income		(0.14	)		(0.31	)		(0.33	)		(0.34	)		(0.36	)		(0.32	)
Net realized gain		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)		(0.30	)
Return of capital		—			—			(0.01	)		—			—			—
Total dividends and distributions		(2.29	)		(0.31	)		(4.07	)		(1.86	)		(0.71	)		(0.62	)
Net asset value, end of period	$	15.44		$	17.17		$	14.37		$	19.03		$	20.22		$	19.88
Total return4		3.18%	5		21.77%			(4.48%	)5		4.58%			5.32%			8.09%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	461,799		$	488,792		$	550,020		$	800,910		$	889,473		$	877,311
Ratio of expenses to average net assets6		1.11%			1.13%			1.16%			1.17%			1.18%			1.19%
Ratio of expenses to average net assets prior to
fees waived6		1.12%			1.13%			1.17%			1.17%			1.18%			1.19%
Ratio of net investment income to average net
assets		1.38%			1.50%			1.89%			1.50%			1.55%			1.22%
Ratio of net investment income to average net
assets prior to fees waived		1.37%			1.50%			1.88%			1.50%			1.55%			1.22%
Portfolio turnover		30%			94%			151%	7		59%			53%			39%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Total Return Fund were reorganized into Class A shares of Delaware Total Return Fund. See Notes to financial statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Class A shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

95

Financial highlights

Delaware Total Return Fund Institutional Class

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	17.24		$	14.43		$	19.10		$	20.32		$	19.98		$	19.04
Income (loss) from investment operations:
Net investment income3		0.13			0.28			0.33			0.34			0.37			0.32
Net realized and unrealized gain (loss)		0.46			2.88			(0.90	)		0.40			0.75			1.30
Total from investment operations		0.59			3.16			(0.57	)		0.74			1.12			1.62
Less dividends and distributions from:
Net investment income		(0.16	)		(0.35	)		(0.36	)		(0.44	)		(0.43	)		(0.38	)
Net realized gain		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)		(0.30	)
Return of capital		—			—			(0.01	)		—			—			—
Total dividends and distributions		(2.31	)		(0.35	)		(4.10	)		(1.96	)		(0.78	)		(0.68	)
Net asset value, end of period	$	15.52		$	17.24		$	14.43		$	19.10		$	20.32		$	19.98
Total return4		3.37%	5		22.06%			(4.29%	)		4.93%			5.69%			8.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,422		$	1,388		$	769		$	1,166		$	1,006		$	996
Ratio of expenses to average net assets6		0.86%			0.88%			0.90%			0.85%			0.84%			0.80%
Ratio of expenses to average net assets prior to
fees waived6		0.87%			0.88%			0.90%			0.85%			0.84%			0.80%
Ratio of net investment income to average net
assets		1.64%			1.68%			2.12%			1.80%			1.83%			1.61%
Ratio of net investment income to average net
assets prior to fees waived		1.63%			1.68%			2.12%			1.80%			1.83%			1.61%
Portfolio turnover		30%			94%			151%	7		59%			53%			39%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Total Return Fund were reorganized into Institutional Class shares of Delaware Total Return Fund. See Notes to financial statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Advisor Class shares.
3	Calculated using average shares outstanding.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

96

Delaware Total Return Fund Class R6

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

	Six months
	ended
	3/31/221			Year ended
	(Unaudited)			9/30/21			9/30/202			9/30/19			9/30/18			9/30/17
Net asset value, beginning of period	$	17.29		$	14.47		$	19.14		$	20.38		$	20.05		$	19.13
Income (loss) from investment operations:
Net investment income3		0.14			0.34			0.35			0.35			0.40			0.32
Net realized and unrealized gain (loss)		0.46			2.85			(0.90	)		0.41			0.74			1.27
Total from investment operations		0.60			3.19			(0.55	)		0.76			1.14			1.59
Less dividends and distributions from:
Net investment income		(0.17	)		(0.37	)		(0.39	)		(0.48	)		(0.46	)		(0.37	)
Net realized gain		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)		(0.30	)
Return of capital		—			—			—	4		—			—			—
Total dividends and distributions		(2.32	)		(0.37	)		(4.12	)		(2.00	)		(0.81	)		(0.67	)
Net asset value, end of period	$	15.57		$	17.29		$	14.47		$	19.14		$	20.38		$	20.05
Total return5		3.39%	6		22.23%	6		(4.17%	)6		5.06%			5.77%			8.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	35		$	62		$	762		$	1,976		$	34,555		$	33,545
Ratio of expenses to average net assets7		0.79%			0.79%			0.81%			0.79%			0.77%			0.77%
Ratio of expenses to average net assets prior to
fees waived7		0.81%			0.82%			0.89%			0.79%			0.77%			0.77%
Ratio of net investment income to average net
assets		1.63%			2.16%			2.23%			1.86%			1.96%			1.65%
Ratio of net investment income to average net
assets prior to fees waived		1.61%			2.13%			2.15%			1.86%			1.96%			1.65%
Portfolio turnover		30%			94%			151%	8		59%			53%			39%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Total Return Fund were reorganized into Class R6 shares of Delaware Total Return Fund. See Notes to financial statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Institutional Class shares.
3	Calculated using average shares outstanding.
4	Amount is less than $0.005 per share.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

97

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

March 31, 2022 (Unaudited)

Delaware Group Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers 12 series. These financial statements and the related notes pertain to nine funds listed below (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Global Equity Fund, are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Global Equity Fund is considered nondiversified. The Funds offer Class A, Institutional Class and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; and for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. 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.

Before each Fund commenced operations, on October 4, 2019, all of the assets and liabilities of the corresponding fund identified as its respective Predecessor Fund (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization (each a Foresters Reorganization) between the Trust, on behalf of the Funds, and Foresters Investment Management Company, Inc., on behalf of the Predecessor Funds. As a result of each Foresters Reorganization, the applicable Fund assumed the performance and accounting history of its corresponding Predecessor Fund. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Funds.

Fund	Predecessor Fund
Delaware Equity Income Fund	First Investors Equity Income Fund
Delaware Growth and Income Fund	First Investors Growth & Income Fund
Delaware Growth Equity Fund	First Investors Select Growth Fund
Delaware Opportunity Fund	First Investors Opportunity Fund
Delaware Global Equity Fund	First Investors Global Fund
Delaware Covered Call Strategy Fund	First Investors Covered Call Strategy Fund
Delaware Hedged U.S. Equity Opportunities Fund	First Investors Hedged U.S. Equity Opportunities Fund
Delaware Premium Income Fund	First Investors Premium Income Fund
Delaware Total Return Fund	First Investors Total Return Fund

1. Significant Accounting Policies

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

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities and credit default swap (CDS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds

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of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Futures contracts are valued at the daily quoted settlement prices. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. 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 Trust’s 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. The Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00pm Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended March 31, 2022, and for all open tax years (years ended September 30, 2018–September 30, 2021), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended March 31, 2022, the Funds did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

To Be Announced Trades (TBA) — Delaware Total Return Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Funds' prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally bifurcate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), which is due to changes in foreign exchange rates, is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statements of operations” under “Net realized gain (loss) on investments.” The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

1. Significant Accounting Policies (continued)

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

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Distributions received from investments in master limited partnerships are recorded as return of capital on investments on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Delaware Total Return Fund declares and pays dividends monthly. Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Covered Call Strategy Fund, and Delaware Premium Income Fund declare and pay dividends quarterly. Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Global Equity Fund, and Delaware Hedged U.S. Equity Opportunities Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended March 31, 2022 for each Fund.

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Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended March 31, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Equity Income Fund		$	966
Delaware Growth and Income Fund			3,030
Delaware Growth Equity Fund			1,345
Delaware Opportunity Fund			2,060
Delaware Global Equity Fund			903
Delaware Covered Call Strategy Fund			553
Delaware Hedged U.S. Equity Opportunities Fund			241
Delaware Premium Income Fund			171
Delaware Total Return Fund			1,665

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

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:

	On the first		On the next		On the next		In excess of
	$500 million		$500 million		$1.5 billion		$2.5 billion
Delaware Equity Income Fund		0.650%		0.600%		0.550%		0.500%
Delaware Growth and Income Fund		0.650%		0.600%		0.550%		0.500%
Delaware Growth Equity Fund		0.650%		0.600%		0.550%		0.500%
Delaware Opportunity Fund		0.750%		0.700%		0.650%		0.600%
Delaware Global Equity Fund		0.850%		0.800%		0.750%		0.700%
Delaware Total Return Fund		0.650%		0.600%		0.550%		0.500%

	On the first		On the next		On the next		On the next		On the next		In excess
	$300 million		$200 million		$500 million		$1 billion		$1 billion		$3 billion
Delaware Covered Call
Strategy Fund		0.8000%		0.7500%		0.7000%		0.6500%		0.600%		0.550%
Delaware Hedged
U.S. Equity
Opportunities Fund		1.1500%		1.1000%		1.0500%		1.0000%		0.950%		0.900%

Delaware Premium Income Fund pays 0.80% of the Fund’s average daily net assets.

DMC has contractually agreed to waive all or a portion, if any, of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from January 28, 2022 through March 31, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

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Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

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

	Operating expense			Operating expense			Operating expense
	limitation as a			limitation as a			limitation as a
	percentage of average			percentage of average			percentage of average
	daily			daily			daily
	net assets			net assets			net assets
Fund	Class A**			Institutional Class**			Class R6**
Delaware Equity Income Fund		1.02	%		0.77	%		0.71	%
Delaware Growth and Income
Fund		1.02	%		0.77	%		0.75	%
Delaware Growth Equity Fund		1.17	%		0.86	%		0.79	%
Delaware Opportunity Fund		1.15	%		0.90	%		0.78	%
Delaware Global Equity Fund		1.26	%		1.01	%		0.95	%
Delaware Covered Call Strategy
Fund		1.31	%		1.06	%		0.88	%
Delaware Hedged U.S. Equity
Opportunities Fund		1.55	%		1.30	%		1.20	%
Delaware Premium Income
Fund		1.30	%		1.05	%		0.90	%
Delaware Total Return Fund		1.06	%		0.81	%		0.79	%

____________________

*	The aggregate contractual waiver period covering this report is from January 28, 2022 through January 28, 2023.
**	From October 1, 2021 through January 27, 2022, the operating expense limitations were as follows:

	Operating expense			Operating expense			Operating expense
	limitation as a			limitation as a			limitation as a
	percentage of average			percentage of average			percentage of average
	daily net assets			daily net assets			daily net assets
Fund	Class A			Institutional Class			Class R6
Delaware Equity Income Fund		1.12	%		0.77	%		0.71	%
Delaware Growth and Income Fund		1.08	%		0.82	%		0.75	%
Delaware Growth Equity Fund		1.17	%		0.86	%		0.79	%
Delaware Opportunity Fund		1.21	%		0.90	%		0.78	%
Delaware Global Equity Fund		1.37	%		1.07	%		1.02	%
Delaware Covered Call Strategy Fund		1.31	%		1.06	%		0.88	%
Delaware Hedged U.S. Equity Opportunities Fund		1.55	%		1.30	%		1.20	%
Delaware Premium Income Fund		1.30	%		1.05	%		0.90	%
Delaware Total Return Fund		1.15	%		0.91	%		0.79	%

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). DMC may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not a Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Although the DMC has principal responsibility for the DMC's portion of Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Opportunity Fund, and Delaware Total Return Fund, the DMC may permit Macquarie Funds Management Hong Kong Limited to execute Fund security trades on behalf of the DMC.

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Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended March 31, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Equity Income Fund	$	7,671
Delaware Growth and Income Fund		22,557
Delaware Growth Equity Fund		15,264
Delaware Opportunity Fund		15,141
Delaware Global Equity Fund		6,529
Delaware Covered Call Strategy Fund		4,507
Delaware Hedged U.S. Equity Opportunities Fund		3,357
Delaware Premium Income Fund		2,978
Delaware Total Return Fund		11,427

DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.”

For the six months ended March 31, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Equity Income Fund	$	12,854
Delaware Growth and Income Fund		46,619
Delaware Growth Equity Fund		22,758
Delaware Opportunity Fund		29,828
Delaware Global Equity Fund		10,264
Delaware Covered Call Strategy Fund		5,678
Delaware Hedged U.S. Equity Opportunities Fund		3,068
Delaware Premium Income Fund		2,201
Delaware Total Return Fund		21,392

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended March 31, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

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Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

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

Fund	Fees
Delaware Equity Income Fund	$	5,637
Delaware Growth and Income Fund		20,104
Delaware Growth Equity Fund		12,445
Delaware Opportunity Fund		12,911
Delaware Global Equity Fund		4,743
Delaware Covered Call Strategy Fund		2,312
Delaware Hedged U.S. Equity Opportunities Fund		1,362
Delaware Premium Income Fund		940
Delaware Total Return Fund		10,286

For the six months ended March 31, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Equity Income Fund	$	9,400
Delaware Growth and Income Fund		39,705
Delaware Growth Equity Fund		27,938
Delaware Opportunity Fund		28,757
Delaware Global Equity Fund		6,956
Delaware Covered Call Strategy Fund		7,417
Delaware Hedged U.S. Equity Opportunities Fund		5,489
Delaware Premium Income Fund		1,299
Delaware Total Return Fund		26,134

For the six months ended March 31, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A
Delaware Equity Income Fund	$	—
Delaware Growth and Income Fund		23
Delaware Growth Equity Fund		12
Delaware Opportunity Fund		118
Delaware Global Equity Fund		75
Delaware Covered Call Strategy Fund		10
Delaware Hedged U.S. Equity Opportunities Fund		—
Delaware Premium Income Fund		—
Delaware Total Return Fund		11

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

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

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A summary of the transactions in affiliated companies during the year ended March 31, 2022 as follows:

				Net
				realized	Net change in
				gain (loss)	unrealized
	Value,			on	appreciation	Value,
	beginning	Gross	Gross	affiliated	(depreciation)	end of
	of period	additions	reductions(1)	securities	on affiliated securities	period	Shares
Delaware
Total
Return
Fund
Limited
Liability
Corporation—
0.0%
Sc Hixson
Pp=,†,π	$8,470,080	$—	$270,000	$—	$1,913,040	$10,113,120	7,200,000

(1)	The amount shown included return of capital.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
†	Non-income producing security.
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2022, the aggregate value of restricted securities was $10,113,120, which represented 0.00% of the Fund’s net assets. See Note 9 in “Notes to financial statements” and the following table, for additional details on restricted securities.

3. Investments

For the six months ended March 31, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	Purchases						Sales
	other than			Purchases of			other than			Sales of
	US government			US government			US government			US government
Fund	securities			securities			securities			securities
Delaware Equity Income Fund		$	27,594,651		$	—		$	52,318,830		$	—
Delaware Growth and Income Fund			95,111,637			—			167,696,433			—
Delaware Growth Equity Fund			80,037,904			—			174,990,661			—
Delaware Opportunity Fund			43,044,290			—			107,633,128			—
Delaware Global Equity Fund			39,050,461			—			70,873,865			—
Delaware Covered Call Strategy Fund			4,117,682			—			16,561,774			—
Delaware Hedged U.S. Equity Opportunities Fund			24,347,081			—			24,783,245			—
Delaware Premium Income Fund			6,882,971			—			10,076,311			—
Delaware Total Return Fund			83,453,949			55,912,543			100,771,033			59,489,078

At March 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At March 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

105

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

				Aggregate			Aggregate				Net unrealized
				unrealized			unrealized				appreciation
	Cost of			appreciation			depreciation				(depreciation)
	investments			of investments			of investments				of investments
Fund	and derivatives			and derivatives			and derivatives				and derivatives
Delaware Equity Income Fund		$	244,923,116		$	53,165,880		$	(8,851,793	)		$	44,314,087
Delaware Growth and Income Fund			863,327,174			216,955,856			(31,919,621	)			185,036,235
Delaware Growth Equity Fund			326,143,895			179,513,983			(1,266,459	)			178,247,524
Delaware Opportunity Fund			455,986,750			200,422,422			(7,111,853	)			193,310,569
Delaware Global Equity Fund			207,252,284			14,876,432			(16,210,102	)			(1,333,670	)
Delaware Covered Call Strategy Fund			76,927,393			50,289,775			(3,480,263	)			46,809,512
Delaware Hedged U.S. Equity Opportunities Fund			61,266,164			10,360,633			(3,519,782	)			6,840,851
Delaware Premium Income Fund			34,734,078			16,335,539			(3,645,754	)			12,689,785
Delaware Total Return Fund			423,978,203			57,681,714			(19,868,895	)			37,812,819

At September 30, 2021, capital loss carryforwards available to offset future realized capital gains, were as follows:

	Loss carryforward character
	Short-term			Long-term			Total
Delaware Covered Call Strategy Fund		$	4,342,920		$	—	$	4,342,920
Delaware Premium Income Fund			9,168,591			2,703,280		11,871,871

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including each Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

106

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2022:

	Delaware Equity
	Income Fund
	Level 1
Securities
Assets:
Common Stocks		$	288,406,926
Short-Term Investments			830,277
Total Value of Securities		$	289,237,203
	Delaware
	Growth and
	Income Fund
	Level 1
Securities
Assets:
Common Stocks		$	1,045,307,252
Short-Term Investments			3,056,157
Total Value of Securities		$	1,048,363,409
	Delaware
	Growth Equity
	Fund
	Level 1
Securities
Assets:
Common Stocks		$	495,356,696
Short-Term Investments			9,034,723
Total Value of Securities		$	504,391,419
	Delaware
	Opportunity
	Fund
	Level 1
Securities
Assets:
Common Stocks		$	647,656,252
Short-Term Investments			1,641,067
Total Value of Securities		$	649,297,319

	Delaware Global Equity Fund
	Level 1			Level 2			Total
Securities
Assets:
Common Stocks
Communication Services		$	4,928,586		$	—		$	4,928,586

107

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware Global Equity Fund
	Level 1			Level 2				Total
Consumer Discretionary		$	—		$	20,675,686			$	20,675,686
Consumer Staples			33,504,204			45,124,424				78,628,628
Healthcare			21,885,930			29,890,836				51,776,766
Industrials			6,955,296			13,969,969				20,925,265
Information Technology			2,266,489			16,136,109				18,402,598
Materials			—			8,267,850				8,267,850
Exchange-Traded Fund			2,125,670			—				2,125,670
Short-Term Investments			186,554			—				186,554
Total Value of Securities		$	71,852,729		$	134,064,874			$	205,917,603
Derivatives
Assets:
Foreign Currency Exchange Contracts		$	—		$	2,307			$	2,307
Liabilities:
Foreign Currency Exchange Contracts		$	—		$	(1,296	)		$	(1,296	)

¹ Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

	Delaware
	Covered Call
	Strategy Fund
	Level 1
Securities
Assets:
Common Stocks		$	126,252,867
Short-Term Investments			1,701,104
Total Value of Securities Before Options Written		$	127,953,971
Liabilities:
Options Written		$	(4,217,066	)

	Delaware Hedged U.S. Equity Opportunities Fund
	Level 1			Level 2			Total
Securities
Assets:
Common Stocks
Communication Services		$	5,836,500		$	—		$	5,836,500
Consumer Discretionary			8,244,561			294,029			8,538,590
Consumer Staples			3,834,051			185,334			4,019,385
Energy			1,052,006			—			1,052,006
Financials			9,503,693			—			9,503,693
Healthcare			9,311,376			118,598			9,429,974
Industrials			7,758,711			262,457			8,021,168
Information Technology			14,014,704			89,715			14,104,419
Materials			2,663,547			—			2,663,547

108

	Delaware Hedged U.S. Equity Opportunities Fund
	Level 1				Level 2				Total
Real Estate		$	2,067,488			$	—			$	2,067,488
Utilities			1,169,223				153,402				1,322,625
Exchange-Traded Fund			425,885				—				425,885
Options Purchased			—				714,635				714,635
Short-Term Investments			1,361,275				—				1,361,275
Total Value of Securities Before Options Written		$	67,243,020			$	1,818,170			$	69,061,190
Liabilities:
Options Written		$	(389,530	)		$	—			$	(389,530	)
Derivatives1
Assets:
Foreign Currency Exchange Contracts		$	—			$	13,165			$	13,165
Liabilities:
Foreign Currency Exchange Contracts		$	—			$	(21,296	)		$	(21,296	)
Futures Contracts			(556,514	)			—				(556,514	)

¹ Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

	Delaware
	Premium
	Income Fund
	Level 1
Securities
Assets:
Common Stocks		$	57,211,939
Short-Term Investments			660,781
Total Value of Securities Before Options Written		$	57,872,720
Liabilities:
Options Written		$	(10,448,857	)

	Delaware Total Return Fund
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Agency Mortgage-Backed
Securities		$	—		$	12,693,900		$	—		$	12,693,900
Collateralized Debt Obligations			—			1,297,956			—			1,297,956
Common Stocks
Banks			2,689,390			—			—			2,689,390
Basic Materials			1,383,744			—			—			1,383,744
Biotechnology			677,338			—			—			677,338
Communication Services			7,577,096			1,367,129			—			8,944,225
Communications			11,209,659			—			—			11,209,659
Consumer Discretionary			32,349,203			3,820,149			—			36,169,352
Consumer Staples			11,373,383			8,080,437			—			19,453,820

109

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware Total Return Fund
	Level 1			Level 2			Level 3			Total
Electric		$	1,109,640		$	—		$	—		$	1,109,640
Energy			17,289,168			—			—			17,289,168
Financials			21,339,964			—			—			21,339,964
Healthcare			36,644,246			5,100,040			—			41,744,286
Industrials			13,103,610			2,581,021			—			15,684,631
Information Technology			41,112,113			2,632,142			—			43,744,255
Insurance			10,069,212			—			—			10,069,212
Materials			2,818,114			1,418,795			—			4,236,909
Media			2,826,383			—			—			2,826,383
REIT Diversified			2,405,531			—			—			2,405,531
REIT Healthcare			1,817,511			—			—			1,817,511
REIT Hotel			104,556			—			—			104,556
REIT Industrial			454,994			—			—			454,994
REIT Mall			395,601			—			—			395,601
REIT Manufactured Housing			531,282			—			—			531,282
REIT Multifamily			4,783,687			—			—			4,783,687
REIT Office			249,196			—			—			249,196
REIT Self-Storage			1,541,963			—			—			1,541,963
REIT Shopping Center			715,511			—			—			715,511
REIT Single Tenant			878,379			—			—			878,379
REIT Specialty			67,373			—			—			67,373
REITs			6,540,658			—			—			6,540,658
Retail			1,185,344			—			—			1,185,344
Technology			24,051,753			—			—			24,051,753
Utilities			4,266,555			—			—			4,266,555
Convertible Bonds			—			29,418,157			—			29,418,157
Convertible Preferred Stock			7,477,289			—			—			7,477,289
Corporate Bonds			—			58,060,247			—			58,060,247
Exchange-Traded Funds			24,237,555			—			—			24,237,555
Limited Liability Corporation			—			—			10,113,120			10,113,120
Non-Agency Asset-Backed
Securities			—			803,278			—			803,278
Non-Agency Commercial
Mortgage-Backed Securities			—			6,179,915			—			6,179,915
Sovereign Bonds			—			7,487,398			—			7,487,398
Supranational Banks			—			883,738			—			883,738
US Treasury Obligations			—			8,480,596			—			8,480,596
Short-Term Investments			6,057,212			—			—			6,057,212
Total Value of Securities		$	301,334,213		$	150,304,898		$	10,113,120		$	461,752,231

110

	Delaware Total Return Fund
	Level 1				Level 2				Level 3			Total
Derivatives2
Assets:
Foreign Currency Exchange
Contracts		$	—			$	455			$	—		$	455
Futures Contracts			86,336				—				—			86,336
Liabilities:
Foreign Currency Exchange
Contracts		$	—			$	(13,294	)		$	—		$	(13,294	)
Futures Contracts			(34,706	)			—				—			(34,706	)

² Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund’s net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the period except for Delaware Total Return Fund. There were no Level 3 investments during the six months ended March 31, 2022 for Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Global Equity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund and Delaware Premium Income Fund.

	Limited Liability Corporation
Balance as of 9/30/21		$	8,470,080
Return of capital			(270,000	)
Net change in unrealized appreciation/depreciation			1,913,040
Balance as of 3/31/22		$	10,113,120
Net change in unrealized appreciation (depreciation)
from Level 3 investments still held as of 3/31/22		$	1,913,040

When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

111

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for Delaware Total Return Fund is as follows:

		Valuation	Unobservable	Input
Assets	Value	Techniques	Inputs	Value
Limited Partnerships	$10,113,120	Market Cap rate method (using trailing 12 month NOI adjusted for assets and liabilities)	Liquidity discount Cap rate	5% 5.50%

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware				Delaware				Delaware
	Equity Income Fund				Growth and Income Fund				Growth Equity Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	3/31/22		9/30/21		3/31/22		9/30/21		3/31/22		9/30/21
Shares sold:
Class A	643,166		1,187,812		933,599		2,296,732		997,225		2,066,873
Institutional Class	93,614		149,781		45,348		164,457		342,118		1,861,724
Class R6	—		—		—		—		9,889		66,988
Shares issued upon reinvestment of dividends and distributions:
Class A	5,325,315		3,596,638		7,763,727		5,357,405		11,185,694		3,182,854
Institutional Class	32,656		16,098		34,176		25,619		991,080		782,524
Class R6	380		937		330		1,300		32,975		4,900
	6,095,131		4,951,266		8,777,180		7,845,513		13,558,981		7,965,863
Shares redeemed:
Class A	(4,354,121	)	(15,059,596	)	(6,531,729	)	(22,458,779	)	(3,768,966	)	(10,442,589	)
Institutional Class	(46,851	)	(76,607	)	(84,929	)	(200,804	)	(3,416,695	)	(6,867,048	)
Class R6	(223	)	(107,145	)	(10,190	)	(214,008	)	(118,812	)	(224,736	)
	(4,401,195	)	(15,243,348	)	(6,626,848	)	(22,873,591	)	(7,304,473	)	(17,534,373	)
Net increase (decrease)	1,693,936		(10,292,082	)	2,150,332		(15,028,078	)	6,254,508		(9,568,510	)

112

									Delaware
	Delaware				Delaware				Covered Call
	Opportunity Fund				Global Equity Fund				Strategy Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	3/31/22		9/30/21		3/31/22		9/30/21		3/31/22		9/30/21
Shares sold:
Class A	249,027		675,704		339,774		946,910		142,291		401,971
Institutional Class	10,458		58,698		15,794		199,494		52,463		229,299
Class R6	113		820		643		15,026		—		3,426
Shares issued upon reinvestment of dividends and distributions:
Class A	1,102,821		192,380		4,414,491		1,838,216		6,332		55,398
Institutional Class	7,167		1,000		45,872		112,012		5,386		24,119
Class R6	80		—		404		378		11		65
	1,369,666		928,602		4,816,978		3,112,036		206,483		714,278
Shares redeemed:
Class A	(1,881,091	)	(7,165,676	)	(3,274,672	)	(10,641,883	)	(890,022	)	(4,228,881	)
Institutional Class	(26,025	)	(47,140	)	(1,754,063	)	(765,692	)	(214,166	)	(1,062,528	)
Class R6	(4,960	)	(37,232	)	(15,708	)	(186,007	)	(184	)	(21,461	)
	(1,912,076	)	(7,250,048	)	(5,044,443	)	(11,593,582	)	(1,104,372	)	(5,312,870	)
Net decrease	(542,410	)	(6,321,446	)	(227,465	)	(8,481,546	)	(897,889	)	(4,598,592	)

113

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

	Delaware
	Hedged U.S. Equity				Delaware				Delaware
	Opportunities Fund				Premium Income Fund				Total Return Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	3/31/22		9/30/21		3/31/22		9/30/21		3/31/22		9/30/21
Shares sold:
Class A	145,212		622,730		33,126		95,024		473,056		1,170,029
Institutional Class	903,109		1,607,817		348,160		492,556		29,750		74,433
Class R6	—		3,398		—		—		39		97
Shares issued upon reinvestment of dividends and distributions:
Class A	481,104		1,304,950		11,444		39,818		4,013,576		623,661
Institutional Class	280,540		499,622		18,942		45,614		11,135		1,569
Class R6	164		2,274		51		274		296		205
	1,810,129		4,040,791		411,723		673,286		4,527,852		1,869,994
Shares redeemed:
Class A	(624,219	)	(2,298,036	)	(282,298	)	(1,364,201	)	(3,060,027	)	(11,589,622	)
Institutional Class	(430,469	)	(1,381,471	)	(284,535	)	(1,496,072	)	(29,727	)	(48,752	)
Class R6	(122	)	(11,818	)	(908	)	(4,319	)	(1,655	)	(49,418	)
	(1,054,810	)	(3,691,325	)	(567,741	)	(2,864,592	)	(3,091,409	)	(11,687,792	)
Net increase (decrease)	755,319		349,466		(156,018	)	(2,191,306	)	1,436,443		(9,817,798	)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the tables above and on previous pages and on the “Statements of changes in net assets.” For the six months ended March 31, 2022 and the year ended September 30, 2021, each Fund had the following exchange transactions:

	Exchange Redemptions		Exchange Subscriptions
			Institutional
	Class A		Class		Class R6
	Shares		Shares		Shares		Value
Delaware Equity Income Fund
Year ended
9/30/21		58,398		57,973		—	$	405,726
Delaware Growth and Income Fund
Six months ended
3/31/22		1,124		1,121		—		16,639
Year ended
9/30/21		26,269		26,225		—		354,306
Delaware Growth Equity Fund
Year ended
9/30/21		38,440		36,858		489		552,571

114

	Exchange Redemptions		Exchange Subscriptions
			Institutional
	Class A		Class		Class R6
	Shares		Shares		Shares		Value
Delaware Opportunity Fund
Year ended
9/30/21		15,046		14,200		179	$	457,032
Delaware Global Equity Fund
Six months ended
3/31/22		1,324		1,262		—		9,454
Year ended
9/30/21		16,796		16,032		—		118,179
Delaware Covered Call Strategy Fund
Year ended
9/30/21		2,664		2,671		—		29,519
Delaware Hedged U.S. Equity Opportunities Fund
Year ended
9/30/21		2,822		2,777		—		32,901
Delaware Premium Income Fund
Year ended
9/30/21		8,332		8,323		—		81,653
Delaware Total Return Fund
Year ended
9/30/21		41,036		40,859		—		652,541

Delaware Equity Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Premium Income Fund and Delaware Total Return Fund did not have any exchange transactions for the six months ended March 31, 2022.

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which 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 1, 2021.

On November 1, 2021, each Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described above and operates in substantially the same manner as the original Agreement. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.

Each Fund had no amounts outstanding as of March 31, 2022, or at any time during the period then ended.

115

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund’s exposure to the counterparty.

During the six months ended March 31, 2022, Delaware Global Equity Fund entered into foreign currency exchange contracts and foreign cross currency contracts in order to fix the US dollar value of a security between the trade date and settlement date. Delaware Hedged U.S. Equity Opportunities Bond Fund, and Delaware Total Return Fund entered into foreign currency exchange contracts and foreign cross currency contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. Delaware Total Return Fund also entered into foreign currency contracts and foreign cross currency contracts to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Delaware Total Return Fund posted $47,234 cash collateral as margin for open futures contracts.

During the six months ended March 31, 2022, Delaware Hedged U.S. Equity Opportunities Bond Fund and Delaware Total Return Fund invested in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Delaware Total Return Fund also invested in futures contracts as a cash management tool.

Options Contracts — During the six months ended March 31, 2022, the Funds entered into options contracts in the normal course of pursuing their investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When each Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the

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current market value of the option written. Premiums received from writing options that expire unexercised are treated by each Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

During the six months ended March 31, 2022, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Premium Income Fund used options contracts to manage the Funds’ exposure to changes in securities prices caused by interest rates or market conditions. In addition, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund used options contracts to receive premiums for writing options and to protect the value of portfolio securities.

Swap Contracts — Delaware Total Return Fund enters into CDS contracts in the normal course of pursuing its investment objective. The Fund entered into CDS contracts in order to hedge against a credit event and to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. In addition, an upfront payment may be made or received by Delaware Total Return Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended March 31, 2022, Delaware Total Return Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. For the six months ended March 31, 2022, the Fund did not enter into any contracts as a seller of protection. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

CDS contracts may involve greater risks than if Delaware Total Return Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended March 31, 2022, Delaware Total Return Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by Delaware Total Return Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, Delaware Total Return Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event Delaware Total Return Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket

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Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

Fair values of derivative instruments as of March 31, 2022 were as follows:

	Delaware Hedged U.S. Equity Opportunities Fund
	Asset Derivatives Fair Value
Statement of Assets and	Currency			Equity
Liabilities Location	Contracts			Contracts		Total
Unrealized appreciation on foreign currency exchange contracts		$	13,165	$	—	$	13,165
Options purchased*			—		714,635		714,635
Total		$	13,165	$	714,635	$	727,800

* Included with "Investments, at Value."

	Delaware Hedged U.S. Equity
	Opportunities Fund
	Liability Derivatives Fair Value
Statement of Assets and	Currency			Equity
Liabilities Location	Contracts			Contracts
Unrealized depreciation on foreign currency exchange contracts	$	(21,296	)	$	—
Variation margin due to broker on futures contracts**		—			(556,514	)
Options written, at value		—			(389,530	)
Total	$	(21,296	)	$	(946,044	)

** Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared CDS contracts, and centrally cleared swap contracts from the date the contracts were opened through March 31, 2022. Only current day variation margin is reported on the Fund’s “Statements of assets and liabilities.”

	Delaware Total Return Fund
	Asset Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$	455		$	—	$	455
Variation margin due from broker on futures contracts*			—			86,336		86,336
Total		$	455		$	86,336	$	86,791

	Delaware Total Return Fund
	Liability Derivatives Fair Value
					Interest
Statement of Assets and	Currency				Rate
Liabilities Location	Contracts				Contracts				Total
Unrealized depreciation on foreign currency exchange contracts		$	(13,294	)		$	—		$	(13,294	)
Variation margin due to broker on futures contracts			—				(34,706	)		(34,706	)
Total		$	(13,294	)		$	(34,706	)	$	(48,000	)

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The effect of derivative instruments on Delaware Hedged U.S. Equity Opportunities Fund's “Statement of operations” for the six months ended March 31, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures		Options				Options
	Contracts			Contracts		Purchased				Written		Total
Currency contracts		$	36,966	$	—		$	—		$	—	$	36,966
Equity contracts			—		305,757			(766,183	)		352,163		(108,263	)
Total		$	36,966	$	305,757		$	(766,183	)	$	352,163	$	(71,297	)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange				Futures			Options				Options
	Contracts				Contracts			Purchased				Written		Total
Currency contracts		$	(40,987	)	$	—			$	—		$	—	$	(40,987	)
Equity contracts			—			(920,636	)			(364,268	)		230,003		(1,054,901	)
Total		$	(40,987	)	$	(920,636	)		$	(364,268	)	$	230,003	$	(1,095,888	)

The effect of derivative instruments on Delaware Total Return Fund's “Statement of operations” for the six months ended March 31, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures		Swap
	Contracts			Contracts		Contracts				Total
Currency contracts		$	104,705	$	—		$	—		$	104,705
Interest rate contracts			—		120,090			—			120,090
Credit contracts			—		—			(62	)		(62	)
Total		$	104,705	$	120,090		$	(62	)	$	224,733

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange				Futures			Swap
	Contracts				Contracts			Contracts			Total
Currency contracts		$	(18,806	)		$	—		$	—	$	(18,806	)
Interest rate contracts			—				14,813			—		14,813
Credit contracts			—				—			4,782		4,782
Total		$	(18,806	)		$	14,813		$	4,782	$	789

During the six months ended March 31, 2022, Delaware Global Equity Fund experienced net realized and unrealized gains or losses attributable to foreign currency exchange contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

During the six months ended March 31, 2022, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund experienced net realized and unrealized gains or losses attributable to options contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

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Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

The table below summarizes the daily average balance of derivative holdings by each Fund during the six months ended March 31, 2022:

	Long Derivative Volume
				Delaware
	Delaware			Hedged U.S. Equity			Delaware
	Global Equity Fund			Opportunities Fund			Total Return Fund
Foreign currency exchange contracts (average notional value)		$	153,879		$	209,731		$	763,255
Futures contracts (average notional value)			—			—			165,564
Options contracts (average notional value)*			—			582,879			—
CDS contracts (average notional value)**			—			—			79,070

	Short Derivative Volume
				Delaware			Delaware
	Delaware			Covered Call Strategy			Hedged U.S. Equity
	Global Equity Fund			Fund			Opportunities Fund
Foreign currency exchange contracts (average notional value)		$	356,765		$	—		$	2,253,600
Futures contracts (average notional value)			—			—			12,683,316
Options contracts (average notional value)*			—			3,620,387			314,148

	Short Derivative Volume
	Delaware			Delaware
	Premium Income Fund			Total Return Fund
Foreign currency exchange contracts (average notional value)		$	—		$	1,641,766
Futures contracts (average notional value)			—			2,450,971
Options contracts (average notional value)*			11,329,686			—

*	Long represents purchased options and short represents written options.
**	Long represents buying protection and short represents selling protection.

7. Offsetting

Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

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At March 31, 2022, each Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Global Equity Fund

		Gross Value of
	Gross Value of	Derivative
Counterparty	Derivative Asset	Liability	Net Position
Bank of New York Mellon	$1,918	$(907)	$1,011

		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
Bank of New York Mellon	$(1,011)	$—	$—	$—	$—	$(1,011)

Delaware Hedged U.S. Equity Opportunities Fund

				Gross Value of
	Gross Value of			Derivative
Counterparty	Derivative Asset			Liability				Net Position
BNYM		$	19		$	(2	)		$	17
DB			13,146			—				13,146
TD			—			(21,294	)			(21,294	)
Total		$	13,165		$	(21,296	)		$	(8,131	)

					Fair Value of						Fair Value of
					Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position				Collateral Received(a)			Received			Collateral Pledged			Pledged			Net Exposure(b)
BNYM		$	17			$	—		$	—		$	—		$	—		$	17
DB			13,146				—			—			—			—			13,146
TD			(21,294	)			—			—			—			—			(21,294	)
Total		$	(8,131	)		$	—		$	—		$	—		$	—		$	(8,131	)

Delaware Total Return Fund

				Gross Value of
	Gross Value of			Derivative
Counterparty	Derivative Asset			Liability				Net Position
Bank of New York Mellon		$	281		$	(258	)		$	23
Citigroup			—			(1,333	)			(1,333	)
JPMorgan Chase Bank			174			(11,703	)			(11,529	)
		$	455		$	(13,294	)		$	(12,839	)

					Fair Value of						Fair Value of
					Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position				Collateral Received			Received(a)			Collateral Pledged			Pledged			Net Exposure(b)
Bank of New York Mellon		$	23			$	—		$	—		$	—		$	—		$	23
Citigroup			(1,333	)			—			—			—			—			(1,333	)
JPMorgan Chase Bank			(11,529	)			—			—			—			—			(11,529	)
		$	(12,839	)		$	—		$	—		$	—		$	—		$	(12,839	)

(a)	The value of the related collateral exceeded the value of the derivatives as of September 30, 2021, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

121

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

8. Securities Lending

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

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

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

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

During the six months ended March 31, 2022, the Funds had no securities out on loan.

9. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse

122

effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact your Fund’s performance.

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

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

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

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

Delaware Total Return Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Delaware Total Return Fund invest in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Delaware Total Return Fund invests in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan

123

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

9. Credit and Market Risk (continued)

agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As Delaware Total Return Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund's rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

Delaware Total Return Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Delaware Opportunity Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Total Return Fund may invest in REITs and are subject to the risks associated with that industry. If a Fund holds 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 March 31, 2022. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

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

10. Contractual Obligations

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

11. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

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12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to March 31, 2022, that would require recognition or disclosure in the Funds’ financial statements.

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About the organization

This semiannual report is for the information of Delaware Group^® Equity Funds IV Funds shareholders.

Board of directors/trustees Shawn K. Lytle
President and
Chief Executive Officer
Delaware Funds by Macquarie^® Jerome D. Abernathy
Managing Member
Stonebrook Capital Management, LLC Thomas L. Bennett
Chairman of the Board
Delaware Funds by Macquarie
Private Investor Ann D. Borowiec
Former Chief Executive Officer
Private Wealth Management
J.P. Morgan Chase & Co. Joseph W. Chow
Private Investor H. Jeffrey Dobbs
Former Global Chairman
Industrial Manufacturing, KPMG, LLP John A. Fry
President
Drexel University Joseph Harroz, Jr.
President
University of Oklahoma Sandra A.J. Lawrence
Former Chief Administrative Officer
Children's Mercy Hospitals and Clinics Frances A. Sevilla-Sacasa
Former Chief Executive Officer
Banco Itaú International Thomas K. Whitford
Former Vice Chairman
PNC Financial Services Group Christianna Wood
Chief Executive Officer and President
Gore Creek Capital, Ltd. Janet L. Yeomans
Former Vice President and Treasurer
3M Company Affiliated officers David F. Connor
Senior Vice President,
General Counsel, and Secretary
Delaware Funds by Macquarie Daniel V. Geatens
Senior Vice President and Treasurer
Delaware Funds by Macquarie Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Funds by Macquarie This semiannual report is for the information of Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Global Equity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Premium Income Fund, and Delaware Total Return Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature. Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330. Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

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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 registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15( b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (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) 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 GROUP^® EQUITY FUNDS IV

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 7, 2022

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 7, 2022

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 7, 2022