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, 2023

Item 1. Reports to Stockholders

	Semiannual report
Equity funds	Alternative/specialty funds
Delaware Growth and Income Fund	Delaware Covered Call Strategy Fund
Delaware Opportunity Fund	Delaware Hedged U.S. Equity Opportunities Fund
Delaware Global Equity Fund
	Delaware Premium Income Fund
	Multi-asset fund
	Delaware Total Return Fund
March 31, 2023

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	4
Schedules of investments	12
Statements of assets and liabilities	47
Statements of operations	51
Statements of changes in net assets	54
Financial highlights	59
Notes to financial statements	82
Other Fund information	108

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 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.

This semiannual report is for the information of Delaware Growth and Income 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.

Unless otherwise noted, views expressed herein are current as of March 31, 2023, 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.

© 2023 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses

For the six-month period from October 1, 2022 to March 31, 2023 (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, 2022 to March 31, 2023.

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

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/22 to
	10/1/22		3/31/23		Ratio			3/31/23*
Actual Fund return†
Class A	$	1,000.00	$	1,133.10		1.02	%	$	5.42
Institutional Class		1,000.00		1,133.40		0.77	%		4.10
Class R6		1,000.00		1,134.20		0.74	%		3.94
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.85		1.02	%	$	5.14
Institutional Class		1,000.00		1,021.09		0.77	%		3.88
Class R6		1,000.00		1,021.24		0.74	%		3.73

Delaware Opportunity Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/22 to
	10/1/22		3/31/23		Ratio			3/31/23*
Actual Fund return†
Class A	$	1,000.00	$	1,104.20		1.15	%	$	6.03
Class C**		1,000.00		946.50		1.89	%		1.61
Class R**		1,000.00		947.20		1.39	%		1.19
Institutional Class		1,000.00		1,106.20		0.90	%		4.73
Class R6		1,000.00		1,106.40		0.78	%		4.10
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.20		1.15	%	$	5.79
Class C		1,000.00		1,002.73		1.89	%		1.66
Class R		1,000.00		1,003.16		1.39	%		1.22
Institutional Class		1,000.00		1,020.44		0.90	%		4.53
Class R6		1,000.00		1,021.04		0.78	%		3.93

1

Disclosure of Fund expenses

Delaware Global Equity Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/22 to
	10/1/22		3/31/23		Ratio			3/31/23*
Actual Fund return†
Class A	$	1,000.00	$	1,282.50		1.22	%	$	6.94
Institutional Class		1,000.00		1,284.70		0.97	%		5.53
Class R6		1,000.00		1,285.50		0.92	%		5.24
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.85		1.22	%	$	6.14
Institutional Class		1,000.00		1,020.09		0.97	%		4.89
Class R6		1,000.00		1,020.34		0.92	%		4.63

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			10/1/22 to
	10/1/22		3/31/23		Ratio			3/31/23*
Actual Fund return†
Class A	$	1,000.00	$	1,120.60		1.31	%	$	6.93
Institutional Class		1,000.00		1,121.70		1.06	%		5.61
Class R6		1,000.00		1,122.70		0.91	%		4.82
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		1,020.39		0.91	%		4.58

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			10/1/22 to
	10/1/22		3/31/23		Ratio			3/31/23*
Actual Fund return†
Class A	$	1,000.00	$	1,099.00		1.55	%	$	8.11
Institutional Class		1,000.00		1,099.80		1.30	%		6.81
Class R6		1,000.00		1,100.90		1.21	%		6.34
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.20		1.55	%	$	7.80
Institutional Class		1,000.00		1,018.45		1.30	%		6.54
Class R6		1,000.00		1,018.90		1.21	%		6.09

Delaware Premium Income Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/22 to
	10/1/22		3/31/23		Ratio			3/31/23*
Actual Fund return†
Class A	$	1,000.00	$	1,093.40		1.30	%	$	6.78
Institutional Class		1,000.00		1,095.30		1.05	%		5.49
Class R6		1,000.00		1,095.50		0.93	%		4.86
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		1,020.29		0.93	%		4.68

2

Delaware Total Return Fund

Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/22 to
	10/1/22		3/31/23		Ratio			3/31/23*
Actual Fund return†
Class A	$	1,000.00	$	1,102.70		1.05	%	$	5.50
Institutional Class		1,000.00		1,104.20		0.80	%		4.20
Class R6		1,000.00		1,105.00		0.77	%		4.04
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		1,021.09		0.77	%		3.88

* “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.

** The Class C and Class R shares commenced operations on February 28, 2023. The ending account value for “Actual” uses the performance since inception and is not annualized and the expenses paid during the period for “Actual” are equal to the Class C and R annualized expense ratio, multiplied by the average account value over the period, multiplied by 32/365 (to reflect the actual days since inception).

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.

3

Security type / sector allocations and top 10 equity holdings

Delaware Growth and Income Fund As of March 31, 2023 (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, which may result in the sector designations for one fund being different from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stocks		99.77	%
Communication Services		10.09	%
Consumer Discretionary		10.18	%
Consumer Staples		5.46	%
Energy		12.91	%
Financials		19.11	%
Healthcare		22.19	%
Industrials		3.59	%
Information Technology		16.24	%
Short-Term Investments		0.30	%
Total Value of Securities		100.07	%
Liabilities Net of Receivables and Other Assets		(0.07	)%
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
Exxon Mobil		5.92	%
Cisco Systems		4.64	%
Merck & Co.		4.16	%
Bristol-Myers Squibb		4.11	%
Gilead Sciences		3.95	%
Philip Morris International		3.48	%
TJX		3.47	%
Broadcom		3.34	%
Johnson & Johnson		3.24	%
ConocoPhillips		3.05	%

4

Security type / sector allocations and top 10 equity holdings

Delaware Opportunity Fund As of March 31, 2023 (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, which may result in the sector designations for one fund being different from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stocks		98.89	%
Basic Industry		8.34	%
Consumer Discretionary		11.02	%
Consumer Staples		5.44	%
Energy		6.71	%
Financial Services		15.65	%
Healthcare		6.45	%
Industrials		15.71	%
Real Estate Investment Trusts		7.05	%
Technology		12.87	%
Transportation		1.68	%
Utilities		7.97	%
Short-Term Investments		1.02	%
Total Value of Securities		99.91	%
Receivables and Other Assets Net of Liabilities		0.09	%
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
WESCO International		2.18	%
Synopsys		2.01	%
Quanta Services		1.89	%
Hartford Financial Services Group		1.87	%
KBR		1.80	%
DR Horton		1.65	%
Reinsurance Group of America		1.61	%
Flex		1.60	%
AECOM		1.50	%
Marriott International Class A		1.48	%

5

Security type / country and sector allocations

Delaware Global Equity Fund As of March 31, 2023 (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, which may result in the sector designations for one fund being different from another fund’s sector designations.

	Percentage
Security type / country	of net assets
Common Stocks by Country		98.27	%
Denmark		2.34	%
France		14.05	%
Germany		10.88	%
Japan		4.62	%
Netherlands		5.27	%
Spain		4.41	%
Sweden		8.03	%
Switzerland		9.95	%
United Kingdom		12.88	%
United States		25.84	%
Exchange-Traded Fund		1.07	%
Short-Term Investments		0.02	%
Total Value of Securities		99.36	%
Receivables and Other Assets Net of Liabilities		0.64	%
Total Net Assets		100.00	%

	Percentage
Common stocks by sector	of net assets
Communication Services		2.33	%
Consumer Discretionary		16.13	%
Consumer Staples*		41.59	%
Healthcare		18.96	%
Industrials		9.19	%
Information Technology		6.15	%
Materials		3.92	%
Total		98.27	%

* 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, 2023, such amounts, as a percentage of total net assets were 4.85%, 8.78%, 20.89%, and 7.07%, 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%.

6

Security type / sector allocations and top 10 equity holdings

Delaware Covered Call Strategy Fund As of March 31, 2023 (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, which may result in the sector designations for one fund being different from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stocks		101.68	%
Communication Services		4.73	%
Consumer Discretionary		13.94	%
Consumer Staples		5.95	%
Energy		8.46	%
Financials		12.41	%
Healthcare		10.59	%
Industrials		12.50	%
Information Technology*		29.35	%
Utilities		3.75	%
Short-Term Investments		1.74	%
Total Value of Securities Before Options Written		103.42	%
Options Written		(3.10	)%
Liabilities Net of Receivables and Other Assets		(0.32	)%
Total Net Assets		100.00	%

* 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, Semiconductors, and Software. As of March 31, 2023, such amounts, as a percentage of total net assets were 9.68%, 10.83%, and 8.84% 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		9.68	%
Microsoft		8.84	%
Booking Holdings		5.35	%
Alphabet Class A		4.73	%
Home Depot		4.44	%
Broadcom		4.40	%
Mastercard Class A		4.33	%
Exxon Mobil		4.33	%
UnitedHealth Group		4.24	%
Chevron		4.13	%

7

Security type / sector allocations and top 10 equity holdings

Delaware Hedged U.S. Equity Opportunities Fund As of March 31, 2023 (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, which may result in the sector designations for one fund being different from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stocks		96.79	%
Communication Services		5.94	%
Consumer Discretionary		10.90	%
Consumer Staples		6.42	%
Energy		2.97	%
Financials		13.07	%
Healthcare		13.40	%
Industrials		13.05	%
Information Technology		21.18	%
Materials		4.99	%
Real Estate		2.69	%
Utilities		2.18	%
Exchange-Traded Funds		0.98	%
Options Purchased		0.33	%
Short-Term Investments		1.62	%
Total Value of Securities Before Options Written		99.72	%
Options Written		(0.09	)%
Receivables and Other Assets Net of Liabilities		0.37	%
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		3.84	%
Apple		2.21	%
Alphabet Class A		1.91	%
Amazon.com		1.63	%
Chubb		1.27	%
Meta Platforms Class A		1.23	%
NIKE Class B		1.15	%
M&T Bank		1.13	%
Visa Class A		1.12	%
TJX		1.07	%

8

Security type / sector allocations and top 10 equity holdings

Delaware Premium Income Fund As of March 31, 2023 (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, which may result in the sector designations for one fund being different from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stocks		121.47	%
Communication Services		10.95	%
Consumer Discretionary		14.23	%
Consumer Staples		5.37	%
Energy		8.96	%
Financials		19.78	%
Healthcare		10.69	%
Industrials		15.95	%
Information Technology*		32.24	%
Utilities		3.30	%
Short-Term Investments		2.22	%
Total Value of Securities Before Options Written		123.69	%
Options Written		(23.49	)%
Liabilities Net of Receivables and Other Assets		(0.20	)%
Total Net Assets		100.00	%

* 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, Semiconductors, Software, and Telecommunications. As of March 31, 2023, such amounts, as a percentage of total net assets were 5.16%, 8.23%, 9.72%, and 9.13%, 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
Microsoft		6.96	%
BlackRock		5.27	%
Broadcom		5.21	%
Apple		5.16	%
Cisco Systems		4.94	%
Chevron		4.94	%
Boeing		4.81	%
Booking Holdings		4.57	%
CSX		4.36	%
Alphabet Class A		4.32	%

9

Security type / sector allocations and top 10 equity holdings

Delaware Total Return Fund As of March 31, 2023 (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, which may result in the sector designations for one fund being different from another fund’s sector designations.

	Percentage
Security type / sector	of net assets
Agency Mortgage-Backed Securities		3.92	%
Collateralized Debt Obligations		0.34	%
Convertible Bonds		7.57	%
Corporate Bonds		12.23	%
Automotive		0.22	%
Banking		1.03	%
Basic Industry		0.68	%
Brokerage		0.05	%
Capital Goods		0.57	%
Communications		1.38	%
Consumer Cyclical		0.14	%
Consumer Goods		0.19	%
Consumer Non-Cyclical		0.86	%
Electric		0.62	%
Energy		1.65	%
Finance Companies		0.19	%
Financial Services		0.09	%
Financials		0.16	%
Healthcare		0.31	%
Insurance		1.10	%
Leisure		0.38	%
Media		0.54	%
Natural Gas		0.14	%
Real Estate		0.09	%
Retail		0.34	%
Services		0.41	%
Technology		0.26	%
Technology & Electronics		0.25	%
Transportation		0.37	%
Utilities		0.21	%
Non-Agency Asset-Backed Securities		0.30	%
Non-Agency Commercial Mortgage-Backed Securities		1.55	%
Sovereign Bonds		1.91	%
Supranational Banks		0.12	%
US Treasury Obligations		2.88	%
Common Stocks		54.31	%
Communication Services		2.43	%
Consumer Discretionary		6.72	%
Consumer Staples		4.98	%
Energy		3.54	%
Financials		5.73	%
Healthcare		7.61	%
Industrials		3.55	%
Information Technology		13.86	%
Insurance		0.40	%
Materials		1.05	%
REIT Diversified		0.65	%
REIT Healthcare		0.23	%
REIT Hotel		0.14	%
REIT Industrial		0.46	%
REIT Mall		0.16	%
REIT Manufactured Housing		0.07	%
REIT Multifamily		0.80	%
REIT Office		0.08	%
REIT Self-Storage		0.36	%
REIT Shopping Center		0.30	%
REIT Single Tenant		0.14	%
REIT Specialty		0.20	%
Utilities		0.85	%
Convertible Preferred Stock		1.47	%
Exchange-Traded Funds		9.24	%
Limited Liability Corporation		2.65	%
Short-Term Investments		1.22	%
Total Value of Securities		99.71	%
Receivables and Other Assets Net of Liabilities		0.29	%
Total Net Assets		100.00	%

10

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		2.93%
Microsoft		2.42%
Johnson & Johnson		1.27%
Broadcom		1.22%
Merck & Co.		1.14%
Lowe’s		1.04%
TJX		1.03%
Cisco Systems		1.01%
NVIDIA		0.94%
Exxon Mobil		0.90%

11

Schedules of investments

Delaware Growth and Income Fund March 31, 2023 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 99.77%
Communication Services — 10.09%
AT&T		1,197,982	$	23,061,153
Comcast Class A		833,572		31,600,714
Meta Platforms Class A †		148,406		31,453,168
Verizon Communications		852,158		33,140,425
				119,255,460
Consumer Discretionary — 10.18%
APA		545,006		19,652,916
Chipotle Mexican Grill †		2,748		4,694,381
Ford Motor		1,228,032		15,473,203
H&R Block		9,505		335,051
Lowe’s		69,220		13,841,924
Macy’s		938,781		16,419,280
Tapestry		205,381		8,853,975
TJX		523,025		40,984,239
				120,254,969
Consumer Staples — 5.46%
Altria Group		429,123		19,147,468
Archer-Daniels-Midland		53,958		4,298,294
Philip Morris International		422,274		41,066,147
				64,511,909
Energy — 12.91%
ConocoPhillips		363,472		36,060,057
Exxon Mobil		637,981		69,960,996
Marathon Petroleum		136,250		18,370,588
Ovintiv		390,287		14,081,555
PDC Energy		219,726		14,102,015
				152,575,211
Financials — 19.11%
American Financial Group		84,983		10,325,434
American International Group		411,493		20,722,787
Blackstone		320,001		28,108,888
Discover Financial Services		46,625		4,608,415
Evercore Class A		99,920		11,528,769
F&G Annuities & Life		24,807		449,503
Fidelity National Financial		465,591		16,263,094
First American Financial		31,033		1,727,297
Lincoln National		112,177		2,520,617
MetLife		547,804		31,739,764
Old Republic International		588,565		14,696,468
OneMain Holdings		380,988		14,127,035
PNC Financial Services Group		33,969		4,317,460
Rithm Capital		1,360,045		10,880,360
Synchrony Financial		740,278		21,527,284
Truist Financial		642,869		21,921,833
Unum Group		261,478		10,344,070
				225,809,078
Healthcare — 22.19%
AmerisourceBergen		8,774		1,404,805
Bristol-Myers Squibb		700,049		48,520,396
Cardinal Health		15,617		1,179,084
Cigna		136,031		34,760,001
CVS Health		296,081		22,001,779
Gilead Sciences		563,209		46,729,451
Johnson & Johnson		246,860		38,263,300
McKesson		13,364		4,758,252
Merck & Co.		462,112		49,164,096
Pfizer		102,329		4,175,023
Viatris		1,174,962		11,303,135
				262,259,322
Industrials — 3.59%
Emerson Electric		183,935		16,028,096
Honeywell International		117,878		22,528,844
Raytheon Technologies		39,597		3,877,734
				42,434,674
Information Technology — 16.24%
Affirm Holdings †		397,906		4,484,400
Block †		86,554		5,941,932
Broadcom		61,556		39,490,636
Cisco Systems		1,049,634		54,869,617
Cognizant Technology Solutions Class A		318,881		19,429,419
HP		579,699		17,014,166
KLA		8,363		3,338,259
Mastercard Class A		11,036		4,010,593
Microchip Technology		94,924		7,952,733
Motorola Solutions		123,551		35,351,648
				191,883,403
Total Common Stocks (cost $1,051,494,772)				1,178,984,026
Short-Term Investments — 0.30%
Money Market Mutual Funds — 0.30%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		890,849		890,849
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		890,849		890,849
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		890,849		890,849

12

	Number of
	shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		890,848	$	890,848
Total Short-Term Investments
(cost $3,563,395)				3,563,395
Total Value of Securities—100.07%
(cost $1,055,058,167)			$	1,182,547,421

† Non-income producing security.

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

13

Schedules of investments

Delaware Opportunity Fund March 31, 2023 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 98.89%
Basic Industry — 8.34%
Alcoa		69,850	$	2,972,816
Berry Global Group		99,651		5,869,444
Celanese		52,050		5,667,724
Crown Holdings		61,400		5,078,394
Graphic Packaging Holding		205,250		5,231,822
Huntsman		178,800		4,891,968
Louisiana-Pacific		76,050		4,122,671
Newmont		60,250		2,953,455
Olin		75,800		4,206,900
Reliance Steel & Aluminum		11,050		2,836,977
Vulcan Materials		29,060		4,985,534
				48,817,705
Consumer Discretionary — 11.02%
Aptiv †		48,500		5,441,215
AutoZone †		2,362		5,806,150
Capri Holdings †		82,700		3,886,900
Darden Restaurants		36,840		5,716,094
DR Horton		98,800		9,651,772
Electronic Arts		50,400		6,070,680
Johnson Controls International		86,968		5,237,213
Marriott International Class A		52,220		8,670,609
Nexstar Media Group		24,590		4,245,709
Polaris		34,330		3,797,928
Ross Stores		56,250		5,969,813
				64,494,083
Consumer Staples — 5.44%
Campbell Soup		85,550		4,703,539
Conagra Brands		157,900		5,930,724
Dollar Tree †		45,050		6,466,928
Kellogg		104,350		6,987,276
Tyson Foods Class A		59,000		3,499,880
US Foods Holding †		115,350		4,261,029
				31,849,376
Energy — 6.71%
APA		143,250		5,165,595
Coterra Energy		289,550		7,105,557
Devon Energy		112,150		5,675,911
Hess		39,750		5,260,515
Marathon Oil		333,850		7,999,046
Valero Energy		58,050		8,103,780
				39,310,404
Financial Services — 15.65%
Affiliated Managers Group		39,550		5,632,711
Allstate		64,450		7,141,704
Ally Financial		226,850		5,782,407
Assurant		49,700		5,967,479
East West Bancorp		129,200		7,170,600
Globe Life		58,875		6,477,428
Hancock Whitney		125,465		4,566,926
Hartford Financial Services Group		157,100		10,948,299
KeyCorp		473,750		5,931,350
Raymond James Financial		82,950		7,736,746
Reinsurance Group of America		71,200		9,452,512
State Street		70,700		5,351,283
Synchrony Financial		149,100		4,335,828
Synovus Financial		166,700		5,139,361
				91,634,634
Healthcare — 6.45%
AmerisourceBergen		49,850		7,981,483
Quest Diagnostics		46,550		6,585,894
Service Corp. International		56,450		3,882,631
STERIS		30,400		5,814,912
Teleflex		23,850		6,041,444
Zimmer Biomet Holdings		57,900		7,480,680
				37,787,044
Industrials — 15.71%
AECOM		103,900		8,760,848
AMETEK		43,850		6,372,720
CACI International Class A †		20,825		6,170,031
ITT		84,950		7,331,185
KBR		192,010		10,570,150
ManpowerGroup		38,650		3,189,785
Oshkosh		60,650		5,044,867
Parker-Hannifin		17,450		5,865,120
Quanta Services		66,260		11,041,566
Regal Rexnord		58,000		8,162,340
United Rentals		17,025		6,737,814
WESCO International		82,500		12,749,550
				91,995,976
Real Estate Investment Trusts — 7.05%
American Homes 4 Rent Class A		198,770		6,251,317
Apartment Income REIT		168,756		6,043,152
Host Hotels & Resorts		403,600		6,655,364
Kimco Realty		185,400		3,620,862
Life Storage		34,075		4,466,892
Outfront Media		258,200		4,190,586
Spirit Realty Capital		132,300		5,270,832
VICI Properties		146,887		4,791,454
				41,290,459
Technology — 12.87%
Agilent Technologies		52,300		7,235,182
Akamai Technologies †		55,250		4,326,075
Ciena †		149,450		7,849,114
Concentrix		37,850		4,600,668
Fiserv †		26,900		3,040,507
Flex †		408,600		9,401,886

14

	Number of
	shares		Value (US $)
Common Stocks (continued)
Technology (continued)
Keysight Technologies †		38,825	$	6,269,461
ON Semiconductor †		104,700		8,618,904
Qorvo †		37,650		3,824,111
Synopsys †		30,450		11,761,312
Teradyne		78,550		8,444,910
				75,372,130
Transportation — 1.68%
JB Hunt Transport Services		27,300		4,790,058
Southwest Airlines		155,200		5,050,208
				9,840,266
Utilities — 7.97%
CMS Energy		109,950		6,748,731
Edison International		98,200		6,931,938
MDU Resources Group		176,300		5,373,624
NRG Energy		208,750		7,158,037
Public Service Enterprise Group		130,500		8,149,725
WEC Energy Group		59,350		5,625,787
Xcel Energy		98,750		6,659,700
				46,647,542
Total Common Stocks
(cost $451,020,153)				579,039,619
Short-Term Investments — 1.02%
Money Market Mutual Funds — 1.02%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		1,502,086		1,502,086
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		1,502,091		1,502,091
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		1,502,091		1,502,091
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		1,502,091		1,502,091
Total Short-Term Investments
(cost $6,008,359)				6,008,359
Total Value of Securities—99.91%
(cost $457,028,512)			$	585,047,978

† Non-income producing security.

Summary of abbreviations:

REIT – Real Estate Investment Trust

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

15

Schedules of investments

Delaware Global Equity Fund March 31, 2023 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks – 98.27%Δ
Denmark – 2.34%
Novo Nordisk Class B		28,600	$	4,542,292
				4,542,292
France – 14.05%
Air Liquide		45,390		7,597,775
Danone		127,860		7,955,912
Kering		3,040		1,983,382
Orange		379,630		4,510,071
Sodexo		52,940		5,170,683
				27,217,823
Germany – 10.89%
adidas AG		35,080		6,218,720
Fresenius Medical Care AG & Co.		83,190		3,530,936
Knorr-Bremse		54,790		3,649,614
SAP		60,970		7,698,715
				21,097,985
Japan – 4.61%
Asahi Group Holdings		57,400		2,136,316
Kao		101,300		3,943,131
Makita		114,700		2,856,589
				8,936,036
Netherlands – 5.27%
Koninklijke Ahold Delhaize		299,060		10,217,424
				10,217,424
Spain – 4.41%
Amadeus IT Group †		127,220		8,534,370
				8,534,370
Sweden – 8.03%
Essity Class B		195,220		5,576,245
H & M Hennes & Mauritz Class B		305,310		4,365,182
Securitas Class B		631,500		5,617,598
				15,559,025
Switzerland – 9.95%
Nestle		86,800		10,583,573
Roche Holding		12,990		3,711,796
Swatch Group		14,460		4,979,891
				19,275,260
United Kingdom – 12.89%
Diageo		163,020		7,275,530
Intertek Group		72,020		3,607,102
Smith & Nephew		475,390		6,608,179
Unilever		144,370		7,481,114
				24,971,925
United States – 25.83%
Clorox		46,990		7,435,698
Conagra Brands		60,120		2,258,107
Henry Schein †		90,050		7,342,677
Ingredion		55,600		5,656,188
Kimberly-Clark		46,700		6,268,074
Lamb Weston Holdings		36,320		3,796,166
Merck & Co.		63,000		6,702,570
Otis Worldwide		24,550		2,072,020
Pfizer		105,650		4,310,520
Visa Class A		18,690		4,213,848
				50,055,868
Total Common Stocks
(cost $187,245,349)				190,408,008
Exchange-Traded Fund – 1.07%
Vanguard S&P 500 ETF		5,500		2,068,385
Total Exchange-Traded Fund
(cost $1,938,277)				2,068,385
Short-Term Investments – 0.02%
Money Market Mutual Funds – 0.02%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		8,333		8,333
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		8,332		8,332
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		8,332		8,332
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		8,332		8,332
Total Short-Term Investments
(cost $33,329)				33,329
Total Value of Securities–99.36%
(cost $189,216,955)			$	192,509,722

∆ Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 6 in “Security type / country and sector allocations.”

† Non-income producing security.

16

Summary of abbreviations:

AG – Aktiengesellschaft

ETF – Exchange-Traded Fund

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

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

17

Schedules of investments

Delaware Covered Call Strategy Fund March 31, 2023 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 101.68%t
Communication Services — 4.73%
Alphabet Class A ~, †		45,200	$	4,688,596
				4,688,596
Consumer Discretionary — 13.94%
Amazon.com ~, †		20,000		2,065,800
Booking Holdings ~, †		2,000		5,304,820
Home Depot ~		14,900		4,397,288
Tesla ~, †		9,900		2,053,854
				13,821,762
Consumer Staples — 5.95%
Costco Wholesale ~		7,000		3,478,090
Philip Morris International ~		24,900		2,421,525
				5,899,615
Energy — 8.46%
Chevron ~		25,100		4,095,316
Exxon Mobil ~		39,100		4,287,706
				8,383,022
Financials — 12.41%
Bank of America ~		95,200		2,722,720
BlackRock ~		3,300		2,208,096
JPMorgan Chase & Co. ~		23,700		3,088,347
Mastercard Class A ~		11,800		4,288,238
				12,307,401
Healthcare — 10.59%
Bristol-Myers Squibb ~		26,300		1,822,853
Medtronic ~		39,400		3,176,428
Pfizer ~		31,600		1,289,280
UnitedHealth Group ~		8,900		4,206,051
				10,494,612
Industrials — 12.50%
Honeywell International ~		11,900		2,274,328
Lockheed Martin ~		6,300		2,978,199
Raytheon Technologies ~		24,900		2,438,457
Southwest Airlines ~		62,100		2,020,734
Union Pacific ~		13,300		2,676,758
				12,388,476
Information Technology — 29.35%
Apple ~		58,200		9,597,180
Broadcom ~		6,800		4,362,472
Microsoft ~		30,400		8,764,320
NVIDIA ~		10,400		2,888,808
Texas Instruments ~		18,700		3,478,387
				29,091,167
Utilities — 3.75%
NextEra Energy ~		48,300		3,722,964
				3,722,964
Total Common Stocks (cost $70,366,758)				100,797,615
Short-Term Investments — 1.74%
Money Market Mutual Funds — 1.74%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		431,673		431,673
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		431,675		431,675
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		431,675		431,675
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		431,676		431,676
Total Short-Term Investments (cost $1,726,699)				1,726,699
Total Value of Securities Before Options Written—103.42% (cost $72,093,457)				102,524,314

	Number of
	contracts
Options Written — (3.10%)
Equity Call Options — (3.10%)
Alphabet, strike price $120, expiration date 4/21/23, notional amount $(5,424,000)		(452	)	(2,712	)
Amazon.com, strike price $110, expiration date 4/21/23, notional amount $(2,200,000)		(200	)	(16,400	)
Apple, strike price $160, expiration date 4/21/23, notional amount $(9,312,000)		(582	)	(389,940	)

18

	Number of
	contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Bank of America, strike price $37, expiration date 4/21/23, notional amount $(3,522,400)		(952	)	$	(1,428	)
BlackRock, strike price $780, expiration date 4/21/23, notional amount $(2,574,000)		(33	)		(3,795	)
Booking Holdings, strike price $2,450, expiration date 6/16/23, notional amount $(4,900,000)		(20	)		(611,000	)
Bristol-Myers Squibb, strike price $70, expiration date 4/21/23, notional amount $(1,841,000)		(263	)		(16,569	)
Broadcom, strike price $610, expiration date 4/21/23, notional amount $(4,148,000)		(68	)		(257,380	)
Chevron, strike price $185, expiration date 4/21/23, notional amount $(4,643,500)		(251	)		(879	)
Costco Wholesale, strike price $525, expiration date 4/21/23, notional amount $(3,675,000)		(70	)		(8,190	)
Exxon Mobil, strike price $110, expiration date 5/19/23, notional amount $(4,301,000)		(391	)		(169,107	)
Home Depot, strike price $330, expiration date 4/21/23, notional amount $(4,917,000)		(149	)		(1,565	)
Honeywell International, strike price $200, expiration date 4/21/23, notional amount $(2,380,000)		(119	)		(7,438	)
JPMorgan Chase & Co., strike price $145, expiration date 4/21/23, notional amount $(3,436,500)		(237	)		(3,792	)
Lockheed Martin, strike price $475, expiration date 6/16/23, notional amount $(2,992,500)		(63	)		(109,935	)
Mastercard, strike price $390, expiration date 4/21/23, notional amount $(4,602,000)		(118	)		(3,835	)
Medtronic, strike price $82.5, expiration date 5/19/23, notional amount $(3,250,500)		(394	)		(73,481	)
Microsoft, strike price $280, expiration date 5/19/23, notional amount $(8,512,000)		(304	)		(529,720	)
NextEra Energy, strike price $80, expiration date 4/21/23, notional amount $(3,864,000)		(483	)		(36,225	)
NVIDIA, strike price $235, expiration date 4/21/23, notional amount $(2,444,000)		(104	)		(458,380	)
Pfizer, strike price $42.5, expiration date 4/21/23, notional amount $(1,343,000)		(316	)		(6,478	)
Philip Morris International, strike price $97.5, expiration date 4/21/23, notional amount $(2,427,750)		(249	)		(49,177	)
Raytheon Technologies, strike price $100, expiration date 5/19/23, notional amount $(2,490,000)		(249	)		(54,531	)
Southwest Airlines, strike price $37.5, expiration date 4/21/23, notional amount $(2,328,750)		(621	)		(2,174	)
Tesla, strike price $230, expiration date 4/21/23, notional amount $(2,277,000)		(99	)		(46,777	)

19

Schedules of investments

Delaware Covered Call Strategy Fund

	Number of
	contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Texas Instruments, strike price $180, expiration date 4/21/23, notional amount $(3,366,000)		(187	)	$	(148,197	)
Union Pacific, strike price $205, expiration date 4/21/23, notional amount $(2,726,500)		(133	)		(45,885	)
UnitedHealth Group, strike price $500, expiration date 4/21/23, notional amount $(4,450,000)		(89	)		(21,760	)
Total Options Written
(premium received $3,065,562)					(3,076,750	)

t Narrow industries are utilized for compliance purposes for concentration 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.

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

20

Delaware Hedged U.S. Equity Opportunities Fund March 31, 2023 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 96.79%
Communication Services — 5.94%
Alphabet Class A †		10,740	$	1,114,060
Alphabet Class C †		2,448		254,592
AT&T		2,791		53,727
Cable One		318		223,236
Cargurus †		3,140		58,655
Charter Communications Class A †		298		106,568
Electronic Arts		1,041		125,388
Match Group †		2,721		104,459
Meta Platforms Class A †		3,403		721,232
Netflix †		330		114,008
Omnicom Group		249		23,491
Roku †		1,624		106,892
T-Mobile US †		1,174		170,042
Verizon Communications		2,803		109,009
Walt Disney †		1,300		130,169
ZoomInfo Technologies †		2,306		56,981
				3,472,509
Consumer Discretionary — 10.90%
Airbnb Class A †		2,082		259,001
Amazon.com †		9,234		953,780
Aramark		2,432		87,066
Booking Holdings †		47		124,663
CarMax †		3,340		214,695
Chewy Class A †		3,274		122,382
Choice Hotels International		1,657		194,184
Compass Group		5,792		145,562
Deckers Outdoor †		209		93,956
Denny’s †		11,080		123,653
DraftKings Class A †		4,509		87,294
Etsy †		1,676		186,589
Garmin		189		19,074
Genuine Parts		172		28,777
Hasbro		160		8,590
Las Vegas Sands †		4,315		247,897
Lennar Class A		1,333		140,112
Lululemon Athletica †		110		40,061
McDonald’s		2,024		565,931
Monro		1,963		97,031
NIKE Class B		5,493		673,661
NVR †		101		562,791
Ross Stores		1,843		195,598
Steven Madden		7,779		280,044
Tesla †		502		104,145
TJX		7,985		625,705
Ulta Beauty †		174		94,946
Visteon †		576		90,334
				6,367,522
Consumer Staples — 6.42%
Campbell Soup		259		14,240
Church & Dwight		192		16,975
Clorox		86		13,609
Coca-Cola		3,532		219,090
Colgate-Palmolive		6,238		468,786
Conagra Brands		567		21,297
Costco Wholesale		77		38,259
Dollar General		262		55,141
Dollar Tree †		1,416		203,267
General Mills		731		62,471
Hershey		181		46,048
Hormel Foods		368		14,676
J M Smucker		130		20,458
Kellogg		315		21,092
Keurig Dr Pepper		5,410		190,865
Lamb Weston Holdings		660		68,983
McCormick & Co.		304		25,296
Monster Beverage †		1,722		93,005
PepsiCo		2,870		523,201
Philip Morris International		2,210		214,922
Procter & Gamble		3,764		559,669
Sysco		2,357		182,031
Tyson Foods Class A		3,019		179,087
Unilever		4,514		233,911
US Foods Holding †		5,069		187,249
Walmart		545		80,360
				3,753,988
Energy — 2.97%
Canadian Natural Resources		4,545		251,566
Cenovus Energy		6,161		107,571
Cheniere Energy		396		62,410
Chevron		381		62,164
ConocoPhillips		1,106		109,726
Diamondback Energy		2,423		327,517
EOG Resources		590		67,632
Exxon Mobil		964		105,712
Halliburton		6,741		213,285
Marathon Oil		5,551		133,002
Schlumberger		6,046		296,858
				1,737,443
Financials — 13.07%
Aegon		43,229		185,885
Allstate		2,332		258,409
American Express		2,603		429,365
American International Group		3,143		158,281
Apollo Global Management		1,620		102,319
Arthur J Gallagher & Co.		259		49,549
Berkshire Hathaway Class B †		1,749		540,039
Bread Financial Holdings		3,011		91,293

21

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

	Number of
	shares		Value (US $)
Common Stocks (continued)
Financials (continued)
Brown & Brown		294	$	16,881
Cadence Bank		3,213		66,702
Cboe Global Markets		85		11,410
Charles Schwab		7,720		404,374
Chubb		3,810		739,826
CME Group		414		79,289
Credit Acceptance †		569		248,107
Equitable Holdings		5,214		132,383
First Citizens BancShares Class A		146		142,073
Globe Life		1,532		168,551
Intercontinental Exchange		687		71,647
Kemper		4,256		232,633
M&T Bank		5,528		660,983
Markel †		254		324,462
MarketAxess Holdings		44		17,217
Marsh & McLennan		3,570		594,583
MetLife		3,660		212,060
Moody’s		273		83,543
Progressive		1,896		271,242
Raymond James Financial		2,139		199,505
S&P Global		738		254,440
SEI Investments		140		8,057
SouthState		1,688		120,287
Tradeweb Markets Class A		2,884		227,894
Travelers		226		38,739
US Bancorp		1,738		62,655
Voya Financial		5,624		401,891
Willis Towers Watson		133		30,907
				7,637,481
Healthcare — 13.40%
Abbott Laboratories		441		44,656
Agilent Technologies		1,425		197,135
Alnylam Pharmaceuticals †		429		85,937
Apellis Pharmaceuticals †		1,122		74,007
AstraZeneca ADR		3,387		235,092
Avantor †		6,304		133,267
Becton Dickinson and Co.		73		18,070
Bristol-Myers Squibb		1,280		88,717
Centene †		3,291		208,024
Danaher		2,179		549,195
DENTSPLY SIRONA		3,975		156,138
Dexcom †		1,128		131,051
Eli Lilly & Co.		934		320,754
Encompass Health		3,934		212,829
Exact Sciences †		3,374		228,791
Hologic †		973		78,521
Humana		482		233,992
Insulet †		1,036		330,443
Integra LifeSciences Holdings †		2,545		146,108
Intuitive Surgical †		552		141,019
Jazz Pharmaceuticals †		841		123,064
Johnson & Johnson		2,969		460,195
Medtronic		3,583		288,862
Merck & Co.		1,000		106,390
Molina Healthcare †		737		197,140
Novartis		1,701		156,183
Pfizer		11,965		488,172
PTC Therapeutics †		2,246		108,796
Quest Diagnostics		1,360		192,413
Seagen †		819		165,823
Stryker		1,923		548,959
Syneos Health †		4,770		169,907
Teleflex		518		131,215
Thermo Fisher Scientific		132		76,081
United Therapeutics †		741		165,954
UnitedHealth Group		1,078		509,452
Veeva Systems Class A †		1,348		247,749
Vertex Pharmaceuticals †		262		82,548
				7,832,649
Industrials — 13.05%
3M		682		71,685
AerCap Holdings †		5,754		323,547
Airbus		1,896		253,244
Automatic Data Processing		397		88,384
Axon Enterprise †		550		123,668
Builders FirstSource †		2,269		201,442
Canadian National Railway		1,841		217,228
Cintas		537		248,459
Clean Harbors †		771		109,914
Copart †		4,919		369,958
CoStar Group †		1,048		72,155
Esab		1,337		78,977
Expeditors International of Washington		2,667		293,690
Fastenal		2,690		145,099
Ferguson		1,325		177,219
Fortive		1,831		124,819
Fortune Brands Innovations		3,063		179,890
General Dynamics		216		49,293
Graco		1,465		106,960
Honeywell International		2,920		558,070
IDEX		1,136		262,450
JB Hunt Transport Services		751		131,770
John Bean Technologies		1,495		163,389
Johnson Controls International		2,039		122,789

22

	Number of
	shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
Knight-Swift Transportation Holdings		3,985	$	225,471
Leidos Holdings		4,055		373,303
Lennox International		754		189,465
Lockheed Martin		259		122,437
Lumine Group †		732		7,967
Middleby †		1,133		166,109
Nordson		318		70,679
Northrop Grumman		821		379,072
PACCAR		4,302		314,906
Paychex		400		45,836
Rollins		274		10,283
Spirit AeroSystems Holdings Class A		2,820		97,375
Techtronic Industries		15,200		164,694
Uber Technologies †		2,921		92,596
U-Haul Holding		2,799		145,128
Union Pacific		1,053		211,927
United Parcel Service Class B		383		74,298
Vicor †		753		35,346
Waste Connections		317		44,085
Westinghouse Air Brake Technologies		3,711		375,034
WW Grainger		14		9,643
				7,629,753
Information Technology — 21.18%
Accenture Class A		1,912		546,469
Amphenol Class A		733		59,901
ANSYS †		108		35,942
Apple		7,819		1,289,353
Arista Networks †		1,641		275,458
Black Knight †		2,232		128,474
Block †		3,155		216,591
Cadence Design Systems †		96		20,169
CDW		666		129,797
Cisco Systems		2,207		115,371
Cognizant Technology Solutions Class A		631		38,447
Coherent †		2,224		84,690
Constellation Software		244		458,736
Datadog Class A †		1,371		99,617
DocuSign †		2,202		128,377
Dynatrace †		3,212		135,868
EPAM Systems †		36		10,764
F5 †		2,336		340,332
First Solar †		1,020		221,850
FleetCor Technologies †		759		160,035
Flex †		15,596		358,864
Genpact		5,572		257,538
GoDaddy Class A †		2,003		155,673
IBM		337		44,177
Intel		2,796		91,345
Intuit		36		16,050
Jack Henry & Associates		89		13,414
Lumentum Holdings †		4,028		217,552
Mastercard Class A		466		169,349
Micron Technology		3,348		202,018
Microsoft		7,788		2,245,280
MKS Instruments		1,775		157,301
MongoDB †		490		114,229
NVIDIA		1,443		400,822
NXP Semiconductors		1,213		226,194
Okta †		1,054		90,897
Paycom Software †		465		141,365
QUALCOMM		2,055		262,177
Roper Technologies		131		57,730
Salesforce †		2,239		447,307
Samsung Electronics GDR		72		75,121
Seagate Technology Holdings		2,416		159,746
Shopify Class A †		2,411		115,583
SolarEdge Technologies †		315		95,744
Synaptics †		2,133		237,083
Synopsys †		191		73,774
Texas Instruments		1,317		244,975
Topicus.com †		386		27,584
Tyler Technologies †		51		18,087
Visa Class A		2,916		657,441
WEX †		783		143,986
Workday Class A †		1,381		285,232
Zebra Technologies Class A †		249		79,182
				12,379,061
Materials — 4.99%
Albemarle		597		131,961
Ball		2,319		127,800
Celanese		1,332		145,041
CRH		4,178		211,049
Ecolab		2,902		480,368
Element Solutions		7,256		140,113
FMC		2,184		266,732
Linde		1,522		540,980
PPG Industries		1,277		170,582
Reliance Steel & Aluminum		633		162,516
Rio Tinto ADR		2,711		185,975
Sherwin-Williams		747		167,903
Valvoline		5,257		183,680
				2,914,700
Real Estate — 2.69%
American Tower		2,979		608,729

23

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

	Number of
	shares		Value (US $)
Common Stocks (continued)
Real Estate (continued)
Americold Realty Trust		4,073	$	115,877
Equinix		231		166,560
Extra Space Storage		769		125,293
Gaming and Leisure Properties		2,643		137,595
Innovative Industrial Properties		632		48,026
Public Storage		531		160,436
Ryman Hospitality Properties		1,281		114,944
Welltower		1,319		94,559
				1,572,019
Utilities — 2.18%
AES		6,725		161,938
American Electric Power		63		5,732
Avangrid		1,178		46,979
Consolidated Edison		88		8,419
Dominion Energy		371		20,743
Duke Energy		2,256		217,636
Edison International		2,705		190,946
Exelon		7,214		302,194
Iberdrola		16,586		206,625
UGI		2,125		73,865
WEC Energy Group		392		37,158
				1,272,235
Total Common Stocks
(cost $53,740,375)				56,569,360
Exchange-Traded Funds — 0.98%
iShares Russell 1000 Growth ETF		1,517		370,648
Vanguard Mega Cap Growth ETF		1,000		204,510
Total Exchange-Traded Funds
(cost $551,279)				575,158

	Number of
	contracts
Options Purchased — 0.33%
Options on Indices — 0.33%
S&P 500 Index, strike price $3,700, expiration date 5/19/23, notional amount $5,550,000		15	26,250
S&P 500 Index, strike price $3,725, expiration date 7/21/23, notional amount $5,215,000		14	76,860
S&P 500 Index, strike price $3,750, expiration date 4/21/23, notional amount $4,125,000		11	5,335
S&P 500 Index, strike price $3,825, expiration date 4/21/23, notional amount $3,060,000		8	6,120
S&P 500 Index, strike price $3,825, expiration date 6/16/23, notional amount $5,737,500		15	75,600
Total Options Purchased (cost $455,520)			190,165

	Number of
	shares
Short-Term Investments — 1.62%
Money Market Mutual Funds — 1.62%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		236,854	236,854
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		236,856	236,856
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		236,856	236,856
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		236,856	236,856
Total Short-Term Investments
(cost $947,422)			947,422
Total Value of Securities Before Options Written—99.72%
(cost $55,694,596)			58,282,105

24

	Number of
	contracts			Value (US $)
Options Written — (0.09%)
Options on Indices — (0.09%)
S&P 500 Index, strike price $3,350, expiration date 7/21/23, notional amount $(4,690,000)		(14	)	$	(30,030	)
S&P 500 Index, strike price $3,425, expiration date 6/16/23, notional amount $(5,137,500)		(15	)		(21,900	)
Total Options Written (premium received $81,141)					(51,930	)

† Non-income producing security.

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2023:¹

Foreign Currency Exchange Contracts

	Currency to					Settlement		Unrealized
Counterparty	Receive (Deliver)			In Exchange For		Date		Depreciation
GS	GBP	(459,000	)	USD	544,069		6/21/23	$	(23,077	)
TD	CAD	(1,295,000	)	USD	938,008		6/21/23		(21,498	)
Total Foreign Currency Exchange Contracts								$	(44,575	)

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
(14)	E-Mini S&P 500 Index	$	(2,896,426	)	$	(2,768,631	)		6/16/23	$	(127,795	)	$	(40,425	)
	E-Mini S&P MidCap
(17)	400 Index		(4,300,490	)		(4,219,017	)		6/16/23		(81,473	)		(57,850	)
(13)	EURO STOXX 50 Index		(600,737	)		(567,227	)		6/16/23		(33,510	)		(3,919	)
(9)	FTSE 100 Index		(848,112	)		(837,883	)		6/16/23		(10,229	)		(1,628	)
(2)	MSCI EAFE Index		(209,650	)		(200,651	)		6/16/23		(8,999	)		(880	)
(5)	S&P/TSX 60 Index		(894,710	)		(880,895	)		6/15/23		(13,815	)		(6,664	)
Total Futures Contracts					$	(9,474,304	)			$	(275,821	)	$	(111,366	)

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.

¹ See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

EAFE – Europe, Australasia, and Far East

25

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

Summary of abbreviations: (continued)

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

GBP – British Pound Sterling

USD – US Dollar

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

26

Delaware Premium Income Fund March 31, 2023 (Unaudited)

	Number of
	shares		Value (US $)
Common Stocks — 121.47%t
Communication Services — 10.95%
Alphabet Class A ~, †		16,900	$	1,753,037
Comcast Class A ~		27,600		1,046,316
Meta Platforms Class A ~, †		5,900		1,250,446
Verizon Communications ~		10,200		396,678
				4,446,477
Consumer Discretionary — 14.23%
Booking Holdings ~, †		700		1,856,687
Darden Restaurants ~		6,400		993,024
Home Depot ~		5,900		1,741,208
Whirlpool ~		9,000		1,188,180
				5,779,099
Consumer Staples — 5.37%
Constellation Brands Class A ~		6,400		1,445,696
Costco Wholesale ~		1,000		496,870
Sysco ~		3,100		239,413
				2,181,979
Energy — 8.96%
Chevron ~		12,300		2,006,868
Exxon Mobil ~		14,900		1,633,934
				3,640,802
Financials — 19.78%
American Express ~		9,300		1,534,035
Bank of America ~		44,200		1,264,120
BlackRock ~		3,200		2,141,185
JPMorgan Chase & Co. ~		12,500		1,628,875
Visa Class A ~		6,500		1,465,490
				8,033,705
Healthcare — 10.69%
Bristol-Myers Squibb ~		17,700		1,226,787
Medtronic ~		12,000		967,440
Pfizer ~		41,000		1,672,800
UnitedHealth Group ~		1,000		472,590
				4,339,617
Industrials — 15.95%
Boeing ~, †		9,200		1,954,356
CSX ~		59,200		1,772,448
Lockheed Martin ~		2,800		1,323,644
Raytheon Technologies ~		14,600		1,429,778
				6,480,226
Information Technology — 32.24%
Apple ~		12,700		2,094,230
Broadcom ~		3,300		2,117,082
Cisco Systems ~		38,400		2,007,360
Corning ~		48,200		1,700,496
Microsoft ~		9,800		2,825,341
Oracle ~		12,100		1,124,332
Texas Instruments ~		6,600		1,227,666
				13,096,507
Utilities — 3.30%
NextEra Energy ~		17,400		1,341,192
				1,341,192
Total Common Stocks
(cost $41,535,476)				49,339,604
Short-Term Investments — 2.22%
Money Market Mutual Funds — 2.22%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		225,953		225,953
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		225,953		225,953
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		225,953		225,953
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		225,953		225,953
Total Short-Term Investments
(cost $903,812)				903,812
Total Value of Securities Before Options Written—123.69%
(cost $42,439,288)				50,243,416

	Number of
	contracts
Options Written — (23.49%)
Equity Call Options — (23.49%)
Alphabet, strike price $79, expiration date 9/15/23, notional amount $(632,000)		(80	)	(227,400	)
Alphabet, strike price $82, expiration date 1/19/24, notional amount $(401,800)		(49	)	(138,058	)
Alphabet, strike price $86, expiration date 1/19/24, notional amount $(344,000)		(40	)	(101,700	)
American Express, strike price $135, expiration date 6/16/23, notional amount $(1,255,500)		(93	)	(303,645	)

27

Schedules of investments

Delaware Premium Income Fund

	Number of
	contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Apple, strike price $115, expiration date 6/16/23, notional amount $(690,000)		(60	)	$	(306,900	)
Apple, strike price $130, expiration date 10/20/23, notional amount $(871,000)		(67	)		(273,360	)
Bank of America, strike price $28, expiration date 1/19/24, notional amount $(1,237,600)		(442	)		(172,380	)
BlackRock, strike price $540, expiration date 1/19/24, notional amount $(432,000)		(8	)		(128,040	)
BlackRock, strike price $610, expiration date 6/16/23, notional amount $(1,464,000)		(24	)		(183,240	)
Boeing, strike price $150, expiration date 9/15/23, notional amount $(555,000)		(37	)		(254,190	)
Boeing, strike price $175, expiration date 9/15/23, notional amount $(962,500)		(55	)		(262,625	)
Booking Holdings, strike price $1,870, expiration date 7/21/23, notional amount $(1,309,000)		(7	)		(579,600	)
Bristol-Myers Squibb, strike price $57.5, expiration date 1/19/24, notional amount $(1,017,750)		(177	)		(243,375	)
Broadcom, strike price $520, expiration date 1/19/24, notional amount $(1,716,000)		(33	)		(499,290	)
Chevron, strike price $150, expiration date 6/16/23, notional amount $(1,845,000)		(123	)		(207,562	)
Cisco Systems, strike price $42.5, expiration date 1/19/24, notional amount $(1,632,000)		(384	)		(441,600	)
Comcast, strike price $32.5, expiration date 1/19/24, notional amount $(897,000)		(276	)		(201,480	)
Constellation Brands, strike price $205, expiration date 6/16/23, notional amount $(1,312,000)		(64	)		(161,280	)
Corning, strike price $30, expiration date 1/19/24, notional amount $(1,446,000)		(482	)		(339,810	)
Costco Wholesale, strike price $420, expiration date 1/19/24, notional amount $(420,000)		(10	)		(103,575	)
CSX, strike price $27.5, expiration date 1/19/24, notional amount $(1,628,000)		(592	)		(281,200	)
Darden Restaurants, strike price $125, expiration date 4/21/23, notional amount $(800,000)		(64	)		(192,640	)
Exxon Mobil, strike price $100, expiration date 7/21/23, notional amount $(1,490,000)		(149	)		(197,425	)
Home Depot, strike price $290, expiration date 1/19/24, notional amount $(1,711,000)		(59	)		(187,620	)
JPMorgan Chase & Co., strike price $110, expiration date 6/16/23, notional amount $(935,000)		(85	)		(185,087	)
JPMorgan Chase & Co., strike price $120, expiration date 9/15/23, notional amount $(480,000)		(40	)		(66,100	)
Lockheed Martin, strike price $400, expiration date 1/19/24, notional amount $(1,120,000)		(28	)		(254,800	)
Medtronic, strike price $70, expiration date 1/19/24, notional amount $(189,000)		(27	)		(40,028	)
Medtronic, strike price $77.5, expiration date 6/16/23, notional amount $(720,750)		(93	)		(56,265	)

28

	Number of
	contracts			Value (US $)
Options Written (continued)
Equity Call Options (continued)
Meta Platforms, strike price $120, expiration date 6/16/23, notional amount $(708,000)		(59	)	$	(552,240	)
Microsoft, strike price $225, expiration date 6/16/23, notional amount $(810,000)		(36	)		(238,860	)
Microsoft, strike price $230, expiration date 1/19/24, notional amount $(828,000)		(36	)		(262,350	)
Microsoft, strike price $235, expiration date 6/16/23, notional amount $(611,000)		(26	)		(147,030	)
NextEra Energy, strike price $62.5, expiration date 9/15/23, notional amount $(337,500)		(54	)		(89,370	)
NextEra Energy, strike price $72.5, expiration date 6/16/23, notional amount $(870,000)		(120	)		(82,200	)
Oracle, strike price $70, expiration date 6/16/23, notional amount $(847,000)		(121	)		(285,862	)
Pfizer, strike price $35, expiration date 1/19/24, notional amount $(717,500)		(205	)		(149,650	)
Pfizer, strike price $45, expiration date 6/16/23, notional amount $(922,500)		(205	)		(6,868	)
Raytheon Technologies, strike price $85, expiration date 6/16/23, notional amount $(408,000)		(48	)		(67,560	)
Raytheon Technologies, strike price $85, expiration date 1/19/24, notional amount $(408,000)		(48	)		(85,080	)
Raytheon Technologies, strike price $90, expiration date 1/19/24, notional amount $(450,000)		(50	)		(69,500	)
Sysco, strike price $70, expiration date 1/19/24, notional amount $(217,000)		(31	)		(35,495	)
Texas Instruments, strike price $145, expiration date 6/16/23, notional amount $(580,000)		(40	)		(168,800	)
Texas Instruments, strike price $150, expiration date 1/19/24, notional amount $(390,000)		(26	)		(113,035	)
UnitedHealth Group, strike price $440, expiration date 6/16/23, notional amount $(440,000)		(10	)		(46,675	)
Verizon Communications, strike price $32, expiration date 7/21/23, notional amount $(70,400)		(22	)		(15,400	)
Verizon Communications, strike price $35, expiration date 1/19/24, notional amount $(280,000)		(80	)		(39,200	)
Visa, strike price $185, expiration date 6/16/23, notional amount $(351,500)		(19	)		(81,653	)
Visa, strike price $200, expiration date 1/19/24, notional amount $(920,000)		(46	)		(183,770	)
Whirlpool, strike price $115, expiration date 1/19/24, notional amount $(1,035,000)		(90	)		(231,300	)
Total Options Written (premium received $10,130,810)					(9,542,173	)

t Narrow industries are utilized for compliance purposes for concentration 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.

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

29

Schedules of investments

Delaware Total Return Fund March 31, 2023 (Unaudited)

	Principal
	amount°		Value (US $)
Agency Mortgage-Backed Securities — 3.92%
Fannie Mae
4.50% 2/1/44		54,439	$	54,411
Fannie Mae S.F. 15 yr
2.00% 2/1/36		140,766		127,046
2.50% 7/1/36		279,750		259,945
Fannie Mae S.F. 20 yr
2.00% 3/1/41		60,863		52,614
2.50% 1/1/41		48,414		43,190
4.00% 8/1/42		272,512		263,171
4.00% 9/1/42		245,373		236,961
Fannie Mae S.F. 30 yr
2.00% 12/1/50		60,383		50,096
2.00% 4/1/51		221,056		183,257
2.00% 6/1/51		735,669		616,709
2.50% 10/1/50		158,560		138,858
2.50% 5/1/51		17,889		15,440
2.50% 8/1/51		312,725		271,855
2.50% 11/1/51		107,814		93,009
2.50% 2/1/52		402,146		348,291
2.50% 4/1/52		409,856		354,409
3.00% 3/1/50		106,618		96,500
3.00% 5/1/51		11,545		10,489
3.00% 2/1/52		619,595		558,290
3.50% 1/1/50		152,660		143,143
3.50% 8/1/50		645,469		609,061
3.50% 1/1/52		770,461		715,998
3.50% 5/1/52		146,273		137,068
3.50% 6/1/52		192,952		179,303
4.00% 3/1/47		199,879		194,687
4.00% 5/1/51		335,944		325,042
4.50% 5/1/49		142,483		141,332
4.50% 1/1/50		553,103		556,240
4.50% 9/1/52		77,380		75,882
4.50% 10/1/52		527,023		516,338
5.00% 7/1/47		83,389		85,161
5.00% 1/1/51		111,957		113,173
5.00% 6/1/52		164,834		164,450
5.00% 9/1/52		545,323		543,820
5.00% 10/1/52		217,701		218,179
5.50% 8/1/52		498,219		505,032
5.50% 10/1/52		328,446		331,749
5.50% 3/1/53		601,398		607,445
6.00% 5/1/36		24,991		25,518
6.00% 6/1/37		8,628		9,012
6.00% 7/1/37		9,767		10,204
6.00% 8/1/37		14,621		15,236
6.00% 10/1/40		97,932		102,151
6.50% 11/1/33		66,683		68,778
6.50% 6/1/36		12,119		12,500
7.00% 3/1/32		89,496		90,003
7.00% 8/1/32		76,162		76,114
Freddie Mac S.F. 15 yr
2.00% 12/1/35		90,184		81,810
3.00% 3/1/35		133,778		126,838
4.50% 9/1/37		253,867		253,353
Freddie Mac S.F. 20 yr
2.00% 3/1/41		70,207		60,691
2.50% 6/1/41		363,498		324,254
3.50% 9/1/35		287,705		278,363
Freddie Mac S.F. 30 yr
2.50% 10/1/50		49,771		43,506
2.50% 5/1/52		428,356		369,455
3.00% 11/1/46		57,317		52,571
3.00% 8/1/51		703,402		634,895
3.50% 8/1/49		292,530		274,634
4.00% 4/1/52		315,040		301,305
4.00% 8/1/52		110,306		106,110
4.00% 9/1/52		198,877		190,267
4.50% 10/1/40		235,682		237,279
5.00% 10/1/52		60,755		60,587
5.50% 9/1/52		329,998		341,016
5.50% 10/1/52		294,201		297,160
5.50% 3/1/53		99,000		101,273
GNMA I S.F. 30 yr
3.00% 8/15/45		263,194		243,714
GNMA II S.F. 30 yr
3.00% 12/20/51		113,214		103,321
3.00% 1/20/52		165,641		151,139
Total Agency Mortgage-Backed Securities (cost $15,873,265)				14,980,701
Collateralized Debt Obligations — 0.34%
Octagon Investment Partners 34 Series 2017-1A A1 144A 5.948% (LIBOR03M + 1.14%) 1/20/30 #, •		1,000,000		991,901
Venture 34 CLO Series 2018-34A A 144A 6.022% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, •		300,000		295,662
Total Collateralized Debt Obligations (cost $1,298,319)				1,287,563
Convertible Bonds — 7.57%
Basic Industry — 0.16%
Ivanhoe Mines 144A 2.50% exercise price $9.31, maturity date 4/15/26 #		450,000		617,308
				617,308

30

	Principal
	amount°		Value (US $)
Convertible Bonds (continued)
Brokerage — 0.19%
New Mountain Finance 144A 7.50% exercise price $14.18, maturity date 10/15/25 #		295,000	$	298,677
WisdomTree 144A 5.75% exercise price $9.54, maturity date 8/15/28 #		440,000		437,580
				736,257
Capital Goods — 0.47%
Chart Industries 1.00% exercise price $58.73, maturity date 11/15/24		394,000		851,631
Kaman 3.25% exercise price $65.26, maturity date 5/1/24		1,013,000		960,324
				1,811,955
Communications — 0.58%
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28		1,400,000		1,030,400
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26		1,397,000		726,440
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24		480,000		444,340
				2,201,180
Consumer Cyclical — 0.56%
Cheesecake Factory 0.375% exercise price $77.09, maturity date 6/15/26		1,566,000		1,303,695
Ford Motor 3.177% exercise price $15.85, maturity date 3/15/26 ^		825,000		828,300
				2,131,995
Consumer Non-Cyclical — 2.41%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24		422,000		434,018
Chefs’ Warehouse 1.875% exercise price $44.20, maturity date 12/1/24		1,389,000		1,456,366
Chegg 4.526% exercise price $107.55, maturity date 9/1/26 ^		1,287,000		1,023,153
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26		790,000		557,740
CONMED 144A 2.25% exercise price $145.33, maturity date 6/15/27 #		1,145,000		1,139,847
Integer Holdings 144A 2.125% exercise price $87.20, maturity date 2/15/28 #		195,000		213,233
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25		1,222,000		1,194,608
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24		981,000		907,625
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26		523,000		581,838
Lantheus Holdings 144A 2.625% exercise price $79.81, maturity date 12/15/27 #		195,000		253,608
Pacira BioSciences 0.75% exercise price $71.78, maturity date 8/1/25		638,000		586,561
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24		1,158,000		856,659
				9,205,256
Electric — 0.56%
NextEra Energy Partners 144A 3.748% exercise price $75.33, maturity date 11/15/25 #, ^		455,000		426,790
NRG Energy 2.75% exercise price $43.01, maturity date 6/1/48		850,000		877,625
Ormat Technologies 144A 2.50% exercise price $90.27, maturity date 7/15/27 #		746,000		837,385
				2,141,800
Energy — 0.36%
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26		1,010,000		1,386,178
				1,386,178

31

Schedules of investments

Delaware Total Return Fund

	Principal
	amount°		Value (US $)
Convertible Bonds (continued)
Financials — 0.60%
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23		578,000	$	1,128,545
Repay Holdings 144A 3.744% exercise price $33.60, maturity date 2/1/26 #, ^		1,522,000		1,158,242
				2,286,787
Industrials — 0.03%
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 #		234,000		105,975
				105,975
Real Estate Investment Trusts — 0.08%
Summit Hotel Properties 1.50% exercise price $11.82, maturity date 2/15/26		367,000		315,877
				315,877
Technology — 1.35%
Block 0.125% exercise price $121.01, maturity date 3/1/25		619,000		594,549
InterDigital 144A 3.50% exercise price $77.49, maturity date 6/1/27 #		1,383,000		1,553,109
Palo Alto Networks 0.75% exercise price $88.78, maturity date 7/1/23		591,000		1,325,613
Semtech 144A 1.625% exercise price $37.27, maturity date 11/1/27 #		490,000		449,820
Vishay Intertechnology 2.25% exercise price $31.18, maturity date 6/15/25		486,000		483,610
Wolfspeed 0.25% exercise price $127.22, maturity date 2/15/28		869,000		728,222
				5,134,923
Transportation — 0.22%
Spirit Airlines 1.00% exercise price $42.88, maturity date 5/15/26		1,018,000		825,089
				825,089
Total Convertible Bonds
(cost $29,239,535)				28,900,580
Corporate Bonds — 12.23%
Automotive — 0.22%
Allison Transmission 144A
5.875% 6/1/29 #		400,000		389,920
Ford Motor 4.75% 1/15/43		80,000		61,458
Ford Motor Credit 4.542% 8/1/26		285,000		270,599
Goodyear Tire & Rubber 5.25% 7/15/31		135,000		116,756
				838,733
Banking — 1.03%
Banco Continental 144A 2.75% 12/10/25 #		200,000		177,726
Banco Nacional de Panama 144A 2.50% 8/11/30 #		205,000		159,230
Bank of America
2.482% 9/21/36 µ		180,000		136,825
6.204% 11/10/28 µ		75,000		78,471
Bank of New York Mellon
4.70% 9/20/25 µ, ψ		20,000		18,975
5.802% 10/25/28 µ		63,000		65,690
BBVA Bancomer 144A 1.875% 9/18/25 #		200,000		182,701
Citigroup 5.61% 9/29/26 µ		395,000		398,213
Citizens Bank 6.064% 10/24/25 µ		280,000		263,665
Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 #		200,000		172,694
Deutsche Bank 6.72% 1/18/29 µ		150,000		149,072
Development Bank of Kazakhstan JSC 144A 10.95% 5/6/26 #	KZT	100,000,000		182,317
Fifth Third Bancorp 6.361% 10/27/28 µ		10,000		10,075
Goldman Sachs Group 1.542% 9/10/27 µ		533,000		469,326
JPMorgan Chase & Co. 3.109% 4/22/51 µ		5,000		3,550
KeyCorp 4.789% 6/1/33 µ		2,000		1,792
Morgan Stanley
2.484% 9/16/36 µ		179,000		136,102
6.138% 10/16/26 µ		10,000		10,198
6.296% 10/18/28 µ		179,000		188,382
6.342% 10/18/33 µ		10,000		10,931
NBK SPC 144A 1.625% 9/15/27 #, µ		205,000		182,520
PNC Financial Services Group
2.60% 7/23/26		75,000		69,369
5.671% 10/28/25 µ		270,000		270,335

32

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Popular 7.25% 3/13/28		10,000	$	9,902
QNB Finance 2.625% 5/12/25		200,000		190,478
State Street
2.203% 2/7/28 µ		10,000		9,113
5.751% 11/4/26 µ		5,000		5,100
SVB Financial Group
1.80% 10/28/26 ‡		6,000		3,728
1.80% 2/2/31 ‡		15,000		8,563
4.00% 5/15/26 µ, ‡, ψ		375,000		24,761
4.57% 4/29/33 µ, ‡		12,000		6,971
Truist Bank 2.636% 9/17/29 µ		275,000		258,347
Truist Financial
4.95% 9/1/25 µ, ψ		30,000		27,803
6.123% 10/28/33 µ		10,000		10,501
US Bancorp
2.491% 11/3/36 µ		10,000		7,726
4.653% 2/1/29 µ		10,000		9,782
4.839% 2/1/34 µ		10,000		9,709
5.727% 10/21/26 µ		10,000		10,053
				3,930,696
Basic Industry — 0.68%
AngloGold Ashanti Holdings 3.75% 10/1/30		200,000		175,111
Avient 144A 5.75% 5/15/25 #		144,000		142,623
Celanese US Holdings
6.05% 3/15/25		225,000		226,448
6.165% 7/15/27		50,000		50,356
Chemours 144A 5.75% 11/15/28 #		260,000		232,420
CP Atlas Buyer 144A 7.00% 12/1/28 #		70,000		52,066
First Quantum Minerals 144A 7.50% 4/1/25 #		365,000		365,066
FMG Resources August 2006 144A 5.875% 4/15/30 #		145,000		139,170
Metinvest 8.50% 4/23/26		200,000		123,930
Newmont
2.25% 10/1/30		100,000		84,054
2.60% 7/15/32		45,000		37,689
2.80% 10/1/29		100,000		88,505
Novelis 144A 4.75% 1/30/30 #		425,000		391,000
Nutrien 4.90% 3/27/28		45,000		45,021
OCP 144A 3.75% 6/23/31 #		200,000		164,370
Sherwin-Williams 3.30% 5/15/50		370,000		262,137
				2,579,966
Brokerage — 0.05%
Charles Schwab 5.375% 6/1/25 µ, ψ		15,000		14,287
Jefferies Financial Group 2.625% 10/15/31		240,000		183,638
				197,925
Capital Goods — 0.57%
Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 #		200,000		156,691
Boeing 3.25% 2/1/28		285,000		265,702
Bombardier 144A 7.50% 2/1/29 #		40,000		40,900
Cemex 144A 7.375% 6/5/27 #		200,000		207,080
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 #		70,000		63,695
Eaton 4.15% 3/15/33		110,000		106,471
Mauser Packaging Solutions Holding
144A 7.875% 8/15/26 #		155,000		155,140
144A 9.25% 4/15/27 #		55,000		50,875
Sealed Air 144A 5.00% 4/15/29 #		130,000		122,323
Teledyne Technologies
2.25% 4/1/28		30,000		26,828
2.75% 4/1/31		310,000		264,583
Terex 144A 5.00% 5/15/29 #		260,000		242,191
TK Elevator US Newco 144A 5.25% 7/15/27 #		235,000		222,170
TransDigm 144A 6.25% 3/15/26 #		260,000		260,501
				2,185,150
Communications — 1.38%
Altice France 144A 5.50% 10/15/29 #		215,000		164,594
Altice France Holding 144A 6.00% 2/15/28 #		280,000		178,948
AT&T
1.70% 3/25/26		110,000		101,252
3.50% 9/15/53		405,000		294,556
Charter Communications Operating
3.85% 4/1/61		270,000		168,685
4.40% 12/1/61		250,000		171,086

33

Schedules of investments

Delaware Total Return Fund

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Comcast
2.80% 1/15/51		113,000	$	76,438
3.20% 7/15/36		288,000		242,877
Consolidated Communications
144A 5.00% 10/1/28 #		121,000		82,314
144A 6.50% 10/1/28 #		130,000		94,549
Crown Castle 1.05% 7/15/26		485,000		427,640
CT Trust 144A 5.125% 2/3/32 #		200,000		167,500
Digicel International Finance 144A 8.75% 5/25/24 #		200,000		180,021
Discovery Communications 4.00% 9/15/55		240,000		159,485
Frontier Communications Holdings
144A 5.875% 10/15/27 #		370,000		336,700
5.875% 11/1/29		25,000		19,089
144A 6.75% 5/1/29 #		110,000		87,282
Liberty Broadband 144A 3.125% 3/31/53 #		1,525,000		1,498,312
Millicom International Cellular 144A 4.50% 4/27/31 #		200,000		160,815
Time Warner Cable 7.30% 7/1/38		110,000		114,254
T-Mobile USA 3.00% 2/15/41		180,000		133,594
Verizon Communications
2.875% 11/20/50		10,000		6,661
4.50% 8/10/33		245,000		236,857
VZ Secured Financing 144A
5.00% 1/15/32 #		200,000		163,375
				5,266,884
Consumer Cyclical — 0.14%
Amazon.com
2.50% 6/3/50		15,000		10,180
3.60% 4/13/32		15,000		14,258
Aptiv 3.10% 12/1/51		323,000		205,133
Ford Motor Credit 2.90% 2/16/28		350,000		301,343
VICI Properties 4.95% 2/15/30		10,000		9,394
				540,308
Consumer Goods — 0.19%
Pilgrim’s Pride 4.25% 4/15/31		380,000		335,531
Post Holdings 144A 5.50% 12/15/29 #		418,000		394,370
				729,901
Consumer Non-Cyclical — 0.86%
Amgen
5.15% 3/2/28		5,000		5,108
5.25% 3/2/30		10,000		10,231
5.25% 3/2/33		46,000		47,285
5.65% 3/2/53		5,000		5,209
Baxter International 3.132% 12/1/51		16,000		10,399
Bunge Limited Finance 2.75% 5/14/31		400,000		340,465
Central American Bottling 144A 5.25% 4/27/29 #		200,000		186,083
CVS Health
2.70% 8/21/40		590,000		422,546
3.25% 8/15/29		180,000		164,694
4.78% 3/25/38		290,000		276,658
GE HealthCare Technologies 144A 5.60% 11/15/25 #		270,000		273,417
Hutama Karya Persero 144A 3.75% 5/11/30 #		400,000		364,108
InRetail Consumer 144A 3.25% 3/22/28 #		200,000		173,143
JBS USA Lux 144A 3.00% 2/2/29 #		230,000		196,518
MHP Lux 6.95% 4/3/26		200,000		101,456
Royalty Pharma
1.20% 9/2/25		285,000		258,544
1.75% 9/2/27		190,000		164,767
Zoetis 5.40% 11/14/25		265,000		269,615
				3,270,246
Electric — 0.62%
AEP Transmission 5.40% 3/15/53		5,000		5,216
Berkshire Hathaway Energy 2.85% 5/15/51		110,000		75,768
Duke Energy 4.875% 9/16/24 µ, ψ		245,000		235,715
Duke Energy Carolinas 4.95% 1/15/33		10,000		10,283
Entergy Mississippi 2.85% 6/1/28		90,000		82,211
Entergy Texas 3.55% 9/30/49		185,000		141,436
Exelon 5.30% 3/15/33		10,000		10,183
Indianapolis Power & Light 144A 5.65% 12/1/32 #		15,000		15,774

34

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
National Rural Utilities Cooperative Finance 5.80% 1/15/33		5,000	$	5,330
NextEra Energy Capital Holdings 3.00% 1/15/52		415,000		280,200
Pacific Gas & Electric
3.30% 8/1/40		270,000		191,938
4.95% 7/1/50		43,000		35,506
PacifiCorp 5.35% 12/1/53		5,000		5,128
PPL Capital Funding 144A 2.875% 3/15/28 #		435,000		438,778
Public Service of Colorado 5.25% 4/1/53		10,000		10,202
Southern California Edison
3.45% 2/1/52		137,000		100,567
4.00% 4/1/47		35,000		28,824
4.20% 3/1/29		150,000		145,190
4.875% 3/1/49		90,000		83,426
UEP Penonome II 144A 6.50% 10/1/38 #		184,656		139,006
Vistra Operations 144A 5.125% 5/13/25 #		325,000		317,104
				2,357,785
Energy — 1.65%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #		195,000		172,282
144A 7.00% 11/1/26 #		95,000		91,920
BP Capital Markets America 4.812% 2/13/33		10,000		10,158
Callon Petroleum
144A 7.50% 6/15/30 #		50,000		47,048
144A 8.00% 8/1/28 #		175,000		173,530
CNX Midstream Partners 144A 4.75% 4/15/30 #		75,000		64,597
CNX Resources 144A 6.00% 1/15/29 #		165,000		154,473
Crestwood Midstream Partners
144A 5.625% 5/1/27 #		66,000		63,665
144A 6.00% 2/1/29 #		171,000		163,005
Diamondback Energy
3.125% 3/24/31		200,000		173,560
4.25% 3/15/52		64,000		50,319
Enbridge
2.50% 8/1/33		310,000		250,061
5.70% 3/8/33		5,000		5,204
Energy Transfer
5.25% 4/15/29		50,000		49,857
5.75% 2/15/33		3,000		3,076
6.25% 4/15/49		55,000		54,593
6.50% 11/15/26 µ, ψ		180,000		158,850
Enterprise Products Operating
3.20% 2/15/52		360,000		256,727
3.30% 2/15/53		5,000		3,626
5.35% 1/31/33		5,000		5,185
EQM Midstream Partners 144A 4.75% 1/15/31 #		235,000		195,377
Genesis Energy
7.75% 2/1/28		340,000		330,065
8.00% 1/15/27		235,000		232,605
Hilcorp Energy I
144A 6.00% 4/15/30 #		150,000		138,510
144A 6.00% 2/1/31 #		20,000		18,490
144A 6.25% 4/15/32 #		75,000		69,460
KazTransGas JSC 144A 4.375% 9/26/27 #		579,000		520,530
Kinder Morgan 5.20% 6/1/33		15,000		14,914
MPLX 1.75% 3/1/26		15,000		13,697
Murphy Oil 6.375% 7/15/28		385,000		379,713
NuStar Logistics 5.625% 4/28/27		205,000		194,371
6.00% 6/1/26		39,000		38,278
Occidental Petroleum
6.45% 9/15/36		65,000		68,412
6.60% 3/15/46		160,000		168,400
6.625% 9/1/30		55,000		57,975
PDC Energy 5.75% 5/15/26		280,000		272,951
PTTEP Treasury Center 144A 2.587% 6/10/27 #		200,000		182,324
QatarEnergy 144A 2.25% 7/12/31 #		200,000		170,191
Southwestern Energy
5.375% 2/1/29		20,000		18,873
5.375% 3/15/30		95,000		89,425
Targa Resources Partners 5.00% 1/15/28		230,000		222,610
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 #		200,000		179,252
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		150,000		130,099
USA Compression Partners
6.875% 4/1/26		80,000		77,835
6.875% 9/1/27		150,000		143,483

35

Schedules of investments

Delaware Total Return Fund

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Valero Energy 3.65% 12/1/51		197,000	$	143,368
Vital Energy 144A 7.75% 7/31/29 #		120,000		100,207
Weatherford International 144A 8.625% 4/30/30 #		157,000		160,762
				6,283,913
Finance Companies — 0.19%
AerCap Ireland Capital DAC 4.45% 4/3/26		345,000		331,721
Air Lease
2.875% 1/15/26		195,000		181,952
2.875% 1/15/32		175,000		144,713
3.00% 2/1/30		45,000		38,543
3.375% 7/1/25		15,000		14,303
4.125% 12/15/26 µ, ψ		10,000		6,825
5.85% 12/15/27		10,000		10,062
Aviation Capital Group 144A 6.25% 4/15/28 #		5,000		5,008
				733,127
Financial Services — 0.09%
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #		200,000		177,551
MSCI 144A 3.625% 11/1/31 #		200,000		171,472
				349,023
Financials — 0.16%
Aviation Capital Group 144A 1.95% 1/30/26 #		465,000		413,926
MAF Global Securities 7.875% 6/30/27 µ, ψ		200,000		202,074
				616,000
Healthcare — 0.31%
Bausch Health
144A 11.00% 9/30/28 #		103,000		76,307
144A 14.00% 10/15/30 #		0		0
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		200,000		178,286
CHS 144A 4.75% 2/15/31 #		105,000		77,627
DaVita
144A 3.75% 2/15/31 #		70,000		55,280
144A 4.625% 6/1/30 #		195,000		166,627
Hadrian Merger Sub 144A 8.50% 5/1/26 #		295,000		242,313
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		135,000		114,764
Tenet Healthcare 6.125% 10/1/28		295,000		283,007
				1,194,211
Insurance — 1.10%
American International Group 5.125% 3/27/33		230,000		228,761
Aon
2.90% 8/23/51		230,000		153,808
5.00% 9/12/32		290,000		291,525
Athene Global Funding 144A 1.00% 4/16/24 #		95,000		89,549
Athene Holding 3.95% 5/25/51		340,000		234,572
Berkshire Hathaway Finance 3.85% 3/15/52		380,000		318,904
Brighthouse Financial 3.85% 12/22/51		221,000		143,457
Elevance Health 5.125% 2/15/53		5,000		4,985
GA Global Funding Trust 144A 1.00% 4/8/24 #		470,000		448,120
HUB International 144A 5.625% 12/1/29 #		190,000		165,775
Humana 5.75% 3/1/28		16,000		16,629
Jones Deslauriers Insurance Management
144A 8.50% 3/15/30 #		215,000		223,061
144A 10.50% 12/15/30 #		230,000		231,946
NFP
144A 6.875% 8/15/28 #		145,000		124,565
144A 7.50% 10/1/30 #		55,000		53,201
UnitedHealth Group
4.50% 4/15/33		465,000		462,532
5.05% 4/15/53		440,000		445,340
USI 144A 6.875% 5/1/25 #		585,000		576,833
				4,213,563
Leisure — 0.38%
Boyd Gaming
4.75% 12/1/27		185,000		177,600
144A 4.75% 6/15/31 #		50,000		45,455
Caesars Entertainment 144A 8.125% 7/1/27 #		127,000		129,654
Carnival
144A 5.75% 3/1/27 #		310,000		254,639
144A 7.625% 3/1/26 #		240,000		219,235
Royal Caribbean Cruises 144A 5.50% 4/1/28 #		394,000		348,296
Scientific Games Holdings 144A 6.625% 3/1/30 #		185,000		163,657

36

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Leisure (continued)
Scientific Games International 144A 7.25% 11/15/29 #		115,000	$	115,327
				1,453,863
Media — 0.54%
AMC Networks 4.25% 2/15/29		145,000		89,305
CCO Holdings
4.50% 5/1/32		65,000		53,229
144A 5.375% 6/1/29 #		335,000		307,976
CMG Media 144A 8.875% 12/15/27 #		200,000		151,398
CSC Holdings
144A 3.375% 2/15/31 #		495,000		342,886
144A 5.00% 11/15/31 #		280,000		142,125
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		115,000		87,539
Directv Financing 144A 5.875% 8/15/27 #		135,000		122,399
DISH DBS 144A 5.75% 12/1/28 #		180,000		134,662
Gray Escrow II 144A 5.375% 11/15/31 #		145,000		96,445
Gray Television 144A 4.75% 10/15/30 #		125,000		83,125
Sirius XM Radio 144A 4.00% 7/15/28 #		535,000		460,100
				2,071,189
Natural Gas — 0.14%
Atmos Energy 2.85% 2/15/52		105,000		71,490
ENN Energy Holdings 144A 4.625% 5/17/27 #		200,000		197,976
Infraestructura Energetica Nova 144A 3.75% 1/14/28 #		275,000		250,007
				519,473
Real Estate — 0.09%
VICI Properties
144A 3.875% 2/15/29 #		345,000		307,100
144A 5.75% 2/1/27 #		35,000		34,392
				341,492
Retail — 0.34%
Asbury Automotive Group 144A
4.625% 11/15/29 #		70,000		62,745
4.75% 3/1/30		85,000		76,176
Bath & Body Works
6.875% 11/1/35		245,000		221,085
6.95% 3/1/33		169,000		149,666
Levi Strauss & Co. 144A 3.50% 3/1/31 #		93,000		79,384
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #		180,000		163,688
Michaels
144A 5.25% 5/1/28 #		80,000		66,757
144A 7.875% 5/1/29 #		60,000		42,057
Murphy Oil USA 144A 3.75% 2/15/31 #		225,000		189,793
PetSmart 144A 7.75% 2/15/29 #		250,000		245,670
				1,297,021
Services — 0.41%
CDW 3.569% 12/1/31		200,000		172,206
Iron Mountain 144A 5.25% 3/15/28 #		375,000		357,729
NESCO Holdings II 144A 5.50% 4/15/29 #		130,000		117,740
Prime Security Services Borrower 144A 5.75% 4/15/26 #		298,000		296,056
Staples 144A 7.50% 4/15/26 #		174,000		152,616
United Rentals North America 3.875% 2/15/31		130,000		114,868
Univar Solutions USA 144A 5.125% 12/1/27 #		230,000		230,368
White Cap Buyer 144A 6.875% 10/15/28 #		65,000		56,443
White Cap Parent 144A PIK 8.25% 3/15/26 #, >		87,000		79,238
				1,577,264
Technology — 0.26%
Autodesk 2.40% 12/15/31		25,000		20,807
Broadcom
144A 3.137% 11/15/35 #		4,000		3,079
144A 3.419% 4/15/33 #		11,000		9,212
144A 3.469% 4/15/34 #		355,000		291,829
CDW
2.67% 12/1/26		5,000		4,503
3.276% 12/1/28		15,000		13,242
Micron Technology 6.75% 11/1/29		33,000		35,073

37

Schedules of investments

Delaware Total Return Fund

	Principal
	amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
Oracle
4.65% 5/6/30		5,000	$	4,870
5.55% 2/6/53		290,000		276,457
6.15% 11/9/29		10,000		10,656
SK Hynix 144A 6.50% 1/17/33 #		200,000		198,721
Workday
3.70% 4/1/29		5,000		4,692
3.80% 4/1/32		140,000		128,482
				1,001,623
Technology & Electronics — 0.25%
Clarios Global 144A 8.50% 5/15/27 #		105,000		105,591
CommScope 144A 8.25% 3/1/27 #		35,000		28,700
CommScope Technologies 144A 6.00% 6/15/25 #		83,000		78,247
Entegris Escrow
144A 4.75% 4/15/29 #		78,000		73,812
144A 5.95% 6/15/30 #		165,000		160,090
Go Daddy Operating 144A 3.50% 3/1/29 #		235,000		203,399
Sensata Technologies 144A 4.00% 4/15/29 #		55,000		49,741
SS&C Technologies 144A 5.50% 9/30/27 #		240,000		233,142
				932,722
Transportation — 0.37%
American Airlines 144A 5.75% 4/20/29 #		85,420		82,029
Burlington Northern Santa Fe 2.875% 6/15/52		15,000		10,526
Delta Air Lines 7.375% 1/15/26		131,000		136,442
Georgian Railway JSC 4.00% 6/17/28		200,000		172,408
Grupo Aeromexico 144A 8.50% 3/17/27 #		200,000		176,131
Mileage Plus Holdings 144A 6.50% 6/20/27 #		297,000		296,336
Rumo Luxembourg 144A 5.25% 1/10/28 #		200,000		184,500
Rutas 2 and 7 Finance 144A 3.08% 9/30/36 #, ^		281,867		178,387
United Airlines
144A 4.375% 4/15/26 #		80,000		76,630
144A 4.625% 4/15/29 #		95,000		86,053
				1,399,442
Utilities — 0.21%
Calpine
144A 4.50% 2/15/28 #		95,000		88,238
144A 5.00% 2/1/31 #		220,000		186,473
144A 5.25% 6/1/26 #		71,000		69,301
Sociedad de Transmision Austral 144A 4.00% 1/27/32 #		200,000		166,188
Vistra
144A 7.00% 12/15/26 #, µ, ψ		230,000		202,638
144A 8.00% 10/15/26 #, µ, ψ		105,000		98,219
				811,057
Total Corporate Bonds (cost $52,043,597)				46,692,577
Non-Agency Asset-Backed Securities — 0.30%
Diamond Infrastructure Funding
Series 2021-1A A 144A 1.76% 4/15/49 #		150,000		128,373
Domino’s Pizza Master Issuer
Series 2021-1A A2I 144A 2.662% 4/25/51 #		147,375		126,490
Enterprise Fleet Financing
Series 2022-2 A2 144A 4.65% 5/21/29 #		146,071		144,551
Taco Bell Funding
Series 2021-1A A2I 144A 1.946% 8/25/51 #		266,625		231,849
Trafigura Securitisation Finance
Series 2021-1A A2 144A 1.08% 1/15/25 #		300,000		274,359
Volkswagen Auto Lease Trust
Series 2022-A A3 3.44% 7/21/25		240,000		235,242
Total Non-Agency Asset-Backed Securities (cost $1,250,046)				1,140,864
Non-Agency Commercial Mortgage-Backed Securities — 1.55%
BANK
Series 2019- BN21 A5 2.851% 10/17/52		275,000		238,455
Series 2020- BN25 A5 2.649% 1/15/63		500,000		427,021
Series 2021- BN36 A5 2.47% 9/15/64		776,000		634,575

38

		Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
BANK
Series 2022- BNK40 A4 3.394% 3/15/64 •			500,000	$	438,409
Benchmark Mortgage Trust
Series 2020- B17 A5 2.289% 3/15/53			500,000		413,448
Series 2020- B20 A5 2.034% 10/15/53			400,000		319,626
Series 2020- B22 A5 1.973% 1/15/54			250,000		198,255
Series 2022- B33 A5 3.458% 3/15/55			500,000		439,872
Cantor Commercial Real Estate Lending
Series 2019- CF2 A5 2.874% 11/15/52			350,000		296,966
Citigroup Commercial Mortgage Trust
Series 2019- C7 A4 3.102% 12/15/72			500,000		437,832
GS Mortgage Securities Trust
Series 2017- GS5 A4 3.674% 3/10/50			350,000		328,372
Series 2017- GS6 A3 3.433% 5/10/50			350,000		324,595
Series 2019- GC42 A4 3.001% 9/10/52			500,000		437,975
JPM-DB Commercial Mortgage Securities Trust
Series 2017- C7 A5 3.409% 10/15/50			350,000		324,412
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016- C29 A4 3.325% 5/15/49			350,000		329,327
Wells Fargo Commercial Mortgage Trust
Series 2016- BNK1 A3 2.652% 8/15/49			350,000		320,246
Total Non-Agency Commercial Mortgage-Backed Securities
(cost $7,016,644)					5,909,386
Sovereign Bonds — 1.91%Δ
Albania — 0.04%
Albania Government International Bond
3.50% 11/23/31	EUR		171,000		154,294
					154,294
Angola — 0.04%
Angolan Government International Bond
9.375% 5/8/48			200,000		157,447
					157,447
Armenia — 0.04%
Republic of Armenia International Bond
144A 3.60% 2/2/31 #			200,000		154,842
					154,842
Bermuda — 0.16%
Bermuda Government International Bonds
144A 5.00% 7/15/32 #			400,000		402,175
5.00% 7/15/32			200,000		201,088
					603,263
Chile — 0.15%
Chile Government International Bond
4.34% 3/7/42			665,000		589,330
					589,330
Colombia — 0.07%
Colombia Government International Bonds
4.125% 2/22/42			217,000		141,195
5.20% 5/15/49			200,000		140,073
					281,268
Dominican Republic — 0.21%
Dominican Republic International Bonds
144A 4.50% 1/30/30 #			913,000		797,262
					797,262
Egypt — 0.04%
Egypt Government International Bond
5.25% 10/6/25			200,000		158,420
					158,420
Honduras — 0.04%
Honduras Government International Bond
144A 5.625% 6/24/30 #			200,000		158,717
					158,717
Indonesia — 0.19%
Indonesia Government International Bond
4.65% 9/20/32			200,000		199,587

39

Schedules of investments

Delaware Total Return Fund

	Principal amount°		Value (US $)
Sovereign BondsΔ (continued)
Indonesia (continued)
Perusahaan Penerbit SBSN Indonesia III
4.70% 6/6/32		525,000	$	524,771
				724,358
Ivory Coast — 0.12%
Ivory Coast Government International Bonds
144A 4.875% 1/30/32 #	EUR	200,000		165,900
144A 6.125% 6/15/33 #		234,000		203,218
144A 6.875% 10/17/40 #	EUR	100,000		80,344
				449,462
Morocco — 0.14%
Morocco Government International Bonds
144A 1.375% 3/30/26 #	EUR	270,000		268,974
144A 2.375% 12/15/27 #		300,000		264,803
				533,777
Paraguay — 0.28%
Paraguay Government International Bonds
144A 4.95% 4/28/31 #		742,000		721,491
5.60% 3/13/48		400,000		356,588
				1,078,079
Republic of North Macedonia — 0.03%
North Macedonia Government International Bond
144A 3.675% 6/3/26 #	EUR	100,000		100,028
				100,028
Romania — 0.02%
Romanian Government International Bond
144A 2.625% 12/2/40 #	EUR	100,000		63,092
				63,092
Senegal — 0.04%
Senegal Government International Bond
144A 6.25% 5/23/33 #		200,000		159,579
				159,579
South Africa — 0.16%
Republic of South Africa Government International Bonds
5.65% 9/27/47		600,000		444,810
5.75% 9/30/49		234,000		172,448
				617,258
Uzbekistan — 0.14%
Republic of Uzbekistan International Bonds
144A 3.90% 10/19/31 #		200,000		160,925
144A 4.75% 2/20/24 #		374,000		368,547
				529,472
Total Sovereign Bonds
(cost $8,286,993)				7,309,948
Supranational Banks — 0.12%
Banque Ouest Africaine de Developpement
144A 4.70% 10/22/31 #		306,000		251,290
Corp Andina de Fomento
5.25% 11/21/25		200,000		202,338
Total Supranational Banks
(cost $505,698)				453,628
US Treasury Obligations — 2.88%
US Treasury Bonds
2.25% 8/15/46		2,340,000		1,767,797
3.625% 2/15/53		470,000		466,732
3.875% 2/15/43		385,000		388,519
4.375% 2/15/38		490,000		537,115
US Treasury Notes
3.50% 1/31/30		3,505,000		3,491,309
3.50% 2/15/33		175,000		175,287
3.625% 3/31/28		2,545,000		2,549,374
3.625% 3/31/30		30,000		30,145
3.875% 12/31/29		175,000		178,199
4.00% 2/28/30		5,000		5,133
4.125% 11/15/32		985,000		1,035,173
4.625% 2/28/25		5,000		5,049
4.625% 3/15/26		225,000		230,142
US Treasury Strip Principal
2.23% 5/15/44 ^		335,000		148,669
Total US Treasury Obligations
(cost $11,163,286)				11,008,643

	Number of shares
Common Stocks — 54.31%
Communication Services — 2.43%
AT&T		39,877	767,632
Comcast Class A		49,167	1,863,921
Interpublic Group		8,136	302,985
KDDI		8,700	268,288
Orange		44,740	531,519
Publicis Groupe		4,270	333,315
Verizon Communications		85,002	3,305,728

40

	Number of shares		Value (US $)
Common Stocks (continued)
Communication Services (continued)
Walt Disney †		18,913	$	1,893,759
				9,267,147
Consumer Discretionary — 6.72%
adidas AG		4,890		866,863
Amadeus IT Group †		14,830		994,849
APA		24,200		872,652
Bath & Body Works		32,498		1,188,777
Best Buy		17,573		1,375,439
eBay		14,404		639,105
H & M Hennes & Mauritz Class B		28,280		404,334
Home Depot		9,246		2,728,679
Kering		490		319,690
Lowe’s		19,950		3,989,401
Macy’s		28,436		497,346
NIKE Class B		12,779		1,567,217
PulteGroup		3,220		187,662
Ross Stores		15,006		1,592,587
Sodexo		8,670		846,804
Starbucks		8,235		857,511
Sturm Ruger & Co.		5,633		323,559
Swatch Group		1,990		685,338
TJX		50,453		3,953,497
Tractor Supply		7,584		1,782,543
				25,673,853
Consumer Staples — 4.98%
Altria Group		40,883		1,824,200
Archer-Daniels-Midland		21,200		1,688,792
Asahi Group Holdings		5,400		200,977
Conagra Brands		50,100		1,881,756
Danone		16,830		1,047,224
Diageo		23,700		1,057,723
Dollar General		7,707		1,622,015
Dollar Tree †		12,600		1,808,730
Essity Class B		27,630		789,221
Kao		16,100		626,697
Koninklijke Ahold Delhaize		38,220		1,305,791
Medifast		4,920		510,056
Nestle		8,840		1,077,866
Philip Morris International		22,043		2,143,682
Seven & i Holdings		5,600		252,975
Unilever		17,960		930,670
Vector Group		19,387		232,838
				19,001,213
Energy — 3.54%
Chevron		7,847		1,280,317
ConocoPhillips		30,407		3,016,678
Coterra Energy		40,578		995,784
EOG Resources		6,278		719,647
EQT		20,237		645,763
Exxon Mobil		31,215		3,423,037
Kinder Morgan		54,892		961,159
Marathon Petroleum		15,642		2,109,011
Viper Energy Partners		12,931		362,068
				13,513,464
Financials — 5.73%
Ally Financial		15,851		404,042
Ameriprise Financial		5,162		1,582,153
Bank of New York Mellon		6,025		273,776
BlackRock		2,834		1,896,286
Blackstone		16,320		1,433,549
Carlyle Group		27,107		841,943
Discover Financial Services		6,370		629,611
Fidelity National Financial		18,653		651,549
Fidelity National Information Services		27,481		1,493,043
Fifth Third Bancorp		2,448		65,215
Invesco		55,610		912,004
Jackson Financial Class A		32,532		1,217,022
MetLife		52,951		3,067,981
Moelis & Co. Class A		8,274		318,053
Principal Financial Group		21,303		1,583,239
Prudential Financial		20,045		1,658,523
State Street		1,096		82,956
Synchrony Financial		32,417		942,686
Truist Financial		39,700		1,353,770
US Bancorp		41,200		1,485,260
				21,892,661
Healthcare — 7.61%
AbbVie		16,752		2,669,766
AmerisourceBergen		10,845		1,736,393
Amgen		1,815		438,776
Baxter International		35,600		1,443,936
Bristol-Myers Squibb		31,256		2,166,353
Cigna		5,700		1,456,521
CVS Health		19,300		1,434,183
Fresenius Medical Care AG & Co.		10,860		460,945
Gilead Sciences		15,159		1,257,742
Hologic †		23,707		1,913,155
Johnson & Johnson		31,178		4,832,590
McKesson		1,186		422,275
Merck & Co.		40,776		4,338,159
Novo Nordisk Class B		3,380		536,816
Pfizer		37,180		1,516,944
Roche Holding		2,410		688,640
Smith & Nephew		69,450		965,393
UnitedHealth Group		1,661		784,972
				29,063,559

41

Schedules of investments

Delaware Total Return Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Industrials — 3.55%
Boise Cascade		13,905	$	879,491
Dover		12,253		1,861,721
Honeywell International		9,684		1,850,806
Intertek Group		10,890		545,423
Knorr-Bremse		6,330		421,647
Lockheed Martin		1,060		501,094
Makita		22,400		557,869
Masco		9,493		471,992
Northrop Grumman		3,700		1,708,364
Paychex		16,443		1,884,203
Raytheon Technologies		18,332		1,795,253
Robert Half International		2,773		223,421
Securitas Class B		95,400		848,644
				13,549,928
Information Technology — 13.86%
Accenture Class A		3,447		985,187
Apple		67,807		11,181,374
Applied Materials		6,838		839,911
Broadcom		7,290		4,676,827
Cisco Systems		73,507		3,842,578
Cognizant Technology Solutions Class A		29,545		1,800,177
Dell Technologies Class C		25,995		1,045,259
HP		60,413		1,773,122
KLA		2,296		916,494
Lam Research		3,397		1,800,818
Microchip Technology		3,783		316,940
Microsoft		32,048		9,239,438
Monolithic Power Systems		3,599		1,801,443
Motorola Solutions		6,606		1,890,175
NetApp		23,981		1,531,187
NVIDIA		12,943		3,595,177
Oracle		19,900		1,849,108
QUALCOMM		14,195		1,810,998
SAP		7,880		995,012
Western Union		92,659		1,033,148
				52,924,373
Insurance — 0.40%
American International Group		30,200		1,520,872
				1,520,872
Materials — 1.05%
Air Liquide		5,880		984,246
Dow		21,716		1,190,471
DuPont de Nemours		25,800		1,851,666
				4,026,383
REIT Diversified — 0.65%
Digital Realty Trust		2,566		252,263
Equinix		840		605,674
Gaming and Leisure Properties		4,814		250,617
LXP Industrial Trust		5,576		57,489
VICI Properties		40,365		1,316,706
				2,482,749
REIT Healthcare — 0.23%
Alexandria Real Estate Equities		2,281		286,471
CareTrust REIT		3,374		66,063
Healthpeak Properties		1,784		39,195
Ventas		2,126		92,162
Welltower		5,502		394,438
				878,329
REIT Hotel — 0.14%
Apple Hospitality REIT		12,469		193,519
Chatham Lodging Trust		6,105		64,041
Host Hotels & Resorts		11,642		191,977
Park Hotels & Resorts		6,602		81,601
				531,138
REIT Industrial — 0.46%
Plymouth Industrial REIT		1,919		40,318
Prologis		11,822		1,475,031
Rexford Industrial Realty		1,918		114,409
Terreno Realty		2,161		139,601
				1,769,359
REIT Mall — 0.16%
Simon Property Group		5,387		603,182
				603,182
REIT Manufactured Housing — 0.07%
Equity LifeStyle Properties		1,663		111,637
Sun Communities		1,042		146,797
				258,434
REIT Multifamily — 0.80%
American Homes 4 Rent Class A		3,515		110,547
AvalonBay Communities		1,499		251,922
Camden Property Trust		1,552		162,712
Equity Residential		33,028		1,981,680
Essex Property Trust		1,363		285,058
Independence Realty Trust		5,792		92,846
Mid-America Apartment Communities		1,006		151,946
UDR		592		24,307
				3,061,018
REIT Office — 0.08%
City Office REIT		1,024		7,066
Cousins Properties		4,885		104,441
Highwoods Properties		4,312		99,995
Kilroy Realty		1,578		51,127

42

	Number of shares		Value (US $)
Common Stocks (continued)
REIT Office (continued)
Piedmont Office Realty Trust Class A		7,360	$	53,728
				316,357
REIT Self-Storage — 0.36%
CubeSmart		1,148		53,061
Extra Space Storage		1,595		259,873
Life Storage		2,415		316,583
National Storage Affiliates Trust		1,536		64,174
Public Storage		2,187		660,780
				1,354,471
REIT Shopping Center — 0.30%
Agree Realty		2,281		156,500
Brixmor Property Group		10,268		220,967
Kimco Realty		8,182		159,795
Kite Realty Group Trust		2,834		59,287
Phillips Edison & Co.		4,514		147,247
Regency Centers		3,141		192,166
Retail Opportunity Investments		10,323		144,109
SITE Centers		6,130		75,276
				1,155,347
REIT Single Tenant — 0.14%
Four Corners Property Trust		1,944		52,216
Realty Income		4,814		304,822
Spirit Realty Capital		4,375		174,300
				531,338
REIT Specialty — 0.20%
EPR Properties		1,883		71,743
Essential Properties Realty Trust		4,954		123,107
Invitation Homes		9,948		310,676
Iron Mountain		509		26,931
Lamar Advertising Class A		908		90,700
Outfront Media		4,849		78,699
WP Carey		627		48,561
				750,417
Utilities — 0.85%
Edison International		26,900		1,898,871
Vistra		56,574		1,357,776
				3,256,647
Total Common Stocks
(cost $194,906,537)				207,382,239
Convertible Preferred Stock — 1.47%
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 #		506		466,304
Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24		7,926		236,750
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37		8,156		401,683
Bank of America 7.25% exercise price $50.00 ω		569		664,456
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28		25,525		1,173,384
Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 ω		744		632,400
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24		7,231		814,934
UGI 7.25% exercise price $52.57, maturity date 6/1/24		10,146		807,317
Wells Fargo & Co. 7.50% exercise price $156.71 ω		356		418,745
Total Convertible Preferred Stock
(cost $6,372,921)				5,615,973
Exchange-Traded Funds — 9.24%
iShares 0-5 Year Investment Grade Corporate Bond ETF		368,558		17,867,692
iShares Latin America 40 ETF		80,313		1,917,071
iShares MSCI China ETF		52,775		2,632,945
iShares MSCI EAFE ETF		20		1,430
iShares MSCI Emerging Markets Asia ETF		46,401		3,083,346
iShares Trust iShares ESG Aware MSCI EAFE ETF		690		49,570
Vanguard FTSE Developed Markets ETF		40		1,807
Vanguard Russell 2000 ETF		134,984		9,729,647
Total Exchange-Traded Funds
(cost $36,098,736)				35,283,508
Limited Liability Corporation — 2.65%
Sc Hixson Pp<<, =, †, π		7,200,000		10,098,000
Total Limited Liability Corporation
(cost $6,003,000)				10,098,000

43

Schedules of investments

Delaware Total Return Fund

	Number of shares		Value (US $)
Short-Term Investments — 1.22%
Money Market Mutual Funds — 1.22%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%)		1,167,872	$	1,167,872
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.72%)		1,167,872		1,167,872
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.84%)		1,167,872		1,167,872
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.73%)		1,167,872		1,167,872
Total Short-Term Investments
(cost $4,671,488)				4,671,488
Total Value of Securities—99.71%
(cost $374,730,065)			$	380,735,098

° 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, 2023, the aggregate value of Rule 144A securities was $40,389,646, which represents 10.58% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2023. 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, 2023. Rate will reset at a future date.

^ᴪ Perpetual security. Maturity date represents next call date.

‡ Non-income producing security. Security is currently in default.

> PIK. 100% of the income received was in the form of cash.

^∆ Securities have been classified by country of risk.

† Non-income producing security.

^ꞷ 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, 2023, the aggregate value of restricted securities was $10,098,000, which represented 2.64% of the Fund’s net assets. See table below for additional details on restricted securities.

Restricted Securities

Investments	Date of Acquisition	Cost		Value
Sc Hixson Pp	1/7/20	$	6,003,000	$	10,098,000

44

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2023:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation
JPMCB	EUR	(738,934)	USD	808,379	4/28/23	$	5,748
JPMCB	EUR	738,934	USD	(796,837)	4/28/23		5,794
Total Foreign Currency Exchange Contracts						$	11,542

Futures Contracts

Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date	Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
19	US Treasury 5 yr Notes	$	2,080,648		$	2,034,466		6/30/23	$	46,182	$	—		$	4,305
1	US Treasury 10 yr Notes		114,922			111,596		6/21/23		3,326		—			344
(4)	US Treasury 10 yr Ultra Notes		(484,563	)		(467,396	)	6/21/23		—		(17,167	)		(2,188	)
(2)	US Treasury Ultra Bonds		(282,250	)		(268,563	)	6/21/23		—		(13,687	)		(2,688	)
Total Futures Contracts					$	1,410,103			$	49,508	$	(30,854	)	$	(227	)

¹ See Note 7 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

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

DB – Deutsche Bank

EAFE – Europe, Australasia, and Far East

ESG – Environmental, Social, and Governance

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

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

45

Schedules of investments

Delaware Total Return Fund

Summary of abbreviations: (continued)

PIK – Payment-in-kind

REIT – Real Estate Investment Trust

S.F. – Single Family

yr – Year

Summary of currencies:

EUR – European Monetary Unit

KZT – Kazakhstani Tenge

USD – US Dollar

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

46

Statements of assets and liabilities

Delaware Group^® Equity Funds IV (Trust)

March 31, 2023 (Unaudited)

	Delaware Growth and Income Fund		Delaware Opportunity Fund		Delaware Global Equity Fund		Delaware Covered Call Strategy Fund
Assets:
Investments, at value*	$	1,182,547,421	$	585,047,978	$	192,509,722	$	102,524,314
Cash		—		43,326		—		—
Foreign currencies, at value∆		1,192		—		139,788		—
Dividends and interest receivable		2,401,001		810,433		408,665		65,104
Receivable for fund shares sold		504,482		161,669		65,008		74,147
Prepaid expenses		16,706		60,226		7,466		12,449
Receivable for securities sold		—		970,392		212,518		—
Foreign tax reclaims receivable		—		1,184		1,047,797		—
Other assets		9,299		5,215		1,594		897
Total Assets		1,185,480,101		587,100,423		194,392,558		102,676,911
Liabilities:
Options written, at value∑		—		—		—		3,076,750
Due to custodian		635,590		—		—		—
Payable for fund shares redeemed		1,236,947		378,360		155,890		215,246
Other accrued expenses		1,037,950		725,673		342,369		179,866
Investment management fees payable to affiliates		575,229		314,364		90,821		56,650
Distribution fees payable to affiliates		196,621		91,733		31,381		11,518
Administration expenses payable to affiliates		63,406		43,673		13,079		10,371
Total Liabilities		3,745,743		1,553,803		633,540		3,550,401
Total Net Assets	$	1,181,734,358	$	585,546,620	$	193,759,018	$	99,126,510
Net Assets Consist of:
Paid-in capital	$	1,033,281,554	$	458,895,530	$	188,316,422	$	70,084,309
Total distributable earnings (loss)		148,452,804		126,651,090		5,442,596		29,042,201
Total Net Assets	$	1,181,734,358	$	585,546,620	$	193,759,018	$	99,126,510

47

Statements of assets and liabilities

Delaware Group^® Equity Funds IV (Trust)

	Delaware Growth and Income Fund			Delaware Opportunity Fund			Delaware Global Equity Fund			Delaware Covered Call Strategy Fund
Net Asset Value
Class A:
Net assets	$	1,167,637,199		$	535,085,168		$	190,221,290		$	70,488,845
Shares of beneficial interest outstanding, unlimited authorization, no par		89,494,711			18,494,206			30,804,395			5,915,923
Net asset value per share	$	13.05		$	28.93		$	6.18		$	11.92
Sales charge		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	13.85		$	30.69		$	6.56		$	12.65
Class C:
Net assets	$	—		$	3,191,825		$	—		$	—
Shares of beneficial interest outstanding, unlimited authorization, no par		—			104,806			—			—
Net asset value per share	$	—		$	30.45		$	—		$	—
Class R:
Net assets	$	—		$	212,466		$	—		$	—
Shares of beneficial interest outstanding, unlimited authorization, no par		—			6,973			—			—
Net asset value per share	$	—		$	30.47		$	—		$	—
Institutional Class:
Net assets	$	13,986,912		$	41,204,493		$	3,435,868		$	28,604,583
Shares of beneficial interest outstanding, unlimited authorization, no par		1,071,427			1,351,510			522,420			2,409,399
Net asset value per share	$	13.05		$	30.49		$	6.58		$	11.87
Class R6:
Net assets	$	110,247		$	5,852,668		$	101,860		$	33,082
Shares of beneficial interest outstanding, unlimited authorization, no par		8,371			190,444			15,184			2,798
Net asset value per share	$	13.17		$	30.73		$	6.71		$	11.82
*Investments, at cost	$	1,055,058,167		$	457,028,512		$	189,216,955		$	72,093,457
∆Foreign currencies, at cost		1,165			—			137,626			—
∑Options written, premium received		—			—			—			(3,065,562	)

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

48

	Delaware Hedged U.S. Equity Opportunities Fund			Delaware Premium Income Fund			Delaware Total Return Fund
Assets:
Investments, at value*	$	58,282,105		$	50,243,416		$	370,637,098
Investments of affiliated issuers, at value**		—			—			10,098,000
Cash		—			—			1,159,880
Cash collateral due from brokers		595,562			—			19,844
Foreign currencies, at value∆		—			—			23,959
Receivable for securities sold		212,229			62,075			343,249
Dividends and interest receivable		60,527			12,681			1,404,745
Receivable for fund shares sold		21,800			37,440			154,300
Prepaid expenses		13,009			11,404			9,168
Foreign tax reclaims receivable		2,567			—			150,516
Unrealized appreciation on foreign currency exchange contracts		—			—			11,542
Other assets		489			345			3,374
Total Assets		59,188,288			50,367,361			384,015,675
Liabilities:
Options written, at value∑		51,930			9,542,173			—
Due to custodian		48,153			—			—
Payable for securities purchased		223,407			13,296			949,440
Other accrued expenses		173,647			110,282			575,757
Variation margin due to broker on futures contracts		111,366			—			227
Unrealized depreciation on foreign currency exchange contracts		44,575			—			—
Payable for fund shares redeemed		39,505			53,518			413,069
Investment management fees payable to affiliates		37,146			17,723			157,842
Administration expenses payable to affiliates		8,523			7,646			22,461
Distribution fees payable to affiliates		5,040			3,256			63,180
Total Liabilities		743,292			9,747,894			2,181,976
Total Net Assets	$	58,444,996		$	40,619,467		$	381,833,699
Net Assets Consist of:
Paid-in capital	$	59,113,251		$	43,830,046		$	374,883,967
Total distributable earnings (loss)		(668,255	)		(3,210,579	)		6,949,732
Total Net Assets	$	58,444,996		$	40,619,467		$	381,833,699

49

Statements of assets and liabilities

Delaware Group^® Equity Funds IV (Trust)

	Delaware Hedged U.S. Equity Opportunities Fund			Delaware Premium Income Fund			Delaware Total Return Fund
Net Asset Value
Class A:
Net assets	$	30,728,753		$	18,897,352		$	379,553,006
Shares of beneficial interest outstanding, unlimited authorization, no par		3,955,034			1,764,034			27,130,566
Net asset value per share	$	7.77		$	10.71		$	13.99
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	8.24		$	11.36		$	14.84
Institutional Class:
Net assets	$	27,702,824		$	21,710,634		$	2,258,945
Shares of beneficial interest outstanding, unlimited authorization, no par		3,446,789			2,024,554			160,636
Net asset value per share	$	8.04		$	10.72		$	14.06
Class R6:
Net assets	$	13,419		$	11,481		$	21,748
Shares of beneficial interest outstanding, unlimited authorization, no par		1,664			2,203			1,541
Net asset value per share	$	8.06		$	5.21		$	14.11
*Investments, at cost	$	55,694,596		$	42,439,288		$	368,727,065
**Investments of affiliated issuers, at cost		—			—			6,003,000
∆Foreign currencies, at cost		—			—			24,050
∑Options written, premium received		(81,141	)		(10,130,810	)		—

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

50

Statement of operations

Delaware Group^® Equity Funds IV (Trust) Six months ended March 31, 2023 (Unaudited)

	Delaware Growth and Income Fund			Delaware Opportunity Fund			Delaware Global Equity Fund			Delaware Covered Call Strategy Fund
Investment Income:
Dividends	$	18,086,770		$	5,457,798		$	1,580,000		$	1,041,135
Foreign tax withheld		—			—			(100,479	)		—
		18,086,770			5,457,798			1,479,521			1,041,135
Expenses:
Management fees		3,095,310			2,088,041			767,167			397,109
Distribution expenses — Class A		1,229,553			684,173			221,472			88,266
Distribution expenses — Class C		—			1,528			—			—
Distribution expenses — Class R		—			51			—			—
Dividend disbursing and transfer agent fees and expenses		693,361			468,610			154,695			83,729
Accounting and administration expenses		78,255			56,548			29,727			26,342
Reports and statements to shareholders expenses		68,123			77,135			39,783			18,471
Legal fees		35,372			20,708			7,373			3,513
Trustees’ fees and expenses		23,352			14,282			4,306			2,635
Custodian fees		16,979			2,279			19,700			1,434
Audit and tax fees		14,493			14,771			15,363			17,241
Registration fees		13,018			26,543			25,542			24,042
Other		31,475			20,705			12,349			5,247
		5,299,291			3,475,374			1,297,477			668,029
Less expenses waived		(250,092	)		(277,774	)		(195,507	)		(53,430	)
Less expenses paid indirectly		(769	)		(499	)		(228	)		(119	)
Total operating expenses		5,048,430			3,197,101			1,101,742			614,480
Net Investment Income (Loss)		13,038,340			2,260,697			377,779			426,655
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		17,694,575			(2,311,141	)		5,406,290			2,104,960
Foreign currencies		(27	)		—			(121,625	)		—
Foreign currency exchange contracts		—			—			12,924			—
Options written		—			—			—			(813,702	)
Net realized gain (loss)		17,694,548			(2,311,141	)		5,297,589			1,291,258
Net change in unrealized appreciation (depreciation) on:
Investments		87,979,105			54,506,184			38,301,284			11,878,641
Foreign currencies		27			—			96,797			—
Options written		—			—			—			(2,259,420	)
Net change in unrealized appreciation (depreciation)		87,979,132			54,506,184			38,398,081			9,619,221
Net Realized and Unrealized Gain (Loss)		105,673,680			52,195,043			43,695,670			10,910,479
Net Increase (Decrease) in Net Assets Resulting from Operations	$	118,712,020		$	54,455,740		$	44,073,449		$	11,337,134

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

51

Statement of operations

Delaware Group^® Equity Funds IV (Trust)

	Delaware Hedged U.S. Equity Opportunities Fund			Delaware Premium Income Fund			Delaware Total Return Fund
Investment Income:
Dividends	$	445,215		$	577,688		$	3,300,048
Interest		—			—			3,232,014
Foreign tax withheld		(3,184	)		—			(16,565	)
		442,031			577,688			6,515,497
Expenses:
Management fees		338,321			166,794			1,267,235
Distribution expenses — Class A		39,507			22,751			483,762
Dividend disbursing and transfer agent fees and expenses		42,176			28,018			297,941
Registration fees		24,543			23,039			26,543
Accounting and administration expenses		22,988			21,868			42,506
Reports and statements to shareholders expenses		18,284			9,859			60,542
Custodian fees		17,956			701			24,494
Audit and tax fees		17,911			16,538			28,246
Legal fees		2,149	��		1,743			12,429
Trustees’ fees and expenses		1,472			1,032			9,932
Other		9,045			6,346			71,920
		534,352			298,689			2,325,550
Less expenses waived		(112,303	)		(56,962	)		(274,932	)
Less expenses paid indirectly		(56	)		(37	)		(412	)
Total operating expenses		421,993			241,690			2,050,206
Net Investment Income (Loss)		20,038			335,998			4,465,291

52

	Delaware Hedged U.S. Equity Opportunities Fund			Delaware Premium Income Fund			Delaware Total Return Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(396,644	)	$	2,038,462		$	(483,252	)
Foreign currencies		(6,362	)		—			8,257
Foreign currency exchange contracts		24,825			—			(84,879	)
Futures contracts		195,438			—			42,585
Options purchased		(1,117,443	)		—			—
Options written		320,491			(2,905,234	)		—
Net realized gain (loss)		(979,695	)		(866,772	)		(517,289	)
Net change in unrealized appreciation (depreciation) on:
Investments		8,173,887			6,907,342			33,589,610
Affiliated investments		—			—			156,240
Foreign currencies		235			—			24,444
Foreign currency exchange contracts		(96,107	)		—			(6,899	)
Futures contracts		(1,195,268	)		—			(17,298	)
Options purchased		(558,602	)		—			—
Options written		153,251			(2,610,666	)		—
Net change in unrealized appreciation (depreciation)		6,477,396			4,296,676			33,746,097
Net Realized and Unrealized Gain (Loss)		5,497,701			3,429,904			33,228,808
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,517,739		$	3,765,902		$	37,694,099

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

53

Statements of changes in net assets

Delaware Group^® Equity Funds IV (Trust)

	Delaware Growth and Income Fund						Delaware Opportunity Fund
	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22			Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	13,038,340		$	21,596,346		$	2,260,697		$	4,657,042
Net realized gain (loss)		17,694,548			48,422,557			(2,311,141	)		51,411,929
Net change in unrealized appreciation (depreciation)		87,979,132			(116,688,551	)		54,506,184			(115,048,742	)
Net increase (decrease) in net assets resulting from operations		118,712,020			(46,669,648	)		54,455,740			(58,979,771	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(56,007,662	)		(118,622,279	)		(44,800,865	)		(37,289,149	)
Institutional Class		(510,839	)		(537,143	)		(243,256	)		(253,207	)
Class R6		(2,368	)		(5,005	)		(569,615	)		(2,855	)
		(56,520,869	)		(119,164,427	)		(45,613,736	)		(37,545,211	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		21,667,993			41,409,588			6,947,665			17,239,804
Class C		—			—			10,939			—
Class R		—			—			16,696			—
Institutional Class		5,628,665			2,075,344			1,204,781			772,501
Class R6		77,967			—			—			7,313,941
Net assets from merger:1
Class A		248,356,990			—			14,608,817			—
Class C		—			—			3,162,250			—
Class R		—			—			194,570			—
Institutional Class		6,292,640			—			37,475,287			—
Class R6		39,466			—			—			—
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		55,807,725			118,201,561			44,689,108			37,209,160
Institutional Class		510,839			537,143			243,256			253,207
Class R6		2,368			5,005			569,615			2,855
		338,384,653			162,228,641			109,122,984			62,791,468
Cost of shares redeemed:
Class A		(78,215,472	)		(173,844,829	)		(42,462,420	)		(117,419,214	)
Class C		—			—			(2,283	)		—
Class R		—			—			(23	)		—
Institutional Class		(2,831,497	)		(2,234,427	)		(963,769	)		(1,607,411	)
Class R6		—			(168,044	)		(1,226,189	)		(286,568	)
		(81,046,969	)		(176,247,300	)		(44,654,684	)		(119,313,193	)
Increase (decrease) in net assets derived from capital share transactions		257,337,684			(14,018,659	)		64,468,300			(56,521,725	)
Net Increase (Decrease) in Net Assets		319,528,835			(179,852,734	)		73,310,304			(153,046,707	)

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

54

	Delaware Growth and Income Fund				Delaware Opportunity Fund
	Six months ended 3/31/23 (Unaudited)		Year ended 9/30/22		Six months ended 3/31/23 (Unaudited)		Year ended 9/30/22
Net Assets:
Beginning of period	$	862,205,523	$	1,042,058,257	$	512,236,316	$	665,283,023
End of period	$	1,181,734,358	$	862,205,523	$	585,546,620	$	512,236,316

¹ See Note 5 in “Notes to financial statements.”

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

55

Statements of changes in net assets

Delaware Group^® Equity Funds IV (Trust)

	Delaware Global Equity Fund						Delaware Covered Call Strategy Fund
	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22			Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	377,779		$	2,086,694		$	426,655		$	504,332
Net realized gain (loss)		5,297,589			4,870,348			1,291,258			14,351,113
Net change in unrealized appreciation (depreciation)		38,398,081			(51,611,908	)		9,619,221			(24,200,050	)
Net increase (decrease) in net assets resulting from operations		44,073,449			(44,654,866	)		11,337,134			(9,344,605	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(3,648,967	)		(27,926,187	)		(7,554,032	)		(293,225	)
Institutional Class		(118,916	)		(308,721	)		(3,201,770	)		(200,734	)
Class R6		(355	)		(2,753	)		(4,892	)		(389	)
		(3,768,238	)		(28,237,661	)		(10,760,694	)		(494,348	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		4,443,097			4,454,122			1,097,351			4,018,636
Institutional Class		2,679,421			461,517			1,117,476			2,261,053
Class R6		79,189			4,931			—			2,437
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		3,628,491			27,811,296			7,520,343			291,899
Institutional Class		118,817			308,721			2,995,957			188,105
Class R6		355			2,753			4,892			389
		10,949,370			33,043,340			12,736,019			6,762,519
Cost of shares redeemed:
Class A		(13,670,473	)		(37,938,828	)		(8,337,511	)		(23,196,926	)
Institutional Class		(1,903,567	)		(13,341,218	)		(3,785,545	)		(6,008,529	)
Class R6		(947	)		(124,180	)		(15,612	)		(2,510	)
		(15,574,987	)		(51,404,226	)		(12,138,668	)		(29,207,965	)
Increase (decrease) in net assets derived from capital share transactions		(4,625,617	)		(18,360,886	)		597,351			(22,445,446	)
Net Increase (Decrease) in Net Assets		35,679,594			(91,253,413	)		1,173,791			(32,284,399	)
Net Assets:
Beginning of period		158,079,424			249,332,837			97,952,719			130,237,118
End of period	$	193,759,018		$	158,079,424		$	99,126,510		$	97,952,719

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

56

	Delaware Hedged U.S. Equity Opportunities Fund						Delaware Premium Income Fund
	Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22			Six months ended 3/31/23 (Unaudited)			Year ended 9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	20,038		$	(191,461	)	$	335,998		$	632,948
Net realized gain (loss)		(979,695	)		4,769,144			(866,772	)		5,620,027
Net change in unrealized appreciation (depreciation)		6,477,396			(14,856,819	)		4,296,676			(7,477,518	)
Net increase (decrease) in net assets resulting from operations		5,517,739			(10,279,136	)		3,765,902			(1,224,543	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,751,132	)		(4,567,062	)		(145,656	)		(235,057	)
Institutional Class		(2,238,906	)		(2,718,430	)		(187,530	)		(393,307	)
Class R6		(1,095	)		(1,592	)		(264	)		(501	)
		(4,991,133	)		(7,287,084	)		(333,450	)		(628,865	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		590,628			2,831,905			3,251,878			863,393
Institutional Class		4,260,512			14,149,641			1,256,571			5,356,097
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,748,192			4,536,813			144,068			233,351
Institutional Class		2,238,906			2,718,430			182,156			383,963
Class R6		1,095			1,592			264			501
		9,839,333			24,238,381			4,834,937			6,837,305
Cost of shares redeemed:
Class A		(4,190,145	)		(10,596,993	)		(2,787,176	)		(5,518,580	)
Institutional Class		(5,202,043	)		(8,328,161	)		(5,553,039	)		(7,031,768	)
Class R6		(825	)		(1,294	)		—			(4,866	)
		(9,393,013	)		(18,926,448	)		(8,340,215	)		(12,555,214	)
Increase (decrease) in net assets derived from capital share transactions		446,320			5,311,933			(3,505,278	)		(5,717,909	)
Net Increase (Decrease) in Net Assets		972,926			(12,254,287	)		(72,826	)		(7,571,317	)
Net Assets:
Beginning of period		57,472,070			69,726,357			40,692,293			48,263,610
End of period	$	58,444,996		$	57,472,070		$	40,619,467		$	40,692,293

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

57

Statements of changes in net assets

Delaware Group^® Equity Funds IV (Trust)

	Delaware Total
	Return Fund
	Six months
	ended
	3/31/23			Year ended
	(Unaudited)			9/30/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	4,465,291		$	7,509,204
Net realized gain (loss)		(517,289	)		8,177,394
Net change in unrealized appreciation (depreciation)		33,746,097			(64,046,514	)
Net increase (decrease) in net assets resulting from operations		37,694,099			(48,359,916	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(12,630,873	)		(66,753,234	)
Institutional Class		(123,520	)		(193,053	)
Class R6		(1,054	)		(5,008	)
		(12,755,447	)		(66,951,295	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		12,036,829			16,574,089
Institutional Class		2,393,996			1,503,765
Class R6		600			1,249
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		12,552,417			66,447,123
Institutional Class		123,520			193,053
Class R6		1,054			5,008
		27,108,416			84,724,287
Cost of shares redeemed:
Class A		(39,304,356	)		(87,505,956	)
Institutional Class		(2,232,954	)		(783,363	)
Class R6		(11,531	)		(29,804	)
		(41,548,841	)		(88,319,123	)
Decrease in net assets derived from capital share transactions		(14,440,425	)		(3,594,836	)
Net Increase (Decrease) in Net Assets		10,498,227			(118,906,047	)
Net Assets:
Beginning of period		371,335,472			490,241,519
End of period	$	381,833,699		$	371,335,472

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

58

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	12.21		$	14.62		$	11.94		$	19.85		$	24.41		$	23.30
Income (loss) from investment operations:
Net investment income3		0.18			0.30			0.25			0.23			0.27			0.26
Net realized and unrealized gain (loss)		1.46			(0.99	)		3.34			(0.95	)		(0.54	)		2.11
Total from investment operations		1.64			(0.69	)		3.59			(0.72	)		(0.27	)		2.37
Less dividends and distributions from:
Net investment income		(0.16	)		(0.37	)		(0.21	)		(0.25	)		(0.27	)		(0.32	)
Net realized gain		(0.64	)		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)
Total dividends and distributions		(0.80	)		(1.72	)		(0.91	)		(7.19	)		(4.29	)		(1.26	)
Net asset value, end of period	$	13.05		$	12.21		$	14.62		$	11.94		$	19.85		$	24.41
Total return4		13.31	%5		(5.81	)%5		30.89	%		(7.99	)%		2.02	%		10.35	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,167,637		$	857,819		$	1,037,062		$	1,023,821		$	1,464,393		$	1,653,563
Ratio of expenses to average net assets6		1.02	%		1.04	%		1.07	%		1.10	%		1.13	%		1.14	%
Ratio of expenses to average net assets prior to fees waived6		1.07	%		1.06	%		1.07	%		1.10	%		1.13	%		1.14	%
Ratio of net investment income to average net assets		2.63	%		2.13	%		1.82	%		1.71	%		1.37	%		1.08	%
Ratio of net investment income to average net assets prior to fees waived		2.58	%		2.10	%		1.82	%		1.71	%		1.37	%		1.08	%
Portfolio turnover		10	%		23	%		51	%		113	%7		55	%		34	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Class A shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Class A shares of Delaware Growth and Income Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies 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.

59

Financial highlights

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	12.23		$	14.64		$	11.99		$	19.87		$	24.58		$	23.46
Income (loss) from investment operations:
Net investment income3		0.21			0.34			0.29			0.30			0.33			0.35
Net realized and unrealized gain (loss)		1.44			(0.99	)		3.34			(0.98	)		(0.55	)		2.11
Total from investment operations		1.65			(0.65	)		3.63			(0.68	)		(0.22	)		2.46
Less dividends and distributions from:
Net investment income		(0.19	)		(0.41	)		(0.28	)		(0.26	)		(0.47	)		(0.40	)
Net realized gain		(0.64	)		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)
Total dividends and distributions		(0.83	)		(1.76	)		(0.98	)		(7.20	)		(4.49	)		(1.34	)
Net asset value, end of period	$	13.05		$	12.23		$	14.64		$	11.99		$	19.87		$	24.58
Total return4		13.34	%5		(5.54	)%5		31.19	%		(7.68	)%5		2.26	%		10.73	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	13,987		$	4,360		$	4,804		$	4,063		$	21,597		$	142,220
Ratio of expenses to average net assets6		0.77	%		0.78	%		0.82	%		0.85	%		0.83	%		0.79	%
Ratio of expenses to average net assets prior to fees waived6		0.82	%		0.81	%		0.82	%		0.86	%		0.83	%		0.79	%
Ratio of net investment income to average net assets		3.06	%		2.41	%		2.08	%		1.98	%		1.66	%		1.44	%
Ratio of net investment income to average net assets prior to fees waived		3.01	%		2.38	%		2.08	%		1.97	%		1.66	%		1.44	%
Portfolio turnover		10	%		23	%		51	%		113	%7		55	%		34	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Institutional Class shares of Delaware Growth and Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies 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.

60

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	12.33		$	14.72		$	12.01		$	19.92		$	24.52		$	23.39
Income (loss) from investment operations:
Net investment income3		0.22			0.37			0.30			0.29			0.35			0.36
Net realized and unrealized gain (loss)		1.45			(1.01	)		3.35			(0.96	)		(0.56	)		2.12
Total from investment operations		1.67			(0.64	)		3.65			(0.67	)		(0.21	)		2.48
Less dividends and distributions from:
Net investment income		(0.19	)		(0.40	)		(0.24	)		(0.30	)		(0.37	)		(0.41	)
Net realized gain		(0.64	)		(1.35	)		(0.70	)		(6.94	)		(4.02	)		(0.94	)
Total dividends and distributions		(0.83	)		(1.75	)		(0.94	)		(7.24	)		(4.39	)		(1.35	)
Net asset value, end of period	$	13.17		$	12.33		$	14.72		$	12.01		$	19.92		$	24.52
Total return4		13.42	%5		(5.45	)%		31.25	%5		(7.63	)%5		2.34	%		10.85	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	110		$	27		$	192		$	2,710		$	5,597		$	11,067
Ratio of expenses to average net assets6		0.74	%		0.73	%		0.75	%		0.76	%		0.75	%		0.74	%
Ratio of expenses to average net assets prior to fees waived6		0.75	%		0.73	%		0.76	%		0.81	%		0.75	%		0.74	%
Ratio of net investment income to average net assets		3.22	%		2.57	%		2.29	%		2.07	%		1.75	%		1.49	%
Ratio of net investment income to average net assets prior to fees waived		3.21	%		2.57	%		2.28	%		2.02	%		1.75	%		1.49	%
Portfolio turnover		10	%		23	%		51	%		113	%7		55	%		34	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Growth & Income Fund were reorganized into Class R6 shares of Delaware Growth and Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies 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.

61

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	28.57		$	33.94		$	23.26		$	37.79		$	42.06		$	41.86
Income (loss) from investment operations:
Net investment income3		0.12			0.25			0.43			0.16			0.12			0.39
Net realized and unrealized gain (loss)		2.86			(3.64	)		10.48			(3.01	)		(0.60	)		2.31
Total from investment operations		2.98			(3.39	)		10.91			(2.85	)		(0.48	)		2.70
Less dividends and distributions from:
Net investment income		(0.20	)		(0.39	)		(0.23	)		(0.24	)		(0.38	)		(0.12	)
Net realized gain		(2.42	)		(1.59	)		—			(11.44	)		(3.41	)		(2.38	)
Total dividends and distributions		(2.62	)		(1.98	)		(0.23	)		(11.68	)		(3.79	)		(2.50	)
Net asset value, end of period	$	28.93		$	28.57		$	33.94		$	23.26		$	37.79		$	42.06
Total return4		10.42	%5		(10.87	)%5		47.10	%5		(13.31	)%5		0.80	%		6.49	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	535,085		$	502,949		$	660,973		$	599,543		$	915,339		$	1,010,312
Ratio of expenses to average net assets6		1.15	%		1.16	%		1.20	%		1.21	%		1.20	%		1.20	%
Ratio of expenses to average net assets prior to fees waived6		1.24	%		1.20	%		1.20	%		1.24	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		0.80	%		0.73	%		1.40	%		0.62	%		0.32	%		0.93	%
Ratio of net investment income to average net assets prior to fees waived		0.71	%		0.69	%		1.40	%		0.59	%		0.32	%		0.93	%
Portfolio turnover		9	%		17	%		13	%		120	%7		47	%		35	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Class A shares of the predecessor fund First Investors Opportunity Fund were reorganized into Class A shares of Delaware Opportunity Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies 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.

62

Delaware Opportunity Fund Class C

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

	2/28/231
	to
	3/31/23
	(Unaudited)
Net asset value, beginning of period	$	32.50
Income (loss) from investment operations:
Net investment income2		—	3
Net realized and unrealized loss		(2.05	)4
Total from investment operations		(2.05	)
Net asset value, end of period	$	30.45
Total return5		(5.35	)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,192
Ratio of expenses to average net assets6		1.89	%
Ratio of expenses to average net assets prior to fees waived6		2.05	%
Ratio of net investment income to average net assets		0.03	%
Ratio of net investment loss to average net assets prior to fees waived		(0.13	)%
Portfolio turnover		9	%7

¹ Date of commencement of operations; ratios have been annualized and total return has not been annualized.

² Calculated using average shares outstanding.

³ Amount is less than $0.005 per share.

⁴ The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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 the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies in which the Fund invests.

⁷ Portfolio turnover is representative of the Fund for the period ended March 31, 2023.

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

63

Financial highlights

Delaware Opportunity Fund Class R

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

	2/28/231
	to
	3/31/23
	(Unaudited)
Net asset value, beginning of period	$	32.50
Income (loss) from investment operations:
Net investment income2		0.01
Net realized and unrealized loss		(2.04	)3
Total from investment operations		(2.03	)
Net asset value, end of period	$	30.47
Total return4		(5.28	)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	212
Ratio of expenses to average net assets5		1.39	%
Ratio of expenses to average net assets prior to fees waived5		1.52	%
Ratio of net investment income to average net assets		0.52	%
Ratio of net investment income to average net assets prior to fees waived		0.39	%
Portfolio turnover		9	%6

¹ Date of commencement of operations; ratios have been annualized and total return has not been annualized.

² Calculated using average shares outstanding.

³ The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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 the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁵ Expense ratios do not include expenses of any investment companies in which the Fund invests.

⁶ Portfolio turnover is representative of the Fund for the period ended March 31, 2023.

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

64

Delaware Opportunity Fund Institutional Class

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

	Six months
	ended
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	29.98		$	35.58		$	24.37		$	38.75		$	42.91		$	42.56
Income (loss) from investment operations:
Net investment income3		0.15			0.35			0.52			0.24			0.23			0.61
Net realized and unrealized gain (loss)		3.03			(3.80	)		10.99			(3.18	)		(0.58	)		2.27
Total from investment operations		3.18			(3.45	)		11.51			(2.94	)		(0.35	)		2.88
Less dividends and distributions from:
Net investment income		(0.25	)		(0.56	)		(0.30	)		—			(0.40	)		(0.15	)
Net realized gain		(2.42	)		(1.59	)		—			(11.44	)		(3.41	)		(2.38	)
Total dividends and distributions		(2.67	)		(2.15	)		(0.30	)		(11.44	)		(3.81	)		(2.53	)
Net asset value, end of period	$	30.49		$	29.98		$	35.58		$	24.37		$	38.75		$	42.91
Total return4		10.62	%5		(10.61	)%5		47.50	%5		(13.04	)%5		1.14	%		6.82	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	41,205		$	2,925		$	4,083		$	2,490		$	10,325		$	149,481
Ratio of expenses to average net assets6		0.90	%		0.90	%		0.90	%		0.95	%		0.92	%		0.89	%
Ratio of expenses to average net assets prior to fees waived6		1.02	%		0.95	%		0.95	%		1.04	%		0.92	%		0.89	%
Ratio of net investment income to average net assets		1.03	%		0.99	%		1.59	%		0.83	%		0.62	%		1.42	%
Ratio of net investment income to average net assets prior to fees waived		0.91	%		0.94	%		1.54	%		0.74	%		0.62	%		1.42	%
Portfolio turnover		9	%		17	%		13	%		120	%7		47	%		35	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Opportunity Fund were reorganized into Institutional Class shares of Delaware Opportunity Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies 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.

65

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	30.43		$	35.51		$	24.04		$	38.71		$	42.87		$	42.49
Income (loss) from investment operations:
Net investment income3		0.19			0.59			0.54			0.28			0.27			0.59
Net realized and unrealized gain (loss)		3.05			(4.08	)		10.93			(3.11	)		(0.59	)		2.33
Total from investment operations		3.24			(3.49	)		11.47			(2.83	)		(0.32	)		2.92
Less dividends and distributions from:
Net investment income		(0.52	)		—			—			(0.40	)		(0.43	)		(0.16	)
Net realized gain		(2.42	)		(1.59	)		—			(11.44	)		(3.41	)		(2.38	)
Total dividends and distributions		(2.94	)		(1.59	)		—			(11.84	)		(3.84	)		(2.54	)
Net asset value, end of period	$	30.73		$	30.43		$	35.51		$	24.04		$	38.71		$	42.87
Total return4		10.64	%5		(10.50	)%5		47.71	%5		(12.93	)%5		1.23	%		6.95	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,853		$	6,362		$	227		$	1,029		$	2,338		$	5,793
Ratio of expenses to average net assets6		0.78	%		0.78	%		0.78	%		0.79	%		0.78	%		0.77	%
Ratio of expenses to average net assets prior to fees waived6		0.92	%		0.95	%		0.88	%		0.95	%		0.78	%		0.77	%
Ratio of net investment income to average net assets		1.16	%		1.84	%		1.75	%		1.00	%		0.73	%		1.38	%
Ratio of net investment income to average net assets prior to fees waived		1.02	%		1.67	%		1.65	%		0.84	%		0.73	%		1.38	%
Portfolio turnover		9	%		17	%		13	%		120	%7		47	%		35	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Opportunity Fund were reorganized into Class R6 shares of Delaware Opportunity Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies 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.

66

Delaware Global Equity Fund Class A

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

	Six months
	ended
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	4.92		$	7.13		$	6.67		$	7.50		$	8.81		$	8.60
Income (loss) from investment operations:
Net investment income (loss)3		0.01			0.06			0.07			0.06			0.04			(0.01	)
Net realized and unrealized gain (loss)		1.36			(1.39	)		0.73			0.23			(0.35	)		0.89
Total from investment operations		1.37			(1.33	)		0.80			0.29			(0.31	)		0.88
Less dividends and distributions from:
Net investment income		(0.03	)		(0.07	)		(0.07	)		(0.08	)		—			(0.04	)
Net realized gain		(0.08	)		(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)
Total dividends and distributions		(0.11	)		(0.88	)		(0.34	)		(1.12	)		(1.00	)		(0.67	)
Net asset value, end of period	$	6.18		$	4.92		$	7.13		$	6.67		$	7.50		$	8.81
Total return4		28.25	%5		(21.35	)%5		12.11	%		3.89	%5		(1.48	)%5		10.69	%5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	190,221		$	156,157		$	233,850		$	271,088		$	344,592		$	393,697
Ratio of expenses to average net assets6		1.22	%		1.30	%		1.36	%		1.41	%		1.44	%		1.43	%
Ratio of expenses to average net assets prior to fees waived6		1.44	%		1.39	%		1.36	%		1.42	%		1.46	%		1.48	%
Ratio of net investment income (loss) to average net assets		0.41	%		1.00	%		0.94	%		0.86	%		0.55	%		(0.16	)%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.19	%		0.91	%		0.94	%		0.85	%		0.53	%		(0.21	)%
Portfolio turnover		14	%		30	%		34	%		128	%		119	%		132	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Class A shares of the predecessor fund First Investors Global Fund were reorganized into Class A shares of Delaware Global Equity Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

67

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	5.26		$	7.48		$	6.97		$	7.74		$	9.03		$	8.78
Income (loss) from investment operations:
Net investment income3		0.02			0.07			0.09			0.07			0.07			0.02
Net realized and unrealized gain (loss)		1.46			(1.48	)		0.77			0.25			(0.36	)		0.91
Total from investment operations		1.48			(1.41	)		0.86			0.32			(0.29	)		0.93
Less dividends and distributions from:
Net investment income		(0.08	)		—			(0.08	)		(0.05	)		—			(0.05	)
Net realized gain		(0.08	)		(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)
Total dividends and distributions		(0.16	)		(0.81	)		(0.35	)		(1.09	)		(1.00	)		(0.68	)
Net asset value, end of period	$	6.58		$	5.26		$	7.48		$	6.97		$	7.74		$	9.03
Total return4		28.47	%		(21.24	)%		12.54	%		4.24	%		(1.20	)%		11.03	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,436		$	1,906		$	15,345		$	17,475		$	75,077		$	228,234
Ratio of expenses to average net assets5		0.97	%		1.03	%		1.07	%		1.09	%		1.09	%		1.05	%
Ratio of expenses to average net assets prior to fees waived5		1.19	%		1.12	%		1.11	%		1.18	%		1.11	%		1.10	%
Ratio of net investment income to average net assets		0.70	%		1.08	%		1.24	%		0.93	%		0.95	%		0.25	%
Ratio of net investment income to average net assets prior to fees waived		0.48	%		0.99	%		1.20	%		0.84	%		0.93	%		0.20	%
Portfolio turnover		14	%		30	%		34	%		128	%		119	%		132	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Global Fund were reorganized into Institutional Class shares of Delaware Global Equity Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁵ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

68

Delaware Global Equity Fund Class R6

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

	Six months
	ended
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	5.33		$	7.58		$	6.98		$	7.80		$	9.08		$	8.82
Income (loss) from investment operations:
Net investment income3		0.03			0.07			0.02			0.08			0.07			0.03
Net realized and unrealized gain (loss)		1.48			(1.50	)		0.85			0.25			(0.35	)		0.91
Total from investment operations		1.51			(1.43	)		0.87			0.33			(0.28	)		0.94
Less dividends and distributions from:
Net investment income		(0.05	)		(0.01	)		—			(0.11	)		—			(0.05	)
Net realized gain		(0.08	)		(0.81	)		(0.27	)		(1.04	)		(1.00	)		(0.63	)
Total dividends and distributions		(0.13	)		(0.82	)		(0.27	)		(1.15	)		(1.00	)		(0.68	)
Net asset value, end of period	$	6.71		$	5.33		$	7.58		$	6.98		$	7.80		$	9.08
Total return4		28.55	%		(21.21	)%		12.61	%		4.32	%		(1.08	)%		11.12	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	102		$	16		$	138		$	1,317		$	1,946		$	4,419
Ratio of expenses to average net assets5		0.92	%		0.98	%		1.02	%		1.03	%		1.02	%		1.00	%
Ratio of expenses to average net assets prior to fees waived5		1.12	%		1.05	%		1.05	%		1.13	%		1.04	%		1.05	%
Ratio of net investment income to average net assets		1.01	%		0.97	%		0.31	%		1.21	%		0.95	%		0.29	%
Ratio of net investment income to average net assets prior to fees waived		0.81	%		0.90	%		0.28	%		1.11	%		0.93	%		0.24	%
Portfolio turnover		14	%		30	%		34	%		128	%		119	%		132	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Global Fund were reorganized into Class R6 shares of Delaware Global Equity Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁵ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

69

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	11.91		$	13.12		$	10.99		$	11.81		$	11.83		$	11.18
Income (loss) from investment operations:
Net investment income3		0.05			0.05			0.06			0.13			0.12			0.11
Net realized and unrealized gain (loss)		1.32			(1.21	)		2.14			(0.82	)		(0.02	)		0.64
Total from investment operations		1.37			(1.16	)		2.20			(0.69	)		0.10			0.75
Less dividends and distributions from:
Net investment income		(0.05	)		(0.05	)		(0.07	)		(0.13	)		(0.12	)		(0.10	)
Net realized gain		(1.31	)		—			—			—			—			—
Total dividends and distributions		(1.36	)		(0.05	)		(0.07	)		(0.13	)		(0.12	)		(0.10	)
Net asset value, end of period	$	11.92		$	11.91		$	13.12		$	10.99		$	11.81		$	11.83
Total return4		12.06	%		(8.88	)%		20.11	%		(5.75	)%		0.97	%		6.79	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	70,489		$	69,714		$	95,583		$	121,566		$	211,777		$	237,103
Ratio of expenses to average net assets5		1.31	%		1.31	%		1.31	%		1.32	%		1.30	%		1.30	%
Ratio of expenses to average net assets prior to fees waived5		1.42	%		1.36	%		1.35	%		1.37	%		1.28	%		1.28	%
Ratio of net investment income to average net assets		0.79	%		0.35	%		0.51	%		1.15	%		1.11	%		0.95	%
Ratio of net investment income to average net assets prior to fees waived		0.68	%		0.30	%		0.47	%		1.10	%		1.13	%		0.97	%
Portfolio turnover		3	%		12	%		41	%		49	%		34	%		107	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Class A shares of the predecessor fund First Investors Covered Call Strategy Fund were reorganized into Class A shares of Delaware Covered Call Strategy Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁵ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

70

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	11.87		$	13.08		$	10.96		$	11.78		$	11.80		$	11.16
Income (loss) from investment operations:
Net investment income3		0.06			0.08			0.09			0.15			0.16			0.14
Net realized and unrealized gain (loss)		1.31			(1.21	)		2.14			(0.81	)		(0.02	)		0.64
Total from investment operations		1.37			(1.13	)		2.23			(0.66	)		0.14			0.78
Less dividends and distributions from:
Net investment income		(0.06	)		(0.08	)		(0.11	)		(0.16	)		(0.16	)		(0.14	)
Net realized gain		(1.31	)		—			—			—			—			—
Total dividends and distributions		(1.37	)		(0.08	)		(0.11	)		(0.16	)		(0.16	)		(0.14	)
Net asset value, end of period	$	11.87		$	11.87		$	13.08		$	10.96		$	11.78		$	11.80
Total return4		12.17	%		(8.67	)%		20.40	%		(5.54	)%		1.25	%		7.09	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	28,605		$	28,195		$	34,606		$	37,887		$	66,252		$	114,275
Ratio of expenses to average net assets5		1.06	%		1.06	%		1.07	%		1.10	%		1.00	%		0.97	%
Ratio of expenses to average net assets prior to fees waived5		1.17	%		1.11	%		1.10	%		1.12	%		0.96	%		1.03	%
Ratio of net investment income to average net assets		1.04	%		0.61	%		0.75	%		1.38	%		1.41	%		1.25	%
Ratio of net investment income to average net assets prior to fees waived		0.93	%		0.56	%		0.72	%		1.36	%		1.45	%		1.19	%
Portfolio turnover		3	%		12	%		41	%		49	%		34	%		107	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Covered Call Strategy Fund were reorganized into Institutional Class shares of Delaware Covered Call Strategy Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁵ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

71

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	11.82		$	13.03		$	10.91		$	11.69		$	11.72		$	11.17
Income (loss) from investment operations:
Net investment income3		0.07			0.11			0.12			0.18			0.17			0.16
Net realized and unrealized gain (loss)		1.31			(1.21	)		2.12			(0.81	)		(0.02	)		0.63
Total from investment operations		1.38			(1.10	)		2.24			(0.63	)		0.15			0.79
Less dividends and distributions from:
Net investment income		(0.07	)		(0.11	)		(0.12	)		(0.15	)		(0.18	)		(0.24	)
Net realized gain		(1.31	)		—			—			—			—			—
Total dividends and distributions		(1.38	)		(0.11	)		(0.12	)		(0.15	)		(0.18	)		(0.24	)
Net asset value, end of period	$	11.82		$	11.82		$	13.03		$	10.91		$	11.69		$	11.72
Total return4		12.27	%		(8.51	)%		20.57	%		(5.30	)%		1.42	%		7.19	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	33		$	44		$	48		$	236		$	1,477		$	2,913
Ratio of expenses to average net assets5		0.91	%		0.88	%		0.88	%		0.89	%		0.87	%		0.84	%
Ratio of expenses to average net assets prior to fees waived5		1.09	%		1.03	%		1.02	%		1.07	%		0.90	%		0.89	%
Ratio of net investment income to average net assets		1.14	%		0.80	%		1.02	%		1.64	%		1.54	%		1.38	%
Ratio of net investment income to average net assets prior to fees waived		0.96	%		0.65	%		0.88	%		1.46	%		1.51	%		1.33	%
Portfolio turnover		3	%		12	%		41	%		49	%		34	%		107	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Covered Call Strategy Fund were reorganized into Class R6 shares of Delaware Covered Call Strategy Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁵ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

72

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	7.74		$	10.20		$	11.61		$	12.36		$	11.90		$	10.77
Income (loss) from investment operations:
Net investment loss3		—	4		(0.04	)		(0.05	)		(0.02	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss)		0.75			(1.35	)		1.55			1.23			0.68			1.16
Total from investment operations		0.75			(1.39	)		1.50			1.21			0.67			1.13
Less dividends and distributions from:
Net investment income		—			—			—			(0.05	)		—			—
Net realized gain		(0.72	)		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—
Total dividends and distributions		(0.72	)		(1.07	)		(2.91	)		(1.96	)		(0.21	)		—
Net asset value, end of period	$	7.77		$	7.74		$	10.20		$	11.61		$	12.36		$	11.90
Total return5		9.90	%		(15.48	)%		14.35	%		10.91	%		5.92	%		10.49	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	30,729		$	31,348		$	45,084		$	55,603		$	78,297		$	66,746
Ratio of expenses to average net assets6		1.55	%		1.58	%		1.64	%		1.66	%		1.75	%		1.75	%
Ratio of expenses to average net assets prior to fees waived6		1.93	%		1.83	%		1.80	%		1.85	%		1.68	%		1.76	%
Ratio of net investment loss to average net assets		(0.05	)%		(0.41	)%		(0.48	)%		(0.14	)%		(0.05	)%		(0.22	)%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.43	)%		(0.66	)%		(0.64	)%		(0.33	)%		0.02	%		(0.23	)%
Portfolio turnover		23	%		70	%		60	%		109	%		124	%		56	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Class A shares of the predecessor fund First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class A shares of Delaware Hedged U.S. Equity Opportunities Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s Class A 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 and does not reflect the impact of a sales charge. Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

73

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	7.98		$	10.45		$	11.79		$	12.48		$	11.99		$	10.81
Income (loss) from investment operations:
Net investment income (loss)3		0.01			(0.01	)		(0.02	)		0.02			0.03			0.02
Net realized and unrealized gain (loss)		0.77			(1.39	)		1.59			1.25			0.67			1.16
Total from investment operations		0.78			(1.40	)		1.57			1.27			0.70			1.18
Less dividends and distributions from:
Net investment income		—			—			—			(0.05	)		—	4		—
Net realized gain		(0.72	)		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—
Total dividends and distributions		(0.72	)		(1.07	)		(2.91	)		(1.96	)		(0.21	)		—
Net asset value, end of period	$	8.04		$	7.98		$	10.45		$	11.79		$	12.48		$	11.99
Total return5		9.98	%		(15.17	)%		14.79	%		11.28	%		6.14	%		10.92	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	27,703		$	26,111	��	$	24,625		$	19,229		$	44,543		$	94,955
Ratio of expenses to average net assets6		1.30	%		1.30	%		1.30	%		1.33	%		1.42	%		1.42	%
Ratio of expenses to average net assets prior to fees waived6		1.68	%		1.59	%		1.56	%		1.62	%		1.39	%		1.40	%
Ratio of net investment income (loss) to average net assets		0.21	%		(0.10	)%		(0.15	)%		0.21	%		0.27	%		0.16	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.17	)%		(0.39	)%		(0.41	)%		(0.08	)%		0.30	%		0.18	%
Portfolio turnover		23	%		70	%		60	%		109	%		124	%		56	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Institutional Class shares of Delaware Hedged U.S. Equity Opportunities Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

74

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
	3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	8.00		$	10.47		$	11.80		$	12.53		$	12.01		$	10.82
Income (loss) from investment operations:
Net investment income3		0.01			—	4		—	4		0.04			0.04			0.02
Net realized and unrealized gain (loss)		0.77			(1.40	)		1.58			1.24			0.69			1.17
Total from investment operations		0.78			(1.40	)		1.58			1.28			0.73			1.19
Less dividends and distributions from:
Net investment income		—			—			—			(0.10	)		—	4		—
Net realized gain		(0.72	)		(1.07	)		(2.91	)		(1.91	)		(0.21	)		—
Total dividends and distributions		(0.72	)		(1.07	)		(2.91	)		(2.01	)		(0.21	)		—
Net asset value, end of period	$	8.06		$	8.00		$	10.47		$	11.80		$	12.53		$	12.01
Total return5		10.09	%		(15.14	)%		14.92	%		11.41	%		6.39	%		11.00	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	13		$	13		$	17		$	91		$	341		$	574
Ratio of expenses to average net assets6		1.21	%		1.20	%		1.20	%		1.23	%		1.31	%		1.31	%
Ratio of expenses to average net assets prior to fees waived6		1.60	%		1.49	%		1.49	%		1.57	%		1.30	%		1.39	%
Ratio of net investment income (loss) to average net assets		0.29	%		(0.02	)%		(0.05	)%		0.31	%		0.37	%		0.21	%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.10	)%		(0.31	)%		(0.34	)%		(0.03	)%		0.38	%		0.13	%
Portfolio turnover		23	%		70	%		60	%		109	%		124	%		56	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class R6 shares of Delaware Hedged U.S. Equity Opportunities Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

75

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
	3/31/232			Year ended												to
	(Unaudited)			9/30/22			9/30/21			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	9.87		$	10.32		$	9.36		$	10.14		$	10.26		$	10.00
Income (loss) from investment operations:
Net investment income4		0.08			0.12			0.16			0.21			0.18			0.08
Net realized and unrealized gain (loss)		0.84			(0.44	)		0.96			(0.65	)		0.05			0.23
Total from investment operations		0.92			(0.32	)		1.12			(0.44	)		0.23			0.31
Less dividends and distributions from:
Net investment income		(0.08	)		(0.13	)		(0.16	)		(0.21	)		(0.17	)		(0.05	)
Net realized gain		—			—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.08	)		(0.13	)		(0.16	)		(0.34	)		(0.35	)		(0.05	)
Net asset value, end of period	$	10.71		$	9.87		$	10.32		$	9.36		$	10.14		$	10.26
Total return5		9.34	%		(3.18	)%		11.96	%		(4.24	)%		2.33	%		3.06	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	18,897		$	16,846		$	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	%		1.30	%
Ratio of expenses to average net assets prior to fees waived6		1.57	%		1.50	%		1.49	%		1.44	%		1.35	%		2.07	%
Ratio of net investment income to average net assets		1.46	%		1.20	%		1.55	%		2.19	%		1.74	%		1.57	%
Ratio of net investment income to average net assets prior to fees waived		1.19	%		1.00	%		1.36	%		2.05	%		1.69	%		0.80	%
Portfolio turnover		12	%		23	%		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 the predecessor fund First Investors Premium Income Fund were reorganized into Class A shares of Delaware Premium Income Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

76

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
	3/31/232			Year ended												to
	(Unaudited)			9/30/22			9/30/21			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	9.87		$	10.33		$	9.37		$	10.16		$	10.26		$	10.00
Income (loss) from investment operations:
Net investment income4		0.09			0.15			0.18			0.23			0.20			0.10
Net realized and unrealized gain (loss)		0.85			(0.46	)		0.96			(0.65	)		0.07			0.22
Total from investment operations		0.94			(0.31	)		1.14			(0.42	)		0.27			0.32
Less dividends and distributions from:
Net investment income		(0.09	)		(0.15	)		(0.18	)		(0.24	)		(0.19	)		(0.06	)
Net realized gain		—			—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.09	)		(0.15	)		(0.18	)		(0.37	)		(0.37	)		(0.06	)
Net asset value, end of period	$	10.72		$	9.87		$	10.33		$	9.37		$	10.16		$	10.26
Total return5		9.53	%		(3.03	)%		12.27	%		(4.05	)%		2.67	%		3.18	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,711		$	23,836		$	26,233		$	32,769		$	67,844		$	34,170
Ratio of expenses to average net assets6		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.02	%
Ratio of expenses to average net assets prior to fees waived6		1.32	%		1.26	%		1.24	%		1.19	%		1.10	%		1.52	%
Ratio of net investment income to average net assets		1.73	%		1.45	%		1.80	%		2.45	%		1.98	%		1.86	%
Ratio of net investment income to average net assets prior to fees waived		1.46	%		1.24	%		1.61	%		2.31	%		1.93	%		1.36	%
Portfolio turnover		12	%		23	%		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 the predecessor fund First Investors Premium Income Fund were reorganized into Institutional Class shares of Delaware Premium Income Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

77

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
	3/31/232			Year ended												to
	(Unaudited)			9/30/22			9/30/21			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	4.87		$	5.23		$	4.87		$	5.53		$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income4		0.05			0.08			0.10			0.13			0.20			0.10
Net realized and unrealized gain (loss)		0.41			(0.22	)		0.50			(0.37	)		(0.27	)		0.23
Total from investment operations		0.46			(0.14	)		0.60			(0.24	)		(0.07	)		0.33
Less dividends and distributions from:
Net investment income		(0.12	)		(0.22	)		(0.24	)		(0.29	)		(4.38	)		(0.17	)
Net realized gain		—			—			—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.12	)		(0.22	)		(0.24	)		(0.42	)		(4.56	)		(0.17	)
Net asset value, end of period	$	5.21		$	4.87		$	5.23		$	4.87		$	5.53		$	10.16
Total return5		9.55	%		(2.88	)%		12.54	%		(3.95	)%		2.90	%		3.27	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11		$	10		$	16		$	34		$	29		$	3,877
Ratio of expenses to average net assets6		0.93	%		0.90	%		0.90	%		0.90	%		0.90	%		0.89	%
Ratio of expenses to average net assets prior to fees waived6		1.23	%		1.16	%		1.17	%		1.13	%		1.05	%		1.88	%
Ratio of net investment income to average net assets		1.84	%		1.59	%		1.95	%		2.63	%		2.06	%		1.88	%
Ratio of net investment income to average net assets prior to fees waived		1.54	%		1.33	%		1.68	%		2.40	%		1.91	%		0.89	%
Portfolio turnover		12	%		23	%		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 the predecessor fund First Investors Premium Income Fund were reorganized into Class R6 shares of Delaware Premium Income Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 the period reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

78

Delaware Total Return Fund Class A

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

	Six months ended 3/31/231			Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	13.11		$	17.17		$	14.37		$	19.03		$	20.22		$	19.88
Income (loss) from investment operations:
Net investment income3		0.16			0.26			0.24			0.29			0.28			0.31
Net realized and unrealized gain (loss)		1.18			(1.90	)		2.87			(0.88	)		0.39			0.74
Total from investment operations		1.34			(1.64	)		3.11			(0.59	)		0.67			1.05
Less dividends and distributions from:
Net investment income		(0.14	)		(0.27	)		(0.31	)		(0.33	)		(0.34	)		(0.36	)
Net realized gain		(0.32	)		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)
Return of capital		—			—			—			(0.01	)		—			—
Total dividends and distributions		(0.46	)		(2.42	)		(0.31	)		(4.07	)		(1.86	)		(0.71	)
Net asset value, end of period	$	13.99		$	13.11		$	17.17		$	14.37		$	19.03		$	20.22
Total return4		10.27	%5		(11.57	)%		21.77	%		(4.48	)%		4.58	%		5.32	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	379,553		$	369,405		$	488,792		$	550,020		$	800,910		$	889,473
Ratio of expenses to average net assets6		1.05	%		1.09	%		1.13	%		1.16	%		1.17	%		1.18	%
Ratio of expenses to average net assets prior to fees waived6		1.19	%		1.14	%		1.13	%		1.17	%		1.17	%		1.18	%
Ratio of net investment income to average net assets		2.29	%		1.67	%		1.50	%		1.89	%		1.50	%		1.55	%
Ratio of net investment income to average net assets prior to fees waived		2.15	%		1.62	%		1.50	%		1.88	%		1.50	%		1.55	%
Portfolio turnover		26	%		57	%		94	%		151	%7		59	%		53	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Class A shares of the predecessor fund First Investors Total Return Fund were reorganized into Class A shares of Delaware Total Return Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies 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.

79

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 3/31/231									Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	13.17		$	17.24		$	14.43		$	19.10		$	20.32		$	19.98
Income (loss) from investment operations:
Net investment income3		0.18			0.30			0.28			0.33			0.34			0.37
Net realized and unrealized gain (loss)		1.18			(1.91	)		2.88			(0.90	)		0.40			0.75
Total from investment operations		1.36			(1.61	)		3.16			(0.57	)		0.74			1.12
Less dividends and distributions from:
Net investment income		(0.15	)		(0.31	)		(0.35	)		(0.36	)		(0.44	)		(0.43	)
Net realized gain		(0.32	)		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)
Return of capital		—			—			—			(0.01	)		—			—
Total dividends and distributions		(0.47	)		(2.46	)		(0.35	)		(4.10	)		(1.96	)		(0.78	)
Net asset value, end of period	$	14.06		$	13.17		$	17.24		$	14.43		$	19.10		$	20.32
Total return4		10.42	%5		(11.36	)%5		22.06	%		(4.29	)%		4.93	%		5.69	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,259		$	1,901		$	1,388		$	769		$	1,166		$	1,006
Ratio of expenses to average net assets6		0.80	%		0.83	%		0.88	%		0.90	%		0.85	%		0.84	%
Ratio of expenses to average net assets prior to fees waived6		0.94	%		0.90	%		0.88	%		0.90	%		0.85	%		0.84	%
Ratio of net investment income to average net assets		2.59	%		1.98	%		1.68	%		2.12	%		1.80	%		1.83	%
Ratio of net investment income to average net assets prior to fees waived		2.45	%		1.91	%		1.68	%		2.12	%		1.80	%		1.83	%
Portfolio turnover		26	%		57	%		94	%		151	%7		59	%		53	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Total Return Fund were reorganized into Institutional Class shares of Delaware Total Return Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁶ Expense ratios do not include expenses of any investment companies 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 Total Return Fund Class R6

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

	Six months ended 3/31/231									Year ended
	(Unaudited)			9/30/22			9/30/21			9/30/202			9/30/19			9/30/18
Net asset value, beginning of period	$	13.21		$	17.29		$	14.47		$	19.14		$	20.38		$	20.05
Income (loss) from investment operations:
Net investment income3		0.18			0.30			0.34			0.35			0.35			0.40
Net realized and unrealized gain (loss)		1.20			(1.92	)		2.85			(0.90	)		0.41			0.74
Total from investment operations		1.38			(1.62	)		3.19			(0.55	)		0.76			1.14
Less dividends and distributions from:
Net investment income		(0.16	)		(0.31	)		(0.37	)		(0.39	)		(0.48	)		(0.46	)
Net realized gain		(0.32	)		(2.15	)		—			(3.73	)		(1.52	)		(0.35	)
Return of capital		—			—			—			—4			—			—
Total dividends and distributions		(0.48	)		(2.46	)		(0.37	)		(4.12	)		(2.00	)		(0.81	)
Net asset value, end of period	$	14.11		$	13.21		$	17.29		$	14.47		$	19.14		$	20.38
Total return5		10.50	%6		(11.36	)%6		22.23	%6		(4.17	)%6		5.06	%		5.77	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	22		$	29		$	62		$	762		$	1,976		$	34,555
Ratio of expenses to average net assets7		0.77	%		0.79	%		0.79	%		0.81	%		0.79	%		0.77	%
Ratio of expenses to average net assets prior to fees waived7		0.88	%		0.83	%		0.82	%		0.89	%		0.79	%		0.77	%
Ratio of net investment income to average net assets		2.58	%		1.92	%		2.16	%		2.23	%		1.86	%		1.96	%
Ratio of net investment income to average net assets prior to fees waived		2.47	%		1.88	%		2.13	%		2.15	%		1.86	%		1.96	%
Portfolio turnover		26	%		57	%		94	%		151	%8		59	%		53	%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² On October 4, 2019, Institutional Class shares of the predecessor fund First Investors Total Return Fund were reorganized into Class R6 shares of Delaware Total Return Fund. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of the predecessor fund’s 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 waivers by the manager. Performance would have been lower had the waivers not been in effect.

⁷ Expense ratios do not include expenses of any investment companies in which the Fund invests.

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.

81

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust) March 31, 2023 (Unaudited)

Delaware Group Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers 10 series. These financial statements and the related notes pertain to seven 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, Class C, Class R, Institutional Class and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, 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.

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 the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities are valued based upon valuations provided by an independent pricing service or broker 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. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). 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 of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Trust’s Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities for which market quotations are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.

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, 2023, and for all open tax years (years ended September 30, 2019 - September 30, 2022), 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

82

foreign countries in which it invests 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, 2023, 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. 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.

Derivative Financial Instruments — The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/ or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Funds can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to financial statements.

Segregation and Collateralizations — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Funds may deliver or receive collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the “Statements of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedules of investments.”

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

83

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

1. Significant Accounting Policies (continued)

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 an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which each Fund invests are recorded on the ex-dividend date. 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 exdividend 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 Growth and Income Fund, Delaware Covered Call Strategy Fund, and Delaware Premium Income Fund declare and pay dividends quarterly. 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, at least 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 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.”

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

In accordance with the terms of its respective investment management agreement, each Fund pays 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 Growth and Income 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 of its investment advisory fees and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from January 30, 2023 through January 30, 2024. 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.

84

Fund	Operating expense limitation as a percentage of average daily net assets all share classes other than Class R6*			Operating expense limitation as a percentage of average daily net assets Class R6*
Delaware Growth and Income Fund		0.77	%		0.71	%
Delaware Opportunity Fund		0.89	%		0.78	%
Delaware Global Equity Fund		0.91	%		0.85	%
Delaware Covered Call Strategy Fund		1.06	%		0.98	%
Delaware Hedged U.S. Equity Opportunities Fund		1.30	%		1.24	%
Delaware Premium Income Fund		1.05	%		0.98	%
Delaware Total Return Fund		0.79	%		0.73	%

* From October 1, 2022 through January 29, 2023, the operating expense limitations were as follows:

Fund	Operating expense limitation as a percentage of average daily net assets all share classes other than Class R6*			Operating expense limitation as a percentage of average daily net assets Class R6
Delaware Growth and Income Fund		0.77	%		0.75	%
Delaware Opportunity Fund		0.90	%		0.78	%
Delaware Global Equity Fund		1.01	%		0.95	%
Delaware Covered Call Strategy Fund		1.06	%		0.88	%
Delaware Hedged U.S. Equity Opportunities Fund		1.30	%		1.20	%
Delaware Premium Income Fund		1.05	%		0.90	%
Delaware Total Return Fund		0.81	%		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 its behalf 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 the Funds, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended March 31, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Growth and Income Fund	$	15,946
Delaware Opportunity Fund		9,914

85

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

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

Fund	Fees
Delaware Global Equity Fund	$	4,280
Delaware Covered Call Strategy Fund		3,223
Delaware Hedged U.S. Equity Opportunities Fund		2,664
Delaware Premium Income Fund		2,428
Delaware Total Return Fund		7,193

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; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. 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, 2023, each Fund paid for these services as follows:

Fund	Fees
Delaware Growth and Income Fund	$	286,520
Delaware Opportunity Fund		164,563
Delaware Global Equity Fund		52,896
Delaware Covered Call Strategy Fund		31,338
Delaware Hedged U.S. Equity Opportunities Fund		14,132
Delaware Premium Income Fund		11,940
Delaware Total Return Fund		109,876

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%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

86

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, 2023, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Growth and Income Fund	$	18,283
Delaware Opportunity Fund		8,690
Delaware Global Equity Fund		2,552
Delaware Covered Call Strategy Fund		1,400
Delaware Hedged U.S. Equity Opportunities Fund		822
Delaware Premium Income Fund		588
Delaware Total Return Fund		7,015

For the six months ended March 31, 2023, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Growth and Income Fund	$	38,438
Delaware Opportunity Fund		23,341
Delaware Global Equity Fund		5,763
Delaware Covered Call Strategy Fund		3,401
Delaware Hedged U.S. Equity Opportunities Fund		1,852
Delaware Premium Income Fund		955
Delaware Total Return Fund		20,380

For the six months ended March 31, 2023, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A
Delaware Growth and Income Fund	$	25
Delaware Opportunity Fund		8

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 Underlying Funds, including ETFs 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.

87

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

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

A summary of the transactions in affiliated companies during the six months ended March 31, 2023 was as follows:

	Value, beginning of period		Gross additions		Gross reductions(1)			Net realized gain (loss) on affiliated securities		Net change in unrealized appreciation (depreciation) on affiliated securities		Value, end of period		Shares
Delaware Total Return Fund
Limited Liability Corporation—2.65%
Sc Hixson Pp=,†,p	$	10,211,760	$	—	$	(270,000	)	$	—	$	156,240	$	10,098,000		7,200,000

⁽¹⁾ The amount shown included corporate actions.

= 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.

† Non-income producing security.

^p 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.

3. Investments

For the six months ended March 31, 2023, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases other than US government securities		Purchases of US government securities		Sales other than US government securities		Sales of US government securities
Delaware Growth and Income Fund	$	99,896,273	$	—	$	139,470,677	$	—
Delaware Opportunity Fund		49,834,597		—		83,457,248		—
Delaware Global Equity Fund		25,307,796		—		33,371,415		—
Delaware Covered Call Strategy Fund		3,467,161		—		11,316,290		—
Delaware Hedged U.S. Equity Opportunities Fund		13,212,189		—		17,944,113		—
Delaware Premium Income Fund		5,908,665		—		9,649,947		—
Delaware Total Return Fund		65,016,520		35,767,645		57,359,113		57,435,047

88

At March 31, 2023, 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, 2023, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

Fund	Cost of investments and derivatives		Aggregate unrealized appreciation of investments and derivatives		Aggregate unrealized depreciation of investments and derivatives			Net unrealized appreciation (depreciation) of investments and derivatives
Delaware Growth and Income Fund	$	1,055,058,167	$	213,032,346	$	(85,543,092	)	$	127,489,254
Delaware Opportunity Fund		457,028,512		146,210,397		(18,190,931	)		128,019,466
Delaware Global Equity Fund		189,216,955		21,914,514		(18,621,747	)		3,292,767
Delaware Covered Call Strategy Fund		69,027,895		36,163,527		(5,743,858	)		30,419,669
Delaware Hedged U.S. Equity Opportunities Fund		55,613,455		6,242,615		(3,946,291	)		2,296,324
Delaware Premium Income Fund		32,308,478		10,237,689		(1,844,924	)		8,392,765
Delaware Total Return Fund		375,440,835		34,838,015		(29,513,556	)		5,324,459

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At September 30, 2022, the Funds utilized the following capital loss carryforwards:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Premium Income Fund	$	7,633,337	$	—	$	7,633,337

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.

89

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2023:

	Delaware
	Growth and
	Income Fund
	Level 1
Securities
Assets:
Common Stocks	$	1,178,984,026
Short-Term Investments		3,563,395
Total Value of Securities	$	1,182,547,421

	Delaware
	Opportunity
	Fund
	Level 1
Securities
Assets:
Common Stocks	$	579,039,619
Short-Term Investments		6,008,359
Total Value of Securities	$	585,047,978

	Delaware Global Equity Fund
	Level 1		Level 2		Total
Securities
Assets:
Common Stocks	$	50,055,867	$	140,352,141	$	190,408,008
Exchange-Traded Fund		2,068,385		—		2,068,385
Short-Term Investments		33,329		—		33,329
Total Value of Securities	$	52,157,581	$	140,352,141	$	192,509,722

	Delaware Covered Call Strategy Fund
	Level 1
Securities
Assets:
Common Stocks	$	100,797,615
Short-Term Investments		1,726,699
Total Value of Securities Before Options Written	$	102,524,314
Liabilities:
Options Written	$	(3,076,750	)

90

	Delaware Hedged U.S. Equity Opportunities Fund
	Level 1			Level 2			Total
Securities
Assets:
Common Stocks
Communication Services	$	3,472,509		$	—		$	3,472,509
Consumer Discretionary		6,221,960			145,562			6,367,522
Consumer Staples		3,520,077			233,911			3,753,988
Energy		1,737,443			—			1,737,443
Financials		7,637,481			—			7,637,481
Healthcare		7,676,466			156,183			7,832,649
Industrials		7,211,815			417,938			7,629,753
Information Technology		12,303,940			75,121			12,379,061
Materials		2,703,651			211,049			2,914,700
Real Estate		1,572,019			—			1,572,019
Utilities		1,065,610			206,625			1,272,235
Exchange-Traded Funds		575,158			—			575,158
Options Purchased		—			190,165			190,165
Short-Term Investments		947,422			—			947,422
Total Value of Securities Before Options Written	$	56,645,551		$	1,636,554		$	58,282,105
Liabilities:
Options Written	$	—		$	(51,930	)	$	(51,930	)
Derivatives1
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(44,575	)	$	(44,575	)
Futures Contracts		(275,821	)		—			(275,821	)

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

	Delaware Premium Income Fund
	Level 1
Securities
Assets:
Common Stocks	$	49,339,604
Short-Term Investments		903,812
Total Value of Securities Before Options Written	$	50,243,416
Liabilities:
Options Written	$	(9,542,173	)

91

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust) 

3. Investments (continued)

	Delaware Total Return Fund
	Level 1			Level 2		Level 3		Total
Securities
Assets:
Agency Mortgage-Backed Securities	$	—		$	14,980,701	$	—	$	14,980,701
Collateralized Debt Obligations		—			1,287,563		—		1,287,563
Common Stocks		187,837,460			19,544,779		—		207,382,239
Convertible Bonds		—			28,900,580		—		28,900,580
Convertible Preferred Stock		5,615,973			—		—		5,615,973
Corporate Bonds		—			46,692,577		—		46,692,577
Exchange-Traded Funds		35,283,508			—		—		35,283,508
Limited Liability Corporation		—			—		10,098,000		10,098,000
Non-Agency Asset-Backed Securities		—			1,140,864		—		1,140,864
Non-Agency Commercial Mortgage-Backed Securities		—			5,909,386		—		5,909,386
Sovereign Bonds		—			7,309,948		—		7,309,948
Supranational Banks		—			453,628		—		453,628
US Treasury Obligations		—			11,008,643		—		11,008,643
Short-Term Investments		4,671,488			—		—		4,671,488
Total Value of Securities	$	233,408,429		$	137,228,669	$	10,098,000	$	380,735,098
Derivatives1
Assets:
Foreign Currency Exchange Contracts	$	—		$	11,542	$	—	$	11,542
Futures Contracts		49,508			—		—		49,508
Liabilities:
Futures Contracts	$	(30,854	)	$	—	$	—	$	(30,854	)

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

As a result of utilizing international fair value pricing at March 31, 2023, the majority of Delaware Global Equity Fund’s common stock investments were categorized as Level 2.

During the six months ended March 31, 2023, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the year 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, 2023 for Delaware Growth and Income 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.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Delaware Total Return Fund:

92

	Limited Liability Corporation
Balance as of 9/30/22	$	10,211,760
Corporate actions		(270,000	)
Net change in unrealized appreciation/depreciation		156,240
Balance as of 3/31/23		10,098,000
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 3/31/23	$	156,240

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 Delaware Management Company’s 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 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.

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:

Security	Assets	Value		Valuation Techniques	Unobservable Inputs	Input Value
Sc Hixson Pp	Limited Liability Corporation	$	10,098,000	Market Cap Rate method (using trailing 12 month NOI adjusted for assets and liabilities)	Liquidity Discount Cap Rate	5% 6.15%

93

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust) 

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware Growth and Income Fund						Delaware Opportunity Fund						Delaware Global Equity Fund
	Six months ended			Year ended			Six months ended			Year ended			Six months ended			Year ended
	3/31/23			9/30/22			3/31/23			9/30/22			3/31/23			9/30/22
Shares sold:
Class A		1,562,625			2,990,440			227,725			515,466			810,556			738,993
Class C		—			—			263			—			—			—
Class R		—			—			538			—			—			—
Institutional Class		404,453			148,531			37,082			21,861			446,936			76,063
Class R6		2,994			—			—			210,878			12,349			643
Shares from merger:1
Class A		19,192,196			—			508,806			—			—			—
Class C		—			—			104,619			—			—			—
Class R		—			—			6,436			—			—			—
Institutional Class		485,464			—			1,239,450			—			—			—
Class R6		3,018			—			—			—			—			—
Shares issued upon reinvestment of dividends and distributions:
Class A		4,201,422			8,643,164			1,540,473			1,102,820			651,435			4,414,491
Institutional Class		38,603			39,285			7,968			7,168			20,036			45,872
Class R6		179			362			18,506			80			59			404
		25,890,954			11,821,782			3,691,866			1,858,273			1,941,371			5,276,466
Shares redeemed:
Class A		(5,717,900	)		(12,335,093	)		(1,386,229	)		(3,491,824	)		(2,425,160	)		(6,198,048	)
Class C		—			—			(76	)		—			—			—
Class R		—			—			(1	)		—			—			—
Institutional Class		(213,627	)		(159,503	)		(30,574	)		(46,191	)		(306,942	)		(1,812,164	)
Class R6		—			(11,223	)		(37,141	)		(8,285	)		(176	)		(16,324	)
		(5,931,527	)		(12,505,819	)		(1,454,021	)		(3,546,300	)		(2,732,278	)		(8,026,536	)
Net increase (decrease)		19,959,427			(684,037	)		2,237,845			(1,688,027	)		(790,907	)		(2,750,070	)

¹ See Note 5.

94

	Delaware Covered Call Strategy Fund						Delaware Hedged U.S. Equity Opportunities Fund						Delaware Premium Income Fund
	Six months ended			Year ended			Six months ended			Year ended			Six months ended			Year ended
	3/31/23			9/30/22			3/31/23			9/30/22			3/31/23			9/30/22
Shares sold:
Class A		91,676			305,084			74,666			313,481			311,250			83,192
Institutional Class		93,613			172,516			528,979			1,539,754			121,001			515,979
Class R6		—			183			—			—			—			—
Shares issued upon reinvestment of dividends and distributions:
Class A		663,507			23,076			362,558			481,104			13,789			22,639
Institutional Class		265,234			14,759			285,574			280,541			17,409			37,236
Class R6		435			31			139			164			51			97
		1,114,465			515,649			1,251,916			2,615,044			463,500			659,143
Shares redeemed:
Class A		(692,648	)		(1,762,408	)		(529,812	)		(1,167,238	)		(268,216	)		(530,939	)
Institutional Class		(324,074	)		(458,772	)		(640,207	)		(904,434	)		(528,212	)		(678,230	)
Class R6		(1,326	)		(191	)		(101	)		(122	)		—			(907	)
		(1,018,048	)		(2,221,371	)		(1,170,120	)		(2,071,794	)		(796,428	)		(1,210,076	)
Net increase (decrease)		96,417			(1,705,722	)		81,796			543,250			(332,928	)		(550,933	)

95

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

	Delaware Total Return Fund
	Six months ended			Year ended
	3/31/23			9/30/22
Shares sold:
Class A		849,941			1,088,423
Institutional Class		165,792			102,623
Class R6		43			81
Shares issued upon reinvestment of dividends and distributions:
Class A		907,667			4,280,886
Institutional Class		8,892			12,427
Class R6		75			320
		1,932,410			5,484,760
Shares redeemed:
Class A		(2,811,962	)		(5,657,920	)
Institutional Class		(158,373	)		(51,229	)
Class R6		(819	)		(1,724	)
		(2,971,154	)		(5,710,873	)
Net decrease		(1,038,744	)		(226,113	)

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, 2023 and the year ended September 30, 2022, each Fund had the following exchange transactions:

	Exchange Redemptions				Exchange Subscriptions
	Class A Shares		Institutional Class Shares		Institutional Class Shares		Class R6 Shares		Value
Delaware Growth and Income Fund
Six months ended
3/31/23		15,914		3,026		15,890		2,997	$	249,414
Year ended
9/30/22		1,124		—		1,121		—		16,639
Delaware Opportunity Fund
Six months ended
3/31/23		759		—		724		—		22,806
Delaware Global Equity Fund
Six months ended
3/31/23		—		12,585		—		12,349		79,159
Year ended
9/30/22		1,324		—		1,262		—		9,454

96

	Exchange Redemptions				Exchange Subscriptions
	Class A Shares		Institutional Class Shares		Institutional   Class   Shares		Class R6   Shares		Value
Delaware Covered Call Strategy Fund
Six months ended
3/31/23		404		—		406		—	$	4,731
Delaware Hedged U.S. Equity Opportunities Fund
Six months ended
3/31/23		238		—		230		—		1,891
Delaware Premium Income Fund
Six months ended
3/31/23		729		—		728		—		7,772
Delaware Total Return Fund
Six months ended
3/31/23		10,662		—		10,614		—		150,369
Year ended
9/30/22		7,937		—		7,900		—		112,953

Delaware Opportunity Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund and Delaware Premium Income Fund did not have any exchange transactions for the year ended September 30, 2022.

5. Reorganization

On November 10, 2022, the Board approved a proposal to reorganize Delaware Equity Income Fund, a series of the Trust (the “Acquired Fund I”) with and into Delaware Growth and Income Fund (the “Acquiring Fund I”) and a proposal to reorganize Delaware Mid Cap Value Fund, a series of Delaware Group Equity Funds I, (the “Acquired Fund II”, and together with Acquired Fund I, the “Acquired Funds”) with and into Delaware Opportunity Fund (the “Acquiring Fund II”, and together with Acquired Fund I, the “Acquired Funds”), (the “Reorganizations”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of Acquired Fund I and Acquired Fund II were acquired by the Acquiring Fund I and Acquiring Fund II, respectively, and (ii) the Trust, on behalf of Acquiring Fund I and Acquiring Fund II, assumed the liabilities of Acquired Fund I and Acquired Fund II, in exchange for shares of Acquiring Fund I and Acquiring Fund II, respectively. In accordance with the Plan, Acquired Fund I and Acquiring Fund II liquidated and dissolved following the Reorganizations. In approving the Reorganizations, the Board considered various factors, including that each Acquiring Fund and its corresponding Acquired Fund share similar investment objectives, principal investment strategies and principal risks, and materially identical fundamental investment restrictions and that each Acquiring Fund’s overall total expense ratio is expected to be equal to or lower than the corresponding Acquired Fund’s total expense ratio following the Reorganizations taking into account applicable expense limitation arrangements. The Reorganizations were accomplished by a tax-free exchange of shares on March 10, 2023. For financial reporting purposes, assets received and shares issued by Acquiring Fund I and Acquiring Fund II were recorded at fair value; however, the cost basis of the investments received from Acquired Fund I and Acquired Fund II was carried forward to align ongoing reporting of Acquiring Fund I and Acquiring Fund II’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

97

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

5. Reorganization (continued)

The share transactions associated with the Reorganization are as follows:

					Shares
	Acquired		Acquired		Converted		Acquiring
	Fund I		Fund I Shares		to Acquiring		Fund I			Conversion
	Net Assets		Outstanding		Fund I		Net Assets			Ratio
	Delaware Equity Income Fund				Delaware Growth and Income Fund
Class A	$	248,356,990		39,433,257		19,192,196	$	912,825,415			0.4867
Institutional Class		6,292,640		989,897		485,464		8,521,827	��		0.4904
Class R6		39,466		6,280		3,018		30,050			0.4806

					Shares
	Acquired		Acquired		Converted		Acquiring
	Funds II		Fund II Shares		to Acquiring		Fund II		Conversion
	Net Assets		Outstanding		Fund II		Net Assets		Ratio
	Delaware Mid Cap Value Fund				Delaware Opportunity Fund
Class A	$	14,608,817		2,064,343		508,806	$	520,544,373		0.2465
Class C		3,162,250		491,477		104,619		9,431		0.2129
Class R		194,570		27,474		6,436		9,432		0.2343
Institutional Class		37,475,287		5,301,037		1,239,450		3,659,006		0.2338

The net assets of Acquired Fund I and Acquired Fund II before the Reorganizations were as follows:

	Net Assets
Acquired Fund I	$	254,689,096
Acquired Fund II		55,440,924

The net assets of Acquiring Fund I and Acquiring Fund II immediately following the Reorganizations were as follows:

	Net Assets
Acquiring Fund I	$	1,176,066,388
Acquiring Fund II		585,570,406

Assuming the Reorganizations had been completed on October 1, 2022, Acquiring Fund I and Acquiring Fund II’s pro forma results of operations for the six months ended March 31, 2023, would have been as follows:

	Acquiring Fund I		Acquiring Fund II
Net investment income	$	15,905,953	$	2,486,184
Net realized gain on investments		22,051,957		(1,498,250	)
Net change in unrealized appreciation (depreciation)		108,745,663		52,679,868
Net increase (decrease) in net assets resulting from operations	$	146,703,573	$	53,667,802

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of Acquired Fund I and Acquired Fund II that have been included in Acquiring Fund I and Acquiring Fund II’s Statements of Operations since the Reorganizations were consummated on March 10, 2023.

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $355,000,000 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%, 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 October 31, 2022.

98

On October 31, 2022, 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. It operates in substantially the same manner as the original Agreement. Under the amendment to the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 30, 2023.

Each Fund had no amounts outstanding as of March 31, 2023, or at any time during the period then ended.

7. 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. Open foreign currency exchange contracts, if any, are disclosed on the “Schedules of investments.”

During the six months ended March 31, 2023 Delaware Global Equity Fund used foreign currency exchange 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 used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies. Delaware Total Return Fund also used foreign 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 contracts 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 value caused by changes in interest rates or market conditions. 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 Hedged U.S. Equity Opportunities Fund and Delaware Total Return Fund posted $595,562 and $19,844, respectively as cash collateral as margin for open futures contracts, which is presented as Cash collateral due from brokers” on the “Statements of assets and liabilities.” Open futures contracts, if any, are disclosed on the “Schedules of investments.”

99

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

7. Derivatives (continued)

During the six months ended March 31, 2023, 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 — Each Fund may enter into options contracts in the normal course of pursuing its investment objective. A Fund may buy or write options contracts for any number of reasons, including without limitation: to manage a Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting a Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. A Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When a 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 a Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by a 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 a Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by a Fund. A 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, a 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. At March 31, 2023, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund posted $100,797,615 and $45,816,664, respectively, in securities as collateral for open options contracts, which is included on the “Schedules of investments.”

During the six months ended March 31, 2023, 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.

Fair values of derivative instruments as of March 31, 2023 were as follows:

	Delaware
	Hedged
	U.S. Equity
	Opportunities
	Fund
	Asset
	Derivatives Fair
	Value
Statements of Assets and	Equity
Liabilities Location	Contracts
Options purchased*	$	190,165

	Delaware Hedged U.S. Equity Opportunities Fund Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency   Contracts			Equity   Contracts			Total
Options written, at value		—			(51,930	)		(51,930	)
Unrealized depreciation on foreign currency exchange contracts	$	(44,575	)	$	—		$	(44,575	)
Variation margin due to broker on futures contracts**		—			(275,821	)		(275,821	)
Total	$	(44,575	)	$	(327,751	)	$	(372,326	)

100

	Delaware Total Return Fund Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts		Interest Rate Contracts		Total
Unrealized appreciation on foreign currency exchange contracts	$	11,542	$	—	$	11,542
Variation margin due from broker on futures contracts**		—		49,508		49,508
Total	$	11,542	$	49,508	$	61,050

	Delaware Total
	Return Fund
	Liability
	Derivatives Fair
	Value
	Interest
Statements of Assets and	Rate
Liabilities Location	Contracts
Variation margin due to broker on futures contracts**	$	(30,854	)

* Included with Investments, at value.

** Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2023. Only current day variation margin is reported on the Fund’s “Statements of assets and liabilities.”

The effect of derivative instruments on Delaware Hedged U.S. Equity Opportunities Fund’s “Statements of operations” for the six months ended March 31, 2023 was as follows:

	Net Realized Gain (Loss) on:
	Foreign   Currency   Exchange   Contracts		Futures Contracts		Options Purchased			Options Written		Total
Currency contracts	$	24,825	$	—	$	—		$	—	$	24,825
Equity contracts		—		195,438		(1,117,443	)		320,491		(601,514	)
Total	$	24,825	$	195,438	$	(1,117,443	)	$	320,491	$	(576,689	)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign   Currency   Exchange			Futures			Options			Options
	Contracts			Contracts			Purchased			Written
Currency contracts	$	(96,107	)	$	—		$	—		$	—
Equity contracts		—			(1,195,268	)		(558,602	)		153,251
Total	$	(96,107	)	$	(1,195,268	)	$	(558,602	)	$	153,251

The effect of derivative instruments on Delaware Total Return Fund’s “Statements of operations” for the six months ended March 31, 2023 was as follows:

	Net Realized Gain (Loss) on:
	Foreign   Currency   Exchange			Futures
	Contracts			Contracts		Total
Currency contracts	$	(84,879	)	$	—	$	(84,879	)
Interest rate contracts		—			42,585		42,585
Total	$	(84,879	)	$	42,585	$	(42,294	)

101

Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

7. Derivatives (continued)

	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign   Currency   Exchange   Contracts			Futures   Contracts			Total
Currency contracts	$	(6,899	)	$	—		$	(6,899	)
Interest rate contracts		—			(17,298	)		(17,298	)
Total	$	(6,899	)	$	(17,298	)	$	(24,197	)

During the six months ended March 31, 2023, 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, 2023, 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.”

The tables below summarizes the average daily balance of derivative holdings by certain Funds during the six months ended March 31, 2023:

	Long Derivative Volume
	Delaware   Global Equity Fund		Delaware   Hedged U.S. Equity Opportunities Fund		Delaware Total Return Fund
Foreign currency exchange contracts (average notional value)	$	125,502	$	123,476	$	260,147
Futures contracts (average notional value)		—		—		1,527,463
Options contracts (average notional value)*		—		372,390		—

	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)	$	101,733	$	—	$	1,618,292
Futures contracts (average notional value)		—		—		9,077,721
Options contracts (average notional value)*		—		3,070,632		101,620

	Short Derivative Volume
	Delaware		Delaware
	Premium Income Fund		Total Return Fund
Foreign currency exchange contracts (average notional value)	$	—	$	970,390
Futures contracts (average notional value)		—		918,650
Options contracts (average notional value)*		9,884,998		—

* Long represents purchased options and short represents written options.

8. Offsetting

Certain Funds 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 certain Funds mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between certain Funds and a counterparty that

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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, certain Funds 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, certain Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At March 31, 2023, certain Funds had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Hedged U.S. Equity Opportunities Fund

			Gross Value of
	Gross Value of		Derivative
Counterparty	Derivative Asset		Liability			Net Position
GS	$	—	$	(23,077	)	$	(23,077	)
TD	$	—		(21,498	)		(21,498	)
Total	$	—	$	(44,575	)	$	(44,575	)

				Fair Value of				Fair Value of
				Non-Cash		Cash Collateral		Non-Cash		Cash Collateral
Counterparty	Net Position			Collateral Received		Received		Collateral Pledged		Pledged		Net Exposure(a)
GS	$	(23,077	)	$	—	$	—	$	—	$	—	$	(23,077	)
TD		(21,498	)	$	—	$	—	$	—	$	—		(21,498	)
Total	$	(44,575	)	$	—	$	—	$	—	$	—	$	(44,575	)

Delaware Total Return Fund

			Gross Value of
	Gross Value of		Derivative
Counterparty	Derivative Asset		Liability		Net Position
JPMorgan Chase Bank	$	11,542	$	—	$	11,542

Counterparty	Net Position		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Exposure(a)
JPMorgan Chase Bank	$	11,542	$	—	$	—	$	—	$	—	$	11,542

^(a) Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

9. Securities Lending

Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY 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

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Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

9. Securities Lending (continued)

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, 2023, the Funds had no securities out on loan.

10. Credit and Market Risk

The global outbreak of COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the outbreak, its full economic impact and ongoing effects at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on a Fund’s 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 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 the Funds’ performance.

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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. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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.

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 each Fund invests will cause the NAV of each Fund 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.

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 invests 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 Funds 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 non-payment 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 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

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Notes to financial statements

Delaware Group^® Equity Funds IV (Trust)

10. Credit and Market Risk (continued)

paid.

As the 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.

Certain Funds 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, 2023. 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, the 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.”

11. 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.

12. 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. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. On December 21, 2022, FASB issued ASU 2022-06 to defer the sunset date of Accounting Standards Codification Topic 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2022-06, but does not believe there will be a material impact.

13. New Regulatory Pronouncement

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports

106

for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

14. Subsequent Events

On November 10, 2022, the Board of Trustees of Delaware Total Return Fund approved the reorganization of Delaware Total Return Fund into and with Delaware Wealth Builder Fund, a series of Delaware Group® Equity Funds V. The reorganization took effect following the close of business on April 28, 2023.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2023, that would require recognition or disclosure in the Funds’ financial statements.

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Other Fund information (Unaudited)

Delaware Group^® Equity Funds IV (Trust)

Form N-PORT and proxy voting information

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 Schedule of investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature.

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 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

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 2, 2023

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 2, 2023

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 2, 2023